Group 1 - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, marking its accelerated move towards the capital market [1] - One month prior to the listing application, the company successfully completed a D-round financing of 50 million RMB, providing strong momentum for its IPO journey [1] Group 2 - Haiqing Zhiyuan's prospectus reveals its technological strength and market position, with a 3.5% market share in China's multispectral AI market, ranking first in the industry [3] - The company achieved a revenue of 523 million RMB in 2024, representing a year-on-year growth of over 300%, and a net profit of 40.41 million RMB, successfully turning a profit [3] - The strong performance is attributed to increased demand for security application products, new customer orders, and a gross margin of 32.9% from its large model services, which improved the overall gross margin from 12.2% in 2023 to 18.8% [3] Group 3 - Haiqing Zhiyuan has made significant technological breakthroughs with its "multispectral sensing and computing integration," "lightweight edge AI computing," and "multispectral AI large model platform," which have been widely applied in smart cities, data center security, and industrial monitoring [4] - The company has seen an increase in customer concentration, with the top five customers accounting for 64.8% of its revenue, further solidifying its market position [4] Group 4 - The company plans to use the funds raised from the IPO for research and development enhancement, production capacity expansion, strategic acquisitions, and global market penetration [4] - Strategic acquisitions and partnerships are viewed as key methods to enhance technological strength and market competitiveness, allowing the company to integrate resources and technological capabilities from acquired firms and partners [4]

Group 1 - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange after completing a Series D financing round of 50 million yuan one month ago [1][3] - The company relies on its self-developed "Optical Sensing and Computing" technology architecture to provide a full-link solution covering multi-spectral AI modules, perception terminals, and large model services [3] - According to Frost & Sullivan's report, Haiqing Zhiyuan holds a 3.5% market share in China's multi-spectral AI enterprise market, ranking first, while its large model services have an 11.8% market share, also leading nationally [3] Group 2 - Financial data indicates that after experiencing an industry adjustment in 2023, Haiqing Zhiyuan's performance rebounded strongly in 2024, achieving an annual revenue of 523 million yuan, a year-on-year increase of over 300% [3] - The company reported a net profit of 40.41 million yuan, successfully turning a profit, driven by increased demand for security application products and a high gross margin of 32.9% from large model services [3] - The overall gross margin improved from 12.2% in 2023 to 18.8% in 2024, reflecting the successful commercialization of its large model services [3] Group 3 - Haiqing Zhiyuan plans to focus its IPO fundraising on four key areas: strengthening R&D, expanding production capacity, strategic acquisitions, and penetrating global markets [4] - The company aims to integrate its technical expertise in multi-spectral sensing, embedded AI, and large model origins with the resources and capabilities of acquired companies and strategic partners [4] - This strategy is expected to accelerate innovation in key areas such as large model training and chip design, enhancing the competitiveness of its multi-spectral AI platform technology [4]

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, attracting market attention with a projected revenue growth of 347% in 2024 [1] Financial Performance - Revenue figures for Haiqing Zhiyuan from 2022 to 2024 are 225 million RMB, 117 million RMB, and 523 million RMB respectively, with a significant decline of 47.09% in 2023 compared to 2022, followed by a substantial increase of 347% in 2024 compared to 2023 [2][3] - The company recorded net losses of 4.93 million RMB in 2022 and 18.41 million RMB in 2023, but achieved a profit of 40.41 million RMB in 2024, indicating a successful turnaround [3] Market Position - Haiqing Zhiyuan ranks first among the top five players in the multispectral AI sector, holding approximately 3.5% of the market share, which collectively accounts for about 10.9% of the sector [1] Cash Flow and Working Capital - The company has shown volatility in cash flow, with net cash flow from operating activities being negative in most periods, totaling a net outflow of 13.57 million RMB over three years and one quarter [4] - Trade receivables increased significantly from 21.87 million RMB in 2022 to 146 million RMB in 2024, growing nearly sixfold, which is much faster than revenue growth [4] Inventory and Production Capacity - Inventory turnover days increased dramatically from 44 days in 2024 to 206 days in the first quarter of 2025, attributed to more cautious settlement policies and seasonal factors [5] - The production capacity utilization rate fluctuated significantly, dropping from 31% in 2022 to 24% in 2023, then rising to 87% in 2024, and falling again to 36% in early 2025 [5] Valuation and Funding - The company’s valuation surged from 1 billion RMB post-C round financing in October 2024 to 3.55 billion RMB after D round financing in July 2025, reflecting a more than 250% increase [5][7] - The IPO aims to raise funds for enhancing R&D capabilities, expanding production capacity, and accelerating global market penetration, despite a declining trend in R&D expenditure as a percentage of revenue [7]

Core Viewpoint - The article discusses the upcoming IPO of Shenzhen Haiqing Zhiyuan Technology Co., Ltd., a leading player in the multispectral AI sector, highlighting its rapid revenue growth and operational challenges as it prepares to enter the capital market [3][14]. Company Overview - Shenzhen Haiqing Zhiyuan was founded in 2013 and has established itself as a leader in multispectral AI technology, claiming the largest market share in China for multispectral AI enterprises and services [3][14]. - The company plans to list on the Hong Kong Stock Exchange, with a valuation exceeding 3.55 billion yuan prior to the IPO [18]. Financial Performance - The company reported a staggering revenue increase of 346.4% for 2024, achieving profitability after previous losses of approximately 493,000 yuan in 2022 and 1.84 million yuan in 2023 [14][21]. - Revenue figures for the reporting periods are as follows: 2022 - 224.74 million yuan, 2023 - 117.06 million yuan, 2024 - 522.57 million yuan, and Q1 2025 - 82.42 million yuan [20][21]. Operational Challenges - The company faces significant operational challenges, including overdue employee social security payments exceeding 2 million yuan and a dramatic increase in inventory, which surged by over 55% within three months [3][27][31]. - Supplier concentration is high, with nearly 90% of procurement coming from a few suppliers, indicating potential risks in supply chain stability [17]. Market Position and Growth Potential - The multispectral AI market is projected to grow significantly, with a market size of 13.5 billion yuan in 2024 and an expected compound annual growth rate of 31% from 2025 to 2029, reaching 58.8 billion yuan by 2029 [33]. - Haiqing Zhiyuan's technology is applied across various sectors, including smart cities, campus management, and industrial safety, showcasing its versatility and growth potential [16][33]. Investment and Financing - The company has attracted investments from multiple institutions, with a notable increase in valuation from 350 million yuan in 2020 to 3.55 billion yuan in 2023 [18]. - Despite cash flow challenges, the company has demonstrated strong financing capabilities, securing new loans and investments to support its operations [26].

Core Viewpoint - The company, Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan"), is preparing for an IPO on the Hong Kong Stock Exchange, showcasing its leading position in the multispectral AI technology sector and significant revenue growth in 2024 [1][2][10]. Group 1: Company Overview - Haijing Zhiyuan was founded in 2013 and has established itself as a leader in multispectral AI technology, claiming the largest market share among Chinese multispectral AI companies [1][10]. - The company has developed various products, including multispectral AI modules and services, with a focus on integrating perception intelligence and edge AI [10][12]. Group 2: Financial Performance - The company reported a revenue increase of 346.4% in 2024, achieving profitability with a net profit of approximately 40.41 million RMB [2][20]. - Revenue figures for the reporting periods were approximately 225 million RMB in 2022, 117 million RMB in 2023, and 523 million RMB in 2024, with a significant loss recorded in 2023 [18][20]. - The gross profit margins for the reporting periods were 22.6%, 12.2%, 18.8%, and 32.9%, indicating an improvement in profitability [20][21]. Group 3: Client and Supplier Dependency - The company heavily relies on its top five clients, which accounted for 42.1%, 38.3%, 59%, and 64.8% of total revenue during the reporting periods [12][13]. - Supplier concentration is also high, with the top five suppliers representing 36.1%, 54.2%, 66.4%, and 89.3% of total purchases [13]. Group 4: Operational Challenges - The company faces challenges such as overdue employee social security payments exceeding 2 million RMB and a significant increase in inventory, which surged by over 550% within three months [2][31]. - Capacity utilization rates at the Shenzhen production base were reported at 31%, 24%, 87%, and 36% during the reporting periods, indicating underutilization [28][29]. Group 5: Market Potential - The multispectral AI market is projected to reach 13.5 billion RMB in 2024, with a compound annual growth rate of 31% expected from 2025 to 2029, highlighting the industry's growth potential [33].

近日，港交所官网显示， 深圳海清智元科技股份有限公司（简称"海清智元"）向港交所首次呈交了IPO（首次公开募股）申请文件，民银资本、浦银国际为 联席保荐人，中湾国际为财务顾问。 | 纂]的[编纂]数目 | : | [編纂]股H股(視乎編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | .. | [編纂]股H股(可予重新分配及視乎編纂]行使與 | | | | 加定) | | [編纂]數目 | . | [编纂]股H股(可予重新分配) | | 最高 編纂] | .. | 不超過每股H股[編纂],另加1.0%經紀佣金、 | | | | 0.0027%證監會交易徵費、0.00565%香港聯交 | | | | 交易費及0.00015%會財局交易徵費(須於申請 | | | | 以港元繳足,多繳股款可于退還) | | 面質 | | 每股H股人民幣[0.0125]元 | | [編纂] | : | 【编纂】 | 招股书显示，海清智元成立于2013年，是一家中国领先的多光谱AI（人工智能）技术企业。依托在多光谱感知与AI算法领域的自研技术，公司提供能够探 测人眼可见及不可见物理信息的产品及服务， ...

Core Viewpoint - Haiqing Zhiyuan has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, capacity expansion, strategic investments, and general operational purposes. The company has seen a significant increase in valuation, but concerns arise regarding the legitimacy of its recent funding and cash flow issues [1][2][3]. Funding and Valuation - Haiqing Zhiyuan's valuation has surged to 3.55 billion RMB, a ninefold increase since its A-round funding in November 2020 [3][4]. - The company has completed five rounds of financing, raising a total of 260 million RMB, with the latest D-round occurring just before the listing application [3][4]. - The D-round funding was notably backed by a private equity fund that was only two days old at the time of investment, raising questions about regulatory compliance [5][7]. Financial Performance - The company reported revenues of 225 million RMB, 117 million RMB, and 523 million RMB for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of approximately 52.5% [16]. - Despite significant revenue growth, cash flow remains a concern, with a net cash outflow from operating activities of 63.6 million RMB in Q1 2025, indicating deteriorating cash flow conditions [17][19]. - As of June 2025, both deposits and borrowings exceeded 200 million RMB, suggesting a "high deposit and loan" situation [20]. Market Position and Competition - Haiqing Zhiyuan ranks first in the Chinese multispectral AI market by revenue, holding a market share of 3.5% [8][9]. - However, the company faces intense competition, with leading firms like Hikvision significantly outspending on R&D, raising concerns about Haiqing Zhiyuan's ability to sustain its valuation [10][12]. - The company's R&D expenditures have been declining as a percentage of revenue, contrasting sharply with competitors [10][12]. Customer and Supplier Concentration - Haiqing Zhiyuan's revenue is highly concentrated, with the top five customers accounting for 64.8% of total revenue in Q1 2025, indicating potential risks in customer stability [21][24]. - The company has experienced frequent changes in its major customers, raising questions about the sustainability and authenticity of its revenue growth [25].

Core Viewpoint - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan") has submitted an IPO application to the Hong Kong Stock Exchange, highlighting its ambition for capacity expansion and global layout in the multi-spectral AI sector [1][2]. Company Overview - Haijing Zhiyuan relies on its self-developed "Light Perception and Computing" technology architecture to provide a full-link solution covering multi-spectral AI modules, perception terminals, and large model services [2]. - According to a Frost & Sullivan report, Haijing Zhiyuan ranks first in market share among multi-spectral AI companies in China, with its large model services also leading nationally [2][5]. - The company recently completed a D-round financing of 50 million yuan, with a post-transaction implied valuation of 3.55 billion yuan [2]. Financial Performance - Haijing Zhiyuan's revenue for the years 2022, 2023, 2024, and the first quarter of 2025 was approximately 225 million yuan, 117 million yuan, 523 million yuan, and 82 million yuan, respectively, with corresponding net profits of approximately -4.93 million yuan, -18.41 million yuan, 40.41 million yuan, and 14.14 million yuan [5][6]. - The company is expected to turn a profit in 2024, driven by strong demand for its safety-related application products and the commercialization of its large model services [6][4]. Market Position and Competition - The multi-spectral AI market is experiencing rapid growth, with a projected increase from 6.3 billion yuan in 2020 to 13.5 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 21.1% [10]. - Haijing Zhiyuan holds approximately 3.5% market share in the multi-spectral AI industry, ranking first, while its share in the embedded multi-spectral AI module sector is 6.6%, ranking third [5]. - The competitive landscape includes major players like Hikvision, Lingyun Technology, and SenseTime, indicating a highly competitive environment [4][11]. Strategic Focus - The IPO proceeds are intended to enhance R&D capabilities, expand production capacity, seek strategic acquisitions, and accelerate global market penetration [2]. - Haijing Zhiyuan emphasizes its differentiated competitive advantages through its comprehensive technology architecture, which integrates multi-spectral perception and AI algorithms [10][11]. Customer Base and Revenue Concentration - The company serves three main customer categories: AI hardware manufacturers, industry solution integrators, and large enterprise clients, with revenue concentration from its top five customers increasing over the reporting period [11].

Core Viewpoint - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as Haijing Zhiyuan) has submitted its IPO application to the Hong Kong Stock Exchange, indicating a strong desire to go public shortly after completing a D-round financing of 50 million yuan [1][2]. Company Overview - Established in 2013, Haijing Zhiyuan is a leading Chinese company in the field of multispectral AI technology, providing products and services that detect both visible and invisible physical information [2]. - The company has developed a comprehensive "light perception and computation" technology architecture, which includes three core technologies: integrated multispectral perception and computation, lightweight edge AI computing, and a multispectral AI large model platform [2]. Market Position - According to a report by Frost & Sullivan, Haijing Zhiyuan holds the largest market share among Chinese multispectral AI companies based on 2024 revenue, ranking first in multispectral AI large model services and third in multispectral AI modules [2]. Financial Performance - Revenue figures for Haijing Zhiyuan during the reporting period are approximately 225 million yuan in 2022, 117 million yuan in 2023, 523 million yuan in 2024, and 82.42 million yuan in the first three months of 2025. The company achieved a net profit of 40.41 million yuan in 2024, marking a turnaround from losses in previous years [3]. - The gross margin increased from 12.2% in 2023 to 32.9% in the first quarter of 2025, while the current ratio decreased from 2.0 to 1.6, and the quick ratio fell from 1.4 to 0.9 during the same period [3]. Customer and Supplier Dynamics - The revenue from the top five customers accounted for 42.1%, 38.3%, 59.0%, and 64.8% of total revenue during the reporting period, indicating a high customer concentration [4]. - The procurement from the top five suppliers increased significantly, rising from 36.1% in 2022 to nearly 90% in the first quarter of 2025, highlighting a growing dependency on a limited number of suppliers [5]. Inventory Management - Haijing Zhiyuan's inventory surged from 31.6 million yuan at the end of 2024 to approximately 206.6 million yuan by the end of the first quarter of 2025, representing a 555% increase in just three months [8]. - The inventory turnover days increased from 44 days to 206 days within the same period, raising concerns about inventory management and potential impacts on operational performance [8].

又一家AI视觉企业冲刺IPO。 近日，多光谱AI龙头——深圳海清智元科技股份有限公司(以下简称"海清智元")向港交所递交了上市申 请。 海清智元依托自研的"光感图算"技术架构，可提供覆盖多光谱AI模组、感知终端及大模型服务的全链路 解决方案。 弗若斯特沙利文报告称，按2024年营收计，海清智元在中国多光谱AI企业中市场份额位列第一，公司 的多光谱AI大模型服务在全国排名第一，多光谱AI模组在全国排名第三。 值得一提的是，在提交上市申请的前一个月，海清智元刚刚完成了5000万元的 D 轮融资，公司交易后 隐含估值为35.5亿元。 此次迫不及待的IPO，凸显出海清智元对于扩张产能与全球化布局的"野心"。据了解，本次IPO，海清 智元募资拟重点投向四大领域：强化研发能力、扩大生产基地产能、寻求战略并购及加速全球市场渗 透。 2024年扭亏 从业绩来看，海清智元规模不大，但波动较大。2023年在部分产品需求减少影响下，公司的亏损净额增 加，2024年才实现扭亏。 具体来看，2022年、2023年、2024年及2025年1-3月（简称"报告期"），海清智元的收入分别约2.25亿 元、1.17亿元、5.23亿元及0.82 ...