Beijing DataCastle Technology Co., Ltd. has successfully cleared the listing hearing on the Main Board of the Hong Kong Stock Exchange, with CICC acting as its sole sponsor. The company specializes in enterprise-level decision intelligence, harnessing its proprietary Decision Intelligence Operating System (DIOS) to bolster three core sectors: public governance, media and communications, and commercial enterprises. Based on its 2025 revenue, DataCastle leads the domestic market in enterprise-level large-model-driven decision intelligence services, commanding a 10.2% market share. Between 2023 and 2025, the company's revenue surged from RMB 249.7 million to RMB 405.3 million, marking a growth rate surpassing 60%, and maintaining a steady gross margin of around 51.2%. In 2025, DataCastle achieved a net revenue retention rate of 139.5%, and the average product deployment cycle was significantly shortened from 185 days to just 80.2 days. Nevertheless, DataCastle confronts the challenge of sustaining high R&D investment while striving for profitability. Over the same period, R&D expenses constituted 71.9%, 41.2%, and 46.3% of its revenue, respectively. By the end of 2025, the net cash flow from operating activities stood at -RMB 188 million. Looking ahead, the key areas of focus for capital markets will be whether DataCastle can expand its commercial enterprise sector, strike a balance between R&D expenditure and cash flow, and achieve profitability at the earliest opportunity.