IPO Investment Analysis Framework for Shenzhen Woke Feifan Technology Co., Ltd.

As the specific prospectus and financial data of Shenzhen Woke Feifan Technology Co., Ltd. are temporarily unavailable through public channels, I need to explain the current information restrictions to you and provide a methodological framework for investment analysis:

Based on current public information, the company’s detailed business model, financial data, and competitive advantages have not yet been fully disclosed. A complete investment analysis can only be conducted after the prospectus is released on HKEXnews. The prospectus will include the following key information:

• Company history and shareholding structure
• Business model and revenue composition
• Management’s Discussion and Analysis (MD&A)
• Audited financial statements for the past 3-5 years
• Risk factor disclosures
• Use of proceeds
• Industry position and competitive analysis

Huatai International is a leading Chinese-funded securities firm, and its role as sponsor can be evaluated from the following dimensions:

1. Business Model Analysis
   • Proportion of core business revenue and growth trend
   • Customer concentration and supplier dependence
   • Technical barriers and replicability

2. Financial Fundamental Assessment
   • Compound Annual Growth Rate (CAGR) of revenue and profit
   • Gross profit margin and net profit margin trends
   • Matching degree of operating cash flow and net profit
   • Asset-liability ratio and liquidity

3. Valuation Rationality
   • Valuation multiples of comparable peer companies (P/E, P/S)
   • Valuation range corresponding to the fundraising amount and number of shares issued

4. Cornerstone Investors and Anchor Investors
   • Quality of institutional investors introduced
   • Lock-up period arrangements and shareholding structure

Before obtaining the complete prospectus, specific investment ratings cannot be given for the time being. It is recommended to pay attention to the following risks:

• Company business compliance risks
• Industry policy uncertainties
• Implementation risks of fundraising projects
• Lock-up period arrangements and selling pressure

To obtain specific investment analysis of this company, it is recommended to:

1. Visit the HKEXnews website to search for documents related to “Woke Feifan” or “Huatai International”
2. Wait for the prospectus to be released, after which I can provide you with detailed financial analysis and valuation modeling
3. To track the IPO progress in real time, you can follow the “New Listings” column of HKEX

If you can provide the company’s stock code (if available) or a more detailed business description, I can further conduct targeted analysis.