【看新股】极视角港股IPO：营收稳步增长 盈利波动承压

Core Viewpoint - The company, Jishi Jiao, has submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company shows steady revenue growth but faces challenges in profitability and cash flow [1]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 136 million yuan, a year-on-year increase of 71.6%. However, it also recorded a net loss of 36.3 million yuan, which is a 33.73% increase in losses compared to the previous year [1]. - From 2022 to 2024, the company's revenue grew from 102 million yuan to 257 million yuan, achieving a compound annual growth rate of 59.2%. The revenue for 2024 is expected to increase by 101.5% year-on-year [7]. - The gross profit margin for the first three quarters of 2025 was 44.9%, reflecting a 96.2% year-on-year increase [7]. Business Structure - The core business includes AI computer vision solutions and large model solutions, with the latter contributing 24.1% to total revenue in 2024 and increasing to 18.2% in the first three quarters of 2025 [4][5]. - The company has developed several platforms, including the Jixing Algorithm Inference and Deployment Platform and the Jizhan Algorithm Training and Management Platform, showcasing over 1,500 algorithms and serving more than 3,000 clients [3]. Market Position - According to Frost & Sullivan, Jishi Jiao ranks eighth in the Chinese enterprise-level computer vision solutions market with a market share of 1.6% as of 2024 [4]. Funding and Valuation - The company has completed 11 rounds of financing, raising over 380 million yuan, with a post-money valuation of approximately 2.31 billion yuan following the D round in November 2024 [9]. - The founder team holds a combined voting power of 29.84%, making them the largest shareholder group [9]. Use of IPO Proceeds - The funds raised from the IPO will be allocated to enhancing R&D capabilities, improving commercialization efforts, and supplementing working capital for general corporate purposes [12].