Core Viewpoint - Qunhe Technology has submitted its application for listing on the Hong Kong Stock Exchange, marking its third attempt to go public, with Morgan Stanley and CCB International as joint sponsors [3][5]. Group 1: Business Overview - Qunhe Technology, established in 2011 and headquartered in Hangzhou, Zhejiang, focuses on real-time rendering in indoor spaces, industrial manufacturing, and virtual physical world training, leveraging AI technology and GPU clusters [6][29]. - The company's core products include four main segments: Cool Home and its overseas version Coohom, a cloud-native space design software; the SpatialVerse platform for AI development in indoor environments; Meijian, a creative content cloud design platform; and Cool Space, which enhances building information modeling for commercial projects [8][31]. - Qunhe Technology has accumulated over 500 million structured 3D spatial scene data over the past decade, which can provide AI with training scenarios that comply with real physical laws [13][36]. Group 2: Market Position - According to Frost & Sullivan, Qunhe Technology holds a 23.2% market share, making it the largest space design software provider in China based on projected 2024 revenue [11][33]. - The company is also recognized as the largest space design platform globally based on average monthly active users in 2023 [11][33]. Group 3: Financial Performance - Qunhe Technology has shown steady revenue growth, with revenues of RMB 601 million in 2022, increasing to RMB 664 million in 2023, and projected to reach RMB 755 million in 2024. In the first half of 2025, the company achieved RMB 399 million in revenue, a 9.4% year-on-year increase [16][40]. - The company has narrowed its net losses from RMB 704 million in 2022 to RMB 513 million in 2024, with a loss of RMB 226 million in the first half of 2025, down from RMB 284 million in the same period last year [18][42]. - Adjusted net profit (Non-IFRS) has improved, with losses decreasing from RMB 338 million in 2022 to RMB 70 million in 2024, and the company achieved an adjusted net profit of RMB 17.83 million in the first half of 2025, indicating a shift towards profitability [20][44]. Group 4: Customer Base and Revenue Model - As of June 30, 2025, Qunhe Technology had approximately 2.7 million average monthly active users, with its products available in over 200 countries and regions [21][45]. - Subscription revenue from total customers was RMB 647 million in 2023, projected to reach RMB 795 million in 2025, with enterprise customers contributing significantly to this growth [21][45]. Group 5: Shareholding Structure - The pre-IPO shareholding structure reveals that the three co-founders collectively hold over 30% of the company, with specific holdings of 15.46% by Chairman Huang Xiaohuang, 11.04% by CEO Chen Hang, and 4.22% by CTO Zhu Hao [23][46]. - The company has a diverse range of institutional investors, including prominent venture capital firms, which allows the founding team to maintain significant influence over strategic decisions [24][48].