Core Viewpoint - The company, Xian Dao Intelligent Equipment Co., Ltd., has submitted an application for an H-share IPO in Hong Kong, marking a renewed effort after a previous application expired. The funds raised will be used to expand global R&D and sales networks, deepen platform strategies, optimize smart equipment technology, and enhance digital capabilities [1]. Financial Performance - The company's revenue from 2022 to 2024 was 138.36 billion, 164.83 billion, and 117.73 billion RMB, with a significant decline of 28.6% in 2024 compared to 2023. Net profit during the same period was 23.18 billion, 17.71 billion, and 2.68 billion RMB, showing a drastic drop of 84.9% in 2024 [2]. - For the first four months of 2025, the company reported revenue of 35.99 billion RMB, a 3.3% increase from 34.84 billion RMB in the same period of 2024, while net profit decreased by 11.0% to 4.00 billion RMB [2]. - The gross margin has been on a downward trend, recorded at 36.6%, 32.7%, and 30.0% from 2022 to 2024, primarily due to increased inventory write-downs and rising administrative and R&D expenses [2]. Business Composition - Lithium battery intelligent equipment has been the main revenue source, accounting for 71.8%, 76.8%, and 65.3% of total revenue from 2022 to 2024, with a 62.4% share in the first four months of 2025 [3]. - The company has a high customer concentration, with revenue from the top five customers accounting for 73.8% in 2022, decreasing to 45.6% in 2024, but rising to 60.9% in early 2025 [3]. - The company has made significant progress in expanding its overseas market, with overseas sales increasing from 11.95 billion RMB in 2022 to 28.31 billion RMB in 2024, representing a rise in share from 8.6% to 24.0% [3]. Market Position and Future Outlook - The company is recognized as the largest supplier of lithium battery intelligent equipment globally, holding a market share of 15.5% and 19.0% in the global and Chinese markets, respectively, with a projected global market share of 22.4% in 2024 [1]. - Analysts suggest that despite recent performance pressures, the company may see a turning point in 2025 as the industry stabilizes, leveraging its leading position and technological advantages in the lithium battery sector for long-term growth [4]. - A successful IPO in Hong Kong could provide new funding to support the company's international development and help consolidate its market share globally [4].