海清智元招股书解读：营收复合年增52.5%，2023年亏损扩大275.51%

Core Viewpoint - Haiqing Zhiyuan Technology Co., Ltd. is pursuing an IPO in Hong Kong, revealing various aspects of its business and financial performance, which are crucial for investors to assess its investment value and risks [1] Business Model - The company is a leading player in China's multispectral AI technology, providing multispectral AI modules, perception terminals, and large model services, with applications in smart cities and campuses [2] - Haiqing Zhiyuan employs a vertically integrated business model, covering the entire supply chain to offer comprehensive intelligent perception solutions, with a product system consisting of three core multispectral AI products [3] Financial Performance - Revenue has shown a compound annual growth rate (CAGR) of 52.5% from fiscal year 2022 to 2024, but there have been significant fluctuations, with a 47.09% decline in fiscal year 2023 compared to 2022, followed by a substantial increase of 346.29% in fiscal year 2024 [4] - The company recorded net losses of approximately RMB 0.05 billion in fiscal year 2022 and RMB 0.18 billion in fiscal year 2023, with the loss in 2023 expanding by 275.51%. However, it is projected to turn a profit in fiscal year 2024, achieving a net profit of approximately RMB 0.4 billion [5] Customer and Supplier Dynamics - Customer concentration has increased, with the revenue share from the top five customers rising from 42.1% in fiscal year 2022 to 64.8% in the first three months of 2025 [6] - Supplier concentration has also risen, with the top five suppliers' procurement share increasing from 36.1% in fiscal year 2022 to 89.3% in the first three months of 2025, indicating a growing dependency on a limited number of suppliers [7]