德风新征程再战港股IPO：两年九个月亏损超6亿元，招商局创新、创新工场跻身股东

Core Viewpoint - Beijing Defeng New Journey Technology Co., Ltd. (referred to as "Defeng New Journey") has re-submitted its IPO application to the Hong Kong Stock Exchange after an initial rejection, aiming to list on the main board with SUNNY FORTUNE as its sole sponsor [1][2]. Group 1: Company Overview - Defeng New Journey is a developer of AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, primarily serving over 150 state-owned enterprises in China, including major players in the electricity, public utilities, oil and gas, and tobacco industries [1]. - The company has been recognized as a national-level "specialized and innovative" small giant enterprise, a national key software enterprise, a high-tech enterprise, and a "Beijing Enterprise Technology Center" [3]. Group 2: Financial Performance - The company reported revenues of RMB 442.22 million, RMB 525.46 million, and RMB 216.05 million for the fiscal years 2023, 2024, and the first nine months of 2025, respectively, with corresponding gross profits of RMB 105.23 million, RMB 130.60 million, and RMB 52.22 million [5]. - Despite revenue growth, Defeng New Journey has faced continuous losses, with total losses amounting to approximately RMB 638 million over two years and nine months [3][4]. Group 3: Market Position - According to a report by Frost & Sullivan, Defeng New Journey is the fifth largest independent AIoT service provider in China, holding a market share of approximately 1.8% for the fiscal year 2024, and the third largest in the energy sector with a market share of about 9.9% [3]. Group 4: Client Concentration and Risks - The company has a high client concentration, with revenue from its top five clients accounting for approximately 53%, 44.2%, and 49.4% of total revenue during the reporting periods [7]. - Defeng New Journey faces challenges related to long and unpredictable sales cycles, which may impact operational performance and expose the company to credit risks associated with trade receivables and contract assets [7]. Group 5: Shareholder Structure - As of the last practicable date, the company's founder Wang Qingjie, along with Dongzhongchang and Jinlongjie, collectively control approximately 44.4% of the voting rights at the shareholders' meeting [9].