海清智元向港交所递交IPO申请文件

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance R&D capabilities, expand production capacity, and accelerate global market penetration with the raised funds [1] Financial Performance - Haiqing Zhiyuan reported revenues of approximately 225 million yuan, 117 million yuan, 523 million yuan, and 82.42 million yuan for the years 2022, 2023, 2024, and the first three months of 2025, respectively, with net profits of -4.93 million yuan, -18.41 million yuan, 40.41 million yuan, and 14.14 million yuan [2] - The company achieved a revenue growth of 347% year-on-year in 2024, marking a turnaround to profitability [2] Cash Flow Management - The company experienced significant fluctuations in operating cash flow, with net cash flows from operating activities of -13.06 million yuan, 69.57 million yuan, -6.49 million yuan, and -63.59 million yuan during the reporting period [3] - The fluctuations are attributed to the company's rapid growth phase and strategic investments, rather than short-term cash flow values [3] Customer and Supplier Management - The top five customers accounted for 42.1%, 38.3%, 59.0%, and 64.8% of total revenue during the reporting period, indicating a rising concentration of revenue [4] - The top five suppliers represented 36.1%, 54.2%, 66.4%, and 89.3% of total procurement, highlighting a high supplier concentration [4] - The company has established a multi-layered management system for suppliers to ensure a stable supply chain [4] Strategic Investments - Haiqing Zhiyuan has attracted multiple rounds of strategic investments, including 60 million yuan in October 2024, 10 million yuan in December 2024, and a D round financing agreement of 50 million yuan in July 2025, which supports its operational cash flow stability [4] Industry Impact - The IPO of Haiqing Zhiyuan is expected to drive technological iteration and market expansion in the industry, accelerating the application of multi-spectral AI in smart cities and industrial safety [5]