臻驱科技，拟赴港上市
Zhong Guo Zheng Quan Bao·2026-01-06 11:01

Core Viewpoint - Zhenqu Technology has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, focusing on electric control solutions for the electric vehicle sector, while currently operating at a loss. Financial Performance - The company reported losses of 237 million yuan, 335 million yuan, and 257 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [2][3] - Revenue figures for the same periods were 160 million yuan, 1.159 billion yuan, and 1.217 billion yuan, indicating a growth trend [2] - For the first nine months of 2025, revenue from motor controllers, power bricks, and power modules was 979 million yuan, 159 million yuan, and 49.05 million yuan, accounting for 80.5%, 13.0%, and 4.0% of total revenue, respectively [2] Customer Concentration - Revenue from the top five customers accounted for 86.1%, 92.0%, and 94.0% of total revenue for the years 2023, 2024, and the first nine months of 2025 [4] - The largest customer’s revenue contribution increased from 30.0% in 2023 to 63.1% in the first nine months of 2025, indicating high customer concentration [4] Research and Development - The company is in the early stages of business expansion, with significant upfront costs primarily for procurement and R&D activities [3] - R&D expenditures were 126 million yuan, 206 million yuan, and 130 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [3] - As of September 2025, the company employed 335 R&D personnel and held 275 authorized patents, including 111 invention patents [3] Market Position - Zhenqu Technology ranks eighth in the motor controller sector, second in the main drive power brick sector, and seventh in the power module sector in terms of installed capacity in the Chinese market [2] - The company has secured 50 designations from 13 OEMs, with solutions applied to 82 vehicle models, 54 of which have entered mass production [2] Future Plans - The IPO proceeds will be used to accelerate innovation and R&D of existing and new products, enhance domestic delivery capabilities, and promote international expansion, particularly in Europe and Southeast Asia [6]