9月26日，中国证监会公布《境外发行上市备案补充材料要求(2025年9月19日—2025年9月25日)》。其 中，证监会要求海清智元补充说明公司业务经营模式等事项。据悉，海清智元已于2025年8月6日向港交 所主板提交上市申请，民银资本、浦银国际为联席保荐人。 证监会请海清智元补充说明以下事项，请律师核查并出具明确的法律意见： 一、请补充说明(1)你公司历次增资及股权转让价格及定价依据，是否实缴出资，是否存在未履行出资 义务、抽逃出资、出资方式等存在瑕疵的情形;(2)你公司最近12个月内新增股东入股价格的公允性，该 等入股价格之间存在差异的原因，是否存在入股对价异常的情况;(3)你公司将高新投、成都深高投、人 才二号认定为一组持有发行人5%以上股份的主要股东的原因;(4)你公司国有股东履行国有股标识等国资 管理程序进展情况;(5)就你公司设立及历次股权变动是否合法合规出具结论性意见。 二、请补充说明(1)你公司备案报告、法律意见书对控股股东认定结果不一致的原因及认定标准，并就 控股股东的认定情况出具明确结论性意见;(2)根据前述认定情况，补充说明你公司及境内所有子公司是 否存在《境内企业境外发行证券和上市管理 ...

智通财经APP获悉，9月26日，中国证监会公布《境外发行上市备案补充材料要求(2025年9月19日— 2025年9月25日)》。其中，证监会要求海清智元补充说明公司业务经营模式等事项。据悉，海清智元已 于2025年8月6日向港交所主板提交上市申请，民银资本、浦银国际为联席保荐人。 证监会请海清智元补充说明以下事项，请律师核查并出具明确的法律意见： 一、请补充说明(1)你公司历次增资及股权转让价格及定价依据，是否实缴出资，是否存在未履行出资 义务、抽逃出资、出资方式等存在瑕疵的情形;(2)你公司最近12个月内新增股东入股价格的公允性，该 等入股价格之间存在差异的原因，是否存在入股对价异常的情况;(3)你公司将高新投、成都深高投、人 才二号认定为一组持有发行人5%以上股份的主要股东的原因;(4)你公司国有股东履行国有股标识等国资 管理程序进展情况;(5)就你公司设立及历次股权变动是否合法合规出具结论性意见。 二、请补充说明(1)你公司备案报告、法律意见书对控股股东认定结果不一致的原因及认定标准，并就 控股股东的认定情况出具明确结论性意见;(2)根据前述认定情况，补充说明你公司及境内所有子公司是 否存在《境内企业境 ...

Core Viewpoint - The article discusses the financial performance and valuation concerns of Haiqing Zhiyuan, an AI vision company that has recently filed for an IPO in Hong Kong, highlighting the disparity between reported profits and cash flow issues [1][5]. Financial Performance - Haiqing Zhiyuan's revenue surged from 117 million RMB in 2023 to 523 million RMB in 2024, marking a year-on-year growth of nearly 350% [1]. - The company transitioned from consecutive losses in 2022 and 2023 to a net profit of 40.41 million RMB in 2024 [1]. - However, in Q1 2025, the company reported a net profit of 14.14 million RMB, while the net cash flow from operating activities was -63.63 million RMB, a significant year-on-year decline of 318.76% [3]. Cash Flow Concerns - The operating cash flow has been negative in recent years, with cash flow from operations recorded at -12.6 million RMB in 2022, 68.96 million RMB in 2023, and -6.73 million RMB in 2024 [4]. - The company's accounts receivable and inventory have increased significantly, with accounts receivable rising from 21.87 million RMB in 2022 to 146 million RMB in 2024, a nearly sixfold increase [6]. - Inventory levels also surged, reaching 207 million RMB by March 2025, with a 555% increase in just three months [7]. Valuation and Investment Activity - Prior to its IPO filing, Haiqing Zhiyuan's valuation skyrocketed from 1 billion RMB in October 2024 to 3.55 billion RMB by July 2025, representing a 250% increase in just seven months [10]. - The company attracted investment from a newly established private equity fund just before its IPO, raising questions about the motivations behind the sudden valuation increase [14]. Market Position and Competition - According to a report, Haiqing Zhiyuan ranked first among domestic multispectral AI companies in 2024, with a market share of 3.5% in multispectral AI modules and 11.8% in multispectral AI model services [14]. - The overall market for multispectral AI is characterized by low concentration, with the top five companies holding only 10.9% of the market share, indicating a fragmented and competitive landscape [14]. Research and Development - Despite the promising market outlook, Haiqing Zhiyuan's R&D expenditures have decreased from 19.76 million RMB in 2022 to 25.15 million RMB in 2024, representing a declining percentage of revenue from 8.79% to 4.81% [15].

Core Viewpoint - The article discusses the financial performance and valuation concerns of Haiqing Zhiyuan, an AI vision company, which has recently filed for an IPO in Hong Kong. Despite a significant increase in revenue and a shift to profitability, the company faces issues with cash flow, accounts receivable, and inventory levels, raising questions about the sustainability of its high valuation of 3.55 billion RMB [2][10][13]. Financial Performance - Haiqing Zhiyuan's revenue surged from 117 million RMB in 2023 to 523 million RMB in 2024, representing a year-on-year growth of nearly 350% [3]. - The company transitioned from consecutive losses in 2022 and 2023 to a net profit of 40.41 million RMB in 2024 [3]. Cash Flow Concerns - In Q1 2025, despite a net profit of 14.14 million RMB, the net cash flow from operating activities was -63.63 million RMB, a significant increase in negative cash flow by 318.76% year-on-year [5]. - The company has consistently reported negative cash flow from operating activities in recent years, indicating potential issues with profit quality [6]. Accounts Receivable and Inventory Issues - Trade receivables and notes receivable increased from 21.87 million RMB in 2022 to 146 million RMB in 2024, growing nearly sixfold, which outpaces revenue growth [7]. - Inventory levels have also risen significantly, with a total inventory of 207 million RMB as of March 2025, marking a 555% increase in just three months [7]. Valuation and Investment Activity - The company's valuation skyrocketed from 1 billion RMB in October 2024 to 3.55 billion RMB in July 2025, a 250% increase within seven months [10]. - A newly established private equity fund, Zhida Jiuhao, acquired a stake in Haiqing Zhiyuan just before its IPO filing, raising questions about the motivations behind the rapid valuation increase [12]. Market Position and Competition - In 2024, Haiqing Zhiyuan ranked first among domestic multispectral AI companies with a market share of 3.5%, and it held the top position in multispectral AI model services with an 11.8% market share [13]. - The overall market for multispectral AI is fragmented, with the top five companies holding only a combined market share of 10.9%, indicating intense competition [14]. R&D Investment Trends - R&D expenditures for Haiqing Zhiyuan decreased from 19.76 million RMB in 2022 to 25.15 million RMB in 2024, representing a declining percentage of revenue from 8.79% to 4.81% [16]. - The company faces strong competition from established players in the machine vision industry, which may impact its ability to maintain its valuation amidst declining R&D investment [16].

Company Overview - Shenzhen HQVT Technology Co., Ltd. (referred to as "Haiqing Zhiyuan") submitted its IPO application to the Hong Kong Stock Exchange on August 6, 2025, aiming for a listing on the main board [1] - The company is a leading player in the multi-spectral AI technology sector in China, providing products and services that detect both visible and invisible physical information [1][2] Financial Performance - In 2024, the company's revenue reached approximately RMB 5.23 billion, a year-on-year increase of 350% [1] - The net profit for 2024 was RMB 0.4 billion, marking a turnaround from previous losses, with a gross margin of 18.8% [1] - For the first three months of 2025, the revenue was RMB 0.82 billion, showing a year-on-year growth of 283.63% [6] - The gross profit for the same period was RMB 0.27 billion, with a year-on-year increase of 359.24% [6] Product Offerings - The company offers a range of products including multi-spectral AI modules, multi-spectral AI perception terminals, and multi-spectral AI large model services [1][2] - Other AI visual modules such as embedded AI modules are also part of the product lineup [2] Market Position - In 2024, the company ranked first in China's multi-spectral AI industry with a market share of approximately 3.5% [10] - It also ranked first in the multi-spectral AI large model service sector with a market share of 11.8% [10] - The multi-spectral AI market in China is projected to grow from RMB 63 billion in 2020 to RMB 135 billion in 2024, with a compound annual growth rate (CAGR) of 21.1% [8] Industry Outlook - The multi-spectral AI market is expected to reach RMB 200 billion in 2025 and soar to RMB 588 billion by 2029, with a CAGR of 31.0% [8] - The company serves various industries including software and IT services, electronics, internet data centers, smart driving systems, telecommunications, IoT, and system integration [3] Major Shareholders - The controlling shareholder, Mr. Zhou, holds a direct stake of 5.96% and an indirect stake of 48.87% through employee shareholding platforms [14][15] - Other significant shareholders include Zhejiang Merchants Venture Capital (14.85%) and Bidford (9.98%) [15] Recent Financing - The company underwent multiple rounds of financing, with the latest D round in July 2025 valuing the company at RMB 35.5 billion (approximately HKD 38.8 billion) post-financing [16]

Company Overview - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Minyin Capital and Puyin International as joint sponsors [3] - Established in 2013, Haijing Zhiyuan is a leading Chinese company in the field of multispectral AI technology, providing products and services that can detect both visible and invisible physical information [3] Financial Highlights - As of July 2025, Haijing Zhiyuan has completed five rounds of financing, with its valuation reaching 3.55 billion yuan, a ninefold increase compared to its Series A financing [7] - The most recent financing round occurred on July 18, 2025, just under a month before the IPO application submission, with the Series D financing seeing an investment of 50 million yuan from Shanghai Zhi De Jiu Hao Private Investment Fund [7] - The valuation during the Series D financing was 3.55 billion yuan, reflecting a 2.5 times increase from the previous Series C+ round [7] Shareholding Structure - Prior to the IPO, key shareholders include Zhou Bo with a direct holding of 5.96%, and other entities such as Zhongcheng Tianying holding 38.34%, Zhongzheng Tianying 2.79%, and Zhongzhi Tianying 1.79%, leading to a total of 48.87% held by controlling shareholders [6]

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 multispectral AI technology [3] Company Overview - Haijing Zhiyuan was established in 2013 and is recognized as a leading Chinese enterprise in multispectral AI technology [3] - The company specializes in self-developed technologies in multispectral perception and AI algorithms, offering products and services that can detect both visible and invisible physical information [3] Financial Performance - For the fiscal years 2022, 2023, 2024, and the first three months of 2025, Haijing Zhiyuan reported revenues of approximately 225 million, 117 million, 523 million, and 82 million respectively [8] - 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 respectively [8] Shareholding Structure - Prior to the IPO, key shareholders include Zhou Bo with a direct holding of 5.96%, and other entities such as Zhongcheng Tianying holding 38.34%, and Zhongzheng Tianying holding 2.79% [5] - The total shareholding of the controlling shareholders amounts to 48.87% [5] Management Team - The board consists of nine directors, including five executive directors: Zhou Bo, Miao Rui, Dr. Chai Jian, Zou Xiaogang, and Chen Yonggang [6] - Dr. Chai Jian, aged 36, joined the company in November 2024 and has a background in investment management and smart city technology solutions [7]

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance R&D capabilities, expand production capacity, and accelerate global market penetration with the raised funds [1] Financial Performance - Haiqing Zhiyuan reported revenues of approximately 225 million yuan, 117 million yuan, 523 million yuan, and 82.42 million yuan for the years 2022, 2023, 2024, and the first three months of 2025, respectively, with net profits of -4.93 million yuan, -18.41 million yuan, 40.41 million yuan, and 14.14 million yuan [2] - The company achieved a revenue growth of 347% year-on-year in 2024, marking a turnaround to profitability [2] Cash Flow Management - The company experienced significant fluctuations in operating cash flow, with net cash flows from operating activities of -13.06 million yuan, 69.57 million yuan, -6.49 million yuan, and -63.59 million yuan during the reporting period [3] - The fluctuations are attributed to the company's rapid growth phase and strategic investments, rather than short-term cash flow values [3] Customer and Supplier Management - The top five customers accounted for 42.1%, 38.3%, 59.0%, and 64.8% of total revenue during the reporting period, indicating a rising concentration of revenue [4] - The top five suppliers represented 36.1%, 54.2%, 66.4%, and 89.3% of total procurement, highlighting a high supplier concentration [4] - The company has established a multi-layered management system for suppliers to ensure a stable supply chain [4] Strategic Investments - Haiqing Zhiyuan has attracted multiple rounds of strategic investments, including 60 million yuan in October 2024, 10 million yuan in December 2024, and a D round financing agreement of 50 million yuan in July 2025, which supports its operational cash flow stability [4] Industry Impact - The IPO of Haiqing Zhiyuan is expected to drive technological iteration and market expansion in the industry, accelerating the application of multi-spectral AI in smart cities and industrial safety [5]

Group 1: IPO Overview - This week, three companies submitted their IPO applications: Junsheng Electronics, Haijing Zhiyuan, and Haixi New Drug [2][3] - Next week, Yinnuo Pharmaceutical-B (weight loss drug) and Zhonghui Biotechnology-B (vaccine) are expected to be listed, presenting potential investment opportunities [1][2] Group 2: Company Profiles - **Junsheng Electronics**: A leading provider of smart automotive technology solutions, ranked 41st globally in the automotive parts industry in 2024. The company is the second-largest supplier of passive safety products in China and globally, with 74.7% of its revenue from overseas sales in 2024 [3] - **Haijing Zhiyuan Technology**: A leading Chinese multispectral AI technology company, with revenues of approximately CNY 224.7 million, CNY 117.1 million, and CNY 522.6 million for the fiscal years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of about 52.5% [4] - **Haixi New Drug**: A commercial-stage pharmaceutical company with a diverse product portfolio in the fastest-growing therapeutic areas in China. The company focuses on innovative drugs with significant global market potential, including a potential first-in-class oncology drug [5][6] Group 3: Upcoming Listings - **Yinnuo Pharmaceutical-B**: The first in Asia and third globally to advance a novel GLP-1 receptor agonist to the registration approval stage, with an expected IPO fundraising of HKD 683 million at a price of HKD 18.68 per share [9][10] - **Zhonghui Biotechnology-B**: A vaccine company focused on innovative vaccines and traditional vaccines using new technologies, with an expected IPO fundraising of HKD 518 million at a price range of HKD 12.90 to HKD 15.50 per share [9][10]

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 the multi-spectral AI niche [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 traditional core business of multi-spectral AI modules decreasing from 84.2% to 57.3% of total revenue from 2022 to Q1 2025, while the newly introduced multi-spectral AI model services contributed 35.2% of revenue in Q1 2025 [4][5] - The average selling price of multi-spectral AI modules decreased from 695.8 RMB to 509.6 RMB between 2022 and 2024, while sales volume increased significantly from 272,000 to 587,000 units, a growth of 116% [5] Market Position and Growth Potential - The multi-spectral AI industry has shown robust 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 multi-spectral 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 multi-spectral AI, integrating optical components, sensor chips, proprietary algorithms, and lightweight computing units [11][13] - Continuous innovation has led to the development of various products, including the multi-spectral AI perception computing integration technology and the multi-spectral AI anomaly fire source detector [10][14] Strategic Collaborations - The company collaborates with academic institutions to utilize high-quality proprietary datasets for training its multi-spectral AI models, enhancing its capabilities in the safety sector [13]