昨晚，3家中企同日向美国SEC递交上市申请，含1家SPAC，具体如下： 1、速哇3D摄影 当地时间9月29日，厦门速相科技有限公司控股公司Sharewow Limited(以下简称：速哇3D摄影)公开向美国证券交易委员会(SEC)递交招股书，拟SUWA为股 票代码，申请纳斯达克上市。 根据招股书，该公司计划发行375万股，暂未披露发行价格区间。 2、Vnique Interactive 速哇3D摄影总部位于福建厦门，是一家3D人像打印服务提供商，业务涵盖3D成像设备制造、彩色3D打印服务及3D手办业务。截至2024年，该公司业务范 围覆盖美国、澳大利亚、马来西亚、墨西哥、新加坡、西班牙等地区。 财务数据 | | | Year Ended December | 31, | | --- | --- | --- | --- | | | 2023 | | 2024 | | | RMB | RMB | USD | | Summary Consolidated Statements of | | | | | Comprehensive Loss Data | | | | | Revenues | 12. 695. 831 ...

Core Viewpoint - BlueFocus is facing significant financial challenges, including operational losses, high debt levels, and low profitability, which have led to difficulties in refinancing and a poor stock performance in the A-share market. The company's upcoming IPO in Hong Kong aims to raise funds primarily for alleviating liquidity issues and supporting its AI strategy [1][11][13]. Financial Performance - BlueFocus reported a revenue of 607.97 billion yuan in 2024, marking a year-on-year increase of 15.55%. However, the company experienced a net loss of 2.91 billion yuan, a staggering decline of 349.32% compared to the previous year [2][13]. - The company's gross profit margin has been declining, with figures of 6.43%, 6.34%, 4.69%, 3.44%, and 2.56% from 2020 to 2024 [4]. - The net profit margin is even lower, with values of 1.79%, 1.3%, -5.93%, 0.22%, and -0.48% during the same period [5]. Business Model and Strategy - BlueFocus's core overseas business accounts for approximately 80% of its revenue, but the gross margin for this segment is only 1.73%, significantly lower than the domestic business margin of 7.55% [7][11]. - The company has initiated a global expansion strategy (Globalization 2.0), shifting from an agency-driven model to a technology and AI-driven approach [2]. Debt and Cash Flow - The company's debt levels have been rising, with asset-liability ratios increasing from 47.57% in 2021 to 66.1% in 2024 [9]. - As of Q1 2025, the company reported a net cash outflow of 12 billion yuan from operating activities, indicating poor cash flow management [9][10]. Research and Development - Despite the emphasis on an "All in AI" strategy, BlueFocus's R&D expenditure is alarmingly low, with a projected rate of only 0.1% in 2024, which raises questions about the feasibility of its technology-driven narrative [1][13]. - The company's R&D expenses were reported at 0.54 billion yuan in 2024, a decrease of 39.65% year-on-year [13]. IPO and Future Prospects - The upcoming IPO in Hong Kong is seen as a potential solution to the company's liquidity crisis, with funds intended for AI technology development, global business network expansion, and marketing business growth [13]. - The company anticipates that AI-driven revenue will reach between 30 billion to 50 billion yuan by 2025, despite current low investment in R&D [13].

Financial Support for Foreign Trade - Nanjing financial institutions are providing multi-dimensional support, including credit and risk management, to assist foreign trade enterprises in stabilizing and improving their operations [1][2] - Nanjing Bank has issued a loan of 800 million USD to Guansheng Auto Parts Co., enhancing the company's confidence in expanding overseas markets [1][2] - The financial support includes tailored solutions for currency risk management, helping companies reduce uncertainty from exchange rate fluctuations [2] Service Trade and Cross-Border E-Commerce - Jiangsu branch of China Export Credit Insurance Corporation issued the first export credit insurance policy for the digital advertising industry in Nanjing, supporting companies in service trade and cross-border e-commerce [3][4] - Weichi Digital Technology Co., a service provider for cross-border e-commerce, has improved its market reach and cash flow efficiency through the insurance, allowing for more flexible payment terms [3][4] Innovative Financial Products - Nanjing financial institutions are adapting to the changing financial needs of foreign trade companies by offering a range of financial products, including export order financing and supply chain finance [5][6] - China Export-Import Bank's Jiangsu branch provided 400 million CNY in credit support to Qianfeng Technology Co., aiding in raw material procurement and stabilizing overseas orders [5][6] - The bank has cumulatively provided over 6.5 billion CNY in credit support to Qianfeng Technology, demonstrating a commitment to facilitating the company's international operations [6]