“杭州六小龙”之一，最新数据曝光！

Core Viewpoint - Qunhe Technology has updated its IPO prospectus for the Hong Kong market, revealing financial data for the full year of 2024 and the first half of 2025, indicating a path towards profitability in the near future while still facing overall losses in 2025 [1][2][3]. Financial Performance - For the full year of 2024, Qunhe Technology expects revenue of 755 million yuan and a net adjusted loss of 70.05 million yuan. In the first half of 2025, revenue is projected at 399 million yuan with an adjusted net profit of 17.825 million yuan [4]. - Historical revenue figures show 601 million yuan in 2022, 664 million yuan in 2023, and 553 million yuan for the first three quarters of 2024. Adjusted net losses were 338 million yuan in 2022, 242 million yuan in 2023, and 93.611 million yuan in 2024 [4]. - The company has shown a decreasing trend in adjusted net losses over the years, achieving profitability in the first half of 2025 [4]. Business Model and Growth - Qunhe Technology operates as a cloud-native space design software provider, with key products including domestic software KuJiaLe and international software Coohom. As of June 2025, the company serves over 433,000 individual customers and 47,000 enterprise customers [6]. - The company reported net revenue retention rates of 101.6% for enterprise customers, 110.0% for large customers, and 92.3% for individual customers [6]. - Gross margins are projected at 80.9% for 2024 and 82.1% for the first half of 2025, with historical margins of 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first three quarters of 2024, respectively [6]. Investment and Future Outlook - Despite the positive growth trajectory, Qunhe Technology anticipates a net loss for the full year of 2025 due to continued investments in product upgrades and market penetration [7]. - The company has reduced R&D expenses from 438 million yuan in 2022 to 391 million yuan in 2023, and further to 337 million yuan in 2024, indicating a focus on optimizing R&D efficiency through AI technology [9][10]. - AI-related vertical solutions have shown significant growth, with e-commerce AI solution revenues increasing by 188% in the first half of 2025 [11]. Risks and Challenges - The integration of AI technology into Qunhe Technology's software may expose the company to potential intellectual property claims and regulatory compliance costs [12][13].