Core Viewpoint - The IPO of卓越睿新 is facing challenges in market enthusiasm, with subscription rates falling short of expectations compared to previous offerings [1] Group 1: IPO Information - Company Name: 卓越睿新 (02687.HK) [2] - Industry: Software Services [2] - Offering Period: November 28 to December 3 [2] - Total Shares Issued: 666.67 million shares, with 10% for public offering and 90% for international placement [2] - Price Range: HKD 62.26 to 76.1 [2] - Market Capitalization: HKD 41.51 billion to 50.73 billion [2] - P/E Ratio: 43 times [2] - Minimum Subscription Amount: HKD 7,687 [2] - Listing Date: December 8 [2] - Underwriter: Agricultural Bank of China [2] - Green Shoe Option: Yes [2] Group 2: Company Overview -卓越睿新 was established in 2008, focusing on digital solutions for higher education [3] - The company ranks second in China's higher education digital market with a 4.0% market share and first in digital content production with a 7.3% market share [3] - The client base primarily consists of higher education institutions, with 251 service centers across 95 cities [3] Group 3: Financial Performance - Revenue increased from RMB 400.11 million in 2022 to RMB 848.20 million in 2024, with RMB 275.42 million in the first half of 2025 [4][5] - Net profit fluctuated significantly, with losses of RMB 59.11 million in 2022, profits of RMB 81.42 million in 2023, and RMB 105.07 million in 2024 [5] - The company recorded a net loss of RMB 98.96 million in the first half of 2025, widening from a loss of RMB 88.86 million in the same period last year [5] Group 4: Business Segments - The main revenue source is digital teaching content services, contributing RMB 709.96 million in 2024, accounting for 83.7% of total revenue [7] - Knowledge graph services have seen explosive growth, increasing from RMB 6 million in 2022 to RMB 340.40 million in 2024, representing 40.1% of total revenue [8] Group 5: Market Outlook - The digital education market in China is rapidly growing, with a projected increase from RMB 111 billion in 2019 to RMB 400 billion by 2028, reflecting a CAGR of 14.8% [9] - The market is highly fragmented, with around 2,000 participants and the top five companies holding only 12.6% of the market share [9] Group 6: Competitive Positioning - Compared to A-share listed companies in the same sector,卓越睿新 has a relatively low valuation of 43 times, while competitors have significantly higher valuations [10] - The IPO shares represent 10% of total shares, raising approximately HKD 5.07 billion, with no cornerstone investors [10] Group 7: Subscription and Market Sentiment - The current subscription rate is 1,010 times, with expectations of exceeding 1,500 times [11]
卓越睿新港股打新分析，想亏钱都不一定能中签