Core Viewpoint - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, specifically addressing Shenzhen Huanchuang Technology Co., Ltd. (Huanchuang Technology) regarding the rationality of recent shareholder investment prices and other compliance issues [1][2]. Group 1: Regulatory Requirements - CSRC has requested Huanchuang Technology to clarify the rationality of the investment prices of new shareholders over the past 12 months, including reasons for any discrepancies and potential related-party transactions [1]. - The company must explain inconsistencies between the proposed listing plan and the materials submitted, as per the regulatory guidelines [1]. - A legal opinion is required regarding the fairness of the stock incentive plan's pricing and any potential related-party transactions [1]. Group 2: Company Overview - Huanchuang Technology is a global leader in high-precision spatial perception solutions, utilizing AI technology to build intelligent spatial perception systems for smart robots [2]. - According to ZhiShi Consulting, the company is a top player in the global market for spatial perception solutions for robotic vacuum cleaners, maintaining a market share of over 50% in laser radar products with an estimated shipment of 8 million units in 2024 [2]. - Since its establishment, Huanchuang Technology has shipped a total of over 25 million units, with continued robust growth in the first half of 2025, achieving total shipments of over 5 million laser radars and 2 million line laser sensors [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, including a request for Huanchuang Technology to clarify the reasonableness of the share price for new shareholders in the last 12 months [1] - Huanchuang Technology has submitted a listing application to the Hong Kong Stock Exchange, with CICC and Guosen Securities (Hong Kong) as joint sponsors [1] - The CSRC has requested legal opinions on several matters, including the fairness of the share price for the equity incentive plan and the operational status of the advertising business [1][2] Group 2 - Huanchuang Technology is a leading global provider of high-precision spatial perception solutions, utilizing AI technology to build intelligent spatial perception systems for smart robots [2] - According to Frost & Sullivan, Huanchuang Technology is a market leader in the laser radar product segment for robotic vacuum cleaners, with a shipment volume of approximately 8 million units in 2024, capturing over 50% of the market share by shipment volume [2] - The company has achieved a cumulative shipment volume of over 25 million units since its establishment and continues to show steady growth in the first half of 2025, with total shipments of laser radar and line laser sensors exceeding 5 million and 2 million units, respectively [2]

Core Viewpoint - The article discusses the struggles of HuanChuang Technology, a hard-tech company that has applied for an IPO in Hong Kong, highlighting its impressive revenue growth juxtaposed with persistent losses and declining profit margins [1][5]. Group 1: Company Overview - HuanChuang Technology specializes in providing high-precision spatial perception solutions, primarily through its laser radar products, which are widely used in household robotic vacuum cleaners [3]. - The company has established a strong market position, with projections indicating it will ship 8 million laser radars for robotic vacuums in 2024, capturing over 50% of the global market share [3]. Group 2: Financial Performance - Revenue increased from 146 million in 2022 to 292 million in the first half of 2025, yet net profits have remained negative, accumulating losses exceeding 60 million [1][5]. - The gross profit margin has declined from 17.8% in 2022 to 13.2% in the first half of 2025, indicating significant pressure on profitability [1][6]. Group 3: Dependency Issues - HuanChuang relies heavily on a single product, with 90% of its revenue coming from one type of laser radar, which limits its risk management capabilities [8]. - The company also faces high customer concentration, with its largest client contributing 44.3% of total revenue in 2022, raising concerns about potential revenue volatility if major clients are lost [10]. Group 4: R&D and Production Challenges - Despite increasing R&D investments, the company struggles to convert these efforts into profitable new products, with new offerings like dTOF and line laser sensors showing low gross margins of 3.1% and 7.4%, respectively [8][10]. - Production capacity utilization has declined, with the utilization rate of its Shenzhen facility dropping from 93.5% in 2022 to 75% in the first half of 2025, further impacting profitability [11]. Group 5: Future Prospects - HuanChuang plans to use funds from its IPO to enhance R&D, improve manufacturing capabilities, and supplement working capital, aiming to address its current challenges [16][18]. - The company has completed 11 rounds of financing, indicating strong investor interest, but still faces significant challenges in achieving profitability in a competitive hard-tech landscape [18].

Core Viewpoint - Shenzhen Huanchuang Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its advanced AI-driven spatial perception solutions for smart robotics and other industries [1][2]. Company Overview - Founded in 2013, Huanchuang Technology specializes in high-precision spatial perception solutions, utilizing AI technology to develop intelligent spatial perception systems [1]. - The company offers a diverse product matrix including traditional triangulation laser radar, dTOF laser radar, 3D TOF laser radar, and line laser sensors, catering to various sectors such as smart robotics, XR, and industrial inspection [1]. Client Relationships - Huanchuang Technology has established long-term relationships averaging over five years with major clients in the smart robotics sector, serving as a core supplier for four of the top five robotic vacuum manufacturers [1]. - The company collaborates with well-known brands such as 360, Midea, Xiaomi, Roborock, ZhiMi, iQIYI, and Qualcomm [1]. Market Position - According to ZhiShi Consulting, Huanchuang Technology is a leading company in the global spatial perception solutions market for robotic vacuums, maintaining a leading position in revenue and shipment volume, with an estimated shipment of approximately 8 million units in 2024 [1]. Financial Performance - The company reported revenues of 146 million yuan, 332 million yuan, 433 million yuan, and 292 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Net profits for the same periods were -28.7 million yuan, -0.883 million yuan, -31.4 million yuan, and -4.16 million yuan, indicating ongoing financial challenges [2]. - Gross margins were recorded at 17.8%, 21.5%, 16.3%, and 13.2% for the respective years [2]. Research and Development - Huanchuang Technology has consistently invested in R&D, with costs of 36 million yuan, 55 million yuan, 77 million yuan, and 30 million yuan for the years 2022, 2023, 2024, and the first half of 2025 [2]. - The company emphasizes the need for substantial resources in R&D to expand its product portfolio and ensure market competitiveness [2]. Customer Dependency - Revenue from the largest customer accounted for 44.3%, 37.1%, 36.1%, and 35.8% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, indicating a significant reliance on a limited number of clients [3]. - The loss of one or more major customers could adversely affect the company's business and financial condition [3]. IPO Fund Utilization - The funds raised from the IPO will be used to enhance R&D capabilities, strengthen core technology and sensor solution product development, improve manufacturing capacity, and support working capital and general corporate purposes [3].

Core Viewpoint - The Hong Kong stock market is experiencing a surge in robot company listings, with Shenzhen Huanchuang Technology Co., Ltd. being a leading player in the laser radar solutions sector for robotic applications, having filed for an IPO on September 29 [1][10]. Company Overview - Huanchuang Technology is recognized as a leader in the global space perception solutions for robotic vacuum cleaners, holding over 50% market share in laser radar product shipments, with approximately 8 million units shipped [1][2]. - The company has established a comprehensive product line in the intelligent robot sector, including various types of laser radar and line laser sensors, applicable in multiple scenarios such as smart robots and industrial detection [2][3]. Financial Performance - Revenue is projected to grow from 146 million RMB in 2022 to 433 million RMB in 2024, with a significant increase to 292 million RMB in the first half of 2025; however, the company has faced fluctuating losses during this period [1][4][6]. - The gross margin has shown volatility, ranging from 13.2% to 21.5%, influenced by the introduction of new products and competitive pricing strategies [4][6]. Research and Development - The company has invested heavily in R&D, with costs rising from 36.5 million RMB in 2022 to 76.7 million RMB in 2024, indicating a commitment to innovation and product competitiveness [6][10]. - Huanchuang Technology has developed proprietary AI algorithms and sub-millimeter AI spatial data processing chips, enhancing the performance of its products under varying environmental conditions [3][6]. Market Dynamics - The global market for space perception solutions is expected to grow from 10.1 billion RMB in 2020 to 16.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 12.3% [7][9]. - The Chinese market for intelligent robot space perception solutions is projected to expand from 4.7 billion RMB in 2020 to 10.8 billion RMB in 2024, with a CAGR of 22.8% [9]. Competitive Landscape - Despite being the top player in the intelligent robot space perception solutions market, Huanchuang Technology holds only a 1.7% market share, indicating a highly fragmented competitive environment [9][10]. - The company ranks first in the laser radar solutions market for robotic vacuum cleaners, with approximately 70% of such devices utilizing laser radar technology [9][10].

Core Viewpoint - HuanChuang Technology has submitted its application to the Hong Kong Stock Exchange, with CICC and Guosen Securities Hong Kong as joint sponsors [1] Group 1: Market Position - According to Zhaoshang Consulting, HuanChuang Technology is the leading player in the global space perception solutions for robotic vacuum cleaners, holding over 50% market share in the LiDAR product segment based on 2024 revenue projections [1] Group 2: Product Offerings - The company has a diversified product matrix that includes traditional triangulation LiDAR, dTOF LiDAR, 3D TOF LiDAR, and line laser sensors [1] - HuanChuang Technology possesses self-developed sub-millimeter AI spatial data processing chip design and core AI algorithm capabilities [1] Group 3: Technological Innovation - The company utilizes a unique consumer-grade CIS combined with self-developed ASIC chip technology, achieving cost-effectiveness, high positioning accuracy, and commercial scalability [1] - HuanChuang Technology's AI-enabled solutions can address environmental challenges such as lighting, materials, and textures, enabling sub-millimeter high-precision measurements and supporting wireless updates [1] Group 4: Client Relationships - The company has established long-term partnerships with major clients in the smart robotics sector, serving as a core supplier to four of the top five robotic vacuum cleaner companies [1]

香 港 聯 合 交 易 所 有 限 公 司 與 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 意 見，並 明 確 表 示 概 不 就 因 本 申 請 版 本 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損失承擔任何責任。 SHENZHEN CAMSENSE TECHNOLOGIES CO., LTD. 深圳市歡創科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、 接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條 例 送 呈 香 港 公 司 註 冊 處 處 長 登 記 前，本 ...