Fundamental Assessment and IPO Support Analysis of Fuxin Futong Technology's Hong Kong Listing

This analysis is based on Fuxin Futong Technology’s submission of a listing application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1][3][4].

• Business Model
  : The company has built a technology system of “one base, multiple capabilities, multiple applications”, integrating hardware, software, and data analysis capabilities. Relying on satellite communication, positioning, navigation, and timing technologies, it provides satellite spatiotemporal digital solutions for four core scenarios: digital transportation, digital ocean, digital city, and digital low-altitude [1][2].
• Profitability
  : From 2022 to 2024 and H1 2025, the company’s revenue was RMB 419 million, RMB 521 million, RMB 597 million, and RMB 241 million respectively; net profit was RMB 75 million, RMB 92 million, RMB 112 million, and RMB 49 million respectively, showing a sustained growth trend [1][2].
• Market Position
  : By 2024 revenue, it ranks second in the digital transportation and digital ocean sectors [1][2]; it holds national high-tech enterprise and double software enterprise qualifications, with a total of 69 patents and 72 software copyrights [2].
• Shareholders and Customers
  : Shareholders include institutions such as Yuanzhi Fuhai and Jiandao Capital, as well as listed company Xiangyou Technology (600476.SH) [1]; main customers are central enterprises like national communication operators and local state-owned enterprises [1].

1. Business Model Has Growth Potential
   : Satellite spatiotemporal digital solutions align with the industry’s digital transformation trend, and the market demand space is broad [0].
2. Resource Advantages Enhance Competitiveness
   : Strong shareholder background, central enterprise customer base, and technical qualifications provide credit and resource support for its market expansion [0].
3. Growth Sustainability Needs Verification
   : The revenue growth rate slowed in H1 2025; attention should be paid to whether the full-year performance continues the previous growth trend [0].

• Opportunities
  : Demand in the satellite technology application field is growing, and leading positions in segmented markets may help the company increase its market share [0].
• Risks
  : The business relies on the promotion of satellite spatiotemporal technology applications, so there is uncertainty about future growth; the IPO valuation has not been disclosed, so its rationality cannot be evaluated temporarily; information on major competitors has not been disclosed, so the competitive landscape remains to be clarified [0].

Fuxin Futong Technology has a clear business model, sustained growth in profit records, and leading positions in segmented sectors, with significant advantages in shareholder and customer resources [1][2]. However, attention should be paid to uncertainties such as the slowdown in revenue growth in H1 2025 and future growth relying on industry promotion. The specific IPO valuation has not been announced yet; the valuation support needs to be further evaluated after subsequent information disclosure [0].