Core Viewpoint - Shenzhen Yueshi Smart Co., Ltd. (Yueshi Smart) is preparing to enter the capital market by submitting a listing application to the Hong Kong Stock Exchange, aiming to leverage its data-driven cold chain agricultural product sales model for growth [1][2]. Business Overview - Yueshi Smart operates primarily in two segments: cold chain agricultural product sales and cold chain intelligent comprehensive solutions, with the former accounting for over 98% of revenue in 2023 and 2024 [4][5]. - The company has experienced rapid growth, with revenues of RMB 1.25 billion in 2023 and RMB 2.98 billion in 2024, and a projected revenue of RMB 3.99 billion for the first three quarters of 2025, reflecting a year-on-year increase of 116.71% [2][4]. Financial Performance - The adjusted net profit for Yueshi Smart was negative RMB 6.04 million in 2023, positive RMB 29.69 million in 2024, and RMB 50.95 million for the first three quarters of 2025, indicating a significant turnaround [8][10]. - The gross margin for cold chain agricultural product sales has improved from 0.3% in 2023 to 2.4% in the first three quarters of 2025, contributing to the overall gross margin increase from 1.8% to 3% during the same period [7][10]. Market Position - According to Frost & Sullivan, Yueshi Smart ranks eighth in the Chinese cold chain agricultural product sales market with a market share of 0.6% as of 2024 [2][10]. - The cold chain agricultural product sales market is highly fragmented, with the top ten companies holding only about 14% of the market share, indicating intense competition [10][11]. Growth Drivers - The company's growth is driven by the expansion of its product categories beyond meat to include seafood, fruits, and other products, as well as an increase in the number of customers from 204 in 2023 to 554 in the first three quarters of 2025 [4][5]. - Yueshi Smart's transition from a service provider to a direct seller of agricultural products marks a significant shift in its business model, enhancing its data-driven operational capabilities [3][4]. Challenges - Despite rapid growth, Yueshi Smart faces challenges such as negative operating cash flow, which amounted to RMB 55.63 million in 2023 and RMB 34.34 million in 2024, necessitating external funding to support its expansion [13][14]. - The company is also experiencing increased inventory management pressure, with inventory values rising significantly and average inventory turnover days extending from 58 days in 2023 to 115 days in the first three quarters of 2025 [10][12]. Future Outlook - The ability to cultivate its high-margin cold chain intelligent comprehensive solutions business into a new growth driver is crucial for improving overall profitability and valuation [15].

Core Viewpoint - Shenzhen Yueshi Smart Co., Ltd. (Yueshi Smart) is preparing to enter the capital market by submitting a listing application to the Hong Kong Stock Exchange, aiming to leverage its data-driven cold chain agricultural product sales model for growth [1][2]. Business Overview - Yueshi Smart operates primarily in two segments: cold chain agricultural product sales and cold chain intelligent comprehensive solutions, with the former accounting for over 98% of revenue in 2023 and 2024 [4][5]. - The company has experienced rapid growth, with revenues of RMB 1.25 billion in 2023 and RMB 2.98 billion in 2024, and a projected revenue of RMB 3.99 billion for the first three quarters of 2025, reflecting a year-on-year increase of 116.71% [2][4]. Financial Performance - The adjusted net profit for Yueshi Smart was negative RMB 6.04 million in 2023, positive RMB 29.69 million in 2024, and RMB 50.95 million for the first three quarters of 2025, indicating a significant turnaround [8][10]. - The gross margin for cold chain agricultural product sales has improved from 0.3% in 2023 to 2.4% in the first three quarters of 2025, contributing to the overall gross margin increase from 1.8% in 2023 to 3% in 2025 [7][10]. Market Position - According to Frost & Sullivan, Yueshi Smart ranks eighth in the Chinese cold chain agricultural product sales market with a market share of 0.6% as of 2024 [2][10]. - The cold chain agricultural product sales segment is the core growth driver, with sales revenue increasing significantly due to product category expansion and a growing customer base [4][5]. Challenges and Risks - Yueshi Smart faces challenges in maintaining operational cash flow, with negative cash flow from operating activities reported at RMB 55.63 million in 2023 and RMB 34.34 million in 2024 [13][14]. - The company is also under pressure from increasing inventory levels, with inventory values rising from RMB 258 million in 2023 to RMB 2.22 billion in the first three quarters of 2025, leading to extended inventory turnover days [11][12]. Future Outlook - The ability to cultivate the high-margin cold chain intelligent comprehensive solutions business into a new growth driver is crucial for improving overall profitability and valuation [15]. - The company's reliance on shareholder resources for initial growth raises questions about its long-term sustainability and efficiency compared to traditional traders in a highly competitive market [10].

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].

Core Viewpoint - Shenzhen Yue Ten Digital Co., Ltd. (referred to as "Yue Ten Digital") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as its sole sponsor. The company has shown continuous revenue growth and adjusted net profit turning from loss to profit, but its operating cash flow remains negative for consecutive periods [1][3]. Group 1: Company Overview - Yue Ten Digital's history dates back to 2017, primarily through its subsidiary Yue Ten Information, focusing on cold chain agricultural product sales supported by its self-developed digital platform [3]. - The company differentiates itself from traditional cold chain trade models by integrating digital capabilities across procurement, storage, logistics, and trade, enhancing efficiency, transparency, and collaboration [3]. - According to Frost & Sullivan, Yue Ten Digital ranks among the top ten in China's digital cold chain agricultural product sales market by revenue, with the market expected to grow from 274 billion yuan in 2020 to 522 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 17.5% [3]. Group 2: Financial Performance - In 2023 and 2024, Yue Ten Digital reported revenues of 1.254 billion yuan and 2.981 billion yuan, with total annual losses of 28.266 million yuan and 219 million yuan, respectively [4]. - For the first three quarters of 2025, the company achieved revenue of 3.994 billion yuan, a year-on-year increase of 116.69%, with over 90% of revenue derived from cold chain agricultural product sales [4]. - The company experienced significant losses due to fair value changes in financial liabilities, with losses of 22 million yuan, 249 million yuan, and 1.806 billion yuan for 2023, 2024, and the first three quarters of 2025, respectively [5]. Group 3: Cash Flow and Adjusted Profit - Yue Ten Digital's operating cash flow has been negative for two consecutive years, with net cash flows of -55.63 million yuan, -343 million yuan, and -178 million yuan for 2023, 2024, and the first three quarters of 2025, totaling approximately 577 million yuan in losses [5]. - After excluding non-cash and non-operating items, the company recorded an adjusted net loss of 6 million yuan in 2023, turning to a profit of 29.7 million yuan in 2024, and achieving an adjusted net profit of approximately 50.9 million yuan in the first nine months of 2025, representing an 82.4% year-on-year increase [5]. Group 4: Shareholder Structure - Yue Ten Digital has received investments from major stakeholders, including COFCO Group and China Supply Group, with the founder controlling 51.4% of the voting rights [6][7]. - The company collaborates with over 750 suppliers across approximately 40 countries and regions, with more than 550 being overseas suppliers, leveraging the experience and industry position of its strong shareholder background [7]. Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used to expand the cold chain agricultural product sales business and enhance the overseas footprint of its digital cold chain solutions, as well as to strengthen R&D capabilities and improve the embedded digital capabilities in cold chain agricultural product sales [8].

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 ...