才从新三板摘牌4个多月的圣火科技递表港交所：前五大客户贡献超94%营收 IPO前创始人夫妇合计持股近96%

Core Viewpoint - Shenghuo Technology Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for AI vertical intelligence development and general operational expenses, despite facing high customer concentration and declining liquidity ratios [1][11]. Company Overview - Shenghuo Technology was established in September 2013 and was listed on the New Third Board from November 2016 until its delisting on April 14, 2023 [2]. - The company provides integrated marketing services, marketing technology services, and advertising marketing services, primarily utilizing its proprietary "one code per item" technology [2]. Financial Performance - Shenghuo Technology's revenue for the reporting periods was approximately RMB 112.29 million, RMB 163.45 million, RMB 251.89 million, and RMB 72.14 million for 2022, 2023, 2024, and the first half of 2025, respectively [11]. - The net profit for the same periods was RMB 19.78 million, RMB 27.15 million, RMB 33.20 million, and RMB 12.11 million, with a revenue growth of 78.26% and a net profit growth of 28.38% in the first half of 2025 [11]. Business Segments - The revenue breakdown by business segment shows that integrated marketing services accounted for 46.5%, 47.5%, 44.4%, and 41.6% of total revenue, while marketing technology services contributed 45.4%, 41.2%, 23.3%, and 21.6%, and advertising marketing services made up 8.1%, 11.3%, 32.3%, and 36.9% [9][10]. Customer Concentration - The company has a high customer concentration, with the top five customers contributing 94.1% of total revenue in the first half of 2023, and the largest single customer accounting for approximately 45.2% of revenue [11][16]. Financial Ratios - Shenghuo Technology's liquidity ratio has decreased from 3.4 in 2022 to 1.6 in the first half of 2025, while its debt-to-asset ratio increased from 10.8% to 48.1% during the same period [11][14]. Legal Issues - The company is currently involved in ongoing legal proceedings related to a fire incident affecting one of its major clients, with claims amounting to approximately RMB 4.2 million [21][22].