新股前瞻 | AI营销赛道激战正酣，业绩大幅波动的深演智能龙头地位或受挑战？

Core Insights - The rapid rise of AI applications in various sectors, driven by major companies like ByteDance and Alibaba, has positioned AI as a central theme in the capital market, with significant stock price increases for leading firms in a short period [1] - The shift in market expectations from "computing power infrastructure" to "application realization" indicates a changing investment logic, paving the way for companies to capitalize on AI applications [1] - Beijing Deepen Intelligent Technology Co., Ltd. (Deepen Intelligent) is actively pursuing its capital market ambitions, having submitted its second listing application to the Hong Kong Stock Exchange [2] Company Overview - Deepen Intelligent is recognized as the leading player in China's marketing and sales decision AI application market, holding a market share of 2.6% based on 2024 revenue [2] - The company has experienced significant revenue fluctuations, with reported revenues of approximately 543 million, 611 million, and 538 million RMB for the years 2022 to 2024, respectively [2] - In the first half of 2025, Deepen Intelligent reported a revenue of 277 million RMB, reflecting a year-on-year growth of 5.73% [2] Business Structure and Revenue Sources - Deepen Intelligent's revenue is primarily derived from intelligent advertising and data management, with 2024 revenue contributions of 84.6% and 14.5%, respectively [6] - The company has served around 530 clients, including 89 Fortune Global 500 companies, with significant revenue contributions from sectors such as FMCG, retail, and beauty [6] - The revenue from the top five clients has increased from 51.1% in 2022 to 70.2% in the first half of 2025, indicating a growing dependency on a limited client base [11] Market Challenges and Competitive Landscape - The marketing and sales decision AI application market is highly fragmented, with Deepen Intelligent holding only a 2.6% market share, facing competition from over a hundred players [9] - The company's reliance on a few major clients poses a risk, as any changes in their strategies could lead to significant revenue declines [11] - Deepen Intelligent's R&D expenditure has been relatively low, accounting for only 8.4% of total revenue in the first half of 2025, which may hinder its ability to innovate and maintain competitive advantages [11] Future Outlook - The marketing and sales decision AI application market is projected to grow from 203 billion RMB in 2024 to 944 billion RMB by 2029, with a compound annual growth rate (CAGR) of 36.5% [15] - Deepen Intelligent faces the challenge of converting market opportunities into growth momentum, requiring strategic adjustments to optimize its business structure and reduce client concentration [15][16] - The company's ability to address these challenges will significantly impact its valuation and market perception as a leader in marketing decision AI [16]