账面赚钱、口袋没钱？多光谱AI龙头冲击IPO，能否撑起暴涨估值？

Core Viewpoint - The article discusses the financial performance and valuation concerns of Haiqing Zhiyuan, an AI vision company that has recently filed for an IPO in Hong Kong, highlighting the disparity between reported profits and cash flow issues [1][5]. Financial Performance - Haiqing Zhiyuan's revenue surged from 117 million RMB in 2023 to 523 million RMB in 2024, marking a year-on-year growth of nearly 350% [1]. - The company transitioned from consecutive losses in 2022 and 2023 to a net profit of 40.41 million RMB in 2024 [1]. - However, in Q1 2025, the company reported a net profit of 14.14 million RMB, while the net cash flow from operating activities was -63.63 million RMB, a significant year-on-year decline of 318.76% [3]. Cash Flow Concerns - The operating cash flow has been negative in recent years, with cash flow from operations recorded at -12.6 million RMB in 2022, 68.96 million RMB in 2023, and -6.73 million RMB in 2024 [4]. - The company's accounts receivable and inventory have increased significantly, with accounts receivable rising from 21.87 million RMB in 2022 to 146 million RMB in 2024, a nearly sixfold increase [6]. - Inventory levels also surged, reaching 207 million RMB by March 2025, with a 555% increase in just three months [7]. Valuation and Investment Activity - Prior to its IPO filing, Haiqing Zhiyuan's valuation skyrocketed from 1 billion RMB in October 2024 to 3.55 billion RMB by July 2025, representing a 250% increase in just seven months [10]. - The company attracted investment from a newly established private equity fund just before its IPO, raising questions about the motivations behind the sudden valuation increase [14]. Market Position and Competition - According to a report, Haiqing Zhiyuan ranked first among domestic multispectral AI companies in 2024, with a market share of 3.5% in multispectral AI modules and 11.8% in multispectral AI model services [14]. - The overall market for multispectral AI is characterized by low concentration, with the top five companies holding only 10.9% of the market share, indicating a fragmented and competitive landscape [14]. Research and Development - Despite the promising market outlook, Haiqing Zhiyuan's R&D expenditures have decreased from 19.76 million RMB in 2022 to 25.15 million RMB in 2024, representing a declining percentage of revenue from 8.79% to 4.81% [15].