Core Viewpoint - OpenAI has released GPT-5, generating significant market interest in the AI sector, while domestic AI companies, such as Shenzhen Haiqing Zhiyuan Technology Co., Ltd., are pursuing IPOs in Hong Kong [1] Company Overview - Shenzhen Haiqing Zhiyuan, founded in 2013, specializes in multispectral AI technology and has developed products for detecting both visible and invisible physical information [1][4] - The company has undergone multiple rounds of financing, achieving a post-money valuation of approximately 3.55 billion yuan during its D round in July 2025 [4] Product and Service Breakdown - Haiqing Zhiyuan's offerings include multispectral AI modules, multispectral AI perception terminals, and multispectral AI large model services [9][10] - The revenue contribution from multispectral AI modules decreased from 84.2% in 2022 to 57.3% in Q1 2025, while the large model services contributed 35.2% of revenue in Q1 2025 [10][11] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and Q1 2025 was approximately 225 million yuan, 117 million yuan, 523 million yuan, and 82 million yuan, respectively, with net profits showing significant fluctuations [17][19] - Despite a loss in 2022, the company paid out 5 million yuan in dividends [18] Market Position and Competition - In 2024, Haiqing Zhiyuan held a market share of approximately 3.5% in China's multispectral AI industry, ranking first, and had a 6.6% share in the embedded multispectral AI module sector, ranking third [21] - The multispectral AI market is projected to grow from 20 billion yuan in 2025 to 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [19] Supply Chain and Client Dependency - The company relies on five major suppliers for raw materials, with procurement from these suppliers accounting for a significant portion of total purchases [15] - Haiqing Zhiyuan's revenue from five major clients represented 42.1% to 64.8% of total revenue during the reporting period, indicating a high dependency on a limited client base [15] Research and Development - The company has invested in R&D, with expenditures ranging from approximately 1.98 million yuan to 2.52 million yuan over the reporting periods, representing 4.8% to 9.5% of total revenue [23]

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on multi-spectral AI technology and showing fluctuating financial performance over recent years [1][4]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first quarter of 2025 were approximately 225 million, 117 million, 523 million, and 82 million RMB respectively, indicating significant growth in 2024 [2][4]. - Net profits for the same periods were approximately -4.9 million, -18 million, 40 million, and 14 million RMB, reflecting a recovery in profitability in 2024 [2][4]. Funding and Investment - The company has undergone several funding rounds, including 40 million RMB in A round, 100 million RMB in B round, 60 million RMB in C round, and 50 million RMB in D round, with various investors participating [4][5][6]. - The funds raised are intended for enhancing R&D capabilities, expanding production capacity, strategic investments, and accelerating global market penetration [9]. Client Base and Revenue Concentration - The company serves three main client categories: AI hardware manufacturers, industry solution integrators, and large enterprises, with the top five clients contributing 42.1%, 38.3%, 59%, and 64.8% of total revenue in the respective fiscal years [6]. Cost Structure - Raw materials and consumables constitute the largest portion of the company's cost structure, accounting for 78.2%, 69.9%, 90.1%, and 81% of sales costs in the respective fiscal years [6]. Asset and Equity Position - The company's net asset values were approximately 180 million, 161 million, 234 million, and 261 million RMB over the fiscal years 2022, 2023, 2024, and the first quarter of 2025, showing a recovery and growth trend [7]. R&D Investment - R&D expenditures for the fiscal years 2022, 2023, 2024, and the first quarter of 2025 were approximately 20 million, 11 million, 25 million, and 4.7 million RMB, representing 8.8%, 9.5%, 4.8%, and 5.7% of total revenue respectively [11].

Core Viewpoint - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the multispectral AI technology sector in China [1]. Company Overview - Established in 2013, Haijing Zhiyuan is a leading Chinese company specializing in multispectral AI technology, providing products and services that detect both visible and invisible physical information [1]. - The company ranks first in the Chinese multispectral AI market based on projected 2024 revenue, with its multispectral AI large model services also holding the top position nationally [1]. Financial Performance - In the fiscal years 2022, 2023, and projected for 2024, Haijing Zhiyuan reported revenues of approximately RMB 224.74 million, RMB 117.06 million, and RMB 522.57 million, respectively [2]. - The net profit and total comprehensive income for the same periods were -RMB 4.93 million, -RMB 18.41 million, and RMB 40.41 million, indicating a significant turnaround to profitability in 2024 [2]. - For the first three months of 2025, the company achieved a revenue of RMB 82.42 million, a year-on-year increase of 283.63%, with a net profit of RMB 14.14 million, marking a shift from loss to profit [3]. Investment and Shareholding - On July 18, 2025, Haijing Zhiyuan entered into a capital increase agreement with Shanghai Zhi De Jiu Hao Private Investment Fund, subscribing for 121,311 shares at a total price of RMB 50 million [4]. - Prior to the IPO, key shareholders include Zhou Bo with a direct holding of 5.96%, and other entities holding significant stakes, leading to a total controlling interest of 48.87% [5].

来源|贝多商业&贝多财经 8月6日，深圳海清智元科技股份有限公司（下称"海清智元"）递交招股书，报考在港交所主板上市，民银资本、浦银国际为其联席保荐人。 据贝多财经了解，海清智元已于2024年实现扭亏为盈。具体来看，海清智元2024年的营收约为5.23亿元，净利润约为4041.2万元。 相比之下，海清智元2022年、2023年的营收分别约为2.25亿元、1.17亿元，分别录得净亏损约493.0万元和1841.3万元。 | | | | | 2024年 | 2025年 | | --- | --- | --- | --- | --- | --- | | | 2022財年 | 2023財年 | 2024財年 | 首三個月 | 首三個月 | | | | 人民幣千元 人民幣千元 人民幣千元 | | 人民幣千元 | 人民幣千元 | | | | | | (未經審計) | (未經審計) | | 收入 .. | 224,741 | 117,063 | 522,568 | 21,484 | 82,420 | | 銷售成本 | (173,859) | (102,756) | (424,399) | (15,571) | (55,26 ...

Core Viewpoint - Haiqing Zhiyuan Technology Co., Ltd. is pursuing an IPO in Hong Kong, revealing various aspects of its business and financial performance, which are crucial for investors to assess its investment value and risks [1] Business Model - The company is a leading player in China's multispectral AI technology, providing multispectral AI modules, perception terminals, and large model services, with applications in smart cities and campuses [2] - Haiqing Zhiyuan employs a vertically integrated business model, covering the entire supply chain to offer comprehensive intelligent perception solutions, with a product system consisting of three core multispectral AI products [3] Financial Performance - Revenue has shown a compound annual growth rate (CAGR) of 52.5% from fiscal year 2022 to 2024, but there have been significant fluctuations, with a 47.09% decline in fiscal year 2023 compared to 2022, followed by a substantial increase of 346.29% in fiscal year 2024 [4] - The company recorded net losses of approximately RMB 0.05 billion in fiscal year 2022 and RMB 0.18 billion in fiscal year 2023, with the loss in 2023 expanding by 275.51%. However, it is projected to turn a profit in fiscal year 2024, achieving a net profit of approximately RMB 0.4 billion [5] Customer and Supplier Dynamics - Customer concentration has increased, with the revenue share from the top five customers rising from 42.1% in fiscal year 2022 to 64.8% in the first three months of 2025 [6] - Supplier concentration has also risen, with the top five suppliers' procurement share increasing from 36.1% in fiscal year 2022 to 89.3% in the first three months of 2025, indicating a growing dependency on a limited number of suppliers [7]