New Stock Outlook | Yu'pu Digital Intelligence: Leading market share with fluctuating performance, limited pricing power restricts valuation expansion.

After voluntarily withdrawing from the A-share IPO in 2023, Shanghai Yuepu Data Intelligence Technology Co., Ltd. (hereinafter referred to as "Yuepu Data Intelligence") that had been silent for three years has recently officially shifted to the Hong Kong stock market. It was observed that Yuepu Data Intelligence formally submitted its listing application to the Main Board of the Hong Kong Stock Exchange on June 23, 2026, with CMSC International as its exclusive sponsor. Yuepu Data Intelligence is a domestic AI-driven social media integrated marketing service provider. According to Frost & Sullivan data, based on the revenue in 2025, the company ranked second in the Chinese social media integrated marketing service market. However, despite its leading market size, Yuepu Data Intelligence's performance has been volatile. From 2023 to 2025, the company's revenues were approximately 1.506 billion, 1.337 billion, and 1.403 billion yuan, respectively; with net profits of 49.754 million, 42.155 million, and 50.357 million yuan during the same period, both revenue and profit fluctuated. It is worth noting that on March 25, 2026, Yuepu Data Intelligence conducted a pre-IPO financing of 76 million yuan, with a post-investment valuation of 1.276 billion yuan. This valuation level may become a key anchor point for Yuepu Data Intelligence in the capital game to realize its intrinsic value after listing on the Hong Kong stock market. Full chain integrated marketing becomes a growth engine, while the continuous decline in gross profit margin highlights cost pressure Founded in 2009, Yuepu Data Intelligence has gone through three stages of development and is highly resonant with the trend of the social media industry. From 2009 to 2013 was the company's start-up period, during which Yuepu Data Intelligence explored social marketing services with the rise of social networks and gradually expanded its content marketing and customer service capabilities. From 2017 to 2021 was the growth period for Yuepu Data Intelligence, where the company followed the trend of the integration of content and effect marketing, strengthened short videos and data construction, and completed the integration and scale development of multi-platform talents. Since 2022, Yuepu Data Intelligence has entered a period of transformation and upgrading. During this stage, the company actively transformed into integrated marketing, enhancing efficiency through intelligent operations (such as YPL ICE), and fully integrated into intelligent tools for the entire chain in 2024, aiming to create long-term value through the integration of data and AI. Up to now, Yuepu Data Intelligence mainly provides three services to customers: full chain integrated marketing solutions, content integrated marketing solutions, and other marketing services. In 2025, these three businesses accounted for 51.0%, 47.9%, and 1.1% of the company's total revenue respectively. According to the prospectus, in order to avoid over-reliance on a single industry and to ensure the stability of the company's development, Yuepu Data Intelligence has built a diversified customer structure, with its service in Internet e-commerce, 3C electronics, home appliances and home electronics, daily chemical beauty, FMCG, automotive, and AI intelligent assistants brands. In 2025, Yuepu Data Intelligence served a total of 284 customers, of which approximately 188 were customers of full chain integrated marketing solutions. Since 2023, the company has served a total of 130 brands with national influence. It was observed that Yuepu Data Intelligence's revenue fluctuations were mainly due to the significant fluctuations in the business of content integrated marketing solutions. Although the full chain integrated marketing business benefited from market demand expansion, with revenues steadily increasing from 5.05 billion yuan in 2023 to 7.15 billion yuan in 2025, it was still difficult to fully offset the fluctuations in the business of content integrated marketing solutions. In 2024, in order to optimize cash flow, Yuepu Data Intelligence actively reduced cooperation with clients with long settlement cycles, leading to a year-on-year decline of 34.1% in revenue from content integrated marketing solutions to 6.18 billion yuan. With the recovery of demand and efforts from top clients, this business saw a recovery in 2025, with a year-on-year growth of 8.8% to 6.72 billion yuan. Meanwhile, other marketing services, as a marginal business, saw a continuous decrease in revenue share. While experiencing revenue fluctuations, Yuepu Data Intelligence's gross profit margin has been continuously declining, reaching 12%, 11.4%, and 10.8% from 2023 to 2025, respectively. This is because the increasing demand from clients involves more medium and long-tail talents, leading to an increase in procurement costs. It is worth noting that in 2025, despite the continuous decline in gross profit margin, the company achieved a recovery in profitability, with a year-on-year increase of 19.46% to 50.357 million yuan. This was mainly due to two reasons: the overall revenue growth increase of 4.93% and the reduction in sales and administrative expenses, which promoted the release of profits. Therefore, the current growth momentum of Yuepu Data Intelligence shows a significant differentiation: the full chain integrated marketing, benefiting from the market demand dividend, has become the only stable growth engine, while the content integrated marketing is still in a painful period of optimizing customer structure, with significant revenue fluctuations. More critically, the continuous decline in gross profit margin indicates that the company is under increasing cost pressure. To address this, efforts need to be made to deepen cost-cutting measures to improve overall business performance. The social integrated marketing market continues to grow rapidly, with weak bargaining power as a significant flaw Looking at the current development status of Yuepu Data Intelligence in the entire marketing industry, one can more clearly observe the opportunities and challenges facing the company in its operations. According to Frost & Sullivan data, from 2021 to 2025, the scale of the Chinese social media marketing service market has grown from 0.4 trillion to 0.7 trillion yuan, with a compound annual growth rate of 13.1%. In the future, with the increasing importance of social platforms, the increasingly complex social ecology, along with the demand for professional influencers, digitization, and overseas expansion, the market is expected to grow from 0.7 trillion yuan in 2025 to 1.2 trillion yuan in 2030, with a compound annual growth rate of 12.6%, maintaining a rapid double-digit growth in the entire market. However, the real structural opportunity lies in the field of "integrated marketing." According to Frost & Sullivan, from 2025 to 2030, the compound annual growth rate of integrated marketing services is expected to reach 35.2%, significantly exceeding the industry average by over 20 percentage points, becoming the core engine driving market growth. As a leading company in this field, Yuepu Data Intelligence is positioned on this high-growth "fast track," with its strategic opportunity period clearly identified. But with opportunities come challenges. While riding on the industry's growth, the hidden operational concerns of Yuepu Data Intelligence are not to be overlooked. The first is the intense market competition. Although the Chinese social media integrated marketing service market can sustain rapid growth, it is relatively fragmented and fiercely competitive, with the market share of the industry leader being only 4%, while Yuepu Data Intelligence ranks second with a market share of 1.8%, without a significant gap compared to the bottom three. In such a tight competitive landscape, continued intensifying competition has become inevitable. Secondly, the company's bargaining power in the industry chain is squeezed from both upstream and downstream, which to some extent hinders the release of profits. In the upstream, media resources are rigid costs, and from 2023 to 2025, media resource costs accounted for 97.2%, 96.9%, and 97.4% of Yuepu Data Intelligence's revenue costs, respectively. With such a high ratio, if the media resources on the platform increase in price, the company's gross profit margin may come under direct pressure. When facing downstream, key account (KA) customers (clients with an annual contribution exceeding 10 million yuan) have strong bargaining power, which poses risks of price squeeze. Combined with the intense market competition, this may make it difficult for upstream costs to be efficiently passed down to downstream, affecting the company's profit levels. The prospectus data further confirms the weak bargaining power of Yuepu Data Intelligence in the industry chain. From 2023 to 2025, although the company's accounts receivable turnover days have slightly decreased year by year, they have remained high at 145 days to 166 days, while accounts payable turnover days have been only 26 days to 30 days during the same period. This difference in turnover, with "upstream immediate payment, downstream credit sales," forces the company to bear a significant financial pressure. Of particular concern is that by 2025, the total amount of the company's trade receivables and bills had reached 598 million yuan, accounting for 76.92% of the current assets, indicating that most of the company's operational funds are being occupied by downstream customers without compensation. This not only faces the risk of bad debt impairment, but also puts the company into a negative cycle of "scale expansion - tight funds - high liabilities," squeezing the safety margin of the capital chain. According to the prospectus, from 2023 to 2025, Yuepu Data Intelligence's asset-liability ratio was 41.97%, 53.54%, 69.43%, showing a continuous upward trend. The key to breaking the dilemma of low bargaining power in the industrial chain lies in the construction of technological barriers. However, there is a significant mismatch between the actual investment of Yuepu Data Intelligence and this goal. From 2023 to 2025, its research and development expenditures only fluctuated between 9.96 million and 11.76 million yuan, and the proportion of R&D expenses to income has never exceeded 0.8%. Against the backdrop of rapid iterations in the marketing technology industry, even though the company currently has a certain market size, this "symbolic" R&D investment may not be able to support the long-term construction of a moat. Without substantial technological breakthroughs, as industry competition intensifies, Yuepu Data Intelligence may fall into the quagmire of "increasing volume without increasing profits" or even face the risk of marginalization due to technological discrepancies.