
Core Viewpoint - Manycore Tech Inc. (群核科技) is making a renewed attempt to go public in Hong Kong after its IPO application lapsed, aiming to become the first of the "Hangzhou Six Dragons" to achieve an IPO and to secure the title of "the world's first space intelligence stock" [1] Financial Performance - The company reported a significant turnaround in its financial performance, achieving an adjusted net profit of 17.83 million RMB in the first half of 2025, compared to losses of 704 million RMB in 2022, 646 million RMB in 2023, and 422 million RMB in the first three quarters of 2024 [2] - The gross profit margin has shown a consistent upward trend, increasing from 72.7% in 2022 to 82.1% in the first half of 2025 [4] Revenue Growth - Revenue figures indicate a steady growth trajectory, with revenues of 601 million RMB in 2022 and 664 million RMB in 2023, marking a year-on-year increase of 10.5%. The revenue for the first three quarters of 2024 rose by 13.8% to 553 million RMB [5] - The updated prospectus highlights that revenue for the first half of 2025 reached 400 million RMB, with a notable 188% year-on-year growth in e-commerce AI solutions [5] Market Position - Manycore Tech holds a market share of approximately 23.2% in the Chinese space design software market as of 2024, up from 22.2% in 2023 [6] - The company is recognized as the largest space design platform globally based on average monthly active users (MAU), with around 2.7 million MAUs as of mid-2025 [6] Competitive Landscape - The domestic space design software market is highly competitive, with companies like Autodesk and Zhongwang Software posing significant challenges. Manycore Tech's international revenue contribution remains relatively low, accounting for 11.3%, 6.0%, and 7.4% of total revenue in 2022, 2023, and the first nine months of 2024, respectively [7] - Analysts suggest that while Manycore Tech has a solid foundation in technology and market presence, it needs to optimize its profit model, explore new business scenarios, and accelerate its overseas market expansion to gain recognition in the capital markets [7]