南京一跨境服务公司冲刺IPO，3名早期股东2月前套现8000万元离场！公司净利润大跌超60%，主要业务中大型客户上半年流失近八成

Core Viewpoint - Nanjing Qingtian has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing product competitiveness, implementing diversified sales strategies, strategic investments, acquisitions, and general corporate purposes [1] Group 1: Company Overview - Nanjing Qingtian specializes in providing digital solutions for cross-border enterprises engaged in import and export trade, covering multiple provinces in China [2] - The company ranks first in the Chinese market for cross-border enterprise intelligent tax solutions with a market share of 1.7% and second in the digital tax solutions market with a market share of 1.2% [2] - Since its establishment, Nanjing Qingtian has reached nearly 420,000 foreign trade export enterprises and cross-border e-commerce businesses, serving approximately 160,000 users with over 2 million service instances [2] Group 2: Revenue Sources - The primary revenue source is the "cross-border enterprise intelligent tax solution," accounting for 85.2%, 80.7%, 78.9%, and 87.5% of total revenue during the reporting periods [3] - The customer base is predominantly small clients, with small clients making up 85.54% of the total customer count as of mid-2025, while the number of medium and large clients has decreased by 78.17% to 2,374 [3] Group 3: Financial Performance - Revenue figures for the reporting periods are 120 million, 161 million, 171 million, and 63.82 million yuan, while net profits are 55.27 million, 153 million, 47.6 million, and 7.22 million yuan [4] - Despite a 6.4% year-on-year revenue growth in 2024, net profit fell by 68.8% compared to 2023; in the first half of this year, revenue grew by 4.5%, but net profit dropped by 74.87% [4] - Gross margin decreased from 83.5% in 2022 to 67.3% in the first half of 2025, a decline of over 16 percentage points, attributed to a significant increase in revenue costs [4] Group 4: Shareholder Activity - Three early shareholders cashed out a total of 80 million yuan just two months before the IPO application, indicating potential concerns about the company's future [6][7] - The largest shareholder, Qingtian Venture Capital, holds a 78.17% stake, with the actual controller being Xin Yingmei, who owns 99.96% of the venture capital firm [6] Group 5: Asset and Liability Situation - Nanjing Qingtian's current assets have consistently been less than current liabilities from 2022 to 2024, indicating weak short-term solvency [7] - As of the first half of this year, current assets and liabilities were recorded at 202 million and 166 million yuan, respectively [8]