中企云链港股IPO：高毛利下的盈利困境与股权迷云

Core Viewpoint - Zhongqi Yunlian has submitted its prospectus to the Hong Kong Stock Exchange, planning to go public as a digital financial platform focused on industrial sectors since its establishment in 2015 [1] Financial Performance - The core business of Zhongqi Yunlian, which includes rights confirmation and factoring services, has shown exceptional performance with gross margins exceeding 90% for three consecutive years, making it a leader in the industry [1] - Despite high gross margins, the company's overall profitability remains modest, with net profit margins fluctuating between 7% and 17% during the reporting period, raising concerns about its profitability [1] - High operating expenses, particularly selling expenses, are identified as the main obstacle to profit growth, with over 70% of annual revenue allocated to cover these costs, and selling expenses alone accounting for nearly 50% of total revenue [1] Revenue and Cost Structure - The revenue from the core business reached approximately RMB 9 billion, but the profit level remains insufficient compared to this high revenue figure [5] - The company has achieved over 2 times growth in profit in 2023, yet the profit level is still considered inadequate relative to its substantial revenue [5] - The breakdown of expenses shows that marketing costs have become the dominant part of the expense structure, significantly limiting profit margins [5][6] Shareholding Structure - Zhongqi Yunlian's prospectus reveals changes in its shareholding structure, particularly highlighting the activities of its third-largest shareholder, Huayu Guochuang Fund, which has engaged in a series of capital operations that appear suspicious [2] - The fund's transactions include acquiring shares at a low price and subsequently selling them at a significantly higher price, raising questions about the valuation of Zhongqi Yunlian's equity [3] Future Outlook - The market is keenly observing whether Zhongqi Yunlian can optimize its expense structure while effectively enhancing its profitability quality, which will be a focal point for investors [5]