德风新征程冲刺港股IPO：AIoT赛道上的“带刺玫瑰”？

Core Viewpoint - The capital market is witnessing a convergence of AI and industrial upgrades, with Beijing Defeng New Journey Technology Co., Ltd. (Defeng New Journey) applying for an IPO in Hong Kong, highlighting the dual nature of investment logic in the AIoT sector, which relies on long-term technological accumulation and client relationships rather than rapid growth [1] Group 1: Company Overview - Defeng New Journey focuses on AI-enabled industrial IoT production optimization software solutions and has served over 200 state-owned enterprises, delivering more than 600 projects [1] - The company reported cumulative revenue exceeding 1.24 billion yuan from 2023 to September 2025, but also accumulated losses of nearly 640 million yuan [1] - The growth trajectory is characterized by steady revenue increase, with revenue projected to grow from 313 million yuan in 2022 to 525 million yuan in 2024, reflecting a compound annual growth rate of over 29% [2] Group 2: Financial Performance - Despite revenue growth, Defeng New Journey has not achieved profitability, with net losses continuing from 2022 to 2024, totaling 700 million yuan over three years [2] - The gross margin improved from approximately 22% in 2022 to about 26% in the first half of 2025, indicating the emergence of scale effects [2] - The company's revenue structure heavily relies on AIoT solutions, which contributed approximately 93.9% of revenue in the first half of 2025, highlighting the challenges of high R&D and market development costs [3] Group 3: Industry Context - The AIoT market in China is projected to grow from approximately 54.1 billion yuan in 2020 to about 111.9 billion yuan in 2024, with expectations to reach around 220.9 billion yuan by 2029 [4] - Defeng New Journey ranks fifth among independent AIoT service providers in China, with a market share of about 1.8%, and third in the energy sector with a market share of approximately 9.9% [4] - The industry is characterized by high fragmentation and intense competition, with no clear market leader, posing challenges for Defeng New Journey against established competitors [4] Group 4: Business Model and Challenges - The company faces a dilemma between scale economy and customization, as industrial AIoT solutions require tailored development, leading to high delivery costs and long project cycles [7] - Transitioning from a project-based revenue model to a subscription-based model is essential for improving financial health, but this depends on changes in customer purchasing habits and product standardization [8] - Key factors for potential value reassessment post-IPO include effective cash flow management, the ability to lower delivery costs through platform modularization, and successful market expansion beyond the energy sector [8]