深演智能再申请 二次递表港交所

Core Viewpoint - Shenyan Intelligent submitted its listing application to the Hong Kong Stock Exchange on December 1, after its prospectus submitted in the first half of the year became invalid at the end of November. The company faces significant performance fluctuations in 2024 due to high reliance on a single industry client, leading to pressure on gross margins and tightening cash flow [1]. Company Overview - Shenyan Intelligent, formerly known as "Pinyou Interactive," had previously applied for an A-share IPO in 2022 but withdrew the application in June 2024 after three rounds of inquiries. The company shifted its focus to the Hong Kong market, submitting its application in late May, which became invalid on August 28 [1]. - The company specializes in decision-making AI technology, focusing on AI applications in marketing and sales scenarios. According to its prospectus, it ranks first in the Chinese marketing and sales decision-making AI application market with a market share of 2.6% based on 2024 revenue, and fourth in the overall decision-making AI application market in China with a market share of 1.6% [1]. Financial Performance - In the first half of 2025, the company's revenue increased by 5.8% year-on-year to 277 million yuan, primarily driven by clients in the internet services industry. The revenue share from this sector rose from 24.2% in the same period last year to 43.2% [1]. - The prospectus indicates that the company is experiencing issues such as an imbalanced business structure, declining profitability, and tightening cash flow, along with some foreign exchange risks [1].