--- title: "[IPO Sentinel] AI revenue surges, will Hande Information (300170) valuation expand?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43104352.md" description: "In July, multiple A-share companies, including $ZJ INNOLIGHT(03308.HK) and $NEXCHIP(02249.HK), successfully listed on the Hong Kong stock market, completing their "A+H" layout. On July 29, Hande Information from the A-share market also submitted its listing application to the Hong Kong Stock Exchange Main Board. Notably, the company had previously attempted to list on the Hong Kong market in December 2025, but its prospectus expired after six months; this submission marks a re-filing..." datetime: "2026-07-31T03:07:34.000Z" locales: - [en](https://longbridge.com/en/topics/43104352.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43104352.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43104352.md) author: "[财华社](https://longbridge.com/en/profiles/11651030.md)" --- # [IPO Sentinel] AI revenue surges, will Hande Information (300170) valuation expand? Entering July, multiple A-share companies, including $ZJ INNOLIGHT(03308.HK) and $NEXCHIP(02249.HK), have successfully listed on the Hong Kong stock market, completing their "A+H" layout. On July 29, Hande Information from the A-share market also submitted its listing application to the Hong Kong Stock Exchange Main Board. Notably, the company had previously attempted to list in Hong Kong in December 2025, but its prospectus expired after six months. This submission marks a re-filing. As an enterprise IT consulting and digital solutions service provider with years of operation, Hande Information has no shortage of customer base or project experience. What it truly needs to demonstrate to the Hong Kong market is whether a traditional enterprise digitalization service company can leverage AI applications and platform capabilities to break free from the valuation framework of a mere "ERP implementer" or "IT service outsourcing provider." **The foundation is enterprise digital services, while the incremental story hinges on AI and platformization** Hande Information's history dates back to July 2002, when it later listed on the A-share ChiNext board in February 2011. Looking at its stock price trend, **its shares experienced a significant drawdown this year, accumulating a decline of over 20%,** with the latest A-share market capitalization at approximately 15.7 billion RMB (same below). According to the prospectus disclosure, **Hande Information's business is mainly divided into four segments: industrial digital solutions, financial digital solutions, ERP consulting and implementation, and information technology outsourcing.** According to Frost & Sullivan data, based on 2025 revenue, the company holds about a 1.7% market share in China's enterprise IT consulting and digital solutions service market, ranking fourth overall and first among Chinese local enterprises. This indicates that Hande Information is not a startup nor a company that exploded due to a single product, but a mature player serving large and leading enterprises for a long time. Its customers cover manufacturing, consumer goods, finance, energy, and telecommunications industries, with core competencies in consulting, implementation, integration, and continuous delivery in complex business scenarios. However, precisely because of this, it was previously more easily viewed by the market as a "labor- and project-driven" enterprise IT service provider rather than a product-oriented software company with high valuation elasticity. Hande Information clearly realizes this point, **therefore emphasizing its "Unified Digital Foundation Platform" in the prospectus, which consists of an enterprise-level PaaS platform and an AI application framework as the technical base, embedding AI capabilities into industrial digitalization and financial digitalization solutions.** **Stable revenue growth, profitability recovery already evident** From operational data, Hande Information's revenue curve is relatively stable. In 2023, 2024, 2025, and the four months ended April 30, 2026, the company's revenues were 2.98 billion RMB, 3.235 billion RMB, 3.415 billion RMB, and 1.069 billion RMB, respectively. The growth rate is not aggressive, but in the enterprise IT service industry, it demonstrates relatively stable expansion capability. Among them, **the two business lines of industrial digital solutions and financial digital solutions continue to contribute significantly to overall revenue,** with their combined revenue increasing from 1.527 billion RMB in 2023 to 1.774 billion RMB in 2024, and further to 2.006 billion RMB in 2025; for the four months ended April 30, 2026, it reached 632 million RMB, with its proportion of total revenue continuing to rise. The profit side illustrates the issue even better. **In 2023, the company recorded a net loss of 14.892 million RMB; in 2024, it returned to profitability with a net profit of 196 million RMB; in 2025, it further increased to 234 million RMB; and for the four months ended April 30, 2026, the net profit was 46.325 million RMB.** Hande Information explained in the prospectus that the 2023 loss was mainly due to early expansion of sales and business teams, but revenue realization fell short of expectations, leading to increased sales expenses and decreased employee utilization; the return to profitability in 2024 and continued profit growth in 2025 were mainly attributed to continuous increases in revenue and gross margin, as well as team structure optimization, improved employee utilization, and cost control. The improvement in gross margin also corroborates this. For 2023, 2024, 2025, and the four months ended April 30, 2026, **the company's gross margins were 25.9%, 32.7%, 34.8%, and 33.6%, respectively.** In other words, Hande Information is not just relying on traditional ERP implementation business to maintain its position, but is shifting towards higher-margin, more growth-oriented digital solutions. For an established enterprise digitalization service provider, this change in revenue structure is itself a key highlight. **AI revenue growing fast, but "service background" remains strong** Notably, the most watched variable for Hande Information lies in the increase of AI-related revenue. The prospectus shows that the company's revenue from AI-related services increased from 22.1 million RMB in 2023 to 78.1 million RMB in 2024, and further to 310 million RMB in 2025, accounting for 0.8%, 2.3%, and 8.8% of annual revenues, respectively. **For the four months ended April 30, 2026, this revenue reached 121 million RMB, rising to 11.3% of the period's total revenue.** This growth speed is not slow, at least indicating that AI is no longer just a conceptual label for Hande Information, but is starting to become a tangible revenue contributor. At the same time, the company's R&D investment is also substantial. For 2023, 2024, 2025, and the four months ended April 30, 2026, R&D expenses were 232 million RMB, 248 million RMB, 244 million RMB, and 80.963 million RMB, **accounting for 7.8%, 7.7%, 7.1%, and 7.6% of revenue, respectively.** As of April 30, 2026, the company employed 1,236 full-time R&D personnel, representing 13.2% of the total workforce. But the question is, AI revenue growth does not automatically mean the company will be priced by the market as a high-elasticity software stock. Because Hande Information's business model background is still heavy. In 2025, employee costs in the company's cost of sales reached 1.45 billion RMB, accounting for about 65.1% of the cost of sales; outsourcing costs reached 520 million RMB, accounting for about 23.3%. This means that the company's revenue growth and profit improvement still heavily rely on project delivery efficiency, employee utilization, and organizational management, rather than completely depending on standardized software product replication. To put it more bluntly, Hande Information at this stage is more like an enterprise with "strong service capabilities and enhancing productization and AI capabilities," rather than a light-asset software company with typical SaaS characteristics. If the Hong Kong market wants to give it a higher valuation, the key is not whether AI is written into the prospectus, but whether AI can truly change its revenue structure, delivery methods, and profit model. **The Hong Kong market will ultimately see if AI is an "increment" or a "revaluation inflection point"** From the perspective of the Hong Kong stock market, Hande Information's core advantages are quite clear: one is a solid customer base covering multiple key industries; two is a clear trend of revenue and profit recovery; three is the continuous expansion of industrial digitalization and financial digitalization businesses; four is the rapid scaling of AI-related revenue. All these add a certain degree of persuasiveness to its re-filing. However, its difficulties are equally clear: the service attribute is still strong, the labor-driven characteristic is obvious, the proportion of project-based revenue is high, and there is still a distance from being a highly replicable product-oriented platform company. Therefore, whether Hande Information can obtain a more positive pricing in this trip to Hong Kong depends on whether AI is merely an incremental capability within the existing service system, or if it has already become sufficient to be an inflection point for revaluing old businesses. If the proportion of AI-related revenue continues to rise in the future and gradually pushes the company to shift from "doing projects with people" to "amplifying delivery with platforms," its valuation logic is expected to move up further; if AI is more just a value-added service item attached to existing projects, then the market's pricing of it will likely still lean towards traditional enterprise IT service companies. Overall, Hande Information's Hong Kong stock story is not a story of a "new economy dark horse," but a story of "how old businesses achieve revaluation through AI and platformization." It does not lack stability, but the Hong Kong market may not pay only for stability. What the company really needs to prove next is not whether it can make money, but whether it can become more valuable because of AI. **Author: Ming Xi** ### Related Stocks - [300170.CN](https://longbridge.com/en/quote/300170.CN.md) - [03308.HK](https://longbridge.com/en/quote/03308.HK.md) - [300308.CN](https://longbridge.com/en/quote/300308.CN.md) - [03030.HK](https://longbridge.com/en/quote/03030.HK.md) - [02249.HK](https://longbridge.com/en/quote/02249.HK.md) - [688249.CN](https://longbridge.com/en/quote/688249.CN.md)