Core Insights - Wu Minghui, a graduate from Peking University, has successfully listed two companies, Yunji (02670.HK) and Minglue Technology (02718.HK), on the Hong Kong Stock Exchange within 19 days, achieving a combined market value of approximately 34.6 billion yuan [2] - Both companies have not yet achieved profitability as of mid-2025, with Minglue Technology reporting revenues of 1.269 billion yuan in 2022, 1.462 billion yuan in 2023, and 1.381 billion yuan in 2024, while Yunji also reported continuous losses [15][16] Company Overview - Minglue Technology was established through the merger of several companies, including MiaoZhen Systems and Minglue Software, and has expanded its business scope from marketing intelligence to various sectors such as manufacturing, finance, and security [8] - The company has been recognized as a global unicorn, ranking 807th on the 2025 Hurun Global Unicorn List with a valuation of 11 billion yuan [8] Financial Performance - Minglue Technology's operating losses from 2022 to 2024 were 1.009 billion yuan, 211 million yuan, and 132 million yuan respectively, with the company still in a loss-making position in the first half of 2025 [15] - The gross profit margin for Minglue Technology remained stable, with figures of 53.24%, 50.11%, 51.59%, and 55.94% from 2022 to the first half of 2025 [15] Research and Development - The company has seen a decrease in R&D expenditure from 7.51 billion yuan in 2022 to 1.5 billion yuan in the first half of 2025, with the R&D spending as a percentage of revenue dropping from 59.2% to 23.4% [15][16] - As of mid-2025, Minglue Technology holds 2,322 patents and has applied for 596 additional patents, showcasing its commitment to innovation in data intelligence and enterprise knowledge graphs [16] Future Outlook - The company plans to use the 1.067 billion yuan raised from its IPO to enhance its technological capabilities, expand its product offerings, and strengthen its marketing and sales teams [17] - Wu Minghui is focused on researching multimodal large models to drive the industry forward in new directions [17]
北大学霸吴明辉19天收获两个IPO 两家科技公司尚未盈利市值346亿