深向科技：三年半亏17亿，创始人精准踩点套现9.74亿，研发砸11亿，毛利率仍不足3%｜IPO观察

Core Viewpoint - Shenxiang Technology Co., Ltd. has submitted a prospectus for an IPO in Hong Kong, showcasing rapid revenue growth since 2023, but with worsening profitability and significant cumulative losses of 1.702 billion yuan over three and a half years [2][3][4]. Revenue and Profitability - The company achieved revenues of 0 million yuan in 2022, 425.64 million yuan in 2023, 1.968 billion yuan in 2024, and 1.506 billion yuan in the first half of 2025, indicating a rapid growth trajectory [3][4]. - Revenue growth is primarily driven by the sales of new energy heavy trucks, which accounted for over 99% of total revenue during the reporting periods [3][4]. - Despite revenue growth, the company reported annual losses of 266.47 million yuan, 388.99 million yuan, 675.19 million yuan, and 371.05 million yuan, with cumulative losses reaching 1.702 billion yuan [4][5]. Research and Development Investment - Shenxiang Technology has invested heavily in R&D, with total expenditures of over 1.127 billion yuan during the reporting period, representing a significant portion of the company's expenses [2][5]. - R&D expenses accounted for 86.6%, 90.48%, 54.02%, and 48.36% of annual profits in the respective years, indicating a strong focus on innovation without corresponding profitability [5][6]. Gross Margin and Financial Metrics - The company's gross margin has remained critically low, with figures of 0.4%, 0.5%, and 2.9% for 2023, 2024, and the first half of 2025, respectively [7][8]. - The net profit margin has also been negative, with rates of -91.4%, -34.3%, and -24.6% for the respective periods [8]. Shareholder Actions and IPO Timing - Prior to the IPO, founder Wan Jun executed a significant share transfer through Lionbridge Boyuan for 974 million yuan, just one month before the IPO application, raising concerns about the timing and motivations behind the transaction [2][12]. - The share transfer price was set at 38.94 yuan per share, which is a 22.37% discount compared to the concurrent capital increase price of 47.65 yuan per share [12][13].