近期，一家位于北京的云通信公司迎来了IPO动态。 格隆汇获悉，北京讯众通信技术股份有限公司（简称"讯众通信"）向港交所递交了招股书，其保荐人是星展银行。 不过，这并非讯众通信首次申报IPO。 2022年6月，讯众通信曾向北交所提交上市申请。不巧的是，当时的保荐人保荐的另一家上市公司被主管部门启动跟 进程序。受此影响，公司决定中止上市申请。 2023年7月，公司再次向证监会提交了北交所上市辅导备案。不过，考虑到A股上市时间表的不确定性，公司随后决定 转战港股。 讯众通信是一家综合云通信服务及解决方案提供商，致力于让通信更简单。 不过，公司在产业链当中的议价能力并不强，面临应收账款和预付账款双高的局面，导致公司近几年的经营性现金流 持续为负。 01 中国农业大学校友创办，专注于云通信服务的研发 讯众通信由朴圣根于2008年11月创办，总部位于北京市朝阳区将台乡酒仙桥北路。2015年6月，公司在新三板上市， 股份代码为832646。 2015年至2022年，讯众通信进行了多轮融资，投资人包括联通创新（联通旗下）、东方华盖、北京谦益、北京兴源、 联创创新等。 截至2025年4月23日，朴圣根持有约27.36%的权益， ...

Core Viewpoint - Beijing Xunzhong Communication Technology Co., Ltd. has submitted a new listing application to the Hong Kong Stock Exchange, with DBS Bank as the sole sponsor, after a previous application in July 2024 [1]. Company Overview - Xunzhong is the largest full-stack cloud communication service provider in China by revenue in 2023, holding a market share of 1.8% of the total revenue in the Chinese cloud communication service market [5]. - The company is one of the earliest providers of cloud communication services in China and is among the few that can offer AI-driven communication services [5]. Business Model - The core of Xunzhong's business is Communication Platform as a Service (CPaaS), which accounted for over 80% of its revenue during the historical record period [5]. - Major clients include technology service providers, software and IT companies, financial institutions, and a telecommunications operator, with significant revenue also coming from government entities and state-owned enterprises [5]. Financial Performance - Revenue figures for Xunzhong in 2022, 2023, and 2024 were approximately RMB 810 million, RMB 916 million, and RMB 918 million, respectively [5]. - Net profits for the same years were RMB 74.66 million, RMB 76.58 million, and RMB 50.64 million [5]. - Revenue from the top five clients accounted for approximately 41.8%, 36.7%, and 35.3% of total revenue in 2022, 2023, and 2024, respectively, with the largest client contributing about 12.3%, 9.7%, and 11.4% in the same years [5].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Viewpoints - The company achieved a turnaround in net profit, reporting a net profit of 0.38 billion yuan in 2024, compared to a loss in the previous year. This was driven by a focus on high-margin businesses and effective cost management [1][3] - The international business showed significant growth, with revenue reaching 0.901 billion yuan, a year-on-year increase of 48.74%. The company has established a robust international communication network covering over 220 countries and regions [2] - The company is advancing its 5G rich media messaging services through deep collaboration with major telecom operators, aiming to enhance user experience and expand its service capabilities [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.404 billion yuan, a decrease of 15.87% year-on-year. The net profit attributable to shareholders was 0.38 billion yuan, marking a significant recovery [1][5] - The company reduced its expenses by 68.413 million yuan, a decrease of 15.47%, by streamlining operations and improving efficiency [1] Business Segments - The company is focusing on high-margin businesses, particularly in the 5G messaging sector, which has shown significant revenue and gross profit growth [1][3] - The international business segment is rapidly expanding, providing comprehensive services to overseas operators and enhancing the company's global footprint [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.648 billion yuan, 5.045 billion yuan, and 5.579 billion yuan, respectively. The earnings per share (EPS) are forecasted to be 0.15 yuan, 0.32 yuan, and 0.42 yuan for the same years [5][11]

Financial Data and Key Metrics Changes - For Q4 FY'25, the company achieved revenue of $65.1 million and non-GAAP net income of $5.8 million, marking a solid growth compared to previous quarters [10][11] - For the full fiscal year 2025, revenue grew 8% year-over-year to $256.9 million, with non-GAAP net income increasing 17% to $18 million [28][29] - The company generated over $20 million in free cash flow and repurchased approximately $9 million of its stock [11][39] Business Line Data and Key Metrics Changes - Business subscription and services revenue accounted for 61% of total revenue in Q4, up from 60% in the prior quarter, with a year-over-year growth of 13% [26][28] - Residential subscription and services revenue decreased by 1% year-over-year in Q4 [29] - The blended average monthly subscription and services revenue per core user increased by 4% year-over-year to $15.26, driven by a higher mix of business users [32] Market Data and Key Metrics Changes - The company ended Q4 with 1,234,000 core users, a slight decline from 1,242,000 in the previous quarter, primarily due to seat reductions with IWG [31] - The annual exit recurring revenue was $234 million, up 3% year-over-year, with a net dollar subscription retention rate of 98% [33] Company Strategy and Development Direction - The company focuses on four market segments: cloud communications for small businesses, POTS replacement, wholesale platform services, and residential telephony [12][47] - Plans for FY'26 include expanding features for small to medium-sized businesses, enhancing POTS replacement solutions, and strengthening the 2600Hz platform [21][22][47] - The company aims to add new resale partners quarterly and enhance sales activities across all routes to market [16][55] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the SMB environment, noting that business activity has remained strong post-holidays [51] - The company is cautious about its outlook due to expected churn from IWG and the timing of new partner revenue ramps [44][68] - Management believes the POTS replacement market opportunity is significant, with many businesses yet to transition from traditional lines [12][102] Other Important Information - The company reported a total gross margin of 63% for Q4, consistent with the prior year, despite a heavier mix of product revenue [35] - Operating expenses for Q4 were $35.1 million, with sales and marketing expenses increasing due to higher marketing activities for AirDial and 2600Hz [36] Q&A Session Summary Question: What are you seeing in the SMB environment? - Management indicated that the SMB environment remains strong, with activity picking up in January after the holiday season [51] Question: Can you provide more details on assisting resale partners? - Management highlighted that they have over 20 partners for AirDial and are focused on adding a couple of resellers each quarter [55] Question: How many POTS lines does Marriott have? - Marriott has over 5,000 properties in the U.S., and the brand certification for AirDial is expected to facilitate sales [58][60] Question: What is the visibility on the large cable partner for POTS replacement? - Management noted limited visibility on the partner's launch and sales generation but expressed optimism about the market's movement towards POTS replacement [62][64] Question: Will there be continued churn from IWG after Q1? - Management expects stabilization after Q1, with potential growth opportunities arising from new initiatives with IWG [68] Question: What is the outlook for the SMB market excluding AirDial? - Management emphasized a balanced approach across all segments, with significant opportunities remaining in the SMB market [75] Question: What is the growth expectation for the business segment in FY'26? - Management anticipates faster growth in the second half of FY'26, driven by AirDial installations [87] Question: How is the growth from the 2600Hz deal progressing? - Management indicated that growth from 2600Hz will take time, focusing on new customer acquisition and monetizing existing services [92][94] Question: What are the competitive dynamics in the POTS replacement market? - Management acknowledged competition from aggregators but believes they have a superior product solution [103][104]