IPO雷达| "水下大疆"深之蓝闯关科创板，持续亏损下研发投入缩水 被市场冠以"水下大疆"称号的深之蓝海洋科技股份有限公司（下称"深之蓝"）已递交招股书，向科创板发起冲击。 这家成立于2013年的水下智能装备企业，凭借"打破国外垄断"的创业故事和服务国家级重点项目的履历，一度成为资本市场关注的蓝海新星。 然而，在光鲜的标签背后，持续亏损、研发投入缩水、产品安全风波与合规风险等多重挑战已然浮现。 | 项目 | 2025年1-6月 | 2024 年度 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | --- | | 研发费用(万元) | 2.039.87 | 5.053.40 | 5.913.74 | 6.229.46 | | 营业收入(万元) | 14.120.19 | 25,055.33 | 23,517.73 | 14.116.19 | | 研发费用占营业收入比重 | 14.45% | 20.17% | 25.15% | 44.13% | 数据来源：公司公告、智通财经研究部 "这一数据变化对深之蓝的上市进程至关重要。"有投行人士对智通财经记者表示，科创板第二套上 ...

Core Viewpoint - Deep Blue Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, potentially becoming the "first underwater robotics stock in China" [1]. Group 1: Business Overview - Deep Blue is a leading provider of underwater robotics and solutions, focusing on the research, production, sales, and service of cable-controlled underwater robots, autonomous underwater vehicles, underwater gliders, automatic profiling buoys, and underwater propulsion robots [5]. - The fundraising plan allocates 860 million yuan for expanding the underwater robot production base, 400 million yuan for upgrading the technology research and experimental center, and 240 million yuan for working capital [5][7]. Group 2: Product Matrix - The product matrix of Deep Blue is built on different technological paths and application depths, addressing the extreme challenges faced by underwater robots, such as communication, pressure resistance, and energy supply [8]. - The company has developed consumer-grade underwater propulsion devices under the SUBLUE brand, achieving a global market share of approximately 60% in this segment, contributing about 25% of the company's stable revenue [12][20]. Group 3: Financial Performance - From 2022 to June 2025, Deep Blue achieved a cumulative revenue of 768 million yuan, with a compound annual growth rate exceeding 33%. However, the company also reported a cumulative net loss of 294 million yuan during the same period [21]. - The company's losses are primarily attributed to high R&D investments totaling 192 million yuan over three and a half years and significant expenses related to scaling operations [24]. Group 4: Investment and Control - Since its establishment in 2013, Deep Blue has completed over 10 rounds of financing, raising more than 1.3 billion yuan, attracting investments from over 30 well-known institutions [25][29]. - The founder, Wei Jiancang, maintains a controlling stake of 41.34% in the company, reflecting a strong commitment to its strategic direction [29]. Group 5: Future Challenges - The company acknowledges that going public is just the beginning of more intense competition, especially as major players like Saab and Oceaneering have established significant barriers in the high-end market [30]. - Deep Blue faces challenges in transitioning from technological breakthroughs to achieving profitability, including improving inventory turnover and managing accounts receivable risks [30].

Group 1: Company Overview - Xian New Tong Pharmaceutical Research Co., Ltd. focuses on drug development for major liver diseases, including hepatitis B and liver cancer, with 8 core products in its pipeline [1] - Renben Co., Ltd. is the largest comprehensive bearing manufacturing group in China, with over 50,000 product specifications and a presence in over 70 countries [2] - Wolai Intelligent Technology Co., Ltd. specializes in smart manufacturing solutions for emerging industries, particularly in the automotive and semiconductor sectors [2] - Gaokai Technology is engaged in precision fluid control, with products used in semiconductor and consumer electronics industries [3] - Deep Blue Ocean Technology Co., Ltd. develops underwater robotics and solutions for various marine applications, holding 15 core technologies in the field [3] - Tongxin Medical Technology Co., Ltd. is an innovative medical device company focused on advanced heart failure treatments, with its first product approved in China and others in clinical trials [4] Group 2: Product Development and Market Position - New Tong Pharmaceutical has developed a first-class innovative drug, with one product already on the market and others in various clinical trial stages [1] - Renben has maintained the top position in domestic bearing production and sales for 12 consecutive years, nearing the capabilities of the top eight global competitors [2] - Wolai is recognized as a national key "little giant" enterprise, providing comprehensive smart manufacturing solutions [2] - Gaokai's product range includes flow control and precision dispensing systems, catering to the needs of intelligent manufacturing [3] - Deep Blue has established itself as a pioneer in the underwater robotics sector, with a complete product line and significant R&D investment [3] - Tongxin's CH-VAD system is the first fully magnetic levitation left ventricular assist device approved in China, with further innovations in the pipeline [4]

机器人作为数字经济时代的标志性工具，正改变着人类的生产和生活方式，随着人类探索的空间范围从陆域、空域逐 渐拓展至包含海洋和内河湖泊在内的广阔水域，水下机器人也受到关注。 | 项目 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 比例 | 金额 | 出例 | 金额 | 比例 | 金额 | 比例 | | 缆控水下机器人 | 6,185.01 | 43.89% | 7,263.87 | | 29.18% 10,143.94 | 43.35% | 3,717.69 | 26.49% | | 自主水下机器人 | 2,721.13 | 19.31% | 9.146.12 | 36.74% | 3.707.49 | 15.85% | 2,086.14 | 14.87% | | 水下助推机器人 | 4,514.07 | 32.03% | 6,284.58 | 25.24% | 8,255.46 | 35.28% | 7,901.65 | 56 ...

机器人作为数字经济时代的标志性工具，正改变着人类的生产和生活方式，随着人类探索的空间范围从陆域、空域逐 渐拓展至包含海洋和内河湖泊在内的广阔水域，水下机器人也受到关注。 《2025年政府工作报告》首次将"深海科技"定位为战略性新兴产业，与商业航天、低空经济并列成为国家级战略主 线，在此背景下，水下机器人行业有望迎来新的发展契机，最近已有相关企业冲击IPO。 格隆汇获悉，近日，深之蓝海洋科技股份有限公司（简称"深之蓝"）提交首次公开发行股票并在科创板上市招股说明 书申报稿，保荐人为中金公司。 深之蓝主要从事水下机器人产品的研发、生产、销售和服务，2024年营收超2.5亿元，但仍处于亏损中。如今水下机器 人的市场情况如何？不妨通过深之蓝来一探究竟。 01 聚焦水下机器人产品，面临国际贸易政策变化风险 深之蓝的主要产品包括缆控水下机器人、自主水下航行器、水下滑翔机、自动剖面浮标和水下助推机器人等。 2024年公司来自缆控水下机器人、自主水下机器人、水下助推机器人、技术服务的营收占比分别为29.18%、36.74%、 25.24%、8.84%。 | 项目 | 2025年1-6月 | | 2024 年度 | | 202 ...

深之蓝成立于2013年，系水下机器人产品与解决方案提供商，主营业务为缆控水下机器人、自主水下航 行器、水下滑翔机、自动剖面浮标和水下助推机器人等产品的研发、生产、销售和服务，为海洋安全、 海洋工程、应急救援、水利水电、海洋科考和海洋文旅等领域提供产品与解决方案。 报告期内，该公司研发费用分别为6229万元、5913万元、5053万元及2039万元。 此次IPO，深之蓝计划募资15亿元，计划发行新股股数不低于发行后总股本的10%。 从其募投项目来看，该公司此次募集的15亿元中，有8.65亿元投向水下机器人生产基地扩建，3.99亿元 投向研究及实验中心升级项目，其余2.35亿元补充流动资金。 报告期内，深之蓝主要产品包括缆控水下机器人、自主水下航行器、水下滑翔机、自动剖面浮标和水下 助推机器人等，主要客户包括国防单位、中国船舶集团有限公司、中国南水北调集团中线有限公司、 Amazon等。 业绩表现方面，2022年至2025年上半年各期期末，该公司营业收入分别为1.41亿元、2.35亿元、2.51亿 元及1.41亿元，最近三年复合增长率达33.23%；同期，其海外营收占比分别为49.5%、66.93%、79.75% ...

本次冲击上市，深之蓝拟募集资金约15亿元，扣除发行费用后拟用于投资水下机器人生产基地扩建项 目、水下机器人技术研究及实验中心升级项目、补充流动资金。 据了解，深之蓝主营业务为缆控水下机器人、自主水下航行器、水下滑翔机、自动剖面浮标和水下助推 机器人等产品的研发、生产、销售和服务，锚定"深海科技"领域，为海洋安全、海洋工程、应急救援、 水利水电、海洋科考和海洋文旅等领域提供产品与专业解决方案。 北京商报讯(记者马换换王蔓蕾)12月26日，上交所官网显示，深之蓝海洋科技股份有限公司(以下简 称"深之蓝")科创板IPO获得受理。 ...