On June 9, Beijing Wenge Zhongke Technology Co., Ltd. (hereinafter referred to as 'Wenge Zhongke') successfully cleared the listing hearing at the Hong Kong Stock Exchange.

As per the prospectus, Wenge Zhongke was founded in 2017 by a team of scientists hailing from the Institute of Automation, Chinese Academy of Sciences. The company is dedicated to the research and development of enterprise-level large model-driven decision intelligence operating systems and services, continuously deploying them in intricate business scenarios such as public governance, finance, media convergence, and industrial intelligence. Over time, it has amassed core competencies in data analysis, business ontology modeling, intelligent judgment, and multi-agent reasoning.

CIC data reveals that, based on 2025 revenue, Wenge Zhongke leads the pack among Chinese enterprise-level large model-driven decision intelligence service providers, boasting a market share of 10.2%.

As the IPO process progresses, Wenge Zhongke is poised to step into the spotlight of the capital market, positioning itself as the 'pioneer stock of general decision-making large models.' It is set to become a focal point in the HK stock AI sector, backed by its Chinese Academy of Sciences heritage, technological prowess, and a solid foundation in decision intelligence business.

According to the prospectus, Wenge Zhongke's core business has consistently centered around 'decision intelligence.' The company offers decision support services to government and enterprise clients through its proprietary DIOS (Decision Intelligence Operating System).

Financial data indicates that Wenge Zhongke's revenue surged from RMB 249.7 million in 2023 to RMB 405.3 million in 2025, marking a revenue growth exceeding 60%. The gross profit margin climbed from 44.0% in 2023 to 51.2% in 2025 and stabilized at 50%.

Notably, the company's net revenue retention rate (NDR) soared to 139.5% in 2025, indicating that existing clients ramped up their spending by 39.5% compared to the previous year.

Furthermore, the average delivery cycle for the company's product deployment projects was significantly reduced from 185.0 days in 2023 to 80.2 days in 2025. The prospectus elucidates that leveraging the DIOS system, R&D personnel can flexibly configure and customize AI solutions in a low-code, highly scalable manner.

"A Pioneer in 'Decision-Making Large Models'"

Wenge Zhongke's scientific research pedigree is deeply intertwined with the background of its founding team from the Institute of Automation, Chinese Academy of Sciences. The company was co-founded by three 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 awards such as the 'National Young Position Expert' and the 'Wu Wenjun Artificial Intelligence Innovation Award.' CEO Luo Yin, also a researcher at the Institute of Automation, Chinese Academy of Sciences, holds the title of Senior Engineer and was selected for the Beijing Municipal 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, accounting for 43.9% of the total full-time workforce, with over 30 senior AI scientists on board.

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

In the AI4S (AI for Science) domain, Wenge Zhongke is also a key participant in the Chinese Academy of Sciences' 'PanShi' (ScienceOne) foundational scientific large model. As per the official website, PanShi is built on a heterogeneous mixture of experts architecture (MoE), integrating general intelligence with professional scientific knowledge. It possesses the capability to understand and model multimodal scientific data such as waves, spectra, and fields and has demonstrated application value in fields like materials, medicine, and astronomy. Its model evaluations achieved two global firsts and one global second, underscoring Wenge Zhongke's technological accumulation and model capabilities in the AI4S direction.

Wenge Zhongke continues to propel the independent research and 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 its full-stack self-developed AI technology, Wenge Zhongke unveiled the Decitron Decision Machine, a general decision-making large model tailored for complex open decision-making scenarios, in June.

Unlike traditional question-answering large models that primarily focus on information understanding and content generation, the Decitron Decision Machine places emphasis on capabilities in modeling, reasoning, and validating complex problems. This signifies that Wenge Zhongke is endeavoring to extend the capabilities of large models 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 Machine also renders 'general decision-making large models' a crucial lens through which to gauge 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, Backed by National Team Funds

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

According to the prospectus, Wenge Zhongke plans to further expand AI applications into commercial, industrial, and other domains and continue to incubate new scenarios such as science and education, energy and sustainability, and healthcare. In the healthcare field, 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 intends to roll out cloud-based DIOS services to further enhance product standardization and replicability. In terms of international market expansion, the company will initially concentrate on Hong Kong, the Middle East, and Southeast Asian markets.

Prior to the IPO, the company has successfully completed 10 rounds of financing, with investors encompassing 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 such as the Beijing Municipal AI Industry Investment Fund, Zhongke Chuangxing, Shenzhen Capital Group, and Infotech.

CIC data indicates that the market size of enterprise-level large model-driven decision intelligence in China was RMB 3.9 billion in 2025 and is projected to swell 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 be unlocked, Wenge Zhongke is poised to become an investment hotspot in the HK stock market, armed with technological accumulation, product systems, and industry implementation capabilities.