Core Viewpoint - Minglue Technology-W (02718) is set to launch an IPO from October 23 to October 28, 2025, aiming to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] Group 1: Company Overview - Minglue Technology is a leading data intelligence application software company in China, focusing on integrating large models, industry-specific knowledge, and multimodal data to transform enterprise marketing and operational decision-making [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China by total revenue in 2024 [1] - As of June 30, 2025, the company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and maternal and infant products [1] Group 2: IPO and Fund Utilization - The cornerstone investors have agreed to subscribe for shares totaling up to approximately USD 59 million, contingent upon certain conditions [2] - The estimated net proceeds from the global offering are approximately HKD 902 million, assuming the over-allotment option is not exercised [2] - The company plans to allocate the net proceeds as follows: - Approximately 35% for enhancing R&D capabilities, including recruiting high-end talent and acquiring R&D infrastructure [2] - Approximately 40% for product development to enrich the product portfolio [2] - Approximately 15% for marketing, brand promotion, and sales team expansion [2] - Approximately 10% for working capital and general corporate purposes [2] Group 3: Financial Performance - The company reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years ending December 31, 2022, 2023, and 2024, respectively, with a year-on-year growth of 15.2% from 2022 to 2023 and a decrease of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2025, revenue increased from RMB 565 million to RMB 644 million, representing a year-on-year growth of 13.9% [3] - Marketing intelligence and operational intelligence significantly contributed to the company's revenue, with marketing intelligence revenues of RMB 803 million, RMB 753 million, RMB 731 million, RMB 323 million, and RMB 354 million for the respective periods [3] - Operational intelligence revenues were RMB 363 million, RMB 595 million, RMB 523 million, RMB 230 million, and RMB 269 million for the same periods [3]

Core Viewpoint - Minglue Technology (02718) is set to launch an initial public offering (IPO) from October 23 to October 28, 2025, aiming to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public offering in Hong Kong and 90% for international offering [1] Group 1: Company Overview - Minglue Technology is a leading data intelligence application software company in China, focusing on integrating large models, industry-specific knowledge, and multimodal data to transform enterprise marketing and operational decision-making processes [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China based on total revenue for 2024 [1] - As of June 30, 2025, the company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and baby products [1] Group 2: Fundraising and Use of Proceeds - The company has entered cornerstone investment agreements with several investors, agreeing to subscribe for shares totaling up to approximately USD 59 million, based on the offering price [2] - The estimated net proceeds from the global offering are approximately HKD 902 million, which will be allocated as follows: - About 35% for enhancing technology research and development capabilities, including recruitment of high-end talent and procurement of R&D infrastructure [2] - Approximately 40% for product development to enrich the product portfolio, including hiring product managers and technical experts [2] - Around 15% for marketing, brand promotion, and sales team expansion [2] - About 10% for working capital and general corporate purposes [2] Group 3: Financial Performance - The company reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years ending December 31, 2022, 2023, and 2024, respectively, with a year-on-year growth of 15.2% from 2022 to 2023, followed by a decline of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2025, revenue increased from RMB 565 million to RMB 644 million, representing a year-on-year growth of 13.9% [3] - Marketing intelligence and operational intelligence significantly contributed to the company's revenue, with marketing intelligence revenues of RMB 803 million, RMB 753 million, RMB 731 million, RMB 323 million, and RMB 354 million for the respective periods, accounting for 63.3%, 51.5%, 52.9%, 57.1%, and 55.0% of total revenue [3] - Operational intelligence revenues were RMB 363 million, RMB 595 million, RMB 523 million, RMB 230 million, and RMB 269 million for the respective periods, representing 28.6%, 40.7%, 37.9%, 40.7%, and 41.7% of total revenue [3]

Core Viewpoint - Minglue Technology, a leading data intelligence application software provider in China, is preparing for an IPO in Hong Kong with a valuation of approximately 12 billion RMB [1][45]. Company Overview - Minglue Technology, formerly known as "Hui Zhi Holdings," has submitted its prospectus to the Hong Kong Stock Exchange [2]. - The company has raised a total of 27 rounds of financing over 19 years, attracting investments from notable firms such as Tencent, Kuaishou, and Sequoia [3][41]. - It serves 135 Fortune Global 500 companies, accounting for 27% of the total [4][16]. Business Model and Products - Minglue Technology focuses on data intelligence applications, utilizing large models, industry-specific knowledge, and multimodal data to enhance marketing and operational decision-making for clients [6]. - The company's products are categorized into three main areas: 1. **Marketing Intelligence**: Includes tools for marketing data measurement and customer insights, with key products like the "Miao Zhen System" [7][8]. 2. **Operational Intelligence**: Targets offline stores, serving clients like KFC and Starbucks [12]. 3. **Industry Solutions**: Provides customized AI solutions for sectors such as finance and manufacturing [12][15]. Financial Performance - Revenue for Minglue Technology from 2022 to 2024 is projected to be 1.269 billion RMB, 1.462 billion RMB, and 1.381 billion RMB, respectively [20]. - The "Miao Zhen System" is the primary revenue driver, contributing over 50% of marketing intelligence revenue [23]. - Gross profit for the past three years was 676 million RMB, 733 million RMB, and 712 million RMB, with gross margins of 53.2%, 50.1%, and 51.6% [28]. Market Position - According to Frost & Sullivan, Minglue Technology ranks first among data intelligence application software providers in China, with a market share of 4.4% [17]. - The Chinese data intelligence application software market is expected to grow from 30.3 billion RMB in 2023 to 71.3 billion RMB by 2028, with a compound annual growth rate of 18.7% [47]. Future Outlook - The company anticipates significant growth in data volume and complexity, which will enhance the value of data intelligence applications [52]. - Minglue Technology emphasizes the importance of integrating large models with industry-specific knowledge to drive business transformation [54].

Core Insights - Minglue Technology plans to list on the Hong Kong Stock Exchange, marking a significant step towards capital market engagement [1] - The company is recognized as the largest data intelligence application software provider in China, according to Frost & Sullivan [1] R&D Strength - Minglue Technology has established a strong foundation in innovation with over 2,177 patents and 926 patent applications as of December 31, 2024 [2] - The company has 1,167 invention patents in key areas such as data intelligence and enterprise knowledge graphs [2] - It has pioneered the use of meta-learning for facial recognition and knowledge graph technology for sales strategy optimization [2] Financial Performance - Total revenue increased from RMB 1.269 billion in 2022 to RMB 1.462 billion in 2023, but is projected to decline to RMB 1.381 billion in 2024 due to reduced revenue in operational intelligence [3] - Gross margins for 2022, 2023, and 2024 were 53.2%, 50.1%, and 51.6% respectively [3] - R&D expenditures decreased from RMB 751 million in 2022 to RMB 353 million in 2024 [3] Adjusted Losses - Adjusted net losses for the years 2022, 2023, and 2024 were RMB 1.1 billion, RMB 174 million, and RMB 45.1 million respectively, indicating a gradual narrowing of losses [4] Core Product Matrix - The company offers two main product categories: marketing intelligence and operational intelligence, with the "Miaozhen System" being a flagship product [5] - The Miaozhen System is recognized as the leading marketing intelligence application software in China as of 2023 [5] - The company also provides tools for private domain management within the Tencent ecosystem and an intelligent store operation system [5] Diverse Client Base - Major clients include companies in consumer goods, food and beverage, automotive, and 3C industries, with revenue from the top five clients accounting for 25.4%, 36.0%, and 35.1% of total revenue in 2022, 2023, and 2024 respectively [6] - The company plans to strengthen its market position through enhanced R&D, talent acquisition, and the establishment of a data intelligence product ecosystem [6] - The Chinese data intelligence application software market is expected to grow from RMB 30.3 billion in 2023 to RMB 71.3 billion in 2028, providing opportunities for the company to maintain its leading position [6]