Core Viewpoint - The AI+ sector is emerging as a significant investment trend driven by advancements in AI technology, supportive policies, and market demand, with enterprise-level AI agents expected to dominate by 2025 [1][3]. Company Overview - The company, known as Zero Intelligence, is the fifth largest provider of enterprise AI agent solutions in China, with a market share of 3% as of 2024 [1][5]. - Zero Intelligence has submitted its listing application to the Hong Kong Stock Exchange, with Minyin Capital as its exclusive sponsor [1]. Financial Performance - The company's revenue is projected to grow significantly, with increases of 95.6% and 54.8% for the years 2024 and the first nine months of 2025, respectively [1][13]. - Net profit is also expected to rise by 48.6% and 63.1% for the same periods, with net profit margins of 18.7% and 21.8% [1][13]. Market Potential - The market for enterprise-level AI agent solutions in China is expected to grow from 5.6 billion RMB in 2024 to 59.1 billion RMB by 2029, representing a compound annual growth rate (CAGR) of 60.2% [3][5]. - The industry is still in its early stages, with a low market concentration allowing multiple players to benefit from growth opportunities [5]. Product Offerings - The company's AI solutions are powered by its proprietary platform, BlackZero, which integrates large language models (LLMs) and specialized small models (SLMs) [9]. - Key products include Contract Assistant, Investment Assistant, and Brand Assistant, with Contract Assistant being the primary revenue driver [6][9]. Customer Base - The company has a high customer concentration, with the top five clients contributing 96.9% of revenue in 2023, indicating a strategic focus on select verticals with strong market demand [12][13]. - As of September 2025, the company has 26 clients for Contract and Investment Assistants and 9 clients for Brand Assistant [9][12]. Research and Development - The company has significantly increased its R&D investment, with expenses growing 2.37 times and R&D staff comprising 44% of total employees [13]. - The company has registered 21 copyrights, 6 trademarks, and 3 patents, with additional applications pending [13]. Profitability Trends - The company's gross margin has shown improvement, increasing to 41.6% in the first nine months of 2025, while maintaining stable expense ratios [13]. - Operating cash flow has improved, with a net inflow of 0.23 billion RMB in the first nine months of 2025, compared to 0.02 billion RMB in the same period of 2024 [13].

Core Viewpoint - The article discusses the growth and offerings of Zero Intelligence, a leading provider of enterprise AI agent solutions in China, highlighting its proprietary AI platform BlackZero and its market position as the fifth largest supplier in the sector with a 3.0% market share in 2024 [3][8]. Company Overview - Zero Intelligence focuses on developing AI agent solutions that enhance efficiency, scalability, and accuracy for clients, utilizing large language models (LLMs) and multi-agent systems [3]. - The company's AI solutions are driven by its proprietary platform, BlackZero, which combines publicly available LLMs with domain-specific small language models (SLMs) [3][4]. Product Offerings - The company offers three specific AI agent solutions: - Contract Assistant: Automates contract review, suggests dispute resolution methods, and streamlines legal document generation [4]. - Investment Assistant: Provides comprehensive pre-investment reports, analyzes large volumes of commercial contract data, and generates post-investment performance tracking reports [4]. - Brand Assistant: Monitors and analyzes social media and digital channels in real-time to help consumer brands predict market trends and optimize strategies [4]. Technology and Development - BlackZero is built on three core principles: user simplicity, continuous improvement, and ecosystem-driven intelligence, allowing for the breakdown of complex tasks and adaptation to specific industry needs [7]. - The company invests significantly in research and development, with expenditures of 5.1 million, 9 million, and 15.5 million RMB for the years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, respectively [7]. Market Growth - The market for enterprise AI agent solutions in China is projected to grow from 5.6 billion RMB in 2024 to 59.1 billion RMB by 2029, with a compound annual growth rate (CAGR) of 60.2% [8]. - Key drivers of this growth include advancements in LLMs, increasing demand for digital transformation, industry-specific challenges, and supportive government policies [8]. Financial Performance - Zero Intelligence's total revenue for 2023 and 2024 is reported as 86.5 million and 169 million RMB, with net profits of 21.3 million and 31.6 million RMB for the same periods [9]. - The company's gross profit increased by 77.5% from 33.7 million RMB in 2023 to 59.9 million RMB in 2024 [9]. IPO and Fund Utilization - The funds raised from the upcoming IPO in Hong Kong will be used for upgrading and further developing the BlackZero platform, expanding sales and marketing efforts, strategic acquisitions, and general corporate purposes [9].

Core Viewpoint - Shenzhen Zero Intelligence Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Minyin Capital as the sole sponsor [1] Company Overview - Shenzhen Zero Intelligence is a leading provider of enterprise AI agent solutions in China, focusing on developing AI solutions to enhance efficiency, scalability, and accuracy. According to Frost & Sullivan, the company ranks as the fifth largest supplier of enterprise AI agent solutions in China with a market share of 3.0% for 2024 [3][10] - The company's AI solutions are powered by its proprietary AI platform, BlackZero, which combines publicly available large language models (LLMs) with proprietary small language models (SLMs) to achieve a balance of breadth and precision [3] Financial Data - Revenue for the fiscal year ending December 31, 2023, is approximately RMB 86.48 million, projected to increase to RMB 169.14 million in 2024 and RMB 185.46 million in 2025 [5] - Gross profit for the same periods is expected to rise from RMB 33.72 million in 2023 to RMB 59.85 million in 2024 and RMB 77.20 million in 2025 [7] - Net profit is projected to grow from RMB 21.26 million in 2023 to RMB 31.64 million in 2024, reflecting a 48.8% increase, and further to RMB 40.41 million in 2025, marking a 63.1% increase from the nine months ending September 30, 2024 [6] Industry Overview - The market for enterprise AI agent solutions in China is expected to grow from RMB 5.6 billion in 2024 to RMB 59.1 billion by 2029, with a compound annual growth rate (CAGR) of 60.2% from 2024 to 2029 [8] - The increasing demand for digitalization and intelligent upgrades in enterprises, along with mature technology and favorable policies, are key drivers of this market growth [8] Board and Management - The board of directors will consist of seven members, including four executive directors and three independent non-executive directors, with a term of three years [12] Shareholding Structure - As of the latest practicable date, the chairman and CEO, Mr. Qiao, holds approximately 55.7% of the voting rights through direct and indirect shareholdings [14]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shenzhen Zeroth AI Technology Co., Ltd.* 深圳第零智能科技股份有限公司 (the "Company") (a joint stock company incorporated in the ...

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