Sublime China Information (SZ:301299) Zhi Tong Cai Jing·2025-12-01 05:22Core Viewpoint - Shandong Zhaochuang Information Co., Ltd. (Zhaochuang Information) has submitted an application for listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Zhaochuang Information is a comprehensive commodity information service provider in China, focusing on market data monitoring, price assessment, and market research analysis across multiple categories of bulk commodities [3]. - The company operates in 25 bulk commodity sectors, leveraging over 120,000 global information sources to create structured data assets [3]. - Zhaochuang Information offers over 800 comprehensive and vertical industry research pages, covering approximately 1,200 types of bulk commodities and publishing around 95 industry indices [3]. Business Model - The company primarily operates on an annual subscription model, providing market data and detailed analysis to support client decision-making [4]. - According to Zhaochuang's consulting data, it ranks second in China's bulk commodity information service industry with a market share of 10.6% as of 2024, and holds the top position in the energy commodity sector [4]. Financial Performance - Revenue for Zhaochuang Information in the fiscal years 2022, 2023, 2024, and the first eight months of 2025 was approximately CNY 273 million, CNY 284 million, CNY 294 million, and CNY 229 million respectively [6]. - The company's profit for the same periods was approximately CNY 58.4 million, CNY 52.1 million, CNY 70.5 million, and CNY 45.2 million [7]. - Gross profit margins for the fiscal years 2022, 2023, 2024, and the first eight months of 2025 were 65.8%, 59.9%, 65.6%, and 62.6% respectively [9]. Industry Insights - The global bulk commodity information service market is projected to grow from CNY 33.7 billion in 2020 to CNY 41.2 billion by 2024, with a compound annual growth rate (CAGR) of 5.2% [15]. - The Chinese bulk commodity information service market is expected to expand from CNY 1.7 billion in 2020 to CNY 2.5 billion by 2024, with a CAGR of 10.2% [17]. - The market is characterized by a growing demand for data intelligence services, driven by advancements in technology and the need for digital transformation in enterprises [17].