新股前瞻|上市前夕仍未扭亏，菲仕技术新能源业务能否扛起盈利大旗？

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor, amid a growing trend of electric drive companies seeking dual listings in Hong Kong [1][2]. Company Overview - Established in November 2001, Feishi Technology is a leading provider of electric drive solutions in China, offering customized systems characterized by high precision, efficiency, and torque, widely applied in various industrial sectors [2]. Financial Performance - The company has faced challenges with profitability, reporting revenues of 1.376 billion yuan, 1.243 billion yuan, 1.500 billion yuan, and 909.19 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. During the same periods, net losses were 130 million yuan, 112 million yuan, 177 million yuan, and 21.26 million yuan, totaling 440 million yuan in losses over three and a half years [3][4]. - Despite a 58% year-on-year revenue increase in the first half of 2025, driven by the rapid growth of the new energy vehicle (NEV) solutions business, the company still reported a net loss of 21.26 million yuan [3][4]. Business Structure - The main business segments include NEV solutions, precision electric drive systems, industrial automation solutions, and other services. The NEV solutions segment has rapidly grown, accounting for 60.4% of total revenue in the first half of 2025, up from 36.3% in the same period of 2024 [5]. - The company has secured 21 projects with commercial vehicle manufacturers and 26 projects with passenger vehicle manufacturers, with 21 projects already in mass production [5]. Profitability and Margins - The gross margin has shown fluctuations, recorded at 8.29%, 14.26%, 16.13%, and 14.64% from 2022 to the first half of 2025 [6]. - The NEV solutions segment has a low gross margin of 1.5%, despite increasing sales volume from 96,700 units in 2022 to 131,800 units in the first half of 2025, with average selling prices dropping from 5,763 yuan to 4,166 yuan [5][6]. Customer Concentration and Risks - The company has a high customer concentration, with the top five customers accounting for 64.7% of revenue in the first half of 2025, up from 53% in 2022. This reliance on a few customers poses risks to profitability [7][8]. - Financial pressures are evident, with negative cash flow from operating activities in most reporting periods, and high levels of accounts receivable, indicating potential liquidity issues [8]. Industry Context - The global electric drive solutions market is projected to grow from 278.5 billion yuan in 2020 to 471.3 billion yuan in 2024, with China expected to see a compound annual growth rate of 18.6% [10]. - The demand for electric drive solutions is driven by the urgent need for carbon reduction in industrial and transportation sectors, with the NEV market in China experiencing significant growth, achieving a penetration rate of 46.4% by October 2025 [12]. Competitive Position - Feishi Technology ranks as the second-largest supplier of specialized electric drive solutions in China's industrial control sector, with a market share of 6.6% as of 2024 [13][14]. - Despite its leading position, the company faces challenges in converting competitive advantages into sustainable profitability due to low margins, cash flow constraints, and high customer concentration [14].