营收三年翻番，量化派冲刺港交所：数字经济赋能消费新路径

Core Insights - The digital economy has become a core engine driving high-quality economic development in China, with significant growth in patent authorizations and data enterprise numbers [1] - The company, Quantitative, is preparing for an IPO on the Hong Kong Stock Exchange, highlighting the growth potential in the online consumption service sector [1] Financial Performance - From 2022 to 2024, the company's total revenue increased from 475 million RMB to 993 million RMB, with a compound annual growth rate (CAGR) of 44.54% [1] - In the first five months of 2025, total revenue reached 414 million RMB, reflecting a year-on-year growth of 38.1% [1] - Adjusted profit surged from 126 million RMB in 2022 to 363 million RMB in 2024, with a CAGR of 69.6%, and reached 212 million RMB in the first five months of 2025 [1] Market Position and Strategy - The company addresses three core pain points in the online consumption market: high customer acquisition costs, consumer choice difficulties, and inefficient connections between merchants and users [2] - By leveraging AI and digital technology, the company has built a comprehensive system that enhances user experience and reduces marketing costs [2] - As of May 31, 2025, the company has over 60.3 million registered users and 2,646 business partners, creating a strong network effect [3] Industry Outlook - The online consumption service sector is benefiting from supportive government policies aimed at promoting digital economy growth and enhancing digital consumption [4][5] - The online consumption market in China is projected to grow from 13.9 trillion RMB in 2020 to 25.7 trillion RMB in 2024, with a CAGR of 16.5% [5] - The market share of online consumption in overall retail is expected to increase, reaching 36.9% in 2024 [5] Trends and Opportunities - Key trends include the deepening application of AI technology and the rise of lower-tier city markets, which present new growth opportunities for the company [6][7] - The company can leverage its technological advantages and expand its operational model to lower-tier cities, enhancing its user and merchant base [7] Challenges - The company faces increasing competition in the online consumption service sector, which may raise customer acquisition costs [7] - Data security and privacy regulations are becoming stricter, necessitating improved data governance capabilities [7] Conclusion - The company's IPO marks the beginning of a new phase with broader market opportunities and higher regulatory requirements [8] - The growth trajectory of the company reflects the broader trend of Chinese digital technology firms addressing industry pain points through innovation [8]