Core Viewpoint -卓越睿新 (02687) has seen a significant increase in stock price since its debut, reflecting strong market interest and confidence in its business model as a provider of digital solutions for higher education [1] Company Overview -卓越睿新 is a provider of digital solutions for teaching in higher education, established in 2008 and launched its brand "智慧树" in 2013 [1] -According to Frost & Sullivan, the company ranks second in revenue in the digital education market for higher education in China, holding a market share of 4.0% [1] -The company leads in revenue within the digital content production market for higher education in China, with a market share of 7.3% [1] Stock Performance -卓越睿新's stock rose by 87% on its first trading day and increased by over 17% in the morning session of the following day, reaching a high of 148.9 HKD, which is over 120% higher than its IPO price of 67.5 HKD [1] -As of the latest update, the stock is up 12.74%, trading at 142.5 HKD, with a trading volume of 24.0066 million HKD and a total market capitalization approaching 10 billion HKD [1]

Core Viewpoint - The IPO of卓越睿新 is facing challenges in market enthusiasm, with subscription rates falling short of expectations compared to previous offerings [1] Group 1: IPO Information - Company Name: 卓越睿新 (02687.HK) [2] - Industry: Software Services [2] - Offering Period: November 28 to December 3 [2] - Total Shares Issued: 666.67 million shares, with 10% for public offering and 90% for international placement [2] - Price Range: HKD 62.26 to 76.1 [2] - Market Capitalization: HKD 41.51 billion to 50.73 billion [2] - P/E Ratio: 43 times [2] - Minimum Subscription Amount: HKD 7,687 [2] - Listing Date: December 8 [2] - Underwriter: Agricultural Bank of China [2] - Green Shoe Option: Yes [2] Group 2: Company Overview -卓越睿新 was established in 2008, focusing on digital solutions for higher education [3] - The company ranks second in China's higher education digital market with a 4.0% market share and first in digital content production with a 7.3% market share [3] - The client base primarily consists of higher education institutions, with 251 service centers across 95 cities [3] Group 3: Financial Performance - Revenue increased from RMB 400.11 million in 2022 to RMB 848.20 million in 2024, with RMB 275.42 million in the first half of 2025 [4][5] - Net profit fluctuated significantly, with losses of RMB 59.11 million in 2022, profits of RMB 81.42 million in 2023, and RMB 105.07 million in 2024 [5] - The company recorded a net loss of RMB 98.96 million in the first half of 2025, widening from a loss of RMB 88.86 million in the same period last year [5] Group 4: Business Segments - The main revenue source is digital teaching content services, contributing RMB 709.96 million in 2024, accounting for 83.7% of total revenue [7] - Knowledge graph services have seen explosive growth, increasing from RMB 6 million in 2022 to RMB 340.40 million in 2024, representing 40.1% of total revenue [8] Group 5: Market Outlook - The digital education market in China is rapidly growing, with a projected increase from RMB 111 billion in 2019 to RMB 400 billion by 2028, reflecting a CAGR of 14.8% [9] - The market is highly fragmented, with around 2,000 participants and the top five companies holding only 12.6% of the market share [9] Group 6: Competitive Positioning - Compared to A-share listed companies in the same sector,卓越睿新 has a relatively low valuation of 43 times, while competitors have significantly higher valuations [10] - The IPO shares represent 10% of total shares, raising approximately HKD 5.07 billion, with no cornerstone investors [10] Group 7: Subscription and Market Sentiment - The current subscription rate is 1,010 times, with expectations of exceeding 1,500 times [11]

Group 1 - The company,卓越睿新, plans to globally offer 6.6667 million H-shares, with 666,700 shares available for sale in Hong Kong and 6 million shares for international offering, with the offering period from November 28 to December 3, 2025, and expected pricing on December 4, 2025 [1] - The expected price range for the shares is HKD 62.26 to HKD 76.10 per share, with a trading unit of 100 shares [1] - The shares are anticipated to start trading on the Hong Kong Stock Exchange on December 8, 2025 [1] Group 2 - The company is a well-known provider of digital solutions for higher education institutions in China, focusing on digital educational content and teaching environment services [2] - The digital education market in China is highly fragmented, with the top five companies holding a combined market share of 12.9% as of 2024 [2] - The company ranks second in the digital education market for higher education institutions in China with a market share of 4.0% and first in the digital educational content production market with a market share of 7.3% [2] Group 3 - The company has delivered over 44,000 digital education content products and covers 12 subject categories and 92 majors recognized by the Ministry of Education [3] - The company has 627 digital courses recognized as top-tier courses by the Ministry of Education, ranking first among the top five participants in the digital education market by revenue [3] - Assuming a median offering price of HKD 69.18 per share, the company estimates net proceeds from the global offering to be approximately HKD 404.5 million, with planned allocations of 36.7% for R&D, 31.8% for enhancing customer service capabilities, 21.5% for establishing knowledge graph development centers, and 10.0% for working capital and general corporate purposes [3]

Core Viewpoint - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. is preparing for its main board listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor. The company has delivered over 44,000 digital education content products and covers 12 recognized subject categories and 92 majors by the Ministry of Education [1][4]. Company Overview - Established in 2008, the company is a leading provider of digital education solutions for higher education institutions in China, focusing on the delivery and operation of digital educational content and teaching scenarios [4]. - The digital education market in China's higher education sector is highly fragmented, with the top five companies holding a total market share of only 12.9% as of 2024. The company ranks second in the overall digital education market with a 4.0% market share and first in the digital content production market with a 7.3% market share [4]. Product and Service Offerings - The company provides comprehensive services covering all critical aspects of education, including teaching, learning, practice, assessment, and management. It has developed 627 digital courses recognized as first-class undergraduate courses by the Ministry of Education [4]. - The company has introduced advanced services and products through a dual focus on technology and customer service, enhancing its understanding of teaching processes and the needs of higher education institutions [4]. Financial Performance - The company reported revenues of RMB 400 million, RMB 653 million, RMB 848 million, and RMB 275 million for the fiscal years ending June 30 for 2022, 2023, 2024, and the first half of 2025, respectively [5][7]. - Gross profits for the same periods were RMB 176 million, RMB 396 million, RMB 525 million, and RMB 129 million, with gross profit margins of 44.1%, 60.7%, 61.9%, and 46.9% [7][8]. - The revenue primarily comes from two service types: digital teaching content services and digital teaching environment services, indicating a diverse demand from higher education institutions [5].

Core Viewpoint - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. (Zhuoyue Ruixin Digital) has successfully passed the listing hearing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor. The company has delivered over 44,000 digital education content products and covers 12 recognized subject categories and 92 majors by the Ministry of Education during the track record period [1]. Company Overview - Established in 2008, Zhuoyue Ruixin Digital is a well-known provider of digital solutions for higher education institutions in China, focusing on the delivery and operation of digital education content and teaching scenarios [4]. - The company offers comprehensive services covering all critical aspects of education, including teaching, learning, practice, assessment, and management [4]. Market Position - The Chinese higher education digital teaching market is highly fragmented, with the top five companies holding a total market share of only 12.9% as of 2024. Zhuoyue Ruixin Digital ranks second in the overall market with a 4.0% market share and first in the digital teaching content production market with a 7.3% market share [4]. - The company has 627 digital courses recognized as first-class undergraduate courses by the Ministry of Education, indicating its strong position in the market [4]. Financial Performance - The company recorded revenues of RMB 400 million, RMB 653 million, RMB 848 million, and RMB 275 million for the fiscal years ending June 30 for 2022, 2023, 2024, and the first half of 2025, respectively [5][6]. - Gross profits for the same periods were RMB 176 million, RMB 396 million, RMB 525 million, and RMB 129 million, with corresponding gross profit margins of 44.1%, 60.7%, 61.9%, and 46.9% [6][7]. - The revenue primarily comes from two service types: digital teaching content services and digital teaching environment services, reflecting the diverse needs of higher education institutions [5]. Product and Service Development - Zhuoyue Ruixin Digital began with course digitization services, helping clients convert traditional teaching content into digital formats. The company has introduced virtual simulation development in 2020 and knowledge graph construction in 2022 to enhance interactive and personalized learning experiences for students [5].

Core Insights -卓越睿新数码 is a Chinese provider of digital solutions for higher education, focusing on the development, delivery, and operation of digital educational content and teaching scenarios [3] - The company ranks second in the Chinese higher education digitalization market with a market share of 3.4% and first in the digital teaching content production market with a market share of 6.2% [3] - The Chinese higher education digitalization market is highly fragmented, with the top five companies holding only 12.6% of the market share [3] Company Overview -卓越睿新数码 has developed over 31,000 digital courses across 12 recognized disciplines and 92 majors, with 627 courses recognized as "gold courses" by the Ministry of Education [3] - The company offers two main types of services: digital teaching content services and digital teaching environment services, including cloud LMS and digital classrooms [4] - As of December 31, 2024,卓越睿新数码 operates 247 customer service and support centers across 95 cities in China [4] Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately RMB 400 million, RMB 653 million, and RMB 848 million, respectively [6] - Net profit for the same years was approximately RMB -59.11 million, RMB 81.42 million, and RMB 105.07 million, indicating a turnaround from a loss to profitability [6] - The gross profit margin improved from 44.1% in 2022 to 60.7% in 2023, reflecting enhanced operational efficiency [6]