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。 Holyfire Holdings Group Limited 聖 火 控 股 集 團 有 限 公 司 （「本公司」） （ 於開曼群島註冊成立的有限公司） 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，僅用作提供資訊予香港公眾人士。 本申 請 版本 為草 擬 本， 其 內所 載資 訊 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 包 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 ， 準投 資 者務 請僅 依 據呈 交香 港 公司 註 冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (i) ...

Core Viewpoint - The company is focusing on enhancing its advertising marketing business by leveraging AI technologies and collaborating with major internet platforms to improve service quality and marketing effectiveness [1] Group 1: Company Strategy - The company aims to upgrade its advertising media business to a comprehensive service provider focusing on creative planning and technical operations [1] - The company is actively collaborating with upstream resources like ByteDance and major downstream advertisers to strengthen its market position [1] Group 2: Industry Trends - The company is closely monitoring new developments in the advertising industry and intends to utilize AI-generated content (AIGC) and intelligent deployment technologies to enhance marketing outcomes [1] - The focus on high-quality development reflects the company's commitment to adapting to macroeconomic conditions and industry evolution [1]

Core Insights - The article highlights the increasing awareness among companies regarding brand building, with a focus on enhancing the influence and competitiveness of domestic brands in China, particularly in sectors like cosmetics, apparel, and electronics [1] - The advertising industry in China is projected to generate over 1.5 trillion yuan in revenue by 2024, with internet advertising accounting for 86.5% of total revenue [1] - Shenghuo Technology Group Limited is seeking to go public on the Hong Kong Stock Exchange, aiming to leverage its marketing services primarily for fast-moving consumer goods [1][2] Industry Overview - The integrated marketing industry is segmented into three tiers: upstream brand owners and advertising agencies, midstream integrated marketing service providers, and downstream media channels and consumers [3][4] - Shenghuo Technology operates in the midstream, providing integrated marketing services that include market research, brand strategy design, and multi-channel marketing execution [5] Financial Performance - Shenghuo Technology's revenue sources include integrated marketing services, marketing technology services, and advertising marketing services, with integrated marketing services accounting for over 40% of total revenue during the reporting period [6][7] - The company has experienced revenue growth, with figures of approximately 1.12 billion yuan in 2022, 1.63 billion yuan in 2023, and 2.52 billion yuan in 2024, although gross margins have declined from 35% in 2022 to 22.8% in the first half of 2025 [10][11] Client and Supplier Dynamics - Shenghuo Technology has a high client concentration, with significant revenue derived from major clients like Master Kong and Pepsi, and over 45% of revenue coming from its largest client [8][9] - The company relies on various suppliers for resources, with the top five suppliers accounting for approximately 42.9% of total procurement costs [8] Market Trends - The integrated marketing market in China is expected to grow from 804 billion yuan in 2024 to 993 billion yuan by 2029, with a compound annual growth rate (CAGR) of about 4.3% [12] - The advertising spending in China is projected to reach approximately 1.57 trillion yuan in 2024, with online advertising expected to exceed 2.35 trillion yuan by 2029, reflecting a CAGR of around 10.6% [12] Competitive Landscape - The integrated marketing and advertising services market in China is highly fragmented, with significant competition from companies like BlueFocus and others, which may have broader reach and more resources [15] - Shenghuo Technology holds a market share of 1.8%, ranking fourth among competitors in the integrated marketing sector [15] Company Structure and Leadership - Shenghuo Technology was founded in 2013 and is headquartered in Guangzhou, with its founders holding a combined 95.8% stake in the company [16][17] - The company has a history of dividend payments, with significant dividends declared in 2024 and the first half of 2025 [18]

Core Viewpoint - Shenghuo Technology Group Limited is preparing for an IPO in Hong Kong, but has recently executed a significant dividend distribution, raising questions about its financial strategy and sustainability [2][6]. Financial Performance - Shenghuo Technology reported continuous revenue growth during the fiscal years 2022 to 2024, with revenues of 11,228.7 million RMB, 16,344.6 million RMB, and 25,188.6 million RMB respectively, and a profit of 1,978 million RMB, 2,715.2 million RMB, and 3,320.4 million RMB [3][4]. - In the first half of 2025, the company achieved a revenue of 12,859.2 million RMB and a profit of 1,211 million RMB, indicating ongoing growth [3][4]. Dividend Distribution - In the first half of 2025, Shenghuo Technology distributed a dividend of 77.6 million RMB, which represents 84.12% of its total profit of 92.2 million RMB for the year [2][6]. - The dividend amount exceeds the company's retained earnings of 71.1 million RMB as of December 2024, effectively depleting nearly 11 years of accumulated profits [2][6]. Customer Concentration - The company exhibits a high dependency on its top five customers, with their contributions to revenue remaining above 91% in most reporting periods, dropping slightly to 79.8% in the fiscal year 2024 [4][5]. - Customer Group A is particularly significant, accounting for 87.9% of revenue in the fiscal year 2022, and still representing 45.2% in the first half of 2025 [4][5]. IPO and Fundraising Plans - The primary purposes for the funds raised through the IPO include enhancing marketing solutions with AI, expanding geographical coverage in Southeast Asia and Hong Kong, acquiring new clients, and supplementing general working capital [6]. - Despite a stable cash position that covers short-term liabilities, the necessity of raising additional funds for working capital has been questioned [8].

Core Viewpoint - Shenghuo Technology Group Limited has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its financing capabilities and expand its shareholder base [1][3]. Group 1: Company Overview - Shenghuo Technology, established in 2013, is a technology-driven marketing company specializing in integrated marketing services, marketing technology services, and advertising marketing services [3]. - The company has developed a proprietary "one code for one item" technology, embedding QR codes on product packaging to create data-driven marketing solutions [3]. - According to Frost & Sullivan, Shenghuo ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% as of 2024 [3]. Group 2: Financial Performance - Shenghuo Technology reported revenues of 112 million yuan, 163 million yuan, 252 million yuan, and 129 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The net profits for the same periods were 19.78 million yuan, 27.15 million yuan, 33.20 million yuan, and 12.11 million yuan [3]. - The company’s revenue is highly dependent on a few major clients, with 96.1%, 91.2%, 79.8%, and 94.1% of total revenue coming from its top five clients during the respective years [6]. Group 3: Client Dependency - Shenghuo Technology's revenue is significantly reliant on its major clients, particularly in the fast-moving consumer goods (FMCG) sector [6]. - The largest client contributed 87.9%, 78.6%, 49.3%, and 45.2% of the company's revenue in the years 2022, 2023, 2024, and the first half of 2025, respectively [6]. - The company acknowledges that its financial performance is contingent upon maintaining relationships with key clients and expanding its customer base [6]. Group 4: Use of Proceeds - The funds raised from the IPO are intended for upgrading and developing AI vertical intelligence, enhancing marketing solutions, expanding operations in Southeast Asia and Hong Kong, and acquiring new clients domestically [4].

Core Viewpoint - Shenghuo Technology Group Limited has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its financing capabilities and expand its shareholder base through international capital market access [1][2]. Group 1: Company Overview - Shenghuo Technology, established in 2013, is a technology-driven marketing company specializing in integrated marketing services, marketing technology services, and advertising marketing services [2]. - The company has developed a proprietary "one code for one item" technology that embeds QR codes on product packaging, helping clients create data-driven marketing strategies [2]. - According to Frost & Sullivan, Shenghuo ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% as of 2024 [2]. Group 2: Financial Performance - Shenghuo Technology reported revenues of 112 million yuan, 163 million yuan, 252 million yuan, and 129 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The net profits for the same periods were 19.78 million yuan, 27.15 million yuan, 33.20 million yuan, and 12.11 million yuan [2]. - The company’s revenue is highly dependent on a few major clients, with revenue contributions from the top five clients being 96.1%, 91.2%, 79.8%, and 94.1% for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. Group 3: Client Dependency and Risks - Shenghuo Technology's financial performance is significantly influenced by its relationships with major clients and its ability to acquire new clients [4]. - The largest client accounted for 87.9%, 78.6%, 49.3%, and 45.2% of the company's revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The company acknowledges that any reduction in demand from major clients or failure to maintain and expand its client base could adversely affect its financial condition and operational performance [4]. Group 4: Future Plans - The funds raised from the IPO are intended for upgrading and developing AI vertical intelligence, enhancing marketing solutions, expanding operations in Southeast Asia and Hong Kong, and acquiring new clients domestically [3].

Core Viewpoint - Shenghuo Technology Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for AI vertical intelligence development and operational expenses, despite facing high customer concentration and increasing financial risks [1][2][4]. Group 1: Company Overview - Shenghuo Technology was established in September 2013 and is based in Guangzhou, Guangdong Province. It has been listed on the New Third Board from November 2016 until its delisting on April 14, 2025 [2]. - The company operates as a technology-driven marketing firm, providing integrated marketing services, marketing technology services, and advertising marketing services [2][3]. - Shenghuo Technology ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% as of 2024 [2]. Group 2: Financial Performance - The company reported revenue of approximately 112 million yuan, 163 million yuan, 252 million yuan, and 129 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profits for the same periods were 19.78 million yuan, 27.15 million yuan, 33.20 million yuan, and 12.11 million yuan [3]. - In the first half of 2025, Shenghuo Technology experienced revenue growth of 78.26% and net profit growth of 28.38% [3]. Group 3: Financial Ratios and Risks - The company's liquidity ratio decreased from 3.4 in 2022 to 1.6 in the first half of 2025, while the debt-to-asset ratio increased from 10.8% to 48.1% during the same period [3][4]. - The increase in accounts receivable turnover days from approximately 105.9 days to 243.4 days indicates a growing challenge in managing receivables [5]. Group 4: Customer Concentration - Shenghuo Technology's revenue is highly concentrated, with the top five customers contributing 94.1% of total revenue in the first half of 2025. The largest single customer accounted for approximately 45.2% of revenue during the same period [4][5]. Group 5: Legal Issues - The company is currently involved in legal proceedings related to a fire incident affecting one of its major clients, with claims amounting to approximately 4.2 million yuan [6].

Core Viewpoint - Shenghuo Technology Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for AI vertical intelligence development and general operational expenses, despite facing high customer concentration and declining liquidity ratios [1][11]. Company Overview - Shenghuo Technology was established in September 2013 and was listed on the New Third Board from November 2016 until its delisting on April 14, 2023 [2]. - The company provides integrated marketing services, marketing technology services, and advertising marketing services, primarily utilizing its proprietary "one code per item" technology [2]. Financial Performance - Shenghuo Technology's revenue for the reporting periods was approximately RMB 112.29 million, RMB 163.45 million, RMB 251.89 million, and RMB 72.14 million for 2022, 2023, 2024, and the first half of 2025, respectively [11]. - The net profit for the same periods was RMB 19.78 million, RMB 27.15 million, RMB 33.20 million, and RMB 12.11 million, with a revenue growth of 78.26% and a net profit growth of 28.38% in the first half of 2025 [11]. Business Segments - The revenue breakdown by business segment shows that integrated marketing services accounted for 46.5%, 47.5%, 44.4%, and 41.6% of total revenue, while marketing technology services contributed 45.4%, 41.2%, 23.3%, and 21.6%, and advertising marketing services made up 8.1%, 11.3%, 32.3%, and 36.9% [9][10]. Customer Concentration - The company has a high customer concentration, with the top five customers contributing 94.1% of total revenue in the first half of 2023, and the largest single customer accounting for approximately 45.2% of revenue [11][16]. Financial Ratios - Shenghuo Technology's liquidity ratio has decreased from 3.4 in 2022 to 1.6 in the first half of 2025, while its debt-to-asset ratio increased from 10.8% to 48.1% during the same period [11][14]. Legal Issues - The company is currently involved in ongoing legal proceedings related to a fire incident affecting one of its major clients, with claims amounting to approximately RMB 4.2 million [21][22].

Core Viewpoint - Shenghuo Technology submitted its prospectus to the Hong Kong Stock Exchange on August 27, 2025, aiming for a mainboard listing, marking its first application for listing [1] Company Overview - Shenghuo Technology, established in 2013, is a technology-driven marketing company providing integrated marketing services, marketing technology services, and advertising marketing services in China [1][2] - The company was listed on the New Third Board in 2016 and delisted in April 2025 [1] Financial Performance - Revenue for 2024 was approximately RMB 252 million, with a net profit of RMB 33 million. For the first half of 2025, revenue was RMB 129 million, and net profit was RMB 12 million [1][3] - The company experienced a compound annual growth rate (CAGR) of 49.77% in revenue from 2022 to 2024 [7] - Gross profit margins have fluctuated, with a notable decline in 2024 and the first half of 2025 due to the rising proportion of lower-margin advertising services [7] Business Segments - The company operates three main business segments: - Integrated Marketing Services: Personalized strategies executed across traditional and digital platforms [2] - Marketing Technology Services: Utilizing unique QR code technology to provide digital identities for products [2] - Advertising Marketing Services: Comprehensive advertising services including strategy, creative content design, and execution across various media [2] Client Relationships - The company has established partnerships with well-known brands such as Master Kong, Pepsi, and JD.com, and has added several new clients in 2024 [3][4] - The top five clients accounted for 94.1% of revenue in the first half of 2025, with the largest client contributing 45.2% [4][5] Industry Outlook - The Chinese marketing technology market is projected to grow at a CAGR of 23.1% from 2020 to 2024, with government support for digital transformation and advancements in technology expected to drive further growth [8] - By 2029, the market size is anticipated to reach RMB 134.5 billion [8] Market Position - Shenghuo Technology ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% as of 2024 [10][12]

Core Viewpoint - Shenghuo Technology Group Limited has submitted its prospectus to the Hong Kong Stock Exchange, with Cinda International as the sole sponsor, indicating its intention to go public and expand its marketing technology services in China [2]. Company Overview - Shenghuo Technology, established in 2013 and headquartered in Guangzhou, China, provides integrated marketing services, marketing technology services, and advertising marketing services [2]. - The company ranks fourth among QR code marketing solution providers in China, with a market share of approximately 1.8% based on revenue projections for 2024 [2]. Financial Performance - Shenghuo Technology's revenue for the years 2022 to 2024 is projected to be CNY 112.287 million, CNY 163.446 million, and CNY 251.886 million, respectively [3]. - The annual profit for the same years is expected to be CNY 19.78 million, CNY 27.152 million, and CNY 33.204 million, respectively [3]. - In the first half of 2025, the company achieved revenue of CNY 128.5 million, representing a year-on-year growth of 78.26%, with a profit of CNY 12.1 million, up 28.38% year-on-year [2][3]. Ownership Structure - Before the IPO, Zhong Jian holds 78.7% of the company's issued share capital through Fuyuan BVI, while Luo Xinyan holds 17.1% through Xiufei BVI, collectively controlling 95.8% of the company [3]. Management Team - Zhong Jian, the founder and chairman, has over 20 years of management experience and has held various executive roles in different companies prior to establishing Shenghuo Technology [4][5]. - Luo Zhiyong, the CEO, joined the group in 2013 and has been responsible for overall operations and management since his appointment as CEO in 2025 [8].