Core Viewpoint - Deep Intelligence, a leader in AI applications for marketing and sales decision-making in China, has shifted its focus to the Hong Kong Stock Exchange after previously planning to list on the New Third Board and the ChiNext, submitting an updated prospectus recently. The company reported a revenue of 540 million yuan last year, holding a market share of 2.6% [1]. Revenue Structure - The revenue structure of Deep Intelligence remains largely unchanged since its initial application to the ChiNext three years ago, with revenue sources primarily from intelligent advertising and data management. The company increasingly relies on its early business of intelligent advertising, which poses challenges for its path to the capital market due to heavy dependence on a single business and fierce competition for future growth [1]. - For the years 2022 to 2024, Deep Intelligence's revenues were 543 million yuan, 611 million yuan, and 538 million yuan, with 82.1%, 80.5%, and 85.5% of revenue coming from intelligent advertising, respectively. In the first half of this year, the revenue from this segment increased to 93.3% [2]. Client and Supplier Overlap - Deep Intelligence boasts a client list that includes 89 Fortune Global 500 companies across various sectors such as fast-moving consumer goods, automotive, and retail. However, there exists a complex interest structure where some clients are also suppliers, leading to potential conflicts of interest [4]. - The company holds a leading position in the marketing and sales decision-making AI application market with a 2.6% market share, while its closest competitors hold shares of 2.4%, 2.1%, 1.9%, and 1.8% [4]. Customer Dependency - Deep Intelligence has been criticized for its reliance on a small number of major clients. The revenue from the top five clients accounted for 51.1%, 50.2%, and 54.6% of total revenue from 2022 to 2024, with 70.2% of revenue coming from these clients in the first half of this year [7]. Competitive Landscape - The competitive landscape for Deep Intelligence includes intelligent advertising service providers, enterprise data management service providers, and other emerging players in the industry. The company emphasizes the intense market competition it faces [6].