云动智能，拟港股IPO

Core Viewpoint - Yundong Intelligent is seeking to go public on the Hong Kong Stock Exchange, highlighting its reliance on a few major clients for revenue generation [1][3]. Group 1: Revenue Dependence - In 2023, 2024, and the first three quarters of 2025, revenue from the top five clients was 201 million, 385 million, and 288 million yuan, accounting for 97.6%, 96.7%, and 95.6% of total revenue respectively [3]. - Revenue from the largest client was 149 million, 362 million, and 263 million yuan, representing 72.6%, 90.8%, and 87.2% of total revenue for the same periods [3]. - The company acknowledges its vulnerability due to over-reliance on a single client and is actively working to diversify its client base [3]. Group 2: Financial Performance - The company reported revenues of 206 million, 398 million, and 301 million yuan for 2023, 2024, and the first three quarters of 2025, respectively [2]. - Net profits for the same periods were 10.935 million, 40.145 million, and 22.981 million yuan [2]. - Gross profit margins were 23.5%, 27.4%, and 24.6% for 2023, 2024, and the first three quarters of 2025 [2]. Group 3: Production Capacity - The capacity utilization rate at the company's factory in Deqing, Huzhou, Zhejiang Province for vehicle communication solutions and emergency call solutions was approximately 75.8% in the first three quarters of 2025, showing a decline compared to the same period last year [2].