新股前瞻｜AI应用爆发汉得信息趁热递表，第二增长曲线“含金量”等待验证

Core Insights - Han's Information is seeking an "A+H" listing to leverage the Hong Kong market for consolidating its existing advantages and to drive business transformation and expansion amid the historical process of AI reshaping industry value [1][2] Group 1: Business Strategy and Market Position - The company aims to capitalize on the active AI application sector in the capital market, especially following the Ministry of Industry and Information Technology's action plan for high-quality development of industrial internet platforms by 2028 [1] - Han's Information ranks first among domestic companies in the competitive and fragmented Chinese enterprise IT consulting and digital solutions market, based on 2024 revenue projections [1] Group 2: Revenue and Business Structure - The company's revenue from digital solutions has shown a positive trend, with the share of industrial digital solutions increasing from 25.5% in 2022 to 33.8% in the first half of 2025, making it the largest business segment [4] - Revenue figures for Han's Information from 2022 to 2025 are as follows: 3.007 billion RMB in 2022, 2.979 billion RMB in 2023, and projected 3.235 billion RMB in 2024, with 1.575 billion RMB in the first half of 2025 [8] Group 3: Profitability and Financial Performance - The company's gross profit fluctuated over the years, with figures of 885 million RMB in 2022, 773 million RMB in 2023, and 1.059 billion RMB in 2024, reflecting gross margins of 29.4%, 25.9%, and 32.7% respectively [9] - The net profit attributable to shareholders peaked at 497 million RMB in 2022 but saw a loss in the following year, with a slight recovery to 85 million RMB in the first half of 2025 [9] Group 4: AI Business Development - Han's Information has been integrating AI into its business since 2019, with AI application revenue reaching approximately 210 million RMB in the first three quarters of 2025, indicating a significant acceleration in commercialization [10][13] - The company’s AI products, particularly the "DeLing" series and AI middle platform, are expected to create a comprehensive AI capability ecosystem, which could be crucial for future growth and market valuation [13] Group 5: Global Revenue Trends - The proportion of revenue from overseas markets increased from 8.9% in 2022 to 14.9% in the first half of 2025, indicating a successful strategy of leveraging global service networks [7]