海致科技集团（02706）：IPO点评

Investment Rating - The report assigns an IPO-specific score of 6.3, suggesting a recommendation for subscription to the financing [12] Core Insights - The company, Haizhi Technology Group, is a leading provider of industrial-grade AI solutions in China, focusing on graph-model fusion technology with two core product matrices: Atlas Graph Solutions and Atlas Intelligent Agents [1] - The industrial-grade AI solutions market in China is expected to grow at a compound annual growth rate (CAGR) of 44.6% from 2025 to 2029, reaching 286.1 billion yuan [3] - The company has a significant market position, ranking first among AI intelligent agents centered on graphs with a market share of approximately 50% [4] Financial Performance - Revenue for the years 2022 to 2025 (first nine months) is projected at 313 million yuan, 376 million yuan, 503 million yuan, and 249 million yuan respectively, with the majority coming from Atlas Intelligent Agents [2] - Net profit figures for the same period show losses of 176 million yuan, 266 million yuan, 94 million yuan, and a profit of 211 million yuan for the first nine months of 2025 [2] Industry Status and Outlook - The demand for AI solutions is increasing due to the deepening digital transformation of enterprises, with a particular emphasis on data governance, risk identification, and intelligent decision-making [3] - The segment of industrial-grade AI intelligent agents integrated with knowledge graphs is expected to see a staggering CAGR of 140.0% from 2024 to 2029, growing from 200 million yuan to 13.2 billion yuan [3] Strengths and Opportunities - The company has a significant technological barrier as the first in China to effectively reduce the "hallucination" problem of large models through knowledge graphs [4] - The product matrix of Atlas Graph Solutions and Atlas Intelligent Agents provides a comprehensive solution that meets various digitalization needs of enterprises, enhancing customer stickiness [4] Use of Proceeds - The net proceeds from the global offering, estimated at approximately 648 million HKD, will be allocated as follows: 45% for enhancing graph-model fusion technology R&D, 20% for optimizing Atlas Intelligent Agents, and 15% for deepening customer cooperation and exploring new application scenarios [11]