海清智元赴港IPO，聚焦多光谱AI技术，依赖五大供应商

Core Viewpoint - OpenAI has released GPT-5, generating significant market interest in the AI sector, while domestic AI companies, such as Shenzhen Haiqing Zhiyuan Technology Co., Ltd., are pursuing IPOs in Hong Kong [1] Company Overview - Shenzhen Haiqing Zhiyuan, founded in 2013, specializes in multispectral AI technology and has developed products for detecting both visible and invisible physical information [1][4] - The company has undergone multiple rounds of financing, achieving a post-money valuation of approximately 3.55 billion yuan during its D round in July 2025 [4] Product and Service Breakdown - Haiqing Zhiyuan's offerings include multispectral AI modules, multispectral AI perception terminals, and multispectral AI large model services [9][10] - The revenue contribution from multispectral AI modules decreased from 84.2% in 2022 to 57.3% in Q1 2025, while the large model services contributed 35.2% of revenue in Q1 2025 [10][11] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and Q1 2025 was approximately 225 million yuan, 117 million yuan, 523 million yuan, and 82 million yuan, respectively, with net profits showing significant fluctuations [17][19] - Despite a loss in 2022, the company paid out 5 million yuan in dividends [18] Market Position and Competition - In 2024, Haiqing Zhiyuan held a market share of approximately 3.5% in China's multispectral AI industry, ranking first, and had a 6.6% share in the embedded multispectral AI module sector, ranking third [21] - The multispectral AI market is projected to grow from 20 billion yuan in 2025 to 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [19] Supply Chain and Client Dependency - The company relies on five major suppliers for raw materials, with procurement from these suppliers accounting for a significant portion of total purchases [15] - Haiqing Zhiyuan's revenue from five major clients represented 42.1% to 64.8% of total revenue during the reporting period, indicating a high dependency on a limited client base [15] Research and Development - The company has invested in R&D, with expenditures ranging from approximately 1.98 million yuan to 2.52 million yuan over the reporting periods, representing 4.8% to 9.5% of total revenue [23]