Core Viewpoint - Nanjing Qingtian has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing product competitiveness, implementing diversified sales strategies, strategic investments, acquisitions, and general corporate purposes [1] Company Overview - Nanjing Qingtian is a digital service provider specializing in cross-border enterprise financial and tax solutions, serving import and export businesses across various provinces and cities in China [1] - The company has reached nearly 420,000 foreign trade export enterprises and cross-border e-commerce businesses since its establishment, serving approximately 160,000 users with over 2 million service instances [2] Financial Performance - Revenue for Nanjing Qingtian during the reporting period was as follows: 120 million yuan, 161 million yuan, 171 million yuan, and 63.82 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively [2] - Net profit figures were 55.27 million yuan, 153 million yuan, 47.6 million yuan, and 7.22 million yuan for the same periods [2] - Despite a revenue growth of approximately 6.4% in 2024, net profit declined by 68.8% compared to 2023, and in the first half of 2025, revenue grew by 4.5% while net profit fell by 74.87% [3] Market Position - According to Frost & Sullivan, Nanjing Qingtian ranked first in the Chinese cross-border enterprise intelligent financial and tax solutions market in 2024 with a market share of 1.7%, and second in the cross-border enterprise financial and tax digital solutions market with a market share of 1.2% [1] Customer and Supplier Dynamics - The company’s main revenue source is the cross-border enterprise intelligent financial and tax solutions, accounting for 85.2%, 80.7%, 78.9%, and 87.5% of total revenue during the reporting period [2] - The number of large and medium-sized clients decreased by nearly 80% in the first half of 2025, with small clients making up 85.54% of the total client base [2] - Nanjing Qingtian has significant overlap between its customers and suppliers, with one of its major clients also being a supplier [4] Shareholder Activity - Three early shareholders collectively cashed out 80 million yuan just two months before the IPO application was submitted, raising concerns about the timing of their exit [5] Financial Health - The company has shown weak short-term solvency, with current assets consistently lower than current liabilities from 2022 to 2024 [6] - In the first half of 2025, current assets and liabilities were recorded at 202 million yuan and 166 million yuan respectively [6]

Core Viewpoint - Nanjing Qingtian has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing product competitiveness, implementing diversified sales strategies, strategic investments, acquisitions, and general corporate purposes [1] Group 1: Company Overview - Nanjing Qingtian specializes in providing digital solutions for cross-border enterprises engaged in import and export trade, covering multiple provinces in China [2] - The company ranks first in the Chinese market for cross-border enterprise intelligent tax solutions with a market share of 1.7% and second in the cross-border enterprise tax digital solutions market with a share of 1.2% [2] - Since its establishment, Nanjing Qingtian has reached nearly 420,000 foreign trade export enterprises and cross-border e-commerce businesses, serving approximately 160,000 users with over 2 million service instances [2] Group 2: Revenue Sources - The primary revenue source for Nanjing Qingtian is the "cross-border enterprise intelligent tax solution," accounting for 85.2%, 80.7%, 78.9%, and 87.5% of total revenue during the reporting periods [3] - The customer base is predominantly small clients, with small clients making up 85.54% of the total customer count as of mid-2025, while the number of medium and large clients has decreased by 78.17% to 2,374 [3] Group 3: Financial Performance - Nanjing Qingtian's revenue for the reporting periods was 120 million, 161 million, 171 million, and 63.82 million yuan, with net profits of 55.27 million, 153 million, 47.6 million, and 7.22 million yuan respectively [4] - Despite a 6.4% year-on-year revenue growth in 2024, net profit dropped by 68.8% compared to 2023; in the first half of this year, revenue grew by 4.5%, but net profit fell by 74.87% [4] - The gross margin decreased from 83.5% in 2022 to 67.3% in the first half of 2025, a decline of over 16 percentage points, primarily due to a significant increase in revenue costs [4] Group 4: Shareholder Activity - Three early shareholders collectively cashed out 80 million yuan just two months before the IPO application, raising concerns about the company's stability [7][8] - The largest shareholder, Qingtian Venture Capital, holds a 78.17% stake, with the actual controller being Xin Yingmei, who owns 99.96% of Qingtian Venture Capital [6] Group 5: Asset and Liability Situation - Nanjing Qingtian's current assets have consistently been less than current liabilities from 2022 to 2024, indicating weak short-term solvency [8] - As of the first half of this year, current assets and liabilities were recorded at 202 million and 166 million yuan, respectively [9]

Core Viewpoint - Nanjing Qingtian has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing product competitiveness, implementing diversified sales strategies, strategic investments, acquisitions, and general corporate purposes [1] Group 1: Company Overview - Nanjing Qingtian specializes in providing digital solutions for cross-border enterprises engaged in import and export trade, covering multiple provinces in China [2] - The company ranks first in the Chinese market for cross-border enterprise intelligent tax solutions with a market share of 1.7% and second in the digital tax solutions market with a market share of 1.2% [2] - Since its establishment, Nanjing Qingtian has reached nearly 420,000 foreign trade export enterprises and cross-border e-commerce businesses, serving approximately 160,000 users with over 2 million service instances [2] Group 2: Revenue Sources - The primary revenue source is the "cross-border enterprise intelligent tax solution," accounting for 85.2%, 80.7%, 78.9%, and 87.5% of total revenue during the reporting periods [3] - The customer base is predominantly small clients, with small clients making up 85.54% of the total customer count as of mid-2025, while the number of medium and large clients has decreased by 78.17% to 2,374 [3] Group 3: Financial Performance - Revenue figures for the reporting periods are 120 million, 161 million, 171 million, and 63.82 million yuan, while net profits are 55.27 million, 153 million, 47.6 million, and 7.22 million yuan [4] - Despite a 6.4% year-on-year revenue growth in 2024, net profit fell by 68.8% compared to 2023; in the first half of this year, revenue grew by 4.5%, but net profit dropped by 74.87% [4] - Gross margin decreased from 83.5% in 2022 to 67.3% in the first half of 2025, a decline of over 16 percentage points, attributed to a significant increase in revenue costs [4] Group 4: Shareholder Activity - Three early shareholders cashed out a total of 80 million yuan just two months before the IPO application, indicating potential concerns about the company's future [6][7] - The largest shareholder, Qingtian Venture Capital, holds a 78.17% stake, with the actual controller being Xin Yingmei, who owns 99.96% of the venture capital firm [6] Group 5: Asset and Liability Situation - Nanjing Qingtian's current assets have consistently been less than current liabilities from 2022 to 2024, indicating weak short-term solvency [7] - As of the first half of this year, current assets and liabilities were recorded at 202 million and 166 million yuan, respectively [8]

Core Viewpoint - Nanjing Qingtian has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing product competitiveness, implementing diversified sales strategies, strategic investments, acquisitions, and general corporate purposes [1] Company Overview - Nanjing Qingtian is a digital service provider specializing in cross-border enterprise solutions, primarily serving import and export businesses across various provinces in China [1] - The company transitioned to a joint-stock company in July 2023, with early shareholders cashing out a total of 80 million yuan shortly after [1][5] Financial Performance - The company reported revenues of 120 million yuan, 161 million yuan, 171 million yuan, and 63.82 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Despite a revenue increase of approximately 6.4% in 2024, net profit saw a significant decline of 68.8% compared to 2023 [3] - The gross profit margin decreased from 83.5% in 2022 to 67.3% in the first half of 2025, a drop of over 16 percentage points [3] Revenue Sources - The primary revenue source is the "cross-border enterprise intelligent tax and finance solution," accounting for 85.2%, 80.7%, 78.9%, and 87.5% of total revenue during the reporting period [2] - The number of medium and large clients has decreased by nearly 80% in the first half of 2025, with small clients making up 85.54% of the total client base [2] Market Position - According to Frost & Sullivan, Nanjing Qingtian ranks first in the Chinese cross-border enterprise intelligent tax and finance solution market with a market share of 1.7% and second in the cross-border enterprise financial digital solution market with a market share of 1.2% [2] Customer and Supplier Dynamics - The company has served approximately 160,000 users and has over 60,000 active users, with around 27,000 being paying customers [2] - Nanjing Qingtian's procurement from its top five suppliers accounted for 77.1%, 89.0%, 96.4%, and 98.5% of total procurement during the reporting period [3] Shareholder Activity - Three early shareholders collectively cashed out 80 million yuan just two months before the IPO application, raising concerns about the company's stability [5][6] Liquidity Concerns - Nanjing Qingtian's current assets have consistently been less than its current liabilities from 2022 to 2024, indicating weak short-term solvency [6]