IPO News | Minglue Technology-W is the largest supplier of data intelligence application software in China through the Hong Kong Stock Exchange Hearing Company

Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 17, Minglue Technology-W (formerly: Huizhi Holdings Limited - W) passed the Hong Kong Stock Exchange main board listing hearing, and CICC was its sole sponsor. According to Frost & Sullivan, in terms of total revenue in 2024, the company is the largest supplier of data intelligence application software in China.

According to the prospectus, with the iterative advancement of big data and artificial intelligence technology, especially the rapid development of general models, various industries and enterprises are paying more and more attention to business digitalization and intelligence. The deep integration of data intelligence and business decisions is a future trend. According to the Frost & Sullivan report, China's data intelligence application software market is expected to grow broadly, from RMB 32.7 billion in 2024 to RMB 67.5 billion in 2029, with a CAGR of 15.6%.

According to reports, Minglue Technology is a leading data intelligence application software company in China. Relying on the company's core technology and industry insight, the company provides data intelligence products and solutions, covering marketing and operational intelligence, involving online and offline scenarios. The company is committed to using big models, industry-specific knowledge and multi-modal data to transform the company's marketing and operational strategy design and decision-making processes.

The company's main customers mainly include: (i) enterprises mainly engaged in the consumer goods, food and beverage, automotive and 3C industries, which operate online and offline businesses, and aim to reach customers, establish or strengthen the brand image, achieve sales transformation and achieve business growth through various combinations; and (ii) offline retail and restaurant chain operators, which focus on generating future-oriented stores to optimize business processes, enhance customer experience, and maintain long-term growth. In 2022, 2023 and 2024, and the six months ended 2024 and June 30, 2025, revenue from the company's largest customers accounted for 11.9%, 24.4%, 19.3%, 20.0% and 18.9% of the company's revenue for each period, respectively.

On the financial side, gross margins for 2022, 2023 and 2024 and the six months ended 2024 and June 30, 2025 were 53.2%, 50.6%, 50.6%, and 55.9%, respectively. For 2022, 2023 and 2024, and the six months ended 2024 and June 30, 2025, R&D expenditure was RMB751 million, RMB481 million, RMB353 million, RMB174 million and RMB150 million, respectively.

Net profit of RMB 1,638 million, RMB 318 million, and RMB 7.949 million was recorded in 2022, 2023 and 2024. Net losses of RMB 98.66 million and RMB 204 million were recorded for the six months ended 2024 and June 30, 2025, respectively. Net profit was mainly driven by changes in the fair value of preferred shares, warrants and convertible notes relating to the Company's value in 2022, 2023 and 2024 of RMB2,815.4 million, RMB585.5 million and RMB186 million respectively.