Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Deepway Technology Co., Ltd., a new player in the electric heavy truck market, highlighting its strong backing from Baidu and local government support in Hefei, as well as the challenges it faces in a competitive landscape [1][4][38]. Company Overview - Deepway was established in 2020 and has quickly become a leader in the global electric heavy truck market, achieving significant sales milestones and revenue growth [4]. - The company is often referred to as the "NIO of the heavy truck industry" due to its rapid development and strong local government support [4]. Financial Performance - Deepway's revenue has shown exponential growth, with 2023 revenue reaching 426 million RMB, 2024 revenue at 1.97 billion RMB (a 362.5% increase), and 2025's first half revenue at 1.51 billion RMB, reflecting a 97.6% year-on-year growth [15][19]. - Despite high revenue growth, the company has faced significant net losses, totaling 1.7 billion RMB over three and a half years, driven by high R&D and manufacturing costs [19][22]. Shareholder Composition - The company boasts a strong shareholder base, including Baidu, which holds a 17.28% stake and has provided its autonomous driving technology [9][14]. - Other notable investors include venture capital firms such as Qiming Venture Partners and Lenovo Capital, which further solidify Deepway's financial foundation [12][14]. Market Position and Strategy - Deepway's primary revenue source is the "Deepway Star" model, which has sold 6,400 units, making it the top seller in the global electric heavy truck market [25][26]. - The company is currently in the "hardware-driven" phase of its revenue model, with plans to transition to a "hardware + service" model in the future [24][29]. Industry Context - The electric heavy truck market is experiencing significant growth, with projections indicating a penetration rate increase from under 10% in 2023 to 28.9% by September 2025, driven by policy support and market demand [34]. - Deepway's technology and operational strategies align well with market needs, particularly in terms of cost efficiency and operational effectiveness [34]. Challenges Ahead - Deepway faces competition from traditional heavy truck manufacturers, which dominate the market and have significant production capabilities [35]. - The company must also address its reliance on a single model and the monetization of its intelligent freight solutions, which are currently offered for free [35][36]. Conclusion - Deepway's upcoming IPO represents a significant milestone for the company and the electric heavy truck sector in China, with potential for growth despite existing challenges [38][39].

Core Viewpoint - Deepway is positioned as a leader in the global new energy heavy truck market, emphasizing its unique approach to product design and technology development to address industry challenges and enhance operational efficiency [2][3][9]. Company Overview - Deepway Technology Co., Ltd. was established in 2020 and focuses on new energy heavy trucks and intelligent road freight solutions, aiming for a zero-carbon, efficient, and safe logistics future [3]. - The company adopts a "positive definition" approach, being the first globally to achieve mass delivery of intelligent new energy heavy trucks using this method [3][4]. Product and Technology - Unlike traditional fuel vehicles, Deepway redefines product design and technology to optimize hardware and software, resulting in a significant reduction in lifecycle costs—18.7% lower than traditional fuel trucks and 4.9% lower than converted electric trucks [4][6]. - Deepway has achieved full-stack self-research on the core three-electric systems of new energy heavy trucks, allowing for rapid product iteration and cost reduction [6]. Market Position and Performance - As of June 30, 2025, Deepway has delivered approximately 6,400 new energy heavy trucks, with 2,873 units delivered in the first half of 2023, nearing the projected total for 2024 [7]. - According to market data, Deepway holds a 2.7% market share in the global new energy heavy truck market and ranks first in the positive definition segment [9]. Financial Performance - Revenue figures for Deepway from 2022 to 2024 are projected at 0, 426 million, and 1.967 billion yuan, respectively, with a year-on-year growth of 362.5% expected in 2024 [12]. - The company has secured investments from notable institutions and plans to use IPO proceeds to enhance core technology development, expand sales networks, and build infrastructure [12].

Core Insights - DeepWay is set to list on the Hong Kong Stock Exchange, marking a significant milestone in its development and indicating a shift from technology validation to capital market recognition for the smart new energy heavy truck sector [1][3] - The company aims to redefine the heavy truck industry through a combination of technology, capital, and ecosystem, potentially reshaping the competitive landscape [1][3] Company Overview - DeepWay is a leading global technology company focused on new energy heavy trucks and intelligent road freight solutions, emphasizing electrification and intelligence to transition the logistics industry to a zero-carbon, efficient, and safe phase [3][4] - Unlike traditional heavy truck manufacturers, DeepWay positions itself as an "industrial robot company driven by AI," aiming to innovate and redefine heavy truck products and solutions [3][4] Market Position and Performance - DeepWay is the first company to achieve mass delivery of smart new energy heavy trucks through a forward definition approach, breaking free from traditional fuel vehicle frameworks [3][4] - The company has delivered 509, 3002, and 2873 new energy heavy trucks in 2023, 2024, and the first half of 2025, respectively, ranking first in the global forward-defined new energy heavy truck market by 2024 sales [3][4] Global Expansion - DeepWay is the first Chinese company to deliver forward-defined new energy heavy trucks overseas, establishing sales networks in countries like Singapore, Thailand, Malaysia, UAE, and Australia by September 2025 [4][9] - The global market for new energy heavy trucks is projected to grow significantly, with an expected annual sales volume of 95,500 units and a market size of $9.8 billion in 2024, potentially reaching $80.6 billion by 2030 [9][11] Technological Innovation - DeepWay's technological advancements include a fully self-developed electronic and electrical architecture, achieving high-speed communication and cost efficiency, along with a low-drag aerodynamic design for enhanced energy efficiency [5][6] - The company has developed its core "three electric" systems (battery, electric drive axle, and electric controller) through self-research, enhancing product performance and reducing reliance on external suppliers [6][12] Future Growth Potential - Future growth for DeepWay is anticipated to stem from expanding operational scenarios and ongoing technological iterations, with partnerships in mid-to-long-distance transportation already validated [12][13] - The company aims to achieve autonomous driving in freight transport, with a gradual development approach focusing on user-defined scenarios and commercial viability [12][13] Industry Context - The new energy heavy truck sector is experiencing explosive growth, with China expected to contribute 88.8% of global sales and 71.4% of revenue in 2024, indicating a rapid increase in market penetration [11][12] - DeepWay's innovative approach positions it as a key player in addressing the industry's challenges related to high carbon emissions and total cost of ownership, similar to the disruption seen in the passenger vehicle market by companies like Tesla [11][12]