Investment Rating - The report assigns a score of 5.3 for the IPO, suggesting a recommendation to subscribe [12] Core Insights - Minglue Technology is positioned as the largest data intelligence application software provider in China by total revenue in 2024, focusing on marketing intelligence and operational intelligence [1][4] - The company has shown a positive trend in financial performance, with revenues projected to grow from 12.69 billion RMB in 2022 to 14.62 billion RMB in 2024, despite a temporary decline in 2024 due to strategic adjustments [2] - The data intelligence application software market in China is expected to grow significantly, from 169 billion RMB in 2020 to 327 billion RMB in 2024, with a compound annual growth rate (CAGR) of 17.9% [3][4] Company Overview - Minglue Technology's main business revolves around providing data intelligence products and solutions, with a rich product matrix in both marketing and operational intelligence [1] - The company has a high cross-selling rate, with cross-business line sales increasing from 11.9% in 2023 to 19.7% in 2024, and maintaining over 86% in cross-product sales [1] Financial Performance - Revenue figures for Minglue Technology are projected to be 12.69 billion RMB in 2022, 14.62 billion RMB in 2023, 13.81 billion RMB in 2024, and 5.65 billion RMB in the first half of 2025, with a recovery expected in the latter half of 2025 [2] - The company is expected to achieve operational profit of 6.1 million RMB in the first half of 2025, marking its first profit after continuous losses from 2022 to 2024 [2] Industry Status and Outlook - The data intelligence application software market in China is projected to reach 675 billion RMB by 2029, with a CAGR of 15.6% from 2024 to 2029 [3][4] - Marketing intelligence software is expected to grow from 44 billion RMB in 2020 to 93 billion RMB in 2024, while operational intelligence software is projected to grow from 22 billion RMB to 51 billion RMB in the same period [3] Advantages and Opportunities - Minglue Technology holds a significant competitive advantage as a leading player in the rapidly growing data intelligence application software market [4] - The company is well-positioned to benefit from the overall market growth, which is expected to provide substantial revenue opportunities [4]