Core Insights - The online consumption market is undergoing a significant transformation driven by the digital economy, shifting from traffic dividends to technology and data dividends [1] - Quantitative Company has achieved continuous revenue growth for three consecutive years, becoming a focal point in the industry [1] Industry Overview - In the first eight months of this year, the national online retail sales increased by 9.6% year-on-year, outpacing the growth rate of total retail sales of consumer goods, with physical goods online retail sales growing by 6.4% [1] - The company operates in the Chinese consumption sector, focusing on online market operations and leveraging its self-developed AI technology platform to enhance consumer and partner experiences [1] Company Performance - Quantitative Company reported a significant revenue increase of 87.5% in 2024, reaching RMB 993 million, with a continued revenue growth of 38.1% expected by May 2025 [3] - The company has shown strong profitability and resilience, with adjusted profits consistently rising [3] Technological Development - The company emphasizes technological research and development, with 79 technical personnel making up about 35% of its total workforce as of May 31, 2025 [3] - It has invested in R&D, accumulating 9 patents and 58 software copyrights, and launched the "Quantitative Star Inquiry" model, which provides precise matching solutions for business partners [3] Customer Base and Market Strategy - As of May 31, 2025, the company has attracted over 60.3 million registered end customers, establishing a substantial customer base [4] - The company focuses on high-frequency consumption scenarios such as e-commerce and O2O automotive retail, enhancing customer conversion and efficiency through deep partnerships [4] - By integrating AI algorithms with market experience, the company provides a one-stop infrastructure for both supply and demand sides, positioning itself as a leader in the online consumption market [4]

近日，量化派在港交所更新招股书，第五次向香港主板发起冲击。作为中国消费领域的重要参与者，此次递表不仅是企业 自身的关键资本动作，更折射出中国线上消费市场在技术赋能下的广阔前景。 量化派创立于2014年，是一家专注于中国消费领域的线上市场运营商。公司秉承"数字驱动世界，智能点亮生活"的使命，依 托自主研发的AI技术平台，为消费者与合作伙伴提供智能化、精准的消费体验。通过多元消费场景的数字化运营，其在智 能推荐、精准分发和用户运营方面具备核心优势，能为合作伙伴提供从流量获取到客户管理的全链路支持，凭借领先技术 实力与专业团队，持续助力消费产业数字化发展。 中国线上消费市场的蓬勃发展，为量化派提供了肥沃土壤。数据显示，中国线上消费商店市场规模从2020年的13.9万亿元增 至2024年的25.7万亿元，复合年增长率达16.5%;预计2025年至2029年，将从29.1万亿元进一步增长至41.2万亿元，复合年增 长率9.1%。2024年该市场占整体零售市场份额已达36.9%，且未来占比有望持续提升。 在此赛道上，量化派精准定位"线上市场运营商"，不直接涉足零售，而是为生态参与者提供基础设施服务。截至2025年5月 3 ...

Core Insights - The digital economy has become a core engine driving high-quality economic development in China, with significant growth in patent authorizations and data enterprise numbers [1] - The company, Quantitative, is preparing for an IPO on the Hong Kong Stock Exchange, highlighting the growth potential in the online consumption service sector [1] Financial Performance - From 2022 to 2024, the company's total revenue increased from 475 million RMB to 993 million RMB, with a compound annual growth rate (CAGR) of 44.54% [1] - In the first five months of 2025, total revenue reached 414 million RMB, reflecting a year-on-year growth of 38.1% [1] - Adjusted profit surged from 126 million RMB in 2022 to 363 million RMB in 2024, with a CAGR of 69.6%, and reached 212 million RMB in the first five months of 2025 [1] Market Position and Strategy - The company addresses three core pain points in the online consumption market: high customer acquisition costs, consumer choice difficulties, and inefficient connections between merchants and users [2] - By leveraging AI and digital technology, the company has built a comprehensive system that enhances user experience and reduces marketing costs [2] - As of May 31, 2025, the company has over 60.3 million registered users and 2,646 business partners, creating a strong network effect [3] Industry Outlook - The online consumption service sector is benefiting from supportive government policies aimed at promoting digital economy growth and enhancing digital consumption [4][5] - The online consumption market in China is projected to grow from 13.9 trillion RMB in 2020 to 25.7 trillion RMB in 2024, with a CAGR of 16.5% [5] - The market share of online consumption in overall retail is expected to increase, reaching 36.9% in 2024 [5] Trends and Opportunities - Key trends include the deepening application of AI technology and the rise of lower-tier city markets, which present new growth opportunities for the company [6][7] - The company can leverage its technological advantages and expand its operational model to lower-tier cities, enhancing its user and merchant base [7] Challenges - The company faces increasing competition in the online consumption service sector, which may raise customer acquisition costs [7] - Data security and privacy regulations are becoming stricter, necessitating improved data governance capabilities [7] Conclusion - The company's IPO marks the beginning of a new phase with broader market opportunities and higher regulatory requirements [8] - The growth trajectory of the company reflects the broader trend of Chinese digital technology firms addressing industry pain points through innovation [8]

Group 1 - Company "量化派科技有限公司" has submitted its listing application to the Hong Kong Stock Exchange, planning to issue up to 15,097,500 ordinary shares, with CICC and CITIC Securities as joint sponsors [1] - The listing coincides with the conclusion of China's 14th Five-Year Plan for the digital economy, with policies intensifying support for digital consumption and e-commerce innovation, positioning the company to leverage capital markets for further expansion in these sectors [1][2] Group 2 - The Chinese government has set strategic goals for the digital economy, including the cultivation of numerous billion-level e-commerce platforms and the establishment of a comprehensive cross-border e-commerce service system, providing policy incentives for companies like "量化派" [2] - "量化派" has developed a technology platform that integrates deeply into the e-commerce ecosystem, utilizing intelligent recommendation algorithms and dynamic pricing models to enhance conversion rates and user engagement [2] Group 3 - Since its establishment in 2014, "量化派" has focused on providing scenario-based digital precision matching solutions for e-commerce, cross-border trade, and smart manufacturing, aiming to reduce costs and improve efficiency through data intelligence [3] - The company reported a revenue of 3.82 billion yuan in the first half of 2024, a year-on-year increase of 47.56%, with adjusted profit rising by 75.75% to 1.54 billion yuan, indicating strong growth driven primarily by e-commerce technology services [3] - "量化派" has over 51.8 million registered users and an average daily active user count of 2.3 million, with a repurchase rate exceeding the industry average by 23 percentage points [3] Group 4 - The company plans to use the funds raised from its IPO to enhance its R&D capabilities, improve technical infrastructure, and promote its business model, focusing on technology iteration and scenario expansion [4] - The National Bureau of Statistics predicts that by 2025, China's digital economy will exceed 60 trillion yuan, with e-commerce transaction volume continuing to rise, indicating a promising future for "量化派" as it aims to shift digital consumption from a traffic-driven model to a value-driven one [4]