德风科技转战港交所IPO背后：客户结构致应收账款高企

Core Viewpoint - Defeng Technology has submitted an IPO application to the Hong Kong Stock Exchange after terminating its A-share listing guidance in October 2024, aiming to raise funds for AI capabilities, industrial robotics solutions, overseas expansion, strategic investments, and general operational funding [1][12]. Group 1: Financial Performance - Defeng Technology has reported cumulative losses exceeding 730 million yuan over the past three and a half years, with no profitability achieved during the reporting period [6][7]. - The company’s revenue has consistently been in the billions, but it has faced significant losses due to the fair value changes of redeemable liabilities, which have been recorded as losses under accounting rules [7]. - As of the first half of 2025, the company’s accounts receivable and notes receivable amounted to approximately 214 million yuan, with an adjusted average trade receivables turnover days reaching 653 days [3][8]. Group 2: Market Position and Client Base - Defeng Technology holds a market share of only about 1.8%, making it the fifth-largest independent AIoT service provider in China according to a Frost & Sullivan report [4]. - The majority of the company’s revenue comes from state-owned enterprises and government clients, with this segment accounting for over 90% of revenue in the first half of 2024 [4][8]. - The company’s primary business segments include AIoT solutions, AIoT services, and AIoT product sales, with AIoT solutions consistently contributing over 80% of total revenue during the reporting period [4]. Group 3: Research and Development - The term "independent" appears over 20 times in the prospectus, emphasizing that Defeng Technology's core AIoT technologies are self-developed [5]. - The R&D outsourcing costs for the reporting period were 3.08 million yuan, 100,000 yuan, 17.1 million yuan, and 20.69 million yuan, with R&D expenses in the first half of 2025 amounting to 38.1 million yuan, indicating that over 50% of R&D costs were outsourced [5]. Group 4: Shareholder Dynamics - Just days before the IPO application submission, a major shareholder,招商盈趣, sold its shares at cost, indicating a lack of profit from its investment over approximately four and a half years [11]. - The company has undergone several rounds of financing, raising a total of 656 million yuan, with significant valuation increases noted between funding rounds [10]. Group 5: Strategic Intentions - The shift from A-shares to H-shares is intended to access international markets for viable funding sources to support business development and attract more investors [12].