Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Deepway Technology Co., Ltd., a new player in the electric heavy truck market, highlighting its strong backing from Baidu and local government support in Hefei, as well as the challenges it faces in a competitive landscape [1][4][38]. Company Overview - Deepway was established in 2020 and has quickly become a leader in the global electric heavy truck market, achieving significant sales milestones and revenue growth [4]. - The company is often referred to as the "NIO of the heavy truck industry" due to its rapid development and strong local government support [4]. Financial Performance - Deepway's revenue has shown exponential growth, with 2023 revenue reaching 426 million RMB, 2024 revenue at 1.97 billion RMB (a 362.5% increase), and 2025's first half revenue at 1.51 billion RMB, reflecting a 97.6% year-on-year growth [15][19]. - Despite high revenue growth, the company has faced significant net losses, totaling 1.7 billion RMB over three and a half years, driven by high R&D and manufacturing costs [19][22]. Shareholder Composition - The company boasts a strong shareholder base, including Baidu, which holds a 17.28% stake and has provided its autonomous driving technology [9][14]. - Other notable investors include venture capital firms such as Qiming Venture Partners and Lenovo Capital, which further solidify Deepway's financial foundation [12][14]. Market Position and Strategy - Deepway's primary revenue source is the "Deepway Star" model, which has sold 6,400 units, making it the top seller in the global electric heavy truck market [25][26]. - The company is currently in the "hardware-driven" phase of its revenue model, with plans to transition to a "hardware + service" model in the future [24][29]. Industry Context - The electric heavy truck market is experiencing significant growth, with projections indicating a penetration rate increase from under 10% in 2023 to 28.9% by September 2025, driven by policy support and market demand [34]. - Deepway's technology and operational strategies align well with market needs, particularly in terms of cost efficiency and operational effectiveness [34]. Challenges Ahead - Deepway faces competition from traditional heavy truck manufacturers, which dominate the market and have significant production capabilities [35]. - The company must also address its reliance on a single model and the monetization of its intelligent freight solutions, which are currently offered for free [35][36]. Conclusion - Deepway's upcoming IPO represents a significant milestone for the company and the electric heavy truck sector in China, with potential for growth despite existing challenges [38][39].

Core Viewpoint - DeepWay is positioning itself as a leader in the electric and intelligent logistics sector, aiming to transform the global road freight industry towards zero carbon emissions, efficiency, and safety through innovative technologies [2][18]. Group 1: Company Overview - DeepWay was established in 2021, focusing on the new energy heavy truck sector, and aims to redefine freight paradigms by integrating electric and intelligent technologies [3][4]. - The company has developed a "three-step" strategic blueprint: focusing on electrification, scaling globally, and achieving full intelligence in logistics [3][4]. Group 2: Technological Innovations - DeepWay adopts a "positive definition" approach, designing vehicles from the ground up for electric drive, which allows for significant performance improvements over traditional fuel and converted electric trucks [4][9]. - The company has achieved a reduction in the total lifecycle cost of its heavy trucks by 18.7% compared to traditional fuel trucks and 4.9% compared to converted electric trucks [4]. - DeepWay's self-developed "three electric" systems (battery, electric drive, and electric control) account for over 60% of the total vehicle cost, enabling better cost control and performance [7][9]. Group 3: Market Position and Growth - The new energy heavy truck market is rapidly growing, with DeepWay capturing a significant market share, reaching nearly 25% by September 2025, up from 13.61% in 2024 [15][16]. - DeepWay is ranked first in the global market for positively defined new energy heavy trucks based on 2024 sales [15]. - The company has established a strong presence in international markets, including Thailand, Malaysia, Australia, New Zealand, and the UAE, by localizing its products to meet specific regional needs [16][17]. Group 4: Future Outlook - The global new energy heavy truck market is projected to grow from $9.8 billion in 2024 to $80.6 billion by 2030, with DeepWay expected to leverage its technological advantages to dominate this emerging market [21]. - DeepWay's listing on the Hong Kong Stock Exchange is seen as a significant milestone, reflecting the capital market's recognition of the new energy commercial vehicle sector and setting a benchmark for innovation in the industry [19][20].

Core Insights - DeepWay has announced that its core product, the "DeepWay Star," an intelligent electric heavy truck, has passed full compliance certification in New Zealand and has officially commenced operations and sales in the local market [1][5] Group 1: Product Features and Market Adaptation - The "DeepWay Star" made its international debut at the EROAD Fleet Manager's Day exhibition in Hamilton, New Zealand, showcasing its intelligent and electric technology [3] - The vehicle is designed with right-hand drive for the New Zealand market and is equipped with the "Tianji·Suixing" auxiliary driving system, with options for the "Tianji·Yanxing" intelligent platooning system to support multi-vehicle collaborative operations in bulk transport scenarios [3] - The truck is equipped with a 600 kWh large-capacity battery to meet the practical needs of urban and short-distance intercity freight in New Zealand [3] Group 2: Industry Impact and Strategic Goals - EROAD Fleet Manager's Day is the largest and most professional fleet management event in New Zealand, focusing on emerging vehicle technologies, safe driving culture, and energy management [5] - The participation in the exhibition and the certification achievement signify the adaptability and technological capability of DeepWay's intelligent heavy trucks in the global market, reflecting the company's advancing globalization strategy [5] - DeepWay aims to leverage intelligent electric technology and localized product capabilities to facilitate the global transition to green logistics and promote the development of a more environmentally friendly, efficient, and intelligent modern transportation system [5]