Core Viewpoint - Shanghai Xinyi Linhe Technology Co., Ltd. (referred to as "Rui Gu") is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its digital trading platform and manufacturing capabilities to enhance efficiency in the MRO supply chain [3]. Group 1: Business Model and Operations - Rui Gu integrates a digital trading platform with MRO product manufacturing capabilities, enhancing transaction and circulation efficiency in the supply chain [3]. - The business model focuses on using transaction, fulfillment, and after-sales data from the platform to improve product selection, planning, engineering design, and manufacturing, enabling on-demand production and faster product iteration [3]. - Rui Gu has established partnerships with over 3,000 MRO product manufacturers and suppliers, with a downstream customer network covering more than 220,000 retail stores, achieving a penetration rate exceeding 20% [4]. Group 2: Financial Performance - The cumulative gross merchandise volume of Rui Gu's digital platform is approximately 8.5 billion RMB for the first three quarters of 2023, 2024, and 2025 [2][4]. - Revenue for Rui Gu was 505 million RMB in 2023 and 877 million RMB in 2024, representing a year-on-year growth of 73.7% [4]. - For the first three quarters of 2025, revenue increased by 166.3% to 1.124 billion RMB compared to 422 million RMB in the same period of 2024 [4]. - Gross margins for 2023, 2024, and the first three quarters of 2025 were 20.0%, 23.7%, and 19.5%, respectively, while adjusted net loss rates were 55.3%, 37.2%, and 15.0% [4]. Group 3: Investment and Use of IPO Proceeds - Rui Gu has received investments from notable institutions such as Ontario Teachers' Pension Plan, Spring Capital, and others [5]. - The net proceeds from the IPO will primarily be used for potential strategic investments, enhancing marketing capabilities domestically and internationally, new product development, digital transformation, and upgrading production bases in China and overseas [5].