SDICSI 2025 年 10 月 21 日 滴普科技 (1384.HK) IPO 点评 证券研究报告 滴普科技 IPO 点评 公司概览 18C特专科技公司，企业级大模型AI应用解决方案提供商：公司成立于2018年， 主要业务为企业级大模型AI应用解决方案，采用项目制服务模式，核心产品包 括：1）FastData方案：基于FastData Foil数据融合平台，对客户的业务数据进行 结构化处理，输出标准可用数据，也为模型训练做铺垫。2）FastAGI方案（2023 年12月开始商业化），基于Deepexi大模型平台，该模型基于Qwen/Deepseek等 开源基座模型，结合客户业务数据，通过监督微调及强化学习，协助客户决策 及业务流程自动化。截至2025年6月，公司累计服务企业客户数283名，覆盖消 费零售、制造、医疗、交通等多个行业，公司业务逐步向FastAGI方案侧重。 财务表现：1H25收入为1.32亿元（图表1-2），同比增118%，对比2023年/2024年 收入增速为28%/88%，收入爆发式增长，其中FastAGI方案收入7,300万元，同比 增191%，占总收入比提升至55%，该方案的单客户 ...

Core Viewpoint - The AI sector has become a hot topic in capital markets, with companies like Nvidia and Broadcom experiencing significant stock price increases. In Hong Kong and A-shares, firms such as Alibaba, Tencent, and Cambricon have also shown strong performance. Dippu Technology is set to launch an IPO, adding another AI stock to the Hong Kong market [2]. Company Overview - Dippu Technology focuses on providing enterprise-level AI application solutions, helping businesses efficiently integrate data, decision-making, and operations. The company utilizes its FastData Foil data integration platform and Deepexi enterprise-level AI model platform to deploy Agentic AI applications [3]. - The company has achieved commercial success across various verticals, including retail, manufacturing, healthcare, and transportation, serving a total of 283 enterprise users as of June 30, 2025, with a customer retention rate of 33.2% [3]. Market Position - As of 2024, Dippu Technology ranks fifth in the Chinese enterprise-level AI application solutions market, holding a market share of 4.2% [3]. Financial Performance - Dippu Technology's revenue from 2022 to 2024 was 100 million, 129 million, and 243 million RMB, respectively, reflecting a compound annual growth rate of 55.5%. In the first half of 2025, revenue grew by 118.4% year-on-year to 132 million RMB [3]. - The company's net losses for the years 2022 to 2025 were 655 million, 503 million, 1.255 billion, and 308 million RMB, respectively. Adjusted losses were 224 million, 189 million, 96 million, and 52 million RMB [4].

Core Viewpoint - Dipo Technology Co., Ltd. has launched a global offering in Hong Kong, marking a significant milestone in the capitalization of enterprise-level AI applications in China, while also providing a rare hard-tech investment opportunity in the Hong Kong stock market [1] Company Overview - Dipo Technology is a leading provider of enterprise-level AI application solutions, focusing on integrating data, decision-making operations, and production knowledge to create high-precision AI digital employees tailored to client-specific data and business logic [2][3] - The company has developed two foundational platforms: FastDataFoil for data integration and Deepexi for enterprise-level AI modeling [2] Market Potential - The enterprise-level AI application market in China is projected to grow at a compound annual growth rate (CAGR) of 44% from 38.6 billion yuan to 239.4 billion yuan between 2024 and 2029, indicating significant growth potential [2] - Dipo Technology is positioned as one of the top five solution providers in this sector, with its IPO seen as an optimal opportunity for institutional investors to engage in the Chinese enterprise-level AI market [2][4] Financial Performance - Dipo Technology's revenue is expected to grow from 100 million yuan in 2022 to 243 million yuan in 2024, achieving a CAGR of 55.5%, with a significant increase of 118.4% in the first half of 2025 [3] - The gross margin is projected to rise from 29.4% in 2022 to 51.9% in 2024, while the adjusted net loss rate is expected to narrow to 39.5% in the first half of 2025 [3] Business Strategy - The company's business logic focuses on multi-modal data governance, seamless integration of AI with business operations, and ensuring enterprise-level security, aligning closely with the successful model of Palantir [4] - Dipo Technology's comprehensive service capabilities in data engineering, model engineering, and application engineering are expected to support its growth and market positioning in the rapidly evolving AI landscape [4]

Core Viewpoint - The article provides information on the upcoming IPOs of several companies in Hong Kong, including their share prices, subscription dates, and financial details. Group 1: Company Information - Dipo Technology (01384.HK) plans to globally offer 26.632 million H-shares with a price of HKD 26.66 per share, expecting to start trading on October 28, 2025 [2] - Sany Heavy Industry (06031.HK) intends to globally offer 580 million H-shares at a price range of HKD 20.30-21.30, with trading expected to commence on October 28, 2025 [6][10] - Eight Horses Tea (06980.HK) aims to globally offer 9 million H-shares priced at HKD 45-50, with trading also set to begin on October 28, 2025 [12] - Cambridge Technology (06166.HK) plans to globally offer 67.0105 million H-shares with a maximum price of HKD 68.88, expecting to start trading on October 28, 2025 [16][20] Group 2: Financial Performance - Dipo Technology reported revenues of RMB 100.47 million, RMB 129.04 million, RMB 242.93 million for 2022, 2023, and 2024 respectively, with a loss of RMB 655.23 million in 2022 [6] - Sany Heavy Industry's total revenues were RMB 80,838.53 million, RMB 74,018.94 million, and RMB 78,383.38 million for 2022, 2023, and 2024 respectively, with profits of RMB 4,432.82 million in 2022 [11] - Eight Horses Tea's revenues were RMB 1,817.54 million, RMB 2,122.31 million, and RMB 2,143.26 million for 2022, 2023, and 2024 respectively, with net profits of RMB 165.85 million in 2022 [15] - Cambridge Technology's revenues were RMB 3,783.74 million, RMB 3,085.36 million, and RMB 3,649.89 million for 2022, 2023, and 2024 respectively, with net profits of RMB 171.11 million in 2022 [21]

重要提示 閣下如對本招股章程的內容有任何疑問，應徵詢獨立專業意見。 滴普科技股份有限公司 Deepexi Technology Co., Ltd. 股份代號 : 1384 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司以及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本招股章程的副本連同本招股章程附錄七「送呈香港公司註冊處處長及展示文件」所指明的文件，已根據香港法例第32章公司（清盤及雜 項條文）條例第342C條的規定送呈香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上 述任何其他文件的內容概不負責。 除非另行公告，發售價將為每股發售股份26.66港元。香港發售股份的申請人可能須於申請時（視乎申請渠道而定）繳付發售價每股香港 發售股份 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 除本公告另有界定者外，本公告所用詞彙與滴普科技股份有限公司（「本公司」）刊發日期為2025 年10月20日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約。潛在投資者於決定是否 投資於發售股份前應閱覽招股章程，以獲得有關本公司及下文所述全球發售的詳細資料。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並非在構成或組成在美國或任何其他司法權區要約或招攬購買或認購證券 的一部分。發售股份並無亦不會根據1933年美國《證券法》（經不時修訂）（「美國《證券法》」）或 美國任何州或其他司法權區的證券法登記，亦不得於美國境內提呈發售、出售、質押或轉讓， 惟根據美國《證券法》豁免或不受其約束的交易除外。發售股份不會在美國公開發售。發售股份 根據美 ...