Core Viewpoint - Deepway is positioned as a leading player in the global new energy heavy truck market, with significant growth in revenue and delivery volumes, backed by strong capital support and strategic partnerships [2][3][18]. Company Overview - Deepway was founded in 2020 and is recognized as one of the earliest new forces in the heavy truck sector in China [5]. - The company has achieved rapid revenue growth, with projected revenues nearing 2 billion yuan in 2024 and over 1.5 billion yuan in the first half of 2025 [18]. - Deepway has delivered approximately 6,400 new energy heavy trucks to date, with a strong market presence [18]. Business Model and Strategy - The company employs a "two-phase" development strategy focusing on product market penetration and operational efficiency through smart technology [11][16]. - Deepway's first product, the "Deepway Star," was launched in 2021, and the company has seen significant delivery growth since then [11]. - The company has developed a fully self-researched electric drive system, which has led to a cost reduction of 18.7% compared to traditional fuel trucks [15][12]. Market Position and Performance - According to a report, Deepway ranks first in the global market for new energy heavy trucks defined by positive design, with a market share of 2.7% [16]. - The company is expected to continue its growth trajectory, with a focus on expanding its international presence and enhancing its smart technology offerings [24][25]. Financial Performance - Deepway's revenue structure is heavily reliant on new energy heavy truck sales, accounting for over 99% of total revenue [18]. - The company has recorded losses during its strategic investment phase, with significant investments in technology development and production capacity expansion [20][31]. - The company has raised a total of 1.96 billion yuan through multiple funding rounds, with notable investors including Baidu and various venture capital firms [31][34]. Industry Outlook - The new energy heavy truck sector is experiencing rapid growth, with global sales projected to reach 70.3 million units by 2030, and the market size expected to exceed 806 billion USD [23]. - China is leading the global transition to new energy heavy trucks, with a projected market penetration rate of 53.5% by 2030 [23]. - Deepway's strategy includes expanding into international markets, with initial exports already taking place in regions such as the Middle East and Southeast Asia [24].

Core Insights - DeepX Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, becoming the first new energy heavy truck company to seek a public listing in Hong Kong, marking a significant milestone in the integration of smart logistics and industrial intelligence [1] - The company positions itself as an "AI-driven industrial robotics company" with a mission to innovate global road freight intelligence, differentiating itself from traditional heavy truck manufacturers [3] - DeepX Technology has achieved mass delivery of smart new energy heavy trucks through integrated hardware and software development, with over 6,300 units delivered by mid-2025, leading the market share in the industry [3] Technology and Innovation - The company has developed a core system capability for smart transportation scenarios, including an electric drive platform, thermal management architecture, intelligent driving system, and operational platform, forming a complete "industrial robot base" [3] - The "Tianji·Suixing" combination auxiliary driving system is standard across all delivered vehicles, enhancing driving safety, operational efficiency, and comfort with features like predictive comfort braking and adaptive cruise control [3] - DeepX Technology has created the "Tianji·Yanxing" intelligent convoy transportation system, which has completed core function development and technical validation, and is undergoing user adaptation testing in various operational scenarios [4] Strategic Vision - The company aims to achieve unmanned freight driving, adopting a progressive development approach focused on user scenarios and commercial viability [3] - The "Tianji·Duxing" single-vehicle intelligent unmanned driving system has received testing licenses in multiple regions, including Beijing and Tianjin, and is conducting regular tests on highways [4] - DeepX Technology has developed the "DeepX·Tianshu" intelligent operation solution, creating a full-stack operational platform for smart commercial vehicles, addressing key customer needs in safety management, cost management, and efficient operations [4] Market Position - The company's strategic blueprint includes breaking traditional fuel vehicle constraints, building technical barriers with a fully self-developed "three electric" system, and validating technology adaptability through global expansion [4] - As the first stock of the "new energy heavy truck new force," DeepX Technology's path to listing is highly anticipated amid the accelerating development of the new energy heavy truck industry [4]

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 Viewpoint - The article highlights DeepWay's upcoming listing on the Hong Kong Stock Exchange as a significant milestone for the company and the smart new energy heavy truck industry, marking a transition from technology validation to capital market recognition [1][16]. Company Overview - DeepWay is a leading global technology company focused on new energy heavy trucks and intelligent road freight solutions, aiming to transition the logistics industry towards zero carbon, efficiency, and safety [5]. - Unlike traditional heavy truck manufacturers, DeepWay positions itself as an "industrial robot company driven by AI," redefining heavy truck products and innovating intelligent technologies [5][16]. Market Position and Performance - DeepWay is the first company to achieve mass delivery of smart new energy heavy trucks through a forward definition approach, breaking free from traditional fuel vehicle frameworks [5][6]. - The company has delivered 509 units in 2023, with projections of 3,002 units in 2024 and 2,873 units in the first half of 2025, ranking first in the global forward-defined new energy heavy truck market by 2024 sales [5][6]. Global Expansion - DeepWay is the first Chinese company to deliver forward-defined new energy heavy trucks overseas, establishing sales networks in countries like Singapore, Thailand, Malaysia, UAE, and Australia by September 2025 [6][16]. Financial Performance - Although the company has not yet turned a profit, it has achieved positive gross margins, which is notable among new heavy truck players [6][16]. Technological Innovation - DeepWay's technological advancements include a new vehicle architecture and self-developed core systems, enhancing communication capabilities and reducing costs and failure rates [7][8]. - The company has fully self-developed its core "three electric" systems (battery system, electric drive axle, and electronic controller), improving product economics and safety [8][10]. Future Vision - DeepWay aims to achieve autonomous freight transport, employing a progressive development approach focused on user scenarios and commercial viability [10][15]. - The company has developed various intelligent driving systems and solutions to enhance operational efficiency and safety in freight transport [10][11]. Industry Growth Potential - The new energy heavy truck industry is poised for explosive growth, with global sales expected to reach 95,500 units and a market size of $9.8 billion in 2024, potentially increasing to 703,000 units and $80.6 billion by 2030 [11][14]. - China is leading the global transition to new energy heavy trucks, contributing 88.8% of global sales in 2024, with a projected market penetration rate of 53.5% by 2030 [14][16]. Strategic Advantages - DeepWay's forward definition approach offers lifecycle cost advantages and strong adaptability to various scenarios, addressing key industry pain points such as high carbon emissions and total cost of ownership [14][15]. - The company is positioned to become a leader in the logistics industry's shift towards automation and intelligent solutions, akin to the disruption seen in the passenger vehicle market by companies like Tesla [14][16].

Core Insights - DeepWay is set to list on the Hong Kong Stock Exchange, marking a significant milestone in its development and indicating a shift from technology validation to capital market recognition for the smart new energy heavy truck sector [1][3] - The company aims to redefine the heavy truck industry through a combination of technology, capital, and ecosystem, potentially reshaping the competitive landscape [1][3] Company Overview - DeepWay is a leading global technology company focused on new energy heavy trucks and intelligent road freight solutions, emphasizing electrification and intelligence to transition the logistics industry to a zero-carbon, efficient, and safe phase [3][4] - Unlike traditional heavy truck manufacturers, DeepWay positions itself as an "industrial robot company driven by AI," aiming to innovate and redefine heavy truck products and solutions [3][4] Market Position and Performance - DeepWay is the first company to achieve mass delivery of smart new energy heavy trucks through a forward definition approach, breaking free from traditional fuel vehicle frameworks [3][4] - The company has delivered 509, 3002, and 2873 new energy heavy trucks in 2023, 2024, and the first half of 2025, respectively, ranking first in the global forward-defined new energy heavy truck market by 2024 sales [3][4] Global Expansion - DeepWay is the first Chinese company to deliver forward-defined new energy heavy trucks overseas, establishing sales networks in countries like Singapore, Thailand, Malaysia, UAE, and Australia by September 2025 [4][9] - The global market for new energy heavy trucks is projected to grow significantly, with an expected annual sales volume of 95,500 units and a market size of $9.8 billion in 2024, potentially reaching $80.6 billion by 2030 [9][11] Technological Innovation - DeepWay's technological advancements include a fully self-developed electronic and electrical architecture, achieving high-speed communication and cost efficiency, along with a low-drag aerodynamic design for enhanced energy efficiency [5][6] - The company has developed its core "three electric" systems (battery, electric drive axle, and electric controller) through self-research, enhancing product performance and reducing reliance on external suppliers [6][12] Future Growth Potential - Future growth for DeepWay is anticipated to stem from expanding operational scenarios and ongoing technological iterations, with partnerships in mid-to-long-distance transportation already validated [12][13] - The company aims to achieve autonomous driving in freight transport, with a gradual development approach focusing on user-defined scenarios and commercial viability [12][13] Industry Context - The new energy heavy truck sector is experiencing explosive growth, with China expected to contribute 88.8% of global sales and 71.4% of revenue in 2024, indicating a rapid increase in market penetration [11][12] - DeepWay's innovative approach positions it as a key player in addressing the industry's challenges related to high carbon emissions and total cost of ownership, similar to the disruption seen in the passenger vehicle market by companies like Tesla [11][12]