Investment Rating - The report assigns a score of 5.3 for the IPO, suggesting a recommendation to subscribe [12] Core Insights - Minglue Technology is positioned as the largest data intelligence application software provider in China by total revenue in 2024, focusing on marketing intelligence and operational intelligence [1][4] - The company has shown a positive trend in financial performance, with revenues projected to grow from 12.69 billion RMB in 2022 to 14.62 billion RMB in 2024, despite a temporary decline in 2024 due to strategic adjustments [2] - The data intelligence application software market in China is expected to grow significantly, from 169 billion RMB in 2020 to 327 billion RMB in 2024, with a compound annual growth rate (CAGR) of 17.9% [3][4] Company Overview - Minglue Technology's main business revolves around providing data intelligence products and solutions, with a rich product matrix in both marketing and operational intelligence [1] - The company has a high cross-selling rate, with cross-business line sales increasing from 11.9% in 2023 to 19.7% in 2024, and maintaining over 86% in cross-product sales [1] Financial Performance - Revenue figures for Minglue Technology are projected to be 12.69 billion RMB in 2022, 14.62 billion RMB in 2023, 13.81 billion RMB in 2024, and 5.65 billion RMB in the first half of 2025, with a recovery expected in the latter half of 2025 [2] - The company is expected to achieve operational profit of 6.1 million RMB in the first half of 2025, marking its first profit after continuous losses from 2022 to 2024 [2] Industry Status and Outlook - The data intelligence application software market in China is projected to reach 675 billion RMB by 2029, with a CAGR of 15.6% from 2024 to 2029 [3][4] - Marketing intelligence software is expected to grow from 44 billion RMB in 2020 to 93 billion RMB in 2024, while operational intelligence software is projected to grow from 22 billion RMB to 51 billion RMB in the same period [3] Advantages and Opportunities - Minglue Technology holds a significant competitive advantage as a leading player in the rapidly growing data intelligence application software market [4] - The company is well-positioned to benefit from the overall market growth, which is expected to provide substantial revenue opportunities [4]

2025年10月23日星期四 ➢ 特朗普料中美谈妥一切；香港拟放 宽零售基金规则。A股缩量调整。上 证指数跌0.07%报3913.76点，深证成 指跌0.62%，创业板指跌0.79%。地产、 银行板块涨幅居前。港股低开低走， 香港恒生指数收盘跌 0.94% 报 25781.77点，恒生科技指数跌1.41%， 恒生中国企业指数跌0.85%。医药股 高开低走。大市成交额达2275.37亿 港元。外盘方面，欧洲三大股指收 盘涨跌不一。美国三大股指全线收 跌，道指跌0.71%，标普500指数跌 0.53%，纳指跌0.93%。美国考虑对中 国实施广泛的软件出口限制，特朗 普预测与习近平会晤能谈妥一切问 题。香港拟放宽零售基金规则。 | 25781.77 | -0.94 | 28.52 | | --- | --- | --- | | 9223.78 | -0.85 | 26.53 | | 5923.09 | -1.41 | 32.56 | | 119.30 | 0.33 | -16.57 | | 3913.76 | -0.07 | 16.77 | | 12996.61 | -0.62 | 24.79 | | 4592.5 ...

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, reflecting a forecasted price-to-earnings ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and weak consumer spending in mainland China [1] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, with only one cut anticipated in 2026, lower than market expectations [3][5] Company News - Ping An Good Doctor (1833) and Prada (1913) are in focus due to their earnings reports [2] - Minglue Technology (2718) is starting its IPO today, aiming to raise 1 billion HKD, with plans to allocate 35% of the proceeds to enhance R&D capabilities [9] - China Unicom (0762) reported a 5% increase in net profit for the first three quarters, reaching 20 billion RMB, with service revenue growing by 1.1% [9] - Sands China (1928) reported a 3% increase in adjusted property EBITDA for the third quarter, with net revenues rising by 7.5% to 1.9 billion USD [9] - Longjiang Storage is considering an IPO as early as next year, potentially seeking a valuation of up to 300 billion RMB [9] Industry Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in Q3 [6] - The AI sector is seeing accelerated adoption in mainland China, with breakthroughs in chip development [6] - The Chinese gaming industry has received approval for 159 domestic and 7 imported games in October, indicating a recovery in the sector [7] - The Shenzhen government is supporting leading companies in strategic industries to list in Hong Kong or refinance, aiming to enhance the quality of listed companies by 2027 [7]

明略科技 Mininglamp Technology （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） 股份代號 : 2718 全球發售 獨家保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如閣下對本文件的任何內容有任何疑問，閣下應尋求獨立專業意見。 Mininglamp Technology 明略科技 （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 7,219,000股A類股份（可予重新分配並 | | --- | --- | --- | | | | 視乎超額配股權行使與否而定） | | 香港發售股份數目 | ： | 721,920股A類股份（可予重新分配） | | 國際發售股份數目 | ： | 6,497,080股A類股份（可予重新分配並 | | | | 視乎超額配股權行使與否而定） | | 發售價 | ： | 每股發售股份141.00港元，另加1% | | | | 經紀佣金、0.0027%證監會 | | | | 交易徵費、0.00015%會 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 除本公告另有界定者外，本公告所用詞彙與明略科技（「本公司」）日期為2025年10月23日的香 港招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。 有意投資者於決定是否投資於發售股份前，務請細閱招股章程中有關下文所述全球發售的詳細 資料。任何有關發售股份的投資決定應僅依據招股章程所提供的資料作出。 本公告不得直接或間接於或向美國境內（包括其領土及屬地、美國任何州及哥倫比亞特區）發 佈、刊發、分發。本公告並不構成或組成於美國或任何其他司法管轄區購買或認購證券的任 何要約或招攬的一部分。本公告所述證券並無亦不會根據《1933年美國證券法》（經不時修訂） （「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。除非進行獲豁免遵守美國證券 法的登記規定或不受該等法律登記規定限制 ...

Core Viewpoint - The Hong Kong Stock Exchange reported that during the week from October 13 to October 19, 9 companies submitted listing applications, 5 companies passed the hearing, 4 companies launched their IPOs, and 2 new stocks were listed [1]. Group 1: Companies Submitted Listing Applications - Hantian Technology (Xiamen) Co., Ltd. is a leader in the global silicon carbide (SiC) epitaxy industry, focusing on the R&D, mass production, and sales of SiC epitaxy chips, with a projected market share of over 30% in 2024 [2]. - Impression Co., Ltd. is a state-owned cultural tourism service enterprise, ranking eighth in China's cultural tourism performance market in 2024, with revenues of approximately 63.04 million yuan in 2022 [3]. - Guangzhou Yujian Noodle Restaurant Co., Ltd. is the fourth largest operator of Chinese noodle restaurants in China, with a market share of 0.5% in 2024 [4]. - Baishan Cloud Holdings Ltd. is the second largest independent edge cloud service provider in China, with a market share of approximately 2.0% in 2024 [5][6]. - Shouchuang Securities Co., Ltd. is a financial service provider with a strong asset management capability, ranking fifth in revenue growth among 42 A-share listed securities companies from 2022 to 2024 [7]. - Chongqing Qianli Technology Co., Ltd. focuses on AI and mobility solutions, with stable growth in automotive products [8]. - Nanjing Qingtian All Tax Information Technology Co., Ltd. is a leading digital service provider for cross-border enterprises, ranking first in the smart tax solution market in China with a market share of 1.7% in 2024 [9]. - Lakala Payment Co., Ltd. is a leading digital payment provider in Asia, with a market share of 9.4% in 2024 [10]. - Sichuan Xin Hehua Traditional Chinese Medicine Co., Ltd. is one of the largest suppliers of traditional Chinese medicine products in China, ranking second in the market with a 0.4% market share in 2024 [12]. Group 2: Companies Passed Hearing - Seres Group Co., Ltd. focuses on the research, manufacturing, and sales of new energy vehicles, achieving revenues of approximately 340.56 billion yuan in 2022 [13]. - Minglue Technology is a leading data intelligence application software company in China, with revenues of approximately 12.69 billion yuan in 2022 [14]. - Pony AI Inc. specializes in autonomous driving services, with a total operational area exceeding 2000 square kilometers [15]. - Ningbo Joyson Electronic Corp. is a global leader in smart automotive technology solutions, ranking second in China and fourth globally in smart cockpit domain control systems [16][17]. - WeRide Inc. is a pioneer in L4 autonomous driving, with operations in over 30 cities across 11 countries [18]. Group 3: Companies Launched IPOs - Yunji Technology launched its IPO with a subscription that was oversubscribed by 5677 times, raising approximately 189.1 billion HKD [19]. - Haixi New Drug's IPO was delayed for regulatory approval, with a price range of 69.88-86.40 HKD per share [20]. - Jushuitan's IPO was set at 30.60 HKD per share, with a total of 681.66 million shares offered [21]. - Guanghetong's IPO was priced between 19.88-21.5 HKD per share, with a total of approximately 135 million shares offered [21]. Group 4: Newly Listed Stocks - Xuan Bamboo Biotechnology was listed on October 15, 2025, with a closing price of 26.30 HKD per share, reflecting a gain of 126.72% [22]. - Yunji was listed on October 16, 2025, with a closing price of 120.5 HKD per share, reflecting a gain of 26.05% [24].

Core Viewpoint - The article discusses the evolution of Minglue Technology as a leading marketing data platform in China, emphasizing its transition towards becoming a large model company and the importance of team learning ability as a competitive advantage in the AI era [5][30]. Group 1: Company Overview - Minglue Technology is recognized as "China's largest marketing data platform" and is currently pursuing an IPO in Hong Kong, which could make it the first company with large model capabilities to go public by 2025 [5][6]. - The founder, Wu Minghui, has a strong academic background in mathematics and computer science, which has influenced the company's focus on practical applications of AI technology [7][8]. Group 2: Technological Evolution - Initially, the company focused on data intelligence and vertical application scenarios, transitioning from data analysis to developing industry-specific models for marketing and retail [8]. - The introduction of the DeepMiner AI tool represents a significant advancement in the company's capabilities, aiming to enhance AI technology's competitive edge [9][15]. Group 3: Strategic Insights - The article highlights the strategic importance of vertical applications for quick revenue generation while emphasizing the need for general technology to enhance technical barriers and scalability [10]. - Wu Minghui argues that the best moat in the AI era is the team's learning ability, which is crucial for maintaining competitiveness [30]. Group 4: Market Positioning - Minglue aims to become the largest AI company in the advertising industry, focusing on performance advertising, which provides clear results and feedback for AI training and optimization [40]. - The company has established a strong client base, including 135 Fortune 500 companies, and is adapting its strategies to address budget cuts in advertising by emphasizing sales-driven advertising solutions [40]. Group 5: Future Outlook - Following its IPO, Minglue plans to leverage additional resources for further development in AI, with a commitment to continuous investment in research and development [42]. - The company is positioned to capitalize on the growing demand for AI solutions in various sectors, aiming to create a trustworthy AI that aligns with its core values and provides real value to enterprises [46].

Core Insights - Artificial intelligence is significantly transforming both personal and professional environments, moving from consumer applications to business solutions [1] - Minglue Technology has launched its proprietary model line, DeepMiner, aimed at addressing the challenges of accuracy, transparency, and verifiable decision-making in business data analysis [1][2] - DeepMiner utilizes a multi-agent architecture to enhance human-machine collaboration, providing analytical support across various sectors such as advertising, retail, and cross-border e-commerce [1] Company Overview - Minglue Technology has received approval for overseas listing through the Hong Kong Stock Exchange under the 18C rule, with a planned IPO date of August 29, 2025 [2] - The company has raised a total of $616 million from investors including Tencent, Sequoia China, Temasek, Jintuo Capital, and Huaxing Capital from 2010 to 2024 [2] - The main business segments of Minglue Technology include marketing intelligence, operational intelligence, and industry solutions [2] Financial Performance - Revenue figures for Minglue Technology from 2022 to 2024 are as follows: 1.269 billion yuan in 2022, 1.462 billion yuan in 2023, and a projected 1.381 billion yuan in 2024, indicating a year-on-year decline of 5.5% for 2024 [2] - The net profit for the company is expected to decline by 97.5% year-on-year in 2024 [2]

Core Viewpoint - Minglue Technology's proprietary GUI model, Mano, has achieved record-breaking SOTA results in the recognized benchmarks Mind2Web and OSWorld, establishing a new paradigm for GUI intelligent agents through innovations in online reinforcement learning and automatic data collection [1][14][23]. Group 1: Performance Achievements - Mano achieved a success rate of 40.1% in the OSWorld-Verified benchmark, surpassing other models such as qwen and GUI-Owl [10][19]. - In the Mind2Web benchmark, Mano demonstrated superior performance across various metrics, including element accuracy and step success rate, significantly outperforming all other SOTA methods [18][15]. - The model's success rate in OSWorld-Verified reached 41.6±0.7%, marking an approximate 7 percentage point improvement over competitors [21][19]. Group 2: Innovations and Methodology - Mano introduces online reinforcement learning as a novel training paradigm in the GUI interaction field, enhancing its performance in dynamic environments [22][23]. - The model's architecture consists of three main components: exploration module, processing flow, and optimization process, which collectively improve its reasoning and adaptability [25][26]. - The automatic data collection method developed by the technical team significantly enhances the efficiency and accuracy of data acquisition, allowing for the generation of high-quality interaction trajectory data [48][49]. Group 3: Market Context and Future Directions - The demand for AI agents is expected to surge by 2025, positioning Mano as a key player in differentiated competition by accessing data sources that other agents cannot reach [59][63]. - Minglue Technology plans to continue exploring areas such as data collection, training integration, and CAPTCHA handling to further optimize Mano for real-world applications [66].

Core Insights - The evolution of global large model technology is accelerating, with industry applications deepening progressively [1] - Vertical large models are becoming the key to the implementation of AI in enterprises, addressing the limitations of general large models in proprietary data and industry know-how [1] - Minglue Technology's CEO, Wu Minghui, will present at the Tencent Global Digital Ecosystem Conference, discussing the practical applications of multimodal large models in marketing scenarios [1] Industry Trends - The shift towards vertical large models indicates a growing recognition of their importance in overcoming challenges faced by general large models [1] - The focus on industry-specific applications suggests a trend towards more tailored AI solutions that leverage specialized knowledge and data [1] Company Developments - Minglue Technology is showcasing its latest technological breakthroughs and practical achievements in the field of AI [1] - The upcoming presentation at a major conference highlights the company's commitment to advancing AI applications in marketing [1]