06/30 2025
496
Written by | Zhang Jun
Source | Beiduo Finance
Recently, NavInfo Smart Connected (Nanjing) Technology Co., Ltd. (hereinafter referred to as "NavInfo Smart Connected") has submitted its prospectus for listing on the Hong Kong Stock Exchange. According to Beiduo Finance, the key shareholders of NavInfo Smart Connected include the A-share listed company NavInfo (SZ:002405), as well as Didi and Tencent.
NavInfo Smart Connected's prospectus traces the company's origins back to 2015, when NavInfo Beijing initially acquired a 51% stake in NavInfo Smart Connected Beijing. In 2018, NavInfo Beijing underwent a business reorganization, spinning off the intelligent network business operated by NavInfo Smart Connected Beijing.
An announcement from NavInfo in April 2015 revealed that it invested a total of RMB 295,801,950 (approximately RMB 296 million) of its own funds in Beijing Tuweixian Technology Co., Ltd. (hereinafter referred to as "Tuweixian"). Upon completion of the investment, NavInfo acquired a 51% stake in Tuweixian.
Of this investment, RMB 95.94 million was specifically allocated for Tuweixian to purchase all the equity of Shanghai Qujia Information Technology Co., Ltd. (hereinafter referred to as "Shanghai Qujia"), Helian (China) Automotive Information Systems Co., Ltd. (hereinafter referred to as "Helian"), and Beijing Tengrui Wanli Technology Co., Ltd. (hereinafter referred to as "Beijing Tengrui") held by NavInfo.
The remaining funds were utilized by Tuweixian for business operations in the field of integrated vehicle networking services. Additionally, NavInfo (Hong Kong) Co., Ltd. (hereinafter referred to as "Hong Kong NavInfo") subscribed for 44,942,455 newly issued ordinary shares of Mapbar Technology Limited (hereinafter referred to as "Mapbar BVI") at a price of USD 22,471.23.
Upon completion of the subscription, Hong Kong NavInfo's shares in Mapbar BVI accounted for 51% of the total issued shares. Notably, Hong Kong NavInfo is a wholly-owned subsidiary of NavInfo, and Beijing Mapbar Technology Co., Ltd. (hereinafter referred to as "Beijing Mapbar") was established by Mapbar BVI in May 2005.
NavInfo's earlier announcement stated that, upon completion of the investment, NavInfo would hold a 51% stake in Tuweixian, and Hong Kong NavInfo would hold a 51% stake in Mapbar BVI. Concurrently, Helian, Beijing Tengrui, and Shanghai Qujia became holding subsidiaries of Tuweixian.
According to Beiduo Finance, Tuweixian changed its name to Beijing NavInfo Smart Connected Technology Co., Ltd. (i.e., "NavInfo Smart Connected Beijing") in April 2018. Information from the Tianyancha App indicates that the company was established in December 2004, with a current registered capital of approximately RMB 160 million. Its legal representative is Cheng Peng, and it is wholly owned and controlled by NavInfo Smart Connected.
In 2018, NavInfo Smart Connected Beijing underwent an asset reorganization. A NavInfo announcement in September 2018 revealed that Mapbar BVI planned to conduct a capital increase and share expansion, introducing investors Image Cyber, Top Grove, NIO Capital, and Advantech. Upon completion of the investment, NavInfo would no longer include Mapbar BVI in its consolidated scope.
Specifically, Image Cyber and Top Grove each contributed RMB 200 million, holding a 7.488% stake in NavInfo Smart Connected Beijing; Advantech contributed USD 25 million, holding a 6.397% stake; and NIO Capital contributed RMB 100 million, holding approximately a 3.744% stake.
NavInfo's announcement further stated that, following the capital increase by Image Cyber, Top Grove, and Advantech, the company's shareholding ratio in Mapbar BVI was reduced to 46.930%. After NIO Capital exercised its subscription rights for Mapbar BVI, NavInfo's shareholding ratio in Mapbar BVI further decreased to approximately 45.173%.
In June 2021, NavInfo announced plans to invest RMB 100 million to increase its capital in Nanjing NavInfo Smart Connected Technology Co., Ltd. (Note: Renamed "NavInfo Smart Connected" in April 2025). Prior to the capital increase, Mapbar BVI's subsidiary Hong Kong Smart Connected held 100% of the equity of Nanjing Smart Connected, and NavInfo held a 34.97% stake in Mapbar BVI.
After this capital increase, Hong Kong Smart Connected and NavInfo held 97.08% and 2.92% equity in Nanjing Smart Connected, respectively. NavInfo also stated that, following the restructuring, the company's direct and indirect equity ratio in Nanjing Smart Connected was expected to increase to 36.80%.
In August 2024, NavInfo announced that NavInfo Smart Connected conducted a strategic capital increase and share expansion. NavInfo invested RMB 100 million, while Didi Smart Transportation Technology Co., Ltd. (hereinafter referred to as "Didi Smart Transportation") invested its 100% equity in RLI Starlight (Beijing) Technology Co., Ltd., valued at RMB 450 million, along with cash of RMB 220 million.
Prior to the capital increase, NavInfo's direct shareholding ratio in NavInfo Smart Connected was 30.29%. Following this capital increase (corresponding to the B round of financing for NavInfo Smart Connected), the company's direct shareholding ratio changed to 27.01%. Simultaneously, Didi's designated investment entities, Top Grove Limited and Didi Smart Transportation, held 4.14% and 16.46% shares, respectively, totaling approximately 20.6%.
Additionally, in October 2024, Toyota Motor and Toyota Tsusho transferred their respective 36.01% and 8.93% equity stakes in Mapbar Technology to NavInfo Hong Kong for USD 3,709,526.97 and USD 919,717.74, respectively. Notably, NavInfo Hong Kong holds a 6.95% equity stake in NavInfo Smart Connected.
Prior to the transfer, NavInfo Smart Connected Hong Kong was held by NavInfo Beijing, Toyota, and Baidu Holdings Limited with stakes of 46.65%, 44.94%, and 8.41%, respectively. After the transfer, NavInfo Smart Connected Hong Kong was held by NavInfo Hong Kong and Baidu Holdings Limited with stakes of 91.59% and 8.41%, respectively, with the settlement completed in May 2025.
According to previous disclosures by NavInfo, Nanjing Smart Connected (i.e., "NavInfo Smart Connected") recorded revenue of approximately RMB 470 million and a net profit of approximately RMB -327 million in 2023. In the first half of 2024, NavInfo Smart Connected's revenue was approximately RMB 222 million, and its net profit was approximately RMB -38.3054 million (unaudited data).
According to NavInfo Smart Connected's prospectus, its revenue for 2022, 2023, and 2024 was approximately RMB 539 million, RMB 477 million, and RMB 479 million, respectively. The corresponding gross profits were approximately RMB 163 million, RMB 140 million, and RMB 140 million, respectively, while the net losses were approximately RMB 204 million, RMB 265 million, and RMB 379 million, respectively.
It is evident that NavInfo Smart Connected's performance declined in 2023, with revenue decreasing by approximately 11.4% compared to 2022. Beiduo Finance attributes this primarily to the decline in revenue from hardware and software integrated solutions, which fell by 16.4% year-on-year to approximately RMB 312 million in 2023 and further decreased by 24.9% to approximately RMB 235 million in 2024.
In contrast, NavInfo Smart Connected's prospectus attributes this to the decrease in revenue from hardware and software integrated solutions. Comparatively, its intelligent cockpit software solutions contributed revenue of approximately RMB 163 million in 2022, slightly increasing to RMB 164 million in 2023, and rising by 48.1% year-on-year to RMB 243 million in 2024.
Overall, while NavInfo Smart Connected's revenue has maintained a growth trend, the amount of losses has also increased rapidly. Measured under non-Hong Kong Financial Reporting Standards, the company's adjusted net losses were approximately RMB 13.593 million, RMB 59.808 million, and RMB 133 million, with losses surging significantly in 2024.
NavInfo Smart Connected's prospectus states that, from a financial perspective, the company's losses during the track record period were primarily due to procurement costs of raw materials and components, as well as continuous investment in research and development. Additionally, the high and complex technical requirements for creating intelligent cockpit solutions contributed to these losses.
Furthermore, according to Beiduo Finance, NavInfo Smart Connected exhibits high customer concentration. During the reporting period, the company's revenue from its top five customers was approximately RMB 463 million, RMB 459 million, and RMB 442 million, respectively, accounting for approximately 85.9%, 96.2%, and 92.2% of its total revenue.
Of these, revenue from the largest customer (also the controlling shareholder of NavInfo Smart Connected) was approximately RMB 337 million, RMB 222 million, and RMB 229 million, respectively, accounting for approximately 63.2%, 46.5%, and 47.8% of total revenue. In its prospectus, NavInfo Smart Connected disclosed risks, stating that in the foreseeable future, it is likely to continue to rely on a limited number of customers for a significant portion of its revenue.
In some cases, the proportion of revenue from a single customer to NavInfo Smart Connected may increase in the future.