一图读懂海致科技(02706)港股IPO

Core Viewpoint - Haizhi Technology (02706) is set to launch its IPO on February 5, 2026, and is recognized as the "first stock of large model de-illusion" in Hong Kong, leading the enterprise-level knowledge graph market in China with over 50% market share [1][5][7]. Company Overview - Haizhi Technology specializes in AI solutions based on a "graph-model fusion" technology path, combining the accuracy of knowledge graphs with the reasoning capabilities of large models to provide end-to-end AI solutions for enterprise clients [6][8]. - The company offers two main solutions: Atlas Graph Solutions and Atlas Intelligent Agents, which empower enterprises to achieve intelligent automation and natural language interaction across various applications [7][13]. Financial Performance - The revenue from Atlas Intelligent Agents is projected to grow by nearly 9 times in 2024 compared to 2023, with a nearly 5-fold increase expected in the first half of 2025 [1]. - Revenue from Atlas Graph Solutions is expected to increase from 367 million RMB in 2023 to 417 million RMB in 2024, reflecting a growth rate of 13.6% [21][22]. - The gross profit margin is anticipated to rise significantly, with the gross profit for 2024 expected to reach 45.7%, an increase of 28 percentage points from 2023 [23]. Market Dynamics - The global AI market is experiencing exponential growth, with AI intelligent agents identified as the fastest-growing segment in the Chinese market, significantly outpacing the overall growth of enterprise-level AI solutions [25][27]. - Despite over 500 competitors in the Chinese enterprise AI solutions market, the top five companies hold nearly 58.1% of the market share, indicating a concentrated competitive landscape [28][29]. Competitive Advantages - Haizhi Technology boasts industry-leading technical capabilities, particularly in graph computing and proprietary graph-model fusion technology, which enhances performance and efficiency [8][12]. - The company has a robust business expansion capability, serving over 3,010 clients across various application scenarios, including telecommunications fraud prevention and financial risk control [15][19].