Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. (referred to as "Haizhi Technology") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the "first AI de-illusion stock" [2] Group 1: Company Overview - Haizhi Technology was founded in 2013 and specializes in developing industrial-grade intelligent agents and providing AI solutions through knowledge graph technology, effectively reducing large model hallucinations [2] - The company’s founder, Ren Xuyang, is a former vice president of Baidu and has a history of founding and co-founding several tech companies, including iQIYI and Yidian Zixun [2] Group 2: Financial Performance - The latest disclosed revenue figures show that Haizhi Technology's revenues for 2022, 2023, and 2024 are 313 million, 376 million, and 500 million respectively, with operating profits of -178 million, 200 million, and 33.36 million [3] - In the first half of 2025, the company reported revenues of 173 million, up from 125 million in the same period the previous year, with an operating loss of 59.24 million [4] Group 3: Market Position and Growth Potential - According to Frost & Sullivan, Haizhi Technology ranks first among AI intelligent agent providers in China with a market share of approximately 50% based on 2024 revenue [3] - The industrial-grade AI solutions market in China is expected to grow from 65.4 billion in 2025 to 286.1 billion by 2029, with a compound annual growth rate (CAGR) of 44.6% [3] Group 4: Product Offerings - The company's main products include the Atlas graph solution and Atlas intelligent agents, which are applied in over 100 real-world scenarios across various industries such as finance, energy, and healthcare [3] - The Atlas intelligent agent generated revenue of 86.6 million in 2024, showing a significant year-on-year growth of 872.2% [4] Group 5: Research and Development - Despite being a technology-driven company, Haizhi Technology's R&D expenses have been decreasing over the past three years, from 86.94 million to 60.68 million, representing a drop in the revenue proportion from 37.8% to 12.1% [4] - The company plans to use the funds raised from the IPO to enhance its technology, optimize the Atlas intelligent agent, and expand customer collaborations and new application scenarios [5]