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]