格隆汇2月5日丨海致科技集团(02706.HK)发布公告，公司拟全球发售2803.02万股H股，中国香港发售股 份280.32万股，国际发售股份2522.7万股(以上可予重新分配)；2026年2月5日至2月10日招股，预期定价 日为2月11日；发售价将为每股发售股份25.6-28.0港元，H股的每手买卖单位将为200股，招银国际、中 银国际及申万宏源香港为联席保荐人；预期H股将于2026年2月13日开始于联交所买卖。 公司是中国领先的企业，专注于通过图模融合技术开发Atlas图谱解决方案及产业级智能体并提供产业 级人工智能解决方案。知识图谱是一种图谱结构化数据模型，将资料呈现为相互连结实体、其关系与属 性的网络；而大语言模型则是通过自监督机器学习，在海量文本资料上训练而成的AI模型，用于执行 自然语言处理任务，例如语言生成。Atlas图谱解决方案是公司于往绩记录期间的核心产品之一。Atlas 图谱解决方案基于公司行业领先的图计算与数据分析能力构建，包含DMC数据智能平台、Atlas知识图 谱平台及AtlasGraph图数据库。该等解决方案使企业能够高效整合、处理及管理来自多个来源的数据， 构建及分析知识图谱， ...

北京海致科技集團股份有限公司 Beijing Haizhi Technology Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2706 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 28,030,200股H股 香港發售股份數目 ： 2,803,200股H股（可予重新分配） 國際發售股份數目 ： 25,227,000股H股（可予重新分配） 最高發售價 ： 每股H股28.0港元，另加1.0%的經紀 佣金，0.0027%證監會交易徵費、 0.00565%香港聯交所交易費 及0.00015%會財局交易徵費（須於申 請時以港元繳足，多繳款項可予退還） 面值 ： 每股H股人民幣0.1元 股份代號 ： 2706 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管 ...

Core Insights - The article highlights Haizhi Technology's unique graph-model fusion technology, which allows AI agents to integrate into core business processes across various industries, taking on high-precision tasks such as analysis, decision-making, and execution [1][10] - Haizhi Technology is positioned as a key player in the AI industry, focusing on the deep-water zone of industrial-grade AI agents, creating dual barriers in technology and commercialization, and capitalizing on the explosive growth of the industry [1][15] Technology and Innovation - Haizhi Technology is the first company in China to effectively reduce the hallucination problem of large models through knowledge graphs, enhancing accuracy, reducing hallucination rates, and improving complex logical reasoning capabilities [1][2] - The company's graph-model fusion technology addresses the hallucination issue at its source, integrating knowledge graphs with large models to provide verifiable factual bases for AI outputs [2][5] - The core competitiveness of Haizhi Technology lies in its "trinity" approach: superior graph computing capabilities, graph-model fusion technology, and application expertise [5][6] Market Position and Growth - Haizhi Technology has established a significant market presence, holding a 50% market share in China's graph-based AI agent market, far exceeding its competitors [15] - The industrial-grade AI solutions market in China is projected to grow from approximately RMB 654 billion in 2025 to about RMB 2,861 billion by 2029, with a compound annual growth rate of 44.6% [15] - The company's revenue is expected to reach RMB 503.1 million in 2024, with a compound growth rate of 26.8% from 2022 to 2024, indicating a strong growth trajectory [15][19] Application and Client Engagement - Haizhi Technology's solutions have successfully addressed core pain points for clients, leading to significant risk reduction in financial services, such as a 20% increase in fraud detection for Shanghai Bank [10][11] - The company has served over 360 government and enterprise clients across various sectors, establishing a high customer retention rate and willingness to pay for its services [11][21] Future Outlook - The company is in the process of an IPO, with funds aimed at enhancing its graph-model fusion technology, optimizing its Atlas AI agent, and expanding into new markets [22] - Haizhi Technology's focus on a niche vertical technology path differentiates it from larger competitors, positioning it for long-term growth in the industrial-grade AI sector [22]

Company Overview - Haizhi Technology has passed the listing hearing on the Hong Kong Stock Exchange, with CMB International, Bank of China International, and Shenwan Hongyuan Hong Kong as joint sponsors [1] - The company ranks first in market share among AI intelligent agents centered on graphs in China, with approximately 50% market share [1] Product and Technology - The company focuses on developing Atlas graph solutions and industry-level intelligent agents through graph model fusion technology [1] - Atlas graph solutions, one of its core products, is built on advanced graph computing and data analysis capabilities, including the DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database [1] Market Potential - The market for industry-level AI solutions in China is expected to grow from RMB 65.4 billion in 2025 to RMB 286.1 billion by 2029, with a compound annual growth rate (CAGR) of 44.6% [1] - The market for integrated knowledge graph industry-level AI intelligent agents is projected to increase significantly from RMB 200 million in 2024 to RMB 13.2 billion by 2029, with a CAGR of 140.0% [1]

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time, following a previous application that expired in June 2025 due to the expiration of listing materials [1][6] Financial Performance - The company reported net losses of 176 million yuan, 266 million yuan, 93.73 million yuan, and 128 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, primarily due to high upfront investments in upgrading existing products and accelerating commercialization [1][3][8] - Revenue figures for the same periods were 313 million yuan, 376 million yuan, 503 million yuan, and 173 million yuan, indicating a continuous trend of losses despite increasing revenues [3][8] Product and Market Position - The company focuses on developing Atlas graph solutions and industrial-grade intelligent agents through graph-model fusion technology, with its core product being the Atlas graph solution, which integrates data from multiple sources for knowledge graph construction and analysis [2][7] - According to Frost & Sullivan, the company ranks fifth among industrial AI intelligent agents in China with a market share of 2.8% and holds the first position among graph-centric AI intelligent agents with approximately 50% market share [2][7] Client and Supplier Dynamics - The company serves clients primarily in the financial, telecommunications, energy, and public service sectors, with revenue from the top five clients amounting to 114 million yuan, 122 million yuan, 149 million yuan, and 71 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][9] - The procurement amounts from the top five suppliers were 33 million yuan, 32 million yuan, 25 million yuan, and 29 million yuan for the same periods, indicating a significant reliance on a few suppliers [4][9] Research and Development - As of June 30, the company had a research and technology team of 489 members, with R&D expenses of 87 million yuan, 73 million yuan, 61 million yuan, and 36 million yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 27.8%, 19.4%, 12.1%, and 20.8% of total revenue, respectively [4][9]

Core Viewpoint - Haizhi Technology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time, following a previous application that expired in June 2025 due to the expiration of listing materials [1] Group 1: Financial Performance - The company reported net losses of 176 million yuan, 266 million yuan, 93.73 million yuan, and 128 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [1][3] - Revenue figures for the same periods were 313 million yuan, 376 million yuan, 503 million yuan, and 173 million yuan, indicating a continuous trend of financial losses [3] Group 2: Business Focus and Solutions - The company specializes in developing Atlas graph solutions and industrial-grade AI solutions through graph-model fusion technology, with Atlas graph solutions being a core product [2] - The Atlas graph solution includes the DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database, enabling efficient data integration and complex relationship analysis [2] - The Atlas intelligent agent, developed using the company's technology, empowers enterprises with intelligent automation and natural language interaction capabilities [2] Group 3: Market Position - According to Frost & Sullivan, the company ranks fifth among industrial-grade AI providers in China by revenue in 2024, holding a market share of 2.8%, and ranks first among AI providers focused on graph technology with a market share of approximately 50% [2] Group 4: Client and Supplier Dynamics - The company’s clients primarily include financial institutions, telecom operators, energy groups, and public service providers, with revenue from the top five clients being 114 million yuan, 122 million yuan, 149 million yuan, and 71 million yuan for the respective years [4] - The procurement amounts from the top five suppliers were 33 million yuan, 32 million yuan, 25 million yuan, and 29 million yuan, representing significant portions of total procurement [4]

Group 1 - The core viewpoint of the article is that the AI application market is on the verge of a significant expansion following three years of investment in computing power infrastructure [1] - Beijing Haizhi Technology Group Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, marking its entry into the public market [2] - The company was founded in August 2013 and is headquartered in Beijing, with notable investors including Hillhouse Capital and the Beijing Artificial Intelligence Fund [4][3] Group 2 - As of June 2025, Haizhi Technology's post-investment valuation was 3.3 billion RMB [5] - The company has developed Atlas solutions, focusing on graph modeling technology and providing industry-level AI solutions [8][9] - Haizhi Technology has collaborated with over 350 clients across more than 100 application scenarios, including anti-fraud and intelligent marketing [11] Group 3 - The company's revenue has shown steady growth, with figures of 313 million RMB in 2022, 376 million RMB in 2023, and a projected 503 million RMB in 2024, reflecting a compound annual growth rate of 26.8% from 2022 to 2024 [16] - Despite revenue growth, the company has faced significant net losses totaling 664 million RMB over three and a half years due to high upfront investments in product upgrades and commercialization [17] - The gross profit margin has improved from 30.9% in 2022 to 38.5% in 2025, attributed to advancements in AI technology and strategic cost optimization [21] Group 4 - The market for industry-level AI agents is expected to experience explosive growth, with projections indicating a rise from approximately 3.1 billion RMB in 2024 to 45.8 billion RMB by 2029, representing a compound annual growth rate of 71.3% [31] - Haizhi Technology holds a 2.8% market share in the domestic industry-level AI agent market and ranks fifth among providers based on revenue [34] - The company is positioned as a leader in the graph-centric AI agent segment, with a market share of about 50% [34]

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. (Haizhi Technology) has submitted its listing application to the Hong Kong Stock Exchange, with a market share of 2.8% among industrial AI providers in China, ranking fifth by projected revenue in 2024 [1][3]. Company Overview - Established in 2013, Haizhi Technology is a leading enterprise in the field of graph computing and graph databases in China, focusing on developing Atlas graph solutions and industrial-grade AI solutions through graph-model fusion technology [3][4]. - According to Frost & Sullivan, Haizhi Technology ranks first among AI providers based on graph technology in China, with a market share of approximately 50% [3]. Technological Advancements - The company is recognized as the first in the industry to effectively reduce hallucinations in large models using knowledge graphs, showcasing its strategic foresight and expertise in constructing knowledge frameworks for various application scenarios [3][6]. - In 2023, Haizhi Technology's AtlasGraph database set a world record for throughput, exceeding existing records by 45%, demonstrating its global leadership in high-performance graph database technology [6]. Product Offerings - Haizhi Technology offers two main solutions: the Atlas graph solution, which includes the DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database, and the Atlas intelligent agent solution, developed using the company's graph-model fusion technology [4][6]. - The solutions have been implemented in various application scenarios, including anti-fraud, intelligent marketing, risk identification, data governance, and smart manufacturing, with over 350 clients across more than 100 application scenarios as of June 30, 2025 [4][6]. Financial Performance - The company reported revenues of RMB 312.99 million, RMB 375.57 million, RMB 503.13 million, and RMB 173.47 million for the fiscal years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [7][8]. - Gross profit increased from RMB 96.86 million in 2022 to RMB 182.39 million in 2024, with a gross margin rising from 30.9% in 2022 to 38.5% in the first half of 2025 [8].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯 ...

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. (Haizhi Technology) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for research and development, optimization of its Atlas intelligent system, and expansion into new markets and applications [1][2]. Company Overview - Haizhi Technology specializes in AI solutions, particularly in graph-model fusion technology, and has received significant backing from notable investors such as IDG, Hillhouse Capital, and Junlian Capital [1][2]. - The company recently completed a financing round of 350 million RMB, bringing its post-money valuation to 3.3 billion RMB [1][7]. Financial Performance - Haizhi Technology's revenue for the years 2022, 2023, and 2024 is projected to be approximately 313 million, 376 million, and 503 million RMB, respectively, indicating a compound annual growth rate (CAGR) of 26.8% [16][17]. - The gross profit for the same years is expected to be around 97 million, 132 million, and 182 million RMB, with gross margins of 30.9%, 35.2%, and 36.3% [16][17]. - The company has transitioned to profitability, with an operating profit of 3.34 million RMB expected in 2024, alongside an adjusted net profit of approximately 16.93 million RMB [17][18]. Market Position - Haizhi Technology ranks fifth among industrial-grade AI intelligent system providers in China, holding the largest market share among graph-centric AI providers [13]. - The industrial-grade AI market in China is projected to reach 45.3 billion RMB by 2024, with a CAGR of 44.6% from 2025 to 2029, indicating strong growth potential for Haizhi Technology [18]. Product Offerings - The company offers two main AI solutions: the Atlas Graph Solution and the Atlas Intelligent System, which leverage its graph computing and data analysis capabilities [15]. - These solutions have been implemented across various sectors, including fraud detection, intelligent marketing, and risk identification, with over 300 clients and more than 100 application scenarios [15][16]. Leadership and Strategy - Ren Xuyang, a veteran from Baidu, co-founded Haizhi Technology and has played a significant role in its development, transitioning leadership to Yang Zaifei in 2019 [2][5]. - The company has established a high-performance graph computing research station in collaboration with academic experts to enhance its technological capabilities [11].