Core Viewpoint - The article discusses the competitive landscape of the new energy heavy truck market, highlighting the emergence of new brands and their unique strengths and strategies in a rapidly growing sector [1][43]. Group 1: Types of New Energy Heavy Truck Brands - The new energy heavy truck industry is categorized into several types based on technology routes, business models, and strategic focuses, including: - **Technological Disruption Type**: Companies like DeepWay and Zero One focus on full-stack self-research and aim to create next-generation products that outperform traditional models [1][2]. - **Giant Incubation Type**: Brands like Cavin and Proton benefit from strong parent company support, allowing for quicker market entry and product development [16][17]. - **Full-Category Exploration Type**: Companies like Zaihe Truck explore multiple technology routes and product categories, offering a diverse product line [25][26]. - **Overseas Expansion Type**: Brands such as Weidu and Guangshuo Future target international markets to avoid domestic competition and leverage global opportunities [29][30]. - **Scene Deep-Dive Type**: Companies like Xijing Technology focus on specific use cases, such as autonomous driving in ports and mines, rather than general applications [38][39]. Group 2: Key Players and Their Strategies - **DeepWay**: Founded in 2020, it has delivered over 6,400 new energy heavy trucks domestically and is expanding into international markets, aiming for a 50:50 order ratio between domestic and overseas within 3-5 years [3][5]. - **Zero One**: Established in 2022, it focuses on full-stack self-research and has delivered over 1,000 units, with plans for overseas expansion through a wholly-owned subsidiary [6][9]. - **Speed Leopard Technology**: Founded in 2022, it emphasizes full-stack self-research and has launched its first electric heavy truck, with a clear global strategy for growth [10][12]. - **Haipote**: Established in 2021, it focuses on hydrogen fuel cell solutions and has begun small-scale deliveries, with plans for international collaboration [13][15]. - **Cavin Automotive**: A subsidiary of Beiqi Foton, it leverages over 20 years of experience in commercial vehicles and has raised significant funding for its dual technology route [18][21]. - **Proton Automotive**: Launched in 2022, it has achieved substantial order growth and international recognition for its hydrogen fuel cell and electric heavy trucks [22][24]. - **Zaihe Truck**: This brand explores both electric and hydrogen routes and has launched products for various logistics scenarios, with significant funding backing [25][28]. - **Weidu Technology**: Founded in 2022, it has rapidly raised funds and is considering an IPO to support its dual technology strategy [31][34]. - **Guangshuo Future**: The newest entrant, established in 2025, has quickly secured funding and is focusing on a phased product strategy with plans for international market expansion [35][37]. Group 3: Market Trends and Future Outlook - The new energy heavy truck market is characterized by intense competition, with successful brands likely to possess strong self-research capabilities, robust financing, and effective commercialization strategies [43].

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Deepway Technology Co., Ltd., a new player in the electric heavy truck market, highlighting its strong backing from Baidu and local government support in Hefei, as well as the challenges it faces in a competitive landscape [1][4][38]. Company Overview - Deepway was established in 2020 and has quickly become a leader in the global electric heavy truck market, achieving significant sales milestones and revenue growth [4]. - The company is often referred to as the "NIO of the heavy truck industry" due to its rapid development and strong local government support [4]. Financial Performance - Deepway's revenue has shown exponential growth, with 2023 revenue reaching 426 million RMB, 2024 revenue at 1.97 billion RMB (a 362.5% increase), and 2025's first half revenue at 1.51 billion RMB, reflecting a 97.6% year-on-year growth [15][19]. - Despite high revenue growth, the company has faced significant net losses, totaling 1.7 billion RMB over three and a half years, driven by high R&D and manufacturing costs [19][22]. Shareholder Composition - The company boasts a strong shareholder base, including Baidu, which holds a 17.28% stake and has provided its autonomous driving technology [9][14]. - Other notable investors include venture capital firms such as Qiming Venture Partners and Lenovo Capital, which further solidify Deepway's financial foundation [12][14]. Market Position and Strategy - Deepway's primary revenue source is the "Deepway Star" model, which has sold 6,400 units, making it the top seller in the global electric heavy truck market [25][26]. - The company is currently in the "hardware-driven" phase of its revenue model, with plans to transition to a "hardware + service" model in the future [24][29]. Industry Context - The electric heavy truck market is experiencing significant growth, with projections indicating a penetration rate increase from under 10% in 2023 to 28.9% by September 2025, driven by policy support and market demand [34]. - Deepway's technology and operational strategies align well with market needs, particularly in terms of cost efficiency and operational effectiveness [34]. Challenges Ahead - Deepway faces competition from traditional heavy truck manufacturers, which dominate the market and have significant production capabilities [35]. - The company must also address its reliance on a single model and the monetization of its intelligent freight solutions, which are currently offered for free [35][36]. Conclusion - Deepway's upcoming IPO represents a significant milestone for the company and the electric heavy truck sector in China, with potential for growth despite existing challenges [38][39].

Core Insights - The heavy-duty truck market is experiencing significant growth driven by the rise of e-commerce, infrastructure upgrades, and the pursuit of efficiency, with global sales expected to reach 2.1 million units and $152.1 billion in revenue by 2024, and projected to grow to 2.8 million units and $249.1 billion by 2030 [1][4] - DeepXiang Technology, a leading company in the new energy heavy-duty truck sector, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing market [1][4] Industry Overview - The heavy-duty truck market is essential for efficient goods transportation globally, with various applications including express delivery, port transport, and cold chain logistics [1] - The global new energy heavy-duty truck market is expected to see sales of 95,500 units and a market size of $9.8 billion in 2024, with projections to increase to 703,000 units and $80.6 billion by 2030 [5][6] Company Profile - DeepXiang Technology focuses on new energy heavy-duty trucks and has achieved commercialization since 2023, with over 99% of its revenue coming from heavy-duty truck sales [11][12] - The company has faced significant losses, totaling approximately $1.7 billion over three and a half years, as it invests heavily in R&D and technology [14][20] Market Position - DeepXiang Technology ranks tenth in global new energy heavy-duty truck sales in 2024, distinguishing itself with a focus on forward-defined models [9] - The Chinese new energy heavy-duty truck market is highly concentrated, with the top ten players accounting for over 90% of total sales [8] Financial Performance - The company reported revenues of approximately $4.26 million, $19.69 million, and $15.06 million for 2023, 2024, and the first half of 2025, respectively, while continuing to incur losses [14][15] - DeepXiang Technology's R&D expenses have been substantial, reflecting the high costs associated with developing new energy heavy-duty trucks [14][16] Future Outlook - The company plans to use funds raised from its IPO for R&D, expanding sales and service networks, and general corporate purposes, aiming to improve its market position and financial stability [18][20]

Core Viewpoint - DeepX Technology, referred to as the "Tesla of trucks," has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first heavy-duty truck new force to list in Hong Kong. The company plans to use the net proceeds from the IPO for R&D, enhancing sales and after-sales service networks, infrastructure expansion, and general corporate purposes [1][2]. Group 1: Company Overview - Founded in December 2020, DeepX Technology focuses on the commercial application of electric and intelligent technologies in the heavy-duty truck sector, targeting the trunk road freight market, which accounts for over 50% of transportation capacity [3][4]. - The global road freight market is projected to reach $3.9 trillion by 2024, with China's new energy heavy-duty truck penetration expected to reach 53.5% by 2030, resulting in a market size of 255.8 billion yuan and a compound annual growth rate of 33.3% [2][3]. Group 2: Financial Performance - DeepX Technology has reported cumulative losses exceeding 1.7 billion yuan since its inception, with significant financial pressures evident in its income statements. The company generated revenues of 0, 426 million yuan, 1.97 billion yuan, and 1.51 billion yuan over the past three years, with gross margins significantly below traditional heavy-duty truck manufacturers [6][9]. - The company’s revenue is highly concentrated, with nearly all income derived from the sales of its new energy heavy-duty truck model, "DeepX Star," which accounted for 99.9% of revenue in 2023 [11][12]. Group 3: Operational Risks - DeepX Technology faces operational risks due to a high dependency on a single model for revenue generation and a concentrated supply chain, with 92.3% of procurement coming from the top five suppliers [11][12]. - The company has been reported to have overlapping relationships between its major customers and suppliers, which complicates its business model and raises concerns about operational independence [12][13]. Group 4: Market Competition - The competitive landscape for DeepX Technology is intensifying, with traditional OEMs transitioning to electrification and new tech companies focusing on vehicle intelligence and new energy technologies. Competitors include established heavy-duty truck manufacturers and tech-driven firms providing powertrain systems and intelligent driving solutions [13][14]. - The company must navigate challenges related to product performance, cost-effectiveness, and the infrastructure for charging and energy supply, as competition in these areas is expected to escalate [14].

Core Viewpoint - Deepway is positioned as a leading player in the global new energy heavy truck market, with significant growth in revenue and delivery volumes, backed by strong capital support and strategic partnerships [2][3][18]. Company Overview - Deepway was founded in 2020 and is recognized as one of the earliest new forces in the heavy truck sector in China [5]. - The company has achieved rapid revenue growth, with projected revenues nearing 2 billion yuan in 2024 and over 1.5 billion yuan in the first half of 2025 [18]. - Deepway has delivered approximately 6,400 new energy heavy trucks to date, with a strong market presence [18]. Business Model and Strategy - The company employs a "two-phase" development strategy focusing on product market penetration and operational efficiency through smart technology [11][16]. - Deepway's first product, the "Deepway Star," was launched in 2021, and the company has seen significant delivery growth since then [11]. - The company has developed a fully self-researched electric drive system, which has led to a cost reduction of 18.7% compared to traditional fuel trucks [15][12]. Market Position and Performance - According to a report, Deepway ranks first in the global market for new energy heavy trucks defined by positive design, with a market share of 2.7% [16]. - The company is expected to continue its growth trajectory, with a focus on expanding its international presence and enhancing its smart technology offerings [24][25]. Financial Performance - Deepway's revenue structure is heavily reliant on new energy heavy truck sales, accounting for over 99% of total revenue [18]. - The company has recorded losses during its strategic investment phase, with significant investments in technology development and production capacity expansion [20][31]. - The company has raised a total of 1.96 billion yuan through multiple funding rounds, with notable investors including Baidu and various venture capital firms [31][34]. Industry Outlook - The new energy heavy truck sector is experiencing rapid growth, with global sales projected to reach 70.3 million units by 2030, and the market size expected to exceed 806 billion USD [23]. - China is leading the global transition to new energy heavy trucks, with a projected market penetration rate of 53.5% by 2030 [23]. - Deepway's strategy includes expanding into international markets, with initial exports already taking place in regions such as the Middle East and Southeast Asia [24].

Core Viewpoint - The company, DeepX Technology Co., Ltd., is pursuing an IPO on the Hong Kong Stock Exchange, aiming to become the first new force in heavy trucks listed in Hong Kong [1][5]. Company Overview - Founded in 2020 and headquartered in Hefei, Anhui, DeepX Technology focuses on intelligent logistics and commercial vehicles, providing new energy heavy trucks and smart road freight solutions [3]. - The company has attracted significant investment from notable institutions, including Baidu, which holds a 17.28% stake, making it a key strategic shareholder [3]. Financial Performance - The company has reported continuous losses, with losses of RMB 266.47 million in 2022, RMB 388.99 million in 2023, and projected losses of RMB 675.19 million in 2024, totaling approximately RMB 1.7 billion over three and a half years [10][11]. - Revenue figures show a significant increase, with projected revenues of RMB 425.64 million in 2022, RMB 1.97 billion in 2023, and RMB 762.61 million in 2024 [11]. - The gross profit margin remains low, with rates of 0.4% in 2023, 0.5% in 2024, and 2.9% in the first half of 2025, indicating high sales costs [12]. Market Position - DeepX Technology ranks tenth in the global new energy heavy truck market with a market share of 2.7%, driven by its long-range models capable of 660 kilometers [9]. - The company primarily generates revenue from new energy heavy trucks, which account for over 90% of its income, with two main models priced between RMB 470,000 and RMB 700,000 [9]. Challenges - The company faces high customer concentration risk, with revenues from the top five customers accounting for 82.5% in 2023, decreasing to 50.7% in 2024, and 51.4% in the first half of 2025 [10]. - The founder, Wan Jun, has a history of high consumption restrictions, which may raise concerns among investors [5][6]. - The company has a high debt-to-asset ratio, exceeding 100%, with liabilities growing significantly alongside assets [14]. Use of IPO Proceeds - The funds raised from the IPO are intended for research and development, enhancing sales and after-sales service networks, expanding infrastructure, and general corporate purposes [14].

Core Viewpoint - The company, DeepX Technology, has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to become the first smart heavy truck stock in Hong Kong, despite revealing significant financial risks in its prospectus [1] Financial Performance - DeepX Technology experienced rapid revenue growth, with revenue increasing from 426 million to 1.969 billion in 2024, a growth rate of 362.5%. In the first half of 2025, revenue reached 1.506 billion, a year-on-year increase of 97.6% [2] - However, the company has accumulated losses exceeding 1.702 billion over three and a half years, with losses of 267 million, 389 million, and 675 million from 2022 to 2024, and an additional loss of 371 million in the first half of 2025 [2] - The gross profit margin remains extremely low, at 0.4%, 0.5%, and 2.9% for 2023, 2024, and the first half of 2025, significantly below the traditional heavy truck industry average of 10% to 15% [2] Financial Structure - The company's debt-to-asset ratio is concerning, exceeding 100% during the reporting period, with figures of 136%, 142.43%, 148.83%, and 141.3% [3] - As of June 30, 2025, current liabilities totaled 5.41 billion, while current assets were only 3.318 billion, resulting in a current ratio of 0.61 [3] - Short-term bank loans amounted to 742 million, significantly higher than cash and cash equivalents of 593 million, indicating liquidity risk [3] Business Dependency - DeepX Technology's business is heavily reliant on the sales of new energy heavy trucks, with sales revenue from this segment accounting for over 99% in 2023, 2024, and the first half of 2025 [4] - The company has only two mass-produced models, DeepX Star and DeepX Journey, with the latter starting production in May 2025, indicating a high dependency on a limited product range [4] - Customer concentration is high, with the top five customers contributing 50.7% of revenue in 2024, and the largest single customer accounting for 25.7% of revenue [4] Governance and Regulatory Concerns - The founder of DeepX Technology, Wan Jun, has connections to a financing leasing company that has recently shown risk signals, raising concerns about governance and potential regulatory scrutiny [5][6] - The company has disclosed overlapping relationships between suppliers and customers, which may lead to questions regarding the fairness of transactions [5][6] Market Outlook - The Chinese new energy heavy truck market is projected to grow significantly, with a penetration rate expected to reach 53.5% and a market size of 255.8 billion by 2030, presenting potential growth opportunities for DeepX Technology [6] - Investors are advised to closely monitor the company's ability to improve its financial situation and establish a sustainable profit model post-IPO, as maintaining self-sustaining capabilities is crucial in an uncertain market landscape [6]

Core Viewpoint - Shenxiang Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales and service network expansion, infrastructure development, and general corporate purposes [1] Group 1: Company Overview - Shenxiang Technology was established in July 2020 and began generating revenue in 2023 [1] - The company specializes in new energy heavy trucks and intelligent road freight solutions, focusing on the trunk road freight sector, which accounts for over 50% of transportation capacity [2] - The company has delivered a total of 509, 3,002, and 2,873 new energy heavy trucks in 2023, 2024, and the first half of 2025, respectively [2] Group 2: Financial Performance - Revenue for Shenxiang Technology during the reporting period was 0, 426 million, 1.969 billion, and 1.506 billion yuan, with corresponding losses of 267 million, 389 million, 675 million, and 371 million yuan [4] - Cumulatively, the company has incurred losses exceeding 1.702 billion yuan over three and a half years [4] - Despite a significant revenue increase of 362.5% in 2024, the net loss expanded from 389 million yuan to 675 million yuan, indicating a situation of "increased revenue without increased profit" [4] Group 3: Revenue Sources and Dependency - Almost all revenue during the reporting period came from new energy heavy truck sales, with revenue contributions of 0%, 99.9%, 99.6%, and 99.4% respectively [3] - The company heavily relies on two mass-produced models, Shenxiang Xingchen and Shenxiang Xingtong, with the majority of sales coming from Shenxiang Xingchen [3] - As of the first half of 2025, Shenxiang Technology had delivered products to 311 customers and held approximately 1,400 vehicles in hand orders [3] Group 4: Supplier and Customer Relationships - The company has a high dependency on a limited number of suppliers and customers, with the top five suppliers accounting for 48.1%, 88.1%, 92.3%, and 83.1% of total procurement during the reporting period [5] - The first major customer, "Customer A," is also a subsidiary of the main supplier, "Supplier A," indicating overlapping relationships [6] - Revenue from the top five customers represented 0%, 82.5%, 50.7%, and 51.4% of total revenue during the reporting period [5] Group 5: Financial Health - Shenxiang Technology's asset-liability ratio exceeded 100% throughout the reporting period, with total assets of 508 million, 1.348 billion, 2.556 billion, and 3.92 billion yuan, and total liabilities of 691 million, 1.92 billion, 3.804 billion, and 5.539 billion yuan [7] - Trade and other receivables increased from 39.4 million yuan at the end of 2022 to 1.415 billion yuan by mid-2025, primarily due to rapid sales growth of new energy heavy trucks [8]

Group 1: IPO Highlights - Pony AI Inc. (小马智行) completed a dual listing on the Hong Kong Stock Exchange on November 6, 2025, raising up to 7.7 billion HKD, marking the largest IPO in the global autonomous driving sector for 2025 [3][4] - Minglue Technology (明略科技) listed on the Hong Kong Stock Exchange on November 3, 2025, as the "first global Agentic AI stock," raising over 1 billion HKD with a subscription rate of 4452.86 times for public offerings [6][7] - WeRide (文远知行) went public on November 6, 2025, with a share price of 27.1 HKD, achieving a market response with a subscription rate of 73.44 times for public offerings, reflecting investor confidence in autonomous driving [10][11] Group 2: Company Profiles - Minglue Technology focuses on data intelligence applications and is recognized as the largest data intelligence application software provider in China by revenue for 2024 [6][19] - WeRide is the only technology company with autonomous driving licenses in seven countries, emphasizing its commitment to safety and reliability in autonomous driving technology [10][11] - DeepWay (深向科技) submitted its prospectus for listing on November 6, 2025, specializing in smart road freight solutions and has delivered approximately 6,400 new energy heavy trucks since its inception [13][15] Group 3: Financial Performance - Minglue Technology's IPO raised over 1 billion HKD, with a strong demand reflected in the subscription rates [6][7] - DeepWay's revenue is projected to grow significantly, with a forecasted revenue of 1.967 billion CNY for 2024, representing a year-on-year increase of 362.5% [15] - Zhuozheng Medical (卓正医疗) updated its prospectus on November 5, 2025, reporting revenues of 6.96 billion CNY in the first eight months of the year, with a path to profitability achieved in 2024 [21][22] Group 4: Market Position - Minglue Technology is positioned as a leader in the Agentic AI sector, with a focus on enterprise-level applications [6][19] - WeRide's market presence spans 11 countries and over 30 cities, showcasing its global reach in autonomous driving [10][11] - Zhuozheng Medical ranks first in the number of cities covered and second in patient visits among private high-end medical service providers in China [21][22] Group 5: Investment and Growth - DeepWay has attracted investments from notable institutions and has a strong order backlog of approximately 1,400 trucks [15] - Zhuozheng Medical has received investments from prominent firms, including Tencent, which holds a 19.39% stake [22][23] - Berghaus (伯希和) aims to become the leading high-performance outdoor lifestyle brand in China, with a compound annual growth rate of 122.2% in net sales from 2022 to 2024 [26][28]

Core Viewpoint - 深向科技 has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales network expansion, infrastructure development, and working capital [1] Group 1: Company Overview - 深向科技, established in July 2020, focuses on new energy heavy trucks and intelligent road freight solutions, with significant market potential in the freight sector [2][3] - The company has recorded revenue growth from zero in 2022 to over 1.5 billion RMB in the first half of 2025, but has incurred cumulative losses exceeding 1.7 billion RMB during the same period [4][5] Group 2: Financial Performance - Revenue figures for 深向科技 during the reporting period were 0, 426 million, 1.97 billion, and 1.51 billion RMB, with corresponding losses of 267 million, 389 million, 675 million, and 371 million RMB [4][6] - Despite a 362.5% year-on-year revenue increase in 2024, the net loss expanded from 389 million RMB to 675 million RMB, indicating a "growth without profit" scenario [5] Group 3: Product and Market Position - The majority of 深向科技's revenue comes from two mass-produced new energy truck models, with the 深向星辰 model contributing most of the sales [3][4] - The company ranks tenth in the global new energy heavy truck market with a market share of 2.7%, delivering 509, 3002, and 2873 trucks in 2023, 2024, and the first half of 2025, respectively [2][3] Group 4: Customer and Supplier Dynamics - 深向科技's revenue is heavily reliant on a few key customers, with the top five customers contributing 82.5%, 50.7%, and 51.4% of revenue in 2023, 2024, and the first half of 2025 [7][8] - There is a notable overlap between suppliers and customers, particularly with a major customer also being a supplier, which raises potential concerns regarding business relationships [8][9] Group 5: Financial Health - The company has maintained an asset-liability ratio exceeding 100% throughout the reporting period, with total assets and liabilities growing significantly [10] - Trade and other receivables surged from 39.4 million RMB at the end of 2022 to 1.415 billion RMB by mid-2023, reflecting rapid sales growth but also increasing credit risk [11]