三年半亏损17亿，深向科技冲刺港股IPO

Core Viewpoint - 深向科技 is facing significant financial challenges despite its competitive advantages in the new energy heavy truck sector, with a total loss of 17 billion yuan over three and a half years, making its upcoming IPO on the Hong Kong Stock Exchange critical for its survival [2][5][7]. Company Overview - 深向科技 specializes in new energy heavy trucks and intelligent road freight solutions, focusing on "forward-defined" heavy trucks, which are designed from the ground up to use electric power [3][9]. - The company was founded in July 2020 in Hefei, Anhui Province, by Wan Jun's Lion Bridge Logistics and Baidu, with initial shareholding ratios of approximately 51% and 49% respectively [3][4]. Financial Performance - Since its commercialization in 2023, 深向科技 has reported revenues of 4.26 billion yuan, 19.69 billion yuan, and 15.06 billion yuan for 2023, 2024, and the first half of 2025, respectively, while incurring net losses of 3.89 billion yuan, 6.75 billion yuan, and 3.71 billion yuan during the same periods [5][6]. - Cumulatively, the company has lost 17.01 billion yuan over three and a half years, with significant losses attributed to R&D, administrative, and sales expenses [5][6]. Market Position - In the new energy heavy truck market, 深向科技 is considered a "niche" player, with a projected market share of only 3.1% in 2024, despite being ranked among the top ten manufacturers [3][5]. - The company has delivered only two mass-produced models as of June 2023, with sales projections of 509 units in 2023, 3,002 units in 2024, and 2,873 units in the first half of 2025 [3][5]. Investment and Partnerships - 深向科技 has undergone 11 rounds of financing, raising over 2.4 billion yuan, with significant investments from Baidu and other major institutions [4]. - The partnership with Baidu includes licensing agreements for patents and software, with expected payments totaling up to 1.72 billion yuan over the next three years [4][6]. Industry Context - The new energy heavy truck market is projected to grow significantly, with sales expected to reach 703,000 units by 2030, driven by the need to address high carbon emissions and operational costs in the freight industry [8][9]. - The market is currently dominated by a few major players, with the top ten accounting for over 90% of sales, primarily consisting of retrofitted electric vehicles [8]. Strategic Direction - 深向科技 aims to maintain a competitive edge through self-research and production of core components, international expansion, and continuous investment in smart technology [9]. - The company faces pressures from ongoing losses, liquidity issues, and reliance on a limited number of suppliers and customers, necessitating a rapid establishment of a sustainable business model [9].