西安科大校友打造“AI监控龙头”，估值翻10倍、大客户占比近六成

Core Viewpoint - The article discusses the emergence of "multispectral AI" technology, highlighting the IPO process of Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan"), which is positioned as a leader in this niche market, despite facing significant competition and market challenges [2][3]. Company Overview - Haijing Zhiyuan was founded in April 2013 by Zhou Bo, who controls 48.87% of the voting rights through various employee stock ownership platforms [3][4]. - Zhou Bo has approximately 26 years of experience in computer vision and thermal imaging, having previously held significant roles in technology and product development [4]. Financing and Valuation - Haijing Zhiyuan has undergone multiple financing rounds, with a notable increase in valuation from 350 million yuan after the A round in 2020 to 3.55 billion yuan after the D round in July 2025 [5][6]. - The company has raised a total of 400 million yuan across five financing rounds, demonstrating strong investor interest in its multispectral AI technology [6]. Market Potential - The demand for multispectral AI technology is expected to grow significantly, with the market projected to increase from 20 billion yuan in 2025 to 58.8 billion yuan by 2029, reflecting a compound annual growth rate of 31.0% [8]. - Haijing Zhiyuan is positioned in a competitive landscape, with its market share in 2024 being 3.5% in the multispectral AI sector, 11.8% in multispectral AI model services, and 6.6% in multispectral AI modules [10]. Financial Performance - In 2024, Haijing Zhiyuan reported revenues of 523 million yuan and achieved a gross profit margin of 18.8% [11]. - The company has experienced significant fluctuations in its financial performance, with a net cash flow from operating activities being negative in most reporting periods from 2022 to 2025 [13][15]. Risks and Challenges - Haijing Zhiyuan faces high customer and supplier concentration risks, with the top five customers accounting for 64.8% of revenue and the top five suppliers making up 89.3% of procurement in early 2025 [13][14]. - The competitive landscape is intense, with major players like Hikvision and Lingyun Technology posing significant challenges in terms of market share and technological advancements [12][14]. Conclusion - Haijing Zhiyuan is leveraging its technological advantages in multispectral AI to pursue growth through an IPO, but it must navigate cash flow pressures and competitive risks to sustain its market position [16].