Core Viewpoint - Magic View Intelligent Technology (Shanghai) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with Guotai Junan International and Guosen Securities (Hong Kong) as joint sponsors. The company has shown a compound annual growth rate (CAGR) of 73.9% over the past three years, with a valuation exceeding 2.5 billion yuan after 11 rounds of financing, but it has not yet achieved profitability, accumulating losses of 773 million yuan over three and a half years [1][4][12]. Company Overview - Founded in 2015 in Shanghai, Magic View Intelligent is an AI-driven provider of intelligent driving solutions. It ranks eighth among third-party solution providers in China's intelligent driving solutions industry based on projected revenue for 2024 [3][7]. Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is reported as 118 million yuan, 147 million yuan, 357 million yuan, and 189 million yuan, respectively, with a CAGR of 73.9%. The revenue for the first half of 2025 shows a year-on-year increase of 76.3%. However, net losses for the same periods are -200 million yuan, -228 million yuan, -233 million yuan, and -112 million yuan, with cumulative losses of 773 million yuan over three and a half years [4][5][6]. Cash Flow and Funding Needs - The company has experienced significant cash outflows, with net cash outflows of 114 million yuan, 154 million yuan, 139 million yuan, and 73 million yuan during the reporting period. As of the end of August 2025, the company had approximately 144 million yuan in cash and equivalents, indicating a need for further financing to sustain operations [5][6]. Use of IPO Proceeds - The funds raised from the IPO are intended to enhance the company's R&D capabilities, focus on continuous upgrades of intelligent driving solutions, expand production capacity, improve delivery capabilities, deepen sales and marketing networks, and support business expansion [6]. Market Position and Growth Potential - The global market for intelligent driving solutions (L0 to L2+) is projected to grow from 120.7 billion yuan in 2020 to 320 billion yuan by 2024, with a CAGR of 27.6%. In China, the market is expected to grow from 21.6 billion yuan in 2020 to 91.2 billion yuan by 2024, with a CAGR of 43.3% [7]. Product Offerings - Magic View Intelligent's product portfolio includes Magic Drive (driving solutions), Magic Parking (automated parking solutions), and Magic Safety (active safety solutions). The Magic Drive solution has generated over 60% of the company's revenue in recent years, with a gross margin currently at 62.1% [10]. Customer Base - The company serves a diverse customer base, including OEMs and tier-one suppliers. In 2024, the number of customers reached 143, with the top five customers contributing 65.9% of revenue, indicating a degree of concentration [11]. Shareholder Structure - The company was founded by Yu Zhenghua, who holds approximately 29.65% of the shares, making him the largest single shareholder. The company has undergone multiple financing rounds, with the latest valuation reaching 2.543 billion yuan [12][13].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 魔視智能科技（上海）股份有限公司 MOTOVIS INTELLIGENT TECHNOLOGY (SHANGHAI) CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向魔視智能科技（上海）股份有限公司（「本公司」）、本公司的保薦人、 整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登 記前，不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請， 有意投資者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該文 ...

Core Viewpoint - The company Motovis has submitted its listing application to the Hong Kong Stock Exchange, showcasing significant growth in revenue but facing substantial financial challenges, including high net losses and cash flow issues [2][3][7]. Financial Performance - Revenue increased from 118 million to 357 million CNY from 2022 to 2024, representing over a twofold growth, with a 76.4% year-on-year increase in the first half of 2025 [2]. - Cumulative net losses exceeded 660 million CNY over three years, with a loss of 112 million CNY in the first half of 2025 [3]. - Operating cash flow has been negative from 2022 to the first half of 2025, with a total outflow exceeding 400 million CNY [3]. Product Structure and Profitability - The Magic Drive solution has a gross margin of 62.1%, making it the only profitable segment, while Magic Parking and Magic Safety have lower and volatile margins [5]. - Magic Safety, despite rapid market penetration, has a gross margin of only 1.1%, indicating a struggle to contribute to profitability [5]. Customer and Supply Chain Relationships - The top five customers accounted for 65.9% of revenue, with one customer alone contributing 21.9% [5]. - Four of the top five customers are also suppliers, creating a complex relationship that increases financial risk [5]. Industry Environment - The market for L0-L2+ solutions in China is expected to reach 228.1 billion CNY by 2029, with a compound annual growth rate of 20.1% from 2024 to 2029 [6]. - The competitive landscape remains fragmented, with the top ten companies holding only 15.2% of the market share, and Motovis ranked eighth with a mere 0.4% share [6]. Challenges Ahead - The company faces significant challenges in scaling its operations, improving cash flow, and restructuring its customer and supply chain relationships to avoid potential financial instability [7].