“水下大疆”深之蓝闯关科创板，持续亏损下研发投入缩水

Group 1 - The company, Deep Blue Marine Technology Co., Ltd., known as "the underwater DJI," has submitted its prospectus to the Sci-Tech Innovation Board for an IPO despite ongoing losses and reduced R&D investment [1][3][24] - Established in 2013, the company gained attention for its narrative of breaking foreign monopolies and its involvement in national key projects, positioning itself as a rising star in the capital market [2][24] - However, the company faces multiple challenges, including continuous losses, shrinking R&D investments, product safety incidents, and compliance risks [3][24] Group 2 - Deep Blue's revenue is projected to grow steadily, with expected revenues of 141 million yuan, 235 million yuan, and 251 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 33.23% [4][25] - Despite revenue growth, the company has not achieved profitability, reporting a net loss of 26.29 million yuan in the first half of 2025 and a cumulative undistributed profit of -622 million yuan as of June 2025 [4][25] - To address profitability challenges, Deep Blue opted for the second set of listing standards on the Sci-Tech Innovation Board, which does not require profitability but mandates a market value of at least 1.5 billion yuan and R&D investment accounting for at least 15% of revenue over the last three years [4][25] Group 3 - The company's R&D expenses have shown a significant decline, dropping from 62.29 million yuan in 2022 to 50.53 million yuan in 2024, with the R&D expense ratio decreasing from 44.13% to 20.17% during the same period [5][26] - In the first half of 2025, the R&D expense ratio fell below the critical threshold of 15%, reaching 14.45% [5][27] - The decline in R&D investment is concerning, especially as it may impact the company's ability to meet the cumulative R&D investment ratio required for listing [28] Group 4 - The company's product structure includes three main categories: tethered underwater robots, autonomous underwater robots, and underwater propulsion robots, with the latter being a core product for the consumer market [10][31] - The revenue share from underwater propulsion robots, which was 56.31% in 2022, has significantly decreased, with a 23.87% decline in revenue in 2024 [10][31] - A safety incident involving battery fires in the Mix series underwater propulsion robots has raised concerns about product quality and brand reputation, impacting the company's 2C business growth potential [12][33] Group 5 - Deep Blue's procurement practices have raised questions, particularly regarding the purchase of ROV unmanned boats from a supplier whose main business does not align with ROV production [12][36] - The company's largest customer, Ningbo Xingyu Marine Technology Co., Ltd., is linked to a competitor, raising compliance risk concerns regarding potential collusion in bidding processes [37][42] - The relationship between Deep Blue and its major customers, including shared ownership and participation in joint bids, may lead to scrutiny over compliance and ethical business practices [38][42]