Core Viewpoint - Minglue Technology is launching a global IPO on October 23, with an expected listing on November 3, aiming to raise between 1.02 billion to 1.17 billion HKD, but faces significant financial instability and declining investor confidence [1][5]. Financial Performance - The company has shown unstable profitability, with net profits fluctuating dramatically from 1.64 billion RMB in 2022 to a projected loss of 20.3 billion RMB in the first half of 2025 [3][4]. - Research and development (R&D) expenditures have decreased significantly, from 59.2% of revenue in 2022 to only 23.4% in 2025, indicating a weakening of core technological capabilities [4][5]. IPO Details - The IPO is priced at 141 HKD per share, with a base issuance of approximately 7.22 million shares, potentially increasing to about 8.3 million shares with the green shoe option, leading to a market capitalization of around 20.4 billion HKD [1]. - The use of proceeds from the IPO includes 35% for enhancing R&D capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital [1]. Market Sentiment - Investor confidence has waned, as evidenced by a significant drop in valuation from 30.5 billion USD in 2020 to 5.4 billion USD in 2023, reflecting a decline of over 80% [5][6]. - The cornerstone investor lineup for the IPO includes seven investors, with a total investment of 59 million USD, but the quality of these investors is questioned, as many lack significant market influence [7][8]. Challenges Ahead - The company faces high entry barriers due to its dual-class share structure, which complicates its inclusion in the Hong Kong Stock Connect program, requiring a market cap of at least 20 billion HKD and a trading volume threshold [8]. - The extended lock-up period of 270 days for cornerstone investors indicates a lack of confidence in the company's immediate prospects, as it aims to prevent stock price volatility [8][9]. Institutional Demand - The IPO's structure, with nine underwriters, suggests potential insufficient demand from institutional investors, leading to the opening of international placement channels to attract retail investors [9][10]. - The high subscription rate of 1388 times as of October 27 indicates strong retail interest, but historical performance of similar IPOs raises concerns about post-listing stock performance [10].

中国营销行业AI应用丨研究报告 AI营销正进入到以"人"为颗粒度的个性化营销时代 营销5.0阶段兼具前几个营销阶段特征，技术赋能基础上搭建更为高级的营销框架，应用"类人技 术"在整个消费者体验过程中创造、传播较符合提升价值的活动。也是在此阶段，AI营销概念进入 探索期。发展到今天，AI营销进入到普及期，品牌及服务商创建专属营销大模型，由AI生成的多 模态广告内容形式更多样、ROI大幅提升，产品使用门槛大幅降低，未来会生成以"人"为颗粒度的 个性化营销，真正做到"千人千面"营销内容。 核心摘要： 人工智能（AI）技术的迅猛发展，为营销行业的数字化转型注入了新的活力，推动营销从赋能走向全能，开 启了一场深刻的变革。AI营销已成为业界关注的焦点，其核心在于突破传统营销的局限，构建全新的营销机 制，为品牌传播打造高效、精准、个性化的新型业务模式。具体而言，AI与营销的融合表现在营销生产力、 应用策略和组织、流程等多方面的适配与调整。本报告为帮助市场更清晰地了解当前AI营销市场发展的脉 络，认识AI营销业务链路变革、探究应用实践场景多样性及价值，并针对营销生态的发展、AI技术发展相关 延伸问题展开探讨。 AI营销概念及 ...

中国营销行业AI应用丨研究报告 核心摘要： 人工智能（AI）技术的迅猛发展，为营销行业的数字化转型注入了新的活力，推动营销从赋能走向全能，开 启了一场深刻的变革。AI营销已成为业界关注的焦点，其核心在于突破传统营销的局限，构建全新的营销机 制，为品牌传播打造高效、精准、个性化的新型业务模式。具体而言，AI与营销的融合表现在营销生产力、 应用策略和组织、流程等多方面的适配与调整。本报告为帮助市场更清晰地了解当前AI营销市场发展的脉 络，认识AI营销业务链路变革、探究应用实践场景多样性及价值，并针对营销生态的发展、AI技术发展相关 延伸问题展开探讨。 AI营销概念及特征 中国AI营销市场发展进程 AI营销正进入到以"人"为颗粒度的个性化营销时代 营销5.0阶段兼具前几个营销阶段特征，技术赋能基础上搭建更为高级的营销框架，应用"类人技 术"在整个消费者体验过程中创造、传播较符合提升价值的活动。也是在此阶段，AI营销概念进入 探索期。发展到今天，AI营销进入到普及期，品牌及服务商创建专属营销大模型，由AI生成的多 模态广告内容形式更多样、ROI大幅提升，产品使用门槛大幅降低，未来会生成以"人"为颗粒度的 个性化营销， ...