宇信科技再闯港交所上市：业绩波动明显，计划布局海外谋增长

Core Viewpoint - Yuxin Technology Group Co., Ltd. has submitted a new prospectus for listing on the Hong Kong Stock Exchange, following a previous application that became invalid in 2015. The company is a financial technology solution provider operating in both domestic and international markets, primarily serving financial institutions with comprehensive technology solutions [1][3]. Company Overview - Yuxin Technology was established in October 2006 and was previously known as Beijing Yuxin Yicheng Technology Co., Ltd. The company went public on the Shenzhen Stock Exchange's ChiNext board on November 7, 2018, with a registered capital of 704 million RMB. Major shareholders include Zhuhai Yuqin Hongtai Venture Capital Group Co., Ltd. and Baidu [3][4]. Financial Performance - Yuxin Technology ranked second in the Chinese banking fintech solutions market by revenue from 2022 to 2024, and first among listed companies in China, with a market share of 2.1% in 2024 [5]. - The company's revenue for 2022, 2023, 2024, and the first nine months of 2025 was approximately 4.28 billion RMB, 5.20 billion RMB, 3.95 billion RMB, and 2.18 billion RMB, respectively. Net profits for the same periods were 253 million RMB, 330 million RMB, 384 million RMB, and 257 million RMB [5][6]. Revenue Trends - Revenue growth in 2023 was attributed to increased income from banking technology solutions, driven by large procurement orders. However, revenue decreased in 2024 due to a strategic shift towards larger, high-value projects. The first three quarters of 2025 saw a further decline in revenue to approximately 2.18 billion RMB, a 7.0% decrease from the same period in 2024 [7]. - The company's gross profit margin remained relatively stable, with margins of 26.1%, 25.7%, and 28.8% for 2022, 2023, and 2024, respectively. The gross margin further increased to 33.9% in the first half of 2025 [7][8]. Dividend and International Revenue - Yuxin Technology has consistently paid dividends, distributing approximately 98 million RMB, 137 million RMB, and 179 million RMB in 2022, 2023, and 2024, respectively. The company plans to use the funds raised from the Hong Kong listing to accelerate global expansion and enhance international competitiveness [9]. - The company generated revenue from international markets, with figures of approximately 10.72 million RMB, 12.05 million RMB, and 9.05 million RMB for 2022, 2023, and 2024, respectively, indicating a significant drop of 24.9% in 2024 [9][10].