Xin Lang Cai Jing·2025-12-29 08:01Company Overview - Deep Blue Ocean Technology Co., Ltd. (referred to as Deep Blue) has recently had its IPO application accepted by the Shanghai Stock Exchange, with China International Capital Corporation as the sponsor [1] - Established in 2013, Deep Blue specializes in underwater robotics, providing products and solutions for various sectors including marine safety, engineering, emergency rescue, hydropower, scientific research, and marine tourism [1] IPO Details - Deep Blue plans to raise 1.5 billion yuan through its IPO, with at least 10% of the total share capital to be newly issued [2] - The fundraising allocation includes 865 million yuan for expanding the underwater robot production base, 399 million yuan for upgrading research and experimental centers, and 235 million yuan for supplementing working capital [2] Financial Performance - The company's revenue for the years 2022 to the first half of 2025 is reported as 141 million yuan, 235 million yuan, 251 million yuan, and 141 million yuan, respectively, with a compound annual growth rate of 33.23% over the last three years [2] - The proportion of overseas revenue has increased significantly, from 49.5% in 2022 to 79.75% in 2025 [2] - Gross profit margins for the same periods were 35.97%, 41.97%, 38.34%, and 43.96%, indicating an improvement in profitability [2] Profitability and Expenses - Despite the growth in revenue, Deep Blue has not yet achieved profitability, primarily due to high sales, management, and R&D expenses, as well as significant stock option compensation costs [3] - The earliest expected time for the company to achieve profitability is projected to be 2026, contingent on revenue, gross margin, and expense management [3] Shareholding Structure - The controlling shareholder, Wei Jiancang, holds 23.6393% of the total share capital, controlling 41.3427% of the voting rights [3] - Other shareholders include Yuanxing Capital, TEDA Technology, and Shunwei Capital [3] R&D and Workforce - As of the first half of 2025, Deep Blue employed 69 R&D personnel, accounting for 15.5% of the total workforce, with 26.64% holding master's degrees and 73.91% holding bachelor's degrees [3] Industry Trends - The underwater robotics sector is gaining momentum, with significant investments in companies like Shihang Intelligent and Shandong Future Robotics [5] - The global market for industrial cable-controlled and autonomous underwater robots is projected to reach $2.1 billion and $7.1 billion, respectively, by 2024, with a compound annual growth rate of nearly 40% over the next six years [5] - The consumer-grade underwater booster market is expected to reach $1.18 million globally by 2024, with a domestic market size of approximately 0.57 million yuan [5] Competitive Landscape - The underwater robotics market is characterized by higher certainty and clearer application scenarios compared to surface unmanned vessels [6] - Key competitive factors include acoustic sensors and navigation positioning systems, with traditional marine nations currently leading in sensor technology [6] - The ongoing development of domestic underwater robotics manufacturers like Deep Blue is expected to open up new opportunities in this sector [7]