Investment Rating - The report assigns an IPO-specific score of 5.8, recommending subscription to the IPO at an issue price of HKD 26.66, with an expected market capitalization of HKD 87 billion post-issue [10]. Core Insights - The company, Dipu Technology, specializes in enterprise-level AI application solutions, focusing on large model AI applications. Its core products include FastData and FastAGI solutions, with a significant shift towards FastAGI as of June 2025 [1][3]. - The company has shown explosive revenue growth, with a 118% year-on-year increase in revenue for the first half of 2025, driven primarily by the FastAGI solution, which accounted for 55% of total revenue [2][11]. - The enterprise-level AI application market is projected to grow significantly, with a CAGR of 58% from 2025 to 2029 for large model AI applications, indicating a robust market opportunity for the company [3][4]. Company Overview - Dipu Technology was established in 2018 and has served 283 enterprise clients across various industries, including retail, manufacturing, healthcare, and transportation [1]. - The company operates on a project-based service model, providing tailored AI solutions to enhance business processes and decision-making [1]. Financial Performance - For the first half of 2025, the company reported revenue of HKD 132 million, with a gross profit of HKD 73 million and a gross margin of 55% [2][11]. - The adjusted net loss for the same period was HKD 52 million, showing a narrowing loss compared to previous years [2][11]. Industry Outlook - The enterprise-level AI application market is expected to reach a revenue size of HKD 554 billion by 2025, with large model AI applications projected to capture a growing share of this market [3]. - The company holds a 4.2% market share in the enterprise-level large model AI application solutions market, ranking fifth among competitors [3]. Competitive Landscape - The report highlights a transition in the market from discriminative AI applications to large model AI applications, which is expected to benefit companies like Dipu Technology [4]. - The competitive landscape includes major players such as Baidu, iFlytek, Alibaba, and SenseTime, with varying market shares [3]. Use of Proceeds - The company plans to allocate 40% of the raised funds to enhance R&D capabilities, 30% to expand its sales network, 15% for overseas business development, and the remaining for operational funding and potential investments [9].