国内“AIoT第一股”特斯联赴港IPO的背后

Core Viewpoint - Teslin Smart Technology Co., Ltd. has submitted its application for a mainboard IPO to the Hong Kong Stock Exchange, marking its third attempt to enter the capital market. The funds raised will be used to enhance R&D capabilities, develop green computing systems, improve large model advantages, expand commercialization and market reach, and seek strategic investment and acquisition opportunities [1][2]. Company Overview - Founded in December 2015, Teslin is led by CEO Ai Yu, who has over ten years of experience in private equity investment and new economy businesses. The chairman, Jin Zheng, has over 16 years of experience in private equity investment [1]. - The company has completed nine rounds of financing totaling approximately 5.297 billion yuan, with notable investors including JD.com, iFlytek, SenseTime, and IDG. Following a 1.619 billion yuan D++ round in April, Teslin's valuation reached 21.619 billion yuan [2]. Financial Performance - Teslin's revenue from AI industrial digitization for the years 2022 to 2024 and the first half of this year was approximately 472 million, 624 million, 1.641 billion, and 577 million yuan, accounting for 64.0%, 62.0%, 89.0%, and 91.3% of total revenue, respectively. The AI industrial digitization business saw a year-on-year revenue increase of 191% in the first half of this year [8]. - The company's revenue for the same period was approximately 738 million, 1.006 billion, 1.843 billion, and 632 million yuan, with a compound annual growth rate of 58% from 2022 to 2024 and a year-on-year increase of 77% in the first half of this year [10]. R&D and Innovation - Teslin has invested approximately 329 million, 322 million, and 377 million yuan in R&D from 2022 to 2024, with R&D spending of about 162 million yuan in the first half of this year, reflecting an 11.4% year-on-year growth. The company holds 1,057 patents, 346 copyrights, and 590 trademarks, supported by a high-quality R&D team comprising 255 members [11]. Market Position and Product Offerings - Teslin is recognized as one of the top five public domain AIoT product providers in China, with its TacOS system serving as a preferred infrastructure for industrial digitization. The company has developed four major AIoT application scenarios covering public domain spaces, including AI industrial digitization, AI city intelligence, AI smart living, and AI smart energy [7][5]. - As of June 30, the company's products have been deployed by over 900 clients across 172 cities globally, including China, the UAE, Singapore, and Australia, with a backlog of orders amounting to approximately 2.6 billion yuan [10].