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迅策科技三闯港交所 报告期内累计亏损3.66亿元
Mei Ri Jing Ji Xin Wen·2025-09-29 14:01

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for expanding existing solutions, developing new ones, and enhancing technical capabilities, despite facing continuous losses since its establishment [1][2]. Group 1: Financial Performance - From 2022 to the first half of 2025, the company reported a cumulative loss of approximately 366 million yuan [4]. - Revenue figures for the reporting period were approximately 288 million yuan, 530 million yuan, 632 million yuan, and 198 million yuan, with corresponding losses of 96.51 million yuan, 63.39 million yuan, 97.84 million yuan, and 108 million yuan [4]. - The company attributes its net losses primarily to significant R&D, administrative, and sales expenses incurred during rapid business expansion [4]. Group 2: Market Position and Revenue Sources - Xunce Technology ranks fourth in China's real-time data infrastructure and analytics market with a market share of 3.4% as of 2024, and it holds the top position in the asset management sector with an 11.6% market share [2]. - The revenue share from the asset management sector decreased from 74.4% to 47.3% during the reporting period, while revenue from diversified industries increased from 25.6% to 52.7% [2]. Group 3: Customer Metrics - The total number of paying customers decreased from 232 to 121, representing a year-on-year decline of 28.4% in the first half of 2025 [3]. - The net revenue retention rate dropped significantly from 98% in 2023 to 56% in 2024, further declining to 36% in the first half of 2025, primarily due to reduced spending and project delays in the asset management sector [3]. Group 4: Accounts Receivable and Credit Policy - Accounts receivable increased during the reporting period, with figures of 76.7 million yuan, 266 million yuan, 252 million yuan, and 254 million yuan [5]. - The accounts receivable turnover days increased from 63 days to 286 days, attributed to revenue growth and expansion into new verticals, leading to a more diverse customer base [5]. Group 5: Funding and Valuation - Since its establishment, Xunce Technology has completed seven rounds of financing, with notable investors including Tencent, Goldman Sachs, and Yunfeng Capital [6][8]. - The company's valuation surged from 150 million yuan before its A-round financing in 2017 to 6.22 billion yuan after its latest financing round in November 2023, marking a 4047% increase over six years [8].