Investment Rating - The report gives a "Strong Buy" rating for the company, marking its first coverage [4]. Core Insights - The company leverages an integrated "end-cloud" architecture and AI to lead in the AIoT full-scenario smart terminal market, addressing the fragmentation challenges in IoT applications [7]. - The overseas business has seen significant growth, with a 25.96% year-on-year increase in overseas revenue in the first half of 2025, indicating improved quality of growth [7]. - The smart sleep terminal business is experiencing explosive growth, projected to increase from 10.08 million yuan in 2023 to 199.00 million yuan in 2024, marking a 1871.25% increase [7]. - The company's financial performance shows strong growth potential, with a 33.95% year-on-year increase in net profit for the first three quarters of 2025 [7]. Financial Data and Valuation - Total revenue is projected to grow from 1,123 million yuan in 2023 to 2,906 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 29% [3]. - Net profit is expected to rise from 174 million yuan in 2023 to 386 million yuan in 2027, reflecting a consistent growth trajectory [3]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 49.6 in 2023 to 22.4 in 2027, indicating improving valuation metrics [3]. Company Overview - The company operates in the core areas of smart sleep, smart vehicle, smart travel, and smart payment, with a focus on integrating communication, positioning, and AI technologies [11][12]. - The company has a strong shareholder structure, with the largest shareholder holding 33.88% of the shares, indicating concentrated ownership [22]. Industry Situation - The global IoT market is expected to grow from $714.48 billion in 2024 to $4,062.34 billion by 2032, indicating robust growth prospects [41]. - The Chinese IoT market has expanded significantly, with a compound annual growth rate exceeding 20% from 2012 to 2023 [41]. - The AIoT solutions market in China is projected to grow from 541 million yuan in 2020 to 1,287 million yuan in 2025, reflecting a strong upward trend [44].

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]

Core Viewpoint - The company, Yongxi Electronics, reports that AIoT revenue accounts for nearly 70% of its total revenue, indicating a strong focus on innovation-driven growth in this sector [1] Group 1: Revenue Breakdown - AIoT revenue constitutes approximately 70% of total revenue, with expectations for continued growth driven by increased penetration of new application scenarios under AI [1] - PA revenue accounts for about 10%, with future focus on PAMiF and PAMiD module products [1] - Security revenue also represents around 10%, showing stable overall growth [1] - Revenue from computing and automotive-grade products combined accounts for about 10%, with anticipated rapid growth in these areas due to the development of domestic automotive design companies and localization strategies of overseas automotive giants [1]

Core Viewpoint - Defeng Technology has submitted its prospectus to the Hong Kong Stock Exchange for an initial public offering (IPO), aiming to enhance its capital base for growth in the AIoT sector [1][3]. Group 1: Company Overview - Defeng Technology is a technology company based in Beijing, focusing on AI-enabled Industrial Internet of Things (AIoT) solutions, aiming to improve energy efficiency, operational excellence, safety, and sustainability in various industries [3]. - The company has developed an end-to-end Delt@AIoT platform and application suite, which includes energy management and smart manufacturing solutions, leveraging AI, IoT, digital twin, and edge computing technologies [3]. Group 2: Financial Performance - The company reported steady revenue growth from 2022 to 2024, with revenues of RMB 313 million, RMB 442 million, and RMB 525 million respectively [3]. - Despite the revenue growth, Defeng Technology faced losses during the same period, with losses of RMB 165 million, RMB 297 million, and RMB 228 million [3]. - In the first half of 2025, the company achieved revenue of RMB 159 million, a year-on-year increase of 38.85%, while narrowing its loss to RMB 39.9 million compared to RMB 188 million in the same period the previous year [3]. Group 3: Financial Data Summary - For the fiscal years 2023 to 2025, the company's revenue figures were RMB 442 million, RMB 525 million, and RMB 275 million for the first nine months respectively, with total losses of RMB 297 million, RMB 228 million, and RMB 114 million [4][5]. - The company has consistently increased its R&D expenditure to support technological innovation, reinforcing its market position in the AIoT sector [5].

Core Viewpoint - Beijing Defeng New Journey Technology Co., Ltd. (Defeng New Journey) submitted its IPO application to the Hong Kong Stock Exchange (HKEX) on November 14, 2025, which was returned on November 24, marking the first "tied" case in two and a half years. The company must wait at least eight weeks before reapplying [1]. Company Overview - Defeng New Journey is a developer of AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, focusing on enhancing energy efficiency, operational excellence, safety, and sustainability in China's energy, manufacturing, and mixed industries. The company offers a comprehensive and integrated suite of customized AIoT production optimization software solutions and services tailored to meet specific customer needs and challenges [3]. Market Position - According to a Frost & Sullivan report, Defeng New Journey is the fifth largest independent AIoT service provider in China by revenue for the fiscal year 2024, holding a market share of approximately 1.8%. In the energy sector, it ranks as the third largest independent AIoT service provider with a market share of about 9.9% [4]. Financial Performance - The company's revenue increased from approximately RMB 442.2 million in the fiscal year 2023 to about RMB 525.5 million in the fiscal year 2024, representing a year-on-year growth rate of approximately 18.8% [4]. - For the first nine months of 2025, revenue rose from approximately RMB 216.1 million to about RMB 275.3 million compared to the same period in 2024, reflecting a growth rate of approximately 27.4% [5]. Client Base - Defeng New Journey has completed over 500 projects, primarily serving state-owned enterprises in China, with around 150 clients, including leading companies in the electricity and utilities, oil and gas, and tobacco industries, such as the China Grid duopoly and the three major oil giants [3].

Company Overview - Defeng Technology is a developer of AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, focusing on enhancing energy efficiency, operational excellence, safety, and sustainability in China's energy, manufacturing, and mixed industries [4] - The company has completed over 500 projects, primarily serving state-owned enterprises, with around 150 clients, including leading firms in the electricity, public utilities, oil and gas, and tobacco sectors [4] - Defeng Technology has established an integrated Delt@AIoT platform that enables rapid development and large-scale deployment of AIoT applications, featuring over 300 software applications applicable across various industries and use cases [4] Financial Performance - For the fiscal year 2023, 2024, the first nine months of 2024, and the first nine months of 2025, the company reported revenues of approximately RMB 442 million, RMB 525 million, RMB 216 million, and RMB 275 million, respectively [6] - The gross profit for the same periods was approximately RMB 105 million, RMB 131 million, RMB 52 million, and RMB 70 million, with corresponding gross profit margins of 23.8%, 24.9%, 24.2%, and 25.3% [7][8] - Operating losses were recorded at RMB 8.16 million, RMB 10.64 million, RMB 35.12 million, and RMB 30.47 million for the respective periods [9] Industry Overview - The Industrial Internet of Things (IIoT) market in China is expected to grow from approximately RMB 9 trillion in 2020 to about RMB 14 trillion by 2024, and is projected to reach around RMB 20 trillion by 2029 [13] - The penetration rate of AI in the IIoT sector is anticipated to rise from about 6.1% in 2020 to approximately 7.8% in 2024, and further to around 11.0% by 2029, indicating a growing integration of AI applications in various industrial processes [16] - The AIoT market in China has seen rapid growth, expanding from approximately RMB 54.1 billion in 2020 to an estimated RMB 111.9 billion by 2024, with projections of reaching about RMB 220.9 billion by 2029 [19]

据港交所1月20日披露，北京德风新征程科技股份有限公司(简称：德风科技)向港交所主板递交上市申请书，日进资本为其 独家保荐人，这是该公司第二次递表港交所。招股书显示，德风科技是成熟的AI赋能工业物联网(AIoT)生产优化软件解决方 案技术开发商，专注于助力中国能源、制造及混合行业实现能效提升、卓越运营、安全生产及可持续发展。根据弗若斯特沙 利文报告，按2024财年收入计，德风科技是中国第五大独立专业AIoT服务提供商，市场份额约为1.8%。按2024财年收入 计，公司还是中国能源行业第三大独立专业AIoT服务提供商，市场份额约为9.9%。 ...

智通财经APP获悉，据港交所1月20日披露，北京德风新征程科技股份有限公司(简称：德风科技)向港交所主板递交上市申请 书，日进资本为其独家保荐人，这是该公司第二次递表港交所。招股书显示，德风科技是成熟的AI赋能工业物联网(AIoT)生 产优化软件解决方案技术开发商，专注于助力中国能源、制造及混合行业实现能效提升、卓越运营、安全生产及可持续发 展。根据弗若斯特沙利文报告，按2024财年收入计，德风科技是中国第五大独立专业AIoT服务提供商，市场份额约为 1.8%。按2024财年收入计，公司还是中国能源行业第三大独立专业AIoT服务提供商，市场份额约为9.9%。 ...

Core Viewpoint - Rui Ming Technology (002970.SZ) is experiencing significant growth in its main business, driven by overseas market expansion and a focus on AI and video technology solutions for commercial vehicles, with a projected net profit of 370 million to 400 million yuan for 2025, representing a year-on-year increase of 27.58% to 37.92% [1][2] Group 1: Financial Performance - The company expects to achieve a net profit of 3.7 billion to 4 billion yuan in 2025, marking a historical high and a continuous increase for three consecutive years [2] - In 2023 and 2024, Rui Ming Technology reported revenues of 1.699 billion yuan and 2.777 billion yuan, with year-on-year growth rates of 22.8% and 63.45% respectively [2] - The company's overseas revenue reached 769 million yuan in the first half of 2025, showing a year-on-year increase of 27.84%, accounting for 66.51% of total revenue [5] Group 2: Business Expansion and Strategy - Rui Ming Technology has expanded its business to over 100 countries and regions, capitalizing on the commercial opportunities presented by AI in the commercial vehicle sector [4] - The company has established an intelligent manufacturing center in Vietnam and plans to enhance its overseas supply chain capabilities with the construction of a second factory [4] - The company is focusing on AI solutions for commercial vehicles, with a commitment to advancing from assisted driving to higher-level intelligent driving, supported by over 80 mature AI algorithms [5] Group 3: Product Development - The company's pre-installed business has seen significant growth, with revenues reaching 107 million yuan in the first half of 2025, a year-on-year increase of 198.5% [3] - Rui Ming Technology is committed to increasing R&D investment to maintain global competitiveness in core solutions and to advance research and productization in the field of commercial vehicle autonomous driving [5]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of BEIJING DELTAPHONE TECHNOLOGY CO., LIMITED 北京德風新征程科技股份有限公司 (the "Company") (A joint stock company incorporated in t ...