【IPO前哨】AI营销龙头深演智能：从A股折戟到港股“背水一战”

Core Viewpoint - The company, Beijing Deepen Intelligent Technology Co., Ltd. (Deepen Intelligent), is attempting to go public on the Hong Kong Stock Exchange amid a wave of AI-driven IPOs, despite facing significant challenges from its previous failed A-share IPO attempt and current financial difficulties [1][7]. Group 1: IPO Journey - Deepen Intelligent submitted its prospectus for a Hong Kong IPO after previously failing to list on the A-share market due to multiple rounds of inquiries from the Shenzhen Stock Exchange [2][3]. - The company had a history of seeking to go public, including an attempt to list on the New Third Board in 2016, which was ultimately abandoned due to liquidity concerns [2]. Group 2: Financial Performance - Despite being a leader in the AI marketing sector with a market share of 2.6%, Deepen Intelligent's revenue declined from 611 million RMB in 2023 to 538 million RMB in 2024, with a significant profit drop of 64.52% to 21.52 million RMB [4]. - The company's reliance on Alibaba as a major client has decreased, with revenue from Alibaba dropping from 122 million RMB in 2022 to less than 80 million RMB in 2023 and 90 million RMB in 2024 [5]. Group 3: Liquidity Risks - Deepen Intelligent faces notable liquidity risks, with trade receivables and notes receivable reaching 218 million RMB at the end of 2024, accounting for approximately 40% of its annual revenue and total assets, which is significantly higher than the healthy range of 20%-30% [6]. - The company's cash reserves were only 72.07 million RMB at the end of 2024, raising concerns about potential liquidity crises if clients delay payments or if bad debt increases [6]. Group 4: Future Outlook - The success of Deepen Intelligent's IPO and its future in the market will depend on its ability to adjust strategies post-listing, improve financial health, and enhance risk management capabilities [7].