新股前瞻|极视角冲刺港股IPO：AI视觉赛道“卖铲人”潜力可期，盈利波动困境难解

Core Viewpoint - The rapid penetration of AI technology across various industries is reshaping the industrial landscape, with computer vision being a core and mature segment of AI applications. The recent IPO application by Shandong Jishijiao Technology Co., Ltd. (referred to as "Jishijiao") highlights the growing importance of enterprise-level computer vision solutions in China [1][2]. Company Overview - Jishijiao focuses on providing AI computer vision solutions and large model solutions, offering standard, customized, and integrated AI solutions tailored to enterprise needs. The company utilizes advanced technologies to deliver specialized solutions for various industries [1][2]. - The company has developed a comprehensive platform covering "cloud, edge, and end," resembling an "APP Store" model with over 1,500 algorithms available. It has served over 3,000 clients and delivered more than 6,000 projects, showcasing strong technical implementation capabilities [2][5]. Financial Performance - Jishijiao has shown steady revenue growth, with revenues of 102 million RMB in 2022, 128 million RMB in 2023, and 257 million RMB in 2024. In the first three quarters of 2025, revenue reached 136 million RMB, a significant increase from 79.43 million RMB in the same period of 2024 [4][5]. - Despite revenue growth, the company has experienced significant fluctuations in profitability, with losses of 60.72 million RMB in 2022 and 56.25 million RMB in 2023, turning a profit of 8.71 million RMB in 2024, but incurring a loss of 36.30 million RMB in the first three quarters of 2025 [5][6]. Market Landscape - The enterprise-level computer vision solutions market in China is projected to grow rapidly, with an expected increase from 36.8 billion RMB in 2024 to 182.4 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 37.7%. Emerging markets are expected to grow even faster, with a CAGR of 54.3% [7]. - Jishijiao holds a market share of 1.6%, significantly lower than the leading competitor's 12.1%, indicating a fragmented market with challenges in establishing competitive barriers [8]. Research and Development - The company has invested heavily in R&D, with expenditures of 35.2 million RMB in 2022, 36.6 million RMB in 2023, 44.8 million RMB in 2024, and 46.9 million RMB in the first three quarters of 2025, representing 34.7%, 28.6%, 17.4%, and 34.4% of revenue, respectively. This ongoing investment is crucial for maintaining technological competitiveness but adds pressure on profitability [8][9]. Future Prospects - As a representative enterprise in the AI computer vision sector, Jishijiao is well-positioned to capture more market share amid rapid industry growth. A successful IPO could provide essential funding, optimize financial structure, and enhance brand influence [9].