海致科技二次递表港交所 业绩持续亏损
Xin Lang Cai Jing·2025-12-29 23:44

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time, following a previous application that expired in June 2025 due to the expiration of listing materials [1][6] Financial Performance - The company reported net losses of 176 million yuan, 266 million yuan, 93.73 million yuan, and 128 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, primarily due to high upfront investments in upgrading existing products and accelerating commercialization [1][3][8] - Revenue figures for the same periods were 313 million yuan, 376 million yuan, 503 million yuan, and 173 million yuan, indicating a continuous trend of losses despite increasing revenues [3][8] Product and Market Position - The company focuses on developing Atlas graph solutions and industrial-grade intelligent agents through graph-model fusion technology, with its core product being the Atlas graph solution, which integrates data from multiple sources for knowledge graph construction and analysis [2][7] - According to Frost & Sullivan, the company ranks fifth among industrial AI intelligent agents in China with a market share of 2.8% and holds the first position among graph-centric AI intelligent agents with approximately 50% market share [2][7] Client and Supplier Dynamics - The company serves clients primarily in the financial, telecommunications, energy, and public service sectors, with revenue from the top five clients amounting to 114 million yuan, 122 million yuan, 149 million yuan, and 71 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][9] - The procurement amounts from the top five suppliers were 33 million yuan, 32 million yuan, 25 million yuan, and 29 million yuan for the same periods, indicating a significant reliance on a few suppliers [4][9] Research and Development - As of June 30, the company had a research and technology team of 489 members, with R&D expenses of 87 million yuan, 73 million yuan, 61 million yuan, and 36 million yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 27.8%, 19.4%, 12.1%, and 20.8% of total revenue, respectively [4][9]