MiningLamp Technology

Founded in 2006 and headquartered in Beijing, Mininglamp Technology (明略科技) is a China-based provider of data intelligence application software for enterprises.  The company listed on the Main Board of the Hong Kong Stock Exchange on November 3, 2025 (stock code 2718).  Mininglamp built its early franchise in digital marketing measurement and optimization through its Miaozhen Systems product family.

‍

Mininglamp sells software products and solutions that help organizations integrate data, model business context, and support operational decision-making using big data and artificial intelligence.  Its two core product lines are Marketing Intelligence and Operations Intelligence, supported by capabilities such as enterprise knowledge graphs and data privacy technology.  In practice, the portfolio spans media measurement and marketing effectiveness tools, plus solutions for frontline and store operations such as conversational intelligence and intelligent store management.

‍

The company states it is dedicated to driving the intelligent development of enterprise data.  Around its 2025 listing, Mininglamp reported a customer base that includes 135 Fortune Global 500 companies, alongside a broader set of enterprise clients.  It also disclosed a sizable IP footprint, including 2,322 patents and 596 patent applications.

MiningLamp is a China-focused data intelligence application software company that sells products designed to improve marketing decisions and offline operations using multimodal data, industry knowledge, and large models. According to Frost and Sullivan, it was the largest data intelligence application software provider in China by total revenue in 2023.
‍

Core revenue engines
‍

1. Marketing Intelligence (Miaozhen Systems, Tencent ecosystem tools, Jinshuju)
   MiningLamp’s marketing intelligence business centers on Miaozhen Systems, which combines media spending optimization, social media management, and customer growth software for enterprises and agencies. It is supported by private domain tools built around WeCom and Weixin workflows, plus Jinshuju, a no-code data collection and workflow platform.
   ‍
   Revenue is largely contract based, with marketing intelligence services contributing RMB 730.9m in 2024 and RMB 354.2m in 1H 2025.
   ‍
   Private domain tools add a subscription component, with fees tied to feature scope and user counts, plus value-added services.
   ‍
2. Operational Intelligence (Smart Store Operating System, conversational intelligence)
   Operational intelligence targets offline chains, venues, and integrators through a smart store operating system that digitizes “people, merchandise, and space” workflows. The commercial model mixes software license fees, technical service fees, operation service fees, and related hardware costs, with SaaS delivery for many deployments.
   ‍
   Operational intelligence services contributed RMB 506.9m in 2024 and RMB 261.3m in 1H 2025, plus a smaller rental income line reported within operational intelligence.
   ‍
   Scale is part of the moat, with deployments across over 20,000 restaurants and more than 46,000 offline retail stores as of 2024.
   ‍
3. Industry Solutions (legacy project work being phased out)
   Industry solutions are described as one-time, project-fee based work. The company decided in 2H 2022 to phase out this business line and refocus resources on marketing and operational intelligence.
   Industry solution services delivered RMB 127.7m in 2024 and RMB 21.1m in 1H 2025, which aligns with a wind-down profile.
   ‍

Why the market position holds
‍

MiningLamp’s edge comes from pairing data scale with productization. Miaozhen Systems is positioned around broad media coverage and high-volume data processing, supporting measurement, insights, and optimization in one workflow.
On the operational side, the smart store stack creates recurring touchpoints in offline environments, which supports continued product iteration and cross-selling across chain customers and integration partners.

China is MiningLamp’s home market and the center of its customer base across retail, consumer goods, and food and beverage chains. The group’s PRC subsidiaries focus on marketing intelligence, operational intelligence, and industry solutions, with productization becoming a bigger theme in recent years.

‍

Financially, MiningLamp reported total revenue of RMB 1,381.4 million in 2024, down from RMB 1,462.0 million in 2023, which it linked to a more product-focused approach and tighter selection of customized operational intelligence contracts.  Marketing intelligence services remained the largest revenue line at RMB 730.9 million in 2024 and RMB 354.2 million in 1H 2025.

‍

Operationally, its China footprint is built on offline deployment density. As of December 31, 2024, MiningLamp’s operational intelligence products had been deployed in over 20,000 restaurants and more than 46,000 offline retail stores, with the company stating it can integrate data from 20+ source types collected under client authorization.  At the industry level, third-party sources tied to its listing materials position MiningLamp as China’s largest data intelligence application software provider by total revenue in 2024.

‍

Regulation is a core constraint in China operations, given requirements under China’s Data Security Law and Personal Information Protection Law that shape collection, storage, and cross-border transfer practices for data-driven software vendors.

Mininglamp’s next phase centers on turning its data intelligence stack into repeatable software that scales across industries. In September 2025, the company launched DeepMiner, positioning it as an enterprise-grade large model product line and a base for intelligent agents across business workflows.

‍

Three forces shape the medium-term growth path:
‍

1. Agentic AI productization
   DeepMiner expands the addressable scope beyond analytics into task-oriented agents for functions like finance, legal, HR, and manufacturing, where enterprise data governance and auditability matter.
   ‍
2. Expansion inside existing revenue pools
   The core business still comes from marketing and operational intelligence services. Revenue reached RMB 1,365.5m in 2024 and RMB 636.5m in the first half of 2025, up from RMB 557.3m in the first half of 2024. This base gives Mininglamp a large installed set of enterprise use cases to migrate from project delivery toward more standardized products.
   ‍
3. Funding for R&D and go-to-market
   After its Hong Kong debut in November 2025, Mininglamp highlighted plans to invest in multimodal large language models and product development. IPO proceeds are allocated with emphasis on R&D and product portfolio expansion, plus sales and brand building.
   ‍

Key risks sit in execution. Enterprise AI adoption depends on measurable ROI, integration effort, and long sales cycles. The competitive set includes cloud and AI platforms that bundle models with infrastructure, plus specialist marketing and retail SaaS vendors. Data compliance requirements remain a structural constraint, which raises product complexity and raises switching costs once deployed.