Core Viewpoint - DeepXiang Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for core technology development, sales and after-sales service network expansion, and infrastructure enhancement to solidify its market position in the new energy heavy truck sector [1][3]. Group 1: Company Overview - Established in July 2020, DeepXiang Technology is a leading global technology company specializing in new energy heavy trucks and intelligent road freight solutions [1]. - The company claims to be the first globally to achieve mass delivery of intelligent new energy heavy trucks using a forward definition approach [1]. - As of June 30, 2025, the company has delivered approximately 6,400 new energy heavy trucks [1]. Group 2: Financial Performance - For the years 2023, 2024, and the first half of 2025, DeepXiang Technology reported revenues of 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan, respectively, indicating rapid growth [3]. - Despite revenue growth, the company has not yet achieved profitability, with losses increasing from 267 million yuan in 2022 to 675 million yuan in 2024, and a loss of 371 million yuan in the first half of 2025, totaling over 1.7 billion yuan in cumulative net losses by June 30, 2025 [3]. - The gross margin has improved from 0.43% in 2023 to 2.93% in the first half of 2025, but remains below the traditional heavy truck industry average of 10% to 15% [3]. Group 3: Business Structure - The majority of DeepXiang Technology's revenue comes from new energy heavy truck sales, accounting for over 99% of total revenue in the first half of 2025, while parts sales contribute less than 1% [5]. - The company has a high supplier concentration, with the top five suppliers accounting for 92.3% of purchases in 2024, and the largest supplier alone representing 61% [5]. - Customer concentration is also significant, with the top five customers contributing 50.7% of revenue in 2024, and there are instances of overlap between suppliers and customers [5].

Core Viewpoint - 深向科技 is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for technology development, sales network expansion, and infrastructure growth [1] Group 1: Company Overview - 深向科技, established in 2020, is a leading technology company in the global new energy heavy truck and intelligent road freight solutions sector, focusing on electrification and intelligence to promote a zero-carbon, efficient, and safe logistics industry [1] - The company has launched two models, 深向星辰 and 深向星途, in the market [1] Group 2: Financial Performance - Revenue for 深向科技 is projected to grow significantly, with figures of 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan for 2023, 2024, and the first half of 2025 respectively, indicating a rapid growth trend [2] - Despite the revenue growth, the company has not yet achieved profitability, with losses of 267 million yuan, 389 million yuan, and 675 million yuan for 2022, 2023, and 2024, respectively, and a loss of 371 million yuan in the first half of 2025 [2][3] - The gross profit margins are notably low, at 0.43%, 0.50%, and 2.93% for the respective years, significantly below the traditional heavy truck OEM average of 10% to 15% [2] Group 3: Market Position and Risks - 深向科技 is ranked first in the global new energy heavy truck market based on 2024 sales projections, with expected deliveries of 3,002 units [1] - The company has a high customer concentration, with the top five customers contributing 50.7% of revenue in 2024, raising concerns about dependency and risk [3] - The supply chain is also highly concentrated, with over 60% of procurement from the largest supplier, which poses risks to production continuity and cost control [3] Group 4: Shareholder Composition - 深向科技 has a strong shareholder base, including notable investors such as Baidu (17.28%), Lenovo (2.83%), and Qiming Venture Partners (4.8%) [4]

Core Viewpoint - DeepWay, a leading technology company in the field of new energy heavy trucks and intelligent road freight solutions, has submitted its IPO application to the Hong Kong Stock Exchange, marking it as the first new force in heavy trucks to do so in China [1][4]. Company Overview - DeepWay was established in 2020 and focuses on providing new energy heavy trucks and intelligent road freight solutions tailored to various highway freight scenarios [4]. - The company adopts a "forward definition" approach, breaking away from traditional fuel vehicle frameworks to redefine the design and structure of electric heavy trucks [4][5]. Technological Innovations - DeepWay has introduced several innovative solutions, including an integrated battery chassis design and a streamlined, low-drag body, which significantly reduce energy consumption and enhance safety [4][5]. - The company aims to achieve self-research and development of its three-electric system by 2025, which is expected to lower manufacturing costs and improve gross margins [8][11]. Market Performance - DeepWay has shown impressive growth, with revenues of 426 million yuan in 2023, projected to reach 1.969 billion yuan in 2024, and 1.506 billion yuan in the first half of 2025 [10]. - The company has delivered approximately 6,400 vehicles since its inception, with a significant increase in delivery volume from 509 units in 2023 to 2,873 units in the first half of 2025 [10]. Strategic Expansion - DeepWay is actively expanding its market presence in the Asia-Pacific region, Australia, New Zealand, and the Middle East, while also establishing sales channels in countries like Singapore, Thailand, and Australia [12]. - The company benefits from strong backing from major shareholders, including Baidu and Weiqiao, which enhances its competitive edge and operational capabilities [12]. Industry Trends - The new energy heavy truck market in China is experiencing rapid growth, with a total sales volume of 119,600 units from January to September 2023, reflecting a year-on-year increase of 198% [13]. - The penetration rate of new energy heavy trucks is expected to rise significantly, with projections indicating a market size of 255.8 billion yuan by 2030 and a compound annual growth rate of 33.3% [13].

Core Viewpoint - DeepWay has officially submitted its IPO application to the Hong Kong Stock Exchange, becoming the first heavy-duty electric truck company in China to do so, with plans to use the funds for technology development, sales network expansion, and infrastructure growth [1][2]. Company Overview - Founded in 2020, DeepWay focuses on creating intelligent electric heavy-duty trucks and solutions tailored for various road freight scenarios, breaking away from traditional "oil-to-electric" models [2][3]. - The company has developed innovative technologies such as integrated battery chassis and distributed drive systems, significantly improving energy efficiency and safety [3][4]. Technological Advantages - DeepWay's integrated chassis and battery design enhance cargo volume by 9.6%, while its distributed drive system increases energy conversion efficiency by 14%, expanding the application of electric trucks in long-haul transport [3][4]. - The company aims to achieve self-research and development of its three electric systems by 2025, which will lower costs and improve profit margins [3][6]. Market Performance - DeepWay's revenue has shown significant growth, with projected revenues of 4.26 billion yuan in 2023, 19.69 billion yuan in 2024, and 15.06 billion yuan in the first half of 2025, primarily from electric truck sales [6][7]. - The company has expanded its customer base, adding 187 new clients in 2024 and 92 in the first half of 2025, with total deliveries reaching approximately 6,400 trucks [6][7]. Strategic Initiatives - DeepWay is constructing a smart factory in Huzhou, which is expected to produce enough components for about 50,000 vehicles annually, aiming to reduce manufacturing costs significantly [7][8]. - The company is also focusing on expanding its presence in international markets, establishing sales networks in countries like Singapore, Thailand, and Australia [8][9]. Industry Trends - The electric heavy-duty truck market in China is experiencing rapid growth, with a reported 198% year-on-year increase in sales, indicating a shift from policy-driven to market-driven growth [9][10]. - The penetration rate of electric trucks is expected to rise significantly, supported by decreasing battery prices and improved operational efficiencies [10][11]. Future Outlook - By 2030, the penetration rate of electric heavy-duty trucks in China is projected to reach 53.5%, with a market size of 255.8 billion yuan, reflecting a compound annual growth rate of 33.3% [11][12]. - DeepWay plans to continue product iteration and expand its offerings to meet diverse customer needs across various freight scenarios, solidifying its market position [11][12].

Core Viewpoint - DeepWay has officially submitted its IPO application to the Hong Kong Stock Exchange, becoming the first heavy-duty electric truck company in China to do so, with plans to use the raised funds for technology development, sales network expansion, and infrastructure growth [1][2]. Company Overview - DeepWay was established in 2020 and focuses on creating intelligent electric heavy-duty trucks and smart road freight solutions, breaking away from traditional fuel truck frameworks [2][3]. - The company has developed innovative solutions such as integrated battery chassis, streamlined aerodynamics, and distributed drive systems, significantly reducing energy consumption and enhancing safety [2][4]. Financial Performance - DeepWay's projected revenues are 426 million yuan in 2023, 1.969 billion yuan in 2024, and 1.506 billion yuan in the first half of 2025, with over 90% of revenue coming from electric truck sales [4][5]. - The company has seen a substantial increase in delivery volume, from 509 units in 2023 to 2,873 units in the first half of 2025, totaling approximately 6,400 units delivered [4][5]. Technological Development - DeepWay aims to achieve full autonomous driving through a gradual approach, focusing on practical and economically viable intelligent driving features [3][6]. - The company plans to develop its own three-electric system by 2025 to reduce costs and dependency on suppliers, enhancing its competitive edge [2][5]. Market Trends - The electric heavy-duty truck market in China is experiencing rapid growth, with a 198% year-on-year increase in sales, indicating a shift from policy-driven to market-driven growth [7][8]. - By 2030, the penetration rate of electric heavy-duty trucks in China is expected to reach 53.5%, with a market size of 255.8 billion yuan, reflecting a compound annual growth rate of 33.3% [8][9]. Strategic Expansion - DeepWay is actively expanding its presence in international markets, establishing sales networks in countries like Singapore, Thailand, and Australia, and is focused on obtaining global certifications [5][6]. - The company is also enhancing its product offerings to cater to various operational scenarios, including different climate conditions and transportation needs [8][9].