Core Viewpoint - Minglue Technology-W (02718) has seen a significant stock increase of over 13%, currently trading at 258.2 HKD, driven by the launch of its AI-driven creative testing product AdEff in the Indonesian market [1] Company Developments - Minglue Technology's AdEff product will provide AI-driven creative testing and screening services to local brand advertisers and creative agencies in Indonesia [1] - The product is developed based on Minglue Technology's proprietary Hypergraph Multimodal Large Language Model (HMLLM), utilizing a collaborative architecture of large models and mixed expert models to predict consumer responses to advertisements accurately and provide optimization suggestions [1] Industry Insights - According to Guosen Securities, over 80% of users in China are obtaining consumer information through AI, with nearly 35% of consumers interacting with AI on a daily basis, indicating a shift towards AI as a mainstream tool for consumer inquiries [1] - The global GEO market is experiencing rapid growth, with projections estimating it will reach 24 billion USD by 2026 and potentially 100 billion USD by 2030 [1]

Core Viewpoint - The report from Guotai Junan initiates coverage on Minglue Technology (02718) with a "Cautious Accumulate" rating, projecting net profits of -0.13/0.37/1.11 million yuan and revenues of 1.5/1.66/1.81 billion yuan for 2025-2027, respectively [1] Group 1: Company Overview - The company is a leading provider of data intelligence application software in China [1] - In H1 2025, the company achieved revenue of 644 million yuan, a year-on-year increase of 13.9%, indicating a recovery from a revenue decline of 5.5% in 2024 [1] - The gross profit margins for 2022-2024 were 53.2%, 50.1%, and 51.6%, with an increase to 55.9% in H1 2025, reflecting a higher proportion of high-margin marketing intelligence business and cost control through product standardization and AI tools [1] Group 2: Business Segmentation - The company's revenue is primarily derived from three segments: marketing intelligence, operational intelligence, and industry solutions [2] - In H1 2025, the marketing intelligence segment, which includes products like the second needle system and AI-driven social media insights, generated 354 million yuan, a year-on-year increase of 9.75%, accounting for 55.01% of total revenue [2] - The operational intelligence segment focuses on conversational intelligence and smart store operation systems, achieving revenue of 269 million yuan in H1 2025, a year-on-year increase of 16.77%, representing 41.71% of total revenue [2] Group 3: R&D and Product Development - The company is increasing R&D investment in multi-modal large models and intelligent agents, launching generative AI products like "Xiao Ming Assistant" for enterprise decision-making and operational scenarios [2] - The company has also developed the AIGC product insightFlow CMS, integrating marketing insights, content production, and optimization [2]

Core Viewpoint - The report by Guotai Junan initiates coverage on Minglue Technology (02718) with a "Cautious Accumulate" rating, projecting net profits of -0.13/0.37/1.11 billion RMB and revenues of 15/16.6/18.1 billion RMB from 2025 to 2027, respectively. The company’s current net profit is significantly affected by non-cash items, leading to distorted short-term PE metrics. A PS valuation of 18 times for 2026 is applied, resulting in a reasonable market value of 33.12 billion RMB and a target price of 222.71 HKD [1]. Group 1 - The company is a leading provider of data intelligence application software in China [2]. - In the first half of 2025, the company achieved revenue of 644 million RMB, a year-on-year increase of 13.9%, indicating a recovery from a 5.5% revenue decline in 2024 [2]. - The gross profit margins from 2022 to 2024 were 53.2%, 50.1%, and 51.6%, with an expected increase to 55.9% in the first half of 2025, reflecting a higher proportion of high-margin marketing intelligence business and cost control through product standardization and AI tools [2]. Group 2 - The company's revenue is primarily derived from three segments: marketing intelligence, operational intelligence, and industry solutions. The marketing intelligence segment, which includes products like the second-generation system and AI-driven social media insights, generated 354 million RMB in the first half of 2025, a year-on-year increase of 9.75%, accounting for 55.01% of total revenue [3]. - The operational intelligence segment focuses on conversational intelligence and smart store operation systems, achieving revenue of 269 million RMB in the first half of 2025, a year-on-year increase of 16.77%, representing 41.71% of total revenue [3]. - The company has been actively reducing low-margin, highly customized projects since 2022, reallocating resources to replicable standardized products and large model intelligence [3]. Group 3 - The company is increasing its investment in multi-modal large models and intelligent agents, launching generative AI products like "Xiao Ming Assistant" for enterprise decision-making and operational scenarios, as well as the AIGC product insightFlow CMS, which integrates marketing insights, content production, and optimization [4].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 明略科技 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02718 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | USD | | 0.001 | USD | | 400,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 400,000,000 | USD | | 0 ...

Core Insights - The Hong Kong IPO market showed a marginal recovery in November 2025, with a notable concentration of listings towards the end of the month [2][18] - A total of 53 companies submitted listing applications, with 25 of them in the last week of November [2][18] - 12 new companies successfully listed on the Hong Kong Stock Exchange during this period [2][18] Listing Performance - The top three performers on their first trading day were 旺山旺水 (Wangshan Wangshui) with a gain of 145.73%, 明略科技 (Minglue Technology) at 106.10%, and 量化派 (Quantitative Party) at 88.78% [2][19][21] - Conversely, the companies with the largest declines were 海伟股份 (Haiwei Co.) at -22.97%, 文远知行 (Wenyan Zhixing) at -9.96%, and 小马智行 (Xiaoma Zhixing) at -9.28% [2][19][21] Fundraising Highlights - The top three companies in terms of fundraising were 赛力斯 (Sailis) with approximately 14.283 billion HKD, 小马智行 (Xiaoma Zhixing) at 6.707 billion HKD, and 创新实业 (Innovation Industry) at 5.495 billion HKD [2][19][26]

Group 1 - The company Minglue Technology-W (02718) announced the issuance and allocation of 1.0828 million Class A ordinary shares on December 2, 2025, following the full exercise of the over-allotment option [1]

Group 1 - The company Minglue Technology-W (02718) announced the issuance and allocation of 1.0828 million Class A ordinary shares on December 2, 2025, following the full exercise of the over-allotment option [1]

FF305 公司名稱： 明略科技 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2025年12月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 02718 | 說明 | A類普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 明略科技 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02718 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | USD | | 0.001 | USD | | 400,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 400,000,000 | USD | | ...

Core Insights - Wu Minghui, a graduate from Peking University, has successfully listed two companies, Yunji (02670.HK) and Minglue Technology (02718.HK), on the Hong Kong Stock Exchange within 19 days, achieving a combined market value of approximately 34.6 billion yuan [2] - Both companies have not yet achieved profitability as of mid-2025, with Minglue Technology reporting revenues of 1.269 billion yuan in 2022, 1.462 billion yuan in 2023, and 1.381 billion yuan in 2024, while Yunji also reported continuous losses [15][16] Company Overview - Minglue Technology was established through the merger of several companies, including MiaoZhen Systems and Minglue Software, and has expanded its business scope from marketing intelligence to various sectors such as manufacturing, finance, and security [8] - The company has been recognized as a global unicorn, ranking 807th on the 2025 Hurun Global Unicorn List with a valuation of 11 billion yuan [8] Financial Performance - Minglue Technology's operating losses from 2022 to 2024 were 1.009 billion yuan, 211 million yuan, and 132 million yuan respectively, with the company still in a loss-making position in the first half of 2025 [15] - The gross profit margin for Minglue Technology remained stable, with figures of 53.24%, 50.11%, 51.59%, and 55.94% from 2022 to the first half of 2025 [15] Research and Development - The company has seen a decrease in R&D expenditure from 7.51 billion yuan in 2022 to 1.5 billion yuan in the first half of 2025, with the R&D spending as a percentage of revenue dropping from 59.2% to 23.4% [15][16] - As of mid-2025, Minglue Technology holds 2,322 patents and has applied for 596 additional patents, showcasing its commitment to innovation in data intelligence and enterprise knowledge graphs [16] Future Outlook - The company plans to use the 1.067 billion yuan raised from its IPO to enhance its technological capabilities, expand its product offerings, and strengthen its marketing and sales teams [17] - Wu Minghui is focused on researching multimodal large models to drive the industry forward in new directions [17]