近日，镁佳股份有限公司（以下简称"镁佳股份"）在港交所递交招股书，中金公司、花旗和德意志银行担任联席保荐人。 公司尚未盈利 3年亏损超10亿元 镁佳股份是一家汽车科技公司，致力于重塑未来出行。公司专注于研发并交付以人工智能(AI)为核心的集成式域控解决方案，助力主机厂打造下一代软件定 义汽车。 据招股书，2022年-2024年，镁佳股份实现收益分别为3.88亿元、15.13亿元、14.2亿元；年度亏损分别为4.23亿元、3.57亿元、2.91亿元。2024年营收略有下 降，公司称是终止与部分不符合长期发展目标客户合作的一次性影响。 庄莉于2016年7月至2019年6月期间担任上海蔚来汽车有限公司的附属公司的副总裁，主要负责软件开发部门的车辆软件开发。于2015年4月至2016年7月担任 猎豹移动公司工程副总裁，主要负责技术产品开发。庄莉于2013年12月至2015年3月在雅虎公司担任个性化推荐总监，主要负责软件开发。庄莉于2008年9月 至2013年12月在微软亚洲研究院担任研究员，主要负责技术开发。 庄莉分别于2000年7月及2002年7月获得中国清华大学计算机科学与技术学士学位及计算机应用技术硕士学位，并 ...

瑞财经 吴文婷近日，镁佳股份有限公司（以下简称"镁佳股份"）在港交所递交招股书，中金公司、花旗和德意志银行担任联席保荐人。 镁佳股份是一家汽车科技公司，致力于重塑未来出行。公司专注于研发并交付以人工智能(AI)为核心的集成式域控解决方案，助力主机厂打造下一代软件定 义汽车。 据招股书，2022年-2024年，镁佳股份实现收益分别为3.88亿元、15.13亿元、14.2亿元；年度亏损分别为4.23亿元、3.57亿元、2.91亿元。 目前，董事会将由七名董事组成，包括三名执行董事、一名非执行董事及三名独立非执行董事。 庄莉于2016年7月至2019年6月期间担任上海蔚来汽车有限公司(NIO Inc.（一间于纽约证券交易所(NYSE: NIO)、联交所(股份代号:9866.HK)及新加坡交易所 (SGX: NIO)上市的公司)的附属公司)的副总裁，主要负责软件开发部门的车辆软件开发。庄莉于2015年4月至2016年7月担任猎豹移动公司(一间于纽约证券交 易所上市的公司(NYSE: CMCM))工程副总裁，主要负责技术产品开发。庄莉于2013年12月至2015年3月在雅虎公司(一间于纳斯达克 上市的公司(Nasdaq ...

文/瑞财经 程孟瑶 2019年6月，庄莉的人生迎来重大转折，从蔚来副总裁变身为创业明星。 离开蔚来汽车后，庄莉在2019年8月成为汽车软件初创公司镁佳科技的CEO；6年后Megatronix Inc.（简称：镁佳股份）横空出世，47岁的庄莉试图借资本 东风，为梦想添火。 镁佳股份是一家致力于重塑未来出行，专注研发并交付以人工智能（AI）为核心的集成式域控解决方案的汽车科技公司。全球智能化的大趋势，以及与 丈夫周枫在创投圈"神仙眷侣"的身份，让镁佳股份此次赴港吸引了不少眼球。 在庄莉的带领下，镁佳股份短时间内取得了显著的成长，在行业内建立了良好的口碑，营收节节攀升，2021年收入突破亿元，2023来到15亿元，不过2022 年-2024年连续三年累亏超10亿元，经营活动现金流持续流出，给庄莉的创业之路带来不小挑战。 镁佳股份的核心竞争力在于其自主研发的人工智能域控解决方案，这一创新技术需要不断的研发投入来优化产品性能，重研发也是镁佳股份一路成长的护 城河，截至2024年12月31日，其研发及执行团队占员工总数78.0%。 赴港IPO前的最后一轮融资，镁佳股份估值已逼近10亿美元。 01 从蔚来副总裁到创业明星 ...

近日，镁佳股份有限公司(简称：镁佳股份)向港交所主板递交上市申请，中金公司（601995）、花旗、 德意志银行为其联席保荐人。 自成立以来，镁佳股份获得了多家知名机构的投资，包括M31资本、之路资本、南山资本、红点创投、 慕华科创、山行资本、大湾区共同家园发展基金、中移北京基金、中关村集团、元禾等。截至D+轮融 资，镁佳股份投后估值达9.31亿美元(约合人民币67亿元)。 招股书显示，镁佳股份是中国智能汽车行业中首批开发完全标准化、模块化、软件驱动的集成式域控解 决方案的企业、行业首家实现由单颗车规级主控芯片驱动的智能座舱+泊车一体化解决方案量产的第三 方供货商，还是仅有的两家能够提供整合于智能座舱解决方案的全场景智能语音系统的第三方供货商之 一，语音识别准确率达到99%的业界最高水平。 当前，汽车行业正加速向智能化、电动化、网联化方向转型，智能汽车产业链迎来黄金发展期。在此背 景下，镁佳股份本次IPO将获得市场密切关注。 AI智能座舱+模块化软件营收年复合增长率超90% 公开资料显示，镁佳股份是一家创新驱动的领先汽车科技公司，致力于重塑未来出行。公司专注于研发 并交付以人工智能(AI)为核心的集成式域控解决 ...

近日，镁佳股份有限公司(简称：镁佳股份)向港交所主板递交上市申请，中金公司、花旗、德意志银行 为其联席保荐人。 自成立以来，镁佳股份获得了多家知名机构的投资，包括M31资本、之路资本、南山资本、红点创投、 慕华科创、山行资本、大湾区共同家园发展基金、中移北京基金、中关村集团、元禾等。截至D+轮融 资，镁佳股份投后估值达9.31亿美元(约合人民币67亿元)。 招股书显示，镁佳股份是中国智能汽车行业中首批开发完全标准化、模块化、软件驱动的集成式域控解 决方案的企业、行业首家实现由单颗车规级主控芯片驱动的智能座舱+泊车一体化解决方案量产的第三 方供货商，还是仅有的两家能够提供整合于智能座舱解决方案的全场景智能语音系统的第三方供货商之 一 ，语音识别准确率达到99%的业界最高水平。 当前，汽车行业正加速向智能化、电动化、网联化方向转型，智能汽车产业链迎来黄金发展期。在此背 景下，镁佳股份本次IPO将获得市场密切关注。 AI智能座舱+模块化软件 营收年复合增长率超90% 公开资料显示，镁佳股份是一家创新驱动的领先汽车科技公司，致力于重塑未来出行。公司专注于研发 并交付以人工智能(AI)为核心的集成式域控解决方案，助力主 ...

Core Viewpoint - Magnesium Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, expanding product offerings, and improving sales networks, despite facing significant financial losses and liquidity risks [1][10]. Financial Performance - From 2022 to 2024, the company's revenue increased from 388 million RMB to 1.42 billion RMB, achieving a CAGR of 91.3%. However, a decline in revenue of 6.15% is projected for 2024, raising concerns about the sustainability of growth [1][9]. - Cumulative losses from 2022 to 2024 amounted to 1.071 billion RMB, with total losses exceeding 1.6 billion RMB since inception [9][10]. Operational Challenges - The company heavily relies on third-party suppliers for procurement, production, and delivery, which has led to a lack of control over costs and operational efficiency [2][11]. - In 2024, 77.2% of the company's procurement came from its top five suppliers, indicating a high dependency on external sources [11]. Market Position and Competition - Magnesium Technology's solutions are used in approximately 10% of new vehicles equipped with smart cockpit domain control systems in China as of 2024 [3]. - The company faces increasing competition from major automotive manufacturers who are developing their own cockpit chips and intelligent driving systems, which could further squeeze Magnesium Technology's market share [12]. Legal and Financial Risks - The company has been experiencing cash outflows, with a total of 1.393 billion RMB in net cash outflows during the reporting period, leading to liquidity concerns [10]. - The implementation of "back-to-back" payment arrangements may expose the company to legal risks, particularly as it transitions to a larger enterprise status, which could conflict with new regulations regarding payment terms [13][15].

Core Viewpoint - The article discusses the upcoming IPO of Meijia Co., Ltd., founded by Tsinghua University alumna Zhuang Li, highlighting the company's valuation and financial performance as it prepares for public listing [1][3]. Company Overview - Meijia Co., Ltd. is an automotive technology company focused on AI-driven integrated domain control solutions, including smart cockpit and ADAS features [9][11]. - The company was founded in August 2018 and has undergone multiple funding rounds, with a post-money valuation of approximately $930 million (about 6.67 billion RMB) after its latest D+ round in May 2023 [1][6]. Financial Performance - Meijia has not yet achieved profitability, with cumulative losses exceeding 1 billion RMB over the past three years. The losses for 2022, 2023, and 2024 were 422.98 million RMB, 356.58 million RMB, and 291.12 million RMB, respectively [8][9]. - Revenue projections for 2022, 2023, and 2024 are 388.47 million RMB, 1.51 billion RMB, and 1.42 billion RMB, with gross profits of 73.56 million RMB, 183.15 million RMB, and 309.28 million RMB, respectively [10][11]. Shareholding Structure - Zhuang Li holds 44.85% of Meijia's shares directly or through trusts, while other significant shareholders include Nanshan Asset Management (16.94%) and Shanhang Capital (11.40%) [6][7]. Market Position and Client Base - Meijia's solutions are utilized by major automotive manufacturers, including Chery, Changan, Dongfeng, and Ford, with a significant portion of revenue coming from a concentrated client base [11]. - The company anticipates that by the end of the year, its technology will be integrated into vehicles across over 40 countries and regions [11].

Core Viewpoint - Megia Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with a valuation of approximately $930 million after its recent funding round [1][3]. Company Overview - Megia Technology was founded by Dr. Zhuang Li, a notable alumna of Tsinghua University, and focuses on AI-driven integrated domain control solutions for the automotive industry [1][3]. - The company has raised multiple rounds of funding since its inception in 2018, with significant investments from various well-known institutions [2][3]. Financial Performance - Megia's revenue projections for 2022, 2023, and 2024 are approximately 388 million yuan, 1.513 billion yuan, and 1.42 billion yuan, respectively, with losses of 423 million yuan, 357 million yuan, and 291 million yuan over the same period [3][4]. - The gross profit for the same years is expected to be 73.59 million yuan, 183 million yuan, and 309 million yuan, with gross margins increasing from 12.1% in 2023 to 21.8% in 2024 [4]. Customer Base and Market Position - Megia's solutions are utilized by major automotive manufacturers, including Chery, Changan, Dongfeng, and Ford, with a significant portion of revenue coming from a concentrated customer base [4][5]. - The company anticipates that by the end of the year, its technology will be integrated into vehicles across over 40 countries and regions [5]. Leadership and Background - Dr. Zhuang Li has a strong academic and professional background, having previously worked at Microsoft and NIO before founding Megia [2][3]. - The company is notable for being led by a couple, as Zhuang Li's husband, Zhou Feng, also has a successful entrepreneurial background [5].

Core Viewpoint - Magnesium Technology Co., Ltd. has submitted an application for a main board listing, focusing on AI-driven integrated domain control solutions, despite incurring over 1 billion RMB in losses over the past three years [1][3]. Financial Performance - The company reported revenues of 388 million RMB, 1.513 billion RMB, and 1.42 billion RMB for the years 2022, 2023, and 2024, respectively, with cumulative losses exceeding 1 billion RMB [4][5]. - The gross profit margins for the same years were 19.0%, 12.1%, and 21.8%, indicating fluctuations in profitability [5]. - Operating cash outflows increased over the reporting period, with net cash outflows of 499 million RMB, 332.5 million RMB, and 560.7 million RMB, primarily due to investments in product development and customer acquisition [4]. Customer and Supplier Concentration - The company faces high customer concentration risk, with the top five customers contributing 92.8%, 91.2%, and 84.7% of total revenue during the reporting period [6]. - The largest single customer accounted for 52.8%, 53.0%, and 22.8% of total revenue in the respective years [6]. - Supplier concentration is also a concern, with the largest supplier providing 48.3%, 48.2%, and 34.3% of total procurement, and the top five suppliers accounting for 69.1%, 82.4%, and 77.2% of total procurement [6]. Operational Model - The company operates on an outsourcing model, relying on third-party manufacturers for the assembly and delivery of integrated domain control solutions, which exposes it to risks related to production delays and quality control [7][8]. - The absence of in-house manufacturing facilities means that any disruptions in the supply chain or production capacity at third-party manufacturers could adversely affect the company's operations [7]. Accounts Receivable and Turnover - Trade receivables have increased significantly, with amounts of 157 million RMB, 669 million RMB, and 649 million RMB reported for the years 2022, 2023, and 2024, respectively [9][10]. - The turnover days for trade receivables have also risen, indicating potential challenges in cash flow management [9]. Seasonal Fluctuations - The company's financial performance is subject to seasonal fluctuations aligned with the automotive production and sales cycles, typically peaking in the second and third quarters [11].

Group 1 - Megatronix Inc. submitted its IPO application to the Hong Kong Stock Exchange on June 30, with CICC, Citigroup, and Deutsche Bank as joint sponsors [1] - The company focuses on AI-driven integrated domain control solutions for the automotive industry, aiming to reshape future mobility [1] - Despite significant revenue growth, the company continues to face net losses, which raises concerns [1] Group 2 - From 2022 to 2023, Megatronix experienced explosive revenue growth due to market expansion and increased customer collaborations, with a compound annual growth rate (CAGR) of 91.3% from 2022 to 2024, excluding one-time impacts [2] - The company remains in a loss position from 2022 to 2024, primarily due to substantial upfront investments in core technology, talent acquisition, and business infrastructure [2] Group 3 - Revenue figures for the years ending December 31 are as follows: 2022: 3.88 billion, 2023: 15.13 billion (up 290.1%), 2024: 14.20 billion (down 6.16%) [3] - The gross margin fluctuated significantly, with a decline in 2023 attributed to market competition and rising costs, but a near doubling in 2024 due to increased customer adoption and economies of scale [3] Group 4 - The company has a high customer concentration, with the top five customers accounting for 84% of revenue in 2024, down from 92.8% in 2022 [5] - Supplier concentration is also high, with the largest supplier representing 34.3% of total procurement in 2024, indicating potential operational risks if supplier relationships deteriorate [6] Group 5 - The company faces multiple risks, including market competition, technology development risks, and financial risks, as it competes with well-funded large suppliers and global automotive electronics groups [7] - The founder, Zhuang Li, has a notable background in the tech industry, having previously served as Vice President at NIO Software, which may enhance the company's strategic direction [9]