Group 1 - The core viewpoint of the article is that Suzhou Jiyi Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading digital retail comprehensive operation service provider in China, with significant rankings in both digital retail and e-commerce operation sectors [1][2]. - Jiyi Technology ranks second among digital retail comprehensive operation service providers in China and fifth among e-commerce operation service providers based on GMV for 2024, according to Frost & Sullivan data [1]. - The company has established a strong brand value chain service capability, collaborating with over 200 global brands across various categories, including health, beauty, fast-moving consumer goods, home, and appliances [1]. Group 2 - Financial data indicates steady revenue growth for Jiyi Technology, with GMV increasing from 8.2 billion RMB in 2022 to 11.1 billion RMB in 2023, and further to 15.0 billion RMB in 2024, representing growth rates of 35.1% and 35.3% respectively [2]. - Revenue figures for the years 2022, 2023, and 2024 are 1.117 billion RMB, 1.356 billion RMB, and 1.400 billion RMB, respectively, while the gross profit margin has declined from 17.4% in 2022 to 14.4% in 2024 [2]. - Net profit for the years 2022, 2023, and 2024 is reported as 37.58 million RMB, 24.87 million RMB, and 49.82 million RMB, showing a significant drop in 2023 but a recovery in 2024 [2]. Group 3 - The company faces challenges such as high customer concentration, with revenue from the top five customers accounting for 77.3%, 58.7%, and 56.2% of total revenue in 2022, 2023, and 2024, respectively [2]. - The reliance on major e-commerce platforms is a critical risk factor, as the business model heavily depends on maintaining relationships with these platforms [3]. - Regulatory changes and specific risks associated with international and cross-border e-commerce operations are additional challenges that the company must navigate [3].