Core Viewpoint - The company, Liao Group (002131), has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on September 29, 2025 [1] Group 1 - The application materials for the issuance and listing were published on the Hong Kong Stock Exchange's website on the same day [1]

Core Viewpoint - The company, Leo Holdings (002131.SZ), has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on September 29, 2025 [1] Group 1 - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1]

证券代码：002131 证券简称：利欧股份 公告编号：2025-058 利欧集团股份有限公司 关于向香港联交所递交境外上市股份（H 股）发行上市申请 并刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 利欧集团股份有限公司 利欧集团股份有限公司（以下简称"公司"）已于2025年9月29日向香港联合交 易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H股）并在香 港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日在香港联 交所网站刊登了本次发行上市的申请材料。该申请材料为公司按照香港证券及期货 事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发，为 草拟版本，其所载资料可能会适时作出更新及修订。 公司本次发行上市尚需取得中国证券监督管理委员会、香港证监会、香港联交 所等相关政府部门、监管机构、证券交易所的批准或备案，并需综合考虑市场情况 以及其他因素方可实施，该事项仍存在不确定性。公司将根据相关事项的进展情况， 严格按照相关法律法规的规定与要求，及时履行信息披露义务，敬请广大投资者注 意投资风险。 ...

Core Viewpoint - Lio Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and China Galaxy International as sponsors [1] Group 1: Business Overview - Lio Co., Ltd. operates with a dual core business model of AI-driven digital marketing and smart pumps and systems, creating unique industrial barriers through complementary advantages [1] - In the smart pumps and systems sector, the company ranks second in China and thirteenth globally, establishing itself as the leading provider in the domestic civil pump export market [1] - The company's products are distributed across over 160 countries and regions [1]

Core Viewpoint - Liou Co., Ltd. is officially applying for a dual listing on the Hong Kong Stock Exchange, aiming for A+H listing, supported by leading underwriters Huatai International and China Galaxy International, with core business driven by AI across two major sectors [1] Financial Performance - The company is projected to achieve steady revenue growth from 2022 to 2024, reaching 21.171 billion yuan, indicating strong financial health and risk resilience [1] - The cash flow is stable, with a collection rate exceeding 90% in the pump business and an accounts receivable turnover period of only 93 days in digital marketing [1] Business Segments - In the AI digital marketing sector, the company is expected to rank first in revenue in the Chinese market by 2024, holding an 8.72% share of the advertising agency market, also the highest in the industry [1] - In the smart pump and systems segment, the company ranks second in domestic revenue and thirteenth globally, with the highest export value of civilian pumps in the country [1]

Core Viewpoint - Liou Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, focusing on "AI-driven digital marketing and smart pumps and systems" as its core business model, which creates a unique industrial barrier and supports stable development [1] Group 1: Business Overview - Liou Co., Ltd. operates with a dual-core business model of "AI digital marketing + smart pumps and systems," which allows for complementary advantages and collaborative empowerment [1] - The AI digital marketing segment is projected to achieve the largest revenue scale in China's digital marketing market by 2024, holding a market share of 8.72% in the digital advertising agency sector, ranking first in the industry [1] - The smart pumps and systems segment ranks second in China's pump and system industry and thirteenth globally by revenue in 2024, with the highest export value in the domestic civil pump sector [1] Group 2: Financial Performance - Total revenue for 2022, 2023, and 2024 is projected to be 20.268 billion, 20.471 billion, and 21.171 billion respectively, indicating stable growth [2] - The gross profit margin is expected to remain in the range of 8.4% to 8.9%, reflecting stable profitability [2] - As of June 30, 2025, the current ratio is projected to be 2.3, and the debt-to-asset ratio is 14.2%, indicating a healthy financial structure and strong risk resistance [2] Group 3: Cash Flow Management - The cash flow contribution from the two core businesses is stable, with the pump and system business achieving a cash flow recovery rate exceeding 90% due to a "payment before delivery" settlement model [2] - The digital marketing business effectively controls accounts receivable turnover days, projected to be 93 days in 2024, showcasing outstanding overall working capital management [2]

Core Insights - Lio Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, focusing on "AI-driven digital marketing and smart pumps and systems" as its core business model [1] - The company operates with a dual-core business model that combines AI digital marketing and smart pumps, creating unique industry barriers and providing robust support for stable development [1] Business Performance - Lio's AI digital marketing business is projected to achieve the largest revenue in China's digital marketing market by 2024, holding a market share of 8.72% in the digital advertising agency sector, ranking first in the industry [1] - The smart pumps and systems segment ranks second in China's pump and system industry and thirteenth globally by revenue in 2024, with the highest export value in the domestic civil pump sector [1] Financial Health - Total revenues for 2022, 2023, and 2024 are projected to be 20.268 billion, 20.471 billion, and 21.171 billion yuan respectively, indicating stable growth [2] - The gross profit margin is expected to remain between 8.4% and 8.9%, reflecting stable profitability [2] - As of June 30, 2025, the current ratio is projected to be 2.3, and the debt-to-asset ratio is 14.2%, indicating a healthy financial structure and strong risk resistance [2] Cash Flow Management - The cash flow from the two core businesses is stable, with the pump and system business achieving a cash collection rate exceeding 90% due to a "payment before delivery" settlement model [2] - The digital marketing business optimizes settlement with leading media platforms, effectively controlling accounts receivable turnover days, projected to be 93 days in 2024 [2]

Core Insights - Liou Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, focusing on "AI-driven digital marketing and smart pumps and systems" as its core business [1] - The company operates under a dual-core business model that combines AI digital marketing and smart pumps, creating unique industry barriers and providing robust support for stable development [1] Business Performance - Liou Co., Ltd. is projected to achieve revenues of 20.268 billion yuan, 20.471 billion yuan, and 21.171 billion yuan for the years 2022, 2023, and 2024 respectively, indicating a stable growth trend [2] - The gross profit margin is maintained within the range of 8.4% to 8.9%, reflecting stable profitability [2] Market Position - In the digital marketing sector, Liou Co., Ltd. is expected to lead the Chinese market with a market share of 8.72% in 2024, ranking first in the industry [1] - The smart pumps and systems segment ranks second in China and thirteenth globally, with the company being the top exporter in the domestic civil pump sector [1] Financial Health - As of June 30, 2025, the current ratio is 2.3, and the debt-to-asset ratio is 14.2%, indicating a healthy financial structure and strong risk resistance [2] - The cash flow from both core businesses is stable, with the pump and system business achieving a cash collection rate exceeding 90% due to a "payment before delivery" settlement model [2]

Group 1 - Sichuan Baili Tianheng Pharmaceutical Co., Ltd., WeDoctor Holdings Limited, Betta Pharmaceuticals Co., Ltd., Dajin Heavy Industry Co., Ltd., and LEO Group Co., Ltd. submitted listing applications to the Hong Kong Stock Exchange on September 29, aiming for a main board listing [1]. Group 2 - The companies are seeking to raise capital through the issuance of H-shares, with each H-share having a par value of RMB 1.00 [4][10][16]. - The underwriting process involves several joint sponsors, including Goldman Sachs, J.P. Morgan, Morgan Stanley, and CITIC Securities, among others [4][10][12].

Group 1 - The company, LEO Group Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are Huatai International and China Galaxy International [1]