证券之星 陆雯燕 日前，魔视智能科技(上海)股份有限公司(下称"魔视智能")向港交所递交上市申请。尽管公司凭借销量 攀升实现营收高速增长，却仍难走出亏损泥潭，三年半累亏约7.74亿元，且经营现金流持续"失血"。 证券之星注意到，面对连年亏损的压力，魔视智能高度依赖外部融资"补血"。虽然高达12.28亿元的赎 回负债已清零，但过往2.17亿元的赎回负债利息已严重侵蚀利润。此外，魔视智能还面临着资产负债率 高企的严峻考验。而客户集中度不断攀升、供应商与客户重叠等运营风险进一步加剧了经营不确定性。 在尚未形成自我"造血"能力的背景下，赴港IPO已成为魔视智能缓解资金压力的关键一役。 年均亏损约2亿，现金流持续"失血" 魔视智能表示，公司的亏损净额主要是由于报告期内产生大额研发开支，研发开支水平随着业务的增长 而增加。 招股书显示，魔视智能成立于2015年8月，是一家由人工智能创新驱动的智能驾驶解决方案提供商。公 司为主机厂及一级供应商提供具备L0级至L4级智能驾驶功能的软硬一体解决方案，助力其智能化转型 并推动智能驾驶的普及。 根据灼识咨询的资料，受日益普及的应用及技术进步推动,中国智能驾驶行业正经历快速增长。L0 ...

Core Viewpoint - Magic View Intelligent Technology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds to enhance its R&D capabilities and focus on the continuous iteration and upgrading of intelligent driving solutions [2] Group 1: Company Overview - The company is an AI-driven provider of intelligent driving solutions, committed to empowering future mobility and achieving "intelligent driving equality" [2] - Magic View is one of the few suppliers in the industry with a fully self-developed technology stack, covering core technologies in algorithms, models, data governance, and intelligent driving hardware and software [2][6] - The company has delivered over 3.3 million sets of solutions across 92 vehicle models, validating its technical strength [3] Group 2: Technology and Solutions - The technology is based on a fully self-developed AI algorithm engine, capable of accurate environmental perception, vehicle positioning, path planning, and driving decision-making [5] - The company provides integrated hardware and software solutions with L0 to L4 intelligent driving functions, supporting the intelligent transformation of OEMs [3][6] - Solutions include driving solutions, automatic parking solutions, and active safety solutions, delivered in various forms such as domain controllers, smart front-view camera modules, software licenses, and sensors [6] Group 3: Market Position and Competitive Advantage - According to revenue from L0 to L2+ solutions, the company ranks third among third-party providers in China [7] - It is one of the first companies in China to achieve mass production of passenger car intelligent driving solutions using self-developed AI models [7] - The company has a broad market coverage, including regions such as the Americas, Europe, Southeast Asia, the Middle East, and Oceania [7] - The platform is compatible with over 10 major international and domestic intelligent driving chip platforms, significantly reducing the time required to adapt and deploy new algorithms [7]