Dipu Technology Hong Kong Stock Exchange: a leader in enterprise-level big model AI application, with a compound growth rate of 55% in three years

Source: Securities Times Network

On April 15, 2025, Deepexi Technology Co., Ltd. (hereinafter referred to as "Deepexi Technology") officially submitted an application for listing on the Hong Kong Stock Exchange. Public information shows that Deepexi Technology is a high-tech company that takes large models as its core. Through AI technologies and solutions, it integrates enterprises' data, operations, decision-making, and productivity knowledge, etc., and provides enterprises with in-depth intelligent applications. Currently, the company has received support from well-known independent investors represented by Hillhouse Capital, Five Source Capital, and BAI.

According to the prospectus, Deepexi Technology has currently achieved commercial implementation in multiple fields such as consumer retail, manufacturing, healthcare, and transportation. As of December 31, 2024, it has provided Data and AI services to 245 corporate customers globally, among which 81 are repeat customers, accounting for approximately 33.1%. And according to the report of Frost & Sullivan, Deepexi Technology is the top-ranked professional provider of large model artificial intelligence application solutions in the market of China's enterprise-level large model artificial intelligence application solutions.

Benefiting from the effective implementation of the company's business strategy and the continuous upgrading of its products and services, Deepexi Technology's revenue has maintained rapid growth during the reporting period. In 2024, the company's revenue reached a new historical high of RMB 243 million, a year-on-year increase of 88.3%, and the compound annual growth rate of revenue from 2022 to 2024 was 55.5%.

Leading the Domestic Enterprise-level AI Service and Aiming at the "Hundred-billion Blue Ocean"

As an important force driving industry transformation, artificial intelligence applications have rapidly become popular in enterprises in recent years. According to the report of Frost & Sullivan, the market size (in terms of revenue) of China's enterprise-level artificial intelligence application solutions market has increased from RMB 10.7 billion in 2020 to RMB 38.6 billion in 2024, with a compound annual growth rate of 37.8% during this period.

With the widespread adoption of enterprise-level artificial intelligence application solutions across various industries, Frost & Sullivan expects that the market size of China's enterprise-level artificial intelligence application solutions market is expected to reach RMB 239.4 billion in 2029, and the compound annual growth rate from 2024 to 2029 is expected to reach 44.0%.

As a leading provider of enterprise-level large model artificial intelligence application solutions in China, Deepexi Technology is expected to benefit from the outbreak of the hundred-billion-level AI enterprise service market.

Over the years, Deepexi Technology has continuously delved into the integration of "Data+AI" technologies and the application of solutions. It took the lead in constructing the FastData enterprise-level data intelligence solution with the AI-Ready data integration platform FastData Foil as its core, so as to realize the Tokenized output of enterprises' local data for AI training.

At the same time, combining with the leading AI-Ready data processing capabilities of the FastData enterprise-level data intelligence solution, Deepexi Technology has successfully promoted the FastAGI enterprise-level artificial intelligence solution with the Deepexi enterprise large model, which has completed the dual filing of algorithms and large models by the Cyberspace Administration of China, as its core capability in multiple industries, and provided customers in multiple industries with the implementation of Agentic AI applications in enterprise-level in-depth scenarios.

Currently, relying on the advantages of its technical transformation capabilities in "Data+AI", Deepexi Technology is continuously accelerating the process of implementing enterprise-level AI applications, and has rapidly achieved in-depth expansion of scenario coverage and value penetration. As of December 31, 2024, the company has cumulatively served 117 major customers with an annual revenue of over RMB 1.5 million. From 2022 to 2024, the revenue contributed by major customers increased from RMB 83.5 million to RMB 217 million, and the average annual revenue of major customers increased from RMB 0.38 million to RMB 0.48 million. Its business widely covers multiple vertical fields such as consumer retail, manufacturing, healthcare, and transportation.

The revenue of AI solutions increased by 13 times year-on-year, and enterprise-level AI applications are on the verge of explosion.

The high-ceiling market of enterprise-level artificial intelligence applications provides Deepexi Technology with broad room for growth.

The prospectus shows that from 2022 to 2024, the revenues contributed by Deepexi Technology's FastData enterprise-level data intelligence solutions were RMB 100 million, RMB 122 million, and RMB 153 million respectively, maintaining a growth rate of over 20% for two consecutive years. The revenue growth of the company's FastAGI enterprise-level artificial intelligence solutions was even more remarkable, increasing from RMB 6.55 million in 2023 to RMB 90.4 million in 2024, a year-on-year increase of nearly 13 times. In 2024, the revenue of the company's AI enterprise service business accounted for more than 37%, and the growth momentum was strong.

The rapid growth of the revenue of Deepexi Technology's AI enterprise service business benefits from the huge potential demand in the enterprise-level AI service market and the company's forward-looking judgment of the market, as well as its continuous deep cultivation of products and services. Different from some large model applications that can only perform document sorting and data query, Deepexi Technology's FastAGI enterprise-level artificial intelligence solution directly addresses the pain points of core businesses through in-depth operation decision-making and productivity enhancement tools.

Data shows that in 2024, the number of enterprise users of the company's FastAGI enterprise-level artificial intelligence solution increased by nearly 10 times year-on-year, and the newly added customers came from leading enterprises in key industries such as consumer retail, manufacturing, healthcare, and transportation. This not only confirms from the side the technical adaptability of Deepexi Technology's FastAGI solution in complex business scenarios - it is deeply adapted to the multi-level management architecture of large enterprises, the needs of cross-system data integration, and diversified business scenarios, demonstrating the company's implementation ability from benchmark cases to industry replication. At the same time, it also reflects the urgent need for excellent enterprise-level AI services in various industries. The Chinese enterprise-level AI service market is on the verge of explosion.

Currently, relying on the experience of serving top customers, Deepexi Technology's enterprise-level large model AI application solutions demonstrate continuous attractiveness, promoting the rapid replication and implementation of industry solutions, and at the same time further optimizing the company's overall financial level. The prospectus shows that with the development of scale, the company's technical platform capabilities and industry application maturity have been improved simultaneously, and the gross profit margin has significantly increased from 29.4% in 2022 to 51.9% in 2024.

In this listing in Hong Kong, Deepexi Technology plans to raise funds through a global offering, aiming to further consolidate its leading position in the commercial artificial intelligence application market, promote industry innovation and development, and meet the huge potential demand for AI applications from enterprise-level customers.

Industry insiders said that as a pioneer in the large-scale implementation of domestic enterprise-level AI services, Deepexi Technology's IPO in Hong Kong means that it has already achieved the transition from "concept verification" to "large-scale commercial use". With the acceleration of the global digital transformation of enterprises, Deepexi Technology is expected to rely on the dual advantages of "technical core strength + in-depth scenario cultivation" to drive industry transformation, become the core hub connecting technological innovation and commercial value, and open an important window for investors to share the dividends of the AI industry.

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