70后博士从车库创业，跑出一家IPO，公司3年亏超6亿

Core Viewpoint - Magic View Intelligent Technology (Shanghai) Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange after completing 8 rounds of financing, despite having incurred over 660 million yuan in losses over the past three years and not yet achieving profitability [1][9]. Company Overview - Founded in 2015, Magic View Intelligent is an AI-driven provider of intelligent driving solutions, offering integrated hardware and software solutions with L0-L4 level autonomous driving capabilities [3]. - The founder, Yu Zhenghua, has extensive academic and industry experience, previously serving in various high-level positions and recognizing the potential of deep learning in the automotive sector [3]. Product Development and Market Position - In 2016, the company launched its first generation of deep learning-based embedded automotive-grade Advanced Driver Assistance Systems (ADAS), achieving top rankings in international algorithm evaluations [5]. - By 2024, Magic View is projected to rank eighth among third-party intelligent driving solution providers in China, with a market share of approximately 0.4% [5]. Financial Performance - Revenue is expected to grow from 118 million yuan in 2022 to 357 million yuan in 2024, representing over a twofold increase, while net losses are projected to rise from 200 million yuan in 2022 to 233 million yuan in 2024 [9]. - In the first half of 2025, the company reported revenue of 189 million yuan, a year-on-year increase of 76.4%, but continued to incur a loss of 112 million yuan [9]. Industry Context - The Chinese market for L0 to L2+ intelligent driving solutions is rapidly expanding, projected to grow from 21.6 billion yuan in 2020 to 91.2 billion yuan by 2024, with a compound annual growth rate (CAGR) of 43.3% [7]. - The market is relatively fragmented, with the top ten participants expected to hold only 15.2% of the market share by 2024 [7]. Competitive Landscape - The value chain in the intelligent driving industry is shifting, with automakers increasingly moving towards in-house development, intensifying competition among tier 1 suppliers [10]. - For Magic View, the upcoming IPO is just the first step; the company faces significant challenges in reducing losses and maintaining its market position [10].