研发费用一降再降、市场份额2.8%，海致科技闯关资本市场

Core Viewpoint - Haizhi Technology, founded by Baidu veterans and backed by institutions like Hillhouse, has attracted attention after filing for an IPO in Hong Kong, focusing on big data and AI applications, with a projected adjusted net profit of 16.93 million yuan in 2024 [1][3]. Financial Performance - Revenue for Haizhi Technology increased from 312.99 million yuan in 2022 to 503.13 million yuan in 2024, with a gross profit rising from 96.86 million yuan to 182.39 million yuan during the same period [2]. - The company reported a net loss of 175.78 million yuan in 2022, which improved to a net profit of 16.93 million yuan in 2024 [2][6]. - The gross margin improved from 30.9% in 2022 to 36.3% in 2024 [6]. R&D and Marketing Expenses - R&D expenses decreased from 86.94 million yuan in 2022 to 60.68 million yuan in 2024, with a year-on-year decline of 16.5% in 2024 [7][8]. - Sales and marketing expenses also declined from 114.67 million yuan in 2022 to 67.80 million yuan in 2024 [8][10]. - The company had 556 members in its R&D team in 2024, with employee welfare costs accounting for a significant portion of R&D expenses [9]. Market Position and Product Offerings - Haizhi Technology ranks fifth among industrial-grade AI providers in China, holding a market share of 2.8% in 2024 [1][12]. - The Atlas solution, which includes the DMC data intelligence platform and Atlas knowledge graph platform, contributed 100% of revenue in 2022, 97.6% in 2023, and 82.8% in 2024 [3][4]. - The Atlas intelligent agent generated revenue of 8.65 million yuan in 2024, increasing its revenue share from 2.4% in 2023 to 17.2% in 2024 [4]. Strategic Outlook - The company aims to enhance engineering capabilities, expand its solution portfolio, and explore overseas markets, while also considering strategic acquisitions [12].