迅策科技开启招股：KKR、高盛联合押注、超76%高毛利率，下一个Palantir在路上？

Core Viewpoint - XunCe Technology is set to launch its H-share IPO on December 30, aiming to raise up to HKD 1.2375 billion, with significant backing from notable investors, and is being compared to Palantir in terms of its AI-driven data infrastructure capabilities [1][17]. Group 1: Business Model and Strategy - XunCe Technology's business model focuses on providing a comprehensive AI-enabled real-time data infrastructure, which integrates data processing and analysis to support decision-making across various business processes [2][3]. - The company targets high-demand industries, starting with asset management, which requires stringent data accuracy and real-time processing, establishing a strong market position with an 11.6% share in China's asset management sector [5][6]. - The company has demonstrated a successful evolution from customized solutions to standardized products, enhancing deployment efficiency and reducing costs, with 332 modules developed by June 2025 [7][8]. Group 2: Growth Potential - Financial data indicates robust growth, with revenue projected to increase from CNY 288 million in 2022 to CNY 632 million in 2024, reflecting a compound annual growth rate of 48.2% [10][11]. - The average revenue per user (ARPU) has risen significantly, from CNY 1.582 million in 2022 to CNY 2.724 million in 2024, driven by a modular product structure that encourages deeper integration into client operations [11][12]. - The company has expanded its revenue from non-asset management sectors from 25.6% to 61.3% between 2022 and 2024, indicating successful cross-industry expansion [14]. Group 3: Market Position and Investor Confidence - The backing from prominent investors such as Tencent, Alibaba, and Goldman Sachs signals strong market confidence in the company's long-term value and operational capabilities [17][18]. - The company's dual revenue model, combining subscription-like and transactional elements, enhances predictability and reduces reliance on high sales costs, contributing to operational efficiency [19]. - The evolving regulatory environment in China is creating a favorable landscape for data-driven companies, further supporting XunCe Technology's growth trajectory [18][19].