中国城市交通正处于向智能化快速转型的阶段。 在这个重要的时间窗口期，真正具备技术栈深度、场景沉淀和规模交付能力的企业，有望迎来从"项目 公司"向"城市级基础设施平台"跃升的战略机遇。 智慧互通作为中国领先的空间智能解决方案提供商，其港股IPO进程正好赶上了这一波产业升级的浪 潮。 一、押注"最难但最有壁垒"的赛道 根据弗若斯特沙利文的研究数据，2024年，中国空间智能解决方案市场规模已达人民币217.8亿元，预 计到2029年将增长至人民币1547.6亿元，期间复合年增长率高达47.2%。 在这一快速成长的赛道中，智慧互通已建立起领先的市场地位。 按2024年收入计，智慧互通在中国智慧交通行业所有空间智能解决方案提供商中排名第四；在路侧解决 方案细分领域更是位居榜首，市场份额高达19.3%。自2015年成立以来，公司已覆盖中国超过70个城 市，并拓展至海外市场，如香港、东南亚和中东，彰显了其全球化布局的野心。 值得注意的是，该赛道体量庞大、应用场景多元，并非零和博弈的存量竞争，而是允许不同体量公司共 存的增量市场。与一般的硬件供应商不同，智慧互通专注于"高精度AI"等高难度细分场景，与行业巨头 形成差异化竞争 ...

编者按：拆解企业招股、估值、上市表现，以专业视角记录资本脉动。投资时间网携手标点财经联袂锻造"解码港股IPO"特别策划，深度探寻每一次资本 浪潮背后的机遇与逻辑，敬请关注。 投资时间网、标点财经研究员 李路 智慧化程度是展示一个城市发展水平的重要方面，数字化工具则成为快速解决城市问题的重要抓手。在此背景下，高精度AI解决方案作为智慧城市的核 心支撑技术，正迎来市场需求的爆发期。据弗若斯特沙利文报告显示，全球高精度AI解决方案市场规模已从2019年的477亿元激增至2024年的2225亿元， 五年间复合年增长率高达36.1%，展现出强劲的增长韧性。 作为一家专注于人工智能技术与空间智能解决方案的提供商，智慧互通科技股份有限公司（下称智慧互通）深耕城市交通管理领域，通过计算机视觉和多 模态感知技术，为动态交通和静态停车等场景提供全栈式AI解决方案。 这家站在高景气赛道上的行业独角兽，自2021年开始准备上市，历经五年打磨，终于在近期向港交所递表。此前，公司分别在2021年、2022年和2023年先 后与中信建投证券、东兴证券、中信证券订立辅导协议，但均在不久后终止。本次IPO，其联席保荐人为中信证券和建银国际。 ...

Core Viewpoint - Smart Interconnect Technology, backed by major shareholders like Xiaomi and NIO, has initiated its journey for a Hong Kong IPO, focusing on AI-based spatial intelligence solutions for urban traffic management [1][2]. Company Overview - Smart Interconnect Technology has submitted its IPO application to the Hong Kong Stock Exchange on October 31, with CITIC Securities and Jianyin International as joint sponsors [1]. - The company specializes in AI technology and products, particularly in the urban traffic management sector, ranking fourth in China's smart traffic industry with a market share of 6.6% as of 2024 [1][16]. - The company has four main business segments: road network spatial intelligence solutions, roadside spatial intelligence solutions, AIoT spatial intelligence solutions, and other services [2][6]. Financial Performance - The company has shown steady revenue growth from 2022 to 2024, with revenues of 538 million, 618 million, and 699 million RMB respectively, although it has not yet achieved profitability [2][8]. - Adjusted net losses have decreased from 187 million RMB in 2022 to 20.58 million RMB in 2024, indicating a narrowing loss trend [2][8]. - However, in the first half of 2025, revenue dropped significantly to 103 million RMB, with adjusted net losses increasing to 86.2 million RMB, raising concerns about the impact on IPO valuation [2][10]. Market Position - Smart Interconnect Technology's roadside spatial intelligence solutions have seen revenue growth from 227 million RMB in 2022 to 467 million RMB in 2024, increasing its share of total revenue from 42.2% to 66.8% [7][8]. - The company is positioned to benefit from the high growth of the spatial intelligence solutions market, which is projected to grow from 2.5 billion RMB in 2019 to 21.8 billion RMB in 2024, with a compound annual growth rate (CAGR) of 54.3% [12][15]. Shareholder Support - The company has received backing from various investors, including Xiaomi (4.41% stake), NIO (2.09%), and Yuntian Lifa (1.93%), along with support from state-owned enterprises and investment institutions [2][3]. Challenges - Despite its market position, Smart Interconnect Technology faces significant challenges, including intense competition in the spatial intelligence solutions market, where the top player holds only a 9.94% market share [18]. - The company is heavily reliant on a few key clients, with the top five clients accounting for 49.2% to 73.7% of revenue from 2022 to the first half of 2025, leading to extended payment cycles [18][20]. - The company's asset-liability ratio has increased from 149.79% in 2022 to 231.55% in the first half of 2025, indicating rising financial risk [18][20].

Core Viewpoint - Smart Interconnect Technology, backed by major shareholders like Xiaomi and NIO, has initiated its journey for a Hong Kong IPO, focusing on AI-based spatial intelligent solutions for urban traffic management [1][2]. Company Overview - Smart Interconnect Technology is a provider of spatial intelligent solutions based on AI technology, particularly in urban traffic management [1]. - The company ranks fourth in China's smart traffic industry with a market share of 6.6% and holds the first position in the roadside spatial intelligent solutions market with a 19.3% share [1][16]. Financial Performance - The company has not yet achieved profitability, with revenues projected to grow from 538 million RMB in 2022 to 699 million RMB in 2024, while adjusted net losses are expected to decrease from 187 million RMB to 20.6 million RMB during the same period [2][8]. - In the first half of 2025, revenue is expected to drop to 103 million RMB, with adjusted net losses increasing from 76.5 million RMB to 86.2 million RMB [2][11]. Business Segments - Smart Interconnect Technology has developed four main business segments: 1. Road network spatial intelligent solutions 2. Roadside spatial intelligent solutions 3. AIoT spatial intelligent solutions 4. Other products and services [2][6]. - The roadside spatial intelligent solutions segment has seen significant growth, with revenue increasing from 227 million RMB in 2022 to 467 million RMB in 2024, accounting for 66.8% of total revenue [7][8]. Market Dynamics - The spatial intelligent solutions market in China is projected to grow from 2.5 billion RMB in 2019 to 21.8 billion RMB in 2024, with a compound annual growth rate (CAGR) of 54.3% [12][15]. - The smart traffic application market is expected to grow from 1.1 billion RMB in 2019 to 9.7 billion RMB in 2024, with a CAGR of 44.4% [12][15]. Competitive Landscape - The market is highly competitive, with the top player holding only a 9.94% market share, indicating a fragmented market where Smart Interconnect Technology must enhance its core competitiveness to close the gap with leading competitors [17][18]. Customer Dependency - The company relies heavily on a few key clients, with the top five clients accounting for 49.2% to 73.7% of revenue from 2022 to the first half of 2025, leading to extended payment cycles [18][19]. Financial Health - As of 2025, the company's asset-liability ratio has risen to 231.55%, indicating increased financial risk due to reliance on debt for growth [18][20]. - The high accounts receivable, which exceeds 50% of current assets, poses potential bad debt risks [20][21]. Conclusion - While Smart Interconnect Technology has strategically invested in the smart traffic sector, achieving revenue growth and narrowing net losses, it faces significant challenges related to customer dependency and financial health, making its future performance a focal point for investors [21].