Core Viewpoint - Shanghai Zhida Technology Development Co., Ltd. (Zhida Technology), a leading company in the home charging pile industry, has submitted its third IPO application to the Hong Kong Stock Exchange after two previous submissions failed. The company aims to issue approximately 20.627 million shares and has updated its financial data for 2024 and Q1 2025, despite reporting cumulative losses of 336 million RMB from 2022 to 2025 [1][2][7]. Group 1: Company Overview - Zhida Technology was established in November 2010 and is headquartered in Shanghai, focusing on various home electric vehicle charging piles and related accessories, with about 90% of its revenue coming from electric vehicle charging products [2]. - The company ranks first globally in terms of sales volume of home electric vehicle charging piles from 2022 to 2024 and fourth in sales revenue during the same period. In China, it holds the top position in both sales volume and revenue [2]. Group 2: Financial Performance - Zhida Technology's revenue for the reporting period was 697 million RMB in 2022, 671 million RMB in 2023, 593 million RMB in 2024, and 217 million RMB in Q1 2025. The net losses were 25.147 million RMB, 58.116 million RMB, 236 million RMB, and 17.078 million RMB respectively, leading to a total loss of 336 million RMB over the period [7][8]. - The company's gross profit margins have shown a downward trend, with margins of 20.4%, 20.5%, and 14.9% from 2022 to 2024, attributed to market price pressures [9][10]. Group 3: Revenue Sources and Market Share - The revenue from product sales accounted for approximately two-thirds of total revenue in Q1 2025, while service revenue made up about one-third [3]. - Domestic revenue has decreased from 98.1% in 2022 to 87.9% in 2024, while overseas revenue increased from 1.9% to 12.1% during the same period [5][6]. Group 4: Customer Dependency and Supply Chain - The top five customers contributed 65.8%, 69.6%, 56.1%, and 53.5% of total revenue from 2022 to Q1 2025, with the largest single customer contributing 38.3%, 32.0%, 25.0%, and 17.0% respectively [9]. - Zhida Technology has significant relationships with major suppliers, some of which are also customers, indicating a complex supply chain dynamic [10]. Group 5: Shareholding and Investment - The founder, Huang Zhiming, holds 28.18% of the shares, while other entities controlled by him hold a combined 48.03%. Notable shareholders include Zhongding Co., Ltd. and BYD, which hold 7.72% and 3.55% respectively [11][12]. - The company completed its latest financing round in November 2024, valuing it at approximately 2.95 billion RMB before the IPO [12].