Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with a post-financing implied valuation of 3.55 billion RMB during its D round in July 2025, indicating strong investor interest in the AI sector, particularly in multispectral AI technology [1][10]. Financial Performance - The company has shown significant revenue growth since 2023, achieving profitability in 2024, with revenues of approximately 2.25 billion, 1.17 billion, 5.23 billion, and 824.2 million RMB for the fiscal years 2022, 2023, 2024, and the first three months of 2025 respectively [1][2]. - The gross profit margins for the respective years were 22.6%, 12.2%, 18.8%, and 32.9%, while net profit margins improved from -2.2% and -15.7% to 7.7% and 17.2% [2]. Revenue Structure - The revenue structure has diversified, with the share of traditional core business, multispectral AI module revenue, decreasing from 84.2% in 2022 to 57.3% in 2025 Q1, while multispectral AI large model services, which generated revenue for the first time in 2024, contributed 35.2% of revenue in 2025 Q1 [4][5]. - The average selling price of multispectral AI modules decreased from 695.8 RMB to 509.6 RMB between 2022 and 2024, while sales volume increased from 272,000 to 587,000 units, a growth of 116% [5]. Market Position and Growth Potential - The multispectral AI industry has shown strong growth, with market size expanding from 6.3 billion RMB in 2020 to an estimated 13.5 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 21.1% [8]. - The company holds a leading position in the Chinese multispectral AI market with a market share of approximately 3.5%, ranking first in the sector [11]. Technological Advancements - The company has established a comprehensive technology architecture for multispectral AI, integrating optical components, sensor chips, proprietary algorithms, and lightweight computing units [11][13]. - The company has received multiple awards and recognitions for its technological innovations, including being recognized as a national-level "Little Giant" enterprise [14]. Future Outlook - The company is expected to benefit from the high growth potential of the multispectral AI sector, with continued investment in research and development likely to enhance its market position and profitability [14].

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].

Core Viewpoint - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan") has submitted an application for an IPO on the Hong Kong Stock Exchange, with a post-investment valuation reaching 3.55 billion yuan, indicating a significant growth trajectory in the multispectral AI technology sector [1][4]. Company Overview - Haijing Zhiyuan, established in 2013, is a leading company in the multispectral AI technology field, providing products and services that detect both visible and invisible physical information [4]. - The company has developed a comprehensive product and service portfolio, including multispectral AI modules, perception terminals, and large model services, covering various technical fields such as AI, optical electronics, and cloud computing [4]. Market Position - According to Frost & Sullivan, Haijing Zhiyuan holds the top market share in the multispectral AI industry at approximately 3.5% and ranks first in the multispectral AI large model service sector with an 11.8% market share [4]. - The company ranks third in the embedded multispectral AI module industry with a market share of about 6.6% [4]. Financial Performance - Revenue figures for Haijing Zhiyuan from 2022 to 2024 are as follows: 2022 revenue was 225 million yuan, 2023 revenue was 117 million yuan, and 2024 revenue is projected to be 523 million yuan, reflecting a 347% year-on-year growth in 2024 after a significant decline in 2023 [5][6]. - The company achieved profitability in 2024 with a profit of 40.41 million yuan, compared to losses in the previous years [5][6]. - In Q1 2025, Haijing Zhiyuan reported revenue of 82.42 million yuan, a 284% increase from the same period in the previous year, and a profit of 14.14 million yuan, marking a turnaround from a loss in the prior year [5][6]. Profitability and Margins - The gross margin of Haijing Zhiyuan increased from 38.6% in 2022 to 44.5% in 2024, a rise of 5.9 percentage points [7]. - The company maintained a high R&D expense ratio over the past three years, with rates of 15.7%, 26.3%, and 10.6%, significantly higher than comparable companies [7]. Future Outlook - The Chinese multispectral AI market is projected to reach approximately 20 billion yuan by 2025 and 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [5]. - Haijing Zhiyuan plans to use the funds raised from the IPO to enhance R&D capabilities, expand production capacity, and accelerate global market penetration [7]. Valuation and Comparisons - Haijing Zhiyuan's post-investment valuation has increased 4.4 times over four years, reaching 3.55 billion yuan, with a projected price-to-sales ratio of about 6.7 times for 2024, lower than the average of comparable companies [9]. - As of August 7, 2023, the market capitalizations of comparable companies are as follows: Hongsoft Technology at 14.2 billion yuan, Geling Deep Vision at 5.8 billion yuan, and CloudWalk Technology at 9.7 billion yuan [9].

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (referred to as "Haiqing Zhiyuan") has submitted an application for an IPO on the Hong Kong Stock Exchange, indicating its growth and potential in the multispectral AI technology sector [1][3]. Company Overview - Haiqing Zhiyuan, established in 2013, is a leading company in the domestic multispectral AI technology field, providing products and services that detect both visible and invisible physical information [5]. - The company has developed a comprehensive product and service portfolio, including multispectral AI modules, perception terminals, and large model services, covering various technical fields such as AI, optical electronics, and cloud computing [5]. - As of July 28, 2025, the company has registered 95 invention patents and 43 software copyrights, with its lightweight edge AI computing technology adaptable to various edge devices [6]. Market Position - According to Frost & Sullivan, Haiqing Zhiyuan holds the top market share in the multispectral AI industry at approximately 3.5% and ranks first in the multispectral AI large model service sector with a market share of about 11.8% [5][6]. - The Chinese multispectral AI market is projected to reach approximately 20 billion yuan by 2025 and 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [6]. Financial Performance - The company reported revenues of 225 million yuan, 117 million yuan, and 523 million yuan for the years 2022, 2023, and 2024, respectively, with a significant 347% year-on-year growth in 2024 after a decline in 2023 [7]. - Haiqing Zhiyuan achieved profitability in 2024, with a net profit of 40.41 million yuan, compared to losses in the previous years [7][8]. - In Q1 2025, the company generated revenue of 82.42 million yuan, a 2.84 times increase from the same period last year, and reported a profit of 14.14 million yuan [7][8]. R&D and Future Plans - The company has maintained a high R&D expense ratio, with rates of 15.7%, 26.3%, and 10.6% over the past three years, significantly higher than its peers [9]. - Haiqing Zhiyuan plans to use the funds raised from the IPO to enhance R&D capabilities, expand production capacity, and accelerate global market penetration [9]. Valuation and Market Comparison - Haiqing Zhiyuan's post-investment valuation has increased to 3.55 billion yuan, a 4.4 times growth over four years, with a projected price-to-sales ratio of approximately 6.7 times for 2024, lower than the average of comparable companies on the Sci-Tech Innovation Board [11][13].

Group 1 - The company, Shenzhen Haijing Zhiyuan Technology Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange, with Minyin Capital and Puyin International as joint sponsors [1] - Haijing Zhiyuan is a leading Chinese enterprise in multispectral AI technology, providing products and services that detect both visible and invisible physical information [1] - The company's solutions are applicable in various fields, including smart cities, smart campus management, internet data center security optimization, industrial and commercial security, and IoT facility management [1][2] Group 2 - The company was recognized as a national-level specialized and innovative small giant enterprise by the Ministry of Industry and Information Technology in 2022 [2] - Major clients include leading state-owned telecom operators and prominent listed AI companies, with the company receiving multiple awards for outstanding contributions and innovation [2] - As of July 28, 2025, the company has registered 95 invention patents and 43 software copyrights, actively participating in drafting approximately ten national standards for the security industry [2] Group 3 - Financially, the company reported revenues of approximately 225 million, 117 million, 523 million, and 82.42 million RMB for the fiscal years 2022, 2023, 2024, and the first three months of 2025, respectively [3] - The net profit and total comprehensive income for the same periods were -4.93 million, -18.41 million, 40.41 million, and 14.14 million RMB [3]

据港交所8月6日披露，深圳海清智元科技股份有限公司(简称：海清智元)向港交所主板递交上市申请，民银资 本、浦银国际为其联席保荐人。 | 量纂]的[编纂]數目 | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | [编纂]數目 | " [编纂]股H股(可予重新分配及視乎[编纂]行使與否 | | | 町足) | | [编纂]數目 | : [编纂]股H股(可予重新分配) | | 取高[编纂] | .. 不超過每股H股[编纂],另加1.0%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,多繳股款可予退還) | | 咱们 | .. 每股H股人民幣[0.0125]元 | | 【端景】 | : [编纂] | | 聯席保薦人、[编纂]、[编纂]、 | | 该公司的技术广泛用于除传统安全解决方案之外的多种应用场景，包括智慧城市、智慧校园管理、互联网数 据中心安全优化、工业及商业安全及物联网设施管理等领域，充分展现了多光谱AI解决方案的广泛适用性。 该公司于2022年获工业和 ...

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