“中国版Adobe”拟赴港IPO，毛利率堪比茅台

Core Viewpoint - The trend of A-share companies going public in Hong Kong is gaining momentum, with Wanjing Technology officially starting its "A+H" dual listing process [4][8]. Company Summary - Wanjing Technology has announced its plan to issue H-shares and list on the Hong Kong Stock Exchange, with the board approving the proposal unanimously [4]. - The company, founded in 2003 and known for its video editing software, aims to raise approximately 22 to 25 billion HKD (20 to 23 billion RMB) through the issuance of up to 15% new shares [5]. - Wanjing Technology focuses on digital creative software and has expanded its product offerings to include SaaS, online services, and cloud services, positioning itself as the "Chinese version of Adobe" [5]. Financial Performance - In 2024, Wanjing Technology is projected to achieve a revenue of 1.44 billion RMB, a decline of over 2% from 1.481 billion RMB in 2023 [6]. - The company reported a net loss for 2024 and Q1 2025, but its overall gross margin for 2024 is expected to be as high as 93.22% [7]. - The first quarter of 2024 showed a revenue of 380 million RMB, reflecting a year-on-year growth of 6.06%, indicating signs of recovery [6].