量化派港股闯关：精准定位 “市场运营商”，AI连接消费需求与产业供给

Core Insights - Quantitative Party has submitted its prospectus for the fifth time to the Hong Kong Stock Exchange, highlighting its role as a significant player in China's consumer sector and the promising future of the online consumption market driven by technology [1] Company Overview - Founded in 2014, Quantitative Party focuses on online market operations in China's consumer sector, leveraging its self-developed AI technology platform to provide intelligent and precise consumer experiences [1] - The company aims to support the digital transformation of the consumption industry through its core advantages in intelligent recommendations, precise distribution, and user operations [1] Market Potential - The online consumption store market in China is projected to grow from 13.9 trillion yuan in 2020 to 25.7 trillion yuan by 2024, with a compound annual growth rate (CAGR) of 16.5% [4] - By 2024, this market is expected to account for 36.9% of the overall retail market, with further growth anticipated [4] - As an online market operator, Quantitative Party does not engage directly in retail but provides infrastructure services to ecosystem participants, having attracted over 60.3 million registered end customers and 2,646 business partners as of May 31, 2025 [4] Technological Competitiveness - AI technology is the core competitive advantage of Quantitative Party, with its "Liangxingqiu" AI platform covering the entire online operation chain for business partners [5] - The company has over eight years of experience in customer profiling and has developed a large model, "Liangxingwen," which completed generative AI service filing in October 2024 [5] - From 2022 to 2024, total revenue increased from 470 million yuan to 993 million yuan, with a year-on-year growth of 87.5% in 2024 [5] Financial Performance - Adjusted profit increased from 126 million yuan in 2022 to 363 million yuan in 2024, reflecting a CAGR of 69.7% [5] - Revenue for the first five months of 2025 reached 414 million yuan, a year-on-year increase of 38.5% [5] Challenges and Future Outlook - The company faces challenges such as intensified industry competition, which may increase traffic costs, and higher data security compliance requirements [6] - If Quantitative Party can overcome these challenges, it is expected to play a significant role in connecting consumer demand with industrial supply, contributing to the upgrade of the Chinese consumer market and the prosperity of the digital economy [6]