据港交所官网，北京德风新征程科技股份有限公司（以下简称德风科技）近期向港交所首次呈交了IPO（首次公开募股）申请文件。 这是德风科技2024年10月终止A股上市辅导后，再次谋求上市。 招股书显示，德风科技拟将此次港股IPO募集资金用于如下方面：提升AI（人工智能）能力、开发工业机器人解决方案；研发；海外 业务扩张；战略投资、收购及业务投资；一般运营资金用途等。 视觉中国 《每日经济新闻》记者梳理德风科技招股书发现，2022~2024年及2025年上半年（以下简称报告期内），由于大部分收入来自国企与政 府，公司应收账款和应收账款周转天数增长。2025年上半年，在叠加季节性因素后，德风科技应收账款和应收票据为2.14亿元，经调 整平均贸易应收款项周转天数为653天。 记者注意到，虽然德风科技自成立以来完成多轮融资，累计融资超6.5亿元，但就在2025年11月10日，即德风科技递表港交所前几天， B轮融资入股的招商盈趣转让了公司股份。入股约4年半，招商盈趣没赚1分钱，却在德风科技拟IPO前夕离场。 公司市场份额仅约1.8% 德风科技是一家AI赋能工业物联网（AIoT）生产优化软件解决方案技术开发商，业务为助力中国能 ...

Core Viewpoint - The AI industry chain has gained significant attention in the capital market this year, with various companies at different stages of listing, particularly in the AI chip and application sectors [1][2]. Company Overview - Beijing Defeng New Journey Technology Co., Ltd. (Defeng New Journey) has submitted its prospectus to the Hong Kong Stock Exchange on November 14, 2023, focusing on "AI-enabled Industrial Internet of Things" [3][4]. - Founded in March 2015, the company completed its share reform in September 2022 and has attracted investments from notable firms such as China Merchants Innovation and CICC [5][6]. - The company has a valuation of approximately 2.35 billion RMB following its equity financing in March 2022 [5]. Business Model and Solutions - Defeng New Journey specializes in AI-enabled Industrial IoT production optimization software solutions, offering end-to-end solutions that process data from sensors and devices to enhance operational efficiency [7][8]. - The company has developed the Delt@AIoT platform, which includes over 300 software applications applicable across various industries [8][9]. - Key application areas include energy management, health, safety, environment and quality (HSEQ), and smart manufacturing [9]. Financial Performance - The company has reported revenues of 313 million RMB, 442 million RMB, 525 million RMB, and 159 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [12]. - Net losses for the same periods were 165 million RMB, 297 million RMB, 228 million RMB, and 39.93 million RMB, totaling a cumulative loss of 730 million RMB over three and a half years [12][11]. - The gross profit margins have shown a gradual increase from 22% in 2022 to 26% in the first half of 2025 [12]. Market Position and Competition - The AIoT solutions market in China is highly competitive, with Defeng New Journey holding a market share of approximately 1.8% [21][29]. - The company ranks as the fifth largest independent AIoT service provider in China and the third largest in the energy sector, with a market share of about 9.9% [30][32]. - The overall AIoT solutions market in China is projected to grow from approximately 54.1 billion RMB in 2020 to about 111.9 billion RMB by 2024, with a compound annual growth rate of around 19.9% [26]. Industry Trends - The industrial internet of things (IIoT) market in China is rapidly expanding, with a projected market size of approximately 1.4 trillion RMB by 2024 [26]. - The penetration rate of AI in the IIoT sector is expected to rise from about 6.1% in 2020 to around 11% by 2029, driven by increasing demand for digital and intelligent industrial solutions [26].

Core Insights - The article highlights the significance of digitalization and intelligence in the future of industrial development, with a focus on the industrial internet as a key application area benefiting from government policies aimed at achieving "smart manufacturing" and digital upgrades [1][2] Company Overview - Beijing Defeng New Journey Technology Co., Ltd. (referred to as "Defeng New Journey") has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its position in the AIoT (Artificial Intelligence of Things) sector [1][2] - Defeng New Journey is recognized as the fifth largest independent AIoT service provider in China, with a market share of approximately 1.8%, and the third largest in the energy sector with a market share of about 9.9% [1] Financial Performance - The company has shown rapid revenue growth, with revenues of 313 million yuan in 2022, 442 million yuan in 2023, and projected revenues of 525 million yuan in 2024, reflecting significant year-on-year increases [3][4] - Despite revenue growth, Defeng New Journey has faced strategic losses, reporting losses of 165 million yuan in 2022, 297 million yuan in 2023, and 228 million yuan in 2024, with a cumulative loss of 729 million yuan over three and a half years [5][6] Market Potential - The AIoT market in China is projected to grow from approximately 54.1 billion yuan in 2020 to about 111.9 billion yuan by 2024, with an expected market size of around 220.9 billion yuan by 2029, driven by policy support and increasing demand for digital transformation in manufacturing [7][8] - The energy sector, where Defeng New Journey has a strong presence, is expected to see its AIoT solutions market grow from about 1.8 billion yuan in 2020 to approximately 3.7 billion yuan by 2024, with a compound annual growth rate of 19.7% [8] Competitive Landscape - The AIoT industry is characterized by a fragmented and competitive landscape, with over 1,000 domestic providers, none of which dominate the market [8] - Defeng New Journey aims to differentiate itself by providing customized AIoT solutions to leading state-owned enterprises, particularly in the energy sector, which may enhance its competitive edge [9] Investment Highlights - Defeng New Journey is positioned as an "invisible champion" in its niche, with potential for value re-evaluation if it can resolve its profitability issues [9] - The company operates in a high-growth sector supported by national strategies, indicating substantial long-term investment value [9]

众所周知，数字化与智能化是未来工业发展的关键方向。国家层面亦连续出台多项政策，推动工业互联 网与实体经济深度融合，目标是实现"智能制造"和产业数字化升级。而工业互联网作为其核心应用领 域，正充分享受这一轮行业发展红利。 根据工信部等机构数据，中国工业互联网产业规模已超过万亿元人民币，并预计在未来数年将保持年均 两位数的高速增长。 值此之际，一家深耕AIoT(智能物联网)领域的"隐形冠军"也因积极冲刺港股IPO的动作，闯进大众视线 中。 据智通财经获悉，11月14日，北京德风新征程科技股份有限公司(以下简称"德风新征程")正式向港交所 递交主板上市申请，独家保荐人为SUNNY FORTUNE。该公司是一家长期服务于国家电网、石油巨头 等大型国企的工业AIoT的生产优化软件解决方案技术开发商。据弗若斯特沙利文报告，按2024财年收 入计，该公司是中国第五大独立专业AIoT服务提供商，市场份额约为1.8%，是中国能源行业第三大独 立专业AIoT服务提供商，市场份额约为9.9%。 不过，隐匿于行业发展红利及强劲的市场地位下，则是公司常年"增收不增利"的具体表现。 可以看到，此次IPO不仅是德风新征程谋求"更好增长"的 ...

Core Viewpoint - Beijing Deltaphone Technology Co., Limited (德风新征程) is preparing for an IPO on the Hong Kong Stock Exchange, focusing on AI-enabled Industrial Internet of Things (AIoT) solutions to enhance efficiency and sustainability in various industries [2][3]. Business Overview - Established in 2015, the company specializes in AIoT production optimization software solutions, targeting the energy, manufacturing, and mixed industries in China [3]. - The company has completed over 600 projects, serving approximately 200 clients, including major state-owned enterprises in sectors like electricity, oil and gas, and tobacco [3]. - According to a Frost & Sullivan report, the company ranks as the fifth largest independent AIoT service provider in China with a market share of about 1.8% in 2024 [3]. Product and Service Offerings - The company has developed the Delt@AIoT platform, which supports rapid development and large-scale deployment of AIoT applications, featuring over 300 software applications adaptable to various industries [4]. - The primary services include providing AIoT solutions, maintenance and technical support, and selling AIoT-related hardware and software products [7]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first six months of 2025 were RMB 312.64 million, RMB 442.22 million, RMB 525.46 million, and RMB 159.45 million, respectively [15]. - The net losses during the same periods were RMB 165 million, RMB 297 million, RMB 228 million, and RMB 40 million [14]. Shareholder Structure - The major shareholder, Mr. Wang Qingjie, holds 27.74% directly and an additional 16.64% through incentive platforms, totaling approximately 44.38% [11][10]. - Other investors include various venture capital firms, with notable stakes from Yunqi Capital and Innovation Works [10]. Management Team - The board consists of nine members, including three executive directors and three non-executive directors, with Mr. Wang Qingjie serving as the Chairman and CEO [13][14].

Group 1: Trade Performance - Suzhou achieved a record high in foreign trade with total imports and exports reaching 1,295.88 billion yuan, a year-on-year increase of 5.7% [1] - The growth is attributed to the improvement in export product quality, rapid growth in emerging markets, and effective measures taken to stabilize orders and develop new markets [1] Group 2: Support for Enterprises - Suzhou established a "Stabilizing Foreign Trade" task force, consisting of 43 professionals from 24 departments, to provide 24-hour support for enterprises [2] - The task force has served 1,660 key enterprises, achieving a 95.2% resolution rate for their requests [2][3] Group 3: Market Expansion Initiatives - The "Hundred Groups and Thousand Enterprises Going Abroad" initiative has successfully organized nearly 20 trade delegations, helping around 300 enterprises explore new markets in Europe, the Middle East, South America, and Southeast Asia [4] - Suzhou's textile industry has also made significant strides in North Africa, securing approximately 3 million USD in intended orders during a recent trade exhibition [5] Group 4: New Business Models and Technologies - Suzhou's cross-border e-commerce imports and exports surged by 185.3% in the first half of the year, with a focus on innovative products and new technologies [7] - Key export products such as integrated circuits and lithium-ion batteries saw substantial growth, with increases of 25.3% and 44.3% respectively [7] Group 5: Innovation and Competitiveness - Companies like Kafei Mei have significantly increased their R&D investment, leading to improved product longevity and a sixfold increase in revenue since 2021 [7][8] - Fast Home Intelligent Technology secured six project orders in Saudi Arabia, demonstrating the competitive edge gained through AIoT solutions and a strong focus on innovation [8]