2025年11月23日，来自上海徐汇区的上海卓越睿新数码科技股份有限公司SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD.(简 称"卓越睿新"或"智慧树")在港交所披露聆讯后的招股书，或很快在香港主板挂牌上市。其于2024年5月3日、2024年12月11日、2025年6 月18日先后三次递表。 卓越睿新聆讯后招股书链接： 主要业务 卓越睿新，成立于2008年，作为一家中国知名的高校教学数字化解决方案提供商，致力于高校数字化教育内容、数字化教学场景服务及 产品的开发、交付和运营，产品服务覆盖教、学、练、考、评、管等所有重要方面，力求推动教育资源广泛分布及教学成果水平提升， 以赋能高校、教师和学生。公司于2013年推出「智慧树」品牌。 根据弗若斯特沙利文的资料，按2024年的收入计： 于往绩记录期间，卓越睿新已交付数字化教育内容产品逾4.4万款，服务及产品涵盖教育部认可的12个学科门类及92个专业。公司有627 门数字化课程在教育部首批及第二批国家级一流本科课程认定以及职业教育国家在线精品课程遴选中获评金课，在中国高等教育教学数 字化市场按收入计的前五大参与者中排名第一。 卓 ...

公司有627门数字化课程在教育部国家级一流本科课程和职业教育国家在线精品课程遴选中获评"金 课"，在市场主要参与者中排名第一。卓越睿新数码持续进行技术创新，于2020年推出了虚拟仿真开 发，并于2022年推出了知识图谱构建，以提供更具互动性、吸引力和个性化的学习体验。 卓越睿新数码致力于为高等教育机构提供教学数字化解决方案，服务范围涵盖教学、学习、练习、考 试、评估和管理等关键环节。截至目前，公司已交付超过4.4万款数字化教育内容产品，涵盖教育部认 可的12个学科门类及92个专业。 卓越睿新数码通过港交所主板上市聆讯，农银国际为独家保荐人。 根据弗若斯特沙利文的资料，按2024年收入计算，公司在中国高等教育教学数字化市场中排名第二，市 场份额为4.0%；而在中国高等教育数字化教学内容制作市场中则排名第一，市场份额为7.3%。 ...

Company Overview and Market Position - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. (hereinafter referred to as "Zhuoyue Ruixin") is a well-known provider of digital solutions for higher education in China, focusing on the development, delivery, and operation of digital educational content and teaching scenarios [1][4] - In 2023, Zhuoyue Ruixin ranked second in China's higher education digital teaching market with a market share of 3.4%, and first in the digital teaching content production market with a market share of 6.2% [1][4] Business Scope and Competitive Advantages - The company operates in two main categories: digital teaching content services and products, and digital teaching environment services and products [2][5] - As of 2024, Zhuoyue Ruixin has developed over 31,000 digital courses covering 12 recognized subject categories and 92 majors, with 627 courses rated as national first-class undergraduate courses [5] Financial Performance - Zhuoyue Ruixin's revenue grew rapidly from 400 million RMB in 2022 to 653 million RMB in 2023, representing a growth rate of 63.2%, and is projected to further increase to 848 million RMB in 2024, with a growth rate of 29.9% [2][6] - The company transitioned from a net loss of 59.1 million RMB in 2022 to a net profit of 81.4 million RMB in 2023, with further growth to 105 million RMB in 2024 [6] - Gross margin improved significantly from 44.1% in 2022 to 60.7% in 2023, and is expected to reach 61.9% in 2024 [6] Key Risks and Challenges - Zhuoyue Ruixin faces pressure from rapid technological advancements in the digital education market, necessitating continuous investment in research and development to maintain competitiveness [3][7] - The company's debt burden has increased, with the debt-to-asset ratio rising from 6.2% in 2022 to 16.4% in 2024, indicating financial risk [3][7] - The company recorded an operating cash outflow of 9.526 million RMB in 2024, highlighting challenges in cash flow management due to timing mismatches between revenue recognition and cash collection [3][7] Summary - Zhuoyue Ruixin is a leading enterprise in China's digital teaching solutions for higher education, experiencing rapid growth while facing challenges related to technological updates and financial risks [8]