滴普科技赴港上市：企业级大模型AI应用第一股，技术闭环与商业化验证凸显稀缺价值

Core Viewpoint - Dipu Technology, focused on enterprise-level AI applications, has officially passed the Hong Kong Stock Exchange hearing and is set to list, marking it as the first professional provider of enterprise-level large models and AI application solutions under the new Hong Kong policy [1] Group 1: Market Growth and Positioning - The enterprise-level large model application market in China is projected to grow from 38.6 billion RMB in 2024 to 239.4 billion RMB by 2029, with a compound annual growth rate (CAGR) of 44% [2] - Dipu Technology has rapidly emerged as a leading enterprise-level large model AI application solution provider in China, achieving revenue of 243 million RMB in 2024, with a year-on-year growth of 118.4% to 132 million RMB in the first half of 2025 [2][8] Group 2: Technical and Competitive Advantages - Dipu Technology possesses strong technical reserves and practical experience in data governance, which is crucial for the training and optimization of AI models [3] - The company has built an AI-Ready data fusion platform and a large model AI application solution, enabling efficient governance of various data types and creating high-quality knowledge bases [6] Group 3: Industry Collaboration and Solutions - Dipu Technology focuses on deepening its engagement with vertical industries and collaborating with leading clients, similar to Palantir's project-based approach in government and industrial sectors [4] - The company has developed tailored solutions for industries such as retail, manufacturing, healthcare, and transportation, enhancing the practicality and effectiveness of its offerings [4] Group 4: Financial Performance and Growth Trajectory - Dipu Technology's revenue has grown from 100 million RMB in 2022 to 243 million RMB in 2024, reflecting a compound annual growth rate of 55.5% [8] - The company's customer base has expanded significantly, increasing from 129 clients in 2022 to 283 clients by mid-2025, indicating high customer retention and satisfaction [8] Group 5: Future Outlook - Despite reporting losses in 2024, the adjusted net loss rate has significantly narrowed from 222.9% in 2022 to 39.5% in the first half of 2025, indicating improving financial health [9] - Dipu Technology is positioned to become a "Chinese version of Palantir," with a comprehensive technical ecosystem and proven commercial models across multiple industries, which could accelerate its growth post-IPO [10]