Nezha Auto's total financing amounted to 22.844 billion yuan

According to the latest prospectus released by Nezha Auto, the company has completed 10 rounds of financing since 2017, with a total financing amount of 22.844 billion yuan. However, from 2021 to 2023, Nezha Auto's revenue was 5.087 billion yuan, 13.05 billion yuan, and 13.555 billion yuan, respectively, and its net losses were 4.84 billion yuan, 6.666 billion yuan, and 6.867 billion yuan, respectively, with a cumulative loss of more than 18.3 billion yuan in three years. In 2023, Nezha Auto delivered 124,000 vehicles, with a compound annual growth rate of 39%. Despite this, Nezha Auto's gross profit margin is still negative, at -14.9% in 2022, making it the only new force auto company with large-scale sales that has not achieved a positive gross profit margin. There is only 2.837 billion yuan in cash on the books, which is not enough to support operations in the next year. Therefore, Hozon Auto urgently needs an IPO to ease financial pressure.