Core Viewpoint - Daotong Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform to enhance its international financing channels [1] Group 1: Company Overview - Founded in 2004, Daotong Technology specializes in automotive intelligent diagnostics, testing systems, and related electronic components, achieving a leading global market share in smart vehicle diagnostics for three consecutive years [1] - The company has expanded into smart charging and embodied intelligence sectors, with its stock price increasing significantly, showing a maximum rise of 61% in 2025 [1] - As of now, Daotong Technology has a market capitalization of approximately 24.8 billion RMB [1] Group 2: Financial Performance - From 2022 to 2024, Daotong Technology's revenue grew from 2.266 billion RMB to 3.932 billion RMB, with a compound annual growth rate (CAGR) of 31.7%, while net profit surged from 82 million RMB to 560 million RMB, reflecting a CAGR of 162.0% [2] - In the first half of 2025, the company reported revenue of 2.345 billion RMB and a profit of 455 million RMB, marking year-on-year growth of 27.3% and 26.4%, respectively [2] - The company's gross margin showed slight fluctuations, decreasing from 55.8% in 2022 to 52.9% in 2024, and slightly recovering to 53.7% in the first half of 2025 [2] Group 3: Business Segments - Daotong Technology's core business consists of two main segments: smart vehicle diagnostic solutions and smart charging solutions, with the former accounting for 76.4% of revenue and the latter 22.5% in the first half of 2025 [4] - The smart charging segment has seen rapid growth, with revenue increasing from 96 million RMB in 2022 to 867 million RMB in 2024, driven by increased sales of energy management products [4] - The gross margin for the smart vehicle diagnostic solutions segment decreased by 1.9 percentage points to 58.7% in the first half of 2025, primarily due to rising procurement costs from semiconductor price fluctuations [4] Group 4: Market Expansion and AI Integration - Daotong Technology has extended its business to approximately 100 countries, with overseas markets contributing about 70% of its revenue, particularly from North America and Europe [6] - The company has secured significant orders from major clients in the North American market, indicating its growing presence in the renewable energy sector [7] - Daotong Technology is actively pursuing an "AI+diagnostics," "AI+charging," and "AI robotics" strategy, integrating AI technology into its core business areas [8][10] Group 5: Future Outlook - With its leading position in smart diagnostics, rapidly growing charging business, and forward-looking strategies in embodied intelligence, Daotong Technology is positioned as a robust investment opportunity [11] - The company is expected to benefit from the global trends of automotive intelligence and electrification, while also needing to navigate potential risks related to international trade policies and competition [11]

近日，深圳市道通科技股份有限公司正式向港交所主板递交上市申请，中金公司（601995）担任独家保 荐人。作为已在科创板上市的企业，若此次港股成功挂牌，道通科技(688208.SH)将形成"A+H"双资本 平台格局，进一步拓展其国际化融资渠道。 公开资料显示，公司成立于2004年，长期专注于汽车智能诊断、检测系统及相关汽车电子零部件的研 发、生产与销售。公司在主营业务数智车辆诊断上已做到全球市占率领先，连续三年市场份额位列全球 第一。 近年来，公司积极拓展业务边界，先后入局智慧充电、具身智能等热门风口，过去一年中其股价亦有明 显上涨。公司A股股价在2025年最高涨幅达到61%，截至12月31日累计涨幅也超过40%。截至目前，其 最新市值约为248亿元。 在业绩高增的同时，公司应收账款规模持续扩大，从2022年末的6.91亿元上升至2025年上半年的10.53亿 元。截至2025年三季度末，存货与应收账款合计达28.7亿元，占总资产比例约42%。公司收入超八成依 赖于经销商模式，下游回款节奏可能对经营性现金流形成一定压力。 在机器人板块景气度持续高增的当下，作为同时布局诊断、充电、具身智能三大高增长赛道的稀缺标 ...

Group 1 - The core point of the news is that Shenzhen Daotong Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform to expand its international financing channels [1] - The company, founded in 2004, specializes in automotive intelligent diagnostics and has maintained a leading global market share in its main business for three consecutive years [1] - Daotong Technology's stock price has seen significant growth, with a maximum increase of 61% in 2025 and a cumulative increase of over 40% by December 31 [1] Group 2 - From 2022 to 2024, the company's revenue grew from 2.266 billion to 3.932 billion RMB, with a compound annual growth rate of 31.7%, while net profit surged from 82 million to 560 million RMB, achieving a compound growth rate of 162.0% [2] - In the first half of 2025, the company reported revenue of 2.345 billion RMB and a profit of 455 million RMB, reflecting year-on-year growth of 27.3% and 26.4% respectively [2] - The company's gross margin showed slight fluctuations, decreasing from 55.8% in 2022 to 52.9% in 2024, and slightly recovering to 53.7% in the first half of 2025 [2] Group 3 - Daotong Technology's core business consists of two main segments: intelligent vehicle diagnostic solutions and smart charging solutions, with the former accounting for 76.4% of revenue and the latter 22.5% in the first half of 2025 [4] - The smart charging business has seen rapid growth, with revenue increasing from 96 million RMB in 2022 to 867 million RMB in 2024, driven by increased sales of energy management products [4] - The gross margin for the intelligent vehicle diagnostic solutions segment decreased by 1.9 percentage points to 58.7% in the first half of 2025, primarily due to rising procurement costs from semiconductor price fluctuations [4] Group 4 - The company's accounts receivable have increased from 691 million RMB at the end of 2022 to 1.053 billion RMB in the first half of 2025, indicating potential cash flow pressures [5] - Daotong Technology maintains a high level of R&D investment, with R&D expenses consistently above 16% of revenue from 2022 to 2024, and over 6 billion RMB in R&D spending in 2024 [5] - The company has established a global presence in approximately 100 countries and regions, with 51.6% of revenue coming from North America and 18.4% from Europe in the first half of 2025 [6] Group 5 - Recent strategic customer orders in the U.S. indicate Daotong Technology's successful expansion in the North American market, enhancing its market share [7] - The company is actively pursuing an "AI embrace" strategy, focusing on integrating AI technology into its core business areas [8] - Daotong Technology has launched new AI-driven products, including a visual analysis system and a new generation of smart charging networks, positioning itself as a leader in the electric vehicle charging market [10] Group 6 - Overall, Daotong Technology is recognized as a rare investment target with both stability and growth potential, benefiting from the global trends of automotive intelligence and electrification [11] - The company is expected to continue solidifying its competitive advantage in the global market, while investors should monitor the evolving trade and policy environment affecting its overseas operations [11]