Core Viewpoint - Huso Technology Group Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for capacity enhancement, sales and marketing center establishment, R&D capabilities in advanced materials, and general corporate purposes [1][2] Group 1: Business Overview - Huso Technology is a provider of intelligent production line solutions for process industries, leveraging self-developed micro-nano dispersion grinding technology and i-Neuron intelligent control systems [2] - The company claims to be the market leader in the intelligent production line for lithium battery anode materials with a market share of 6.6%, while the overall market remains fragmented [2][3] - The majority of Huso's revenue comes from micro-nano material intelligent production line solutions, accounting for 95.8% to 97.7% of total revenue during the reporting period [2][3] Group 2: Financial Performance - Revenue figures for Huso during the reporting period were 409 million, 572 million, 710 million, and 82.46 million, with profits of -26.126 million, -68.477 million, 15.298 million, and -59.715 million respectively [4] - Despite achieving profitability in 2024, the company experienced a significant revenue decline of 73.44% in the first half of 2025, with losses increasing to -59.715 million [4] - Operating cash flow showed a net outflow of 88.308 million in 2024 and continued to be negative at 66.787 million in the first half of 2025, indicating that profits did not translate into cash [4] Group 3: Customer Concentration and Risks - A significant portion of Huso's revenue is derived from its top five customers, accounting for 96% to 97% of total revenue in the first half of 2025, with the largest single customer contributing 47.4% [5] - The company faces risks related to customer retention, as most clients do not provide long-term procurement commitments, leading to potential revenue volatility [5] - The average turnover days for trade receivables surged from 88 days in 2024 to 511 days in the first half of 2025, indicating challenges in cash collection [5] Group 4: Business Challenges - The gross margin for Huso's micro-nano material solutions fluctuated significantly, dropping from 24.2% in the first half of 2024 to 8.8% in the first half of 2025 [3] - The single equipment segment experienced a drastic decline in gross margin from 33.6% in 2024 to -27.9% in the first half of 2025, attributed to increased fixed costs during production [3] - The newly acquired "biomanufacturing process solutions" segment reported a gross loss margin of -16.3% in the first half of 2025, highlighting integration and profitability challenges [3] Group 5: Historical Context - Huso Technology was established in July 2012 and previously listed on the New Third Board before voluntarily delisting in September 2018 [6] - The company has undergone multiple rounds of capital increases and share transfers, with recent shareholder transactions totaling approximately 98.708 million [6][7] - Huso has also engaged in international sales, including transactions with Russian clients, raising potential compliance risks related to sanctions [6]
琥崧科技冲刺港交所 递表前5名股东套现近1亿元
Mei Ri Jing Ji Xin Wen·2026-01-06 12:42