Core Viewpoint - Shanghai Xinyi Linhe Technology Co., Ltd. (referred to as "Xinyi Linhe") has submitted an application for a main board listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company has raised a total of 2.974 billion yuan since 2016, experiencing significant revenue growth but still facing net losses and tight operating cash flow [1][12]. Company Overview - Established in 2013, Xinyi Linhe is a comprehensive industrial group that combines a digital trading platform with self-manufacturing capabilities for MRO (Maintenance, Repair, and Operations) products. The company enhances transaction and overall circulation efficiency in the MRO supply chain by connecting upstream suppliers and downstream customers through proprietary digital infrastructure and a nationwide warehousing and distribution network [3][14]. - According to Zhi Shi Consulting, Xinyi Linhe ranks as the fifth largest online MRO procurement service provider in China and the second largest online terminal MRO procurement service provider, holding an 8.1% market share in the online terminal MRO procurement market in 2024, surpassing the combined market share of the third to fifth largest participants [3][14]. Financial Performance - For the years 2023, 2024, and the first three quarters of 2025, Xinyi Linhe reported revenues of 505 million yuan, 877 million yuan, and 1.124 billion yuan, respectively. The revenue for 2024 represents a year-on-year growth of 73.8%, while the first three quarters of 2025 show a year-on-year growth of 166.4%, significantly exceeding the total revenue for 2024 [4][15]. - The rapid revenue growth is attributed to substantial acquisitions made in 2023 and 2024, which have driven revenue increases. In 2023, Xinyi Linhe acquired a portion of Shanghai Hezhong's shares for 90 million yuan and further increased its stake in 2025 for an additional 11.2 million yuan, ultimately owning 82% of Shanghai Hezhong for approximately 101 million yuan [4][15]. - In 2024, Xinyi Linhe acquired a portion of Zhejiang Minglei's shares for a total of 300 million yuan, gaining control of 60% of the voting rights [5][15]. Losses and Cash Flow - Despite the revenue growth, Xinyi Linhe has consistently reported net losses, with figures of 653 million yuan, 774 million yuan, and 489 million yuan for the respective reporting periods, accumulating nearly 1.9 billion yuan in total losses [6][16]. - The company attributes its losses to a high-cost structure typical of early-stage development, including significant sales and marketing expenses aimed at expanding product coverage and brand building [6][16]. - Adjusted net losses during the reporting period were 279 million yuan, 326 million yuan, and 168 million yuan, indicating ongoing financial challenges. The overall gross margin fluctuated, increasing from 20% in 2023 to 23.7% in 2024, before declining to 19.5% in the first three quarters of 2025, influenced by changes in business structure [6][17]. - Operating cash flow has also remained negative, with figures of -247 million yuan, -90 million yuan, and -207 million yuan during the reporting period, leading to a net cash outflow of 544 million yuan over the past two years [6][17]. Financing History - Since its inception, Xinyi Linhe has raised a total of 2.974 billion yuan through multiple financing rounds. In 2016 and 2017, the company completed A-series financing rounds totaling 66 million yuan, attracting investors such as Source Code Capital and Chengdu Capital [7][18]. - In 2018, the company secured 115 million yuan in B-series financing [8][19]. - In 2019 and 2020, Xinyi Linhe raised 410 million yuan through C-series financing rounds. In 2021, it completed a D-round financing of 1.307 billion yuan led by Springhua Capital, with participation from various notable investors [9][20]. - In 2022, the company raised 1.068 billion yuan in E-round financing, led by the Ontario Teachers' Pension Plan, achieving a post-investment valuation exceeding 6.9 billion yuan [10][21].

据港交所1月30日披露，上海鑫谊麟禾科技股份有限公司(以下简称"鑫谊麟禾科技")向港交所主板递交 上市申请，华泰国际为其独家保荐人。据招股书，鑫谊麟禾科技成立于2013年，是中国一家结合数字交 易平台与MRO产品自主制造能力的综合工业集团。凭借端到端的专有数字基础设施及全国性的仓储、 配送、维护及维修网络，该公司连接上游供应商及下游客户，以提升MRO供应链中的交易及整体流通 效率。 ...

Core Viewpoint - Shanghai Xinyi Linhe Technology Co., Ltd. (referred to as "Rui Gu") is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its digital trading platform and manufacturing capabilities to enhance efficiency in the MRO supply chain [3]. Group 1: Business Model and Operations - Rui Gu integrates a digital trading platform with MRO product manufacturing capabilities, enhancing transaction and circulation efficiency in the supply chain [3]. - The business model focuses on using transaction, fulfillment, and after-sales data from the platform to improve product selection, planning, engineering design, and manufacturing, enabling on-demand production and faster product iteration [3]. - Rui Gu has established partnerships with over 3,000 MRO product manufacturers and suppliers, with a downstream customer network covering more than 220,000 retail stores, achieving a penetration rate exceeding 20% [4]. Group 2: Financial Performance - The cumulative gross merchandise volume of Rui Gu's digital platform is approximately 8.5 billion RMB for the first three quarters of 2023, 2024, and 2025 [2][4]. - Revenue for Rui Gu was 505 million RMB in 2023 and 877 million RMB in 2024, representing a year-on-year growth of 73.7% [4]. - For the first three quarters of 2025, revenue increased by 166.3% to 1.124 billion RMB compared to 422 million RMB in the same period of 2024 [4]. - Gross margins for 2023, 2024, and the first three quarters of 2025 were 20.0%, 23.7%, and 19.5%, respectively, while adjusted net loss rates were 55.3%, 37.2%, and 15.0% [4]. Group 3: Investment and Use of IPO Proceeds - Rui Gu has received investments from notable institutions such as Ontario Teachers' Pension Plan, Spring Capital, and others [5]. - The net proceeds from the IPO will primarily be used for potential strategic investments, enhancing marketing capabilities domestically and internationally, new product development, digital transformation, and upgrading production bases in China and overseas [5].

智通财经APP获悉，据港交所1月30日披露，上海鑫谊麟禾科技股份有限公司(以下简称"鑫谊麟禾科技") 向港交所主板递交上市申请，华泰国际为其独家保荐人。据招股书，鑫谊麟禾科技成立于2013年，是中 国一家结合数字交易平台与MRO产品自主制造能力的综合工业集团。凭借端到端的专有数字基础设施 及全国性的仓储、配送、维护及维修网络，该公司连接上游供应商及下游客户，以提升MRO供应链中 的交易及整体流通效率。 | 【漫畫】項下的】是簽 薄驗 . | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | 香港 编纂 數目 | [编纂]股H股(可予[编纂]) | | 國際 [编纂]數目 | [编纂]股H股(視乎[编纂]行使與否而定及 | | 可于 编纂]) | | | [岩纂] : | 不超過每般H股[編纂]港元,另加1.0% | | 經紀佣金、0.0027%證監曾交易徵費、 | | | 0.00015%會财局交易徽費及0.00565%香 | | | 港 聯交 所交易費(須 於[ 編 纂] 時 以 港 元 | | | 繳足,多繳款項可予退還) | | | 面值 | 每股H股人民幣0.50元 | ...