北京一位大模型玩家，敲响上市锣。 11月3日，吴明辉创办的明略科技，头顶"Agentic AI第一股"光环，登录港交所，大涨106%，市值站上420亿港元。 这位北大数学系毕业生，现年43岁，带队主攻"企业级智能体"，批量制造营销、经营"小帮手"。 苦心经营19年，明略揽获一批消费、汽车等行业大客，1-6月，斩获6.4亿元收入。 "我们将加大研发投入，以数据智能技术助力企业高效运转。"吴明辉在庆祝活动上表示，上市不是终点，而是新起点。 展望下一步，明略的发展仍面临挑战，盈利压力高悬于顶，2022~2024年，营运利润连亏三年，2025年上半年刚转正。 专攻一端 吴明辉创业后，得到多位贵人相助。 腾讯、红杉中国、快手，均是其投资人。其中，腾讯多次领投明略科技，成为其第一大股东，持股25.96%。 创始人吴明辉，保留控制权，持股10.28%，通过AB股架构，拥有53%的投票权。IPO完成后，按3日收盘价计算，其持股价值43亿元。 腾讯等巨头看中的，是明略背后的企业级市场。 明略赚钱，依赖一系列营销、营运工具。其服务大量头部客户，覆盖135家《财富》世界500强企业。 | | | | 截至12月31日止年度 | | ...

Financial Performance - The company's total revenue for the first half of 2025 was 88.97 million yuan, a decrease of 11.97% year-on-year [1] - The net profit attributable to the parent company was -38.04 million yuan, an increase of 17.36% year-on-year [1] - The gross profit margin improved to 30.48%, up 38.64% year-on-year, while the net profit margin was -45.67%, a slight improvement of 5.14% year-on-year [1] - Total expenses (selling, administrative, and financial) accounted for 45.46% of total revenue, an increase of 43.48% year-on-year [1] Cash Flow and Debt - The company reported a negative operating cash flow per share of -0.76 yuan, an improvement of 18.68% year-on-year [1] - The company’s cash assets are considered healthy, but the average operating cash flow over the past three years was -17.43% of current liabilities [3] - Interest-bearing liabilities increased significantly by 157.35% year-on-year, reaching 20.41 million yuan [1] Business Model and Market Position - The company has a historical median ROIC of 11.61%, but the worst year recorded a ROIC of -13.42%, indicating a fragile business model [2] - The company has experienced three years of losses since its listing, reflecting challenges in its business model [2] - The company focuses on data intelligence technology, developing solutions tailored to specific industry needs, which has received positive recognition from clients [4][5] Fund Holdings - The largest fund holding the company’s shares is the Xin'ao Core Technology Mixed A Fund, which has increased its holdings [4] - The fund manager has reported a significant annual increase of 112.71% in the fund's net value [4]

Core Viewpoint - The company is adjusting its fundraising project related to the "AIOT Industry Application Solution Cloud Platform" to better align with the latest trends in data intelligence technology and industry applications, expanding its focus from IoT to more advantageous sectors such as fast-moving consumer goods, telecommunications, TMT, healthcare, and tobacco [6][7][10]. Fundraising Basic Situation - The company was approved to publicly issue 18.568628 million shares at a price of RMB 34.21 per share, raising a total of RMB 560.4 million, which was fully received by July 13, 2020 [2][3]. Fundraising Investment Project Overview - The total investment amount for the fundraising projects is RMB 532.58 million, with the entire amount allocated for specific projects [3]. - As of July 31, 2025, the cumulative investment in the "Multi-dimensional Data Intelligent Analysis Platform Project" and "AIOT Industry Application Solution Cloud Platform Project" is RMB 168.49 million [3]. Adjustments to Fundraising Projects - The project name has been changed to "Industry Data Intelligent Application Service Platform Upgrade Project," with a focus on upgrading existing data analysis technologies to the latest intelligent technology systems [4][6]. - The total investment amount has been significantly reduced from RMB 381.79 million to RMB 160.74 million, reflecting a shift in focus from IoT resources to data and technology capabilities [6][8]. Impact of Adjustments - The adjustments are based on the company's actual business development needs and will not adversely affect its operations or financial status [8][10]. - The project completion date has been extended from December 2025 to December 2026 to accommodate the expanded scope of industry applications and the need for extensive data training and optimization [8][10]. Review Procedures and Opinions - The board of directors approved the adjustments on August 28, 2025, and the audit committee confirmed that the changes align with the company's business needs and regulatory requirements [9][10][11]. - The sponsor has no objections to the changes, affirming compliance with relevant regulations [11].