Core Viewpoint - Haizhi Technology (02706) is set to launch its IPO on February 5, 2026, and is recognized as the "first stock of large model de-illusion" in Hong Kong, leading the enterprise-level knowledge graph market in China with over 50% market share [1][5][7]. Company Overview - Haizhi Technology specializes in AI solutions based on a "graph-model fusion" technology path, combining the accuracy of knowledge graphs with the reasoning capabilities of large models to provide end-to-end AI solutions for enterprise clients [6][8]. - The company offers two main solutions: Atlas Graph Solutions and Atlas Intelligent Agents, which empower enterprises to achieve intelligent automation and natural language interaction across various applications [7][13]. Financial Performance - The revenue from Atlas Intelligent Agents is projected to grow by nearly 9 times in 2024 compared to 2023, with a nearly 5-fold increase expected in the first half of 2025 [1]. - Revenue from Atlas Graph Solutions is expected to increase from 367 million RMB in 2023 to 417 million RMB in 2024, reflecting a growth rate of 13.6% [21][22]. - The gross profit margin is anticipated to rise significantly, with the gross profit for 2024 expected to reach 45.7%, an increase of 28 percentage points from 2023 [23]. Market Dynamics - The global AI market is experiencing exponential growth, with AI intelligent agents identified as the fastest-growing segment in the Chinese market, significantly outpacing the overall growth of enterprise-level AI solutions [25][27]. - Despite over 500 competitors in the Chinese enterprise AI solutions market, the top five companies hold nearly 58.1% of the market share, indicating a concentrated competitive landscape [28][29]. Competitive Advantages - Haizhi Technology boasts industry-leading technical capabilities, particularly in graph computing and proprietary graph-model fusion technology, which enhances performance and efficiency [8][12]. - The company has a robust business expansion capability, serving over 3,010 clients across various application scenarios, including telecommunications fraud prevention and financial risk control [15][19].

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. (Haizhi Technology) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for research and development, optimization of its Atlas intelligent system, and expansion into new markets and applications [1][2]. Company Overview - Haizhi Technology specializes in AI solutions, particularly in graph-model fusion technology, and has received significant backing from notable investors such as IDG, Hillhouse Capital, and Junlian Capital [1][2]. - The company recently completed a financing round of 350 million RMB, bringing its post-money valuation to 3.3 billion RMB [1][7]. Financial Performance - Haizhi Technology's revenue for the years 2022, 2023, and 2024 is projected to be approximately 313 million, 376 million, and 503 million RMB, respectively, indicating a compound annual growth rate (CAGR) of 26.8% [16][17]. - The gross profit for the same years is expected to be around 97 million, 132 million, and 182 million RMB, with gross margins of 30.9%, 35.2%, and 36.3% [16][17]. - The company has transitioned to profitability, with an operating profit of 3.34 million RMB expected in 2024, alongside an adjusted net profit of approximately 16.93 million RMB [17][18]. Market Position - Haizhi Technology ranks fifth among industrial-grade AI intelligent system providers in China, holding the largest market share among graph-centric AI providers [13]. - The industrial-grade AI market in China is projected to reach 45.3 billion RMB by 2024, with a CAGR of 44.6% from 2025 to 2029, indicating strong growth potential for Haizhi Technology [18]. Product Offerings - The company offers two main AI solutions: the Atlas Graph Solution and the Atlas Intelligent System, which leverage its graph computing and data analysis capabilities [15]. - These solutions have been implemented across various sectors, including fraud detection, intelligent marketing, and risk identification, with over 300 clients and more than 100 application scenarios [15][16]. Leadership and Strategy - Ren Xuyang, a veteran from Baidu, co-founded Haizhi Technology and has played a significant role in its development, transitioning leadership to Yang Zaifei in 2019 [2][5]. - The company has established a high-performance graph computing research station in collaboration with academic experts to enhance its technological capabilities [11].

Core Viewpoint - Haizhi Technology Group Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading player in the industrial-grade AI sector, particularly in knowledge graph applications for large models [4]. Company Overview - Haizhi Technology focuses on developing industrial-grade intelligent agents and providing AI solutions through graph-model fusion technology [4]. - The company is recognized as the first in the industry to apply knowledge graphs at scale for large model applications, potentially becoming the "first stock of large model applications" [4]. Market Position - According to Frost & Sullivan, Haizhi Technology ranks fifth among industrial-grade AI intelligent agent providers in China by projected revenue for 2024, and it holds the top position among AI intelligent agent providers centered on graphics, commanding over 50% market share [4]. Financial Performance - Revenue projections for Haizhi Technology from 2022 to 2024 are as follows: CNY 313 million (2022), CNY 376 million (2023), and CNY 503 million (2024) [6]. - The company has reported annual losses of CNY 176 million (2022), CNY 266 million (2023), and CNY 94 million (2024) [6]. Investment and Funding - Since its establishment, Haizhi Technology has attracted investments from notable institutions including Junlian Capital, BAI Capital, and others [6].