Core Viewpoint - Shenzhen Haoying Technology Co., Ltd. has submitted its application for listing on the Sci-Tech Innovation Board, indicating a significant move in the drone power system manufacturing sector [1] Company Overview - Haoying Technology, established in 2005, has transitioned from aviation model electronic control to drone power systems, with a focus on integrated power systems and eVTOL power systems [2][4] - The company's revenue from drone power systems has grown significantly, with projections showing a rise from 1.77 billion yuan in 2022 to 4.34 billion yuan by mid-2025, accounting for 75.57% of total revenue [2][4] Market Dynamics - The global market for drone power systems (excluding batteries) is expected to grow from approximately 10.31 billion yuan in 2024 to 21.59 billion yuan by 2029, with Haoying Technology holding a market share of 4.12% in 2024 [4] - The company is facing intense competition in a rapidly developing market characterized by low concentration and numerous players [4][7] Pricing Strategy - Haoying Technology has adopted a "price-for-volume" strategy, leading to a significant reduction in product prices, with drone motor prices dropping over 50% since 2023 [1][5] - The average selling price of drone motors decreased from 343.57 yuan to 150.56 yuan, a decline of 56.18% [5] Financial Performance - The company reported revenues of 4.68 billion yuan, 5.46 billion yuan, and 7.38 billion yuan for the years 2022, 2023, and 2024, respectively, with a projected revenue of 5.8 billion yuan for the first half of 2025 [4] - Net profits for the same periods were 818.88 million yuan, 941.81 million yuan, and 1.52 billion yuan, with a projected profit of 1.39 billion yuan for the first half of 2025 [4] Research and Development - R&D expenses have increased, amounting to 321.38 million yuan in 2022 and projected at 376.87 million yuan for the first half of 2025, representing 6.87% to 9.26% of total revenue during the reporting period [4] Competitive Landscape - Haoying Technology is positioned among the top suppliers in the drone power system sector, alongside Sanrui Intelligent, which has a higher market share of 7.1% in 2024 [3][8] - The gross profit margin of Haoying Technology has been consistently lower than that of its competitors, with margins of 44.88% to 47.41% compared to Sanrui Intelligent's 52.60% to 59.79% [7][8] International Expansion - The company is increasing its focus on overseas markets, with international sales growing by 230.1% in the first half of 2025 [10] - The proportion of overseas sales in total revenue has risen from 21.9% in the first half of 2025 to 30.1% in 2022 [10][11] Production Capacity - Haoying Technology's production capacity utilization rates for various products exceeded 100%, indicating strong demand and ongoing expansion efforts [12] - Despite high utilization, the company has not yet achieved full production capacity across all product lines, except for propellers [12] IPO Plans - The company plans to issue up to 19.6 billion yuan in its IPO, with funds allocated for high-end power system projects and R&D upgrades [13]