【IPO一线】星辰天合正式递交上市申请，拟登陆港交所

Core Viewpoint - Beijing Xingchen Tianhe Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading independent provider of distributed AI storage solutions in China [2] Group 1: Company Overview - Xingchen Tianhe was established in 2015 and focuses on technological innovation, particularly in the distributed storage industry [2] - The company specializes in enterprise-level AI storage solutions, aiding businesses in efficiently integrating data, decision-making, and operations [2] - According to ZhiShi Consulting, Xingchen Tianhe is the largest independent provider of distributed AI storage solutions in China, holding a market share of 10.4% as of 2024 [2] Group 2: Product Solutions - The AI data lake storage solution consolidates, cleans, and preserves vast amounts of unstructured data in a centralized repository for long-term use, serving as the starting point for the AI data lifecycle [3] - The AI training and inference storage solution provides high-speed data access to high-performance computing resources, supporting the most performance-demanding stages of AI model training and inference [3] - Together, these solutions create a unified data foundation that spans the entire AI data lifecycle, enhancing operational efficiency and return on investment for clients [3] Group 3: Business Model and Financials - Xingchen Tianhe has established a stable, rapidly growing, and highly replicable business model, primarily delivering products in the form of integrated machines and pure software [4] - The company has seen a steady increase in customer numbers, reaching 596 clients by September 30, 2025, with revenue projected to grow from RMB 166.8 million in 2023 to RMB 172.5 million in 2024 [4] - The company’s R&D team has consistently comprised a significant portion of its workforce, with R&D expenses accounting for 65.9% of total revenue in 2023 [5]