深向科技IPO：三年半累计亏损17亿 前五大供应商采购金额占比超8成

Core Viewpoint - Shenxiang Technology Co., Ltd. has submitted its IPO prospectus to the Hong Kong Stock Exchange, aiming to lead the global electric heavy truck and smart road freight solutions market, addressing key industry pain points such as high carbon emissions, total ownership costs, and safety risks [3][6]. Financial Performance - The company reported revenues of RMB 426 million, RMB 1.97 billion, and RMB 762.61 million for the years 2023, 2024, and the first half of 2025, respectively [4]. - Net losses for the same periods were RMB 389 million, RMB 675 million, and RMB 371 million, accumulating a total loss of RMB 1.7 billion over three and a half years [3][4]. - As of June 30, 2025, the company had a net current liability of RMB 2.09 billion and a total liability of RMB 1.62 billion, with cash and cash equivalents of only RMB 593 million [4][5]. Market Opportunity - The global road freight market is projected to reach USD 3.9 trillion by 2024, highlighting the significant growth potential in the sector [3]. - The company aims to leverage electric and intelligent technologies to transition the road freight industry towards a zero-carbon, efficient, and safe logistics phase [3]. Competitive Landscape - The market for electric heavy trucks and smart road freight solutions is highly competitive, with many companies seeking to innovate in technology, quality, safety, and pricing [5][6]. - The company anticipates intensified competition due to increasing demand for electrification, regulatory pressures, globalization, and industry consolidation [6]. Supply Chain Risks - The company relies heavily on five major suppliers, with procurement amounts increasing significantly from RMB 56.6 million in 2022 to RMB 3.37 billion in 2024, representing a substantial portion of total procurement [6]. - Any failure by suppliers to meet their obligations could adversely affect vehicle production and sales of new energy heavy truck solutions [6][7]. Use of Proceeds - Funds raised from the IPO will be allocated to the continuous development and commercialization of core technologies, enhancing sales and after-sales service networks, infrastructure expansion, and general corporate purposes [9].