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 - 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].

Core Viewpoint - Shenzhen Yueshi Smart Co., Ltd., a leader in the cold chain transportation industry, submitted its prospectus to the Hong Kong Stock Exchange on January 26, with Shenwan Hongyuan Hong Kong as its sole sponsor [1][7]. Revenue Growth - The company's revenue primarily comes from cold chain agricultural product sales, with revenues of RMB 1.254 billion, RMB 2.981 billion, and RMB 3.994 billion for the years 2023, 2024, and the first nine months of 2025, respectively. Adjusted net profits were -RMB 6.043 million, RMB 29.691 million, and RMB 50.949 million for the same periods, indicating a turnaround to profitability in 2024 [2][8]. - The gross profit margin is relatively low but shows an upward trend, with margins of 1.8%, 2.7%, and 3.0% for 2023, 2024, and the first nine months of 2025, respectively [2][8]. Revenue Breakdown - Cold chain agricultural product sales contributed significantly to the company's revenue, accounting for 99.3% of total revenue in the first nine months of 2025, with sales of RMB 3.966 billion. Cold chain smart solutions contributed only 0.7% [3][9]. Market Characteristics - The digital cold chain agricultural product sales market is characterized by relatively low profit margins, price-sensitive customers, and frequent fluctuations in upstream supply costs. If the company's pricing does not meet market expectations, it may face reduced transaction volumes and customer attrition [11]. Customer Base and Repurchase Rate - The company primarily serves small and medium-sized agricultural wholesalers, with customer counts of 204, 587, and 554 for 2023, 2024, and the first nine months of 2025, respectively. Small and medium-sized wholesalers accounted for 98.5%, 98.6%, and 97.5% of the total customer base [6][12]. - The repurchase rate for cold chain agricultural products has declined from 51% at the end of 2024 to 30.4% by the end of September 2025 [12]. Sales and Inventory - Sales expenses have increased, with amounts of RMB 4.47 million, RMB 3.79 million, and RMB 6.67 million for 2023, 2024, and the first nine months of 2025, respectively [12]. - The company operates primarily on a futures-based sales model supplemented by spot sales, with delivery cycles typically ranging from three to six months [12]. - Inventory surged from RMB 258 million at the end of 2023 to RMB 2.223 billion by the end of September 2025, indicating a potential risk of inventory impairment [12].

Core Viewpoint - Shenzhen Yue Shi Smart Co., Ltd., a leader in the cold chain transportation industry, has submitted its prospectus to the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as its sole sponsor [1] Financial Performance - The company's revenue has significantly increased, with reported revenues of RMB 1.254 billion, RMB 2.981 billion, and RMB 3.994 billion for the years 2023, 2024, and the first nine months of 2025, respectively. Adjusted net profits are projected to turn positive in 2024, with figures of RMB -6.043 million, RMB 29.691 million, and RMB 50.949 million for the same periods [2][3] - The gross profit margin remains low but is on an upward trend, recorded at 1.8%, 2.7%, and 3.0% for 2023, 2024, and the first nine months of 2025, respectively [2] Revenue Breakdown - Cold chain agricultural product sales contribute the majority of the company's revenue, accounting for 99.3% of total revenue in the first nine months of 2025, with sales of RMB 39.66 billion. Cold chain smart solutions contributed only 0.7% [4] Customer Base - The company primarily serves small and medium-sized agricultural wholesalers, with customer counts of 204, 587, and 554 for the years 2023, 2024, and the first nine months of 2025, respectively. Small and medium-sized wholesalers represent 98.5%, 98.6%, and 97.5% of the total customer base [7] Inventory and Supply Chain - The company's inventory has surged from RMB 258 million at the end of 2023 to RMB 2.223 billion by the end of September 2025, indicating a potential risk of inventory impairment [9] - The company collaborates with over 750 suppliers from around 40 countries and regions, with more than 550 being overseas suppliers [8]

Core Viewpoint - Shenzhen Yue Ten Digital Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, showcasing its financial and business landscape for the first time, indicating a strong growth trajectory in the cold chain agricultural product sector [1][3]. Financial Performance - The company reported revenues of RMB 1.25 billion, RMB 2.98 billion, and RMB 3.99 billion for the years 2023, 2024, and the first three quarters of 2025, respectively, with a year-on-year growth rate of 116.7% for the first three quarters of 2025 [4][3]. - The adjusted net profit for the first nine months of 2025 was approximately RMB 50.9 million, reflecting an 82.4% year-on-year increase [5]. Business Model and Market Position - Yue Ten Digital has established itself among the top ten players in China's cold chain agricultural product sales market, leveraging a "digital + cold chain" business model [5]. - The company has formed partnerships with over 750 cold chain agricultural product suppliers from around 40 countries, enhancing its procurement stability and sales predictability [8]. Ownership Structure - The company is controlled by founder Chen Binbin, who holds over 50% of the shares, while COFCO Capital (Hong Kong) Limited holds 7.55% [6][7]. Cash Flow and Expansion Plans - Despite rapid growth, the company has faced negative cash flow for three consecutive years, with net cash flow from operating activities reported at -RMB 55.63 million, -RMB 343.38 million, and -RMB 178.42 million for 2023, 2024, and the first three quarters of 2025, respectively [8][9]. - The IPO proceeds are intended to expand the cold chain agricultural product sales business, enhance data-driven sales capabilities, and strengthen research and development [9]. Industry Outlook - The cold chain digital agricultural product sales market in China is projected to grow from RMB 274 billion in 2020 to RMB 522 billion in 2024, with a compound annual growth rate (CAGR) of 17.5% [10]. - Yue Ten Digital is also investing in advanced technologies, holding a 17.97% stake in Beijing Yue Ten Robotics Technology Co., Ltd., which focuses on cold chain warehouse robotics [10].

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 ...