New Stock Update | Shenyan Intelligence Submits Second Application to Hong Kong Stock Exchange in 2024 Ranking fourth in China's overall decision-making AI application market.

According to the disclosure by the Hong Kong Stock Exchange on December 1, Beijing Shenyan Intelligent Technology Co., Ltd. (referred to as Shenyan Intelligent) has submitted its application to the Main Board of the Hong Kong Stock Exchange, with ICBC International as the sole sponsor. This is the company's second submission within the year. The prospectus shows that the company is a decision-making AI technology company in China, focusing on AI applications in marketing and sales scenarios. According to Frost & Sullivan data, based on 2024 revenue calculation, the company ranks first in the Chinese marketing and sales decision-making AI application market with a market share of 2.6%. In the overall decision-making AI application market in China, due to its large scale, the company ranks fourth based on 2024 revenue with a market share of 1.6%. During the reporting period, the company provided decision-making AI applications focusing on marketing and sales scenarios, covering intelligent advertising delivery and intelligent data management. These applications include two flagship platforms, AlphaDesk and AlphaData. The company is one of the earliest in China to apply AI technology to enterprise marketing and sales digital transformation. By integrating AI technology with business scenarios, the company has built a product foundation based on technology, data intelligence, and industry expertise. In addition to the existing flagship platforms AlphaDesk and AlphaData, the company launched DeepAgent in 2025, a series of enterprise AI intelligent body products that further enhance marketing automation and efficiency by integrating with open-source large language models (LLM). The development of AlphaDesk dates back to 2011, and it is the company's proprietary advertising delivery AI decision platform designed for data-intensive and real-time digital advertising scenarios. Driven by independently developed AI algorithms and systems, AlphaDesk enables advertisers and agencies to automate and optimize ad delivery across multiple media platforms and devices. AlphaDesk ensures precise ad delivery and effective budget allocation, assisting in achieving higher conversion rates, improving marketing efficiency, and obtaining better investment returns. In February 2025, the company launched the enterprise AI intelligent body system DeepAgent, aimed at addressing various marketing and sales scenarios. The system consists of a series of intelligent body products that use intelligent body technology and industry-specific technology to perform tasks such as AI-driven analytics and consumer insight generation. With the support of open-source LLM and specific domain machine learning models, the system helps enterprises achieve operational process automation and improve decision quality. Customers can subscribe to different intelligent bodies within the DeepAgent system based on their business needs. Although DeepAgent had not generated significant revenue as of the last practicable date (November 25, 2025), the company had signed 17 related contracts with a total value of approximately RMB 11.9 million as of the last practicable date. Since its establishment, the company has built a customer base focusing on large and medium-sized enterprises with complex decision-making needs and high levels of digitization. During the reporting period, the company had served approximately 530 end customers from various industries, including 89 Fortune Global 500 companies. The company's end customers are distributed across industries such as e-commerce, fast-moving consumer goods (FMCG), automotive, retail, beauty, and airline travel and catering. The company's scenario-driven, results-oriented solutions have enabled it to maintain customer loyalty, as reflected in the high net revenue retention rate of its core products. During the reporting period, AlphaDesk's net revenue retention rate exceeded 85%, while AlphaData's net revenue retention rate exceeded 80%. Due to being recognized as a national-level small giant enterprise and the affirmation from global research institutions on the company's performance in key AI application areas, the company's brand Shenyan Intelligent has gained broad recognition in the industry. Financial Information Revenue: For the six-month periods ending on June 30 in 2022, 2023, 2024, and 2025, the company's revenue was approximately RMB 543 million, RMB 611 million, RMB 538 million, and RMB 277 million respectively. Net Income: For the six-month periods ending on June 30 in 2022, 2023, 2024, and 2025, the company's comprehensive net income for the year/period was RMB 59.21 million, RMB 53.09 million, RMB 17.67 million, and RMB 6.504 million respectively. Gross Margin: For the six-month periods ending on June 30 in 2022, 2023, 2024, and 2025, the company's gross margin was 30.9%, 31.2%, 27.3%, and 27.1% respectively. Industry Overview With the widespread adoption of AI technology, AI has been integrated into various applications, bringing about transformation and higher levels of intelligence to multiple industries. The size of the Chinese AI application market increased from RMB 20 billion in 2020 to RMB 63.9 billion in 2024, with a compound annual growth rate of 33.7% from 2020 to 2024. It is expected to further increase to RMB 283.3 billion by 2029, with a compound annual growth rate of 34.7% from 2024 to 2029. The revenue of the Chinese decision-making AI application market increased from RMB 10.6 billion in 2020 to RMB 34.5 billion in 2024, with a compound annual growth rate of 34.3%. Driven by the demand for enterprise digital transformation, exponential growth in data volumes, and technological advancement, the market size of the Chinese decision-making AI application market is expected to further expand, reaching RMB 161.5 billion by 2029, with a compound annual growth rate of 36.2% from 2024 to 2029. The market size of the Chinese marketing and sales decision-making AI application market has increased from RMB 6.2 billion in 2020 to RMB 20.3 billion in 2024, with a compound annual growth rate of 35.0% from 2020 to 2024, and is expected to reach RMB 94.4 billion by 2029, with a compound annual growth rate of 36.5% from 2024 to 2029. Board of Directors Information The board of directors consists of 12 members, including 3 executive directors, 3 non-executive directors, 3 independent non-executive directors, and 3 supervisors. Equity Structure Ms. Huang and Mr. Xie are the controlling shareholders of the company and are the concerted parties as detailed in the agreement. As of the last practicable date, Shenzhen Suling holds 20% of the equity of Shenzhen Jiu Zhang Data Technology Co., Ltd. (independent third party besides being the main shareholder of Shenzhen Suling). Intermediary Team Sole Sponsor: ICBC International Finance Co., Ltd.; Legal Advisors: Tianyuan Law Firm (Limited Liability Partnership), Beijing Zhizhong Law Firm, Long Bingkun, Yang Yongan Law Firm, Zhong Lun Law Firm, NixonPeabodyLLP, Eldan Law LLP; Sole Sponsor and Editor's Legal Advisor: Jingtian & Gongcheng Law Firm (Limited Liability Partnership); Auditors and Reporting Accountants: KPMG Huazhen LLP; Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch; Compliance Advisors: FIRST SHANGHAI Finance Co., Ltd.