说明前期搭建及拆除离岸架构、 VIE架构的原因，相关股东违反外汇管理规定的具体情况及整改进展， 是否属于重大违法违规行为及受到行政处罚，是否构成《境内企业境外发行证券和上市管理试行办法》 第八条规定的禁止性情形。 智通财经APP获悉，7月26日，中国证监会公布境外发行上市备案补充材料要求公示(2025年7月18日— 2025年7月24日)。证监会要求深演智能补充说明前期取得全国中小企业股份转让系统有限责任公司同意 挂牌的函，但未实际挂牌并公开转让的具体情况；前期向深交所提交上市申请的具体情况，是否计划继 续推进A股上市及具体安排，是否存在对本次发行上市产生重大影响的情形。据港交所5月28日披露， 深演智能向港交所递交上市申请，工银国际为其独家保荐人。 同时，列表说明全额行使超额配售权的情况下，本次境外上市及"全流通"前后股权架构的变化情况。说 明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。用通俗易懂的语言 说明公司开展智能广告投放业务的具体情况，以及是否符合《关于深入开展互联网广告整治工作的通 知》等规定要求。 说明公司及下属公司是否涉及开发、运营网站、小程序、APP、公众号等产 ...

Core Viewpoint - The company, Shenyan Intelligent, is shifting its focus from the A-share market to the Hong Kong stock market for its IPO, following a significant decline in its financial performance, including a projected 64.5% drop in net profit for 2024 and high accounts receivable at 40% of total assets [1][3]. Group 1: Company Overview - Shenyan Intelligent is a leading decision-making AI technology enterprise in China, focusing on marketing and sales scenarios, with its core business encompassing intelligent advertising placement and intelligent data management [3]. - The company operates two flagship platforms, AlphaDesk and AlphaData, which integrate advanced AI algorithms, industry expertise, and multimodal data to enhance marketing and sales decision-making [3]. Group 2: Business Operations - The AlphaDesk platform supports advertisers and agencies in executing intelligent advertising placements across multiple platforms and devices, optimizing budget allocation, and improving conversion rates and marketing efficiency [3]. - The AlphaData platform specializes in intelligent data management, enabling enterprises to systematically manage, build, and analyze proprietary customer data for automated customer relationship management [3]. - In February 2025, the company plans to launch DeepAgent, an AI agent that will further enhance the AI technology integration capabilities of its existing platforms [3].

Core Viewpoint - Beijing Deep AI Technology Co., Ltd. (Deep AI) has submitted an application for listing on the Hong Kong Stock Exchange, facing challenges due to past failed IPO attempts and declining financial performance [1][2] Financial Performance - Deep AI reported revenues of approximately 543 million RMB, 611 million RMB, and 538 million RMB for the years 2022, 2023, and 2024 respectively, with net profits of about 59.36 million RMB, 60.66 million RMB, and 21.52 million RMB during the same periods [2][3] - The company experienced a significant profit decline of 64.5% in 2024, attributed to macroeconomic challenges and reduced marketing budgets from clients [2][3] Business Segments - The company's AI marketing solutions include two flagship platforms: AlphaDesk for intelligent advertising and AlphaData for intelligent data management, with the advertising segment contributing 82.1%, 80.5%, and 85.5% of total revenue from 2022 to 2024 [4][5] - The gross profit margins for both business segments have decreased, with advertising gross profit margins at 27.4% in 2024 compared to 27.7% in 2022 [5][6] Client Dependency - Deep AI relies heavily on a few major clients, with revenue from the top five clients accounting for 51.1%, 50.2%, and 54.6% of total revenue from 2022 to 2024, indicating a risk in client concentration [6][7] Cash Flow and Liquidity - The company has a high proportion of accounts receivable, with trade receivables and notes reaching 218 million RMB by the end of 2024, representing about 40% of total revenue and total assets [6][7] - Cash reserves were reported at only 72.07 million RMB at the end of 2024, which is insufficient to cover more than a year of R&D expenditures [6][7] Industry Context - The global smart advertising services market is projected to reach 520 billion USD in 2024, with expectations to exceed 1 trillion USD by 2029, indicating a rapidly expanding market [7][8] - The Chinese decision AI application market is expected to grow from 34.5 billion RMB in 2024 to 161.5 billion RMB by 2029, with a compound annual growth rate of 36.2% [8][9] Competitive Landscape - Deep AI faces intense competition in the advertising sector, with major players like Publicis Groupe and Liou Co. developing advanced AI marketing platforms [9][10] - The company's reliance on media supplier relationships for its automated marketing platforms poses a risk if suppliers withdraw [10]

Core Viewpoint - DeepYuan Intelligent has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming to capitalize on the AI agent market by leveraging its AI-enabled decision-making technology [1][3] Group 1: Market Position and Strategy - The company is focusing on the "scenario-based AI agent" development, launching products like Deep Agent for advertising and customer service, which aligns with industry needs for AI-enabled decision systems [3] - The Chinese decision AI application market is projected to reach 34.5 billion yuan in 2024, with DeepYuan's marketing and sales decision AI platform accounting for 58.8% of this market, and a CAGR of 36.2% from 2024 to 2029 [3][4] Group 2: Product Offerings and Performance - DeepYuan's core products include AlphaDesk, which enhances ad click-through rates by over 40%, and AlphaData, which improves customer retention rates by 32% through comprehensive lifecycle management [4] - The Deep Agent product integrates the DeepSeek model with industry expertise, serving major clients across five key industries, and has achieved a market share of 2.6%, leading the sector by 1.8 percentage points [3][4] Group 3: Research and Development - The company has established AI laboratories in cities like Beijing and Shanghai, with R&D investment exceeding 25% for three consecutive years [4] - The AI marketing solutions have been implemented in over 200 enterprises, processing more than 1 billion decision requests daily [4]

Core Viewpoint - Shenyan Intelligent Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading player in the decision-making AI technology sector in China, particularly in marketing and sales applications [1] Financial Performance - In 2022, 2023, and 2024, the company recorded revenues of RMB 542.9 million, RMB 611.2 million, and RMB 537.9 million respectively, with a notable decline in 2024 attributed to challenging macroeconomic conditions affecting client marketing budgets and timelines [2] - Net profits for the same years were RMB 59.4 million, RMB 60.7 million, and RMB 21.5 million, indicating significant pressure on operations reflected in the 2024 profit drop [2] Client Dependency - The company relies heavily on a concentrated client base, with revenues from the top five clients accounting for 51.1%, 50.2%, and 54.6% of total revenue in 2022, 2023, and 2024 respectively, and the largest client contributing 22.6%, 14.0%, and 17.8% of total revenue [2] Market Competition - The decision-making AI application market in China is highly competitive and rapidly evolving, with new technologies and business models emerging continuously, posing a risk to the company's market position if it fails to maintain its competitive advantages in technology innovation, R&D capabilities, industry expertise, and brand recognition [3]

Group 1: Market Overview - The Hong Kong IPO market has seen a significant rebound, with fundraising amounting to HKD 145 billion in the past year, led by major companies like CATL and Midea Group [1] - AI remains a focal point in the market, with high valuations and substantial financing, exemplified by Fourth Paradigm's market cap exceeding RMB 29.4 billion on its first trading day [1] - The AI sector is experiencing a trend of differentiation, shifting focus from large model capabilities to more practical AI agent capabilities, emphasizing deep integration with application scenarios [1] Group 2: Decision AI Market Growth - The decision AI application market in China is poised for explosive growth, with a projected market size of RMB 34.5 billion in 2024 and a remarkable compound annual growth rate (CAGR) of 36.2% over the next five years [2] - The marketing and sales decision AI platforms are particularly prominent, expected to grow from RMB 20.3 billion in 2024 to RMB 94.4 billion by 2029, reflecting a 36.5% CAGR [2] Group 3: Company Positioning - DeepYuan Intelligent leads the decision AI application market with a 2.6% market share, significantly ahead of other competitors, attributed to its robust business model and innovative product matrix [3] - The company has developed a leading product matrix, including AlphaDesk for public traffic acquisition, AlphaData for private customer management, and Deep Agent for AI agent solutions, creating a comprehensive intelligent decision-making engine [4] Group 4: Innovation and R&D - DeepYuan Intelligent prioritizes R&D as a core driver for sustained leadership, increasing its R&D investment from RMB 46.9 million in 2022 to RMB 56.3 million in 2024, with R&D expenditure as a percentage of revenue rising from 8.6% to 10.5% [7] - The company has established three key technological pillars: an innovative full-stack marketing algorithm architecture, breakthrough large-scale real-time data processing technology, and advanced collaborative multi-agent technology based on large language models [8] Group 5: Financial Performance - DeepYuan Intelligent is one of the few AI companies that has achieved profitability for three consecutive years, with a strong customer base including nearly 90 Fortune 500 companies [10] - Despite a revenue decline to RMB 537.9 million in 2024 due to macroeconomic pressures, the company maintains a high customer retention rate of over 85% for its core products [10][13] - The company is expanding its global service network, with overseas markets contributing 13.8% to total revenue by 2024, indicating a steady increase in international influence [10][11] Group 6: Future Outlook - The shift in the intelligent agent paradigm from process-oriented to results-driven problem-solving is expected to drive significant revenue contributions for DeepYuan Intelligent's AI agent business by 2025 [13] - The company is well-positioned for sustainable growth, leveraging its strong customer relationships, global service capabilities, and technological advancements to navigate macroeconomic challenges [13][14]

Core Viewpoint - The company, Beijing Deepen Intelligent Technology Co., Ltd. (Deepen Intelligent), is attempting to go public on the Hong Kong Stock Exchange amid a wave of AI-driven IPOs, despite facing significant challenges from its previous failed A-share IPO attempt and current financial difficulties [1][7]. Group 1: IPO Journey - Deepen Intelligent submitted its prospectus for a Hong Kong IPO after previously failing to list on the A-share market due to multiple rounds of inquiries from the Shenzhen Stock Exchange [2][3]. - The company had a history of seeking to go public, including an attempt to list on the New Third Board in 2016, which was ultimately abandoned due to liquidity concerns [2]. Group 2: Financial Performance - Despite being a leader in the AI marketing sector with a market share of 2.6%, Deepen Intelligent's revenue declined from 611 million RMB in 2023 to 538 million RMB in 2024, with a significant profit drop of 64.52% to 21.52 million RMB [4]. - The company's reliance on Alibaba as a major client has decreased, with revenue from Alibaba dropping from 122 million RMB in 2022 to less than 80 million RMB in 2023 and 90 million RMB in 2024 [5]. Group 3: Liquidity Risks - Deepen Intelligent faces notable liquidity risks, with trade receivables and notes receivable reaching 218 million RMB at the end of 2024, accounting for approximately 40% of its annual revenue and total assets, which is significantly higher than the healthy range of 20%-30% [6]. - The company's cash reserves were only 72.07 million RMB at the end of 2024, raising concerns about potential liquidity crises if clients delay payments or if bad debt increases [6]. Group 4: Future Outlook - The success of Deepen Intelligent's IPO and its future in the market will depend on its ability to adjust strategies post-listing, improve financial health, and enhance risk management capabilities [7].

Core Viewpoint - DeepMind Technology Co., Ltd. (referred to as "DeepMind") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, despite experiencing a significant decline in performance amid the booming AI sector in 2024 [2][7]. Company Overview - Established in 2009, DeepMind is a decision-making AI technology company focusing on marketing and sales applications, with flagship platforms AlphaDesk and AlphaData [3]. - DeepMind serves a total of 68 clients across various industries, including e-commerce, fast-moving consumer goods, automotive, retail, beauty, and travel [3]. Financial Performance - DeepMind's revenue for the years 2022, 2023, and 2024 was 543 million, 611 million, and 538 million CNY, respectively, with net profits of 59.36 million, 60.66 million, and 21.52 million CNY [4]. - The company's gross profit margins were 30.9%, 31.2%, and 27.3% during the same period [4]. - The majority of revenue (over 80%) comes from the intelligent advertising business, with revenue contributions of 446 million, 492 million, and 460 million CNY for the respective years [4]. Client Dependency and Market Position - DeepMind's client concentration is high, with the top five clients contributing 51.1%, 50.2%, and 54.6% of total revenue in the respective years [8]. - The largest client shifted from Alibaba to WPP Group, with revenue from Alibaba dropping significantly, impacting overall profitability [8][9]. IPO and Fund Utilization - The IPO aims to raise funds for product development, expanding the sales network and customer base, strategic acquisitions, and general corporate purposes [10]. - DeepMind previously attempted to list on the A-share market but withdrew its application in June 2024, opting for a Hong Kong listing instead [5].

Core Viewpoint - Beijing DeepYuan Intelligent Technology Co., Ltd. (DeepYuan Intelligent) has submitted a listing application to the Hong Kong Stock Exchange, with ICBC International as its sole sponsor [1] Company Overview - DeepYuan Intelligent is a Chinese decision-making AI technology company focusing on marketing and sales scenarios, providing decision-making AI applications that include intelligent advertising and data management [4] - The company operates two flagship platforms, AlphaDesk and AlphaData, which leverage advanced AI algorithms and multimodal data to enable intelligent and automated decision-making in marketing and sales [4] Market Opportunity - According to Frost & Sullivan, the market size for decision-making AI applications in China is projected to reach RMB 34.5 billion by 2024 and grow to RMB 161.5 billion by 2029, representing a compound annual growth rate (CAGR) of 36.2% from 2024 to 2029 [4] - The segment focused on marketing and sales AI decision-making platforms is expected to grow from RMB 20.3 billion in 2024 to RMB 94.4 billion by 2029, with a robust CAGR of 36.5% during the same period, indicating a rising demand for intelligent, data-driven marketing solutions [4] Competitive Position - Based on projected revenue for 2024, DeepYuan Intelligent ranks first in the Chinese marketing and sales decision-making AI application market [5] - Approximately 80% of the company's revenue is derived from providing intelligent advertising and data management services [5] Client Base - The company's clients primarily consist of large and medium-sized enterprises in China with digital transformation needs, while also serving overseas clients [5] - Revenue from the top five clients for the years ending December 31 for 2022, 2023, and 2024 was RMB 277 million, RMB 307 million, and RMB 294 million, respectively, accounting for 51.1%, 50.2%, and 54.6% of total revenue for those years [5] Financial Performance - For the fiscal years 2022, 2023, and 2024, DeepYuan Intelligent reported revenues of approximately RMB 543 million, RMB 611 million, and RMB 538 million, respectively [7] - The net profits for the same periods were approximately RMB 59.4 million, RMB 60.7 million, and RMB 21.5 million [7] - Detailed financials show that gross profits were RMB 167.9 million, RMB 190.5 million, and RMB 146.6 million for the respective years [8]