New Stock News | The ground metro impacts Hong Kong stocks, with revenue expected to reach 4.139 billion yuan by 2025.

On May 29th, DiShangTie Green Technology (Shenzhen) Co., Ltd. (referred to as "DiShangTie" or "the company") formally submitted its listing application to the Hong Kong Stock Exchange, planning to debut on the main board market, with CICC and Citigroup jointly acting as joint sponsors. As a leading provider of new energy logistics vehicle smart operation and management solutions in China, DiShangTie has been deeply cultivating the "Fleet Management as a Service" (FMaaS) model since its establishment in 2015, building a comprehensive service system integrating new energy vehicle management services, leasing, and sales. If successfully listed this time, it will seize the opportunities in the new energy logistics industry and expand its development horizon, injecting strong capital momentum. Multiple indicators are leading the industry, with scale and network effects leading the market The prospectus shows that the company ranks first in terms of fleet size and network coverage. The number of new energy logistics vehicles managed by the company has increased from 106,000 in 2023 to 224,500 in 2025, with a compound annual growth rate of 45.5%, doubling the fleet size and widening the gap with peers, solidifying the company's leading position in the industry. At the same time, DiShangTie has established a nationwide service network integrated with digital infrastructure. By the end of 2025, the company has established 3,246 service networks and over 2.8 million charging and swapping facilities, with service outlets covering 333 prefecture-level cities nationwide. With more than 7,500 cumulative service enterprise customers, the business covers logistics, catering, consumer electronics, clothing, healthcare, and local services, creating an integrated comprehensive service ecosystem digital platform. The large business volume and comprehensive service network have brought significant economies of scale and network effects, comprehensively enhancing the company's competitiveness. Scale operations effectively share fixed costs such as platform maintenance, site construction, and functional departments, continuously improving operational efficiency. The number of vehicles managed per person in the company increased from 134 vehicles in 2023 to 320 vehicles in 2025; the total sales cost per vehicle (excluding the cost of selling new energy vehicles) decreased by approximately 8% from 2024 to 2025, highlighting the company's cost control advantage. The company's nationwide network can reach various regional customer groups, efficiently undertake cross-regional business orders. In 2025, DiShangTie had a high net cash retention rate of 134.2%, with customers who had been working with the company for more than 3 years accounting for approximately 92% of the vehicles managed, forming a stable customer base for steady revenue generation. The first domestic company to receive the "Deep Green" certification, a top-tier investment lineup highlights long-term value The comprehensive implementation of China's "dual carbon" strategy and various incentives for new energy trucks in terms of road rights, operational subsidies, and license facilitation by various regions have brought rapid growth opportunities to logistics enterprises. According to Frost & Sullivan data, compared to fuel logistics vehicles, each new energy logistics vehicle can reduce carbon emissions by at least about 8-10 tons per year. By 2030, it is expected that over 5 million fuel logistics vehicles will be replaced by new energy vehicles. At the same time, the scale of China's logistics vehicle management industry will increase from 140 billion yuan in 2025 to 662.3 billion yuan in 2030, with a compound annual growth rate of 36.5%. DiShangTie is highly aligned with ESG development in the industry. Since its operation began in 2015, the company has been using a 100% new energy vehicle fleet, with all revenues being green income. Every revenue-generating activity conducted by the company is considered to be in line with the future direction of "low-carbon, climate-adaptive" development, making the company the first in China to be honored with an S&P "Deep Green" ESG rating. Additionally, the company has received multiple awards, including "Global Top 100 Clean Technology Enterprises" and "Global Unicorn Enterprises by 2025". By leveraging a digital integration platform connecting vehicles, insurance, maintenance, and various industry resources, the company not only simplifies enterprise customer operation and management processes but also lowers the entry threshold for small and medium-sized practitioners, driving the entire logistics industry towards a low-carbon and intensive direction. With solid operating strength, industry position, and green development potential, DiShangTie has gained broad recognition in the global capital markets, attracting a luxurious lineup of investments from foreign institutions, state capital, and industrial capital. Overseas renowned institutions such as BlackRock and Temasek joint venture fund, Singapore's government investment corporation, Malaysia's national oil venture capital organization, among others, have entered the market, with State Power Investment Corporation providing state-owned capital empowerment, Contemporary Amperex Technology as an industrial capital backer, and Qiming Venture Partners accompanying the company's growth from the early financing stage. Diverse capital endorsements underscore the high recognition of the capital market for DiShangTie's development potential. High revenue growth and profit resilience underscore new energy vehicle management services as a growth engine The prospectus reveals that DiShangTie's revenue scale and profit level have steadily increased, with ample cash reserves and the continued release of core business value. From 2023 to 2025, the company's operating income increased from 2.35 billion yuan to 4.139 billion yuan, with a compound annual growth rate of 32.7%; gross profit increased from 402 million yuan to 871 million yuan, with a compound growth rate of 47.2%, and the gross profit margin also increased from 17.1% to 21.0%, mainly due to the optimization of product and service structures. The company's profit quality has also improved, with adjusted EBITDA increasing from 651 million yuan in 2023 to 1.83 billion yuan in 2025, with a high compound annual growth rate of 67.6%. Operating cash flow has steadily increased, reaching 655 million yuan, 744 million yuan, and 1.462 billion yuan over the three years. During the reporting period, the company's business structure continued to optimize, with new energy vehicle management services becoming the core profit pillar. In 2025, the company's revenue from new energy vehicle management services, vehicle leasing, and sales amounted to 1.904 billion yuan, 1.894 billion yuan, and 340 million yuan, accounting for 46.0%, 45.8%, and 8.2% respectively. Among them, the management service business showed the strongest growth momentum, with revenue share increasing from 34.6% in 2023 to 46.0% in 2025, and the gross profit margin also rose from 17.4% to 28.3%, far exceeding the company's overall level and becoming the core driver of the company's performance growth. Looking ahead, the funds raised by the company through this listing will mainly be used for the expansion of core business, including research and development of smart platforms, the expansion of a full-scenario portfolio of new energy vehicles and unmanned vehicles, and the deepening and expansion of comprehensive service networks. This will help the company deepen its management of new energy vehicles on a high-quality track, further consolidate its market position, and increase its industry share.