Core Viewpoint - 深向科技 is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for technology development, sales network expansion, and infrastructure growth [1] Group 1: Company Overview - 深向科技, established in 2020, is a leading technology company in the global new energy heavy truck and intelligent road freight solutions sector, focusing on electrification and intelligence to promote a zero-carbon, efficient, and safe logistics industry [1] - The company has launched two models, 深向星辰 and 深向星途, in the market [1] Group 2: Financial Performance - Revenue for 深向科技 is projected to grow significantly, with figures of 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan for 2023, 2024, and the first half of 2025 respectively, indicating a rapid growth trend [2] - Despite the revenue growth, the company has not yet achieved profitability, with losses of 267 million yuan, 389 million yuan, and 675 million yuan for 2022, 2023, and 2024, respectively, and a loss of 371 million yuan in the first half of 2025 [2][3] - The gross profit margins are notably low, at 0.43%, 0.50%, and 2.93% for the respective years, significantly below the traditional heavy truck OEM average of 10% to 15% [2] Group 3: Market Position and Risks - 深向科技 is ranked first in the global new energy heavy truck market based on 2024 sales projections, with expected deliveries of 3,002 units [1] - The company has a high customer concentration, with the top five customers contributing 50.7% of revenue in 2024, raising concerns about dependency and risk [3] - The supply chain is also highly concentrated, with over 60% of procurement from the largest supplier, which poses risks to production continuity and cost control [3] Group 4: Shareholder Composition - 深向科技 has a strong shareholder base, including notable investors such as Baidu (17.28%), Lenovo (2.83%), and Qiming Venture Partners (4.8%) [4]

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