文/西风 近日，深圳证券交易所公布对江苏金智教育信息股份有限公司创业板IPO终止审核的决定，直接原因是公司及保荐机构广发证券撤回申报。公司创业板IPO早在 2023年7月13日过会，但一直未能提交注册。公司曾于2020年9月申报科创板IPO，2021年2月5日经科创板上市委审议会议审核通过，2021年3月9日提交注册稿申请 文件，2021年12月31日撤回注册申请。公司两次IPO过会，均以撤回而终止，着实有点不幸！ 公司前身有限公司成立于2008年1月，2014年10月整体变更为股份公司，2015年6月17日，公司股票挂牌新三板，证券代码：832624。2020年3月11日终止挂牌。公 司目前注册资本6000万元。公司的实际控制人为1973年出生的郭超、1975年出生的史鸣杰，二人合计持有公司51.09%表决权。郭超现任公司董事长，史鸣杰现任 公司董事总经理。 | | | | | | | - | | --- | --- | --- | --- | --- | --- | --- | | 业务类别 | 2022 年度 | | 2021 年度 | | 2020 年度 | | | | 金额 | 早 | 金额 | 早 ...

文/西风 近日，深圳证券交易所公布对江苏金智教育信息股份有限公司创业板IPO终止审核的决定，直接原因是公司及保荐机构广发证券撤回申报。公司创业板IPO早在 2023年7月13日过会，但一直未能提交注册。公司曾于2020年9月申报科创板IPO，2021年2月5日经科创板上市委审议会议审核通过，2021年3月9日提交注册稿申请 文件，2021年12月31日撤回注册申请。公司两次IPO过会，均以撤回而终止，着实有点不幸！ 公司前身有限公司成立于2008年1月，2014年10月整体变更为股份公司，2015年6月17日，公司股票挂牌新三板，证券代码：832624。2020年3月11日终止挂牌。公 司目前注册资本6000万元。公司的实际控制人为1973年出生的郭超、1975年出生的史鸣杰，二人合计持有公司51.09%表决权。郭超现任公司董事长，史鸣杰现任 公司董事总经理。 一、服务于高校和中职学校，银行是大客户，软件开发收入占比超过80% 公司是国内高校信息化服务提供商，以自主研发的基于私有云和公有云架构的智慧校园运营支撑平台产品、应用系统产品为基础，为高等院校和中职学校提供软 件开发、SaaS服务、运维服务、系统集成等 ...

Group 1 - The core viewpoint of the article is that Minglue Technology, a leading data intelligence application software company in China, has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation Hong Kong Securities Limited as the sole sponsor [1][3] - According to Frost & Sullivan, Minglue Technology is the largest data intelligence application software provider in China by total revenue in 2023 [1] - The company offers a range of data intelligence products and solutions, including marketing and operational intelligence tools, which cater to both online and offline scenarios [1] Group 2 - Financial performance shows that total revenue increased from RMB 1,269.3 million in 2022 to RMB 1,462.0 million in 2023, but is projected to decline to RMB 1,381.4 million in 2024 [2] - The gross profit margins for 2022, 2023, and 2024 were 53.2%, 50.1%, and 51.6% respectively [2] - Net profits recorded were RMB 1,637.6 million in 2022, RMB 318.4 million in 2023, and a significant drop to RMB 7.9 million in 2024 [2] Group 3 - The company holds a strong technological position with 2,177 patents and 926 patent applications as of December 31, 2024, and has received over 450 domestic and international awards [1] - The company has a significant focus on research and development, with expenditures of RMB 750.9 million, RMB 480.8 million, and RMB 353.0 million for the years 2022, 2023, and 2024 respectively [2] - The company faces challenges related to compliance with evolving privacy and data protection laws, which could adversely affect its business and financial performance [2]

Core Insights - Minglue Technology plans to list on the Hong Kong Stock Exchange, marking a significant step towards capital market engagement [1] - The company is recognized as the largest data intelligence application software provider in China, according to Frost & Sullivan [1] R&D Strength - Minglue Technology has established a strong foundation in innovation with over 2,177 patents and 926 patent applications as of December 31, 2024 [2] - The company has 1,167 invention patents in key areas such as data intelligence and enterprise knowledge graphs [2] - It has pioneered the use of meta-learning for facial recognition and knowledge graph technology for sales strategy optimization [2] Financial Performance - Total revenue increased from RMB 1.269 billion in 2022 to RMB 1.462 billion in 2023, but is projected to decline to RMB 1.381 billion in 2024 due to reduced revenue in operational intelligence [3] - Gross margins for 2022, 2023, and 2024 were 53.2%, 50.1%, and 51.6% respectively [3] - R&D expenditures decreased from RMB 751 million in 2022 to RMB 353 million in 2024 [3] Adjusted Losses - Adjusted net losses for the years 2022, 2023, and 2024 were RMB 1.1 billion, RMB 174 million, and RMB 45.1 million respectively, indicating a gradual narrowing of losses [4] Core Product Matrix - The company offers two main product categories: marketing intelligence and operational intelligence, with the "Miaozhen System" being a flagship product [5] - The Miaozhen System is recognized as the leading marketing intelligence application software in China as of 2023 [5] - The company also provides tools for private domain management within the Tencent ecosystem and an intelligent store operation system [5] Diverse Client Base - Major clients include companies in consumer goods, food and beverage, automotive, and 3C industries, with revenue from the top five clients accounting for 25.4%, 36.0%, and 35.1% of total revenue in 2022, 2023, and 2024 respectively [6] - The company plans to strengthen its market position through enhanced R&D, talent acquisition, and the establishment of a data intelligence product ecosystem [6] - The Chinese data intelligence application software market is expected to grow from RMB 30.3 billion in 2023 to RMB 71.3 billion in 2028, providing opportunities for the company to maintain its leading position [6]

Group 1 - Lingnan Holdings plans to publicly transfer 3.92% equity of Guangzhou World Wonder at a base price of 23.6576 million yuan, focusing on core business development [1] - Guangkang Biochemical's chlorantraniliprole product has a designed capacity of 10 tons/year but has not yet been produced, with expected minor contribution to overall performance [1] - Palin Bio's controlling shareholder intends to transfer 21.03% of shares to China National Biological, changing the controlling shareholder and actual controller [1][2] Group 2 - Haimer Technology is planning a change of control, leading to a temporary stock suspension for up to two trading days [1] - *ST Zhongdi's stock will be suspended for one day and will resume trading with a change in risk warning status [1] - Jiahua Intelligent's shareholder plans to reduce holdings by up to 1% of total shares due to personal funding needs [5] Group 3 - Bosi Software's director plans to reduce holdings by up to 0.22% of total shares for personal funding needs [6] - Hanjia Design's director intends to reduce holdings by up to 35.6 million shares, representing 0.1577% of total shares [7] - Nanfang Energy plans to invest approximately 51.9788 million yuan in distributed photovoltaic power stations, expecting related transaction amounts to reach 99.3685 million yuan over 25 years [8] Group 4 - Tian Tie Technology's subsidiary temporarily halted production due to steam supply issues, expected to last about one month [9] - Haiguang Information plans a share swap to absorb and merge with Zhongke Shuguang, with stock resuming trading [11] - Tianyima is planning to acquire controlling interest in Xingyun Kaiwu, leading to a stock suspension for up to 10 trading days [12] Group 5 - Xinhua Group's chairman resigned, and Wang Gengyu was elected as the new chairman [13] - Zongyi Co. plans to invest 220 million yuan in Jilai Microelectronics, aiming for a controlling stake post-investment [14] - Zhongying Electronics' controlling shareholder will change to Zhinen Industrial Electronics, with stock resuming trading [16] Group 6 - Huayang Lianzhong plans to jointly invest in a new company with its controlling shareholder, with a registered capital of 402 million yuan [19] - Gaomeng New Materials' chairman and executives plan to reduce holdings by a total of 0.41% of total shares [20] - Beifang Changlong intends to acquire 51% of Henan Zhongsheng for approximately 102 million yuan, expanding its business scope [21]

Group 1 - Sun Cable's shareholder plans to reduce its stake by up to 3% of the company's shares, amounting to 21.67 million shares, due to operational needs [1] - China Chemical's controlling shareholder has secured a loan commitment of up to 540 million yuan to support its share buyback plan, which aims to purchase between 300 million and 600 million yuan worth of shares within 12 months [1] Group 2 - Palm Holdings has initiated legal proceedings over a loan dispute involving over 149 million yuan, which represents 8.99% of the company's latest audited net assets [2] - Zhongtai Securities' application for a specific stock issuance has been accepted by the Shanghai Stock Exchange, pending further regulatory approval [4] Group 3 - Tongda Electric's stock has seen a significant increase of 30.01% over three consecutive trading days, raising concerns about potential market overheating and irrational speculation [5] - Huaneng International plans to apply for public REITs based on its Qingdao project, involving a transfer of project company shares and strategic participation from related parties [7] Group 4 - Longjian Shares' application for issuing convertible bonds has been approved by the Shanghai Stock Exchange, pending further registration approval from the China Securities Regulatory Commission [7] - Hehe Information is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global capital operations [8] Group 5 - ST Huaxi has signed a significant overseas contract worth approximately 2.9 billion yuan for the reconstruction of a power plant in Iraq, although the contract's effectiveness is subject to certain conditions [9] - Zhongqi Shares has project approval for a chemical product but has not yet commenced production, indicating limited impact from recent industry incidents [11] Group 6 - Sino Medical's subsidiary has received a medical device registration certificate for a new stent product, marking a significant advancement in its product offerings [14] - *ST Longjin's stock is entering a delisting preparation period, with trading expected to last for 15 days [15] Group 7 - Chao Da Equipment has undergone a change in controlling shareholder, with a significant portion of shares transferred to Nanjing Youxu [15] - *ST Wan Fang plans to transfer a 68.88% stake in a subsidiary for 7.6 million yuan, ceasing its financial consolidation with the subsidiary [16] Group 8 - Zhejiang Construction's subsidiary has won a framework contract for a residential redevelopment project valued at approximately 1.2 billion yuan, expected to positively impact the company's performance [17] - China Gold's controlling shareholder plans to increase its stake in the company by investing between 168 million and 335 million yuan [18] Group 9 - Tianhong Shares' major shareholder intends to reduce its stake by up to 3%, amounting to 35.07 million shares, due to personal funding needs [18] - Lingdian Electric Control is planning to acquire a 98.43% stake in a company for 478 million yuan to consolidate resources in the automotive electronics sector [19] Group 10 - Tianyuan Pet is planning to acquire an 89.71% stake in a technology company, with funding to be raised through a share issuance [19] - Beijing Culture's major shareholder plans to reduce its stake by up to 3%, amounting to 21.48 million shares, due to operational funding needs [20]

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [4][8]. Core Insights - The company, Yuncong Technology, reported a significant decline in revenue for 2024, with total revenue of 398 million yuan, a year-on-year decrease of 36.69%. The net profit attributable to the parent company was -696 million yuan, indicating a loss that has widened compared to the previous year [2][8]. - In the first quarter of 2025, the company continued to face revenue challenges, achieving 37 million yuan in revenue, down 31.56% year-on-year, but the net loss narrowed to -124 million yuan [2][8]. - The company is focusing on enhancing its large model capabilities and industry adaptability, with ongoing development in language, vision, and multimodal model systems [8]. - A partnership with Huawei is being leveraged to advance deployment in government and financial sectors, enhancing local commercial capabilities [8]. - The company is also collaborating with the National Cybersecurity Base's Intelligent Computing Center to strengthen its foundational infrastructure for large models [8]. Financial Summary - For 2024, the total revenue is projected to be 398 million yuan, with a forecasted growth of 12.6% in 2025, reaching 448 million yuan, and further growth expected in subsequent years [4][8]. - The net profit is expected to improve gradually, with projections of -484 million yuan in 2025 and -358 million yuan in 2026 [4][8]. - The company's gross margin is anticipated to increase from 35.8% in 2024 to 39.8% by 2027, indicating a potential improvement in profitability [4][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [4][8]. Core Insights - The company reported a revenue of 398 million yuan in 2024, a year-on-year decline of 36.69%, with a net profit attributable to shareholders of -696 million yuan [2][8]. - In Q1 2025, the company achieved a revenue of 37 million yuan, down 31.56% year-on-year, but the net loss narrowed to -124 million yuan compared to the same period last year [2][8]. - The company is enhancing its large model capabilities and industry adaptability, with a focus on deploying AI applications across various sectors [8]. - A partnership with Huawei is being leveraged to strengthen local commercial capabilities in government and financial sectors [8]. - The company is collaborating with the National Cybersecurity Base's Intelligent Computing Center to build a robust infrastructure for its large models [8]. Financial Summary - The total revenue forecast for 2025-2027 is projected to be 448 million yuan, 560 million yuan, and 727 million yuan, reflecting growth rates of 12.6%, 25.0%, and 29.9% respectively [4][8]. - The net profit attributable to shareholders is expected to improve from -484 million yuan in 2025 to -284 million yuan in 2027, with corresponding growth rates of 30.5%, 26.0%, and 20.7% [4][8]. - The company's earnings per share (EPS) is projected to improve from -0.47 yuan in 2025 to -0.27 yuan in 2027 [4][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 11.28 CNY for 2025 [2][7]. Core Views - The company is experiencing a short-term performance pressure due to deferred downstream demand, but it is expected to improve as the WiNEX product enters a rapid delivery phase [7]. - The company has established itself as a leader in medical information technology, with significant market share and ongoing investments in AI and product development [7]. - Financial forecasts indicate a substantial recovery in net profit from 2025 onwards, with expected growth rates of 336.7% in 2025, 16.0% in 2026, and 15.7% in 2027 [7]. Financial Summary - Total revenue is projected to increase from 27.82 billion CNY in 2024 to 40.04 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 12.8% from 2025 to 2027 [3][8]. - The net profit is expected to rise from 0.88 billion CNY in 2024 to 5.15 billion CNY in 2027, reflecting a significant recovery after a sharp decline in 2024 [3][8]. - The earnings per share (EPS) is forecasted to grow from 0.04 CNY in 2024 to 0.23 CNY in 2027, indicating a positive trend in profitability [3][8]. Business Development - The company is focusing on enhancing its WiNEX product line and expanding its digital health applications, which are expected to drive future growth [7]. - The company has achieved over 600 certifications in the medical information technology sector, establishing a robust and self-controlled technology system [7]. - The company is also making strides in international markets, with successful projects like the Macau Concordia Hospital [7].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][16]. Core Views - The company demonstrated robust performance with a revenue of 1.529 billion yuan in 2024, reflecting a year-on-year growth of 37.37%, and a net profit of 104 million yuan, up 43.50% year-on-year. The fourth quarter alone contributed 752 million yuan in revenue, a 75.18% increase year-on-year, and a net profit of 214 million yuan, up 89.25% year-on-year. For Q1 2025, revenue reached 542 million yuan, a staggering 84.68% increase year-on-year, with a net profit of 139 million yuan, soaring 725.93% year-on-year [2][6]. Financial Performance Summary - **2024 Financials**: - Revenue: 1,529 million yuan - Year-on-year growth: 37.4% - Net profit: 104 million yuan - Year-on-year growth: 43.5% - Earnings per share: 0.17 yuan - Price-to-earnings ratio: 344 times - Price-to-book ratio: 16.0 times [2][7] - **2025 Projections**: - Revenue: 1,961 million yuan (28.3% growth) - Net profit: 294 million yuan (182.1% growth) - Earnings per share: 0.49 yuan - Price-to-earnings ratio: 122 times - Price-to-book ratio: 13.1 times [2][7] - **2026 and 2027 Projections**: - 2026 Revenue: 2,376 million yuan (21.2% growth) - 2026 Net profit: 372 million yuan (26.4% growth) - 2027 Revenue: 2,796 million yuan (17.7% growth) - 2027 Net profit: 479 million yuan (28.9% growth) [2][7] Business Segments Overview - **Financial Information Services**: - Revenue for 2024 was 1.211 billion yuan, a 22.75% increase, accounting for 79.22% of total revenue. The fourth quarter saw a significant recovery due to increased market activity, with new product launches enhancing user engagement [6]. - **Securities Business**: - The securities segment, primarily through the subsidiary Maigao Securities, reported a net income from fees and commissions of 241 million yuan in 2024, up 162.83%. The first quarter of 2025 continued this growth trend, with net income from fees and commissions reaching 97.28 million yuan, a 143.26% increase [6]. Market Position and Future Outlook - The company is positioned to benefit from the synergy of its full-license operations, with expectations of continued growth in both its financial information services and securities business. The report anticipates revenue growth of 28.3% in 2025, followed by 21.2% in 2026 and 17.7% in 2027, alongside significant increases in net profit [6][2].