Group 1: Company Overview - Shenzhen is a significant base for China's high-tech industry, known as "China's Silicon Valley," housing major tech companies like Huawei and Tencent, and has over 400 A-share listed companies [1] - Haoying Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, with Guolian Minsheng Securities as the sponsor [1][19] - The company specializes in the research, production, and sales of drone power systems, which are critical components that determine the safety, reliability, and performance of drones [1][4] Group 2: Business Performance - From 2022 to the first half of 2025, the revenue share from drone power systems increased from 39.94% to 75.57%, while the share from other systems decreased [4][5] - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 468 million, 546 million, 738 million, and 580 million respectively, with net profits of about 82 million, 94 million, 152 million, and 139 million [15] - The comprehensive gross margin for the same periods was 44.88%, 45.68%, 47.41%, and 44.85%, indicating some fluctuations influenced by sales prices and production costs [15] Group 3: Market Dynamics - The global drone power system market is projected to reach 10.308 billion in 2024, with a compound annual growth rate (CAGR) of 19.05% from 2019 to 2024 [15] - The Chinese drone market is expected to reach 110.849 billion in 2024, accounting for 57.19% of the global market, with industry-level drones growing faster than consumer-level drones [11] - Haoying Technology holds a global market share of 4.12% in drone power products, ranking among the top tier of third-party suppliers [17] Group 4: Competitive Landscape - The consumer drone market is dominated by DJI, while the industry-level drone market is still developing with a diverse competitive landscape [17] - The company faces competition from both self-manufactured drone power systems by drone manufacturers and third-party suppliers [17] - The supply chain includes upstream raw material producers and downstream drone manufacturers, with potential risks from self-manufacturing by clients [6][7][8] Group 5: Future Prospects - The company plans to raise 1.96 billion for projects including a high-end power system smart industrial park and R&D center upgrades [20][22] - The company has a history of cash dividends, distributing approximately 20 million in 2022 and 2024, and 30 million in the first half of 2025 [20] - The company is positioned to benefit from the rapid rise of the low-altitude economy and the expansion of drone applications [20]

Core Viewpoint - Shenzhen Haoying Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.96 billion yuan [1] Company Overview - Haoying Technology is a leading manufacturer of drone power systems, focusing on the R&D, production, and sales of integrated power systems, electronic controls, motors, and propellers [1] - The company emphasizes self-research across the entire technology stack and is advancing high-end power technologies for heavy-lift drones and large eVTOLs [1] - The company has a strong market position, ranking in the first tier among third-party suppliers, with a projected global market share of 4.12% for its drone power products in 2024 [1] Competitive Landscape - The low-altitude economy is thriving, with a competitive landscape characterized by low market concentration and numerous participants in the drone power market [1] - The drone power sector is talent and technology-intensive, integrating multiple disciplines such as electronic science, computer science, software engineering, electrical engineering, electromagnetics, solid mechanics, and fluid mechanics [1] Performance in Model Racing - In the model racing sector, Haoying Technology is a leading enterprise, with its power products helping racers win 64 championships in top global model car competitions since 2022 [2] - The company holds a global market share of 23.09% in the model racing power system sector for 2024, ranking first worldwide [2] Fund Utilization - The funds raised will be allocated to the following projects: - High-end power system smart industrial park project (Phase I): 1.33 billion yuan - Haoying R&D center upgrade project: 485 million yuan - Working capital supplement: 160 million yuan - Total investment for these projects is approximately 1.97 billion yuan [2] Financial Performance - Revenue and net profit figures for Haoying Technology are as follows: - 2022: Revenue of 468 million yuan, net profit of 81.89 million yuan - 2023: Revenue of 546 million yuan, net profit of 94.18 million yuan - 2024: Revenue of 738 million yuan, net profit of 152 million yuan - 2025 (Jan-Jun): Revenue of 580 million yuan, net profit of 139 million yuan [2][3] - The company's total assets and equity have shown significant growth from 2022 to 2025, with total assets reaching approximately 953 million yuan by mid-2025 [3] - The company maintains a healthy financial position with a debt-to-asset ratio of 22.88% as of mid-2025 [3]