新三板转港，营销服务商「圣火科技」首次递表，康师傅为第一大客户

Core Viewpoint - Shenghuo Technology submitted its prospectus to the Hong Kong Stock Exchange on August 27, 2025, aiming for a mainboard listing, marking its first application for listing [1] Company Overview - Shenghuo Technology, established in 2013, is a technology-driven marketing company providing integrated marketing services, marketing technology services, and advertising marketing services in China [1][2] - The company was listed on the New Third Board in 2016 and delisted in April 2025 [1] Financial Performance - Revenue for 2024 was approximately RMB 252 million, with a net profit of RMB 33 million. For the first half of 2025, revenue was RMB 129 million, and net profit was RMB 12 million [1][3] - The company experienced a compound annual growth rate (CAGR) of 49.77% in revenue from 2022 to 2024 [7] - Gross profit margins have fluctuated, with a notable decline in 2024 and the first half of 2025 due to the rising proportion of lower-margin advertising services [7] Business Segments - The company operates three main business segments: - Integrated Marketing Services: Personalized strategies executed across traditional and digital platforms [2] - Marketing Technology Services: Utilizing unique QR code technology to provide digital identities for products [2] - Advertising Marketing Services: Comprehensive advertising services including strategy, creative content design, and execution across various media [2] Client Relationships - The company has established partnerships with well-known brands such as Master Kong, Pepsi, and JD.com, and has added several new clients in 2024 [3][4] - The top five clients accounted for 94.1% of revenue in the first half of 2025, with the largest client contributing 45.2% [4][5] Industry Outlook - The Chinese marketing technology market is projected to grow at a CAGR of 23.1% from 2020 to 2024, with government support for digital transformation and advancements in technology expected to drive further growth [8] - By 2029, the market size is anticipated to reach RMB 134.5 billion [8] Market Position - Shenghuo Technology ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% as of 2024 [10][12]