Fuel battery system manufacturer Yitong Second Delivery Table Stock Exchange, intended to be listed on A+H

On the evening of August 1, 2022, Beijing Yitong Technology Co., Ltd. (Yitong) submitted a prospectus to the Hong Kong Stock Exchange and planned to be listed on the motherboard. Guotai Junan International and Zhifu are joint sponsor. The company submitted the prospectus for the first time to the Hong Kong Stock Exchange on January 27, 2022, and the prospectus has failed.

Yitong was listed on the New Third Board in 2016 with the stock code "834613", and the listing was terminated on June 18, 2020. On August 10, 2020, Yitong was listed on the science and technology board with the stock code "688339".

Yitong is a manufacturer of fuel cell system. It has the ability to design, develop and manufacture fuel cell systems including core component fuel cell piles. The company's products are mainly for commercial applications (such as passenger cars and trucks). According to the Burning Consultation Report, according to the total sales power of the car fuel cell system in 2021, the company ranked first in the Chinese fuel cell system market, accounting for 27.8%of the market share.

In the three months of 2019, 2020 and 2021, and as of March 31, 2022, the sales made by Eba to the five customers were RMB 508 million, 444 million yuan, 530 million yuan and 93.7 million yuan, respectively. Yuan, accounting for 91.9%, 77.7%, 84.2%, and 96.6%of the total income.

Yitong's income mainly comes from the sales of fuel cell system; the sales of fuel cell components; and providing technical development services. In the first quarter of 2019 to 2021 and 2022, the maximum source of income was sold for fuel cell systems, accounting for 86.9%, 87.3%, 82.3%, and 92.0%of the total revenue of the relevant period.

In the first quarter of 2019 to 2021 and 2022, the company's revenue was 554 million yuan, 573 million yuan, 630 million yuan, and 97.059 million yuan, respectively; the profit during the period was 45.899 million yuan, -97.62 million yuan, and -185 billion yuan. And -35.888 million yuan.

The company's production is affected by major seasonality and is affected by the production and sales of Chinese fuel cell vehicles. Since the fuel cell vehicle industry is still in the early stage of commercialization, its supply chain is not as developed as the internal combustion engine or the electric vehicle industry. After the company began to be produced in the second half of the year, the final product completion and delivery time is usually in the fourth quarter. Therefore, the company is large. Therefore, the company is large. Part of the income will be confirmed in the second half of the year (especially the fourth quarter). In 2019, 2020 and 2021, the company's revenue in the second half of the year accounted for most of the total income of the same year.

The company plans to use the IPO income to allocate the research and development of the next three years; increase the capacity of fuel cell piles before the end of the year; In the next three years, we will strengthen the supply chain; in the next three years, product promotion and multi -channel marketing will enhance brand recognition; it is used as operating funds and other general enterprises.

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