Core Viewpoint - Zaihui Inc. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading AI-driven solutions provider for local businesses in the restaurant sector [3] Group 1: Company Overview - Zaihui Inc. was established in 2015 and focuses on providing AI-first solutions to help local businesses manage, market, and profit [3] - The company offers a full-stack model that seamlessly integrates strategy and execution, providing comprehensive solutions including store diagnostics, automated operational recommendations, and precise traffic acquisition [3] Group 2: Market Position - According to Zhaoshang Consulting, Zaihui is the largest online operation and marketing solutions provider for the restaurant industry in China, holding a market share of 0.7% in 2024 [5] - Zaihui is one of the few providers in China capable of offering full-stack online merchant operation support and new media marketing [5] - In terms of GMV facilitated by online operation and marketing solutions in 2024, Zaihui achieved market shares of 9.8% on Xiaohongshu, 0.8% on Douyin, and 14.4% on Dazhong Dianping [5] Group 3: Financial Performance - For the fiscal year ending December 31, 2023, Zaihui reported revenues of RMB 378.5 million, with a net loss of RMB 445.5 million [6] - Projected revenues for 2024 and 2025 are RMB 494.9 million and RMB 449.0 million, respectively, with corresponding net losses of RMB 235.3 million and RMB 70.6 million [6] - The company’s gross profit for 2023 was RMB 230.8 million, with a gross profit margin that reflects its operational efficiency [6] Group 4: Shareholding Structure - The largest single shareholder of Zaihui is SoftBank Group, holding 20.73% through SVF II Tempest [7] - Other significant shareholders include Lightspeed China with 13.51%, Yunfeng Fund with 11.95%, and DCM Capital with a combined holding of 9.29% [7]

Core Viewpoint - Zaihui Inc. is seeking to go public on the Hong Kong Stock Exchange, with Haitong International as the sole sponsor, positioning itself as a leading provider of online operation and marketing solutions for the restaurant industry in China [2][3]. Company Overview - Zaihui Inc. is recognized as the largest provider of online operation and marketing solutions for the restaurant sector in China, focusing on AI-driven solutions to assist local businesses in management, marketing, and profitability [3][9]. - The company employs a full-stack model that integrates strategy and execution, offering comprehensive solutions that include store diagnostics, automated operational recommendations, and precise traffic acquisition [3][4]. Business Model and Solutions - The company provides two main AI-driven solutions: New Media Solutions and Online Merchant Solutions, designed to support merchants' online operations and growth [6][7]. - The New Media Solutions aim to enhance online traffic and engagement by matching merchants with suitable influencers and utilizing targeted promotions and digital advertising strategies [6]. - The Online Merchant Solutions enable merchants to create a unique online presence across various social media platforms, leveraging extensive data to execute effective marketing strategies [7]. Financial Performance - Zaihui's revenue has shown steady growth, with figures of RMB 379 million in 2023, RMB 495 million in 2024, and RMB 449 million for the nine months ending September 30, 2025 [8]. - The company's gross profit for the same periods was RMB 231 million, RMB 299 million, and RMB 241 million, with gross margins of 61.0%, 60.6%, and 53.6% respectively [8]. - Despite revenue growth, the company reported net losses of RMB 446 million in 2023, RMB 235 million in 2024, and RMB 70.6 million for the nine months ending September 30, 2025 [8]. Market Opportunity - The online operation and marketing solutions market for the restaurant industry in China is projected to reach RMB 69.1 billion in 2024, with expectations to grow to RMB 195.2 billion by 2029 [8]. - The restaurant sector accounts for approximately 40.6% of the local merchant services industry, indicating a significant growth opportunity for Zaihui [8]. Competitive Landscape - The online operation and marketing services industry in China is highly fragmented, with the top five service providers holding only 3% of the market share [9]. - Zaihui holds a market share of 0.7% based on 2024 revenue, distinguishing itself as one of the few providers offering comprehensive online merchant operation support and new media marketing solutions [9]. Use of IPO Proceeds - The funds raised from the IPO are intended for technology research and development, customer expansion, optimization of solutions and services, overseas expansion, and general corporate purposes [9].