Core Viewpoint - METALIGHT, known as the "first stock of intelligent time-series data," experienced a significant drop of over 30% on its first day of trading in Hong Kong, leading to a substantial decrease in market value due to concerns over its business model and governance issues [1][2]. Financial Performance - The company reported cumulative losses exceeding 66 million yuan over three years, with a revenue structure heavily reliant on mobile advertising, accounting for 98% of total income [1][2]. - Revenue projections for 2022 to 2024 are 135 million yuan, 175 million yuan, and 206 million yuan, respectively, with a compound annual growth rate of 23.5%. However, net profits are projected to be negative at -20 million yuan, -20 million yuan, and -26 million yuan for the same period [2][5]. Revenue Structure - Mobile advertising revenue is projected to be 115 million yuan, 168 million yuan, and 202 million yuan from 2022 to 2024, representing 85.2%, 96.2%, and 98% of total revenue, respectively [2][18]. - The company faces high customer concentration, with revenue from the top five clients accounting for approximately 74.4%, 72.4%, and 68.2% of total revenue from 2022 to 2024 [3]. User Growth and Market Position - The "车来了" app has 298 million registered users as of 2024, with a monthly active user count of approximately 29 million, but the growth rate for new users has slowed significantly [4][5]. - The app's coverage has expanded to 466 cities, but the growth rate has decreased from 10.37% to 4.25% [5]. Competitive Landscape - METALIGHT is the third-largest public transport information service provider in China, with a market share of 9.6%, while competitors like Gaode Map and Baidu Map hold 20.4% and 12.4% market shares, respectively [15][16]. - The company faces competition from other specialized services and integrated platforms that offer more comprehensive solutions [16]. Management and Governance Issues - The founder, Shao Lingshuang, was convicted for illegally obtaining commercial data, raising concerns about corporate governance [1][11]. - The management structure has changed significantly, with the current CEO, Sun Xi, holding 21.15% of shares, while the founder's stake has decreased to 4.46% [13][14]. Investment and Funding History - The company has seen significant capital withdrawal from early investors, including a complete exit by Shunwei Capital prior to its IPO [12][13]. - The funding history includes investments from major players like Alibaba and Didi, but recent trends indicate a cautious approach from institutional investors [12][13]. Future Outlook - The reliance on a single revenue stream from mobile advertising poses risks, especially in a competitive and regulated environment [20]. - The company's ability to diversify its revenue and enhance its technological capabilities will be critical for future growth [19][20].

6月10日，METALIGHT元光科技（HK:02605，下称"元光科技"或"METALIGHT"）在港交所上市，发行价为每股发售股份9.75港元，全球发售2485.6万股， 募资总额约为2.42亿港元，募资净额约1.60亿港元。 上市首日，METALIGHT即跌破IPO发行价。6月10日开盘，METALIGHT的股价报7.60港元/股，较发行价下跌22.05%。随后，跌幅进一步扩大，一度报6.99 港元/股。截至贝多财经发稿前，暂报7.15港元/股，跌幅为26.67%，市值约11亿港元。 据贝多财经了解，METALIGHT为车来了APP母公司（中文名为"元光科技"），后者为一个提供实时公交信息的线上平台。元光科技在招股书中称，"车来 了"提供实时、准确的公交车到达信息。 业绩方面，2022年、2023年和2024年，元光科技的收入分别为人民币1.35亿元、1.75亿元和2.06亿元，净亏损分别约2003.7万元、2032.8万元和2613.8万元， 经调整净利润分别约981.4万元、4649.5万元和5421.9万元。 同时，WeBus Light持股10.15%，WeBus Data持股1.84%，元光科 ...