刚融5000万又冲IPO！ 多光谱AI龙头海清智元瞄准H股

Core Viewpoint - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan") has submitted an IPO application to the Hong Kong Stock Exchange, highlighting its ambition for capacity expansion and global layout in the multi-spectral AI sector [1][10]. Company Overview - Haijing Zhiyuan specializes in multi-spectral AI technology, providing a full-link solution that includes multi-spectral AI modules, perception terminals, and large model services based on its self-developed "light perception and computing" technology architecture [1][3]. - According to a Frost & Sullivan report, Haijing Zhiyuan holds the largest market share in China's multi-spectral AI sector, with its large model services ranked first and multi-spectral AI modules ranked third nationally [1][3]. Financial Performance - The company recently completed a D-round financing of 50 million yuan, with a post-money valuation of 3.55 billion yuan [1]. - Revenue figures for Haijing Zhiyuan during the reporting period are approximately 225 million yuan in 2022, 117 million yuan in 2023, 523 million yuan in 2024, and 82 million yuan in Q1 2025, with corresponding net profits of -4.93 million yuan, -18.41 million yuan, 40.41 million yuan, and 14.14 million yuan [3][4]. Market Dynamics - The multi-spectral AI market is experiencing rapid growth, with a projected increase from 6.3 billion yuan in 2020 to 13.5 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 21.1% [7]. - The competitive landscape is intense, with major players including Hikvision, Lingyun Technology, and SenseTime also investing in multi-spectral technology [2][3]. Competitive Advantages - Haijing Zhiyuan emphasizes its differentiated competitive advantages through its comprehensive "light perception and computing" technology, which integrates multi-spectral sensing and AI algorithms [7][8]. - The company has developed three core technologies: integrated multi-spectral sensing and computing, lightweight edge AI computing, and a multi-spectral AI large model platform [7]. Customer Base and Revenue Concentration - The customer base includes AI hardware manufacturers, industry solution integrators, and large enterprise clients, with revenue concentration from the top five clients increasing from 42.1% in 2022 to 64.8% in Q1 2025 [8].