Sou Hu Cai Jing·2026-01-07 14:08Core Insights - The company ZhongAn Xinke has submitted its IPO application to the Hong Kong Stock Exchange, backed by ICBC International and Guolian Securities International [2] - Founded in late 2021, the company has rapidly expanded its presence in the domestic vertical large model AI solution provider market, focusing on intelligent marketing and intelligent operations [2] - The company aims to transition from being an "in-house enterprise" within the ZhongAn ecosystem to an independent market-oriented AI service provider [5] Business Performance - In 2023, the company's revenue reached 226 million yuan, projected to increase to 309 million yuan in 2024, with 290 million yuan achieved in the first nine months of 2025 [5] - Net profit rose from 10.08 million yuan in 2023 to 31.65 million yuan in 2024, indicating a significant improvement in gross margin and maturity of the business model [5] - By 2024, the company ranks fourth among enterprise-level AI service providers equipped with vertical large model capabilities in China [5] Client Dependency - The company shows a notable reliance on related parties, with its largest client, ZhongAn Group, contributing nearly 45% of revenue in 2023 and 2024, although this dropped to 23% in the first three quarters of 2025 [5] - The top five clients collectively account for nearly half of the company's revenue, highlighting the concentration risk [5] - ZhongAn Group appears on both the client and supplier lists, indicating significant related-party transactions [5] Shareholding Structure - The "ZhongAn system" is evident in the shareholding structure, with the founding team controlling approximately 38.93% of voting rights through a concerted action agreement prior to the IPO [5] - ZhongAn Technology, a wholly-owned subsidiary of ZhongAn Online, holds 35.49% of the shares, making it the second-largest shareholder [5] - The founding team has a strong background in insurance technology and digitalization, stemming from their experience within the ZhongAn Online ecosystem [5]