智通财经获悉，港股恒生指数跌0.84%，跌215点，报25549点；恒生科技指数跌1.32%。港股早盘成交 1078亿港元。 百奥赛图-B(02315)涨超8%创新高，即将登陆A股科创板，公司千鼠万抗开始兑现。 昭衍新药(06127)涨超8%，实验猴近期价格暴涨，机构称供需缺口或持续放大。 石油股集体走低。地缘事件对油价支撑弱化，机构仍看好三桶油长期投资价值。中石油(00857)跌3%； 中石化(00386)跌2.21%；中海油(00883)跌2.32%。 光通信概念股再度上扬。AIDC发展带动高速光收发模块需求，机构预计明年出货量将激增。鸿腾精密 (06088)涨7.95%；长飞光纤光缆(06869)涨4.57%；剑桥科技(06166)涨3.06%；汇聚科技(01729)涨0.53%。 卓越睿新(02687)上市次日再涨超16% ，较招股价已涨1.2倍，总市值逼近100亿港元。公开资料显示，卓 越睿新是高等教育机构教学数字化解决方案提供商。 有色股跌幅居前。市场关注各国央行后续利率政策路径，有色金属全线承压。江西铜业股份(00358)跌 5.96%；洛阳钼业(03993)跌6.27%；中国铝业(02600) ...

截至收盘，恒生指数报收于25765.36点，下跌319.72点，跌幅1.23%。 | 和加 · 其他 · 黑 / : 恒生指数 (HSI) | 80 6日 . 69 159 308 609 日照 周K 月K #K . | 幅生積数 相談 * | 25765.36 +33 | 00000 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | +-27381.84 | 行情报价 | 27000.0 | 20067.88 | 120亿 重高 20151.44 9开 | 成交量 | | | | 成交部 | 2002亿 服情 | 25755.01 昨夜 | 20085.08 | 0 DOSDO D | 他用質 | | | | 图 81 | 准确 | 18.80 | -0.11% | 新元相對 | 24/500 0 | | | | 47954.89 | +0.221 | US BE | 25000.0 | M斯达克 | +0.315 | 21578.12 | | | 89.98500 | +0.117 | 8170.40 | 24500.0 | 美国旗时1 ...

美股方面，昨晚全线收低，随着加密货币大幅下挫及美国国债收益率走高，12 月交易月以明显震荡开局。投资者普遍将目光投向美联储下周的政策会议，而 最新经济数据则继续暴露制造业在关税压力下的疲弱态势。宏观数据上，美国 11 月制造业 PMI 数据呈现「一冷一暖」的局面：ISM 指数持续处于收缩区间且 弱于预期，而 S&P Global 调查则仍显示扩张但动能放缓，令市场焦点集中在 终端需求转弱，以及这对未来降息节奏可能带来的影响。11 月 ISM 制造业 PMI 降至 48.2，低于 10 月的 48.7，连续第九个月跌破 50 荣枯线，显示制造业活 动仍在收缩区间，且不及市场原先预期的约 49。 从 ISM 细项来看，疲弱主要来自需求与就业两个层面：就业指数跌至约 44，较 前月进一步走低，反映厂商在招工与留人方面愈趋保守，新订单指数明显下滑， 未完成订单同步缩减，显示订单能见度恶化。同时，价格支付指数回升，部分 与钢、铝等受关税及贸易政策影响的原材料价格上行有关，突显在需求转弱的 同时，成本压力仍难完全消退。相较之下，S&P Global 美国制造业 PMI 终值为 约 52.2，略高于初值 51.9，但低于 ...

Group 1 - The company, Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd., has officially launched its IPO subscription in Hong Kong, with Agricultural Bank of China International as the sole sponsor [1] - The main business of the company is divided into two segments: digital teaching content services and products, and digital teaching environment services and products, with the former contributing over 80% of total revenue [3] - The company has shown continuous revenue growth from 400 million yuan in 2022 to 848 million yuan in 2024, with a notable increase in the knowledge graph business, which is expected to generate 340 million yuan in 2024, accounting for 40.1% of total revenue [3] Group 2 - The company holds a 4.0% market share in the highly fragmented Chinese higher education digital teaching market, ranking second overall, and first in the digital teaching content production segment with a 7.3% market share [4] - The company has delivered over 44,000 digital education content products, covering 12 recognized subject categories and 92 majors, establishing a strong brand barrier among higher education clients [4] - The competitive landscape is characterized by low industry concentration, leading to potential pricing competition and increased bargaining power for clients, necessitating ongoing investment in R&D and services [4] Group 3 - The company's financial performance has shown significant volatility, with a net profit exceeding 100 million yuan in 2024 after returning to profitability in 2023, but it also faces seasonal revenue patterns [5] - In the first half of 2025, the company recorded revenue of 275 million yuan but incurred an operating loss of 127 million yuan, closely linked to the purchasing cycles of its primary clients, universities [5] - Cash reserves decreased from 230 million yuan at the end of 2024 to 53.05 million yuan by mid-2025, indicating substantial cash flow pressure for a company with annual revenue of 800 million yuan [5]

Core Insights - The digital education market in China is projected to grow from RMB 12.7 billion in 2020 to RMB 21.3 billion by 2024, with a compound annual growth rate (CAGR) of 13.7% [1] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. (Zhuoyue Ruixin) has become a leading provider of digital teaching solutions in higher education, ranking second in revenue with a market share of 4% in 2024 [1][2] - The company's revenue has shown significant growth, with figures of RMB 400 million in 2022, RMB 653 million in 2023, and projected RMB 848 million in 2024 [2][4] Financial Performance - Zhuoyue Ruixin's gross profit margin has remained high, with rates of 44.1% in 2022, 60.7% in 2023, and 61.9% in 2024 [2][4] - The company reported a net loss of RMB 98.96 million in the first half of 2024, which is higher than the loss of RMB 88.86 million in the same period last year, primarily due to seasonal industry patterns [2][5] - The net profit is expected to reach RMB 105 million in 2024, marking a significant improvement from previous years [5] Business Segments - The digital teaching content services and products account for over 80% of Zhuoyue Ruixin's revenue, with a rising trend in recent years [3] - The revenue from knowledge graph services has surged, reaching 54.7% of total revenue in the first half of 2024, indicating its role as a key growth driver [3][4] - The digital teaching environment services, including cloud LMS and digital classroom services, have seen a decline in revenue share, contributing 5.4% and 3.4% respectively in the first half of 2024 [3][4] Market Trends - The digital education market in China is expected to expand to RMB 45.3 billion by 2029, with a CAGR of 16.3% [7] - The digital teaching content production market is projected to grow at a CAGR of 18.8%, reaching RMB 23.1 billion by 2029 [7] - The company plans to establish knowledge graph construction centers to enhance its growth strategy in response to the increasing demand for personalized education solutions [6] Customer Growth - Zhuoyue Ruixin's customer base has increased from 1,174 in 2022 to 1,738 in 2024, with the number of large clients rising from 245 to 449 [9] - The increase in both customer numbers and average revenue per customer indicates a strong growth cycle for the company [9]

2025年11月23日，来自上海徐汇区的上海卓越睿新数码科技股份有限公司SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD.(简 称"卓越睿新"或"智慧树")在港交所披露聆讯后的招股书，或很快在香港主板挂牌上市。其于2024年5月3日、2024年12月11日、2025年6 月18日先后三次递表。 卓越睿新聆讯后招股书链接： 主要业务 卓越睿新，成立于2008年，作为一家中国知名的高校教学数字化解决方案提供商，致力于高校数字化教育内容、数字化教学场景服务及 产品的开发、交付和运营，产品服务覆盖教、学、练、考、评、管等所有重要方面，力求推动教育资源广泛分布及教学成果水平提升， 以赋能高校、教师和学生。公司于2013年推出「智慧树」品牌。 根据弗若斯特沙利文的资料，按2024年的收入计： 于往绩记录期间，卓越睿新已交付数字化教育内容产品逾4.4万款，服务及产品涵盖教育部认可的12个学科门类及92个专业。公司有627 门数字化课程在教育部首批及第二批国家级一流本科课程认定以及职业教育国家在线精品课程遴选中获评金课，在中国高等教育教学数 字化市场按收入计的前五大参与者中排名第一。 卓 ...

Core Viewpoint - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. (Zhuoyue Ruixin Digital) has successfully passed the listing hearing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor. The company has delivered over 44,000 digital education content products and covers 12 recognized subject categories and 92 majors by the Ministry of Education during the track record period [1]. Company Overview - Established in 2008, Zhuoyue Ruixin Digital is a well-known provider of digital solutions for higher education institutions in China, focusing on the delivery and operation of digital education content and teaching scenarios [4]. - The company offers comprehensive services covering all critical aspects of education, including teaching, learning, practice, assessment, and management [4]. Market Position - The Chinese higher education digital teaching market is highly fragmented, with the top five companies holding a total market share of only 12.9% as of 2024. Zhuoyue Ruixin Digital ranks second in the overall market with a 4.0% market share and first in the digital teaching content production market with a 7.3% market share [4]. - The company has 627 digital courses recognized as first-class undergraduate courses by the Ministry of Education, indicating its strong position in the market [4]. Financial Performance - The company recorded revenues of RMB 400 million, RMB 653 million, RMB 848 million, and RMB 275 million for the fiscal years ending June 30 for 2022, 2023, 2024, and the first half of 2025, respectively [5][6]. - Gross profits for the same periods were RMB 176 million, RMB 396 million, RMB 525 million, and RMB 129 million, with corresponding gross profit margins of 44.1%, 60.7%, 61.9%, and 46.9% [6][7]. - The revenue primarily comes from two service types: digital teaching content services and digital teaching environment services, reflecting the diverse needs of higher education institutions [5]. Product and Service Development - Zhuoyue Ruixin Digital began with course digitization services, helping clients convert traditional teaching content into digital formats. The company has introduced virtual simulation development in 2020 and knowledge graph construction in 2022 to enhance interactive and personalized learning experiences for students [5].

Core Viewpoint - The approval of Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. for its Hong Kong main board listing and the full circulation of its unlisted shares marks a significant step for a leading player in the higher education digitalization sector to access overseas capital markets [1][4]. Company Summary - Zhuoyue Ruixin was established in 2008 and launched its core education brand "Wisdom Tree" in 2013, focusing on the development of digital education content and teaching services for higher education, covering the entire process of teaching, learning, practice, examination, evaluation, and management [4]. - The company holds a 3.4% market share, ranking second in China's higher education digital teaching market, and leads the digital teaching content production market with a 6.2% share [4]. - Zhuoyue Ruixin previously attempted to enter the capital market by initiating an A-share listing in 2021 but terminated the guidance agreement in April 2024, opting for the Hong Kong market instead [4]. Industry Summary - The current regulatory environment from the China Securities Regulatory Commission (CSRC) shows a differentiated approach towards overseas listings, with a generally open channel for Hong Kong listings, particularly for education-related enterprises that have completed necessary approvals [4]. - The company's fundraising plan includes investments in AI technology, cloud computing, natural language processing, enhancing customer service capabilities nationwide, and establishing a knowledge graph development center, aligning with the trend of intelligent and personalized transformation in the education digitalization industry [4]. - The listing of Zhuoyue Ruixin is seen as a potential catalyst for industry consolidation, as the higher education digitalization market is currently highly fragmented, with the top five companies holding only 12.6% of the market share [5].