Core Viewpoint - Deep Intelligence, a leader in AI applications for marketing and sales decision-making in China, has shifted its focus to the Hong Kong Stock Exchange after previously planning to list on the New Third Board and the ChiNext, submitting an updated prospectus recently. The company reported a revenue of 540 million yuan last year, holding a market share of 2.6% [1]. Revenue Structure - The revenue structure of Deep Intelligence remains largely unchanged since its initial application to the ChiNext three years ago, with revenue sources primarily from intelligent advertising and data management. The company increasingly relies on its early business of intelligent advertising, which poses challenges for its path to the capital market due to heavy dependence on a single business and fierce competition for future growth [1]. - For the years 2022 to 2024, Deep Intelligence's revenues were 543 million yuan, 611 million yuan, and 538 million yuan, with 82.1%, 80.5%, and 85.5% of revenue coming from intelligent advertising, respectively. In the first half of this year, the revenue from this segment increased to 93.3% [2]. Client and Supplier Overlap - Deep Intelligence boasts a client list that includes 89 Fortune Global 500 companies across various sectors such as fast-moving consumer goods, automotive, and retail. However, there exists a complex interest structure where some clients are also suppliers, leading to potential conflicts of interest [4]. - The company holds a leading position in the marketing and sales decision-making AI application market with a 2.6% market share, while its closest competitors hold shares of 2.4%, 2.1%, 1.9%, and 1.8% [4]. Customer Dependency - Deep Intelligence has been criticized for its reliance on a small number of major clients. The revenue from the top five clients accounted for 51.1%, 50.2%, and 54.6% of total revenue from 2022 to 2024, with 70.2% of revenue coming from these clients in the first half of this year [7]. Competitive Landscape - The competitive landscape for Deep Intelligence includes intelligent advertising service providers, enterprise data management service providers, and other emerging players in the industry. The company emphasizes the intense market competition it faces [6].

Core Viewpoint - DeepYuan Intelligence, previously known as PinYou Interactive, is transitioning to the Hong Kong Stock Exchange in the first half of 2025, having submitted an updated prospectus. The company is a leader in AI applications for marketing and sales decision-making in China, with projected revenue of 540 million yuan and a market share of 2.6% in 2024 [2][8]. Revenue Structure - The revenue structure of DeepYuan Intelligence remains largely unchanged since its previous application for the ChiNext board, with revenue sources primarily from intelligent advertising and data management. The reliance on intelligent advertising is increasing, with its revenue share rising to 93.3% in the first half of 2025 [2][4]. - Revenue figures for 2022 to 2024 are 543 million yuan, 611 million yuan, and 538 million yuan, with 82.1%, 80.5%, and 85.5% of revenue coming from intelligent advertising, respectively [4]. Profitability and Financial Performance - The gross margin of DeepYuan Intelligence has declined compared to its 2022 application for the ChiNext board. The adjusted net profit is projected to be 13.367 million yuan in the first half of 2025 [2]. - The revenue from intelligent data management decreased from 29.169 million yuan in the first half of 2024 to 18.445 million yuan in the first half of 2025, primarily due to budget cuts from clients, especially in the traditional automotive sector [5]. Client and Supplier Dynamics - DeepYuan Intelligence serves 89 Fortune Global 500 companies across various industries, which enhances its credibility in the capital market. However, there is a complex relationship where some clients are also suppliers, leading to potential conflicts of interest [7]. - The company has reported that 70.2% of its revenue in the first half of 2025 came from its top five clients, indicating a high dependency on a limited client base [10]. Market Position and Competition - In the marketing and sales decision AI application market, DeepYuan Intelligence holds a leading position with a market share of 2.6%, while its closest competitors have shares of 2.4%, 2.1%, 1.9%, and 1.8% [8]. - The competitive landscape includes major players in the industry, with DeepYuan Intelligence focusing on providing services rather than competing directly with larger platforms like Tencent and Alibaba [8][9]. IPO Journey - This marks DeepYuan Intelligence's third attempt at an IPO, having previously applied for listings on the New Third Board and the ChiNext board. The company emphasizes the intense market competition it faces [9].

Core Insights - The China Securities Regulatory Commission (CSRC) has accepted IPO applications from several companies for listing on the Hong Kong Stock Exchange, indicating a growing trend of domestic companies seeking overseas capital markets [1][3]. Group 1: Company Summaries - **Dazhu CNC Technology Co., Ltd.**: A provider of PCB (Printed Circuit Board) specialized production equipment solutions, primarily serving core infrastructure suppliers across various downstream industries such as servers, automotive electronics, mobile phones, computers, and consumer electronics. The majority of its revenue comes from mainland China [3][4]. - **Shanghai Kaijie E-commerce Co., Ltd.**: A digital retail solutions provider that assists brand owners in establishing efficient e-commerce infrastructures and enhancing online sales. Its solutions cover the entire value chain of the e-commerce ecosystem, including brand positioning, product development consulting, retail operations, channel management, marketing promotion, fulfillment, and data and IT services [4]. - **Beijing Shenyang Intelligent Technology Co., Ltd.**: A decision AI technology company focused on marketing and sales applications. It ranks first in the Chinese marketing and sales decision AI application market with a market share of 2.6% as of 2024. In the broader decision AI application market, it ranks fourth with a market share of 1.6% [4]. - **Ganzhou Hemei Pharmaceutical Co., Ltd.**: A biopharmaceutical company established in 2002, dedicated to discovering and developing proprietary small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, Inflammatory Bowel Disease, and chemotherapy development [4]. - **Elpiscience Biopharmaceuticals, Inc.**: Engaged in indirect overseas listing, focusing on biopharmaceuticals [3].

Group 1: IPO Applications - The China Securities Regulatory Commission (CSRC) accepted IPO applications for several companies including Dazhu CNC, Kaijie E-commerce, Shenyang Intelligent, and Hemei Pharmaceutical for listing on the Hong Kong Stock Exchange [1][3] - The report covers the period from December 1 to December 6, 2025, indicating a growing trend of domestic companies seeking overseas listings [1] Group 2: Company Profiles - Dazhu CNC specializes in PCB (Printed Circuit Board) production equipment solutions, serving various downstream industries such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3][4] - Kaijie E-commerce provides comprehensive and customized digital retail solutions to brand owners, enhancing their e-commerce infrastructure and driving online sales [4] - Hemei Pharmaceutical, established in 2002, focuses on discovering and developing small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, and Inflammatory Bowel Disease [4] - Shenyang Intelligent is a decision-making AI technology company, ranked first in China's marketing and sales decision-making AI application market with a market share of 2.6% as of 2024 [4]

Core Insights - The China Securities Regulatory Commission (CSRC) has accepted the IPO applications of several companies for listing on the Hong Kong Stock Exchange from December 1 to December 6, 2023 [1] Group 1: Company Summaries - Dazhu CNC Technology Co., Ltd. specializes in PCB (Printed Circuit Board) production equipment solutions, serving various downstream industries such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3] - Shanghai Kaijie E-commerce Co., Ltd. provides comprehensive and customized digital retail solutions to brand owners, helping them establish e-commerce infrastructure and enhance operational efficiency across the entire e-commerce ecosystem [4] - Beijing Shenyuan Intelligent Technology Co., Ltd. is a decision-making AI technology company, ranked first in China's marketing and sales decision-making AI application market with a market share of 2.6% as of 2024 [4] - Ganzhou Hemei Pharmaceutical Co., Ltd. is a biopharmaceutical company focused on discovering and developing small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, Inflammatory Bowel Disease, and chemotherapy development [4]

招股书显示，深演智能拟将此次IPO募集资金分别用于持续研发决策AI(人工智能)应用产品、拓展销售网络、选择性地寻求战略收购， 以及营运资金及其他一般公司用途。 据港交所官网消息，北京深演智能科技股份有限公司(以下简称深演智能)于12月1日向港交所呈交了IPO(首次公开募股)申请文件，工银 国际为独家保荐人。这是深演智能于2025年5月28日首次递表时隔半年失效后再度递表。 公司官网 记者注意到，2022年、2023年、2024年和2025年上半年(以下简称报告期内)，深演智能的营收和净利润呈波动趋势，2024年甚至出 现"双降"。2025年上半年，深演智能不到20%的终端客户贡献超过70%的收入，客户集中度越来越高。另外，深演智能存在账期错配的 问题，导致其现金周转周期延长。报告期内，深演智能还存在欠缴员工社保和住房公积金的问题，3年半时间内累计欠缴金额约为3400 万元，但公司在2024年却派发4000万元分红。 2025年12月3日，深演智能的公关公司"皓天财经"回复《每日经济新闻》记者，深演智能将不迟于2026年12月31日根据相关监管部门的 要求整改与社会保险及住房公积金供款相关的违规行为。 大客户集 ...

Core Viewpoint - 深演智能科技股份有限公司 has submitted its listing application to the Hong Kong Stock Exchange for the second time, focusing on AI applications in marketing and sales, amidst a competitive and rapidly changing market [1][2]. Group 1: Company Overview - 深演智能 is a decision-making AI technology company that emphasizes AI applications in marketing and sales scenarios, ranking first in China's marketing and sales decision-making AI application market with a market share of 2.6% as of 2024 [2][3]. - The company has developed a product matrix centered around two flagship platforms, AlphaDesk and AlphaData, with the latest addition being Deep Agent [3]. Group 2: Financial Performance - The company's revenue figures for the years 2022 to 2025 (first half) are approximately 543 million, 611 million, 538 million, and 277 million RMB respectively, with net profits of about 59 million, 61 million, 22 million, and 3.6 million RMB for the same periods [3][4]. - The revenue from the top five clients accounted for 51.1%, 50.2%, 54.6%, and 70.2% of total revenue in 2022, 2023, 2024, and the first half of 2025 respectively, indicating a high dependency on a limited client base [5]. Group 3: Market Competition - The market in which 深演智能 operates is described as highly competitive and rapidly changing, with significant risks if the company fails to compete effectively against existing or emerging competitors [6][7]. - Competitors may have advantages such as longer operating histories, stronger brand recognition, and better financial, technical, and marketing resources, which could lead to price pressures and reduced profit margins for 深演智能 [7].

Core Viewpoint - Deep AI has submitted an updated prospectus to the Hong Kong Stock Exchange, showcasing strong financial performance with a revenue of approximately 277 million yuan in the first half of 2025, reflecting a year-on-year growth in both revenue and net profit, with net profit increasing by 134.3% [1][6]. Group 1: Financial Performance - In the first half of 2025, Deep AI reported a significant turnaround in cash flow management, with net cash flow from operating activities improving from a negative 20.67 million yuan to 33.05 million yuan, an increase of 53.72 million yuan year-on-year [6]. - The company's asset structure has improved, with cash and cash equivalents increasing by 32.88% compared to the previous period, while accounts receivable decreased by 19.58% [6]. - Deep AI has maintained high customer retention rates, with AlphaDesk and AlphaData showing net revenue retention rates of over 85% and 80% respectively, and an overall customer net revenue retention rate of 95.5% in the first half of 2025 [6]. Group 2: Strategic Direction - Deep AI has established a clear strategic focus with its "All in AI Agent" positioning, aiming to enhance marketing efficiency and effectiveness through intelligent agents [2][5]. - The company plans to launch its enterprise AI agent system, Deep Agent, in February 2025, followed by an upgraded version, DeepAgent Neo, in June 2025 [2][5]. - Deep AI has developed over twenty intelligent agents tailored for various business functions, including sales, customer service, and product research, creating a comprehensive capability matrix for enterprise-level intelligent agents [5]. Group 3: Market Position and Industry Outlook - Deep AI has solidified its position as a leading player in the decision-making AI sector, ranking fourth in China's overall decision-making AI application market and first in the marketing and sales decision-making AI application market [7]. - The decision-making AI market is expected to experience explosive growth, with the market size projected to reach 34.5 billion yuan in 2024 and grow to 161.5 billion yuan by 2029, reflecting a compound annual growth rate of 36.2% [7]. - The marketing and sales segment is identified as a core growth driver, with an expected market size of 20.3 billion yuan in 2024, projected to reach 94.4 billion yuan by 2029, with a compound annual growth rate of 36.5% [7].

Core Insights - Beijing Deep Intelligence Technology Co., Ltd. (Deep Intelligence) has submitted its IPO application to the Hong Kong Stock Exchange amid the transformative wave of generative AI in various industries [1] - The company holds a leading position in China's marketing and sales decision-making AI application market, with a revenue scale of RMB 538 million and a market share of 2.6% in 2024 [3] Financial Performance - Deep Intelligence's revenue increased from RMB 543 million in 2022 to RMB 611 million in 2023, but fell to RMB 538 million in 2024, a year-on-year decline of approximately 12.0% due to macroeconomic factors [3][4] - The net profit experienced a significant drop from RMB 60.7 million in 2023 to RMB 21.5 million in 2024, a decrease of 64.5% [4][5] - The company reported a revenue of RMB 277 million in the first half of 2025, showing a growth of 5.8% compared to RMB 262 million in the same period of 2024 [3][4] Business Model and Strategy - Deep Intelligence operates two main business lines: AlphaDesk for intelligent advertising and AlphaData for intelligent data management, with AlphaDesk contributing 85.5% of total revenue in 2024 [7][9] - The company has launched a new product, Deep Agent, aimed at integrating AI technology into business decision-making processes, with 17 contracts signed worth approximately RMB 11.9 million as of mid-2025 [9][10] - The company serves around 530 clients, including 89 Fortune Global 500 companies, indicating strong customer retention with a net revenue retention rate exceeding 85% for AlphaDesk [9][10] Customer Dependency and Risks - The revenue concentration from the top five clients increased to 70.2% in the first half of 2025, up from 51.1% in 2022, highlighting a significant dependency on major clients [10] - The company has a cash position of RMB 95.8 million as of mid-2025, indicating short-term financial stability, but requires IPO funding for large-scale technology investments [5][6] Shareholder Structure - The company is primarily controlled by its founders, with CEO Huang Xiaonan holding 20.96% and co-founder Xie Peng holding 14.77% of the shares [11] - Notable institutional investors include China Mobile's fund, which holds 10.92%, and other significant shareholders [11] Market Outlook - Deep Intelligence aims to leverage its strengths in data management and cross-platform advertising to expand internationally, with overseas client revenue accounting for 24.9% in the first half of 2025 [14] - The IPO is seen as a strategic move to alleviate operational cash flow pressures and position the company for growth in the AI 2.0 era, focusing on decision intelligence [14]

Core Viewpoint - Beijing DeepYuan Intelligent Technology Co., Ltd. (DeepYuan) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for AI product development, sales network expansion, strategic acquisitions, and general corporate purposes [1][2]. Financial Performance - DeepYuan's revenue and net profit have shown volatility during the reporting period, with a projected decline in both metrics for 2024 [1][5]. - The company reported revenues of RMB 5.43 billion, RMB 6.11 billion, RMB 5.38 billion, and RMB 2.77 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [5][7]. - Net profits for the same periods were RMB 593.62 million, RMB 606.58 million, RMB 215.2 million, and RMB 36.39 million [5][7]. - The gross margin for the reporting period was 30.9%, 31.2%, 27.3%, and 27.1%, with a notable decline in 2024 attributed to a decrease in revenue without a corresponding drop in costs [5][8]. Revenue Composition - Over 90% of DeepYuan's revenue comes from intelligent advertising, with revenue contributions from this segment increasing from 82.1% in 2022 to 93.3% in the first half of 2025 [2][3]. - The company serves approximately 530 end customers, including 89 Fortune Global 500 companies, with a significant concentration of revenue from a small number of clients [3][9]. Client Concentration and Risks - DeepYuan's revenue concentration is increasing, with less than 20% of its end customers contributing over 70% of its revenue in the first half of 2025 [9][10]. - The company has acknowledged issues with cash flow management, including a mismatch in payment terms, leading to extended cash conversion cycles [11][12]. Compliance and Governance Issues - DeepYuan has faced issues with underpayment of employee social insurance and housing funds, totaling approximately RMB 34 million over three and a half years, while distributing RMB 40 million in dividends last year [1][12]. - The company has committed to rectifying these compliance issues by December 31, 2026, in accordance with regulatory requirements [1][12].