海清智元港股IPO：递表前夕估值暴涨数倍推手成立仅2天 既“纸面富贵”又“存贷双高”财务真实性几何？

Core Viewpoint - Haiqing Zhiyuan has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, capacity expansion, strategic investments, and general operational purposes. The company has seen a significant increase in valuation, but concerns arise regarding the legitimacy of its recent funding and cash flow issues [1][2][3]. Funding and Valuation - Haiqing Zhiyuan's valuation has surged to 3.55 billion RMB, a ninefold increase since its A-round funding in November 2020 [3][4]. - The company has completed five rounds of financing, raising a total of 260 million RMB, with the latest D-round occurring just before the listing application [3][4]. - The D-round funding was notably backed by a private equity fund that was only two days old at the time of investment, raising questions about regulatory compliance [5][7]. Financial Performance - The company reported revenues of 225 million RMB, 117 million RMB, and 523 million RMB for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of approximately 52.5% [16]. - Despite significant revenue growth, cash flow remains a concern, with a net cash outflow from operating activities of 63.6 million RMB in Q1 2025, indicating deteriorating cash flow conditions [17][19]. - As of June 2025, both deposits and borrowings exceeded 200 million RMB, suggesting a "high deposit and loan" situation [20]. Market Position and Competition - Haiqing Zhiyuan ranks first in the Chinese multispectral AI market by revenue, holding a market share of 3.5% [8][9]. - However, the company faces intense competition, with leading firms like Hikvision significantly outspending on R&D, raising concerns about Haiqing Zhiyuan's ability to sustain its valuation [10][12]. - The company's R&D expenditures have been declining as a percentage of revenue, contrasting sharply with competitors [10][12]. Customer and Supplier Concentration - Haiqing Zhiyuan's revenue is highly concentrated, with the top five customers accounting for 64.8% of total revenue in Q1 2025, indicating potential risks in customer stability [21][24]. - The company has experienced frequent changes in its major customers, raising questions about the sustainability and authenticity of its revenue growth [25].