Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate level of confidence in its performance and growth potential [4]. Core Insights - The company is a leading player in the mainland market, focusing on developing Atlas graph solutions and industry-grade AI solutions through graph-model fusion technology. It ranks fifth among industry-grade AI providers in mainland China with a market share of 2.8% and holds the first position among graph-centric AI providers with approximately 50% market share [2][3]. - The company has achieved a breakthrough in reducing hallucinations in AI systems by leveraging its expertise in knowledge graph construction across multiple application scenarios, supported by controlled and verified datasets from clients [2]. - The industry for industry-grade AI solutions in mainland China is projected to grow significantly, with the market size expected to increase from approximately RMB 65.4 billion in 2025 to about RMB 286.1 billion by 2029, reflecting a compound annual growth rate (CAGR) of 44.6%. Specifically, the market for integrated knowledge graph AI systems is anticipated to grow from RMB 200 million in 2024 to RMB 13.2 billion by 2029, with a CAGR of 140.0% [3]. Financial Summary - The company's financial performance shows a revenue increase from RMB 3.13 billion in 2022 to RMB 3.76 billion in 2023, with a projected revenue of RMB 5.03 billion in 2024. However, the net profit is expected to remain negative, with losses of RMB 1.76 billion in 2022, RMB 2.66 billion in 2023, and a reduced loss of RMB 0.94 billion in 2024 [4]. Offering Details - The company plans to issue 0.28 billion shares, with a price range of HKD 25.6 to 28.0, aiming for a maximum fundraising amount of HKD 7.85 billion. The offering period is from February 5 to February 10, with the listing date set for February 13 [5].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團 成員表示同意： 按照香港法例第32章《公司（清盤及雜項條文）條例》規定，本公司僅於向香港公司註冊處處長 登記招股章程後，方會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要 約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決 定；招股章程的文本將於 ...