New Stock Preview | Riding the Eastwind of Enterprise "Going Global", Qingtian Global Tax Pass Braces for another Venture into Hong Kong Stock Exchange

Under the wave of digital economy and globalization of trade, Chinese enterprises going global has changed from an optional choice to a mandatory question. This irreversible trend has not only led to the growth of a huge cross-border trade scale, but also generated a rigid demand for professional services such as financial and tax compliance, digital management, etc. Recently, Nanjing Qingtian Full Taxation Information Technology Co., Ltd. (hereinafter referred to as "Qingtian Full Taxation"), a company deeply rooted in the field of cross-border enterprise financial and tax digitization for more than ten years, once again submitted its application for listing to the Hong Kong Stock Exchange, intending to list on the main board of Hong Kong Stock Exchange, with ICBC International as the exclusive sponsor. What are the highlights of this company, headquartered in Nanjing, Jiangsu, and specializing in cross-border enterprise financial and tax digitization for over a decade, in its latest listing application? Financial performance fluctuates dramatically It is understood that the core business of Qingtian Full Taxation focuses on "integration of business and tax." The company provides three main solutions through the SaaS platform "Tianzhiyun": intelligent financial and tax solutions for cross-border enterprises, collaborative management of invoices, and risk control and compliance. Among them, the intelligent financial and tax solution is the company's revenue pillar, with the main products "Agile Cloud" and "Single Document Management System" helping enterprises achieve automation and compliance in export tax rebate, document filing, and other processes. From a business logic perspective, the company attempts to break through the data silos of business, customs, finance, and taxation through a modular product matrix, which theoretically has strong logical persuasiveness. However, when we closely examine its financial data, we will find some warning signals. According to the prospectus, although the company's revenue showed a slight increase, from 161 million yuan to 176 million yuan during the reporting period, its net profit performance was drastically different. In 2023, the company recorded a net profit as high as 153 million yuan, but this number plummeted to 47.6 million yuan in 2024. Although it rebounded to 57.5 million yuan in 2025, there is still a significant gap compared to the peak in 2023. This phenomenon of "increased revenue but not increased profit" directly reflects the challenges the company faces in operational efficiency. This challenge mainly stems from two aspects: first, the drastic fluctuations in gross profit margin. The company's gross profit margin was as high as 83.0% in 2023, but plummeted to 70.0% in 2024, and then rose to 80.2% in 2025. The prospectus explains that the decline in 2024 was mainly due to an increase in hardware costs. In order to enhance customer value proposition, the company provided mobile office terminals, scanners, and other hardware at cost price, which directly eroded its gross profit margin. Secondly, there is a high level of research and development investment. The company's research and development expenses in AI, big data, and other areas consistently accounted for over 20% of its revenue. Although this is normal for technology companies, it does put pressure on profitability in the short term. Of particular note is that the high profit in 2023 was partly due to non-recurring gains from changes in the fair value of financial liabilities, which to some extent obscured the true profit level of the core business. Fierce competition in a blue ocean market The industry of Chinese cross-border enterprise financial and tax digital solutions that Qingtian Full Taxation operates in is currently in a period of dividend driven by policy direction and market demand. According to data from Frost & Sullivan, the market size grew from 7.8 billion yuan in 2020 to 17.1 billion yuan in 2025, with a compound annual growth rate of up to 17.0%, and is expected to reach 35.2 billion yuan by 2030. The growth is mainly driven by China's strong import and export trade volume, the digital upgrade of tax systems, and the increasing attention from regulatory authorities towards compliance matters. Especially for new business formats like cross-border e-commerce, compliance requirements are becoming increasingly strict, making digital financial and tax tools a necessity rather than an option for enterprises. In addition, the introduction of AI technology is reshaping the industry, and the AI assistant "Shue" launched by Qingtian Full Taxation is a product that aligns with this trend, attempting to enhance product value through intelligence. However, the promising industry outlook does not mean that the company can rest easy. Qingtian Full Taxation faces an extremely challenging competitive landscape. It is understood that the top five market participants in the industry of intelligent financial and tax solutions for cross-border enterprises in China in 2025 accounted for only 4.8% of the total market share, with over 3,000 market participants. In this highly fragmented "red ocean" market, Qingtian Full Taxation ranks first in terms of revenue, but its market share is only 1.6%; in the broader market of digital solutions for cross-border enterprise financial and tax, the company ranks second with a share of 1.1%. Such low market share indicates that the industry threshold is relatively low, the risk of product homogenization is high, and the company has not yet established an absolute moat. Competitors not only include other vertical players in the field, but may also face pressure from general ERP giants like UFIDA and Kingdee, who have a broader customer base and stronger financial resources. If these giants increase their investment in the field of cross-border financial and tax, the market space of Qingtian Full Taxation will be severely squeezed. Internally, the challenges facing the company cannot be ignored. Firstly, there is the dilemma of balancing research and development investment with short-term profitability. The company's research and development expenditure has remained at around 20% for years, which is a heavy burden for a small and medium-sized enterprise that has not yet achieved economies of scale. Moreover, the development of cutting-edge technologies like AI has a high degree of uncertainty, and if they cannot be timely commercialized, it will drag down the overall performance. Secondly, the company's business highly depends on the macro environment of cross-border trade. Geopolitical tensions, increased trade barriers, or changes in export tax rebate policies may directly affect the survival and payment ability of the customer base, leading to an impact on the company's revenue. In addition, data security and compliance risks loom over the company like the sword of Damocles. With the implementation of the Data Security Law and the Personal Information Protection Law, Qingtian Full Taxation must continue to invest in meeting regulatory requirements for handling a large amount of enterprise financial and tax data. Any data leakage or compliance deficiencies could damage the company's reputation and lead to legal sanctions. Looking ahead, Qingtian Full Taxation's fundraising plans for its listing mainly focus on technological upgrades, market expansion, and strategic investments. The company hopes to enhance its product competitiveness by further strengthening its AI capabilities, such as the "Shue" intelligent assistant. Against the backdrop of increased uncertainty in the macro environment and rising geopolitical risks, the fluctuations in cross-border trade will directly impact the company's performance. Whether the company can translate its technological advantages into sustained, high-quality profit growth, rather than relying on non-recurring gains or short-term boosts from hardware sales, will be the key to testing its long-term value. In conclusion, Qingtian Full Taxation is a company in a high-growth sector with certain first-mover advantages. However, while investors focus on its industry position, they should also be aware of the volatility of its financial data, the fierceness of industry competition, and the seriousness of compliance regulation. In the Hong Kong stock market, investors often pay a premium for high-growth companies, but the premise is that the company must demonstrate stable profit quality and a clear moat. Qingtian Full Taxation's path to IPO is not just about raising capital, but also about its business model being scrutinized under more rigorous market scrutiny.