Core Viewpoint - The company, Ningbo Feishi Technology Co., Ltd., has submitted its listing application to the Hong Kong Stock Exchange, despite reporting continuous losses from 2022 to the first half of 2025 [1][2]. Financial Performance - The company reported net profits of -130 million, -112 million, -177 million, and -21.26 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The operating revenues for the same periods were 1.376 billion, 1.243 billion, 1.5 billion, and 909 million yuan [2]. Market Position and Industry Overview - Feishi Technology is a supplier of electric drive solutions, providing integrated and customized systems for various applications, particularly in industrial control and new energy vehicles [2]. - The company is one of the few domestic suppliers capable of offering comprehensive solutions across three levels in the electric drive sector [2]. - The overall market size for electric drive solutions in China's industrial control and sustainable mobility sectors is projected to grow from 112.1 billion yuan in 2020 to 221.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of 18.6% [2]. - By 2029, the market is expected to reach 412.9 billion yuan, with a CAGR of 13.2% from 2024 to 2029 [2]. Research and Development - As of June 30, 2025, the company has 366 R&D personnel, accounting for 26.1% of its total workforce, with over 71.6% holding a bachelor's degree or higher [3]. Customer and Supplier Dynamics - The company's top five customers contributed to 53.0%, 46.2%, 55.3%, and 64.7% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The largest customer accounted for 33.6%, 23.6%, 21.7%, and 26.8% of total revenue during the same periods [4]. - The company’s procurement from its top five suppliers represented 37.8%, 20.3%, 21.8%, and 27.6% of total procurement in the respective years [4]. Competitive Landscape - The company faces intense competition in the electric drive solutions industry, which may impact its ability to respond to technological changes and customer needs [5].

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for its electric drive solutions business, particularly in the industrial control and new energy vehicle sectors [3]. Company Overview - Founded in 2001, Feishi Technology is a global supplier of electric drive solutions, focusing on customized electric drive systems [3]. - The company was previously denied a listing on the STAR Market in 2021, where it aimed to raise 1.6 billion yuan [3]. - As of 2024, Feishi Technology is the second-largest supplier of specialized electric drive solutions in China's industrial control sector, based on projected sales revenue [3]. Financial Performance - Feishi Technology has not yet achieved profitability, with revenues and losses reported as follows: - 2022: Revenue of 1.376 billion yuan, loss of 130 million yuan - 2023: Revenue of 1.243 billion yuan, loss of 112 million yuan - 2024: Revenue of 1.5 billion yuan, loss of 177 million yuan - 2025 (H1): Revenue of 576 million yuan, loss of 43.86 million yuan [3][4]. - In the first half of 2025, the company experienced a 58% increase in revenue, primarily driven by growth in its new energy vehicle solutions business, which accounted for 60.4% of total revenue [3][4]. Customer Concentration Risk - The company faces customer concentration risk, with revenue from its largest new energy vehicle client representing 33.6%, 23.6%, 21.7%, and 26.8% of total revenue during the reporting periods [4]. - The largest client is suspected to be XPeng Motors [4]. Research and Development - As of June 30, 2025, Feishi Technology employed 366 R&D personnel, making up 26.1% of its total workforce [4]. - In 2024, the company acquired Italy's NGTEC to enhance its robotics technology and strengthen its position in industrial automation [4]. Corporate Structure and Leadership - Feishi Technology transitioned from a Sino-foreign joint venture to a domestic enterprise in 2015, with Ren Wenjie becoming the controlling shareholder [6]. - The board consists of 10 members, including 4 executive directors, with Ren Wenjie serving as chairman and general manager [6]. - Ren Wenjie's total compensation from 2022 to 2024 was reported as 11.669 million yuan, 5.404 million yuan, and 2.989 million yuan, respectively [6].

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1]. Company Overview - Ningbo Feishi is a leading supplier of electric drive solutions in China, providing integrated and customized electric drive systems and solutions for diverse global applications. The company's products are characterized by high precision, high efficiency, and high torque, and are widely used in various basic industrial fields [3]. Market Position - According to data from Zhaoshang Consulting, Ningbo Feishi is the second-largest supplier of specialized electric drive solutions in China's industrial control sector based on sales revenue for 2024. It is also the third-largest third-party supplier of electric drive systems for passenger vehicles in China based on sales volume for the same year [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024, as well as for the six months ending June 30, 2024, and 2025, is as follows: - 2022: RMB 1,376.2 million - 2023: RMB 1,242.8 million - 2024: RMB 1,500.4 million - 6 months ending June 30, 2024: RMB 575.5 million - 6 months ending June 30, 2025: RMB 909.2 million [6][7]. - The gross profit increased from RMB 114.0 million in 2022 to RMB 242.0 million in 2024, with a compound annual growth rate of 45.7%. For the six months ending June 30, 2024, the gross profit was RMB 98.1 million, growing to RMB 133.1 million by the same period in 2025 [6]. Future Plans - The company plans to continue increasing investment in research and development to maintain technological leadership, deepen its globalization strategy, leverage existing technology for new applications, build a top talent team through industry-academia collaboration, and achieve both horizontal capacity expansion and vertical industry chain layout [5]. Industry Outlook - The market size for electric drive solutions in China is expected to grow from RMB 38.4 billion in 2024 to RMB 85.6 billion by 2029, with a compound annual growth rate of 13.2% [5].