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]

（来源：郭二侠说财） 自从海伟股份打破了港股IPO分配新规实施以来首次上市新股不破发的神话，再遇到首次上市新股也不 能闷头干了，需要仔细斟酌。 来源：市场资讯 卓越睿新放在最后写新股分析，是想观察一下市场热度。目前看来不及预期，以往类似公开发售0.5亿 的新股，融资1500亿且认购达3000倍的情况轻而易举，现在看来只能达到预期的一半。 一、招股信息 | 公司名称 | 卓越容新 (02687.HK) | | --- | --- | | 所属行业 | 软件服务 | | 招股目期 | 11月28日~12月3日 | | 发行股数 | 总发售666.67万股,其中10%为公开发 售,90%为国际配售 | | 分配机制 | 机制B | | 招股价 | 62.26~76.1港元 | | 每手股数 | 100股 | | 公司市值 | 41.51亿~50.73亿 | | 市盈率 | 43倍 | | 最小申购金额 | 7687港元 | | 公布中签 | 12月4日 | | 上市目期 | 12月8日 | | 保荐人 | 农银 | | 绿鞋 | 有 | | 基石 | 元 | 二、公司概况 卓越睿新成立于2008年，作为一家高校教学 ...

得益于长期深耕形成的对教学过程、高等教育机构和教师的需求、广泛学科、技术应用的洞察，集团以 技术和客户服务双轮驱动，不断提供先进的服务及产品并获得客户认可。于往绩记录期间，集团已交付 超过44,000款数字化教育内容产品，且集团的服务及产品涵盖教育部认可的12个学科门类及92个专业。 集团有627门数字化课程在教育部首批及第二批国家级一流本科课程认定以及职业教育国家在线精品课 程遴选中获评金课，在中国高等教育教学数字化市场按收入计的前五大参与者中排名第一。 假设发售价为每股发售股份69.18港元(即本招股章程所述发售价范围的中位数)，集团估计将自全球发售 收取的所得款项净额为约4.045亿港元。根据集团的战略，集团拟将全球发售所得款项按下文所载金额 用于下文所载用途：约36.7%预期将用于集团的研发；约31.8%预期将用于提升集团的客户服务及支持 能力；约21.5%预期将用于在选定城市设立一个或两个知识图谱开发中心，以增强集团的知识图谱构 建、生产及交付能力以及效率；及约10.0%预期将用于营运资金及一般公司用途。 集团是一家中国知名的高等教育机构教学数字化解决方案提供商，致力于高等教育机构数字化教育内 容、 ...

据港交所11月23日披露，上海卓越睿新数码科技股份有限公司(简称：卓越睿新数码)通过港交所主板上市聆讯，农银国际为其 独家保荐人。于往绩记录期间，公司已交付超过44,000款数字化教育内容产品，且服务及产品涵盖教育部认可的12个学科门类 及92个专业。 财务方面，于2022年度、2023年度、2024年度及2025年截至6月30日止六个月，公司分别录得收入4亿元(人民币，下同)、6.53 亿元、8.48亿元及2.75亿元。于往绩记录期间，公司的收入主要来自两种类型服务及产品，即数字化教学内容服务及产品以及 数字化教学环境服务及产品。高等教育教学的数字化包括教学内容数字化及教学环境数字化。公司能够满足高等教育机构在 该等方面的多元需求。 | | | | 裁至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣千元 | | % 人民感于 ...

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]