Core Viewpoint - Shanghai Huayi Technology Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [3]. Company Overview - Huayi Technology was established in 1998 and is recognized as a leading and globally competitive provider of powertrain testing services for new energy vehicles in China [4]. - The company went public on the A-share market on July 29, 2021, and as of February 24, 2026, its total market capitalization is approximately 3.8 billion RMB [4]. Market Position - According to a report by Frost & Sullivan, Huayi Technology is projected to be the largest domestic supplier of intelligent powertrain testing solutions for new energy vehicles in China by revenue, with a market share of 7.9% in 2024 [4]. Financial Performance - For the fiscal year ending December 31, 2023, Huayi Technology reported revenues of 351.82 million RMB, with a net loss of 15.91 million RMB [5]. - The projected revenues for 2024 and 2025 are 423.44 million RMB and 386.49 million RMB, respectively, with corresponding net losses of 45.75 million RMB and 29.26 million RMB [5]. - The company anticipates a net profit attributable to shareholders of the parent company ranging from 53.5 million RMB to -64 million RMB for the fiscal year 2025 [6]. Shareholding Structure - Prior to the IPO, Li Yin holds approximately 21.05% of the shares, making him the largest single shareholder of Huayi Technology [7].

Core Viewpoint - Shanghai Huayi Technology Group Co., Ltd. (Huayi Technology) is planning to list on the Hong Kong Stock Exchange after its initial public offering on the STAR Market in 2021, aiming for a dual listing in both A-shares and H-shares [1]. Financial Performance - Huayi Technology was established in 1998 and specializes in testing services for new energy vehicle powertrains and intelligent driving. It is recognized as a leading platform in China with a market share of 7.9% in 2024 [4]. - The company's revenue has shown rapid growth, with figures of RMB 352 million, RMB 423 million, and RMB 386 million for the years 2023, 2024, and the first nine months of 2025, respectively. However, losses have also increased, with losses of RMB 15.91 million, RMB 45.75 million, and RMB 29.26 million during the same periods [4][5]. - The gross profit for the same periods was RMB 139 million, RMB 113 million, and RMB 84 million, with gross margins declining from 39.5% in 2023 to 21.7% in the first nine months of 2025 [5]. Business Segments - Huayi Technology operates through three main business segments: new energy vehicle powertrain testing services, intelligent driving, and powertrain intelligent testing equipment. The intelligent driving segment has seen significant growth, with revenues increasing from RMB 11.79 million in 2023 to RMB 39.44 million in 2024, and reaching RMB 73.71 million in the first nine months of 2025 [6]. Research and Development - The company has consistently increased its R&D expenditure, which reached RMB 49.9 million in 2024, a 17.8% increase from 2023. This investment is aimed at developing advanced perception algorithms and enhancing system integration capabilities [7]. Cash Flow and Working Capital - Huayi Technology has faced cash flow challenges, with net cash outflows from operating activities of RMB 25.27 million in 2023 and RMB 30.43 million in the first nine months of 2025 [8]. - Accounts receivable have grown faster than revenue, increasing from RMB 344 million at the end of 2023 to RMB 574 million by September 2025, resulting in an average turnover period of 419 days [7].

Group 1 - The core viewpoint of the article is that Shanghai Huayi Technology Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [1] - According to the prospectus, Huayi Technology is recognized as a leading and globally competitive testing platform for new energy vehicle powertrains in China [1]

Group 1 - The core point of the article is that Shanghai Huayi Technology Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [1] - Huayi Technology is recognized as a leading and globally competitive platform for testing powertrains in the new energy vehicle sector [1] - The company operates through three main business segments, providing integrated testing, engineering consulting, and technical development services supported by its own testing equipment [1] Group 2 - The intelligent driving business of the company includes intelligent driving testing services and the manufacturing of high-precision positioning products [1]

智通财经APP获悉，据港交所2月24日披露，上海华依科技集团股份有限公司(简称：华依科技)向港交所 主板递交上市申请书，农银国际为其独家保荐人。招股书显示，华依科技(688071.SH)是中国领先并具 有全球竞争力的新能源汽车动力总成测试平台。公司透过三个主要业务分部进行营运。新能源汽车动力 总成测试服务在自有测试设备的支持下，于整个汽车价值链中提供一体化的测试、工程咨询及技术开发 的服务。公司的智能驾驶业务包括智能驾驶测试服务及制造高精度定位产品。 ...