On June 9, 2026, the official website of the Hong Kong Stock Exchange (HKEX) disclosed that Beijing Wenge Zhongke Technology Co., Ltd. (hereinafter referred to as 'Wenge Zhongke') had released its post-hearing information pack, signaling that the company had successfully navigated its listing hearing.

According to the Tianyancha APP, Wenge Zhongke was founded in 2017 by a group of scientists from the Institute of Automation, Chinese Academy of Sciences. The company specializes in the research and development of enterprise-level, large model-driven decision intelligence operating systems and services. Data from CIC Consulting indicates that Wenge Zhongke led the Chinese market in terms of revenue among enterprise-level, large model-driven decision intelligence service providers in 2025, capturing a 10.2% market share.

Recently, Wenge Zhongke unveiled the Decitron Decision Engine, a general decision-making large model constructed on full-stack, self-developed AI technology. This innovation has made 'general decision-making large model' a pivotal term for comprehending its decision intelligence business. The introduction of the Decitron Decision Engine epitomizes Wenge Zhongke's long-standing commitment to the decision intelligence sector, further commercializing and platformizing its technological expertise, industry experience, and engineering prowess.

Since its inception, the Wenge Zhongke team has delved deeply into complex information analysis, cognitive intelligence, social computing, multi-agent systems, and AI-assisted decision-making. These endeavors have been consistently applied in intricate business environments, including public governance, finance, media convergence, and industrial intelligence, gradually refining core competencies in data analysis, business ontology modeling, intelligent judgment, and multi-agent reasoning. Leveraging these long-term accumulations, the company has transitioned from an enterprise-level decision intelligence service provider to a productized general decision-making large model. As the IPO process progresses, Wenge Zhongke is set to step into the capital market limelight as the 'first general decision-making large model stock,' emerging as a unique asset in the AI sector of the Hong Kong stock market, backed by the Chinese Academy of Sciences, technological prowess, and a solid foundation in decision intelligence business.

Gross Profit Margin Climbs to 51.2%, NDR Hits 139.5%

As per the prospectus, Wenge Zhongke's core business has consistently centered around 'decision intelligence.' The company furnishes decision support services to government and enterprise clients through its self-developed DIOS (Decision Intelligence Operating System).

Financial data reveals that Wenge Zhongke's revenue surged from RMB 249.7 million in 2023 to RMB 405.3 million in 2025, marking an increase of over 60%. The gross profit margin escalated from 44.0% in 2023 to 51.2% in 2025, sustaining a steady 50% level.

Remarkably, the company's Net Dollar Retention (NDR) rate soared to 139.5% in 2025, signifying that existing clients augmented their spending by 39.5% compared to the preceding year.

Furthermore, the average delivery cycle for product deployment projects diminished from 185.0 days in 2023 to 80.2 days in 2025. The prospectus elucidates that, relying on the DIOS system, R&D personnel can adeptly configure and customize AI solutions in a low-code, highly scalable manner.

Pioneering the 'General Decision-Making Large Model' Landscape

Wenge Zhongke's scientific research pedigree is intricately linked to the background of its founding team from the Institute of Automation, Chinese Academy of Sciences. The company was co-established by three eminent scientists: Wang Lei, Luo Yin, and Zeng Dajun. Chairman Wang Lei, a researcher at the Institute of Automation, Chinese Academy of Sciences, has been honored with accolades such as the 'National Youth Position Expert' and the 'Wu Wenjun Artificial Intelligence Innovation Award.' CEO Luo Yin, also a researcher at the Institute of Automation, holds a senior engineer title and was selected for the Beijing Science and Technology Star Program. Co-founder Zeng Dajun is a senior expert in artificial intelligence and decision science and a fellow of IEEE and AAAS.

As of December 31, 2025, Wenge Zhongke's R&D team comprised 250 employees, constituting 43.9% of the total full-time workforce, with over 30 senior AI scientists.

The prospectus reveals that in July 2025, the company's Yayi AI Scientist secured the top spot globally in the GAIA and SimpleQA evaluations and ranked second domestically in the HLE evaluation. Additionally, it clinched the second position in the C-EVAL evaluation in January 2025 and the seventh overall in the SuperCLUE evaluation in March 2025.

In the AI4S (AI for Science) domain, Wenge Zhongke plays a pivotal role in the 'PanStone' (ScienceOne) scientific foundational large model developed by the Chinese Academy of Sciences. According to the official website, PanStone, based on a heterogeneous mixture of experts (MoE) architecture, amalgamates general intelligence with professional scientific knowledge, possessing the capability to comprehend and model multimodal scientific data such as waves, spectra, and fields. It has demonstrated application value in fields like materials, medicine, and astronomy. The model achieved two global first-place rankings and one global second-place ranking in evaluations, underscoring Wenge Zhongke's technological accumulation and model capabilities in the AI4S direction.

Wenge Zhongke continues to propel the independent research, development, and iterative upgrading of the Yayi large model, which supports 55 languages and excels in ultra-long text understanding, multimodal content parsing, and complex information extraction.

Leveraging full-stack, self-developed AI technology, Wenge Zhongke introduced the Decitron Decision Engine, a general decision-making large model tailored for complex open decision-making scenarios, in June.

Unlike traditional question-answering large models that predominantly focus on information understanding and content generation, the Decitron Decision Engine accentuates modeling, reasoning, and validation capabilities for intricate problems. This signifies that Wenge Zhongke is endeavoring to extend large model capabilities from 'understanding information and generating content' to the application level of 'reasoning paths and assisting decision-making.' For the capital market, the launch of the Decitron Decision Engine also renders 'general decision-making large model' a vital lens for understanding Wenge Zhongke's differentiated competitiveness and future productization potential.

As of December 31, 2025, the company held 154 registered patents and 108 patent applications in China. It has published over 120 AI-related papers in international authoritative journals and academic conferences such as TMM, ACL, EMNLP, and AAAI.

In terms of R&D investment, from 2023 to 2025, the company's R&D expenses amounted to RMB 179.5 million, RMB 131.0 million, and RMB 187.5 million, respectively, accounting for 71.9%, 41.2%, and 46.3% of the revenue for the respective periods.

Serving 650 Clients, with National Team Funds as Shareholders

During the track record period, the company has provided professional AI services to over 650 enterprise and government clients. In 2023, 2024, and 2025, the company served 262, 342, and 404 clients, respectively, with the number of commercial clients escalating from 131 in 2023 to 184 in 2025, marking a 40% increase.

The prospectus states that Wenge Zhongke intends to further expand AI applications into commercial and industrial sectors and continuously incubate new scenarios such as science and education, energy and sustainability, and healthcare. In the healthcare sector, the 'Dayi Jinkui' traditional Chinese medicine large model, developed in collaboration with the China Academy of Chinese Medical Sciences, has secured the highest-level Trustworthy AI certification from the China Academy of Information and Communications Technology. The company also plans to introduce a cloud-based DIOS service to further enhance product standardization and replicability. Regarding international market expansion, the company will initially concentrate on Hong Kong, the Middle East, and Southeast Asia.

Prior to the IPO, the company completed 10 rounds of financing, with investors including national-level funds such as the China Development Bank Manufacturing Transformation and Upgrading Fund, China Internet Investment Fund, and CCTV Media Industry Investment Fund, as well as renowned investment institutions like the Beijing AI Industry Investment Fund, CAS Star, Shenzhen Capital Group, and Infotech.

According to CIC Consulting data, the market size of enterprise-level, large model-driven decision intelligence in China was RMB 3.9 billion in 2025 and is projected to burgeon to RMB 37.5 billion by 2030, with a compound annual growth rate of 57.2%. As the market value of decision intelligence continues to unlock, Wenge Zhongke is poised to become a rare asset in the Hong Kong stock market, endowed with technological accumulation, a product system, and industry implementation capabilities.