Core Viewpoint - The article highlights the progress of Deep Blue Technology Co., Ltd. towards its IPO, aiming to become the first publicly listed underwater robotics company in China, with a fundraising target of 1.5 billion yuan [2]. Group 1: Company Overview - Deep Blue Technology has transitioned to "acceptance of guidance" status in its IPO process, with CICC as the guiding institution, after submitting its IPO guidance record in October 2023 [2]. - The company was founded by Wei Jiancang, who identified a gap in the domestic underwater robotics market in 2013, leading to the development of indigenous underwater robots [2]. - The product matrix includes cable-controlled underwater robots, autonomous vehicles, and underwater gliders, which have been successfully utilized in critical fields such as marine scientific research and emergency rescue [3]. Group 2: Financial Performance - Deep Blue Technology has seen strong revenue growth, with revenues of 141 million yuan, 235 million yuan, and 251 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 33.23% [5]. - As of mid-2025, the company reported revenues of 141 million yuan, matching its total revenue for 2022, indicating significant market penetration in both consumer and industrial sectors [5]. - Despite cumulative undistributed profits of -622 million yuan by mid-2025, the net loss has been narrowing, from 134 million yuan in 2022 to 6.7 million yuan in the first half of 2025, with expectations of profitability by 2026 [5]. Group 3: Market Dynamics - The global underwater robotics market is experiencing explosive growth, with China's market size increasing from 1.24 billion yuan in 2018 to 6.27 billion yuan in 2022, projected to exceed 30 billion yuan by 2027 [6]. - The underwater robotics market is categorized into defense, industrial, and consumer segments, with high barriers to entry in the defense and industrial sectors, while the consumer market is highly competitive [6]. - Key technological areas for future competition include acoustic sensors and navigation systems, which are critical for operational stability and core competitiveness in the underwater robotics industry [6]. Group 4: Industry Outlook - The rise of Deep Blue Technology reflects the growing interest and investment in the underwater robotics sector, which is supported by government initiatives and capital market trends [4]. - The company’s IPO is seen as a significant milestone that will contribute to the development of the domestic underwater robotics industry, transitioning from a follower to a leader in the global market [6].

Core Viewpoint - The article highlights the growing interest and investment in the underwater robotics sector, particularly focusing on the company Deep Blue Technology, which is on the verge of becoming the first publicly listed underwater robotics company in China with an IPO plan to raise 1.5 billion yuan [5][7]. Company Overview - Deep Blue Technology has transitioned to the "Acceptance of Guidance" status for its IPO, with the guidance provided by China International Capital Corporation [6]. - The company aims to raise 1.5 billion yuan through its IPO, which, if successful, will mark a significant milestone as the first underwater robotics stock in China [7]. - Founded by Wei Jiancang, who has a strong technical background, Deep Blue Technology focuses on developing domestic underwater robotics capabilities, addressing a market that has been largely overlooked in China [9]. Product and Market Position - Deep Blue Technology has developed a diverse product line, including cable-controlled underwater robots, autonomous underwater vehicles, and underwater gliders, which are utilized in marine scientific research, hydropower, and emergency rescue operations [9][10]. - The company also has a consumer brand, Sublue, offering underwater sports products that have gained international traction, being sold in over 70 countries [10]. Financial Performance - The company has shown strong revenue growth, with revenues of 141 million yuan in 2022, projected to reach 235 million yuan in 2023 and 251 million yuan in 2024, reflecting a compound annual growth rate of 33.23% [13]. - As of mid-2025, the company reported revenues of 141 million yuan, matching the total for 2022, indicating a critical phase of revenue scale expansion [13]. - Despite high R&D costs leading to accumulated losses of 622 million yuan by mid-2025, the net loss has significantly decreased from 134 million yuan in 2022 to 6.78 million yuan in the first half of 2025 [13][14]. Industry Trends - The underwater robotics market in China has grown from 1.24 billion yuan in 2018 to 6.27 billion yuan in 2022, with expectations to exceed 30 billion yuan by 2027 [14]. - The global deep-sea robotics market is projected to reach 420 billion yuan by 2028, with the engineering service market potentially reaching 15 trillion yuan [14]. - The industry is characterized by high barriers to entry in defense and industrial-grade robotics, while the consumer market remains competitive but more mature internationally [14]. Investment Landscape - Over 40 investors, including Lei Jun, have shown interest in Deep Blue Technology, which has completed over ten rounds of financing, raising more than 1.3 billion yuan to date [8][10]. - The company has a strong and diversified shareholder structure, with the founder holding 23.64% of the shares, and institutional investors including Shenchuang Investment and others holding significant stakes [10].