Recently, Beijing Deltaphone Technology Co., Limited filed a listing application with the HKEX, with Sunny Fortune Capital Limited serving as the sole sponsor. This marks the company's second submission after its initial application lapsed in November last year. As a provider of AIoT (Artificial Intelligence of Things) production optimization software solutions focusing on key industries such as energy and manufacturing, Beijing Deltaphone Technology seeks further breakthroughs in the capital market by virtue of its project experience and technological accumulation in serving large state-owned enterprises.

A Leader in Industrial AIoT Solutions Focused on Domestic Substitution

The company's core business is to provide a comprehensive and integrated portfolio of customized AIoT production optimization software solutions and services. By leveraging AI, the Internet of Things and other advanced technologies to process production workshop data and deliver real-time insights, it empowers clients to make informed data-driven decisions on industrial processes and infrastructure.

According to a Frost & Sullivan report, based on fiscal year 2024 revenue, the company ranks as China's fifth-largest independent professional AIoT service provider. In the energy industry, its core segment, it is even the third-largest independent professional AIoT service provider in the country.

The company's business is highly focused on key basic industries such as energy (power, oil and natural gas) and tobacco. As disclosed in the prospectus, it has completed over 500 projects and served more than 150 clients, including large state-owned enterprises such as the "two major power grid giants and the three major oil giants". Such clients feature large project volumes and high cooperation barriers, forming the company's core business foundation.

In addition, the prospectus discloses that the company has independently developed an integrated technology platform named Delt@AIoT, based on which it has built more than 300 software applications. Its solutions cover three professional fields: energy management (Delt@EM), production safety, environmental protection and quality (Delt@HSEQ), and smart manufacturing (Delt@MOM), providing full-process services from design and deployment to post-maintenance.

As of September 30, 2025, the company owns more than 300 software copyrights, 50 patents, about 10 trademarks and one major domain name. Its R&D team consists of 217 members, accounting for more than 50% of the total employees. The company has been certified as a national-level specialized, sophisticated, distinctive and innovative "Little Giant" enterprise and a national high-tech enterprise, with its technological strength receiving official recognition.

Steady Revenue Growth Amid a Period of Strategic Loss

The financial data reflects the typical characteristics of this technology-driven company in the stage of expansion with high R&D investment:

Sustained revenue growth: The company's revenue increased by 18.8% from RMB 442 million in fiscal year 2023 to RMB 525 million in fiscal year 2024. In the first nine months of 2025, revenue reached RMB 275 million, a 27.4% year-on-year increase from RMB 216 million in the same period of 2024, indicating an accelerated growth rate.

Improved gross profit but continued overall loss: Gross profit rose by approximately RMB 25.4 million (24.1%) from RMB 105 million in fiscal year 2023 to RMB 131 million in fiscal year 2024. Gross profit climbed from RMB 52.217 million in the first nine months of 2024 to RMB 69.786 million in the same period of 2025, demonstrating the gradual optimization of the profitability of its solutions. However, the company has remained in a net loss position during the reporting period, with net losses of RMB 297 million, RMB 228 million and RMB 114 million in fiscal year 2023, fiscal year 2024 and the first nine months of 2025 respectively.

Observed by NewTimeSpace from the prospectus disclosure, the company's losses are mainly due to the fact that gross profit is insufficient to cover the relatively high sustained R&D investment and employee costs for business operations. In fiscal year 2024, the company recorded adjusted net profit (measured in accordance with non-IFRS standards), driven by both the growth in gross profit and the overall reduction in employee scale.

3. Outstanding orders underpin future revenue: As of the end of September 2025, the company's total outstanding unfulfilled orders amounted to approximately RMB 564 million, providing strong visibility for revenue conversion in the coming period.

Backed by Intensive Capital Investment, Positioned in a High-Growth Golden Track

Beijing Deltaphone Technology's shareholder lineup highlights its "national team" attributes and the high recognition of industrial capital. Multiple rounds of financing since 2019 have not only provided capital but also brought profound industrial resources:

Early-stage financing (Pre-A to A+ Rounds): Attracted well-known institutions including Cloud Week Venture Capital, Sinovation Ventures and China Merchants Innovation Capital.

Growth-stage financing (B and C Rounds): The shareholder list was further expanded to a luxury alliance of "national team" investors and top-tier industrial capital, including: CICC CTS Logistics Investment (invested RMB 80 million), Shenzhen Venture Capital (invested RMB 65 million), Bank of Communications Investment (invested RMB 50 million), Yuexiu Jinchan (invested RMB 50 million), SAIC Jinshi (invested RMB 80 million), etc. The participation of these investors has provided the company with strong credit endorsement and potential for business synergy.

Valuation growth path: The company's post-investment valuation has witnessed a stepped rapid rise, from approximately RMB 120 million in the 2019 Pre-A Round, to RMB 380 million (A Round), RMB 700 million (A+ Round), RMB 1.85 billion (B Round), and reaching approximately RMB 2.35 billion in the 2022 C Round financing. This reflects the capital market's recognition of its track and industry position.

In addition, the AIoT solution market where the company operates is in a golden development period driven by both policies and market demand. According to Frost & Sullivan, the scale of China's AIoT solution market has grown rapidly from RMB 54.1 billion in 2020 to RMB 111.9 billion in 2024, with a compound annual growth rate (CAGR) of 19.9%. Driven by strong relevant national policies, the market scale is expected to reach RMB 220.9 billion by 2029. Particularly in the energy management sub-sector, the company's core layout, the market scale is projected to grow from RMB 17.5 billion in 2025 to RMB 32.7 billion in 2029, with a CAGR of approximately 16.9%, providing broad space for the sustained expansion of its advantageous business.

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