【IPO前哨】胜软科技：携“识油大模型”再闯关,业绩喜忧参半

Core Viewpoint - Shandong Shengruan Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming for a main board listing, with Guotai Junan Securities (Hong Kong) as the sole sponsor. This marks the company's second attempt to list in 2023 after previously withdrawing its application for the Beijing Stock Exchange in August 2024 [2] Company Background - Shengruan Technology was established in 1993, originally as part of the Sinopec Group. It became an independent entity in 2002 and has since developed into a digital solution provider for various industries, including oil and gas, offering intelligent manufacturing solutions across 12 sectors and supporting 88 industrial application scenarios [2][3] Business Model - The company operates three main business models: 1. Smart energy solutions for large and medium-sized energy enterprises in the oil and gas sector 2. Intelligent manufacturing solutions for small and medium-sized manufacturers in vertical industries such as petrochemicals and automotive parts 3. Smart city solutions for public management institutions [3] Market Position - Shengruan Technology is recognized as one of the top five independent solution providers in China's smart oil and gas solutions market, ranking second in the independent smart energy solutions sector. The company has completed approximately 5,000 smart energy projects and has expanded its services to other major energy companies in China and parts of the Middle East [5][8] Financial Performance - The company's revenue has shown consistent growth from 391 million RMB in 2022 to 525 million RMB in 2024, with profits increasing from 37.6 million RMB to 59.3 million RMB during the same period. However, the gross profit margin has been declining, from 41.4% in 2022 to 24.6% in the first four months of 2025 [8][10] Revenue Breakdown - The smart energy solutions segment is the primary revenue driver, contributing 75.2% of total revenue in 2022, which decreased to 65.4% in the first four months of 2025. The company also faces high customer concentration, with the top five customers accounting for over 70% of total revenue in recent years [10][12] Future Plans and Use of Proceeds - Shengruan Technology plans to use the funds raised from the IPO to enhance existing solutions, advance R&D, expand its sales network, and explore strategic investments and acquisitions in oil and gas fields. The focus is on strengthening technical capabilities and expanding market reach, aligning with the digital transformation trends in the energy sector [13]