HaoYing Technology IPO: Data “Conflicts,” R&D Share Declines, and the Proposed Use of the 2 Billion Yuan Fundraising Draws Scrutiny

Ask AI · How does the data discrepancy at Haoying Technology affect the credibility of IPO disclosures?

Phoenix Finance “IPO Observation Watch”

Shenzhen Haoying Technology Co., Ltd. (referred to as “Haoying Technology”) is rushing toward the STAR Market with the title of “Leading Drone Power System Provider,” planning to raise nearly 2 billion yuan to expand its business scale. According to the information disclosed in the prospectus, the company’s revenue from 2023 to 2025 has achieved nearly triple-digit growth, with a rapid development momentum. However, issues such as profit quality and the allocation of raised funds in core areas still warrant market attention and scrutiny.

In terms of equity structure, Haoying Technology is jointly controlled by Zhang Jie and Liu Youhui, with direct shareholding ratios of 32.19% and 31.26%, respectively. Combined with indirect holdings, they control 70.95% of the company’s voting rights.

Meanwhile, the information disclosed in the company’s prospectus already shows obvious data contradictions. There are discrepancies between the related-party transaction amounts disclosed by its competitor and client, Sanrui Intelligent, and the company has not provided a reasonable explanation. This has led the market to question the accuracy of its IPO information disclosure first.

Specifically, beyond the data conflicts, the company’s “price-for-volume” growth model has put pressure on profit quality, and the alignment between the large amount of funds raised and current R&D investment and capacity status has become a core focus of market concern. Multiple issues stacking up have cast uncertainty over its IPO path.

01 Data discrepancies and conflicting amounts raise questions about the accuracy of Haoying Technology’s IPO disclosures

From 2023 to 2025, Haoying Technology’s revenue increased from 546 million yuan to 1.55B yuan, nearly tripling over two years. While the performance growth appears impressive, it mainly relies on a “price-for-volume” growth model, with profit quality showing a downward trend.

During the reporting period, the gross profit margin of the company’s core business, drone power systems, decreased from 46.31% in 2024 to 41.55% in 2025, a decline of 4.76 percentage points year-on-year. The overall gross margin also fell from 47.35% to 43.10%. The main reason is an imbalance in product structure: revenue growth for low-power products significantly outpaced that of medium- and high-power products, and low-power products have relatively low gross margins, directly pulling down overall profitability. Additionally, the unit price of drone motors dropped from 271.69 yuan in 2023 to 94.02 yuan in 2025, a decline of over 65%, showing a “volume increase but profit decrease” trend, with sustainability of profits needing further observation.

It is worth noting that the first version of the prospectus and the revised version contain multiple data differences. For example, the gross profit margin data for 2023-2024 was revised downward by 0.03 and 0.06 percentage points, respectively, and the net profit after deducting non-recurring gains and losses shrank by 0.03 and 7M yuan. Moreover, the initial prospectus did not fully disclose the risks of gross margin decline, only adding relevant warnings after regulatory inquiries. The frequent data adjustments and delayed risk disclosures reflect that the company’s information disclosure still has room for improvement and have raised concerns about the quality of IPO disclosures.

Despite rapid revenue growth, Haoying Technology’s market share in the drone power system (excluding batteries) remains relatively weak, accounting for only 3.3% in 2024, far below competitors such as Sanrui Intelligent at 7.1% and DJI at 43.2%. The market share of leading industry players continues to increase, and the company faces growing competitive pressure.

Notably, the company’s top five clients, Sanrui Intelligent, are also competitors. There are significant discrepancies in related-party transaction disclosures: Haoying Technology disclosed sales of drone power systems to Sanrui Intelligent of 42.6295 million yuan and 30.9289 million yuan in 2023 and 2024, respectively, while Sanrui Intelligent disclosed purchases of electronic speed controllers from Haoying Technology of 40.1998 million yuan and 33.8619 million yuan in the same period. The amounts differ by 2.4297 million yuan and -2.93M yuan in those years. These discrepancies were not reasonably explained in either company’s prospectus, reflecting insufficient rigor in related-party transaction disclosures and raising questions about the accuracy and completeness of Haoying Technology’s IPO disclosures.

02 Declining R&D investment ratio and the need for further validation of capacity expansion rationality

Haoying Technology plans to raise 1.96 billion yuan, of which 480 million yuan will be used for upgrading R&D centers, 1.3 billion yuan for building a high-end power system industrial park, and 160 million yuan to supplement working capital. From the current development status, the alignment between the raised funds and existing R&D and capacity conditions still requires further validation.

During the reporting period, the company’s R&D expense ratio continued to decline. In 2025, amid significant revenue growth, the ratio further dropped to around 6%, indicating relatively insufficient R&D investment intensity. Under these circumstances, the plan to raise 480 million yuan for R&D center upgrades still needs clearer definition regarding specific investment directions and whether it can effectively enhance core technological capabilities. Market focus is on how the company will ensure R&D investment intensity is not diluted after going public, especially if future increases in R&D are capitalized, which could impact the objectivity of profit accounting.

Currently, with product unit prices continuously declining, intensified industry competition, and relatively weak market share, the company plans to invest 1.3 billion yuan in large-scale capacity expansion. However, the prospectus does not fully disclose measures for capacity digestion, downstream demand expectations, or market space estimates. If the development of low-altitude economy underperforms or if industry price competition persists, the new capacity may not be fully utilized, risking idle capacity and asset impairment.

Behind Haoying Technology’s 2 billion IPO are both highlights of rapid performance growth and potential issues related to profit quality and fund allocation. The “price-for-volume” profit model and the match between raised funds and current conditions are key issues the company needs to address during its IPO process. For investors, it is essential to consider the company’s development advantages and potential risks comprehensively and to view its future prospects rationally.