AI 除幻第一股来了，智能体收入一年暴涨9倍，细分市占率达50%

Core Viewpoint - Another AI company is set to enter the Hong Kong stock market, with Haizhi Technology having passed the hearing and published its prospectus [2][4]. Group 1: Company Overview - Haizhi Technology is a leading player in the graph computing sector in China, with rapid revenue growth over the past two years, achieving revenues of 313 million, 376 million, and 503 million RMB from 2022 to 2024, respectively. In the first half of 2025, the company reported revenue of 173 million RMB, a year-on-year increase of 38.4% [3][4]. - The Atlas intelligent agent has shown remarkable performance, with revenue increasing from 8.9 million RMB in 2023 to 86.55 million RMB in 2024, marking a ninefold increase. In the first half of 2025, it generated 48.65 million RMB, nearly five times the previous year's figure [3][4][12]. Group 2: Market Position - Based on 2024 revenue, Haizhi Technology holds a 2.8% market share in China's industrial-grade AI intelligent agent market, ranking fifth [4][16]. - In the segment of graph-based industrial AI solutions, the company commands approximately 50% market share in 2024, establishing itself as the industry leader [18]. Group 3: Business Segments - The company's business is divided into two main lines: the Atlas graph solution, which includes a data intelligence platform, knowledge graph platform, and underlying graph database, and the Atlas intelligent agent, which incorporates graph-model fusion technology for more complex reasoning and interaction [9][11]. - The Atlas graph solution is the largest revenue-generating segment, achieving 417 million RMB in 2024, accounting for 82.8% of total revenue. However, its growth rate is slower, with a cumulative increase of about 33% from 2022 to 2024 [10][9]. Group 4: Profitability and Financial Performance - Haizhi Technology is moving out of the loss zone, with adjusted net profits of -143 million, -84 million, and 16.92 million RMB from 2022 to 2024 [29][30]. - The improvement in profitability is attributed to a rising gross margin, which increased from 30.9% in 2022 to 36.3% in 2024. The gross margin for the Atlas intelligent agent business rose significantly from 17.8% in 2023 to 45.7% in 2024 [31][32]. Group 5: Technological Innovation - The company employs a unique approach called graph-model fusion, which combines the rigorous logic of knowledge graphs with the reasoning capabilities of large models. This method aims to mitigate the hallucination problem often encountered in AI applications [20][21]. - Graph-model fusion is seen as a more stable and sustainable solution for addressing hallucinations compared to other methods, as it imposes structural constraints during the model generation process [24][25].