Tiandi Hexing se prépare à une IPO à Hong Kong : obtenir de nouveaux grands clients avec une faible marge bénéficiaire. Le délai de rotation des comptes clients commerciaux atteint 597 jours.

Beijing Tiandi Hexing Technology Co., Ltd. (hereinafter referred to as “Tiandi Hexing”) is currently rushing to list on the Hong Kong Stock Exchange (IPO).

According to the “Daily Economic News” reporter, under high sales, marketing expenses and financial costs, Tiandi Hexing has not yet achieved profitability in the first three quarters of 2023, 2024, and 2025 (hereinafter referred to as “the reporting period”).

Meanwhile, the top five customers and suppliers of Tiandi Hexing changed frequently during the reporting period. The company’s largest customer and largest supplier in the first three quarters of 2025 were established in 2023 and 2024 respectively, and both began business cooperation with the company for the first time in 2025. This also raises questions about the stability of the company’s business.

Behind this also reveals the “secret” of Tiandi Hexing’s significant revenue growth: the company acquires new large customers at low gross profit margins. Additionally, in the first three quarters of 2025, the company’s trade receivables turnover days extended to 597 days.

Profitability to be tested: sales and marketing expenses account for over 20% of revenue, and the company has not yet achieved profit during the reporting period

According to the prospectus, Tiandi Hexing is a provider of industrial cybersecurity and energy digital intelligence integrated solutions.

From performance data, during the reporting period, Tiandi Hexing’s revenue was 474 million yuan, 727 million yuan, and 439 million yuan respectively, but the company did not achieve profit, with losses of 193 million yuan, 45.69 million yuan, and 94.67 million yuan respectively.

The losses are due to high sales and marketing expenses, which were 137 million yuan, 180 million yuan, and 95.13 million yuan respectively, each accounting for over 20% of the corresponding period’s revenue. In addition, Tiandi Hexing also bears high financial costs, which were 66.56 million yuan, 114 million yuan, and 93.93 million yuan during the reporting period.

Regarding the high sales and marketing expenses, Tiandi Hexing explained that starting from 2023, the company provides technical services such as preliminary testing, research, and analysis (usually free of charge) at the early project stage to gain project opportunities, expand the industry and customer base covered by the company, leading to relatively high sales and marketing expenses in 2023 and 2024. In the first three quarters of 2025, these expenses showed a moderate decline as the strategic goals of these marketing initiatives had been achieved.

In addition, the prospectus shows that Tiandi Hexing began acquiring part of the equity of Beijing Bikece Technology Co., Ltd. (hereinafter “Bikece”) from 2024, which is a company listed on the New Third Board. According to the announcement from the stock transfer system, on September 25, 2024, June 19, 2025, and January 20, 2026, Tiandi Hexing successively acquired 27.6016%, 10.3943%, and 13% of Bikece’s shares.

It is worth noting that Tiandi Hexing stated that on September 25, 2024, when it first acquired shares of Bikece, the company also signed a series of concerted action agreements with Bikece’s shareholders He Lirong and Zhang Jing, obtaining voting rights of 17.76% and 10.39% respectively. As a result, Tiandi Hexing held 55.75% of the voting rights and gained control, and from October 1, 2024, the company’s financial performance of Bikece was consolidated into the financial statements.

The prospectus shows that Bikece’s revenue in Q4 2024 and the first three quarters of 2025 was 82.9 million yuan and 20.059 million yuan, respectively, accounting for 11.4% and 4.6% of Tiandi Hexing’s total revenue in the same periods.

Tiandi Hexing’s financial costs mainly consist of interest on redeemed debt, which accounted for 99.5%, 95.1%, and 98.3% of the financial costs during the reporting period. The company previously issued redeemable preferred shares to investors, with a redemption obligation that incurs interest expenses.

Business stability to be tested: frequent changes in top five customers and suppliers

The reporter noted that during the reporting period, revenue from the largest customer accounted for 5.1%, 13.5%, and 24.5% of Tiandi Hexing’s total revenue, respectively, indicating a continuous increase.

Notably, the largest and fifth-largest customers in the first three quarters of 2025 are new customers that only began cooperation in 2025. In 2024, the top three customers were also all new customers that started cooperation in 2024, and the third and fourth largest customers in 2023 also only began cooperation that year.

It is worth noting that, according to the prospectus, the largest customer A in the first three quarters of 2025 was established in 2023, mainly engaged in software and hardware development and retail, cloud computing equipment sales, and information system integration and promotion, with a registered capital of 1 million yuan. In the first three quarters of 2025, Tiandi Hexing’s sales revenue from this customer reached 108 million yuan, mainly hardware and software sales. Is this transaction reasonable?

On the other hand, during the reporting period, procurement from the top five suppliers accounted for 27.3%, 57.8%, and 55.5% of the company’s total procurement. The procurement from the largest supplier accounted for 7.0%, 33.3%, and 41.5% of total procurement, respectively.

The largest, second-largest, and fifth-largest suppliers in the first three quarters of 2025 are also new suppliers that only began cooperation in 2025. In 2024, the top three suppliers were also all new that year.

Why are the top five customers and suppliers so frequently changing during the reporting period?

Additionally, the largest and second-largest suppliers in the first three quarters of 2025 are companies established in 2024. Is it reasonable that companies founded in 2024 became the largest, second-largest, and fifth-largest suppliers within the same year, especially when the procurement from the largest supplier exceeds 100 million yuan, accounting for over 40% of total procurement?

Tiandi Hexing states in the prospectus that the top five customers and suppliers are all independent third parties.

Revenue growth “secret”: acquiring new large customers at low gross margins, trade receivables turnover days reach 597 days

Despite high sales and marketing expenses, Tiandi Hexing’s gross profit margins during the reporting period were 60.9%, 50.4%, and 48.6%.

The continuous decline in gross profit margin during the period may also reveal the “secret” behind Tiandi Hexing’s rapid revenue growth.

Regarding the decline in gross profit margin in 2024, Tiandi Hexing explained in the prospectus that it was due to, on one hand, introducing a new large enterprise customer in 2024, which involved relatively high hardware and software sales for two new projects, and strategically undertaking these projects; on the other hand, the energy digital intelligence solutions business line contributed a relatively low gross profit margin in 2024. For the first three quarters of 2025, Tiandi Hexing only stated that its gross profit margin remained stable compared to the first three quarters of 2024.

As previously mentioned, the largest customer B in 2024 and the largest customer A in the first three quarters of 2025 are companies that only began cooperation during the respective reporting periods, accounting for 13.5% and 24.5% of total revenue in those periods.

The prospectus also shows that Tiandi Hexing’s revenue from customers A and B mainly comes from sales of hardware and software, which have gross profit margins significantly lower than Tiandi Hexing’s other two major business segments, at only 5.2% and 6.2% in 2024 and the first three quarters of 2025.

In other words, Tiandi Hexing obtained business from its largest customers at extremely low gross margins in 2024 and the first three quarters of 2025.

Furthermore, as revenue increased during the reporting period, Tiandi Hexing’s trade receivables grew from 664 million yuan at the end of 2023 to 1.108 billion yuan at the end of Q3 2025, accounting for 65.02% of the company’s total assets of 1.704 billion yuan at the end of Q3 2025.

Tiandi Hexing states in the prospectus that the company generally grants customers credit periods of 0 to 180 days during the reporting period. In fact, the trade receivables turnover days in the first three quarters of 2025 reached 597 days. Of the 1.037 billion yuan in trade receivables (net of impairment provisions) at the end of Q3 2025, more than half are over one year old.

During the reporting period, the trade receivables allowance for credit losses was approximately 23.8 million yuan, 52.2 million yuan, and 71.1 million yuan, respectively.

Regarding these questions, the “Daily Economic News” reporter sent an interview letter to Tiandi Hexing on March 5. As of press time, no response has been received.