“老四”要上市！背后金主是它！

Core Viewpoint - Zhong An Xin Ke (Shenzhen) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with a latest valuation of 2.215 billion yuan and a significant increase in gross margin [1][9]. Group 1: Company Overview - Zhong An Xin Ke, established in December 2021, is an enterprise-level AI solution provider focusing on intelligent marketing and operational management solutions [4]. - The company combines large model-driven application capabilities, knowledge engineering, AI agent scheduling, and industry insights to assist clients in accelerating AI deployment, improving efficiency, and expanding business [4]. Group 2: Market Position and Growth - According to Frost & Sullivan, Zhong An Xin Ke ranks fourth among enterprise-level AI solution providers in China equipped with vertical large model capabilities, based on projected 2024 revenue [5]. - The Chinese enterprise-level AI market has shown significant growth, increasing from 14.3 billion yuan in 2020 to 47.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 34.8% [5]. Group 3: Financial Performance - During the reporting period, Zhong An Xin Ke achieved revenues of 226 million yuan, 309 million yuan, and 290 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [5]. - Net profits for the same periods were 10.08 million yuan, 33.23 million yuan, and 31.65 million yuan [5]. - The number of clients served increased from 88 at the end of 2023 to 338 by the end of September 2025, reflecting a CAGR of 63.1% [5]. Group 4: Gross Margin Improvement - The gross margin of Zhong An Xin Ke rose from 13.7% in 2023 to 27.2% in 2024, and further to 41% in the first three quarters of 2025 [5]. - The gross margin for intelligent marketing solutions surged from 4.6% in 2023 to 46.1% by September 2025, marking the largest contribution to overall margin improvement [5]. Group 5: Client Concentration Risk - Despite significant client growth, there is a concentration risk, with the top five clients contributing 74.7%, 62.7%, and 47.4% of total revenue for the years ending 2023, 2024, and September 2025, respectively [7]. - The largest client, Zhong An Group, accounted for 44.4%, 44.6%, and 23% of revenue during the same periods [7]. Group 6: Shareholding Structure - Zhong An Technology, a wholly-owned subsidiary of Zhong An Online, holds 35.49% of Zhong An Xin Ke, making it the second-largest shareholder [9]. - The founding team holds 38.93% of the shares and has signed a concerted action agreement, while the two major shareholders collectively control 74.42% of the voting rights [9].