Core Viewpoint - Shenzhen Zero Intelligence Technology is a rising player in the AI agent solution market, utilizing an AaaS model to provide contract, investment, and brand assistant solutions, with significant growth potential in a rapidly expanding market [1] Business Model and Market Position - The company operates under an AaaS model, focusing on contract, investment, and brand assistant solutions, leveraging its proprietary AI platform BlackZero [1] - According to Frost & Sullivan, the company is projected to hold a 3.0% market share in the Chinese enterprise AI agent solution market by 2024, which is expected to grow from 5.6 billion yuan in 2024 to 59.1 billion yuan by 2029, with a compound annual growth rate of 60.2% [1] Revenue and Growth - The company's revenue has shown explosive growth, increasing from 86.5 million yuan in 2023 to 169.1 million yuan in 2024, a year-on-year increase of 95.5% [2] - For the first nine months of 2025, revenue reached 185.5 million yuan, reflecting a 55.2% increase compared to the same period last year [2] - The growth is primarily driven by contract and investment assistant projects, which together contributed 96.9% of total revenue in 2024 [2] Profitability - Net profit increased from 21.3 million yuan in 2023 to 31.6 million yuan in 2024, a growth of 48.4%, but the growth rate remains lower than revenue growth [3] - The net profit margin for 2024 was 18.7%, with a notable dividend payout of 40 million yuan in 2025, which accounted for 99.0% of net profit [3] Gross Margin - The company's gross margin fluctuated, decreasing from 39.0% in 2023 to 35.4% in 2024, before rebounding to 41.6% in the first nine months of 2025 [4] - The decline in 2024 was attributed to increased costs associated with business expansion, while the recovery in 2025 was due to scale effects and a higher proportion of high-margin software license sales [4] Revenue Composition - The revenue structure shows a decreasing reliance on contract assistant projects, which fell from 89.4% in 2023 to 68.7% in the first nine months of 2025, indicating successful diversification [5] - Investment assistant project revenue surged from 6.07 million yuan in 2023 to 40.73 million yuan in 2024, a 570% increase [5] Customer and Supplier Concentration - The company has a high customer concentration, with the top five customers contributing 85.8% of revenue in the first nine months of 2025, down from 96.9% in 2023 [6] - Supplier concentration is also high, with the top five suppliers accounting for 83.5% of procurement, primarily legal service providers [7] Financial Challenges - The company faces significant challenges in accounts receivable management, with turnover days increasing from 52 days in 2023 to 123 days in the first nine months of 2025, a 136.5% increase [8] - The accounts receivable balance reached 116 million yuan by September 2025, a 427% increase compared to the end of 2023 [8] Shareholder Structure - The company is controlled by Chairman Qiao Qian, who holds 55.7% of voting rights through direct and indirect ownership [9] Management Compensation - The total compensation for the board in 2024 was 4.2 million yuan, with significant disparities among executives, raising concerns about excessive compensation relative to revenue growth [10] Industry Comparison - The company's market share is only 3%, and its R&D investment (5.3%-8.3%) is below the industry average, potentially placing it at a competitive disadvantage [11] - Despite a high revenue growth rate of 95.5%, the company's gross margin is lower than the industry average of over 50% [11]

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。 Shenzhen Zeroth AI Technology Co., Ltd.* 深圳第零智能科技股份有限公司 （「本公司」） （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、接納並向本公司、其獨家保薦人、整體協調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據呈交香港公司註冊處處長註冊 的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 * 僅供識別 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件 所載資料作出任何投資決定； (b) ...