IPO周报 | 钛动科技冲刺「Multi-Agent第一股」；TENWAYS递交招股书

Group 1: Titanium Technology - Titanium Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on February 27, 2026, aiming for a main board listing, with CICC and JPMorgan as joint sponsors [3] - Founded in 2017, Titanium Technology focuses on AI marketing solutions, serving over 100,000 advertisers in 2025 through its self-developed multi-modal large model (MLLMs) and the marketing multi-agent Navos [3] - As of February 18, 2026, Titanium Technology managed over 400 million advertising strategies and established long-term partnerships with leading media such as Meta, Google, TikTok, and Snap, covering around 700 million media platforms globally [4] - The company ranked first among domestic AI marketing technology providers in China based on 2024 revenue, leading in business scale, customer base, data assets, and global media coverage [4] - Financially, Titanium Technology reported revenues of $0.73 million in 2023 and $1.02 million in 2024, with a 74.5% increase in revenue to $1.30 million in the first three quarters of 2025 compared to the same period in 2024 [4] - The gross margins for 2023, 2024, and the first three quarters of 2025 were 84.6%, 82.4%, and 82.2%, respectively, indicating strong profitability [4] - The adjusted net profit for the first three quarters of 2025 was $0.57 million, a 42.5% increase from the same period in 2024, surpassing the entire profit for 2024 [4] - The IPO proceeds will primarily be used for optimizing the MLLMs, enhancing Navos, seeking strategic alliances, marketing, and general corporate purposes [5] Group 2: TENWAYS - TENWAYS submitted its prospectus to the Hong Kong Stock Exchange on February 27, 2026, with Guotai Junan Securities (Hong Kong) as the sole sponsor [7] - Established in 2021, TENWAYS is an innovative electric mobility company focused on electric bicycles (EBIKES), offering a comprehensive range of products for various applications in Europe [7] - According to Frost & Sullivan, TENWAYS is the fastest-growing electric bicycle company in Europe since its inception, ranking among the top five brands in the Benelux region for commuting EBIKES by 2024 sales [7] - Financially, TENWAYS reported revenues of €0.48 million in 2023 and €0.61 million in 2024, reflecting a year-on-year growth of 26.2% [8] - In the first three quarters of 2025, TENWAYS' revenue increased by 3.1% to €0.54 million compared to the same period in 2024 [8] - The gross margins for 2023, 2024, and the first three quarters of 2025 were 25.8%, 30.4%, and 31.8%, respectively, indicating improving profitability [9] - TENWAYS achieved a turnaround to profitability in the first three quarters of 2025, with an adjusted net profit of €1.24 million and a net profit margin of 2.3% [9] - The company has attracted investments from notable institutions, with Hillhouse Capital holding 21.17% of shares prior to the IPO [9][10]