中企云链二递港交所：毛利率96%销售费用超四成，现金流大幅起伏

Core Viewpoint - Zhongqi Yunlian Co., Ltd. is seeking to list on the Hong Kong Stock Exchange for the second time, aiming to raise funds primarily for enhancing core technology, infrastructure, marketing capabilities, and international market expansion [1] Company Overview - Established in 2015, Zhongqi Yunlian is an independent digital financial platform that connects various stakeholders in the industrial financial supply chain [1] - The company ranks first in China's industrial digital financial platform market with a market share of 12.9% based on total financing obtained in 2024 [1][2] Financial Performance - The company reported a gross profit margin of 96% and has shown continuous revenue growth, with revenues of 6.52 billion, 8.79 billion, and 9.91 billion yuan from 2022 to 2024 [4][5] - The main revenue drivers are the cloud credit services, which contributed 79.1%, 85.0%, and 88.5% of total revenue during the same period [3] Business Segments - Zhongqi Yunlian operates three main business segments: rights confirmation and factoring services, scenario digital business, and other ecological businesses [2] - The cloud credit services are the primary revenue source, while scenario digital business has also shown growth, contributing 4.6%, 7.3%, and 7.0% of total revenue from 2022 to 2024 [3] Key Operational Metrics - The financing rates during the reporting period were 72.6%, 71.6%, and 72.0%, with core enterprise retention rates of 88.5%, 86.0%, and 87.8% [4] - The company experienced fluctuations in cash flow, with net cash flow from operating activities recorded at -1.307 billion, 88.48 million, and 26.27 million yuan [7] Cost Structure - Sales and marketing expenses accounted for over 40% of total revenue during the reporting period, indicating significant investment in market promotion and business development [6] - Research and administrative expenses were also substantial, comprising 18.2%, 17.7%, and 17.4% of total revenue [6] Shareholder Structure - Liu Jiangsheng holds a 64.79% partnership interest in Yunding Assets, which is the largest shareholder group of Zhongqi Yunlian [8] Legal and Regulatory Issues - As of June 19, 2023, Zhongqi Yunlian was involved in nine legal cases, including contract disputes and trademark infringement [8]