擎天全税通：服务跨境企业，净利大跌仍豪气分红

Core Viewpoint - Nanjing Qingtian Quansuitong Information Technology Co., Ltd. plans to list on the Hong Kong Stock Exchange, aiming to enhance its competitive edge through technological innovation and diversified sales strategies, despite facing challenges such as declining customer numbers and profit margins [1][12]. Company Overview - Established in 2012, the company initially focused on providing intelligent tax services for cross-border enterprises and has since expanded into risk control compliance and document collaboration management solutions [1][3]. - The company has served nearly 420,000 foreign trade export and cross-border e-commerce enterprises, with approximately 160,000 users and over 2 million service instances [3]. Customer Dynamics - The number of enterprise customers has been declining, from approximately 34,000 in 2022 to 27,300 in 2024, indicating a shift in customer base towards larger clients [3][5]. - In 2024, the number of medium and large clients for the cross-border intelligent tax solution exceeded 10,000, while the number of small clients dropped significantly [5][6]. Market Size and Growth - The market for cross-border enterprise tax digital solutions in China was valued at 14.7 billion RMB in 2024, with projections to reach 32.8 billion RMB by 2029, indicating rapid growth despite a currently limited market size [6][8]. Competitive Landscape - The industry is highly fragmented, with the company holding a 1.2% market share in 2024, ranking second in the sector [8]. - The top five companies in the industry collectively hold only 4.9% of the market share, highlighting the competitive nature of the landscape [8]. Financial Performance - Revenue growth has slowed, with figures of 120 million RMB in 2022, 161 million RMB in 2023, and 171 million RMB in 2024, reflecting a year-on-year increase of only 6.4% in 2024 [8][10]. - Adjusted net profits have also shown weakness, with figures of 45.2 million RMB in 2022 and 48.4 million RMB in 2024, indicating a decline in profitability [9][10]. Business Structure - The company heavily relies on its cross-border intelligent tax solution, which accounted for 87.5% of revenue in the first half of 2025, limiting its ability to capitalize on diverse growth opportunities in the market [10][11]. - The focus on a single business model has hindered the company's growth potential, especially as other segments like electronic invoice management have seen rapid growth [11][12]. Dividend Policy - Despite facing performance pressures, the company distributed dividends of 103 million RMB in 2022 and 127 million RMB in 2024, significantly exceeding its net profits during those periods [12].