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圣火科技递表港交所 前五大客户贡献超94%营收
Mei Ri Jing Ji Xin Wen·2025-09-01 14:24

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 operational expenses, despite facing high customer concentration and increasing financial risks [1][2][4]. Group 1: Company Overview - Shenghuo Technology was established in September 2013 and is based in Guangzhou, Guangdong Province. It has been listed on the New Third Board from November 2016 until its delisting on April 14, 2025 [2]. - The company operates as a technology-driven marketing firm, providing integrated marketing services, marketing technology services, and advertising marketing services [2][3]. - Shenghuo Technology ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% as of 2024 [2]. Group 2: Financial Performance - The company reported revenue of approximately 112 million yuan, 163 million yuan, 252 million yuan, and 129 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profits for the same periods were 19.78 million yuan, 27.15 million yuan, 33.20 million yuan, and 12.11 million yuan [3]. - In the first half of 2025, Shenghuo Technology experienced revenue growth of 78.26% and net profit growth of 28.38% [3]. Group 3: Financial Ratios and Risks - The company's liquidity ratio decreased from 3.4 in 2022 to 1.6 in the first half of 2025, while the debt-to-asset ratio increased from 10.8% to 48.1% during the same period [3][4]. - The increase in accounts receivable turnover days from approximately 105.9 days to 243.4 days indicates a growing challenge in managing receivables [5]. Group 4: Customer Concentration - Shenghuo Technology's revenue is highly concentrated, with the top five customers contributing 94.1% of total revenue in the first half of 2025. The largest single customer accounted for approximately 45.2% of revenue during the same period [4][5]. Group 5: Legal Issues - The company is currently involved in legal proceedings related to a fire incident affecting one of its major clients, with claims amounting to approximately 4.2 million yuan [6].