Core Viewpoint - Haizhi Technology claims to be the first AI company in China to effectively reduce large model hallucinations through knowledge graphs, but its revenue from this AI agent business is relatively low, accounting for only 17.2% in 2024 [1][2]. Business Overview - Haizhi Technology's main business market share is only 1.11%, with the AI agent business market share at 2.8% [2][3]. - The company's Atlas intelligent agent revenue from 2022 to 2024 shows a growth from 0 to 86.55 million RMB, but still represents a small portion of total revenue [2][4]. Financial Performance - The company reported revenues of 313 million RMB, 376 million RMB, and 503 million RMB for 2022, 2023, and 2024 respectively, with net losses of 176 million RMB, 266 million RMB, and 94 million RMB, indicating a narrowing loss [4]. - The Atlas graph solution revenue accounted for 100%, 97.6%, and 82.8% of total revenue in the same years [4]. R&D Expenditure - R&D expenses for Haizhi Technology decreased from 86.94 million RMB in 2022 to 60.68 million RMB in 2024, with a significant drop in R&D expense ratio from 27.8% to 12.1% [6][9]. - The company’s R&D expenses are significantly lower than competitors like Minglue Technology and Xinghuan Technology, raising questions about its claimed technological advantages [9]. Market Position and Future Outlook - The market for integrated knowledge graph AI agents is projected to grow from 200 million RMB in 2024 to 13.2 billion RMB by 2029, with a compound annual growth rate of 140% [10]. - If Haizhi Technology can capitalize on opportunities for significant growth in AI agent revenue, it could strengthen its market position, although competition from internet giants poses potential challenges [11].
海致科技港股IPO：自称技术实力全球领先 研发费用及费用率连续下降且低于同行
Xin Lang Zheng Quan·2025-06-20 07:39