Xin Lang Cai Jing·2025-11-03 10:54Core Viewpoint - Minglue Technology (02718.HK), a data intelligence application software company based in Sichuan, officially listed on the Hong Kong Stock Exchange on November 3, raising approximately HKD 1.018 billion by issuing 7.219 million Class A shares at an initial price of HKD 141 per share, which saw a significant increase of 106.1% by the end of the trading day [1][5]. Group 1: Company Overview - Minglue Technology is recognized as a leading data intelligence application software provider in China, offering solutions that encompass marketing and operational intelligence across both online and offline scenarios [9]. - The company was founded by Wu Minghui, who has a strong academic background and extensive experience in data analysis and artificial intelligence [7][9]. - The company has undergone six rounds of financing since its inception in 2010, attracting investments from prominent institutions such as Tencent, Temasek, and Sequoia China, with total funding exceeding RMB 5 billion [5]. Group 2: Financial Performance - Minglue Technology reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years 2022, 2023, and 2024 respectively, with net profits showing significant fluctuations: RMB 1.638 billion in 2022, RMB 318 million in 2023, and a loss of RMB 794,900 in 2024 [9][10]. - The company's gross margin remained relatively stable, recorded at 53.2% in 2022, 50.1% in 2023, and 50.6% in 2024, with a notable increase to 55.9% in the first half of 2025 [10]. - Research and development expenses as a percentage of revenue have been decreasing, from 59.2% in 2022 to 25.6% in 2024, indicating a shift in financial strategy [11].