Core Viewpoint - Wisdom Interconnect Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the "first high-precision AI stock" in the market, despite facing significant operational challenges and financial losses [1][4]. Company Overview - Wisdom Interconnect is a leading provider of AI technology and spatial intelligence solutions, focusing on urban traffic management [4]. - The company has undergone multiple changes in underwriters and has attempted to list on the Sci-Tech Innovation Board three times without success [4]. Financial Performance - The company's revenue has shown a declining trend, with a 51.07% year-on-year drop in the first half of 2025, amounting to 1.03 billion yuan compared to 2.1 billion yuan in the same period last year [7][11]. - Cumulative losses over the past three and a half years have reached approximately 388 million yuan, with a projected continued loss in 2025 due to ongoing project completions and new contract signings [9][12]. Executive Compensation - The total compensation for directors and supervisors is projected to reach 354 million yuan in 2025, a staggering 19-fold increase compared to 2024 [7][13]. - The chairman, Yan Jun, has received a total of approximately 16 million yuan in compensation from 2022 to 2024, with a significant portion being cash [7][6]. Cash Flow and Liquidity - The company has experienced negative cash flow from operating activities, totaling approximately 292 million yuan over the reporting periods [10]. - As of June 30, 2025, the company had cash and cash equivalents of 199 million yuan, a decrease of 24.36% from the beginning of the year, indicating liquidity concerns [13]. Accounts Receivable and Compliance Risks - Over 70% of the company's trade receivables are unbilled, raising compliance risks regarding tax obligations [15][16]. - The high proportion of unbilled receivables, which has remained above 70%, could lead to potential tax liabilities if not properly reported [16][17]. Debt and Financial Health - The company's debt levels are concerning, with a debt-to-asset ratio of 231.47% as of the latest reporting period, indicating a severe "insolvency" situation [12]. - The reliance on shareholder funding and bank loans to meet liquidity needs is evident, with a significant increase in interest-bearing bank loans [13].
智慧互通港股IPO：上半年收入腰斩、亏损扩大 董事全年薪酬却激增19倍达3.54亿元 董事长这次能“吃饱”吗？
Xin Lang Zheng Quan·2025-11-28 06:02