展望前路，数字消费的画卷仍在前沿无限延伸。当技术的温度与生活的需求持续共振，如量化派这些专注于提升体验、创造价值的参与者，终将在澎湃的浪 潮中，成为照亮美好生活图景的点点星光。 作为专注于中国消费领域的线上市场运营商，量化派秉承"数字驱动世界，智能点亮生活" 的使命，依托自主研发的AI技术平台，为消费者与合作伙伴提供 智能化、精准的消费体验。量化派通过多元消费场景的数字化运营，在智能推荐、精准分发和用户运营方面具备核心优势，为合作伙伴提供从流量获取到客 户管理的全链路支持。凭借领先的技术实力、模块化运营能力和专业团队，持续助力消费产业数字化发展，为行业的可持续增长注入长期动力。 随着数字技术与新型消费场景的深度融合，线上消费与新型消费发展态势向好，行业前景愈发广阔。多年来，量化派深耕电商、汽车零售O2O等高频消费场 景，逐步构建起"用户—商品/服务—消费场景"的高效整合能力。通过在消费市场的持续探索，公司不仅积累了丰富的行业经验与数据资源，也建立了庞大 的客户基础。截至2025年5月31日，量化派已通过其线上市场吸引超过6030万注册终端客户，为业务伙伴持续创造增长与协同效应。 数字经济的脉动，正悄然重塑着我 ...

雷递网 雷建平 11月24日 量化派科技有限公司（简称："量化派"，股票代码："2685"）今日结束招股，准备2025年11月27日在港交所上市。 量化派发行区间为8.8港元到9.8港元，计划发行1334.8万股，最高募资1.3亿港元。若以中位数计算，量化派募资净额仅580万港元。 这意味着，量化派此番发行费用超过1亿元，大幅超过了募资净额。 按发售价每股发售股份9.80港元（即指示性发售价范围的上限）计算，预期量化派上市后市值为50.3亿港元。 前5个月来自羊小咩收入4亿 量化派是一家中国线上市场营运商。量化派的消费电商平台羊小咩自2020年11月起涵盖各式零售商品，如第三方市场供应商提供的消费电子产品、食品及 饮料、家电、化妆品、珠宝、服装及个人日常护理用品，并透过线上购买将该等消费品与我们的羊小咩用户进行匹配。 量化派亦自2022年4月经营汽车零售线上到线下(O2O)平台消费地图，该平台目前主要与汽车零售商合作吸引线上流量，使其能在当地实体店线下购车； 及在较小程度上，自2024年起消费地图亦可让消费者在线上购车。 量化派将羊小咩上的市场供应商（包括商品供应商及POP商店经营者）及消费地图上的市场供应商 ...

Group 1: Recent IPOs - Zhongwei Co., a new energy materials company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 3.544 billion by offering about 104 million shares [1] - Jiansu, a supply chain management service provider, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the plastic and chemical industries in China [2] - Defeng Technology, an independent AIoT provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy and manufacturing sectors [3] - Kanop, an industrial robotics company, applied for an IPO on the Hong Kong Stock Exchange, ranking first among Chinese welding robot manufacturers [4] - NobiKan, an AI company, refiled for an IPO on the Hong Kong Stock Exchange after previous applications lapsed, focusing on AI and digital twin technologies [5] - Dongshan Precision, a PCB supplier for edge AI devices, submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a leading supplier in the sector [6] - Mandi International, a consumer healthcare company, filed for an IPO on the Hong Kong Stock Exchange, leading the market in hair health products [7] - Lingyi Intelligent Manufacturing, an AI hardware platform, applied for an IPO on the Hong Kong Stock Exchange, ranking first in high-precision components for AI terminal devices [8] Group 2: Upcoming IPOs - Quantitative Platform is set to launch its IPO from November 19 to November 24, aiming to raise approximately HKD 131 million [9] - Haiwei Electronics plans to conduct its IPO from November 20 to November 25, targeting to raise around HKD 440 million [10] Group 3: Recent Hearings - Yujian Xiaomian, a modern Chinese noodle brand, passed the listing hearing on the Hong Kong Stock Exchange, operating 440 restaurants in mainland China and 11 in Hong Kong [11] - Jinyan High-tech, a kaolin company, also passed the listing hearing, focusing on the production of calcined kaolin products [12] - Naxin Micro, a provider of analog chips, passed the listing hearing, specializing in automotive electronics and consumer electronics [13] - Lemo, a smart massage service provider, passed the listing hearing, leading the market in smart massage services in mainland China [14] Group 4: Market Developments - The Singapore Exchange and Nasdaq announced a collaboration to simplify dual listings, aiming to launch a "Global Listing Board" by mid-2026 [15]

公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为-28.10万元、364.30万元、1.47亿 元，同比变动幅度为-100.52%、1396.44%、3938.65%。（数据宝） （文章来源：证券时报网） 全球发售预计募资总额为1.24亿港元，募资净额0.06亿港元，募资用途为用于提高公司的研发能力及改 善公司的撮合服务的技术基础设施；用于推广公司的业务模式。 量化派预计于2025年11月27日在主板上市，中国国际金融香港证券有限公司、中信证券(香港)有限公司 为联席保荐人。 公司是一家专注于中国消费领域的线上市场营运商。公司的消费电商平台羊小咩自2020年11月起涵盖各 式零售商品，如第三方市场供应商提供的消费电子产品、食品及饮料、家电、化妆品、珠宝、服装及个 人日常护理用品，并透过线上购买将该等消费品与公司的羊小咩用户进行匹配。公司亦经营汽车零售 O2O平台消费地图，该平台主要帮助汽车零售商吸引线上流量，使其能够在当地实体店线下购车；及在 较小程度上，消费地图亦可让消费者在线上购车。在更小程度上，公司亦协助业务伙伴在公司的线上市 场及线下实体媒体投放广告。公司将(i)羊小咩上的 ...

量化派预计于2025年11月27日在主板上市，中国国际金融香港证券有限公司、中信证券(香港)有限公司 为联席保荐人。 公司是一家专注于中国消费领域的线上市场营运商。公司的消费电商平台羊小咩自2020年11月起涵盖各 式零售商品，如第三方市场供应商提供的消费电子产品、食品及饮料、家电、化妆品、珠宝、服装及个 人日常护理用品，并透过线上购买将该等消费品与公司的羊小咩用户进行匹配。公司亦经营汽车零售 O2O平台消费地图，该平台主要帮助汽车零售商吸引线上流量，使其能够在当地实体店线下购车；及在 较小程度上，消费地图亦可让消费者在线上购车。在更小程度上，公司亦协助业务伙伴在公司的线上市 场及线下实体媒体投放广告。公司将(i)羊小咩上的市场供应商(包括商品供应商及POP商店经营者)及(ii) 消费地图上的市场供应商(包括汽车零售商，且于往绩记录期间，包括汽车零售商及本地生活商品及服 务商户)视为公司的业务伙伴。 公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为-28.10万元、364.30万元、1.47亿 元，同比变动幅度为-100.52%、1396.44%、3938.65%。（数据宝） 量化 ...

集团是一家中国线上市场营运商。集团的消费电商平台羊小咩自2020年11月起涵盖各式零售商品，如第 三方市场供应商提供的消费电子产品、食品及饮料、家电、化妆品、珠宝、服装及个人日常护理用品， 并透过线上购买将该等消费品与集团的羊小咩用户进行匹配。集团亦自2022年4月经营汽车零售线上到 线下(O2O)平台消费地图，该平台目前主要与汽车零售商合作吸引线上流量，使其能够在当地实体店线 下购车；及在较小程度上，自2024年起，消费地图亦可让消费者在线上购车。集团将(i)羊小咩上的市场 供应商（包括商品供应商及POP商店经营者）及(ii)消费地图上的市场供应商（包括汽车零售商，且于 往绩记录期间，包括汽车零售商及本地生活商品及服务商户）视为集团的业务伙伴。在极小范围内，集 团为商业伙伴提供广告服务。鉴于盈利能力及增长潜力较高，集团将羊小咩定位为集团的主要线上市 场，并引导及分配较多的资源用于其继续扩张。截至2024年12月31日止年度及截至2025年5月31日止五 个月，来自羊小咩的收入分别占本集团总收入约93.2%及98.1%。 格隆汇11月19日丨量化派(02685.HK)发布公告，公司拟全球发售1334.75万股 ...

Core Insights - The online consumption market is undergoing a significant transformation driven by the digital economy, shifting from traffic dividends to technology and data dividends [1] - Quantitative Company has achieved continuous revenue growth for three consecutive years, becoming a focal point in the industry [1] Industry Overview - In the first eight months of this year, the national online retail sales increased by 9.6% year-on-year, outpacing the growth rate of total retail sales of consumer goods, with physical goods online retail sales growing by 6.4% [1] - The company operates in the Chinese consumption sector, focusing on online market operations and leveraging its self-developed AI technology platform to enhance consumer and partner experiences [1] Company Performance - Quantitative Company reported a significant revenue increase of 87.5% in 2024, reaching RMB 993 million, with a continued revenue growth of 38.1% expected by May 2025 [3] - The company has shown strong profitability and resilience, with adjusted profits consistently rising [3] Technological Development - The company emphasizes technological research and development, with 79 technical personnel making up about 35% of its total workforce as of May 31, 2025 [3] - It has invested in R&D, accumulating 9 patents and 58 software copyrights, and launched the "Quantitative Star Inquiry" model, which provides precise matching solutions for business partners [3] Customer Base and Market Strategy - As of May 31, 2025, the company has attracted over 60.3 million registered end customers, establishing a substantial customer base [4] - The company focuses on high-frequency consumption scenarios such as e-commerce and O2O automotive retail, enhancing customer conversion and efficiency through deep partnerships [4] - By integrating AI algorithms with market experience, the company provides a one-stop infrastructure for both supply and demand sides, positioning itself as a leader in the online consumption market [4]

《星岛》记者 叶紫 上海报道 很多人收到过"羊小咩"的助贷短信，但鲜少有人知道在这个平台背后，站着的是一家在港交所门前徘徊了三年的企业—— 量化派控股有限公司（以下简称"量化派"）。 今年9月19日，量化派向港交所第五次递表。自2022年6月首次冲击港股市场以来，经历一波三折，前四次均因各种问题而 以失败告终。 此次IPO，中金公司和中信证券担任联席保荐人，阵容堪称豪华，最新业绩数据也足够耀眼，那么这次会成功吗？ 值得关注的是，虽然从业务上助贷合规性问题似乎得到了解决，但是仍有"藕断丝连"迹象，同时，其过度依赖单一业务、 毛利率惊人，叠加外部居高不下的用户投诉，还是让这段资本征程存在些许变数。 "加期加到哭"，在某社交平台上，有投行人直抒胸臆。 而对量化派创始人周灏来说何尝不是如此，这位毕业于北京大学物理系、拥有美国莱斯大学物理学博士学位的创业者，已 经等待了整整11年。 量化派成立于2014年，正式启动IPO始于八年前，即上市三年后。2017年8月，该公司尝试闯关美股市场，但因业务过度依 赖助贷模式且未能应对监管收紧风险，最终撤回了申请。 随后转战港股，但过程同样艰难。2022年6月至2024年12月，量化 ...

近日，量化派在港交所更新招股书，第五次向香港主板发起冲击。作为中国消费领域的重要参与者，此次递表不仅是企业 自身的关键资本动作，更折射出中国线上消费市场在技术赋能下的广阔前景。 量化派创立于2014年，是一家专注于中国消费领域的线上市场运营商。公司秉承"数字驱动世界，智能点亮生活"的使命，依 托自主研发的AI技术平台，为消费者与合作伙伴提供智能化、精准的消费体验。通过多元消费场景的数字化运营，其在智 能推荐、精准分发和用户运营方面具备核心优势，能为合作伙伴提供从流量获取到客户管理的全链路支持，凭借领先技术 实力与专业团队，持续助力消费产业数字化发展。 中国线上消费市场的蓬勃发展，为量化派提供了肥沃土壤。数据显示，中国线上消费商店市场规模从2020年的13.9万亿元增 至2024年的25.7万亿元，复合年增长率达16.5%;预计2025年至2029年，将从29.1万亿元进一步增长至41.2万亿元，复合年增 长率9.1%。2024年该市场占整体零售市场份额已达36.9%，且未来占比有望持续提升。 在此赛道上，量化派精准定位"线上市场运营商"，不直接涉足零售，而是为生态参与者提供基础设施服务。截至2025年5月 3 ...

Core Viewpoint - The company, Quantitative Holdings, is making another attempt to go public in Hong Kong after multiple failed attempts, aiming to leverage the current IPO frenzy in the market to raise funds amidst heavy debt burdens [3][4]. Group 1: Business Overview - Quantitative Holdings operates two main businesses: the one-stop consumer platform "Yang Xiaomiao" and the automotive retail O2O platform "Consumption Map," providing services such as product display, online payment, order processing, and logistics [3][4]. - The company was founded in 2014 by Zhou Hao and initially focused on a P2P lending model through its "Credit Wallet" platform before pivoting to digital solutions due to regulatory changes in 2017 [4]. Group 2: Financial Performance - In the first five months of this year, the company recorded a profit of 126 million yuan, with a net debt of 772 million yuan [5]. - Revenue figures from 2022 to 2024 show growth: 475 million yuan in 2022, 530 million yuan in 2023, and projected 990 million yuan in 2024, with a significant profit increase from a loss of 281,000 yuan in 2022 to 14.7 million yuan in 2023 [6]. - Revenue for the first five months of this year reached 414 million yuan, a year-on-year increase of 38.1%, while profit surged by 261% to 126 million yuan [6]. Group 3: Marketing and Expenses - The company's marketing expenses have been substantial, rising from 47.92 million yuan in 2022 to 109 million yuan in 2023, a 127% increase, and significantly outpacing revenue growth [7]. - Revenue from the "Consumption Map" has declined sharply, dropping from 200 million yuan in 2022 to 32.81 million yuan last year, and further down to 7.917 million yuan in the first five months of this year, a 43% year-on-year decrease [7]. Group 4: Debt and Financial Health - The company faces significant financial challenges, with a low return on equity (ROE) of 0.1% in 2022, projected negative ROE in 2023 and 2024, and a staggering negative ROE of 36.1% in the first five months of this year [8]. - The company's liabilities have escalated, with current liabilities reaching nearly 2 billion yuan by the end of May this year, and it has been in a negative asset situation for the past two years [8]. Group 5: Controversies and Market Position - A significant portion of the company's high accounts receivable is linked to a small loan company controlled by the major shareholder Zhou Hao, raising concerns about potential conflicts of interest [9]. - The competitive landscape includes major players like Meituan, JD.com, and Douyin, which possess strong brand recognition and user loyalty, making it challenging for Quantitative Holdings to capture market share [9].