Core Viewpoint - Feishi Technology is attempting a second IPO on the Hong Kong Stock Exchange after failing to list on the Sci-Tech Innovation Board, focusing on electric drive solutions but has not yet achieved profitability [1] Group 1: Company Overview - Feishi Technology, established in 2001, is a global supplier of electric drive solutions, providing comprehensive and customized electric drive systems primarily for industrial control and new energy vehicles [1] - The company was previously unsuccessful in its IPO attempt on the Sci-Tech Innovation Board in 2021, where it aimed to raise 1.6 billion RMB [1] - As of 2024, Feishi Technology is the second-largest supplier of specialized electric drive solutions in China's industrial control sector and the sixth-largest third-party supplier of electric drive systems for passenger vehicles [1] Group 2: Financial Performance - Feishi Technology has not yet turned a profit, with projected revenues of 1.376 billion RMB, 1.243 billion RMB, and 1.5 billion RMB for 2022, 2023, and 2024 respectively, alongside losses of 130 million RMB, 112 million RMB, and 177 million RMB for the same years [1][2] - For the first half of 2025, the company reported a revenue increase of 58%, with losses narrowing, attributed to growth in its new energy vehicle solutions business, which increased its revenue share from 36.3% in 2024 to 60.4% [2] Group 3: Future Plans and Shareholder Structure - The company plans to increase investment in R&D, deepen its globalization strategy, and expand its application scenarios while building a top talent team through industry-academia collaboration [3] - The major shareholders include Ren Wenjie and Hu Jin, who collectively hold approximately 49.48% of the company, with other investors including Beijing-Tianjin-Hebei Fund and Shenzhen Saifu [3] - Feishi Technology transitioned from a Sino-foreign joint venture to a domestic enterprise in 2015, and established a research center in Italy in 2018 [3]

根据灼识咨询的资料，以销售收入计算，中国工业控制领域和可持续出行领域的电驱动解决方案的整体 市场规模，由2020年的1121亿元增至2024年的2217亿元，年复合增长率为18.6%。预计到2029年将达到 4129亿元，预计2024年至2029年的年复合增长率为13.2%。 2022年、2023年、2024年以及2025年上半年，菲仕技术分别实现营业收入13.76亿元、12.43亿元、15亿 元以及9.09亿元；分别实现净利润-1.3亿元、-1.12亿元、-1.77亿元以及-2126.1万元。 10月31日，宁波菲仕技术股份有限公司(简称"菲仕技术")向港交所递交上市申请书。2022年、2023年、 2024年以及2025年上半年，菲仕技术分别实现净利润-1.3亿元、-1.12亿元、-1.77亿元以及-2126.1万元。 业绩持续亏损 菲仕技术是电驱动解决方案供应商，主要提供综合及定制化的电驱动系统及解决方案，为全球多元化应 用场景提供动力。公司的电驱动解决方案广泛应用于工业控制及新能源汽车领域。 根据灼识咨询的资料，菲仕技术是国内少数能够提供涵盖三大层级的一体化解决方案的电驱动供应商之 一。 截至2025 ...

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for its electric drive solutions business, particularly in the industrial control and new energy vehicle sectors [3]. Company Overview - Founded in 2001, Feishi Technology is a global supplier of electric drive solutions, providing integrated and customized electric drive systems [3]. - The company previously attempted to list on the STAR Market in 2021 but was unsuccessful in raising 1.6 billion RMB [3]. Financial Performance - Feishi Technology has not yet achieved profitability, with revenues of 1.376 billion RMB in 2022, 1.242 billion RMB in 2023, and projected revenues of 1.500 billion RMB in 2024 [4]. - The company reported losses of 1.300 billion RMB in 2022, 1.121 billion RMB in 2023, and is projected to incur a loss of 1.777 billion RMB in 2024 [4]. - For the first half of 2025, revenue increased by 58%, primarily driven by the growth in new energy vehicle solutions, which accounted for 60.4% of total revenue [5]. Market Position - Feishi Technology is the second-largest supplier of specialized electric drive solutions in China's industrial control sector, based on projected sales revenue for 2024 [3]. Client Concentration Risk - The company faces client concentration risk, with a significant portion of its revenue derived from a few major clients, particularly in the new energy vehicle sector [5]. R&D and Acquisitions - As of June 30, 2025, Feishi Technology employed 366 R&D personnel, representing 26.1% of its total workforce [5]. - In 2024, the company acquired Italy's NGTEC to enhance its robotics technology and strengthen its position in industrial automation [5]. Ownership and Management - The company is controlled by its Chairman and CEO, Ren Wenjie, and his spouse, holding a combined 49.48% stake [6]. - The board consists of 10 members, including 4 executive directors, with Ren Wenjie being a long-term leader since the company's inception [6].

| 纂]的[编纂]數目 : | [编纂]股H股(視乎[編纂] | | --- | --- | | | 行使與否而定) | | [編纂]數目 | [编纂]股H股(可予[編纂]) | | [編纂]數目 : | [編纂]股H股(可予[編纂]及 | | | 視乎[編纂]行使與否而定) | | 最高[編纂] : | 每股H股[编纂],另加1.0%經紀 | | | 佣金 · 0.0027%證監會交易徵費 · | | | 0.00015%會財局交易徵費及 | | | 0.00565%聯交所交易賽(須於申請時 | | | 以港元繳足,多繳股款可予退還) | | ... 直值 | 每股H股人民幣[1.00]元 | | | 截至最後實際可行日期 | | | 【编纂]購股權計劃項下的購股權未獲行使) | | | --- | --- | --- | --- | --- | --- | | | 持有的未上市 | 概約所有權 | 持有的未上市 | | 概約所有權 | | 股票 | 股份數目 | 百分比 | 股份數目 | 持有的H 股數目 | 直分比 | | 任文傑先生 | 35.282.269 | 22.17% | [贈臺] | [岩覆 ...

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1]. Company Overview - Ningbo Feishi is a leading supplier of electric drive solutions in China, providing integrated and customized electric drive systems and solutions for diverse global applications. The company's products are characterized by high precision, high efficiency, and high torque, and are widely used in various basic industrial fields [3]. Market Position - According to data from Zhaoshang Consulting, Ningbo Feishi is the second-largest supplier of specialized electric drive solutions in China's industrial control sector based on sales revenue for 2024. It is also the third-largest third-party supplier of electric drive systems for passenger vehicles in China based on sales volume for the same year [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024, as well as for the six months ending June 30, 2024, and 2025, is as follows: - 2022: RMB 1,376.2 million - 2023: RMB 1,242.8 million - 2024: RMB 1,500.4 million - 6 months ending June 30, 2024: RMB 575.5 million - 6 months ending June 30, 2025: RMB 909.2 million [6][7]. - The gross profit increased from RMB 114.0 million in 2022 to RMB 242.0 million in 2024, with a compound annual growth rate of 45.7%. For the six months ending June 30, 2024, the gross profit was RMB 98.1 million, growing to RMB 133.1 million by the same period in 2025 [6]. Future Plans - The company plans to continue increasing investment in research and development to maintain technological leadership, deepen its globalization strategy, leverage existing technology for new applications, build a top talent team through industry-academia collaboration, and achieve both horizontal capacity expansion and vertical industry chain layout [5]. Industry Outlook - The market size for electric drive solutions in China is expected to grow from RMB 38.4 billion in 2024 to RMB 85.6 billion by 2029, with a compound annual growth rate of 13.2% [5].

智通财经APP获悉，据港交所10月31日披露，宁波菲仕技术股份有限公司向港交所主板提交上市申请书，中金公司为独家保荐人。 于2022年、2023年、2024年以及截至2024年及2025年6月30日止六个月，我们的经调整息税折旧摊销前利润(非香港财务报告准则计量)分 别为负人民币30.2百万元、负人民币1.9百万元、人民币54.8百万元、人民币9.6百万元及人民币38.4百万元，且我们的经调整息税折旧摊 销前利润率(非香港财务报告准则计量)分别为负2.2%、负0.2%、3.7%、1.7%及4.2%。 | [编纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | | | | --- | --- | --- | | 行使與否而定) | | | | [編纂]數目 | .. | [編纂]股H股(可予[編纂]) | | [編纂]數目 | | : [編纂]股H股(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | | | 最高[編纂] : 每股H股[編纂],另加1.0%經紀 | | | | 佣金、0.0027%證監會交易徵費、 | | | | 0.00015%曾射局交易徵費及 | | | | 0.00565％ ...