Core Viewpoint - Suzhou Jiyi Technology Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange, facing declining revenue in its primary business segment of "Brand-to-Consumer Solutions" while compensating with growth in "Brand-to-Business Solutions" [1][2] Revenue and Profit Summary - Revenue from 2022 to 2024 is projected to be RMB 1.117 billion, RMB 1.356 billion, and RMB 1.400 billion, respectively, with corresponding profits of RMB 37.58 million, RMB 24.87 million, and RMB 49.82 million, indicating a low net profit margin with significant volatility [2][4] - The net profit margins for the respective years are 3.4%, 1.8%, and 3.6% [2] Business Segment Performance - The "Brand-to-Consumer Solutions" segment, which is the largest revenue source, has seen its revenue share decline from 88.5% in 2022 to 60.2% in 2024 [4][5] - The "Brand-to-Business Solutions" segment has increased its revenue share from 5.7% in 2022 to 35.3% in 2024, indicating a strategic shift [5][6] Cost Management and Profitability - In 2024, despite only a slight increase in revenue, profits doubled year-on-year due to a nearly 20% reduction in sales expenses, with employee costs and warehousing expenses decreasing by over 20% and 30%, respectively [7][10][12] - The gross profit for 2024 is projected at RMB 202.31 million, with a gross profit margin of 14.4% [8] Client Dependency - The largest client, referred to as Client A, accounted for 72.0%, 48.1%, and 38.8% of revenue from 2022 to 2024, indicating a significant dependency on this client [1][14] - Client A is likely to be JD.com, which also holds a 9.5% stake in Jiyi Technology [13][15]