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].

Core Viewpoint - DeepYuan Intelligence, previously known as PinYou Interactive, is transitioning to the Hong Kong Stock Exchange in the first half of 2025, having submitted an updated prospectus. The company is a leader in AI applications for marketing and sales decision-making in China, with projected revenue of 540 million yuan and a market share of 2.6% in 2024 [2][8]. Revenue Structure - The revenue structure of DeepYuan Intelligence remains largely unchanged since its previous application for the ChiNext board, with revenue sources primarily from intelligent advertising and data management. The reliance on intelligent advertising is increasing, with its revenue share rising to 93.3% in the first half of 2025 [2][4]. - Revenue figures for 2022 to 2024 are 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 [4]. Profitability and Financial Performance - The gross margin of DeepYuan Intelligence has declined compared to its 2022 application for the ChiNext board. The adjusted net profit is projected to be 13.367 million yuan in the first half of 2025 [2]. - The revenue from intelligent data management decreased from 29.169 million yuan in the first half of 2024 to 18.445 million yuan in the first half of 2025, primarily due to budget cuts from clients, especially in the traditional automotive sector [5]. Client and Supplier Dynamics - DeepYuan Intelligence serves 89 Fortune Global 500 companies across various industries, which enhances its credibility in the capital market. However, there is a complex relationship where some clients are also suppliers, leading to potential conflicts of interest [7]. - The company has reported that 70.2% of its revenue in the first half of 2025 came from its top five clients, indicating a high dependency on a limited client base [10]. Market Position and Competition - In the marketing and sales decision AI application market, DeepYuan Intelligence holds a leading position with a market share of 2.6%, while its closest competitors have shares of 2.4%, 2.1%, 1.9%, and 1.8% [8]. - The competitive landscape includes major players in the industry, with DeepYuan Intelligence focusing on providing services rather than competing directly with larger platforms like Tencent and Alibaba [8][9]. IPO Journey - This marks DeepYuan Intelligence's third attempt at an IPO, having previously applied for listings on the New Third Board and the ChiNext board. The company emphasizes the intense market competition it faces [9].

Core Viewpoint - DeepBrain Intelligence has submitted its listing application to the Hong Kong Stock Exchange, with ICBC International as the sole sponsor [1] Group 1: Market Position - According to Frost & Sullivan, DeepBrain Intelligence ranks first in China's marketing and sales decision AI application market with a market share of 2.6% based on 2024 revenue [1] - The company ranks fourth in China's overall decision-making AI application market with a market share of 1.6% [1] Group 2: Company Overview - DeepBrain Intelligence is one of the earliest companies in China to apply AI technology for digital transformation in enterprise marketing and sales [1] - The company offers AI applications focused on marketing and sales scenarios [1] Group 3: Key Platforms - The company has two flagship platforms: AlphaDesk, a proprietary AI decision-making platform for advertising launched in 2011, and AlphaData, an intelligent data management platform aimed at automating and optimizing advertising investments [1] - In February 2025, the company plans to launch the enterprise AI intelligent system DeepAgent, which will interface with open-source large language models to further enhance marketing automation and efficiency [1] Group 4: Client Base and Retention - The primary clients of the company are large and medium-sized enterprises with complex decision-making needs and high levels of digitalization, having served approximately 530 end customers, including 89 Fortune Global 500 companies [1] - The net revenue retention rate for core products is high, with AlphaDesk exceeding 85% and AlphaData exceeding 80% [1]