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 ...

出品：新浪财经上市公司研究院 作者：君 10月31日，智慧互通科技股份有限公司（下称"智慧互通"）向联交所主板提交上市申请，冲刺港股"高精度AI第一股"，中信证券、建银国际为联席保荐人。 在本次港股IPO前，智慧互通曾三换券商、三次冲击科创板，均未果。2022至2024年，公司董事长闫军的薪酬总额接近1600万元，其中七成为现金已落袋为 安。2025年，公司预计董事及监事的薪酬总额将达3.54亿元，同比激增19倍，董事长这次能"吃饱"吗？ 相较之下，公司业绩极为惨淡，2025年上半年收入同比"腰斩"，毛利率同比下滑11.2pct，净亏损同比扩大12.64%。除2023年外，公司各报告期经营性现金均 处于净流出状态。此外，公司七成贸易应收款项未开票，或存合规风险，坏账计提是否充分有待商榷。 董事长三年领薪近1600万元还没"吃饱"？ 智慧互通作为国内领先的人工智能技术、产品空间智能解决方案提供商，多年来一直深耕城市交通管理领域。公司致力于应用计算机视觉、高精度及多模态 感知技术、先进软件及大模型算法，使人工智能能够更有效地感知及理解世界，以高度智能的方式看见并理解复杂的空间区域。 在本次港股IPO前，智慧互通曾 ...

Core Viewpoint - The company, a high-precision AI provider, is transitioning from "model wars" to "scene implementation" in the AI industry, marking its application for listing on the Hong Kong Stock Exchange as a significant milestone for the capital market and positioning itself as a leader in "AI + smart space" solutions [1][10]. Group 1: Company Overview - The company specializes in high-precision AI algorithms and smart space computing platforms, ranking fourth in China's smart transportation sector with a market share of 6.6%, and leading the roadside solutions segment with a market share of 19.3% [1][3]. - The company has made significant advancements in AI technology, particularly in computer vision and multi-modal perception, holding 338 patents and participating in the formulation of multiple national and local standards [3][4]. Group 2: Financial Performance - The company is currently experiencing losses primarily due to strategic investments and the accounting treatment of financial instruments, rather than a decline in core business operations [5][6]. - Revenue has grown from 538 million to 699 million CNY from 2022 to 2024, indicating healthy business growth, despite a temporary decline in the first half of 2025 due to project completion timing [5][6]. - The company's net losses for 2022, 2023, and 2024 were 360 million, 257 million, and 288 million CNY respectively, with financial instrument valuation changes contributing significantly to these losses [6][7]. Group 3: Growth Potential - The company is positioned to benefit from the rapid growth of the global high-precision AI solutions market, projected to expand from 47.7 billion CNY in 2019 to 222.5 billion CNY by 2024, with a compound annual growth rate of 42.2% from 2025 to 2029 [13][16]. - The company plans to deepen its domestic market presence by collaborating with public transportation agencies and expanding into new cities, while also exploring international markets starting with Hong Kong [17][18]. Group 4: Strategic Advantages - The company is recognized as a potential "first stock of high-precision AI," providing a unique value proposition in the capital market as a city-level AI data platform [11][12]. - The company's technology platform aims to reconstruct urban digital infrastructure, enhancing decision-making and operational efficiency through real-time data collection and analysis [19][20].

Group 1: IPO Highlights - Pony AI Inc. (小马智行) completed a dual listing on the Hong Kong Stock Exchange on November 6, 2025, raising up to 7.7 billion HKD, marking the largest IPO in the global autonomous driving sector for 2025 [3][4] - Minglue Technology (明略科技) listed on the Hong Kong Stock Exchange on November 3, 2025, as the "first global Agentic AI stock," raising over 1 billion HKD with a subscription rate of 4452.86 times for public offerings [6][7] - WeRide (文远知行) went public on November 6, 2025, with a share price of 27.1 HKD, achieving a market response with a subscription rate of 73.44 times for public offerings, reflecting investor confidence in autonomous driving [10][11] Group 2: Company Profiles - Minglue Technology focuses on data intelligence applications and is recognized as the largest data intelligence application software provider in China by revenue for 2024 [6][19] - WeRide is the only technology company with autonomous driving licenses in seven countries, emphasizing its commitment to safety and reliability in autonomous driving technology [10][11] - DeepWay (深向科技) submitted its prospectus for listing on November 6, 2025, specializing in smart road freight solutions and has delivered approximately 6,400 new energy heavy trucks since its inception [13][15] Group 3: Financial Performance - Minglue Technology's IPO raised over 1 billion HKD, with a strong demand reflected in the subscription rates [6][7] - DeepWay's revenue is projected to grow significantly, with a forecasted revenue of 1.967 billion CNY for 2024, representing a year-on-year increase of 362.5% [15] - Zhuozheng Medical (卓正医疗) updated its prospectus on November 5, 2025, reporting revenues of 6.96 billion CNY in the first eight months of the year, with a path to profitability achieved in 2024 [21][22] Group 4: Market Position - Minglue Technology is positioned as a leader in the Agentic AI sector, with a focus on enterprise-level applications [6][19] - WeRide's market presence spans 11 countries and over 30 cities, showcasing its global reach in autonomous driving [10][11] - Zhuozheng Medical ranks first in the number of cities covered and second in patient visits among private high-end medical service providers in China [21][22] Group 5: Investment and Growth - DeepWay has attracted investments from notable institutions and has a strong order backlog of approximately 1,400 trucks [15] - Zhuozheng Medical has received investments from prominent firms, including Tencent, which holds a 19.39% stake [22][23] - Berghaus (伯希和) aims to become the leading high-performance outdoor lifestyle brand in China, with a compound annual growth rate of 122.2% in net sales from 2022 to 2024 [26][28]

Core Viewpoint - Smart Interconnect Technology Co., Ltd. is set to become the "first high-precision AI stock" as it submits its IPO application to the Hong Kong Stock Exchange, aiming for a main board listing [3][4]. Group 1: Company Overview - Established in 2015, Smart Interconnect focuses on AI technology and spatial intelligent solutions, leveraging proprietary high-precision, computer vision, and multimodal perception technologies [4]. - The company has developed various AI algorithms and tools that enhance visual and cognitive capabilities, particularly in urban traffic management, improving safety and operational efficiency [4]. - Smart Interconnect's solutions have been successfully implemented to reduce congestion and accident rates while optimizing parking space utilization and payment accuracy [4]. Group 2: Market Position and Financials - As of June 30, 2025, Smart Interconnect has 257, 179, 120, and 59 clients for the years ending December 31, 2022, 2023, 2024, and June 30, 2025, respectively [5]. - The company ranks fourth in China's smart traffic industry with a market share of 6.6% and holds the first position in spatial roadside solutions with a 19.3% market share, based on 2024 revenue [5]. - The global high-precision AI solutions market has grown from 47.7 billion yuan in 2019 to an estimated 222.5 billion yuan by 2024, with a projected compound annual growth rate of 42.2% reaching 1.433 trillion yuan by 2029 [6]. Group 3: Financial Performance - Smart Interconnect's revenues for 2022, 2023, and 2024 were 538 million yuan, 618 million yuan, and 699 million yuan, respectively, with a revenue of 103 million yuan reported for the first half of 2025 [6]. - The decline in revenue for the first half of 2025 is attributed to fluctuations in project milestones that affect revenue recognition [6]. Group 4: Future Plans - The net proceeds from the IPO will primarily be used to enhance research on cutting-edge technologies, improve product solutions, and expand business applications [6][7]. - Funds will also support overseas business expansion, strengthen sales and marketing teams, and automate production processes [7].