Core Viewpoint - Shanghai Huayi Technology Group Co., Ltd. (Huayi Technology) is planning to list on the Hong Kong Stock Exchange after its initial public offering on the STAR Market in 2021, aiming for a dual listing in both A-shares and H-shares [1]. Financial Performance - Huayi Technology was established in 1998 and specializes in testing services for new energy vehicle powertrains and intelligent driving. It is recognized as a leading platform in China with a market share of 7.9% in 2024 [4]. - The company's revenue has shown rapid growth, with figures of RMB 352 million, RMB 423 million, and RMB 386 million for the years 2023, 2024, and the first nine months of 2025, respectively. However, losses have also increased, with losses of RMB 15.91 million, RMB 45.75 million, and RMB 29.26 million during the same periods [4][5]. - The gross profit for the same periods was RMB 139 million, RMB 113 million, and RMB 84 million, with gross margins declining from 39.5% in 2023 to 21.7% in the first nine months of 2025 [5]. Business Segments - Huayi Technology operates through three main business segments: new energy vehicle powertrain testing services, intelligent driving, and powertrain intelligent testing equipment. The intelligent driving segment has seen significant growth, with revenues increasing from RMB 11.79 million in 2023 to RMB 39.44 million in 2024, and reaching RMB 73.71 million in the first nine months of 2025 [6]. Research and Development - The company has consistently increased its R&D expenditure, which reached RMB 49.9 million in 2024, a 17.8% increase from 2023. This investment is aimed at developing advanced perception algorithms and enhancing system integration capabilities [7]. Cash Flow and Working Capital - Huayi Technology has faced cash flow challenges, with net cash outflows from operating activities of RMB 25.27 million in 2023 and RMB 30.43 million in the first nine months of 2025 [8]. - Accounts receivable have grown faster than revenue, increasing from RMB 344 million at the end of 2023 to RMB 574 million by September 2025, resulting in an average turnover period of 419 days [7].