Frost & Sullivan Intelligence Technology Co., Ltd. (stock code:2723.HK) successfully listed on the main board of the Hong Kong capital market on May 27, 2026. Frost & Sullivan&Sullivan,hereinafter referred to as"Frost & Sullivan"
Frost & Sullivan Intelligence Technology Co., Ltd. wassuccessfully listed on May 27, 2026, with plans to issue 9.068 million shares, 90% of which will be offered internationally and 10% domestically in Hong Kong. The issue price per share was HK$55.5, raising approximately HK$499 million in total funds.
During this listing process in Hong Kong, Frost & Sullivan provided exclusive industry advisory services to help the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer’s competitive advantages. We assist the issuer in completing sections of the prospectus such as overview, competitive advantages and strategy, industry overview, and business, as well as communicating with the Stock Exchange and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the issuer in responding to various questions from the Stock Exchange regarding the industry.
Frost & Sullivan has always been a leader in helping companies list in Hong Kong. According toLeadLeo Big Data (statistical data as of March 31, 2026), over the past 36 months and 12 months, and from January to March 2026, Frost & Sullivan provided listing industry advisory services for 195, 101, and 30 HK IPO listings respectively, ranking first in terms of number of services provided. It has extensive industry experience and communication skills with regulatory authorities, exchanges, investment institutions, and related entities.
Part.01
Investment Highlights
·In2024 revenue terms, Frost & Sullivan Intelligence Technology Co., Ltd. is the largest AI application provider for marketing and sales decision-making in China;
· In2024 revenue terms, Frost & Sullivan Intelligence Technology Co., Ltd. is the fourth largest AI application provider for decision-making in China;
· In addition to Frost & Sullivan Intelligence’s flagship platformsAlphaDesk and AlphaData, Frost & Sullivan Intelligence launched the enterprise AI agent DeepAgent in 2025 to address various marketing and sales scenarios;
· Frost & Sullivan Intelligence has served approximately530 end customers from various industries, including 89 Fortune Global 500 companies.
According to Frost & Sullivan report, in2024 revenue terms:
· Frost & Sullivan Intelligence is the largestAI application provider for marketing and sales decision-making in China;
· Frost & Sullivan Intelligence is the fourth largestAI application provider for decision-making in China.
Part.02
China Decision-MakingAI Application Market Overview
China Decision-MakingDevelopment of the AI Application Market
Decision-MakingAI applications use AI technology to deeply analyze, model, and reason over large amounts of multi-source heterogeneous data, and simulate human cognition and decision-making processes based on default rules or adaptive optimization mechanisms. This helps enterprises achieve automated or intelligent-assisted decisions in various business processes, thereby improving operational efficiency, optimizing resource allocation, and enhancing market competitiveness. The value brought by Decision-Making AI applications to enterprises lies in improving decision quality, increasing automation levels, and minimizing costs.
●Improving Decision Quality
Enterprises have traditionally relied on manual judgment in decision-making processes, which may be limited by various biases and information processing capabilities. Decision-MakingAI applications can quickly process and analyze large amounts of data, automatically discovering patterns and trends through machine learning and data mining. They can uncover hidden patterns and trends that manual analysts might overlook, resulting in more accurate, consistent, and objective outcomes.
●Enhancing Automation Levels
Decision-MakingAI applications can increase automation levels by quickly processing and analyzing large amounts of data. This capability allows enterprises to respond more quickly and accurately to complex business scenarios while reducing reliance on manual intervention.
●Minimizing Costs
Traditional enterprise decision-making processes often incur high costs due to incorrect decisions and repeated trials. Enterprise Decision-MakingAI applications utilize data-driven insights from AI technology to make smarter, more informed, and automated decisions, helping enterprises reduce such avoidable costs.
China Decision-MakingThe revenue size of the AI Application Market in China increased from RMB 10.6 billion in 2020 to RMB 34.5 billion in 2024, with a compound annual growth rate of 34.3%. Driven by the need for digital transformation, exponential growth in data volume, and technological progress, the market size of China Decision-Making AI Applications is expected to expand further, reaching RMB 161.5 billion by 2029, with a compound annual growth rate of 36.2% from 2024 to 2029.
Source: Frost & Sullivan Report
Part.03
China Marketing and Sales Decision-MakingAI Application Market Overview
China Marketing and Sales Decision-MakingDevelopment of the AI Application Market
Marketing and sales are important application areas of Decision-MakingAI in enterprises. Marketing and sales decision-Making AI applications involve using AI technology to analyze large amounts of marketing and sales data from various channels to optimize decision-making processes and improve business efficiency. For the marketing department, these applications can enable real-time analysis of customer behavior and market trends, allowing for intelligent adjustment of marketing strategies based on corporate goals, thereby improving the precision of digital advertising. For the sales department, these solutions help businesses effectively increase customer conversion rates, simplify customer management, accelerate sales conversions, and seize growth opportunities in competitive markets, ultimately boosting performance.
Marketing and Sales Decision-MakingThe value that AI applications bring to enterprises lies in improving public domain customer acquisition and maximizing the value of enterprise customers:
●Improving Public Domain Customer Acquisition
Due to the lack of data-driven decision-making tools and processes, enterprises often face issues with poor digital advertising performance. Marketing and sales decision-MakingAI applications can analyze digital advertising data, optimize advertising strategies, and improve the return on investment of digital advertising. By identifying target audiences and predicting their likelihood to make purchase decisions, these AI technologies help advertisers make more informed bidding decisions, ensuring cost-effective and outcome-oriented advertising spending.
●Maximizing Value of Enterprise Customers
Without effective decision-making tools, enterprises often fail to fully leverage the potential of their customer base, limiting the rate of repeat purchases and profitability. By leveraging data andAI, Marketing and sales decision-Making AI applications enable enterprises to establish comprehensive customer profiles, implement personalized strategies for different groups, and nurture private customer engagement. These capabilities help enterprises deepen customer relationships, enhance user life cycle value, and ultimately maximize the commercial potential of the customer base.
Decision-Making in China Marketing and Sales MarketsThe market size of the AI Application Market in China increased from RMB 6.2 billion in 2020 to RMB 20.3 billion in 2024, with a compound annual growth rate of 35.0%. Driven by the need for enterprise digital transformation, exponential growth in data volume, and technological progress, the market size of China Decision-Making AI Applications is expected to further expand, reaching RMB 94.4 billion by 2029, with a compound annual growth rate of 36.5% from 2024 to 2029.
Source: Frost & Sullivan Report
China Decision-MakingMarket Drivers of the AI Application Market
●Development of Media Platforms
The development of different media platforms such as short-video platforms, live streaming, and social networks provides advertisers with broader and more diverse channels for marketing activities. The strong growth of these platforms (including emerging new media platforms) reflects the urgent need for advertisers to plan and optimize marketing activities through multiple digital touchpoints, which also drives demand for Decision-MakingAI in marketing and sales, as enterprises rely on smart tools to select the most suitable channels on these platforms to optimize digital advertising strategies and improve advertising effectiveness and return on investment.
●Marketing and Sales Decision-MakingThe demand for AI applications in marketing and sales is increasing day by day
As marketing and sales processes become more complex and variable, enterprises face greater pressure to quickly interpret customer behavior and make informed decisions. To maintain competitiveness and adaptability, enterprises adopt Decision-MakingAI applications, which use large-scale data and intelligent algorithms to assist and automate manual decisions. Additionally, enterprises need to improve the overall conversion efficiency of marketing and sales. Compared to traditional manual methods, Decision-Making AI applications allow enterprises to handle large amounts of data, obtain real-time feedback, and apply intelligent optimization strategies. These capabilities make decisions more precise and automated, helping enterprises cope with rapidly changing market conditions and achieve better returns on investment.
●Growth of Large Amounts, Multi-Source, Heterogeneous Data
The amount of data generated in China increased from5ZB in 2020 to 41ZB in 2024, with a compound annual growth rate of nearly 70% from 2020 to 2024. This includes consumer behavior data, social media data, purchase records, etc., highlighting the need for more automated solutions to handle complex decision-making processes. In a large, multi-source, heterogeneous data environment, traditional manual methods cannot meet the needs of advertisers, who struggle to extract actionable insights from the data to guide marketing activities. Therefore, enterprises need AI application solutions for marketing and sales decision-making to extract valuable insights from large amounts of multi-source heterogeneous data, helping them accurately predict market trends and consumer needs, and optimize digital advertising.
●Adding AdvancedAI Applications in Broader Marketing and Sales Scenarios
The large amount of data in marketing and sales scenarios provides a solid foundation for the application of general-purpose large models in niche fields, continuously improving technical capabilities in marketing and sales decision-making. Through deep learning and reinforcement learning, large models can better understand consumer behavior, optimize digital advertising strategies, and increase sales conversion rates, promoting enterprise marketing and sales decision-MakingAI application solution market sustainability.
China Decision-MakingDevelopment Trends of the AI Application Market
●More Intelligent
Decision-MakingAI applications are driving more intelligent marketing and sales operations. In marketing, they use AI algorithms to optimize advertising placement in real time based on metrics such as click-through rates and conversion rates. In sales, they generate personalized content and recommendations by analyzing user behavior and preferences. These features not only improve customer acquisition and retention rates but also help enterprises develop strategies across global markets, supporting international expansion.
●Further Integration with Large Models
As large model technologies become more prevalent in China, marketing and sales decision-MakingAI applications are expected to integrate more closely with this advanced technology. As one of the most prominent manifestations of large model technology, AI agents integrate domain expertise, data expertise, and digital tools. They can understand context, interpret unstructured data, and engage in natural language interaction, enabling them to support complex real-time decision-making processes. AI agents can autonomously optimize ad pre-evaluation creatives, analyze data granularity, and adjust campaign strategies. Additionally, AI agents can provide AI-generated responses and personalized product recommendations to support frontline teams. As these agents evolve from auxiliary tools to semi-autonomous decision-makers, they will not only change enterprise operating models but also play a key role in expanding cross-regional intelligent decision-making, thereby helping enterprises expand into global markets and improve cross-border marketing effectiveness.
●Opportunities Arising with Corporate Expansion Overseas
In recent years, Chinese enterprises have shown significant international expansion. As more companies actively explore overseas markets, developing and implementing effective marketing and sales strategies has become crucial for their success. However, Chinese enterprises often face many challenges when operating in unfamiliar market environments, making accurate marketing and sales decision-Making increasingly important. With powerful data analysis capabilities and advanced deep learning technologies,AI solutions help Chinese enterprises quickly understand and adapt to local market demands and consumer behavior, while strengthening data management. Through intelligent data processing and decision optimization, these solutions provide valuable market insights, refine digital advertising strategies, and reduce risks associated with market entry. Compared to overseas peers, Chinese enterprise marketing and sales decision-Making AI solutions have clear advantages, including stronger data security, better alignment with Chinese user habits, cost-effectiveness, and seamless integration of domestic and international data resources.
Competitive Landscape of the Chinese Enterprise-Level Computer Vision Solution Market
According toin 2024 revenue terms, Frost & Sullivan Intelligence is the largest provider in the China marketing and sales decision-Making AI Application Market.
Source: Frost & Sullivan Report
Key Success Factors and Barriers to Entry in the Emerging Chinese Enterprise-Level Computer Vision Solution Market
●Leading Technology Applications
Withthe rapid emergence of cutting-edge technologies such as LLMs, market participants must take proactive steps to continuously track and embrace innovation to maintain and increase market share. In this context, AI agents are becoming a transformative force in marketing and sales. As intelligent autonomous systems, they enhance customer acquisition by automatically optimizing marketing strategies, personalized content, and dynamically adjusting user behavior. At the same time, these systems empower frontline sales teams to handle various sales scenarios, providing real-time insights and recommendations to maximize customer value. These functions enable enterprises to respond faster and more accurately in competitive and dynamic market environments.
●Industry Expertise
Today, enterprises are increasingly recognizingthe critical role of AI in marketing and sales decision-Making, leading to a demand for industry-specific solutions. In this context, domain expertise becomes essential to ensure that AI applications are closely aligned with specific industry needs. Deep insights into details such as advertising strategy, market dynamics, and consumer behavior patterns enable leading players to continuously optimize operational efficiency and achieve more precise and impactful results. This integration of technical and business insights creates a significant competitive advantage. In contrast, new entrants without sufficient industry knowledge and technical expertise face significant challenges, struggling to compete with established players and facing high entry barriers.
●Product Capability
Through years of research and development investment, technological innovation, and product optimization, leading providers have developed powerful and mature solutions that can efficiently process large amounts of data, accurately analyze customer behavior, and autonomously adjust marketing and sales strategies. Years of algorithm and data accumulation also provide the providers with stronger product capabilities. For new entrants, lacking sufficient research and development funding, technical expertise, practical product experience, algorithm and data accumulation, it is difficult to offer superior and comprehensive functions compared to market leaders, especially in meeting the complex needs of large clients. Therefore, new entrants face major obstacles in entering the market and acquiring large clients.
●Customer Accumulation
In marketing and sales decision-MakingAI application solution market, customers typically prefer companies that have established a brand influence in the industry, which allows leading providers to accumulate a large number of high-value enterprise customers. This customer accumulation reflects the providers' comprehensive technological innovation, excellent product quality, and continuously optimized service levels, attracting more enterprise customers. Strong customer accumulation enables suppliers to use richer datasets to train their AI algorithms, further enhancing their ability to provide more complex solutions and creating a positive cycle of growth and improvement. In contrast, new entrants face significant challenges in quickly accumulating comparable resources and establishing such a cycle in a short period.
