“杭州六小龙”之一，最新数据曝光！

Core Viewpoint - Qunhe Technology has updated its IPO prospectus for the Hong Kong market, revealing financial data for the full year of 2024 and the first half of 2025, indicating a path towards profitability in 2025 despite expected losses for the full year [2][3][4]. Financial Performance - For the full year of 2024, Qunhe Technology's revenue is projected to be 755 million RMB, with an adjusted net loss of 70.05 million RMB. In the first half of 2025, revenue is expected to be 399 million RMB, with an adjusted net profit of 17.825 million RMB [5][6]. - Historical revenue figures show that in 2022, 2023, and the first three quarters of 2024, Qunhe Technology's revenues were 601 million RMB, 664 million RMB, and 553 million RMB, respectively, with adjusted net losses of 338 million RMB, 242 million RMB, and 93.61 million RMB [6][7]. Business Growth and Profitability - The company has shown a decreasing trend in adjusted net losses over recent years and is expected to achieve profitability in the first half of 2025 [7]. - Qunhe Technology anticipates benefiting from economies of scale as its business continues to grow, which is expected to positively impact long-term profitability [8]. Product and Market Position - Qunhe Technology is a cloud-native spatial design software provider, with key products including the domestic software KuJiaLe and the international platform Coohom. As of June 2025, the company serves over 433,000 individual customers and 47,000 enterprise customers [9]. - The company reported net revenue retention rates of 101.6% for enterprise customers, 110.0% for large customers, and 92.3% for individual customers [9]. Gross Margin - The gross margins for 2024 and the first half of 2025 are projected to be 80.9% and 82.1%, respectively. Historical gross margins for 2022, 2023, and the first three quarters of 2024 were 72.7%, 76.8%, and 80.4% [9]. Research and Development - Qunhe Technology has reduced its R&D expenses from 438 million RMB in 2022 to 391 million RMB in 2023, and further to 337 million RMB in 2024, indicating a focus on optimizing R&D personnel and leveraging AI technology to enhance efficiency [12][15]. - The company reported a significant growth of 188% in revenue from AI-related e-commerce solutions in the first half of 2025 [16]. Risks and Challenges - The integration of AI technology into Qunhe Technology's software may expose the company to potential infringement claims and higher regulatory compliance costs [11][17]. - Specific risks include potential copyright infringement related to AI-generated design content and challenges in ensuring compliance with third-party intellectual property rights [18].