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Author | Truman Cao Tingting
An autonomous driving company that Li wants to see is about to ring the bell.
As one of the earliest companies in China to realize the commercialization of autonomous driving solutions, Zhixing Automotive Technology officially submitted a prospectus to the Hong Kong Stock Exchange on April 4.
Source: prospectus
Half a month ago, Bloomberg reported that Zhixing Technology may plan to raise $200 million to $300 million through the IPO of Hong Kong stocks.
Zhixing Technology said in the prospectus that the funds raised by this IPO will be mainly used to improve the research and development of autonomous driving solutions and products, as well as to expand the sales and service network and capital expenditure related to R&D headquarters, production plants and new production lines.
The growth of Zhixing Technology has been favored by many capitals, and it has been invested by Shi Ming Capital, CICC, CCB International and other institutions. Most notably, Li Xiang and Li also voted twice, and currently hold 4.5% of the shares.
Source: Tianyancha
Behind the listing of Zhixing Technology is Li's early exploration in the field of autonomous driving.
According to yost Sullivan's data, Zhixing Technology is the second largest third-party autopilot controller provider in China, with a market share of 26.2%, based on the sales revenue of autopilot controllers in 2022.
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? Three-year loss of 860 million
Zhixing Technology was established at the end of 20 16, and the company is headquartered in Suzhou, Jiangsu Province. At present, it has become a leading provider of autopilot solutions in China, and can provide overall system solutions and supporting smart cameras and autopilot domain controllers according to the requirements of the main engine factory.
After the establishment of 20 16 at the end of the year, Zhixing Technology completed a series of financing of 1 100 million yuan on 20 18. In 2020, Zhixing Technology's first autonomous driving solution was mass-produced.
According to the prospectus, from 2020 to 2022, the revenue of Zhixing Technology was 47.655 million yuan, 6.5438+0.78 million yuan and 6.5438+0.326 billion yuan respectively, and the gross profit was 9.596 million yuan, 36.783 million yuan and 65.438+0./65438 million yuan respectively.
Source: prospectus
Although the revenue has risen sharply, the loss is also increasing. The net losses of Zhixing Technology in 2020, 20021year and 2022 were 53.827 million yuan, 464 million yuan and 342 million yuan respectively, and the accumulated losses in the past three years were 860 million yuan.
The expansion of losses also means the decline of gross profit margin. The gross profit margins in 2020 and 20021year were 20. 1% and 20.6% respectively. By 2022, the gross profit margin will drop by 65,438+02.3 percentage points to 8.3%.
Source: prospectus
However, on the whole, Zhixing Technology's revenue maintained a high growth trend, with a compound annual growth rate of 427.2% from 2020 to 2022 and a year-on-year growth rate of 644% in 2022.
The main income of Zhixing Technology is to sell autopilot solutions and products, autopilot-related R&D services and assemble printed circuit board (PCBA) products. Among them, autopilot solutions and products include autopilot domain controller, intelligent forward-looking camera (iFC) and so on.
Source: Zhixing Technology IMO
According to Sullivan Consulting, Zhixing Technology is one of the earliest companies in China to realize large-scale commercialization of autonomous driving solutions. During 2020-2022, Zhixing Technology delivered more than * * *? 65438+ million autopilot controller.
Since 202 1, the company has obtained controller income in the field of autonomous driving. 202 1. 1.00 million yuan and1.25 billion yuan, accounting for 48.2% and 94.3% of the company's total revenue respectively.
Source: Zhixing Technology IMO
It is not difficult to see from the prospectus that Zhixing Technology has certain self-hematopoietic ability.
At the same time, the financing ability of Zhixing Technology is not bad. According to public information, since its establishment, the company has carried out several rounds of financing, with accumulated financing of several hundred million yuan. Investment institutions include Shi Ming Capital, Iflytek Venture Capital, China Merchants Qi Hang, HL Klemove, Ganrong Holdings, Yafeng Investment and Dezaihou Capital.
In 20 18, Zhixing Technology completed 1 100 million A round of financing, and announced that it would complete B 1 round of financing in 2020. CCB Zhou Su Science and Technology Fund led the investment, and followed the investment with the number 1. The original shareholders Li, Capital and China Venture Capital continued to follow the investment.
202 1, Zhixing Technology started the C round of financing. According to the prospectus, the total scale of Series C financing is about 616 million yuan. Among them, C 1 round financing is 270 million yuan, with a corresponding valuation of 2.27 billion yuan. The C2 round of financing was 98.5 million yuan, with a corresponding valuation of 2.599 billion yuan. The C3 round of financing was 247.5 million yuan, with a corresponding valuation of 3.3 billion yuan.
Source: Prospectus
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? Li wants to call two rounds.
In the financing process of Zhixing Technology, Li appeared twice, once in the Pre-A round and once in the B round. According to the latest news in the prospectus, among the company's shareholders, Li holds 4.5% of the shares through Beijing Chehejia.
Li wants to invest in Zhixing Technology for himself.
Source: Li.
20 17 12, Li participated in the Pre-A round of financing of Zhixing Technology. At that time, Li wanted to set foot in the field of automobile manufacturing as soon as possible, and his first model, Li ONE, had not yet been released. Investing in Zhixing technology can also make up for its own shortcomings.
In July 2020, Li once again participated in the B round of financing of Zhixing Technology. In the same month, Li officially landed.
Zhixing Technology can successfully go public this time, and Li thinks there will be another IPO.
In recent years, Li's investment fields have been expanding, involving lidar, autonomous driving, new energy, unmanned vehicle logistics and so on. , all related to smart cars.
In addition to Zhixing Technology, Li also wanted to invest 400 million yuan in Xinwangda's power battery company last year. The valuation has reached 32 billion yuan, and the IPO of science and technology innovation board is already under consideration.
After years of running-in with Li Xiang, Zhixing Technology has gradually grown into a mature enterprise and accumulated a rich circle of friends.
The current products of Zhixing Technology can be divided into three routes.
1. In-depth cooperation with mobileye in product supervision, there are specific scenarios in the use process, mainly aiming at the complex scenarios of urban working conditions.
Second, the product line of forward-looking camera, including camera and a small controller, is also called forward-looking all-in-one machine.
Thirdly, the domain controller integrating navigation and parking has been developed to have multiple functions such as memory parking, automatic parking and 360 panoramic view. , and supports advanced navigation assisted driving (NOA) function.
Source: Zhixing Technology IMO
As the core product business of Zhixing Technology, the research and development is divided into two business lines: one is a medium-sized computing platform, which is suitable for about 65,438+000-200,000 cars, and the other is a slightly medium-sized computing platform, which is suitable for cars with higher prices.
Since the development of Zhixing Technology, it has reached strategic cooperative relations with many car companies. Following the order of Krypton 00 1 over 65,438+10,000 units in June, 20021,mass production orders were successively obtained from many OEMs such as Great Wall, Chery and Geely.
Although Li will run with him for six years, the biggest customer of Zhixing Technology is Geely. As of 202 1 and 2022 12 3 1, the income of Zhixing Automobile from Geely Group was 94.5 million yuan and12.78 million yuan respectively, accounting for 53% and 96.4% of the total income in the same period.
The initial cooperation between Zhixing Technology and Geely Group can be traced back to 2020 10, and the two sides began to jointly develop L2++ autopilot solutions and products. Since then, Zhixing Technology has become one of the main suppliers of Geely Group's autonomous driving solutions and products (especially its Krypton series).
In addition, we have also reached in-depth cooperation with Mobileye, and the annual purchase amount exceeds 900 million yuan. By the end of 2020, 202 1 and the end of 2022, 12 and 3 1, the purchase amount of Mobileye by Zhixing Automobile was 5.7 million yuan, 78.4 million yuan and 922 million yuan respectively, accounting for 13.6% of the total purchase amount of Zhixing Technology in the same period.
Source: Zhixing Technology IMO
According to the prospectus, most of Zhixing Technology's revenue comes from selling Zhixing Technology's autopilot solutions and products to OEMs, and delivered more than 65,438+000,000 autopilot domain controllers.
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Introduction of founding team
Sky Eye Survey shows that Zhixing Technology currently has 1 1 executives. As one of the earliest ADAS teams in China, the core founding team of Zhixing Technology is basically from Bosch China.
Song Yang, founder and CEO of Zhixing Technology, graduated from China University of Science and Technology with a master's degree in electronic information, and was the general manager of KSS Active Safety China.
Source: Zhixing Technology IMO
Before the establishment of Zhixing Technology, Song Yang had 65,438+00 years of working experience in Bosch China, and was the founder of Bosch China Autopilot R&D department. Therefore, Zhixing Technology has achieved the ultimate in system integration and cost control of mass production projects.
Not long ago, Song Yang also attended the Committee of China Electric Vehicle 100 Forum, and shared his views on the coordination of intelligent driving software and hardware.
Luo Hong, another founder of Zhixing Technology, joined Zhixing Technology on April 20 17. Luo Hong graduated from Chengdu University majoring in automation and was the best inventor of Bosch China in 20 14. He is proficient in the hardware development of automobile electronic controller and is an FMEA expert.
Source: Zhixing Technology IMO
On 20 15, Luo Hong joined kss to set up the hardware development department. He has 8 years' experience in hardware development and 4 years' experience as a senior hardware engineer of Bosch, and is responsible for the hardware development of innovative projects in China of Bosch Automotive Electronics Division. He also obtained five national patents.
Lu Yukun, CTO of Zhixing Technology, has more than 10 years of R&D management experience in the automotive industry. He used to be the manager of Bosch Intelligent Driving R&D Department, the former innovation investment director of Nexter Asia Pacific, and the first batch of ADAS and autopilot system experts in China. ?
Source: Zhixing Technology IMO
Lu Yukun once said in an interview with the media that the founding team of Zhixing Technology is familiar with the standard routines for automobile manufacturers to choose suppliers, which has a first-Mover advantage for enterprises in technology research and development.
At present, Zhixing Technology has received letters of designation from 14 well-known OEMs, including Geely Automobile, SAIC-GM-Wuling and.
This article comes from the author's Che Yi No.2 Super Electric Laboratory, and the copyright belongs to the author. Please contact the author in any form. The content only represents the author's point of view and has nothing to do with the car reform.