值得注意的是，通过整合交通机构授权的GPS数据与用户行为数据，MetaLight构建了从数据采集到智 能决策的全周期技术闭环，其计划将业务拓展至电力交易、工业互联网、共享电动自行车等领域，这为 其未来的国际化发展提供了广阔空间。ADIA在投资决策中通常考虑企业的国际化潜力，MetaLight的国 际化拓展计划使其成为ADIA的潜在投资标的。 从财务数据来看，2022-2024年，MetaLight营收从1.35亿元增至2.06亿元，年复合增长率达23.6%;经调整 净利润从981万元跃升至5422万元，毛利率稳定在76%以上。尽管广告收入占比超98%，但公司正通过 SaaS模式向交通部门提供线路优化服务，2024年已与295个机构达成合作，数据技术服务收入同比增长 120%，收入结构多元化趋势显著。 管理规模高达9930亿美元(2024年3月数据)的ADIA，诞生于1976年，承载着阿联酋石油财富的全球化野 望。作为中东规模最大的主权基金，其使命是将"黑金"转化为跨世代传承的金融资产，投资版图横跨85 个国家，从纽约曼哈顿地标到埃克森美孚、花旗，从Zelis、Fisher等美国科技巨头到京东方、蔚来汽 车、美 ...

Investment Rating - The report suggests a cautious subscription for Yuan Guang Technology (2605.HK) [1][4] Core Viewpoints - Yuan Guang Technology is a provider of intelligent services in the public transportation sector in China, leveraging big data to offer real-time bus arrival information through its "Che Lai Le" mobile app. The company has seen a significant increase in mobile advertising revenue, which constituted 85.2%, 96.2%, and 98.0% of total revenue in 2022, 2023, and 2024 respectively [2][4] - The demand for intelligent public transport services is growing rapidly due to China's economic development and urbanization. The public transport information service market in China is projected to grow from RMB 900 million in 2020 to RMB 2.1 billion by 2024, with a compound annual growth rate (CAGR) of 25.9% [3] - Yuan Guang Technology's revenue has shown strong growth, with figures of RMB 135 million, RMB 174 million, and RMB 210 million for 2022, 2023, and 2024 respectively. The company's gross margins are also healthy, at 73.0%, 76.3%, and 76.4% for the same years [4] Summary by Sections IPO Details - The IPO price is set at HKD 9.75, with a total fundraising amount of HKD 1.60 billion. The total number of shares offered is 24.856 million, with approximately 90% allocated for international placement and 10% for public offering [1] Market Growth - The public transport information service market in China is expected to reach RMB 5.1 billion by 2029, with a CAGR of 18.7% from 2024 to 2029, driven by the adoption of digital solutions in the transportation sector [3]

Investment Rating - The investment rating for the company is set at ★★★☆☆ [4] Core Insights - The company operates a mobile app called "Che Lai Le," which utilizes big data analytics to provide real-time and accurate public transport arrival information, establishing a solid foundation for mobile advertising revenue [1] - As of December 31, 2024, "Che Lai Le" is the largest real-time public transport information platform in mainland China, covering 274 cities and boasting a cumulative user base of approximately 298.4 million [2] - The company generates revenue primarily through programmatic and brand advertising, with programmatic advertising revenue accounting for 74.6%, 85.5%, and 93.1% of total revenue in 2022, 2023, and 2024, respectively [2][3] Financial Summary - The company's revenue for the fiscal years ending December 31 is projected as follows: 1.35 billion RMB in 2022, 1.75 billion RMB in 2023, and 2.06 billion RMB in 2024 [4] - The company is expected to incur losses of -0.20 billion RMB in both 2022 and 2023, with an anticipated loss of -0.26 billion RMB in 2024 [4]