深之蓝冲击“中国水下机器人第一股”，雷军系资本押注

Core Viewpoint - Deep Blue Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, potentially becoming the "first underwater robotics stock in China" [1]. Group 1: Business Overview - Deep Blue is a leading provider of underwater robotics and solutions, focusing on the research, production, sales, and service of cable-controlled underwater robots, autonomous underwater vehicles, underwater gliders, automatic profiling buoys, and underwater propulsion robots [5]. - The fundraising plan allocates 860 million yuan for expanding the underwater robot production base, 400 million yuan for upgrading the technology research and experimental center, and 240 million yuan for working capital [5][7]. Group 2: Product Matrix - The product matrix of Deep Blue is built on different technological paths and application depths, addressing the extreme challenges faced by underwater robots, such as communication, pressure resistance, and energy supply [8]. - The company has developed consumer-grade underwater propulsion devices under the SUBLUE brand, achieving a global market share of approximately 60% in this segment, contributing about 25% of the company's stable revenue [12][20]. Group 3: Financial Performance - From 2022 to June 2025, Deep Blue achieved a cumulative revenue of 768 million yuan, with a compound annual growth rate exceeding 33%. However, the company also reported a cumulative net loss of 294 million yuan during the same period [21]. - The company's losses are primarily attributed to high R&D investments totaling 192 million yuan over three and a half years and significant expenses related to scaling operations [24]. Group 4: Investment and Control - Since its establishment in 2013, Deep Blue has completed over 10 rounds of financing, raising more than 1.3 billion yuan, attracting investments from over 30 well-known institutions [25][29]. - The founder, Wei Jiancang, maintains a controlling stake of 41.34% in the company, reflecting a strong commitment to its strategic direction [29]. Group 5: Future Challenges - The company acknowledges that going public is just the beginning of more intense competition, especially as major players like Saab and Oceaneering have established significant barriers in the high-end market [30]. - Deep Blue faces challenges in transitioning from technological breakthroughs to achieving profitability, including improving inventory turnover and managing accounts receivable risks [30].