Core Viewpoint - Minglue Technology, a leading AI unicorn from Shanghai, is reapplying for an IPO on the Hong Kong Stock Exchange after a previous application lapsed in November 2024, aiming to leverage its position as the largest data intelligence application software provider in China [1][2]. Company Overview - Founded in 2006, Minglue Technology specializes in data intelligence products and solutions, focusing on marketing and operational intelligence across online and offline scenarios [1]. - The company is backed by major investors including Tencent, Sequoia China, and Kuaishou, with Tencent holding approximately 26.96% of the shares, making it the largest shareholder [2]. Revenue and Financial Performance - Minglue Technology's revenue exceeded 1 billion yuan, with reported revenues of 1.269 billion yuan, 1.462 billion yuan, and 1.381 billion yuan for the years 2022 to 2024, reflecting a slight decline of 5.54% year-on-year [5]. - The net profit for the same period showed a significant drop from 1.638 billion yuan in 2022 to 7.9 million yuan in 2024, primarily due to changes in the fair value of preferred shares and convertible notes [5]. - Adjusted net losses were reported at 1.099 billion yuan, 174 million yuan, and 45.113 million yuan for 2022 to 2024, indicating that the company has not achieved true profitability [5]. Product and Service Offerings - The company's offerings are divided into three main segments: marketing intelligence, operational intelligence, and industry AI solutions [3]. - Key products include the Miaozhen System, which optimizes media spending, and Weiban Assistant, a private domain tool based on Tencent's ecosystem [3][4]. Customer Base and Market Presence - Minglue Technology has established a robust customer base, serving over 20,000 restaurants and more than 46,000 offline retail stores, including 135 Fortune Global 500 companies across various industries [4]. - The company holds a market share of 4.4% in the data intelligence application software market, leading in both marketing intelligence (8.9%) and operational intelligence (13.1%) segments [10]. Research and Development - The company has invested heavily in R&D, with expenses of 751 million yuan, 481 million yuan, and 353 million yuan from 2022 to 2024, representing 59.2%, 32.9%, and 25.6% of revenue respectively [6]. - Despite the high R&D costs, the company maintains a healthy gross margin, reported at 53.2%, 50.1%, and 51.6% for the same years [6]. Industry Outlook - The data intelligence application software market in China is projected to grow significantly, with a market size of 30.3 billion yuan in 2023 and an expected compound annual growth rate (CAGR) of 20.4% over the next five years [7]. - Government policies aimed at digital transformation are expected to further expand the market, with initiatives like the "14th Five-Year Plan for Digital Economy Development" [9]. Competitive Landscape - The industry is characterized by a fragmented competitive landscape, with the top five players holding less than 10% market share [10]. - Minglue Technology is recognized as a leader in adopting AIoT and AIOps technologies, with a strong patent portfolio of 2,177 patents and 926 pending applications, indicating a solid technological foundation [10].

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].

Group 1 - The core viewpoint of the article is that Minglue Technology, a leading data intelligence application software company, is facing significant challenges despite its previous successes and is now preparing for an IPO after a failed attempt last year [1][8]. - Minglue Technology was founded in 2006 and is recognized as the largest intelligent data application software provider in China as of 2023, focusing on transforming enterprise marketing and operational strategies through data intelligence [2][3]. - The company's main products include multi-modal data integration, insights, and AI-driven decision-making capabilities, with its marketing intelligence segment featuring the "MiaoZhen System," which connects with over 4,700 media platforms for advertising monitoring [3]. Group 2 - Minglue Technology has attracted significant investment from notable firms, raising over $627 million, with major shareholders including Tencent (27.33% ownership) and Sequoia China (7.52% ownership) [4]. - The company's valuation has drastically decreased from approximately $3.051 billion in December 2020 to $1.666 billion by March 2024, representing a nearly 45.4% decline [5]. - Despite a slight revenue increase from 1.269 billion RMB in 2022 to 1.462 billion RMB in 2023, the revenue fell to 1.381 billion RMB in 2024, primarily due to a decrease in operational intelligence business income and a strategic shift in marketing intelligence [6]. Group 3 - The company's profitability has significantly declined, with net profit dropping from 1.638 billion RMB in 2022 to 7.949 million RMB in 2024, influenced by changes in the fair value of financial instruments [7]. - Research and development expenditures have also decreased, falling from 751 million RMB in 2022 (59.2% of total revenue) to 353 million RMB in 2024 (25.6% of total revenue), indicating potential financial strain [7]. - As the company approaches its IPO, it faces critical questions about its future strategy in a cooling capital market, emphasizing the need for solid revenue conversion to support its "AI + big data" narrative [8].

Group 1 - The core viewpoint of the article is that Minglue Technology, a leading data intelligence application software company in China, has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation Hong Kong Securities Limited as the sole sponsor [1][3] - According to Frost & Sullivan, Minglue Technology is the largest data intelligence application software provider in China by total revenue in 2023 [1] - The company offers a range of data intelligence products and solutions, including marketing and operational intelligence tools, which cater to both online and offline scenarios [1] Group 2 - Financial performance shows that total revenue increased from RMB 1,269.3 million in 2022 to RMB 1,462.0 million in 2023, but is projected to decline to RMB 1,381.4 million in 2024 [2] - The gross profit margins for 2022, 2023, and 2024 were 53.2%, 50.1%, and 51.6% respectively [2] - Net profits recorded were RMB 1,637.6 million in 2022, RMB 318.4 million in 2023, and a significant drop to RMB 7.9 million in 2024 [2] Group 3 - The company holds a strong technological position with 2,177 patents and 926 patent applications as of December 31, 2024, and has received over 450 domestic and international awards [1] - The company has a significant focus on research and development, with expenditures of RMB 750.9 million, RMB 480.8 million, and RMB 353.0 million for the years 2022, 2023, and 2024 respectively [2] - The company faces challenges related to compliance with evolving privacy and data protection laws, which could adversely affect its business and financial performance [2]

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]

已为135家财富世界500强公司提供服务。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，汇智控股有限公司（以下简称"明略科技"）于2024年11月29日正式向港交所递 交招股说明书，拟主板挂牌上市，中金公司担任独家保荐人。 这里需要指出的一点是，作为一家成立18年之余、估值数十亿美元的公司，明略科技本次赴港上市 采取的是"同股不同权"制度。 成立于2006年的明略科技作为一家数据智能应用软件公司，致力于通过整合大模型、行业特定知识 和多模态数据，改变企业营销和营运决策及流程。具体来讲：通过创新的数据智能应用软件，明略科 技帮助客户收集、整合、管理和分析来自线上和线下运营的多模态数据，生成可执行的商业见解以满 足业务需求，使客户能够不断提高运营效率并加速创新。 2021年至2023年、以及今年上半年，明略科技的毛利率分别为61.0%、53.2%、50.1%以及 50.6%。 2021年至2023年，明略科技的调整后净亏损分别为10.67亿元、10.60亿元和1.74亿元；今年上半 年，明略科技的调整后净亏损为0.48亿元，较2023年同期的1.78 ...