据港交所11月24日披露，福瑞泰克(浙江)智能科技股份有限公司向港交所主板提交上市申请书，中信证券、中金公司、华泰国际、汇丰为联席保荐人。 综合 | 招股书 编辑 | Arti 公司是2024年中国第二大L0级至L2级（包括L2+级）驾驶辅助解决方案的第三方自主供应商，市场份额为7.2%，而最大供应商市场份额为41.3%。 公司向OEM客户提供全面的软硬一体驾驶辅助解决方案，涵盖ADAS及ADS技术。公司的解决方案包括FTPro、FTMax及FTUltra，旨在为终端用户带来安 全、舒适的辅助驾驶体验。 公司的解决方案主要应用于智能汽车，并提供覆盖高速公路及城市驾驶、泊车等各种场景的各级驾驶辅助能力。其中，公司的FTPro解决方案支持L0级和 L1级自动化，主要用于商用车。专为L2级自动化而设计的FTMax解决方案则主要用于乘用车。公司最先进的产品线FTUltra解决方案可支持L2+级自动 化，同样也主要用于乘用车。 作为公司全面驾驶辅助解决方案产品的一部分，公司亦向OEM提供研发服务，其主要专注于向OEM客户提供全面的项目开发服务。公司与OEM密切合 作，根据其特定要求定制智能解决方案作为原型，并集成到其车 ...

来源：瑞恩资本RyanbenCapital 2025年11月24日，来自浙江嘉兴桐乡市的福瑞泰克(浙江)智能科技股份有限公司 Freetech (Zhejiang) Intelligent Technology Co., Ltd.（以下简称"福瑞泰克"）在港交所递交招股书，拟香港主板IPO上市。这 是继其于2024年11月22日、2025年5月23日先后两次递表失效后的再一次申请。 福瑞泰克招股书链接： www1.hkexnews.hk/app/sehk/2025/107888/documents/sehk25112401419_c.pdf 主要业务 福瑞泰克，成立于2016年，作为领先的智能驾驶解决方案供货商，覆盖高级驾驶辅助系统(ADAS)及自 动驾驶系统(ADS)技术，致力于通过与OEM客户的开放且深入的合作，为终端用户提供安全、舒适且智 能的驾驶体验。 福瑞泰克已成为多家顶级OEM的首选供货商，根据灼识咨询的资料，以中国2024年L0级至L2级(包括 L2+级)驾驶辅助解决方案收入计，福瑞泰克在第三方自主供货商中排名第二，市场份额为7.2%。 福瑞泰克已成为中国智能驾驶解决方案国产替代及广泛部署的先锋 ...

Core Viewpoint - Furuitek's financial performance shows strong revenue growth but significant net losses, highlighting challenges in achieving profitability in the autonomous driving solutions market [1][2][3] Financial Performance - Revenue from 2022 to 2024 is projected to grow from 328 million to 1.283 billion, with a compound annual growth rate (CAGR) of 97.6% [1] - Net losses for the same period are expected to decrease from 855 million to 528 million, with cumulative losses exceeding 2.4 billion since 2021 [1] - Gross margin is expected to improve to 11.2% in 2024, but profitability remains unachieved compared to peers [1] Cost Structure - Sales costs consistently exceed 88% of revenue, with 2024 sales costs projected at 1.14 billion, primarily due to high procurement costs for automotive-grade chips [1] - Trade payables and notes payable are expected to reach 736 million in 2024, reflecting a 48% year-on-year increase, indicating increased capital tied up with suppliers [2] Inventory and Efficiency - Inventory for 2024 is projected at 574 million, with a turnover period of 156.8 days, significantly higher than the industry average of 120 days, raising concerns about inventory impairment risks [2] - Sales expense ratio decreased from 12.6% in 2022 to 3.9% in 2024, attributed to a highly concentrated customer base [2] Customer Dependency - Revenue from the largest customer, Geely Holding Group, surged from 19.7% to 59.4% of total revenue, with 2024 revenue from Geely expected to reach 762 million [2] - The average selling price of the FT Max solution for Geely is approximately 8% lower than third-party offerings, which may affect pricing fairness and long-term profit margins [2] Market Position and Competition - Furuitek holds a 21.3% market share in L2-level solutions, leading the industry, but only 8.1% in L2+ solutions, trailing behind competitors [3] - The L2+ solution market is projected to grow at a CAGR of 33.7% from 2024 to 2029, but challenges such as cost pressures and regulatory uncertainties may impact commercialization [3] IPO and Future Outlook - The IPO aims to raise funds for R&D upgrades, capacity expansion, and globalization efforts [3] - Achieving a gross margin of over 15% and reducing losses to below 300 million by 2025 is critical for Furuitek's future success [3] - The IPO reflects the commercialization challenges in the autonomous driving sector, balancing high growth with high risks [3]