Core Viewpoint - 深向科技 is seeking to go public on the Hong Kong Stock Exchange, emphasizing its competitive advantage in the "forward-defined" electric heavy truck segment, but faces significant challenges due to ongoing losses and intense competition in the new energy heavy truck market [1][4]. Company Overview - 深向科技 focuses on developing new energy heavy trucks and intelligent road freight solutions, with a market share of only 3.1% projected for 2024, despite being a leader in the forward-defined truck segment [2][4]. - The company was founded in July 2020 in Hefei, Anhui Province, by Wan Jun's Lion Bridge Logistics and Baidu, with initial ownership stakes of approximately 51% and 49% respectively [2][3]. Financial Performance - 深向科技 has reported significant losses since its commercialization, with total losses reaching 17.01 billion yuan over three and a half years, driven by high research and development, administrative, and sales expenses [4][5]. - Revenue projections for 2023, 2024, and the first half of 2025 are 4.26 billion yuan, 19.69 billion yuan, and 15.06 billion yuan, respectively, but net losses for the same periods are 3.89 billion yuan, 6.75 billion yuan, and 3.71 billion yuan [4][5]. Market Position and Competition - The new energy heavy truck market is highly competitive, with over 20 companies capable of mass production, and traditional manufacturers maintaining cost advantages [1][2]. - 深向科技's focus on forward-defined trucks positions it uniquely, as it aims to address systemic issues in the freight industry, with a projected market size of 806 billion USD by 2030 [7][8]. Strategic Partnerships and Investments - The company has undergone 11 rounds of financing, raising over 2.4 billion yuan, with significant investments from Baidu and other major institutions [3]. - 深向科技 has established a deepening partnership with Baidu, which includes licensing agreements for technology and services, indicating a strong collaborative foundation [3]. Future Outlook - The company aims to enhance its research and development, sales, and operational capabilities through the funds raised from its IPO, which is critical for its sustainable development [6][8]. - Despite its first-mover advantages, 深向科技 must address its financial challenges and reliance on a limited product range to avoid losing investor confidence [8].