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海清智元，拟港股IPO
Zhong Guo Zheng Quan Bao·2025-08-08 14:17

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on multi-spectral AI technology and showing fluctuating financial performance over recent years [1][4]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first quarter of 2025 were approximately 225 million, 117 million, 523 million, and 82 million RMB respectively, indicating significant growth in 2024 [2][4]. - Net profits for the same periods were approximately -4.9 million, -18 million, 40 million, and 14 million RMB, reflecting a recovery in profitability in 2024 [2][4]. Funding and Investment - The company has undergone several funding rounds, including 40 million RMB in A round, 100 million RMB in B round, 60 million RMB in C round, and 50 million RMB in D round, with various investors participating [4][5][6]. - The funds raised are intended for enhancing R&D capabilities, expanding production capacity, strategic investments, and accelerating global market penetration [9]. Client Base and Revenue Concentration - The company serves three main client categories: AI hardware manufacturers, industry solution integrators, and large enterprises, with the top five clients contributing 42.1%, 38.3%, 59%, and 64.8% of total revenue in the respective fiscal years [6]. Cost Structure - Raw materials and consumables constitute the largest portion of the company's cost structure, accounting for 78.2%, 69.9%, 90.1%, and 81% of sales costs in the respective fiscal years [6]. Asset and Equity Position - The company's net asset values were approximately 180 million, 161 million, 234 million, and 261 million RMB over the fiscal years 2022, 2023, 2024, and the first quarter of 2025, showing a recovery and growth trend [7]. R&D Investment - R&D expenditures for the fiscal years 2022, 2023, 2024, and the first quarter of 2025 were approximately 20 million, 11 million, 25 million, and 4.7 million RMB, representing 8.8%, 9.5%, 4.8%, and 5.7% of total revenue respectively [11].