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 and A-shares [1][2]. Financial Performance - The company has faced a "revenue growth without profit" situation, with reported revenues of 1.376 billion yuan, 1.243 billion yuan, 1.5 billion yuan, and 909.19 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively, while incurring losses of 130 million yuan, 112 million yuan, 177 million yuan, and 21.26 million yuan during the same periods [3][4]. - Cumulative losses over three and a half years reached 440 million yuan, primarily due to strategic investments in new energy vehicle solutions and significant impairment losses on financial and contract assets [3][4]. Business Structure - The main business segments include new energy vehicle solutions, special precision electric drive systems, industrial automation solutions, and other services, with the new energy vehicle segment rapidly growing to account for 60.4% of total revenue in the first half of 2025, up from 36.3% in the same period of 2024 [5][6]. - The company has secured 21 projects from commercial vehicle manufacturers and 26 projects from passenger vehicle manufacturers, with 21 projects already in mass production [5][8]. Market Dynamics - The global electric drive solutions market is projected to grow from 278.5 billion yuan in 2020 to 471.3 billion yuan in 2024, and is expected to reach 957.4 billion yuan by 2029, with the Chinese market showing a compound annual growth rate of 18.6% [10][12]. - The demand for electric drive solutions is driven by the urgent need for green and low-carbon transformation in industrial and transportation sectors, with new energy vehicle production in China reaching 12.672 million units in the first ten months of 2025, a year-on-year increase of 28.1% [12]. Competitive Position - As of 2024, Ningbo Feishi is the second-largest supplier of specialized electric drive solutions in China's industrial control sector, with a market share of 6.6% [13][14]. - Despite its leading position, the company faces challenges such as low gross margins, cash flow pressures, and high customer concentration, which could impact its profitability and long-term growth potential [8][14].