Core Viewpoint - Shenxiang Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales and service network expansion, infrastructure development, and general corporate purposes [1] Group 1: Company Overview - Shenxiang Technology was established in July 2020 and began generating revenue in 2023 [1] - The company specializes in new energy heavy trucks and intelligent road freight solutions, focusing on the trunk road freight sector, which accounts for over 50% of transportation capacity [2] - The company has delivered a total of 509, 3,002, and 2,873 new energy heavy trucks in 2023, 2024, and the first half of 2025, respectively [2] Group 2: Financial Performance - Revenue for Shenxiang Technology during the reporting period was 0, 426 million, 1.969 billion, and 1.506 billion yuan, with corresponding losses of 267 million, 389 million, 675 million, and 371 million yuan [4] - Cumulatively, the company has incurred losses exceeding 1.702 billion yuan over three and a half years [4] - Despite a significant revenue increase of 362.5% in 2024, the net loss expanded from 389 million yuan to 675 million yuan, indicating a situation of "increased revenue without increased profit" [4] Group 3: Revenue Sources and Dependency - Almost all revenue during the reporting period came from new energy heavy truck sales, with revenue contributions of 0%, 99.9%, 99.6%, and 99.4% respectively [3] - The company heavily relies on two mass-produced models, Shenxiang Xingchen and Shenxiang Xingtong, with the majority of sales coming from Shenxiang Xingchen [3] - As of the first half of 2025, Shenxiang Technology had delivered products to 311 customers and held approximately 1,400 vehicles in hand orders [3] Group 4: Supplier and Customer Relationships - The company has a high dependency on a limited number of suppliers and customers, with the top five suppliers accounting for 48.1%, 88.1%, 92.3%, and 83.1% of total procurement during the reporting period [5] - The first major customer, "Customer A," is also a subsidiary of the main supplier, "Supplier A," indicating overlapping relationships [6] - Revenue from the top five customers represented 0%, 82.5%, 50.7%, and 51.4% of total revenue during the reporting period [5] Group 5: Financial Health - Shenxiang Technology's asset-liability ratio exceeded 100% throughout the reporting period, with total assets of 508 million, 1.348 billion, 2.556 billion, and 3.92 billion yuan, and total liabilities of 691 million, 1.92 billion, 3.804 billion, and 5.539 billion yuan [7] - Trade and other receivables increased from 39.4 million yuan at the end of 2022 to 1.415 billion yuan by mid-2025, primarily due to rapid sales growth of new energy heavy trucks [8]

Core Viewpoint - 深向科技 has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales and service network expansion, infrastructure development, and working capital [1] Group 1: Company Overview - 深向科技, established in July 2020, focuses on new energy heavy trucks and intelligent road freight solutions, targeting the trunk road freight sector [2] - The company has recorded revenue growth from zero in 2022 to over 1.5 billion yuan in 2023, but has incurred cumulative losses exceeding 1.7 billion yuan during the same period [1][5] - The majority of revenue is derived from the sales of two mass-produced new energy heavy truck models, with a significant reliance on the 深向星辰 model [3][5] Group 2: Financial Performance - Revenue figures for the reporting period are as follows: 0, 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan, with corresponding losses of 267 million yuan, 389 million yuan, 675 million yuan, and 371 million yuan [5] - Despite a 362.5% year-on-year revenue increase in 2024, the net loss expanded from 389 million yuan to 675 million yuan, indicating a "revenue growth without profit" scenario [5] Group 3: Market Position and Product Offering - 深向科技's new energy heavy trucks have a lifecycle cost reduction of 18.7% compared to traditional fuel trucks and 4.9% compared to converted electric trucks [2] - The company delivered 509, 3,002, and 2,873 new energy heavy trucks in 2023, 2024, and the first half of 2025, respectively [2] - As of mid-2025, the company has delivered over 2,000 trucks equipped with its self-developed 天玑·随行 system [2] Group 4: Customer and Supplier Dynamics - The company has delivered products to 311 customers and has approximately 1,400 trucks in hand orders [4] - There is a notable overlap between major customers and suppliers, particularly with a key customer also being a supplier [7] - The top five suppliers accounted for 48.1% to 92.3% of total procurement during the reporting period, indicating a high concentration risk [6] Group 5: Financial Health - 深向科技's asset-liability ratio has consistently exceeded 100%, with total assets and liabilities reported as follows: 508 million yuan and 691 million yuan, 1.348 billion yuan and 1.92 billion yuan, 2.556 billion yuan and 3.804 billion yuan, and 3.92 billion yuan and 5.539 billion yuan [8][9] - Trade and other receivables increased from 39.4 million yuan at the end of 2022 to 1.415 billion yuan by mid-2023, attributed to rapid sales growth of new energy heavy trucks [9]

Core Viewpoint - 深向科技 has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales network expansion, infrastructure development, and working capital [1] Group 1: Company Overview - 深向科技, established in July 2020, focuses on new energy heavy trucks and intelligent road freight solutions, with significant market potential in the freight sector [2][3] - The company has recorded revenue growth from zero in 2022 to over 1.5 billion RMB in the first half of 2025, but has incurred cumulative losses exceeding 1.7 billion RMB during the same period [4][5] Group 2: Financial Performance - Revenue figures for 深向科技 during the reporting period were 0, 426 million, 1.97 billion, and 1.51 billion RMB, with corresponding losses of 267 million, 389 million, 675 million, and 371 million RMB [4][6] - Despite a 362.5% year-on-year revenue increase in 2024, the net loss expanded from 389 million RMB to 675 million RMB, indicating a "growth without profit" scenario [5] Group 3: Product and Market Position - The majority of 深向科技's revenue comes from two mass-produced new energy truck models, with the 深向星辰 model contributing most of the sales [3][4] - The company ranks tenth in the global new energy heavy truck market with a market share of 2.7%, delivering 509, 3002, and 2873 trucks in 2023, 2024, and the first half of 2025, respectively [2][3] Group 4: Customer and Supplier Dynamics - 深向科技's revenue is heavily reliant on a few key customers, with the top five customers contributing 82.5%, 50.7%, and 51.4% of revenue in 2023, 2024, and the first half of 2025 [7][8] - There is a notable overlap between suppliers and customers, particularly with a major customer also being a supplier, which raises potential concerns regarding business relationships [8][9] Group 5: Financial Health - The company has maintained an asset-liability ratio exceeding 100% throughout the reporting period, with total assets and liabilities growing significantly [10] - Trade and other receivables surged from 39.4 million RMB at the end of 2022 to 1.415 billion RMB by mid-2023, reflecting rapid sales growth but also increasing credit risk [11]