Core Viewpoint - Shandong Zhaochuang Information Co., Ltd. (Zhaochuang) is a leading provider of commodity information services in China, focusing on market data monitoring, price assessment, and market research analysis for various commodities. The company is preparing for an IPO on the Hong Kong Stock Exchange with Ping An Securities (Hong Kong) as the exclusive sponsor [1]. Group 1: Company Overview - Zhaochuang was established in April 2004 and is recognized as the second-largest player in China's commodity information service industry, holding a market share of 10.6% based on projected 2024 revenue [1]. - The company operates across 25 commodity sectors, leveraging over 120,000 global information sources to build a substantial and structured data asset [1]. - Zhaochuang manages more than 800 comprehensive and vertical industry research pages, covering approximately 1,200 types of commodities and publishing around 95 commodity industry indices [1]. Group 2: Leadership and Management - The founder, Jiang Hulin, has a diverse career background, having worked in various companies before establishing Zhaochuang. He currently serves as the Chairman and Executive Director [2]. - Jiang Hulin's salary has significantly increased over the past three years, rising from 1.375 million yuan in 2022 to 2.521 million yuan in 2024, marking an increase of 114.6 thousand yuan [2]. - Other executive directors include Ye Qiujun, who became General Manager in December 2023, and Sun Liwu, the youngest executive director, who has been with the company since 2009 [3]. Group 3: Shareholder Activity - Recent shareholder activities include the reduction of shares by executive director and vice general manager Lu Hua, who sold 38,800 shares for 2.2217 million yuan [4]. - Additionally, founding shareholder Lü Chunjiang reduced his holdings by a total of 1,054,700 shares, realizing 61.5931 million yuan [4].

Core Viewpoint - Shandong Zhaochuang Information Co., Ltd. (Zhaochuang Information) has submitted an application for listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Zhaochuang Information is a comprehensive commodity information service provider in China, focusing on market data monitoring, price assessment, and market research analysis across multiple categories of bulk commodities [3]. - The company operates in 25 bulk commodity sectors, leveraging over 120,000 global information sources to create structured data assets [3]. - Zhaochuang Information offers over 800 comprehensive and vertical industry research pages, covering approximately 1,200 types of bulk commodities and publishing around 95 industry indices [3]. Business Model - The company primarily operates on an annual subscription model, providing market data and detailed analysis to support client decision-making [4]. - According to Zhaochuang's consulting data, it ranks second in China's bulk commodity information service industry with a market share of 10.6% as of 2024, and holds the top position in the energy commodity sector [4]. Financial Performance - Revenue for Zhaochuang Information in the fiscal years 2022, 2023, 2024, and the first eight months of 2025 was approximately CNY 273 million, CNY 284 million, CNY 294 million, and CNY 229 million respectively [6]. - The company's profit for the same periods was approximately CNY 58.4 million, CNY 52.1 million, CNY 70.5 million, and CNY 45.2 million [7]. - Gross profit margins for the fiscal years 2022, 2023, 2024, and the first eight months of 2025 were 65.8%, 59.9%, 65.6%, and 62.6% respectively [9]. Industry Insights - The global bulk commodity information service market is projected to grow from CNY 33.7 billion in 2020 to CNY 41.2 billion by 2024, with a compound annual growth rate (CAGR) of 5.2% [15]. - The Chinese bulk commodity information service market is expected to expand from CNY 1.7 billion in 2020 to CNY 2.5 billion by 2024, with a CAGR of 10.2% [17]. - The market is characterized by a growing demand for data intelligence services, driven by advancements in technology and the need for digital transformation in enterprises [17].

Core Viewpoint - Shandong Zhaochuang Information Co., Ltd. (referred to as Zhaochuang Information) has submitted an application for listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Zhaochuang Information is a comprehensive commodity information service provider in China, focusing on market data monitoring, price assessment, and market research analysis across multiple categories of bulk commodities [3]. - The company operates in 25 bulk commodity sectors, leveraging over 120,000 global information sources to create structured data assets [3]. - Zhaochuang Information offers over 800 comprehensive and vertical industry research pages, covering approximately 1,200 types of bulk commodities and publishing around 95 industry indices [3]. Business Model - The company primarily operates on an annual subscription model, providing market data and detailed analysis to support client decision-making [4]. - According to Zhaochuang's consulting data, it ranks second in China's bulk commodity information service industry with a market share of 10.6% as of 2024, and holds the leading position in the energy commodity sector [4]. Financial Performance - Revenue for Zhaochuang Information in the fiscal years 2022, 2023, 2024, and the first eight months of 2025 was approximately RMB 273 million, RMB 284 million, RMB 294 million, and RMB 229 million respectively [6]. - The company's profit for the same periods was approximately RMB 58.4 million, RMB 52.1 million, RMB 70.5 million, and RMB 45.2 million [7]. - The gross profit margin for the fiscal years 2022, 2023, 2024, and the first eight months of 2025 was 65.8%, 59.9%, 65.6%, and 62.6% respectively [9]. Industry Insights - The global bulk commodity information service market has shown stable growth, increasing from RMB 33.7 billion in 2020 to RMB 41.2 billion in 2024, with a compound annual growth rate (CAGR) of 5.2% [15]. - The Chinese bulk commodity information service market is expected to grow from RMB 1.7 billion in 2020 to RMB 2.5 billion in 2024, with a CAGR of 10.2% [17]. - The market is characterized by an acceleration in overall expansion and continuous optimization of its structure, with data intelligence services driving significant growth [17].

Core Viewpoint - Shandong Zhaochuang Information Co., Ltd. (referred to as Zhaochuang Information) has submitted an application for listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Zhaochuang Information is a comprehensive commodity information service provider in China, focusing on market data monitoring, price assessment, and market research analysis across multiple categories of bulk commodities [3]. - The company operates in 25 bulk commodity sectors, leveraging over 120,000 global information sources to build a scalable and structured data asset [3]. - Zhaochuang Information offers over 800 comprehensive and vertical industry research pages, covering approximately 1,200 types of bulk commodities and publishing around 95 industry indices [3]. Business Model - The core business of Zhaochuang Information is information services, which include comprehensive data and insights on market prices, industry data, market analysis, and industry trends [4]. - The company primarily operates on an annual subscription model, providing market data and detailed analysis to support client decision-making [4]. Market Position - According to Zhaochuang Information's prospectus, it ranks second in China's bulk commodity information service industry with a market share of 10.6% as of 2024 [4]. - The company holds the leading position in the energy commodity sector, which includes oil, natural gas, and chemical products [4]. Financial Performance - Revenue for Zhaochuang Information in the fiscal years 2022, 2023, 2024, and the first eight months of 2025 was approximately CNY 273 million, CNY 284 million, CNY 294 million, and CNY 229 million, respectively [5]. - The company's profit for the same periods was approximately CNY 58.4 million, CNY 52.1 million, CNY 70.5 million, and CNY 45.2 million [6]. - The gross profit margin for the fiscal years 2022, 2023, 2024, and the first eight months of 2025 was 65.8%, 59.9%, 65.6%, and 62.6%, respectively [8]. Industry Insights - The global bulk commodity information service market is projected to grow from CNY 33.7 billion in 2020 to CNY 41.2 billion by 2024, with a compound annual growth rate (CAGR) of 5.2% [14]. - The Chinese bulk commodity information service market is expected to expand from CNY 1.7 billion in 2020 to CNY 2.5 billion by 2024, with a CAGR of 10.2% [16]. - The market is characterized by an acceleration in overall expansion and continuous optimization of its structure, with data intelligence services being a major growth driver [16].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Sublime China Information Co., Ltd. 山東卓創資訊股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代 表 閣下知悉、接納並向山東卓創資訊股份有限公司（「本公司」）、其獨家保薦人、整體協調人、 顧問、或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長登 記的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 警 告 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在 ...

Core Viewpoint - ZhuoChuang Information (301299) is a leading domestic commodity information service provider focused on market data monitoring, trading price assessment, industry data analysis, and in-depth research, supporting financial clients in investment decision-making and risk management [1] Group 1 - The company has completed the filing as a domestic financial information service institution, strengthening its compliance foundation in the financial information service sector [1]

Core Viewpoint - The company, Zhaochuang Information, reported a mixed performance in Q1 2025, with revenue growth but a decline in profit, raising concerns about its excessive dividend distribution strategy [1][2][3] Financial Performance - In Q1 2025, the company achieved revenue of 79.51 million yuan, a year-on-year increase of 5.3% [1] - The net profit attributable to shareholders was 18.59 million yuan, a year-on-year decrease of 25.1% [1] - The net profit after deducting non-recurring items was 16.99 million yuan, down 23.1% year-on-year [1] - Operating cash flow net amount was 9.3 million yuan, a significant increase of 422.5% year-on-year [1] - As of the end of Q1, total assets reached 1.028 billion yuan, up 9.6% from the end of the previous year [1] - The net assets attributable to shareholders were 631 million yuan, an increase of 3.8% from the end of the previous year [1] Dividend Strategy - The company has a history of generous dividend distribution, with total dividends of 111 million yuan in 2024, significantly exceeding the net profit of 70.51 million yuan for that year [2] - In 2023, the company distributed a total of 123 million yuan in dividends while the net profit was only 52.06 million yuan, indicating a pattern of excessive dividends [2] - Over the two years, total dividends amounted to 234 million yuan, while the combined net profit was only 123 million yuan, showcasing a clear trend of excessive dividend payouts [2] Business Model and Cash Flow - The company operates on a "pay first, service later" model, which ensures a steady cash flow due to strong demand from a stable customer base in the bulk commodity sector [3] - The significant improvement in operating cash flow in Q1 reflects a healthy cash flow situation, supporting the company's ability to maintain high dividend payouts without impacting future operations [3] Strategic Outlook - In the context of increasing market volatility and accelerated digital transformation, the company aims to strengthen its existing information service advantages while exploring new growth areas in information technology and software development [4] - Despite the decline in profit in Q1, the company’s stable cash flow and proactive strategic initiatives position it well for sustainable growth in performance and dividends in the future [4]