Preview of new stocks|18C track welcomes challengers again: Can the decision-making intelligent leader, Zhongke Wenge, cross the profitability watershed?

In the current context where artificial intelligence technology is gradually penetrating into vertical industries from the "Battle of Hundred Models" of general large models, the competition focus of enterprise-level AI is quietly shifting. The market is no longer just concerned with the scale of model parameters, but rather values whether the technology can truly integrate into complex business processes, output measurable, high-value decision support. Against this backdrop, Beijing Zhongke Wenge Technology Co., Ltd. (hereinafter referred to as "Zhongke Wenge") has officially submitted its prospectus to the Hong Kong Stock Exchange, intending to list on the main board of the Hong Kong stock market in accordance with Chapter 18C "Tech-focused Company" rules, with CICC as the sole sponsor. If successful in listing, this will not only be another benchmark enterprise focusing on enterprise decision intelligence in the Hong Kong stock market, but also be the highly anticipated "First Stock of Artificial Intelligence from the Chinese Academy of Sciences". As a participant from the "national team" originating from the Institute of Automation of the Chinese Academy of Sciences, Zhongke Wenge has secured a place in the enterprise-level large model race with its profound scientific research background and unique decision intelligence positioning. However, while its revenue is steadily climbing, Zhongke Wenge also faces various risks including continued losses and intensified industry competition. From "General Conversation" to "Business Decision-making" Leap In the current AI race, general large models are blossoming, but how to truly make AI understand complex business logic and assist in decision-making has always been a pain point for enterprise-level applications. Zhongke Wenge's core competitiveness lies in its precise entry into the subfield of "decision intelligence". Unlike common chatbots or content generation tools on the market, Zhongke Wenge is dedicated to solving the problem of "large models not understanding business". It is understood that the company's business logic is built on a technology system called DOMA. This system deeply integrates data governance, industry knowledge modeling, large model capabilities, and intelligent body systems. Simply put, Zhongke Wenge is not just providing a model, but constructing a complete chain from "raw data" to "business insights". Its core product - Decision Intelligence Operating System (DIOS), can help clients process massive multimodal data and transform it into high-execution value business decision recommendations. This selection of technological paths has enabled Zhongke Wenge to establish a moat in the three major fields of media and communications, public services, and commercial enterprises. According to data from Zhoushi Consulting, based on revenue in 2024, Zhongke Wenge ranks first among Chinese enterprise-level large model-driven decision intelligence service providers with a market share of 11.4%. This data powerfully demonstrates its leading position in vertical segments. Especially in the field of public services, the company has served many top users, which not only brings stable cash flow but also provides valuable training ground for its technology in complex scenarios. More importantly, the blue ocean that Zhongke Wenge is deeply cultivating is showing astonishing explosive power. Data from Zhoushi Consulting shows that the Chinese enterprise-level large model-driven decision intelligence market is expected to expand rapidly from 2024 to 2030 at a compound annual growth rate as high as 53.8%, far exceeding the average growth rate of 19.2% in the enterprise-level AI market. By 2030, the market size is expected to skyrocket to 35.8 billion yuan. This clearly indicates that decision intelligence is not just a subsidiary of general AI, but the key engine that drives large models from "perception generation" to "analysis decision", and is the most valuable and urgently needed part of enterprise intelligence transformation. As a leader in the race, Zhongke Wenge undoubtedly occupies the best position for future growth. Steady Revenue Growth and the Quagmire of Losses Financial data is a core indicator of measuring a company's health. However, from the prospectus of Zhongke Wenge, we see a set of tension-filled contradictory data: on one hand, there is steady revenue growth and the continuous optimization of gross profit margin, on the other hand, there is the reality of continuous expansion of net losses and the yet to achieve profit-loss balance. Let's first look at the growth side. From 2023 to 2025, Zhongke Wenge's operating income will be 250 million yuan, 318 million yuan, and 405 million yuan respectively. Over the three years, the compound annual growth rate of revenue reached 27.4%, demonstrating a strong development resilience. Even more gratifying is that the company's gross profit margin increased to 51.2% in 2025, a significant improvement compared to 44.0% in 2023. The improvement in this indicator signifies an increase in the standardization of the company's products and preliminary manifestation of scale effects. In addition, the net income retention rate (NDR) as high as 139.5% in 2025 is a highly valuable data point, indicating strong repurchase and additional purchase intentions from existing customers, the company's business model is transitioning from one-time project-based to a high stickiness subscription-based service, which is a cornerstone of long-term value for SaaS companies. However, on the other side, Zhongke Wenge is currently still deeply in the quagmire of losses. Despite the increase in revenue, the amount of losses has not narrowed simultaneously. It is noted that the annual net losses of the company during the reporting period were 260 million yuan, 157 million yuan, and 166 million yuan respectively, with a total accumulated loss of about 583 million yuan over three years. Although the adjusted net loss has decreased from 186 million yuan to 100 million yuan year by year, showing an improvement in loss control capabilities, the fact that profitability has not been achieved yet still looms over investors like a Damocles sword. Analyzing the reasons for its losses, high R&D investment is a core factor. During the same period, the company's R&D expenses were as high as 180 million yuan, 131 million yuan, and 188 million yuan respectively. As a technology-driven company, in the fast-changing realm of AI technology iteration, maintaining high levels of R&D investment is a necessary condition to keep technological barriers, but it undoubtedly puts immense pressure on the company's cash flow. This strategy of "exchanging losses for technology" is difficult to change in the short term, which also means that after listing, Zhongke Wenge still needs to continuously explain to the capital market when it will be able to cross the "break-even point". Transitioning to "Diversified Efforts" From the latest business layout, the company is actively undergoing strategic adjustments to reduce dependence on a single area. The adjustment of the business structure is a key point for Zhongke Wenge's future. In the past, public services (To G) was the absolute main force of the company, accounting for over 50% at one point. However, data from the prospectus shows that this proportion is decreasing, while the revenue share from the commercial enterprise (To B) sector has increased significantly from 14.5% in 2023 to 31.9% in 2025. This transition from a "single main pillar" to "diversified efforts" is accompanied by growing pains, but it is the necessary path for companies to move towards mature markets. Commercial clients usually are more sensitive to prices and demand higher delivery efficiency, which will further drive Zhongke Wenge to improve the standardization of its products and the efficiency of its commercialization. The capital raised in this IPO is planned to be mainly used for upgrading basic models, expanding cross-industry customers, and seeking overseas strategic mergers and acquisitions. This indicates the company's intent to accelerate entry into overseas markets and seek a second growth curve through the power of capital. However, this vision faces tests from multiple risks. Firstly, there is a risk of restructuring the valuation logic. The enthusiasm of the Hong Kong stock market for AI concept stocks in 2026 has cooled down from its peak, investors are more rational, and they value the company's ability to generate profits more. As a company that has yet to be profitable, the valuation model of Zhongke Wenge will face serious challenges, and the market may have lower tolerance than expected. Secondly, there is a risk of intensified competition. With internet giants and leading enterprises entering the enterprise-level AI industry one after another, the competition in the race is increasing. If Zhongke Wenge is unable to maintain its absolute technological advantage, its market share in the field of decision intelligence may be eroded. Finally, there is the risk of macroeconomic uncertainty. The prospectus specifically mentioned the geopolitical risks that may be encountered in overseas expansion, and for Chinese AI companies planning to go global, this is an unavoidable variable. In conclusion, Zhongke Wenge's journey to listing is a profound game between technological ideals and commercial realities. It has a top-notch research team, a unique decision intelligence positioning, and steady revenue growth, all of which are its valuable assets. However, the continuous losses and fierce market competition also pose obstacles on its way forward. For the capital market, Zhongke Wenge is not just an investment target, but also a touchstone to test whether Chinese "hard-tech" companies can achieve a perfect integration of technology and business. The future path to take will not only test the wisdom of the founding team but will also determine the true value of being the "First Stock of Artificial Intelligence from the Chinese Academy of Sciences".