从财务表现来看,公司总收入由2022年的人民币1,269.3百万元增至2023年的人民币1,462.0百万元,但2024 年降至人民币1,381.4百万元。2022年、2023年及2024年的毛利率分别为53.2%、50.1%及51.6%。公司于 2022年、2023年及2024年分别录得净利润人民币1,637.6百万元、人民币318.4百万元及人民币7.9百万 元。 然而,公司面临一些主要风险和挑战。首先,公司的服务涉及收集、处理及储存大量与客户及业务伙伴相 关的资料,须遵守复杂且不断演进的隐私权和数据保护相关法律法规。如果未能遵守这些法规,公司的业 务、经营业绩和财务状况可能受到不利影响。其次,公司研发投入巨大,2022年、2023年及2024年的研发 开支分别为人民币750.9百万元、人民币480.8百万元及人民币353.0百万元,这些投资可能会在短期内影响 盈利能力,且可能无法产生预期成果。 明略科技是中国领先的数据智能应用软件公司。根据弗若斯特沙利文的资料，按2023年的总收入计,该 公司是中国最大的数据智能应用软件供应商。公司提供数据智能产品及解决方案,涵盖营销和运营智能, 涉及线上及线下场景。 ...

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]

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