New stock outlook | The fierce battle is taking place in the AI marketing track, will the leading position of DeepBlue Technology, with greatly fluctuating performance, be challenged?

Since 2026, with the comprehensive acceleration of AI technology penetrating the global scene and the stimulus of ByteDance, Alibaba, and other major factories accelerating the commercialization of AI, AI applications have quickly risen to become the core theme of the capital market - AI+ marketing, AI+ healthcare, AI+ pharmaceuticals and other sub-sectors taking turns to shine. Leading companies such as BlueFocus Intelligent Communications Group (300058.SZ), Easy Click Worldwide Network Technology (301171.SZ), Jiangsu Eazytec Co., Ltd.(688258.SH), Jiangxi GETO New Materials Corporation(300986.SZ) have doubled their stock prices in just 10 trading days, becoming the most eye-catching leaders in this round of market trends. The outbreak of this round of AI application market is not accidental: after three years of capital frenzy in the AI hardware industry, the market's core expectations for 2026 have shifted from "computing power infrastructure competition" to "application implementation". This shift in investment logic from "hardware frenzy" to "application rise" has already laid the groundwork in the market, waiting for the dual catalysis of performance and scenarios to emerge. Under the industrial wave where AI applications are expected to become the main theme of the capital market, companies actively seize the window of "application implementation" and accelerate the process of capitalization. This includes Beijing Shenyan Intelligent Technology Co., Ltd. (referred to as: Shenyan Intelligent), which has already initiated the process of listing in Hong Kong. It is understood that Shenyan Intelligent submitted an application for listing on the main board of the Hong Kong Stock Exchange for the second time on December 1, 2025, with CICC as the exclusive sponsor. It is worth noting that the company had already submitted an initial application to the Hong Kong Stock Exchange on May 28, 2025. According to Frost & Sullivan data, as a decision-making AI technology company, with revenue calculated in 2024, Shenyan Intelligent ranked first in the Chinese marketing and sales decision-making AI application market with a market share of 2.6%. Obviously, in the marketing and sales decision-making subsection, Shenyan Intelligent has become a leader in the industry. However, looking at the financial reports, Shenyan Intelligent's performance fluctuates significantly. According to the prospectus, Shenyan Intelligent's revenues from 2022 to 2024 were approximately RMB 543 million, RMB 611 million, and RMB 538 million, respectively, with adjusted net profits of approximately RMB 59.36 million, RMB 70.81 million, and RMB 21.52 million during the period. In the first half of 2025, Shenyan Intelligent's revenue was RMB 277 million, an increase of 5.73% year-on-year, with adjusted net profit of RMB 13.367 million, a substantial increase of 760.72%. Why is Shenyan Intelligent, as an industry leader, experiencing significant performance fluctuations? What risks and challenges does the company's business operations face? With the continuous drive of the AI industry trends, what valuation will the capital market provide? These are the core issues that investors need to delve deeper into. Imbalance in business structure, revenue fluctuates with macroeconomic changes Looking back at Shenyan Intelligent's journey towards capitalization, its path to listing has been full of twists and turns. In 2016, the company first attempted capitalization by submitting a listing application to the New Third Board and receiving acceptance, but due to issues such as insufficient liquidity in the New Third Board market and low valuation, the company eventually voluntarily abandoned the listing. In 2022, Shenyan Intelligent turned to the A-share Growth Enterprise Market (GEM) for a sprint, but encountered three rounds of inquiries during the review process. After nearly two years of negotiations, the company eventually withdrew its listing application in June 2024, resulting in failure on its first attempt at the GEM. And now, can Shenyan Intelligent succeed in moving to the Hong Kong stock market? Established in 2009, Shenyan Intelligent is one of the earliest companies in China to apply AI technology to enterprise marketing and sales digital transformation. In 2011, Shenyan Intelligent developed its proprietary AlphaDesk advertising AI decision platform, designed specifically for digital advertising scenarios with large data volumes and real-time execution. By 2017, Shenyan Intelligent had launched its proprietary enterprise customer relationship management AI decision platform, AlphaData, aimed at improving the way companies manage their own customer data and extracting value from it. AlphaData enables companies to implement data-driven, personalized lifecycle strategies to drive user growth, increase retention rates, and enhance long-term user value. After the wave of generative AI swept the globe, Shenyan Intelligent launched the Enterprise AI Intelligent Body System Deep Agent in February 2025. This system consists of a series of intelligent body products that use intelligent body technology and industry-specific technology to execute tasks in various marketing and sales scenarios. With this, Shenyan Intelligent's business layout has encompassed two major decision-making AI platforms for advertising delivery and enterprise CRM, as well as the generative AI platform of intelligent body, forming a closed-loop layout on AI technology. However, looking at the revenue structure, Shenyan Intelligent's main sources of revenue are currently intelligent advertising delivery and intelligent data management, with the two accounting for 84.6% and 14.5% of the revenue, respectively, in 2024. Intelligent advertising delivery is the core business of the company, while the revenue share of intelligent body remains relatively small. As of November 25, 2025, Shenyan Intelligent had signed 17 contracts related to Deep Agent, with a total contract value of only about RMB 11.9 million. From a customer perspective, according to the prospectus, since its establishment, Shenyan Intelligent has served approximately 530 end customers from various industries, including 89 Fortune Global 500 companies. These end customers are distributed in industries such as e-commerce, FMCG, automotive, retail, beauty, and travel and catering. Among them, FMCG, retail and beauty, and the internet are strong tracks for Shenyan Intelligent. In 2024, the revenue share of Shenyan Intelligent in these two major tracks was 36.7% and 30.6%, totaling over 66%; followed by the energy sector with a revenue share of 13.3%, and other areas with less than 10%. The main reason for the significant fluctuations in Shenyan Intelligent's performance in 2024 is that the company's revenue from certain overseas clients was delayed due to adjusted marketing plans, and end customers in the consumer industry and traditional automotive customers tightened budgets in the face of weak consumer demand and more challenging macroeconomic environments, leading to a 6.53% decline in revenue from intelligent advertising delivery to RMB 455 million and a 34.52% decline in revenue from intelligent data management to RMB 78.086 million during the reporting period. The company's total revenue in 2024 also declined by approximately 12%, resulting in a nearly 70% drop in adjusted net profit during the period. In the first half of 2025, due to increased advertising budgets from domestic internet customers and some overseas clients delaying advertising plans from 2024 to the first half of 2025, Shenyan Intelligent recorded revenue of RMB 277 million, a year-on-year increase of 5.77%. Building on the revenue growth and further reducing sales and research and development expenses, this further boosted the accelerated release of profits during the period, resulting in a 760.72% increase in adjusted net profit in the first half of 2025. The significant fluctuations in Shenyan Intelligent's performance indicate that its business, mainly focusing on intelligent advertising delivery, is subject to noticeable fluctuations with changes in the macroeconomic environment and client budgets, especially in the first half of 2025, where intelligent advertising delivery accounted for 93.1% of the company's total revenue. Therefore, how to create a more stable business structure is a key issue that Shenyan Intelligent needs to focus on. Turning "Track Dividends" into "Growth Momentum" remains a core challenge In fact, Shenyan Intelligent faces challenges in its business operations that go beyond revenue fluctuations. The high degree of dispersion in the industry and intense market competition bring potential pressures to Shenyan Intelligent's growth. Although according to Frost & Sullivan data, Shenyan Intelligent ranked first in the Chinese marketing and sales decision-making AI application market based on revenue in 2024, with a market share of 2.6%, it is worth noting that its market share corresponds to only 2.6%, while the market share of the second to fifth places is 2.4%, 2.1%, 1.9%, and 1.8%, respectively. This indicates that the market is highly fragmented, with many players and fierce competition, with over a hundred participants in the field so far. Secondly, Shenyan Intelligent relies excessively on its top customers. According to the prospectus, from 2022 to 2024, revenues from the top five customers accounted for 51.1%, 50.2%, and 54.6% of the total annual revenue, respectively, increasing year by year. Among them, revenues from the largest customer accounted for 22.6%, 14.0%, and 17.8% of total revenue. By the first half of 2025, the revenue share from the top five customers at Shenyan Intelligent further soared to 70.2%, with the largest customer contributing 23.9% of revenue, and the number of end customers dropping from 119 in the first half of 2024 to 113 in the first half of 2025, indicating a lack of customer expansion. This highly concentrated customer structure implies that once major customers adjust their cooperation strategies or reduce orders, the company's revenue may face a cliff-like decline. Furthermore, Shenyan Intelligent's research and development intensity is insufficient, which may be a shortcoming that hampers its technological iteration and competitive barrier establishment. Data shows that the company's research and development expenditures from 2022 to 2024 were RMB 47 million, RMB 54 million, and RMB 56 million, respectively, accounting for only 8.6%, 8.8%, and 10.5% of total revenue during the same period, further decreasing to 8.4% in the first half of 2025. In comparison with listed competitors, this investment scale may not support the deep cultivation of technology in the "decision-making AI + marketing scenario", which could weaken the technological barriers. This lag in technological investment is particularly pronounced when compared to industry growth rates. According to Frost & Sullivan data, the market size of the Chinese marketing and sales decision-making AI applications market increased from RMB 11.0 billion to RMB 20.3 billion from 2022 to 2024, with a compound annual growth rate (CAGR) of 35.8%, achieving sustained rapid growth. However, Shenyan Intelligent's revenue growth during the same period significantly lagged behind the industry average, indicating that it has not fully benefited from the market expansion dividends. This "growth misalignment" directly reflects the company's shortcomings in customer expansion efficiency and product differentiation capabilities, further confirming the need to enhance its competitiveness. Although facing growth pressure, the track where Shenyan Intelligent operates still shows strong long-term potential. Frost & Sullivan predicts that the market size of the Chinese marketing and sales decision-making AI applications market will increase from RMB 20.3 billion in 2024 to RMB 94.4 billion in 2029, maintaining a high CAGR of 36.5%, with a significantly visible industry beta attribute. This means the company is still in a favorable position to seize market share through strategic adjustments, but the core challenge lies in whether it can turn "track dividends" into "growth momentum". However, if it cannot optimize its business structure quickly, reduce customer concentration, and increase research and development investment to build core competitive barriers, Shenyan Intelligent may still face revenue fluctuations, profit shrinkage, or even market share losses. How successfully it deals with these challenges will directly determine the valuation logic and premium space of Shenyan Intelligent in the capital market: only by breaking through the current "single-legged growth" bottleneck, resolving customer dependence and profitability pressures, can it reshape the market's perception of its "leading AI in marketing decisions", otherwise its valuation may continue to be under pressure with the label of "high risk, low barrier".