导远科技拟赴港IPO，客户集中度高

Group 1 - The core viewpoint of the article is that Guangdong Daoyuan Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the growing space-time intelligence market with a comprehensive product system [1] Group 2 - Daoyuan Technology provides a full-stack product system for the global space-time intelligence market, featuring a three-tier architecture: chips, modules, and systems, which supports physical AI applications across various sectors [2] - The company is the largest provider of space-time intelligence solutions globally, with a market share of 27.6% based on the projected vehicle installation volume in 2024 [2] - By December 25, 2025, Daoyuan Technology aims to achieve a fully autonomous manufacturing capacity of over 1 million units in China, leading the industry with an annual production capacity exceeding 3 million sets [2] Group 3 - Daoyuan Technology is expanding its technology into emerging fields such as robotics, engineering machinery, and renewable energy systems, enhancing the capabilities of intelligent systems [3] Group 4 - The company faces high customer concentration, with a significant portion of its revenue generated from a limited number of clients, which poses a risk if any major client is lost [4] - In the first three quarters of 2023, 2024, and 2025, revenue from the top five clients accounted for 84.4%, 85.3%, and 88.8% of total revenue, respectively, with the largest client contributing 42.2%, 47%, and 60.4% of total revenue during the same periods [4] - Daoyuan Technology has incurred substantial operating expenses and net losses, with operating expenses of 422 million, 286 million, and 171 million yuan for the first three quarters of 2023, 2024, and 2025, respectively, and adjusted net losses of 346 million, 182 million, and 50 million yuan [4]