中国经济网编者按：据经济参考报11月25日报道《三年半亏损17亿 深向科技冲刺港股IPO》，近 日，深向科技股份有限公司（简称"深向科技"）向港交所递交招股说明书，联席保荐人为中金公司和招 银国际。 具体来看，深向科技重度依赖两款量产车型的销售收入，但收入与销售成本基本持平，无法带来盈 利，亏损主要在研发开支、行政开支、销售和市场开支三部分。2023年、2024年及2025上半年，公司合 计研发支出为8.96亿元、行政开支为2.6亿元、销售开支为2.25亿元，均呈逐年递增趋势。 常年亏损致使深向科技出现流动性危机，甚至资不抵债。截至2025年6月30日，公司流动负债净额 为20.92亿元，负债净额为16.19亿元。其中流动性负债主要有以按公允价值计入损益的金融负债21.91亿 元，银行借款7.42亿元和贸易及其他应付款项23.8亿元，且结合未审计的2025年9月底数据来看仍处于上 涨趋势。公司截至2025年6月底现金及现金等价物余额仅为5.93亿元，受限制银行结余为8.48亿元。 除研发投入耗费大量资金外，资金流动紧张还可能与深向科技供应商和客户双双较为集中有关系。 公司供应商主要包括卡车定制合作伙伴以及电芯 ...

Summary of Electric Heavy Truck Market Conference Call Industry Overview - The electric heavy truck market is projected to see sales of 210,000 units in 2025, representing a growth of over 150% compared to the previous year, with a penetration rate of 26% [1][2][3] - The market is shifting from being policy-driven to a dual-driven model due to declining battery prices and increased competition among manufacturers [1][4] Key Insights and Arguments - **Battery Price Decline**: The price of batteries has significantly decreased from 1,000 yuan per kWh to around 500 yuan, leading to a reduction in the price of electric heavy trucks from over 600,000 yuan to around 400,000 yuan [1][3][4] - **Government Subsidies**: The government has increased subsidies for replacing old National IV vehicles, providing an additional 30,000 yuan for electric vehicles compared to diesel ones, making the economic case for electric trucks more favorable [1][6] - **Cost Efficiency**: The cost per kilometer for pure electric heavy trucks is approximately 0.8 yuan, significantly lower than the 2.4 to 2.5 yuan for diesel trucks, leading to substantial savings over time [7][8] - **Market Dominance**: Pure electric heavy trucks dominate the market with over 95% share and are expected to remain the mainstream option until at least 2030, as hydrogen and hybrid models struggle with economic viability [1][7] Future Market Trends - **Sales Projections**: Sales of electric heavy trucks are expected to decline to 180,000-190,000 units in 2026 due to market saturation from the previous year's surge, but penetration rates are anticipated to approach 30% [8][19] - **Charging vs. Battery Swapping**: The market is transitioning from battery swapping to charging, with charging models accounting for 47% of the market in 2025, driven by lower costs and operational efficiency [12][13] - **Infrastructure Challenges**: The electric heavy truck market faces challenges in mid-to-long-distance transportation due to insufficient range, battery weight issues, and inadequate charging infrastructure, which need to be addressed over the next two to three years [9][10][18] Additional Important Points - **Market Segmentation**: Different battery capacities are emerging, with 400-500 kWh models becoming the mainstream choice, while smaller capacity models are declining [15][20] - **User Preferences**: High-end users prioritize brand reputation and total lifecycle costs, often opting for established brands like CATL, while mid-tier users focus on short-term costs and may choose cheaper alternatives [25][26] - **Supplier Diversification**: Manufacturers are increasingly collaborating with multiple battery suppliers to avoid dependency on a single source, enhancing their bargaining power and profit margins [27] This summary encapsulates the key points discussed in the conference call regarding the electric heavy truck market, highlighting growth trends, economic factors, and future challenges.

Core Viewpoint - The article highlights the recognition of Tebajia Power as a leading supplier of powertrain systems for new energy heavy trucks, receiving the "2025 Annual Innovation Award for New Energy Heavy Truck Powertrain" at the annual awards ceremony held in Beijing [1][6]. Group 1: Award and Recognition - The "2025 Annual Evaluation" is organized by the First Commercial Vehicle Network, Truck Space Station, and Pickup Space Station, aiming to promote outstanding brands in the commercial vehicle industry and foster healthy industry development [3]. - Tebajia Power's award is a significant acknowledgment of its role as a key component supplier driving technological advancements in the industry [6][8]. Group 2: Technological Innovations - Tebajia's powertrain solutions are based on an "ecological strategy + modular approach," creating a modular platform that includes high-speed motor platforms, power domain controllers, and various modules [6]. - The company has developed a range of products, including dual-motor central drive systems and electric drive bridge systems, addressing the needs of various heavy truck models from 14 tons to 180 tons, with over 400 compatible models across all major domestic heavy truck brands [7]. Group 3: Market Performance - The new energy heavy trucks equipped with Tebajia's powertrain are widely used in over 300 cities in China, particularly in ports, steel mills, and mines, demonstrating reduced operational costs and high reliability [8]. - Tebajia has reached the fourth stage of integrated development, continuously pushing for upgrades in new energy heavy truck power systems [8]. Group 4: Future Directions - Under the guidance of the "dual carbon" goals, Tebajia aims to continue focusing on technological innovation to enhance the efficiency, reliability, and cost-effectiveness of new energy heavy truck powertrains, contributing to the green transformation of the commercial vehicle industry [8].

Core Viewpoint - 深向科技 is facing significant financial challenges despite its competitive advantages in the new energy heavy truck sector, with a total loss of 17 billion yuan over three and a half years, making its upcoming IPO on the Hong Kong Stock Exchange critical for its survival [2][5][7]. Company Overview - 深向科技 specializes in new energy heavy trucks and intelligent road freight solutions, focusing on "forward-defined" heavy trucks, which are designed from the ground up to use electric power [3][9]. - The company was founded in July 2020 in Hefei, Anhui Province, by Wan Jun's Lion Bridge Logistics and Baidu, with initial shareholding ratios of approximately 51% and 49% respectively [3][4]. Financial Performance - Since its commercialization in 2023, 深向科技 has reported revenues of 4.26 billion yuan, 19.69 billion yuan, and 15.06 billion yuan for 2023, 2024, and the first half of 2025, respectively, while incurring net losses of 3.89 billion yuan, 6.75 billion yuan, and 3.71 billion yuan during the same periods [5][6]. - Cumulatively, the company has lost 17.01 billion yuan over three and a half years, with significant losses attributed to R&D, administrative, and sales expenses [5][6]. Market Position - In the new energy heavy truck market, 深向科技 is considered a "niche" player, with a projected market share of only 3.1% in 2024, despite being ranked among the top ten manufacturers [3][5]. - The company has delivered only two mass-produced models as of June 2023, with sales projections of 509 units in 2023, 3,002 units in 2024, and 2,873 units in the first half of 2025 [3][5]. Investment and Partnerships - 深向科技 has undergone 11 rounds of financing, raising over 2.4 billion yuan, with significant investments from Baidu and other major institutions [4]. - The partnership with Baidu includes licensing agreements for patents and software, with expected payments totaling up to 1.72 billion yuan over the next three years [4][6]. Industry Context - The new energy heavy truck market is projected to grow significantly, with sales expected to reach 703,000 units by 2030, driven by the need to address high carbon emissions and operational costs in the freight industry [8][9]. - The market is currently dominated by a few major players, with the top ten accounting for over 90% of sales, primarily consisting of retrofitted electric vehicles [8]. Strategic Direction - 深向科技 aims to maintain a competitive edge through self-research and production of core components, international expansion, and continuous investment in smart technology [9]. - The company faces pressures from ongoing losses, liquidity issues, and reliance on a limited number of suppliers and customers, necessitating a rapid establishment of a sustainable business model [9].

Core Viewpoint - The article highlights the achievements and strategic positioning of Supa Technology in the domestic and global new energy heavy truck export market, emphasizing its innovative "enabler" strategy and collaboration with overseas manufacturers to promote localized production and integrated services [1][4][9]. Group 1: Company Achievements - Supa Technology won the "2025 New Energy Heavy Truck Export Leader Award" at the "2025 First Commercial Vehicle Network Annual Awards," recognizing its excellence in the export field and commitment to innovation and market expansion [4]. - The company has over 35 core invention patents and has been awarded "World-Class Innovation" at the IAA, showcasing its technological prowess in the new energy heavy truck sector [5]. Group 2: Strategic Positioning - Supa Technology adopts an "enabler" strategy, focusing on deep industry collaboration and ecological construction, which allows it to not only export products but also integrate into local markets and build local capabilities [9][12]. - The company is actively working with global OEMs to create high-adaptability localized products and provide core systems and platform capabilities to empower global truck manufacturers [9][13]. Group 3: Product Development - The eTOPAS 600, a full-scenario electric heavy truck designed for the European market, has been officially launched, featuring energy efficiency and digital integration aimed at zero-carbon transportation [11][13]. - The eTOPAS 600 has undergone extensive testing in Europe and is set to be officially launched and delivered in the first half of 2026, marking a significant step in the company's product offerings [13]. Group 4: Investment and Market Recognition - Supa Technology is the only investment target in its sector by renowned venture capital firms Sequoia Capital and Shunwei Capital, indicating strong investor confidence [7]. - The company has completed over 1 billion yuan in strategic financing by 2025, reflecting its significant investment value and growth prospects [7].

Core Viewpoint - DeepX Technology is facing significant financial challenges despite its competitive advantages in the new energy heavy truck sector, with a cumulative loss of 17 billion yuan over three and a half years, making its upcoming IPO on the Hong Kong Stock Exchange critical for its survival [2][6][11]. Company Overview - DeepX Technology specializes in new energy heavy trucks and intelligent road freight solutions, focusing on "forward-defined" heavy trucks, which are designed from the ground up to use electric power [3][4]. - The company was founded in July 2020 in Hefei, Anhui Province, with a shareholding structure that includes major stakeholders like Baidu and Lionbridge Logistics [4]. Financial Performance - Since its commercialization, DeepX Technology has reported increasing revenues but also substantial losses, with projected revenues of 4.26 billion yuan in 2023 and net losses of 3.89 billion yuan [6][8]. - The company has accumulated a total loss of 17.01 billion yuan over three and a half years, with significant expenditures in R&D, administrative, and sales costs [6][8]. Market Position - In the new energy heavy truck market, DeepX Technology ranks among the top ten in sales but holds only a 3.1% market share, indicating a significant gap compared to industry giants [4][9]. - The company is recognized as a leader in the forward-defined heavy truck segment, with a projected sales volume of approximately 3,000 units in 2024, far surpassing competitors in this niche [9][10]. Strategic Partnerships - DeepX Technology has established a deepening partnership with Baidu, which includes licensing agreements for patents and software, as well as cloud services, indicating a strong collaborative framework [5][6]. Industry Challenges - The heavy truck industry is characterized by high capital requirements and intense competition, with over 20 companies capable of mass production, leading to a challenging market environment for DeepX Technology [2][6]. - The company faces liquidity issues, with net current liabilities of 20.92 billion yuan and a reliance on a concentrated supplier and customer base, which poses additional risks [7][8]. Future Outlook - The new energy heavy truck market is expected to grow significantly, with projections of 703,000 units sold by 2030, presenting potential opportunities for DeepX Technology if it can overcome its current financial hurdles [9][10]. - The company aims to enhance its competitiveness through self-research of core components, international expansion, and continuous investment in smart technology [10].

Core Viewpoint - 深向科技 is seeking to go public on the Hong Kong Stock Exchange, emphasizing its competitive advantage in the "forward-defined" electric heavy truck segment, but faces significant challenges due to ongoing losses and intense competition in the new energy heavy truck market [1][4]. Company Overview - 深向科技 focuses on developing new energy heavy trucks and intelligent road freight solutions, with a market share of only 3.1% projected for 2024, despite being a leader in the forward-defined truck segment [2][4]. - The company was founded in July 2020 in Hefei, Anhui Province, by Wan Jun's Lion Bridge Logistics and Baidu, with initial ownership stakes of approximately 51% and 49% respectively [2][3]. Financial Performance - 深向科技 has reported significant losses since its commercialization, with total losses reaching 17.01 billion yuan over three and a half years, driven by high research and development, administrative, and sales expenses [4][5]. - Revenue projections for 2023, 2024, and the first half of 2025 are 4.26 billion yuan, 19.69 billion yuan, and 15.06 billion yuan, respectively, but net losses for the same periods are 3.89 billion yuan, 6.75 billion yuan, and 3.71 billion yuan [4][5]. Market Position and Competition - The new energy heavy truck market is highly competitive, with over 20 companies capable of mass production, and traditional manufacturers maintaining cost advantages [1][2]. - 深向科技's focus on forward-defined trucks positions it uniquely, as it aims to address systemic issues in the freight industry, with a projected market size of 806 billion USD by 2030 [7][8]. Strategic Partnerships and Investments - The company has undergone 11 rounds of financing, raising over 2.4 billion yuan, with significant investments from Baidu and other major institutions [3]. - 深向科技 has established a deepening partnership with Baidu, which includes licensing agreements for technology and services, indicating a strong collaborative foundation [3]. Future Outlook - The company aims to enhance its research and development, sales, and operational capabilities through the funds raised from its IPO, which is critical for its sustainable development [6][8]. - Despite its first-mover advantages, 深向科技 must address its financial challenges and reliance on a limited product range to avoid losing investor confidence [8].

来源：滚动播报 连续亏损致资不抵债 （来源：经济参考报） 近日，深向科技股份有限公司（简称"深向科技"）向港交所递交招股说明书，联席保荐人为中金公司和 招银国际。 深向科技在"正向定义+全栈自研"细分赛道有一定竞争优势，但整个新能源重卡赛道已聚集20余家有量 产能力的企业，传统主机厂成本低、渠道深，新势力参数追得快，竞争进入白热化阶段。深向科技强调 其"正向定义重卡"，又有百度等机构加持，但公司销量快速扩张的同时却难掩持续亏损的尴尬，能否成 功登陆港股，成为其"续命"的关键。 获百度、启明创投等投资 深向科技是一家新能源重卡及智能公路货运解决方案科技公司。近年来，为解决高污染、高成本和高风 险的公路货运问题，新能源重卡逐渐崛起，并按照能源类型分为纯电、燃料电池和插电式混动三类。其 中纯电重卡作为主流占据超90%市场，其又分油改电和正向定义两种。 正向定义重卡区别于油改电，是指从零开始设计即以电力作为动力的新能源车辆，能够拓宽运用场景， 提升安全及稳定性，同时搭载先进的智能化能力。深向科技正是专注于正向定义重卡的货运车辆开发 商。公司2020年7月成立于安徽省合肥市，由万均的狮桥物流及李彦宏的百度在线联合创立， ...

Core Insights - In October 2025, China's overall sales of new energy heavy trucks remained above 20,000 units, with significant variations in the performance of different segments [1][3]. Sales Performance - A total of 20,100 new energy heavy trucks were sold in October 2025, representing a year-on-year increase of 144%. The breakdown includes 19,700 pure electric trucks, 221 fuel cell trucks, and 152 hybrid trucks, with respective year-on-year growth rates of 191%, -57%, and 103% [3][5]. - The sales of fuel cell trucks saw a significant decline, with a month-on-month drop of 61% and a year-on-year decrease of 57%. In contrast, hybrid trucks experienced a year-on-year increase of 103% [5][9]. Market Share Analysis - From January to October 2025, fuel cell and hybrid trucks accounted for only 1.58% and 0.55% of the new energy heavy truck market, respectively, totaling just 2.13%. The remaining 97.87% were pure electric models, indicating a growing dominance of pure electric trucks compared to previous years [6][12]. - The competition among fuel cell truck manufacturers is intense, with 17 players in the market as of October 2025, down from 23 the previous year. Only 12 companies achieved double-digit sales [12][16]. Manufacturer Performance - In October, Dongfeng led the fuel cell truck sales with 110 units, followed by SANY with 75 units and XCMG with 30 units. The overall market for fuel cell trucks is characterized by a stark contrast in performance among manufacturers, with some experiencing significant growth while others faced steep declines [9][12]. - SANY surpassed Heavy Truck in cumulative sales, ranking first with 648 units sold and a market share of 26.05%. Heavy Truck followed closely with 592 units and a 23.79% market share. Dongfeng's market share reached 20.78%, reflecting a notable increase from the previous year [16].

Core Viewpoint - The article emphasizes the importance of product lightweighting and reliable power systems in the transition to electric heavy-duty trucks for coal transportation, highlighting the operational efficiency and competitive advantages gained from these innovations [1][3][19]. Group 1: Company Overview - The company operates over 2,000 self-owned heavy-duty trucks and manages more than 1,000 cooperative trucks, with over 1,000 of them being electric heavy-duty trucks [3]. - The company has a professional driver team of over 3,000 and has achieved an annual self-operated coal trade volume of 15 million tons, with transportation revenue exceeding 6 billion yuan [3]. - The company is actively transitioning to new energy transportation in response to industry trends, viewing alignment with market developments as more critical than short-term profits [3]. Group 2: Operational Strategy - The company has established a comprehensive ecosystem encompassing "vehicles, charging stations, transportation, and cloud services," adhering to a development philosophy of "green, innovation, efficiency, and sharing" [5]. - The electric heavy-duty trucks are designed for 24-hour operations, with a recent batch from FAW Liberation achieving over 70,000 kilometers in six months, demonstrating high reliability and low failure rates [7][11]. Group 3: Performance and Efficiency - The company’s main operational routes are approximately 200 kilometers each, facing challenges such as steep climbs and urban congestion [9]. - The electric heavy-duty trucks, equipped with a peak power of 420 kW, effectively handle complex transportation scenarios, maintaining high performance during frequent acceleration and braking [11]. - The average daily mileage per truck is between 400-500 kilometers, contributing to high attendance rates and operational efficiency [13]. Group 4: Cost Management and Sustainability - The lightweight design of the trucks allows for increased coal loading capacity, with the potential to add over 5,000 tons of coal daily across the fleet [16]. - The integration of the TEBEJIA power system enhances driving efficiency and reduces energy consumption, supporting the company's goal of cost reduction and operational effectiveness [18]. - The transition from fuel trucks to electric heavy-duty trucks reflects the company's commitment to industry trends and sustainability, positioning it as a leader in green logistics [19].