New Stock News | V-Shi Technology submits application to Hong Kong Stock Exchange. The company's products have been widely used in multiple basic industrial fields.

According to the disclosure by the Hong Kong Stock Exchange on October 31st, Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as the sole sponsor. According to the prospectus, Ningbo Feishi is a leading electric drive solution provider in China with a global presence, offering comprehensive and customized electric drive systems and solutions for diverse applications worldwide. The company's products and solutions are characterized by high precision, high efficiency, and high torque, and have been widely used in various industrial sectors. Based on data from Zolozhi Consulting, in terms of sales revenue in 2024, Ningbo Feishi is the second-largest specialized electric drive solution provider in China's industrial control sector, and in terms of sales volume in 2024, Ningbo Feishi is also the third-party supplier of the sixth-largest passenger car electric drive system in China. Ningbo Feishi plans to implement the following in the future: continue to increase investment in research and development to maintain technological leadership; deepen globalization strategy; leverage existing technology research and development and production manufacturing capabilities to expand into new application scenarios; build a top talent team through industry-academia collaboration mechanism and globalization strategy; and achieve horizontal capacity expansion and vertical industrial chain layout. According to data from Zolozhi Consulting, the Chinese market size of the electric drive solution industry is expected to increase from RMB 38.4 billion in 2024 to RMB 85.6 billion in 2029, with a compound annual growth rate of 13.2%. The company believes that its ability to differentiate from competitors depends on various factors, including but not limited to leading research and development capabilities, seamless supply chain management, and strong production manufacturing capabilities. For the years 2022, 2023, 2024, and the six months ended June 30, 2024 and 2025, we recorded revenues of RMB 137.62 million, RMB 124.28 million, RMB 150.04 million, RMB 57.55 million, and RMB 90.92 million, respectively. The company's gross profit increased from RMB 11.4 million in 2022 to RMB 24.2 million in 2024, with a compound annual growth rate of 45.7%, and increased by 35.7% from RMB 9.81 million in the six months ended June 30, 2024 to RMB 13.31 million in the corresponding period of 2025. For the years 2022, 2023, 2024, and the six months ended June 30, 2024 and 2025, our adjusted profit before interest, tax, depreciation, and amortization (non-Hong Kong Financial Reporting Standards measurement) were negative RMB 30.2 million, negative RMB 1.9 million, RMB 54.8 million, RMB 9.6 million, and RMB 38.4 million, and our adjusted profit margin before interest, tax, depreciation, and amortization (non-Hong Kong Financial Reporting Standards measurement) were -2.2%, -0.2%, 3.7%, 1.7%, and 4.2%, respectively.