Core Viewpoint - Deepway, a new player in the smart heavy truck sector backed by Baidu, has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the first smart driving heavy truck stock in Hong Kong [1][4]. Company Overview - Deepway was established in 2020 and focuses on new energy heavy trucks and intelligent road freight solutions. It has raised a total of 1.96 billion RMB in funding from various investors, including Baidu and SoftBank [1][25]. - The company has delivered approximately 2,873 new energy heavy trucks in the first half of 2023, with a total of around 6,400 trucks expected to be delivered by June 30, 2025 [3][11]. Financial Performance - Deepway's revenue for 2023, 2024, and the first half of 2025 is projected to be 426 million RMB, 1.969 billion RMB, and 1.506 billion RMB, respectively [3][12]. - Despite revenue growth, the company reported a loss of 371 million RMB in the first half of 2023, which is an increase of approximately 21.1% compared to the same period last year [3][15]. Market Opportunity - The global road freight market is substantial, projected to reach 3.9 trillion USD by 2024. Deepway aims to address key industry pain points such as high carbon emissions and operational costs through electrification and intelligent technology [7][8]. Strategic Approach - Deepway employs a "two-phase" strategy: the first phase focuses on providing new energy heavy truck solutions, while the second phase aims to enhance operational efficiency through intelligent logistics solutions [8][9]. - The company has developed several intelligent solutions, including the Tianji series, which features advanced driver assistance systems and autonomous driving capabilities [9][11]. Market Position - As of 2024, Deepway ranks tenth in the global new energy heavy truck market with a market share of 2.7%, and it is the leading player in the forward-defined new energy heavy truck segment [11]. Challenges - Deepway faces significant challenges, including high customer concentration, with the top five customers accounting for over 50% of revenue [16]. - The company also has a high asset-liability ratio, with liabilities consistently exceeding assets, indicating potential financial instability [20]. Future Plans - The funds raised from the IPO are intended for research and development, expanding sales networks, and enhancing manufacturing capabilities [27].

Core Viewpoint - DeepWay has established itself among the top ten in the new energy heavy truck industry in 2024, with a significant market penetration rate and sales growth [2][3]. Group 1: Market Performance - The new energy heavy truck market has seen a penetration rate exceeding 15% for eight consecutive months since August 2024, with March sales reaching 15,000 units, accounting for 20.93% of total heavy truck sales [2]. - DeepWay launched two new models, the Starry Sky II and Starry Path, and secured 2,273 orders during the product launch event [6]. Group 2: Company Strategy - DeepWay's CEO emphasizes three strategic directions: self-research and production of core components, internationalization, and investment in intelligent technology [3][26]. - The company has achieved significant cost reductions and improved adaptability to complex transport scenarios through the self-research of its three electric systems [5]. Group 3: Future Vision - The CEO views future new energy heavy trucks as industrial robots, highlighting the shift towards automation and the elimination of manual labor in logistics [7][10]. - DeepWay aims to transition from being merely a truck manufacturer to becoming a smart driving and industrial robotics company, with vehicle sales being a necessary step towards this goal [7][10]. Group 4: Industry Trends - The penetration rate of new energy in commercial vehicles is expected to increase, driven by the development of charging infrastructure [19][20]. - The CEO predicts that by 2030, 50% of trucks in China will be electric, as demand will drive supply in the market [21]. Group 5: Competitive Landscape - DeepWay acknowledges the competitive nature of the industry but believes that competition ultimately benefits consumers and drives innovation [25][26]. - The company is committed to maintaining its competitive edge through self-research, global expansion, and continuous improvement in intelligent technology [26].

Core Viewpoint - DeepWay focuses on "electrification + intelligence" as its core strategy, launching two new models, the Starry Generation II and the Starry Path, to drive innovation in the electric heavy truck sector [2][3]. Product Development - Both new models are equipped with self-developed three-electric systems and standard L2 level combined auxiliary driving systems, catering to various transportation needs [3]. - The Starry Generation II features significant upgrades, including enhanced cooling capabilities and a 900V high-voltage platform, reducing charging time from 20% to 80% to just 30 minutes [3][4]. - The Starry Path is designed for short-distance transport, particularly in challenging environments, making it suitable for bulk, port, and construction transport scenarios [3][4]. Technological Innovation - The three-electric system accounts for over 60% of the total vehicle cost, impacting efficiency and weight reduction, and is crucial for the company's technological independence [4]. - DeepWay aims to be a technology-driven enterprise rather than a simple assembler, focusing on R&D to lower costs and enhance adaptability to diverse transport conditions [4]. Safety and Efficiency - The L2 level auxiliary driving system has reportedly reduced accident rates by 78% and driver fatigue by 30-60%, leading to an annual profit increase of 19,000 yuan per vehicle [4]. - The system has achieved over 1.6 million kilometers of accident-free driving, significantly improving safety compared to industry averages [4]. Smart Logistics Solutions - DeepWay is set to deliver an L4 level intelligent convoy transport system, addressing challenges in bulk transport scenarios [5]. - The company is developing an L4 level single-vehicle transport system, enhancing operational efficiency and reducing labor costs [5]. Financial Performance - DeepWay has secured 2,273 orders for its new energy heavy trucks, with 870 orders from its international business segment [6]. - The company has received strategic support from 10 banks, with a total credit line of 4.9 billion yuan, ensuring financial stability for innovation and market expansion [6].