海致科技IPO：连年亏损+研发缩水，携20亿赎回负债再闯港股

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming for a main board listing, following a failed application in June 2025. The company faces multiple challenges, including years of losses, reduced R&D investment, and significant redemption liabilities [1][3]. Company Overview - Established in 2013, Haizhi Technology focuses on developing Atlas mapping solutions and industrial-grade AI solutions through round mold fusion technology. Its main business segments include Atlas mapping solutions and Atlas intelligent agent solutions [3]. - The company's solutions have been applied in various scenarios such as anti-fraud, intelligent marketing, risk identification, and smart manufacturing [3]. Financial Performance - From 2022 to 2024, Haizhi Technology's revenue grew from 313 million to 503 million yuan, but it has consistently reported losses. Operating profits were -179 million, -202 million, and 3.34 million yuan, with annual losses of 176 million, 266 million, and 93.73 million yuan [3][4]. - In the first half of 2025, the company reported revenue of 173 million yuan, an increase from 125 million yuan in the same period the previous year, but losses expanded to 128 million yuan, up over 17% year-on-year [4]. R&D Investment - The company's R&D expenses have been declining, from 86.94 million yuan in 2022 to 60.68 million yuan in 2024, with the R&D expense ratio dropping from 37.8% to 12.1% [4]. - Compared to peers, Haizhi Technology's R&D spending is significantly lower, raising concerns about its technological competitiveness [4]. Market Competition - The AI de-fogging sector faces competition from various technological paths, including RAG and Agent technologies, which may limit Haizhi Technology's market share and commercialization potential [5]. - The company has acknowledged risks related to market demand, competition, and technological challenges that could adversely affect its business and growth prospects [5]. Financial Liabilities - Haizhi Technology's redemption liabilities have increased significantly, from 0 yuan in 2022 to 19.87 billion yuan in the first half of 2025, posing a risk to its cash flow [8]. - The company aims to alleviate this financial pressure through its IPO, which could convert these liabilities into equity, thus improving its financial health [8][9].