Core Viewpoint - The Hong Kong capital market is experiencing a strong recovery in IPO activities, with a total fundraising of HKD 107.1 billion in the first half of 2025, a sevenfold increase compared to the same period last year, making it the highest globally and the second highest in nearly a decade [1] Company Overview - Suzhou Jiyi Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - Jiyi Technology is a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China, focusing on brand asset management driven by AI and digital intelligence [1] Financial Performance - Jiyi Technology's revenue and profit have shown overall growth, with revenues of approximately RMB 1.117 billion, RMB 1.356 billion, and RMB 1.4 billion for the years 2022, 2023, and 2024 respectively, and annual profits of RMB 37.58 million, RMB 24.87 million, and RMB 49.82 million during the same periods [1][3] - The company's GMV increased from RMB 8.2 billion in 2022 to RMB 11.1 billion in 2023, and further to RMB 15 billion in 2024, reflecting a growth rate of 35.1% and 35.3% respectively [2] Business Segmentation - Jiyi Technology has diversified its revenue structure, with three main business segments: brand-to-consumer solutions, brand-to-business solutions, and brand asset management [4] - The core business, brand-to-consumer solutions, saw its revenue share decrease from 88.5% in 2022 to 60.2% in 2024, while brand-to-business solutions increased from 5.7% to 35.3% during the same period [4] Profitability Analysis - The gross margin for brand-to-consumer solutions increased from 17.8% to 18.4% from 2022 to 2024, while brand-to-business solutions' gross margin rose from 3.0% to 5.4% [5] Technological Advancements - Jiyi Technology has developed a self-researched multimodal heterogeneous computing engine platform for AI, enabling smart content generation and precise marketing recommendations [6] Industry Trends - The e-commerce industry is entering a phase of stable growth, with a 7.2% increase in online retail sales in 2024, and the cross-border e-commerce market continues to expand, reaching RMB 17.66 trillion [7][10] - The shift from online platforms to offline retail is in line with industry trends, as the offline retail market showed a significant recovery with a growth rate of 13.6% in 2024 [10][11]