Revenue doubled in three years, NDR 126%: Cross-border compliance AI leader Euro Tax has knocked on the door of the Hong Kong Stock Exchange.

The story of cross-border e-commerce has been told for ten years, with the market's focus consistently on platforms, sellers, and supply chains. However, as the iron curtain of global regulation slowly descends, a hidden yet rigid aspect comes to lightcompliance. On September 3, Shenzhen Oushuitong Holdings Limited (VATAI Holdings) officially submitted its IPO application to the Hong Kong Stock Exchange, embarking on its journey to go public. What it brings is not a new consumer brand, but a business that safeguards "China's outbound" endeavors: cross-border e-commerce compliance services. This is a typical "water seller" trackwhen countless individuals rush overseas, the ones ensuring steady revenue are often those who assist with visas, tax filings, and obtaining permits. Oushuitong's uniqueness lies in how it has transformed this labor-intensive and challenging trade into a standardized, scalable platform using "AI Agent + Agentic skills + API + RPA." To fully understand Oushuitong, one must first grasp three foundational judgments: compliance is shifting from a "cost item" to a "survival item"; going overseas is transitioning from "store competition" to "product competition"; and technical services are increasingly replacing manual agents as the mainstream delivery model. Once these three trends are established, their investment value will find its leverage. AI agentsthe underlying logic behind achieving a gross profit margin of 52.9%. According to data from Zhiwise Consulting, Oushuitong ranks as the world's leading cross-border e-commerce compliance service provider, both globally and in mainland China, projected in terms of sales by 2025; it holds a 21.5% market share in the cross-border compliance platform sector in China, with sales exceeding the total of the second to eighth placed competitors; as of June 30, 2026, it has cumulatively served over 264,000 paying users across 121 countries and regions worldwide. Unlike traditional intermediary agencies that rely on manual processing, Oushuitong adopts a cross-border compliance platform business model, delivering verifiable compliance business outcomes to clients, carving out a growth path that resonates among technology, commerce, and industry. The traditional cross-border compliance industry has long depended on offline manual agents, heavily reliant on individual experiences of practitioners, leading to opaque processes, lengthy delivery cycles, and uncontrollable costs. Sellers merely purchase "agent processes," unable to guarantee the final compliance outcome. Leveraging the foundational technologies of "AI Agent + Agentic skills + API + RPA," Oushuitong is reshaping the service paradigm in the industry, establishing official interfaces with multiple countries' tax authorities, trademark offices, environmental agencies, and e-commerce platforms. It breaks down fragmented and complex transnational compliance rules into standardized product modules, automating the massive workload of declarations, document verifications, and risk assessments. In terms of business layout, Oushuitong has developed a complete matrix encompassing seven business platforms and four core business sectors: covering corporate tax compliance, environmental compliance, product testing and certification, and intellectual property protection, fully addressing the compliance needs throughout the entire lifecycle of cross-border sellers. The validation of Oushuitong's technological foundation is reflected in three "firsts": the world's first full-stack cross-border compliance cloud platform, the world's first AI-driven compliance testing tool, and the launch of "Little O," China's first cross-border compliance AI agent, in August 2026. AI is not just a narrative; it is backed by solid data. The prospectus reveals that Oushuitong's AI-enabled material review process has handled 22,520 service orders, accounting for 97% of similar orders, with an accuracy rate exceeding 95%; the average handling of VAT and EPR service orders has increased by 77% year on year; Oushuitong's OCR engine serves all seven major brands, improving document processing efficiency by approximately 80% and reducing manual data entry costs by about 70%. This enterprise-level agent network is the fundamental reason why Oushuitong can maintain a stable gross profit margin of 52.9% while achieving high revenue growthcompliance services have transformed from a "manpower tactic" to an "AI leverage." Three-Year Revenue Compound Growth Rate of Approximately 48% Investors ultimately look at the numbers. Oushuitong's financial performance over the past three years is the most persuasive section of this A1 form. The prospectus indicates that Oushuitong's revenue in 2024 is projected to reach 350.5 million yuan, a year-on-year increase of 45.9%; revenue is further expected to grow by 50.8% to 528.5 million yuan in 2025, showing robust growth momentum. By 2025, the company is expected to achieve an adjusted net profit exceeding 100 million yuan, with an adjusted net profit margin of 19.3%, and a long-term stable gross profit margin above 52%. Breaking it down, the three-year revenue compound growth rate is approximately 48%, with adjusted net profit exceeding 100 million yuan in 2025, while the gross profit margin remains stable at 52.5% to 53.2% over three yearsthis is extremely rare in B2B services and directly demonstrates the operational leverage resulting from "technology replacing labor." Profit quality is equally solid: net cash inflow from operating activities is projected at 269 million yuan in 2025, exceeding the net profit for the same period. The "flywheel effect" has more direct evidence. The net dollar retention rate (NDR) has climbed from 104% in 2023 to 126% in 2025, significantly surpassing the industry averageexisting clients not only stay but continue to increase their purchases. The ARR is expected to grow by 49.5% year on year in 2025, with the number of paying users increasing from 87,000 in 2023 to 246,000 in 2025, while the revenue share from the top five clients remains low at only 2.8%. In terms of business structure, the revenue share from environmental compliance (EPR, carbon compliance) has risen from 39.5% to 44.5%, becoming the largest business line, validating the explosion of the emerging demand for "green compliance"; the share of product testing and certification has increased from 7.1% to 13.7%. More than 83% of revenue in 2025 is expected to stem from compliance products related to Europe, highly overlapping with the most strictly regulated market globallythis represents both an advantage and highlights the potential for expansion in the Americas and Asia. Conclusion Investing in Oushuitong essentially bets on a simple proposition: the deeper globalization goes, the more complex compliance becomes; and the more complex compliance is, the greater the need for standardized and intelligent infrastructure. It transforms the most uncontrollable aspects of cross-border tradetax type differences, rule changes, certification processes, and intellectual propertyinto measurable, manageable, and subscription-based cost items. Legal mandatory requirements and system-level interfaces form natural barriers, while AI and data assets continuously strengthen this wall. With a 126% retention rate, customers show a willingness to stay long-term. On the stage of the Hong Kong Stock Exchange, such a companyestablished in a policy-driven, resilient demand sector, financially robustis a rare find. Going overseas is never a path without storms. But as the tide rises globally, what is often most valuable is the one who calibrates the compass and processes the customs documentation for everyone. Oushuitong's listing gives the capital market an opportunity to seriously examine this business that "turns uncertainty into certain revenue."