又一家AI公司要登陆港股市场了。 不久前，港交所官网披露，海致科技已通过聆讯并公布招股书。 作为国内领先的图计算龙头，海致科技收入在过去两年增长迅速。 也正因如此，海致科技被外界称为"AI 除幻第一股"。接下来，就让我们透过招股书，来拆解下"AI除幻第一股"的成 色。 01 杀入AI智能体，24年收入增长9倍 想要真正了解海致科技的业务，我们就先得搞清楚什么是"图"。 这里的"图"，不是相册里的JPG，而是一种抽象的数据结构 。 2022-2024年，公司收入分别为3.13亿、3.76亿、5.03亿元。2025年上半年，公司收入为1.73亿元，同比增长38.4%。 其中，Atlas智能体表现尤为突出。2023 年，Atlas智能体收入仅890万元；到2024年，这一数字已增长至8655万元，暴 涨9倍。2025年上半年，Atlas智能体实现收入4865万元，同比增长接近5倍。 按2024 年收入计算，海致科技在中国产业级AI智能体市场中以2.8%的市场份额，排名第五。 Atlas 智能体的放量，与公司长期投入的一项核心技术路径密切相关——图模融合。 所谓的图模融合，就是将"知识图谱"的严谨逻辑与"大模型"的推 ...

Core Insights - The article discusses the increasing interest in companies focused on addressing "AI hallucinations," particularly highlighting Beijing Haizhi Technology Group's IPO filing in Hong Kong [1][6]. Group 1: Company Overview - Haizhi Technology aims to eliminate "AI hallucinations," which refer to the generation of seemingly plausible but incorrect or fabricated information by AI models [1][2]. - The company defines itself as an AI agent enterprise, focusing on developing AI solutions through "graph-model fusion technology," which combines knowledge graphs with large model technology [3][4]. Group 2: Market Potential - The market for integrated knowledge graph-based industrial AI agents is projected to grow significantly, with an estimated compound annual growth rate (CAGR) of 140% from 2024 to 2029, increasing from 200 million RMB to 13.2 billion RMB [5]. Group 3: Financial Performance - Haizhi Technology reported revenues of 313 million RMB, 375 million RMB, and 503 million RMB for the years 2022, 2023, and 2024, respectively, with corresponding losses of 175 million RMB, 265 million RMB, and 94.59 million RMB [5]. Group 4: IPO Details - The company is pursuing an IPO on the main board of the Hong Kong Stock Exchange, meeting the revenue threshold of over 500 million HKD and an expected market valuation exceeding 4 billion HKD [6]. - The company’s valuation post-E2 round financing is approximately 3.3 billion RMB, which is slightly below the expected IPO market cap [6]. Group 5: Management and Investors - The management team includes notable figures such as founder Ren Xuyang, a former Baidu executive, and CEO Yang Zaifei, a former journalist [7]. - Key investors include Junlian Capital, IDG Capital, Hillhouse Capital, and the China Internet Investment Fund, indicating strong backing from prominent venture capital firms [8].

Core Viewpoint - Haizhi Technology claims to be the first AI company in China to effectively reduce large model hallucinations through knowledge graphs, but its revenue from this AI agent business is relatively low, accounting for only 17.2% in 2024 [1][2]. Business Overview - Haizhi Technology's main business market share is only 1.11%, with the AI agent business market share at 2.8% [2][3]. - The company's Atlas intelligent agent revenue from 2022 to 2024 shows a growth from 0 to 86.55 million RMB, but still represents a small portion of total revenue [2][4]. Financial Performance - The company reported revenues of 313 million RMB, 376 million RMB, and 503 million RMB for 2022, 2023, and 2024 respectively, with net losses of 176 million RMB, 266 million RMB, and 94 million RMB, indicating a narrowing loss [4]. - The Atlas graph solution revenue accounted for 100%, 97.6%, and 82.8% of total revenue in the same years [4]. R&D Expenditure - R&D expenses for Haizhi Technology decreased from 86.94 million RMB in 2022 to 60.68 million RMB in 2024, with a significant drop in R&D expense ratio from 27.8% to 12.1% [6][9]. - The company’s R&D expenses are significantly lower than competitors like Minglue Technology and Xinghuan Technology, raising questions about its claimed technological advantages [9]. Market Position and Future Outlook - The market for integrated knowledge graph AI agents is projected to grow from 200 million RMB in 2024 to 13.2 billion RMB by 2029, with a compound annual growth rate of 140% [10]. - If Haizhi Technology can capitalize on opportunities for significant growth in AI agent revenue, it could strengthen its market position, although competition from internet giants poses potential challenges [11].