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] - Zhuoyue Ruixin'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] Market Overview - The digital education market is expanding rapidly, driven by government support and the proactive response of higher education institutions to digital policies [1] - The digital teaching content service segment accounts for over 80% of Zhuoyue Ruixin's revenue, with a notable increase in the contribution from knowledge graph services [3][4] Financial Performance - Zhuoyue Ruixin's gross profit has increased alongside revenue, with gross profit figures of RMB 177 million in 2022, RMB 396 million in 2023, and RMB 525 million in 2024 [4] - The company reported a net profit of RMB 105 million in 2024, marking a significant improvement despite a loss of RMB 98.96 million in the first half of 2023 due to seasonal industry patterns [5] Product and Service Development - Zhuoyue Ruixin has introduced innovative products such as virtual simulation and knowledge graph services, enhancing the interactive and personalized learning experience for students [2][6] - The knowledge graph service has rapidly gained traction, contributing significantly to revenue growth, with its share rising to 54.7% in the first half of 2024 [3][6] Strategic Expansion - The company plans to establish knowledge graph construction centers to further enhance its growth trajectory and meet the increasing demand for personalized education solutions [6] - The digital education market is expected to continue expanding, with projections indicating a market size of RMB 45.3 billion by 2029, driven by trends in digital content production and digital teaching environments [7] Customer Growth - Zhuoyue Ruixin's customer base has grown from 1,174 in 2022 to 1,738 in 2024, indicating a strong demand for its services [9] - The increase in both the number of customers and average revenue per customer suggests that the company is entering a new growth cycle [9]

Core Viewpoint - Shanghai Able Digital Science & Tech Co., Ltd. (卓越睿新) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of digital education solutions for higher education institutions in China [3]. Business Overview - Established in 2008, the company focuses on developing, delivering, and operating digital education content and services, covering all critical aspects of education such as teaching, learning, assessment, and management [3]. - The company has delivered over 44,000 digital education content products and ranks first among the top five players in China's higher education digitalization market by revenue [3][7]. Client Base - The primary clients of the company are higher education institutions, including universities, colleges, and vocational schools, with 251 customer service centers across 95 cities in China [4]. Revenue Sources - Revenue is mainly derived from digital teaching content services and products, including digital course development, knowledge graph development, and virtual simulation development [5]. - The company has seen significant growth in digital course development, with 12,304 courses delivered in 2024 and 3,540 in the first half of 2025 [5]. Market Position - The company holds a 4.0% market share in the Chinese higher education digitalization market and a leading 7.3% share in the digital teaching content production market [7]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 400 million, RMB 653 million, RMB 848 million, and RMB 275 million respectively, with net profits of RMB -59 million, RMB 81 million, RMB 105 million, and RMB -99 million [15][16]. Shareholder Structure - The major shareholders include Wang Hui and Ge Xin, who collectively hold 38.44% of the company, with other notable shareholders being Sina and Baidu [10][11]. Management Team - The board consists of 9 members, including 3 executive directors and 3 independent non-executive directors, with Wang Hui serving as the chairman [12][14]. IPO Advisory Team - The IPO advisory team includes Agricultural Bank of China International as the sole sponsor and PwC as the auditor, among others [17].

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聆訊後資料集的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部 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。 SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD. 上海卓越睿新數碼科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警 告 本聆訊後資料集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。 聆訊後資料集為草擬本，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、接納並向上海卓越睿新數碼科技股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）、 其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司根據香港法例第32章《公司（清盤及雜項條文）條例》向香港公司註冊處處長登記本公司招股章程 後方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提出要約或邀請，務請有意投資者 僅依據向香港公司註冊處處長登記的 ...

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聲明，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。 SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD. 上海卓越睿新數碼科技股份有限公司 （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。 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、接納並向上海卓越睿新數碼科技股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）、其 獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司根據香港法例第32章《公司（清盤及雜項條文）條例》向香港公司註冊處處長登記本公司招股章程 後方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提出要約或邀請，務請有意投資者 僅依據向香港公司註冊處處長登記的本公司招股章程作出 ...