Core Viewpoint - Xiamen Ruiwei Information Technology Co., Ltd. (Ruiwei Technology) has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International, Jianyin International, and Agricultural Bank of China International serving as joint sponsors. The company ranks first in the visual intelligence product market for civil aviation enterprises in China, with a market share of 8.9% based on projected 2024 revenue [1]. Company Overview - The company is an artificial intelligence firm providing visual intelligence technology and products to enterprise clients, leveraging advanced AI algorithms and optical imaging technology. It offers a range of visual perception, cognition, and reasoning products, deeply applied in civil aviation, commercial spaces, and logistics [3][4]. - Ruiwei Technology is one of the first companies in the industry to focus on full-stack visual intelligence technology, integrating computer vision algorithms, optical imaging optimization, and computing power optimization [3]. Technical Capabilities - The company has over ten years of technical accumulation in the computer vision field, establishing a complete full-stack technology system that connects R&D to product application. Its core technical capabilities include foundational technology, fusion technology, and component technology [4]. - Ruiwei Technology has developed comprehensive technical components, including RecoSee, RecoAware, and RecoThink visual intelligence agents, which serve as general building blocks for various visual intelligence products across multiple application scenarios [4]. Research and Development - As of December 31, 2024, the company's R&D team consists of 107 members, accounting for approximately 50% of the total workforce. It has established an integrated product development system supporting the entire product lifecycle from market demand to delivery and operation [6]. - The company holds 168 registered patents, with 159 being independently developed and 9 co-developed with third parties. Additionally, it has 119 software copyrights [6]. Financial Performance - In terms of revenue, the company achieved approximately RMB 78.36 million, RMB 242 million, and RMB 395 million for the fiscal years 2022, 2023, and 2024, respectively. Correspondingly, the gross profit for these years was approximately RMB 12.31 million, RMB 98.82 million, and RMB 157 million. The company reported a profit of RMB 8.288 million in 2024 [6].

2025 年 6 月 13 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 电 子 行 业 双 周 报 需求仍将旺盛 超配（维持） 电子行业双周报（2025/05/30-2025/06/12） 行 业 台系 ODM 厂月度营收同比高增，AI 服务器出货动能充足 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（05/30-06/12）累计上涨0.67%， 跑输沪深300指数0.20个百分点，在申万行业中排名第16名；板块6月累 计上涨2.57%，跑赢沪深300指数1.21个百分点，在申万行业中排名第14 名；板块今年累计下跌2.01%，跑输沪深300指数0.92个百分点，在申万 行业中排 ...

初代Apple Vision Pro头显设备出师不利，但并没有影响苹果在智能穿戴领域的探索，反而在该领域的研 发工作变得密集起来了。 "摄像头版Apple Watch"项目已被搁置 今年三月，彭博社记者Mark Gurman首次爆料，苹果正在研发多款内置摄像头的Apple Watch。 按照此前说法，不同型号将有不同的配置，其中Series机型采用屏下摄像头设计，而Ultra版本则将摄像 头集成于表冠侧边。 当时Gurman称，苹果为Apple Watch配备摄像头，主要是为了融合苹果AI，实现环境分析、物体识别、 路况导航、语言翻译等功能，但不具备拍摄和视频通话功能。 距离该消息公布仅过去两个多月，近日在Gurman的报道中却表示，苹果决定停止"配备摄像头Apple Watch"的研发，相关项目工作已于本周结束。 "智能眼镜"和"摄像头版AirPods"仍在推进 虽然尚不清楚苹果突然叫停"配备摄像头Apple Watch"研发的具体原因，但Gurman表示，"配备摄像头 AirPods"的项目则仍在进行中。 据悉，这款AirPods将搭载微型红外摄像头系统，没有拍摄功能，但集成了苹果"视觉智能"，可用于环 ...