A股上市公司四方精创递表港交所 右手募资左手慷慨分红

Core Viewpoint - Sifang Jingchuang, a fintech service provider, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D, sales capabilities, potential investments, and general corporate purposes, despite its low market share in the fintech software development sector [1][3]. Group 1: Company Overview - Sifang Jingchuang primarily serves banks and financial institutions in mainland China, Hong Kong, and Southeast Asia, offering fintech software development, consulting, and system integration services [2]. - The company has a significant reliance on its fintech software development services, which accounted for 94.9% to 95.8% of its revenue during the reporting period [2]. Group 2: Market Position - Sifang Jingchuang ranks 15th in the fintech software development market in mainland China and Hong Kong, with a market share of only 1.2% [3]. - The company faces intense competition from larger players in the market, limiting its pricing power [3]. Group 3: Financial Performance - The company reported revenues of 664 million yuan, 730 million yuan, 740 million yuan, and 454 million yuan for the years 2022, 2023, 2024, and the first three quarters of 2025, respectively [4]. - Profit figures for the same periods were 41.19 million yuan, 47.38 million yuan, 67.36 million yuan, and 66.58 million yuan [4]. Group 4: Customer and Supplier Concentration - Sifang Jingchuang's revenue is highly concentrated, with the top five customers contributing 87.8% to 90.1% of total revenue during the reporting period [4][5]. - The company also faces supplier concentration risks, with the top five suppliers accounting for 63.5% to 88.9% of procurement costs [5]. Group 5: Cost Structure - The company's cost structure is rigid, with employee salaries making up 95.3% to 96.7% of total sales costs during the reporting period [5]. - The competitive market for technical professionals may necessitate higher salaries to attract and retain talent [5]. Group 6: Dividend History - Since its A-share listing, Sifang Jingchuang has distributed dividends 10 times, totaling nearly 300 million yuan, with an average payout ratio of 40.32% [7]. - The company has maintained a high dividend payout ratio, exceeding 67% in recent years [7].