二、请按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求说明本次 发行上市方案，备案材料及招股说明书关于发行上市方案内容不一致的原因。 三、请就发行人实施股权激励计划的价格公允性、是否存在利益输送出具明确结论性意见。 中国证监会请欢创科技补充说明以下事项，请律师核查并出具明确的法律意见： 六、请说明本次拟参与"全流通"股东所持股份是否存在质押、冻结或其他权利瑕疵的情形。 一、请说明最近12个月内新增股东入股价格的合理性，该等入股价格之间存在差异的原因，是否存在利 益输送。 四、请说明发行人及下属公司经营范围涉及广告业务的情况，是否实际开展广告业务及具体运营情况。 11月21日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月17日—2025年11月21日)》。 中国证监会国际司公示7家企业补充材料要求，其中，公示提到要求欢创科技补充说明最近12个月内新 增股东入股价格的合理性等。据港交所9月29日披露，深圳市欢创科技股份有限公司(简称：欢创科技) 向港交所主板提交上市申请书，联席保荐人为中金公司（601995）、国信证券(香港)。 五、请说明国信资本、青岛国投、青岛微电 ...

智通财经APP获悉，11月21日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月17日— 2025年11月21日)》。中国证监会国际司公示7家企业补充材料要求，其中，公示提到要求欢创科技补充 说明最近12个月内新增股东入股价格的合理性等。据港交所9月29日披露，深圳市欢创科技股份有限公 司(简称：欢创科技)向港交所主板提交上市申请书，联席保荐人为中金公司、国信证券(香港)。 招股书显示，欢创科技是一家全球领先的高精度空间感知解决方案的公司，凭借AI技术构建智能空间 感知体系，为智能机器人提供高精度算法及相关硬件。根据灼识咨询的资料，按2024年收入计，公司是 全球扫地机器人空间感知解决方案领域的翘楚公司，尤其于2024年收入及出货量方面在扫地机器人激光 雷达产品领域维持领先地位，出货量约为800万台，按出货量计的市场份额超过50%。自成立以来，累 计出货量合共超过2500万台。借此强劲势头，2025年上半年继续稳健增长，激光雷达及线激光传感器总 出货量分别超过500万台及200万台。 三、请就发行人实施股权激励计划的价格公允性、是否存在利益输送出具明确结论性意见。 四、请说明发行人及下属公司经 ...

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]