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圣火科技拟港股IPO 收入高度依赖少数客户
Zhong Guo Zheng Quan Bao·2025-09-04 08:58

Core Viewpoint - Shenghuo Technology Group Limited has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its financing capabilities and expand its shareholder base [1][3]. Group 1: Company Overview - Shenghuo Technology, established in 2013, is a technology-driven marketing company specializing in integrated marketing services, marketing technology services, and advertising marketing services [3]. - The company has developed a proprietary "one code for one item" technology, embedding QR codes on product packaging to create data-driven marketing solutions [3]. - According to Frost & Sullivan, Shenghuo ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% as of 2024 [3]. Group 2: Financial Performance - Shenghuo Technology reported revenues of 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 [3]. - The 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]. - The company’s revenue is highly dependent on a few major clients, with 96.1%, 91.2%, 79.8%, and 94.1% of total revenue coming from its top five clients during the respective years [6]. Group 3: Client Dependency - Shenghuo Technology's revenue is significantly reliant on its major clients, particularly in the fast-moving consumer goods (FMCG) sector [6]. - The largest client contributed 87.9%, 78.6%, 49.3%, and 45.2% of the company's revenue in the years 2022, 2023, 2024, and the first half of 2025, respectively [6]. - The company acknowledges that its financial performance is contingent upon maintaining relationships with key clients and expanding its customer base [6]. Group 4: Use of Proceeds - The funds raised from the IPO are intended for upgrading and developing AI vertical intelligence, enhancing marketing solutions, expanding operations in Southeast Asia and Hong Kong, and acquiring new clients domestically [4].