据招股书显示，粤十数智是一家由数智化驱动的从事冷链农产品销售的企业，公司通过自研的数字平台，在采购、存储、物流及贸易环节系统性地植入了数 智化能力，构建起了由数据驱动的运营模式，从而可提升整个冷链流通环节的效率、透明度及协同效应。 弗若斯特沙利文表示，若按2024年的冷链农产品销售收入计，粤十数智在中国冷链数智农产品销售市场中排名第八位，市场份额为0.6%。 且从业绩来看，粤十数智实现了高速成长。2023、2024年，粤十数智的收入分别为12.54亿、29.81亿元，期内经调整的净利润分别为-604.3万、2969.1万元。 至2025年前三季度，粤十数智的收入为39.94亿元，同比增长116.71%，期内的经调整净利润为5094.9万元，同比增长82.6%。 此外，粤十数智在经过长达7轮融资之后，中粮资本（002423）、中国供销社控股实体、广垦太证基金投资者、东方国资实体、深圳高新投、贵阳服务外包 基金、无锡梁溪产业基金等国资均已是粤十数智的股东，截至目前持股比例分别为7.55%、6.49%、6.20%、2.10%、1.31%、0.38%、0.95%。 对于业绩高速成长且坐拥强大国资股东阵营的粤十数智，市 ...

被评为"2025年中国隐形独角兽企业500强"的粤十数智开始冲击资本市场。 智通财经APP观察到，深圳粤十数智股份有限公司(以下简称：粤十数智)已于1月26日向港交所主板递交了上市申请书，申万宏源香港为其独家保荐人。 据招股书显示，粤十数智是一家由数智化驱动的从事冷链农产品销售的企业，公司通过自研的数字平台，在采购、存储、物流及贸易环节系统性地植入了数 智化能力，构建起了由数据驱动的运营模式，从而可提升整个冷链流通环节的效率、透明度及协同效应。 弗若斯特沙利文表示，若按2024年的冷链农产品销售收入计，粤十数智在中国冷链数智农产品销售市场中排名第八位，市场份额为0.6%。 且从业绩来看，粤十数智实现了高速成长。2023、2024年，粤十数智的收入分别为12.54亿、29.81亿元，期内经调整的净利润分别为-604.3万、2969.1万元。 至2025年前三季度，粤十数智的收入为39.94亿元，同比增长116.71%，期内的经调整净利润为5094.9万元，同比增长82.6%。 此外，粤十数智在经过长达7轮融资之后，中粮资本、中国供销社控股实体、广垦太证基金投资者、东方国资实体、深圳高新投、贵阳服务外包基金、无锡 ...

Core Viewpoint - The company, Yue Shi Shuzhi, is preparing for an IPO in Hong Kong, showcasing a growth trajectory in revenue but facing challenges with negative cash flow from operating activities [1][2]. Group 1: Company Overview - Yue Shi Shuzhi, established in 2017, focuses on smart cold chain agricultural product sales, leveraging a self-developed digital platform to enhance efficiency and transparency in the supply chain [5]. - The company ranks among the top ten in China's smart cold chain agricultural product sales market, with the market expected to grow from 274 billion yuan in 2020 to 522 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 17.5% [6]. Group 2: Financial Performance - In 2023 and 2024, Yue Shi Shuzhi reported revenues of 1.254 billion yuan and 2.981 billion yuan, respectively, with significant losses of 28.266 million yuan and 219 million yuan [7]. - For the first three quarters of 2025, the company achieved a revenue of 3.994 billion yuan, a year-on-year increase of 116.69%, but incurred a total loss of 1.755 billion yuan, indicating a trend of "increased revenue without increased profit" [7]. Group 3: Loss Explanation - The substantial losses are primarily attributed to changes in the fair value of financial liabilities related to preferred shares issued to investors, which are non-cash losses not stemming from core operations [8]. - The fair value losses for 2023, 2024, and the first three quarters of 2025 were 22 million yuan, 249 million yuan, and 1.806 billion yuan, respectively [9]. Group 4: Cash Flow and Inventory - The company has reported negative net cash flow from operating activities for two consecutive years, with figures of -55.63 million yuan, -343 million yuan, and -178 million yuan for 2023, 2024, and the first three quarters of 2025, respectively [9]. - The negative cash flow is attributed to increased inventory and prepayments due to business expansion [10]. Group 5: Shareholder Structure - Yue Shi Shuzhi has completed seven rounds of financing, with significant investments from major stakeholders like COFCO Group and China Supply Group since 2023 [12]. - The founder, Chen Binbin, controls 51.4% of the voting rights, with COFCO Capital holding 7.55% and China Supply Group controlling a total of 6.49% [12]. Group 6: Future Plans - The company plans to use the funds raised from the IPO to expand its cold chain agricultural product sales business, enhance its data-driven capabilities, and strengthen its research and development efforts [13].

1月26日，深圳粤十数智股份有限公司（下称"粤十数智"）在港交所递交招股书，申万宏源香港为其独家保荐人。 IPO日报注意到，这家由中粮集团、中国供销集团有限公司参与投资的公司收入持续增长，经调整净利润转亏为盈，但经营活动净现金流仍连续为负。 张力制图 由于公司曾向投资者发行了附带优先权的股份，这些股份的公允价值被重新计量，其随着公司估值上升而产生大额账面亏损，被计入当期损益的金融负 债。粤十数智强调，这种公允价值亏损属于非现金性质，并非由公司的核心经营活动产生。 2023年、2024年及2025年前三季度，按公允价值计量且其变动计入损益的金融负债公允价值变动产生的亏损分别为0.22亿元、2.49亿元及18.06亿元。 经营净现金流连负 招股书显示，粤十数智的历史可追溯至2017年，当时主要附属公司之一粤十信息于中国成立。经过多年发展，粤十数智成为一家数智化驱动的企业，主 要从事冷链农产品销售，并由公司的自研数字化平台提供支持。 具体来说，透过在采购、仓储、物流及贸易各环节植入数智化能力，公司通过采用数据驱动模式，来提升整个冷链流通环节的效率、透明度及协同效 应。此经营模式使其有别于主要依赖人工经验及碎片化线下 ...

Company Overview - The company, Shenzhen Yue Shi Smart Co., Ltd. (Yue Shi Smart), is primarily engaged in the sales of cold chain agricultural products, supported by its self-developed digital platform [3] - The company ranks among the top ten in China's digital cold chain agricultural product sales market based on projected revenue for 2024 [3] - It operates a dual-core data-driven business model, focusing on cold chain agricultural product sales and providing comprehensive cold chain digital solutions [3] Business Model - The company recognized the structural shift towards digital transformation in agricultural product circulation and cold chain operations early on [4] - Since its establishment in 2019, it has developed the Yue Shi Smart Cold Chain Cloud Platform, evolving from providing digital information systems to a comprehensive cold chain digital solution [4] - As of January 19, 2026, over 750 domestic cold chain operators have implemented the company's solutions, covering approximately 30 provinces, autonomous regions, and municipalities in China [4] Financial Performance - The company's revenue for the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 1.25 billion, RMB 2.98 billion, and RMB 3.99 billion, respectively [8] - The gross profit margins for the same periods are 1.8%, 2.7%, and 3.0% [9] - The total losses and comprehensive expenses for the fiscal years are approximately RMB 28.27 million, RMB 219.03 million, and RMB 1.76 billion [10] Industry Overview - The total revenue of China's agricultural product cold chain market is projected to grow from RMB 360.2 billion in 2020 to RMB 511.1 billion in 2024, with a compound annual growth rate (CAGR) of 9.1% [12] - The cold chain agricultural product sales market is expected to increase from RMB 2490.9 billion in 2020 to RMB 3479.9 billion in 2024, with a CAGR of 8.7% [12] - The digital cold chain agricultural product sales market is anticipated to expand from RMB 274.0 billion in 2020 to RMB 522.0 billion in 2024, reflecting a CAGR of 17.5% [15]

Group 1 - The core point of the article is that Shenzhen Yueshi Shuzhi Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as its sole sponsor, and it ranks among the top ten in China's digitalized cold chain agricultural product sales market based on projected revenue for 2024 [1][3] Group 2 - The company operates as a digital-driven enterprise primarily engaged in the sales of cold chain agricultural products, supported by its self-developed digital platform [3] - The company enhances the efficiency, transparency, and synergy of the entire cold chain distribution process by embedding digital capabilities across procurement, warehousing, logistics, and trade [3] - This operational model differentiates the company from traditional cold chain trading models that rely heavily on manual experience and fragmented offline coordination [3]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Shenzhen Yueshi Digital Intelligence Co., Ltd. ( 深 圳 粵 十 數 智 股 份 有 限 公 司 ) （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向深圳粵十數智股份有限公司（「本公司」）、本公司的獨家保薦人、獨家整體協調人、顧問及包銷團成 員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊前，不會向 香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公 司註冊處處長註冊的本公司招股章程作出投 ...