目前，迅策已成功将解决方案扩展至资产管理以外的多元化行业，主要包括金融服务、城市管理及电 信，其中还涵盖中国三大国有电信营运商。按2024年收入计，迅策在中国实时数据基础设施及分析整体 市场中排名第四，同时在资产管理细分领域位列第一。 迅策(03317)午后涨超20%，高见65港元刷新上市新高，较招股价累涨超三成。截至发稿，涨20.75%， 报64港元，成交额2360.16万港元。 公开资料显示，迅策是中国实时数据基础设施及分析解决方案供应商，主要为全行业企业提供涵盖数据 基础设施及数据分析的实时信息技术解决方案。其产品组合主要涵盖两大部分，一是数据基础设施，可 由AI赋能的云原生统一数据平台，收集、清理、管理、分析及治理来自多个来源的异构数据，部署在 客户的云或本地系统中；二是数据分析应用，可利用底层基础设施来产生洞察、作出预测或为业务实时 决策提供数据。 ...

上市首日，迅策股价表现备受瞩目。截至发稿，股价报48港元，成交额达1.24亿港元。 来源：港股研究社 迅策是中国实时数据基础设施及分析解决方案供应商，为全行业企业提供涵盖数据基础设施及数据分析的实时信息技术解决方案。其系统整合服务，能促进 客户在自主管理云端及本地部署系统等环境中实现无缝部署。 近日，迅策(03317)正式首挂上市，开启了其在资本市场的全新征程。公告显示，此次每股定价48港元，共发行2250万股股份，每手100股，所得款项净额约 9.66亿港元。 在市场表现方面，2024年中国实时数据基础设施及分析市场价值为人民币187亿元，占中国数据基础设施及分析市场总量4.5%。按收入计算，迅策在此分部 中排名第四，市场份额为3.4%。值得一提的是，在中国资产管理行业，迅策优势明显。2024年，中国资产管理占中国实时数据基础设施及分析市场总量的 11.2%，而迅策于该行业实时数据基础设施及分析市场中排名第一，市场份额达11.6%。 ...

在 AI 技术重构商业逻辑的今天，Data Agent 正为企业数据分析行业带来全新的范式革命。 IDC 曾预测指出，到 2026 年，将有 50% 的中国 500 强数据团队使用 AI Agent 来实现数据准备和分 析，数据工程 Agent 将成为企业的重要组织者和协调者。这一数据背后也直接道出了数据分析行业新趋 势 —— 即通过 "数据 + 知识" 融合、洞察到行动闭环、人机协同进化三大核心价值，Data Agent 正在突 破传统数据分析工具的能力边界。 这一新趋势下，也给那些率先完成 "AI 原生" 转型的数字分析企业带来了空前的市场关注度。 就拿与 Data Agent 行业提供 "燃料" 和 "跑道车" 的迅策科技 (03317) 来说，该公司是国内领先的实时数 据基础设施及分析供应商，业务数据基础设施和数据分析应用亦是 Data Agent 产业链上最关键的一 环，故此次赴港上市的动作也吸引了市场广泛关注。 12 月 18 日，迅策科技发布公告表示，自今日起至下周二 (23 日) 招股，发售 2250 万股 H 股，香港公开 发售占 10%，其余为国际配售，每股招股价介乎 48 港元至 55 ...

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for expanding existing solutions, developing new ones, and enhancing technical capabilities, despite facing continuous losses since its establishment [1][2]. Group 1: Financial Performance - From 2022 to the first half of 2025, the company reported a cumulative loss of approximately 366 million yuan [4]. - Revenue figures for the reporting period were approximately 288 million yuan, 530 million yuan, 632 million yuan, and 198 million yuan, with corresponding losses of 96.51 million yuan, 63.39 million yuan, 97.84 million yuan, and 108 million yuan [4]. - The company attributes its net losses primarily to significant R&D, administrative, and sales expenses incurred during rapid business expansion [4]. Group 2: Market Position and Revenue Sources - Xunce Technology ranks fourth in China's real-time data infrastructure and analytics market with a market share of 3.4% as of 2024, and it holds the top position in the asset management sector with an 11.6% market share [2]. - The revenue share from the asset management sector decreased from 74.4% to 47.3% during the reporting period, while revenue from diversified industries increased from 25.6% to 52.7% [2]. Group 3: Customer Metrics - The total number of paying customers decreased from 232 to 121, representing a year-on-year decline of 28.4% in the first half of 2025 [3]. - The net revenue retention rate dropped significantly from 98% in 2023 to 56% in 2024, further declining to 36% in the first half of 2025, primarily due to reduced spending and project delays in the asset management sector [3]. Group 4: Accounts Receivable and Credit Policy - Accounts receivable increased during the reporting period, with figures of 76.7 million yuan, 266 million yuan, 252 million yuan, and 254 million yuan [5]. - The accounts receivable turnover days increased from 63 days to 286 days, attributed to revenue growth and expansion into new verticals, leading to a more diverse customer base [5]. Group 5: Funding and Valuation - Since its establishment, Xunce Technology has completed seven rounds of financing, with notable investors including Tencent, Goldman Sachs, and Yunfeng Capital [6][8]. - The company's valuation surged from 150 million yuan before its A-round financing in 2017 to 6.22 billion yuan after its latest financing round in November 2023, marking a 4047% increase over six years [8].

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange after two previous failed attempts, highlighting its ongoing efforts to secure funding despite facing intense competition in the real-time data infrastructure and analytics market [1][30]. Company Overview - Founded in 2016, Xunce Technology specializes in real-time data infrastructure and analytics solutions, with a focus on high R&D investment and a current lack of profitability [1][9]. - The company has received significant investments from major firms including Tencent, Alibaba, and Goldman Sachs, with a post-money valuation of 6.22 billion yuan as of November 2023 [2][3][4]. Financial Performance - Xunce Technology reported cumulative losses of 366 million yuan over three and a half years, with R&D expenses exceeding 70% of revenue [11][14]. - Revenue figures for the years 2022, 2023, and 2024 were 288.99 million yuan, 530.46 million yuan, and 631.98 million yuan respectively, with a decline in revenue noted in the first half of 2025 [14][15]. - The company’s gross profit margins fluctuated between 66.7% and 79% during the reporting periods, with a notable decrease in 2025 due to increased demand for customized solutions from asset management clients [16][17]. Market Position - Xunce Technology holds approximately 3.4% market share in China's real-time data infrastructure and analytics market, ranking fourth by revenue in 2024 [22][28]. - The company is particularly strong in the asset management sector, where it commands an 11.6% market share, making it the leading player in that niche [28][30]. - The overall market for real-time data infrastructure and analytics in China is projected to grow significantly, reaching 18.7 billion yuan in 2024, with a compound annual growth rate of 46.1% from 2020 to 2024 [25][28]. Client Base and Revenue Model - As of 2024, Xunce Technology had 232 paying clients, with 177 from the asset management sector and 55 from other industries, indicating a diversification in its client base [12][14]. - The average revenue per user (ARPU) for asset management clients was 1.38 million yuan, while for clients in other sectors, it was significantly higher at 7.05 million yuan [12][14]. R&D and Human Resources - The company employs around 320 R&D personnel, accounting for approximately 67% of its total workforce, reflecting its commitment to innovation [18]. - R&D expenditures have consistently represented a large portion of revenue, with figures of 2.59 billion yuan, 3.79 billion yuan, and 4.5 billion yuan reported over the last three years [18].