HAND(SZ:300170) Zhi Tong Cai Jing·2026-01-16 12:08Core Viewpoint - The capital market has seen active engagement in AI application concepts since the beginning of the year, with the Ministry of Industry and Information Technology (MIIT) setting high-quality development goals for industrial internet platforms by 2028, which is expected to synergize with previous policies to boost demand for industrial software and data services [1][2]. Company Overview - Han's Information, a leading IT consulting and digital solutions provider in China, has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage the Hong Kong market to strengthen its existing advantages and drive business transformation amid the AI-driven industry evolution [2]. - The company has over 20 years of experience and offers comprehensive digital and intelligent solutions primarily to large enterprises, focusing on AI applications, proprietary products, and ERP implementation services [3]. Financial Performance - Han's Information reported total revenues of RMB 30.07 billion, RMB 29.8 billion, and RMB 32.35 billion for the years 2022, 2023, and 2024 respectively, with a slight increase to RMB 15.74 billion in the first half of 2025 [3]. - The revenue structure shows a shift towards industrial digital solutions, which increased from 25.5% in 2022 to 33.8% in the first half of 2025, while ERP consulting and implementation services decreased from 35.7% to 31.2% in the same period [4][5]. - The gross profit for Han's Information was RMB 8.85 billion in 2022, RMB 7.73 billion in 2023, and RMB 10.59 billion in 2024, with a gross margin of 29.4%, 25.9%, and 32.7% respectively [8]. Business Transformation - The company is transitioning from traditional business models to strategic emerging fields, with revenue from overseas markets increasing from 8.9% in 2022 to 14.9% in the first half of 2025, indicating a successful global service strategy [7]. - AI application revenue reached approximately RMB 2.1 billion in the first three quarters of 2025, with Q3 alone contributing about RMB 1 billion, surpassing the total for 2024 [10]. AI Integration - Han's Information has been integrating AI into its business since 2019, with its AI application products showing accelerated commercialization. The company’s deep understanding of enterprise structures and workflows positions it favorably against generic AI model providers [13]. - The revenue from AI applications includes approximately RMB 500-600 million from AI middle platform and around RMB 1.5-1.6 billion from intelligent agent products and related consulting services, indicating a robust ecosystem for AI capabilities [13]. Market Outlook - Despite the potential of Han's Information as an AI application stock, the A-share market may have already priced in some optimistic expectations. The future performance of the company will largely depend on the realization of its AI application business and the true value of its second growth curve [14].