全新智能体系统的推出代表着特斯联AI能力由To B端向To C端的延展。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 中国 AIoT头部企业 「 特斯联 」日前携其 全新智能体系统 HALI 亮相 第七 届中国西部国际投资贸易洽谈会（以下简称 " 西洽会 " ）。 以往，传统智能体产品需要人为提前编排和定义，具有泛化能力和适用性不足等痛点。但 HALI开创 性地引入端到端强化学习技术与高质量行业数据相结合，令智能体具备类人思考、长期记忆、多智能 体协同等特征，在消费级市场打造出了"千人千面"的高效便捷智能化体验。 以 HALI智能体系统为代表产品的AIoT智能体板块则构成特斯联空间智能的统筹交互界面，也是特斯 联眼中未来世界的交互入口之一。通过与前沿模型的结合，特斯联的智能体产品能够实现更高效的任 务执行和更智能的交互体验，为用户带来创新的智能化服务。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 全新智能体系统的推出代表着特斯联 AI能力由To B端向To C端的延展。今年，特斯联完成了空间 ...

近日，AIoT公司特斯联更新招股书并升级"空间智能"战略，明确AIoT领域大模型、基础设施及智能体 三大业务线。据招股书显示，特斯联2024年度营收为18.43亿元，相较2023年同比提升83.2%。以此增 速，特斯联已成为国内AI行业增长最快的企业之一。 加大投入抢占AI蓝海 在10亿营收以上的AI公司中，特斯联以83.2%的高速成为领跑公司之一。2024年，公司应收账款周转天 数由2022年的238天、2023年的180天进一步缩短至104天，公司资金效率大幅提升，经营风险显著降 低。2024年，特斯联净亏损(经调整EBITDA)为9.7亿，亏损占收入比例自2023年的59.6%下降至52.8%， 优于同类可比企业。 2024年，在ChatGPT和DeepSeek引发的AI技术变革中，特斯联依托AIoT技术，对产品线进行了全新升 级，构建了以AIoT基础设施、AIoT领域大模型及AIoT智能体为基础的空间智能技术产品体系。在中美 科技竞争中，伴随着国产信创算力的快速增长和DeepSeek技术突围，国产智算基础设施、智能体应用 加快落地，2022-2024年，特斯联总收入的年复合增长率达58.0%，成为中国 ...

Core Viewpoint - The company, Teslin, has submitted an updated prospectus to the Hong Kong Stock Exchange, revealing a strategic upgrade focusing on three key areas: AIoT models, AIoT infrastructure, and AIoT intelligent agents, with an emphasis on spatial intelligence [1][2]. Group 1: Strategic Focus - Teslin aims to drive industrial upgrades and sustainable development through technology, specifically in the AIoT sector, with products deployed in over 800 clients across more than 160 cities globally [2]. - The company’s AIoT domain model serves as an analytical engine, utilizing a "multi-modal" and "model + system + application" commercialization strategy to create specialized models and intelligent applications for various industries [2][3]. - The introduction of the upgraded green computing unit supports various advanced chips and models, establishing a fully domestically developed toolset from chips to platforms [3][5]. Group 2: Financial Performance - In its first year of strategic upgrade, Teslin reported a significant revenue increase of 83.2%, reaching 1.843 billion yuan, with a compound annual growth rate of 58.0% over three years [5][6]. - The company’s expense ratio decreased from 76.9% in 2023 to 45.0% in 2024, while accounts receivable turnover days improved from 238 days in 2022 to 104 days in 2024, indicating enhanced capital efficiency [5][6]. - The AI industrial digitization business saw a remarkable revenue increase of 162.9%, contributing significantly to the overall revenue growth, with a total of 342 clients by the end of 2024 [6]. Group 3: Market Outlook - The global spatial computing market is projected to grow from approximately $149.59 billion in 2024 to over $1,066.13 billion by 2034, with a compound annual growth rate of 21.7%, and the Asia-Pacific market expected to grow at 22.2% [7]. - The company faces the challenge of seizing opportunities in the spatial intelligence sector amidst a complex global market landscape [7].

亮眼的财报数据，令特斯联受到了资本市场的青睐。在2025年年初，特斯联完成D++轮6.485亿元融资，引入国有资本与产业基金的战略注资，为IPO征程储 备充足弹药。强大的资金加持与硬核的业绩表现，正为特斯联港交所IPO铺就坚实道路。 日前，AIoT行业头部企业特斯联更新港交所招股书，数据显示，特斯联近三年营收年复合增长率58%、2024年单年业绩增长83.2%，增长速度领跑AI行业。 同时，特斯联深度挖掘空间智能应用场景，更新了三大战略板块，客户结构进一步优化，目前在手订单已高达23亿元。 值得一提的是，特斯联还在招股书中首次系统披露其空间智能战略框架，以AIoT领域模型、AIoT基础设施及AIoT智能体三位一体的技术矩阵，发力空间智 能领域。目前，特斯联全球布局已覆盖中东、东南亚等新兴市场，积累合作800多个客户，总客户数达342家，并拥有23亿元在手订单，印证了其技术方案的 国际化适配能力。 招股书显示，特斯联在2022-2024年间实现营收三连跳：2022-2024年，营收年复合增长率达58%，其中2024年同比增速达83.2%。这一增长速度远超行业平 均水平，印证了公司在AI产业数智化转型浪潮中的核心 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved approximately $74.7 million in revenue, representing a year-over-year growth of about 21.1% [8] - The net profit reached over $11 million, more than double that of last year's full year, with a non-GAAP net profit margin of 25.8% [12] - The blended gross margin stood at about 48.5%, with all three revenue lines maintaining steady margins [10] Business Line Data and Key Metrics Changes - Revenue from home appliances grew significantly, leading the performance across major categories, followed by security sensing and electrical and lighting products [9] - SaaS and other services generated about $10 million in revenue, growing approximately 15.5% year over year [9] - Smart solution revenue reached approximately $11 million, with a year-over-year increase of about 47.1% [9] Market Data and Key Metrics Changes - Europe accounted for about one-third of total revenue, followed by Asia Pacific (excluding China), China, and Latin America, each contributing around 15% [9] - The company maintains a diversified revenue structure across various regions, with emerging markets contributing to growth [10] Company Strategy and Development Direction - The company is focusing on AI integration into its product offerings, emphasizing the development of AI capabilities from cloud to device [5] - A commitment to maintaining efficient organizational execution and safeguarding a favorable environment for R&D amid external uncertainties is highlighted [6] - The company aims to leverage its unique platform model to drive continuous improvement in industrial-wide intelligence adoption [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has been volatile, influenced by AI advancements and geopolitical trade fluctuations [4] - The company is optimistic about the strategic opportunities presented by AI penetration across various industries [14] - Management emphasized the importance of navigating uncertainties and creating long-term value through disciplined cost management [21] Other Important Information - The company recently received an upgrade in its ESG rating from MSCI from single A to double A, achieving a full score in security and compliance [21] - The company hosted its first Global Developer Conference in April 2025, unveiling new AIoT development engines and solutions [5] Q&A Session Summary Question: Insights on AIoT hardware performance and customer behavior amid tariff volatility - Management identified audio and video interaction devices as strong performers, particularly in educational and entertainment applications for children [26] - Customers have become more conservative in their purchasing decisions due to tariff uncertainties, leading to a pause in order shipments [29] Question: Monetization of AI opportunities and outlook on revenue and profitability - The company plans to integrate AI capabilities into existing business models, offering seamless transitions for customers [38] - Short-term demand cycles may be affected by tariffs, but long-term growth is expected once negotiations are settled [42] Question: Progress on cooperation with Singapore and Chile - The partnership with Singapore's Home Development Bureau focuses on centralized energy management solutions for public apartments [52] - The company plans to replicate successful use cases in other Southeast Asian countries [56] Question: Internal use of AI to improve efficiency and margins - Various departments are utilizing AI tools to enhance operational efficiency, including marketing and HR processes [66] - The company believes that internal AI applications will lower operational costs and increase income [69]

01 明星资本云集，光大系背景深厚 以下文章来源于证券之星 ，作者于莹 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财 经资讯。 近日，特斯联智慧科技股份有限公司(以下简称"特斯联")于4月30日更新招股书，继续推进港交所 主板上市进程。据了解，该公司曾于去年9月26日于港交所首次提交招股书，后因六个月期满失 效。 证券之星注意到，作为一家操作系统型AIoT产品提供商，公司背后资本云集。自2015年成立以 来，融资轮次已达11轮，累计融资近60亿元，最新估值已经达到216.19亿元。但对应到业绩上， 近几年里，公司的亏损幅度也同步扩大，三年亏掉了52.9亿元，2024年，公司的现金流净额断崖 式下降。值得一提的是，公司的一部分亏损是由于支付了大量的股票期权和优先股股份。 可见，得到明星资本的加持后，公司也正在付出相应的成本。 而从业务上看，公司对大客户的依赖度正在逐渐加强，2024年，其有近三成的收入都来自第一大客 户。而另一边，为了增加客户数量，拓宽收入渠道，公司正在自降利润空间以换取更多增长。总的 来看，尽管特斯联所处的行业前景可期，但公司盈利 ...

Core Insights - The article emphasizes that domestic substitution is a crucial path for China to break through technological blockades and achieve high-quality development, particularly in the AI industry, which must adapt to local needs and lower technical barriers [1] Financial Performance - According to the updated prospectus, the company expects a revenue of 1.843 billion yuan in 2024, representing a year-on-year growth of 83.2%, with the AI industry digitalization business segment reaching 1.64 billion yuan, up 162.9% [3] - The company has over 2.3 billion yuan in hand orders and a total of 342 customers [3] - The expense ratio has significantly decreased from 76.9% to 45%, and accounts receivable turnover days have been reduced from 238 days to 104 days, indicating a sustainable development trend focusing on both scale and efficiency [3] Strategic Developments - The company is focusing on a combination of AIoT intelligent computing infrastructure and domain models, driven by multimodal large models, to promote spatial intelligence development [3] - The newly released core product, the "Green Intelligent Computing Body," is fully compatible with various leading models and domestic computing power, aiming for 100% domestically developed solutions from chips to platforms [3] Technological Advancements - The company has upgraded several platforms, including the X-Stack Intelligent Computing Cloud Platform and the Bit Large Model Platform, to lower the application barriers for intelligent computing and leading models, enabling customizable large model services [4] - A notable application case in the motorcycle industry has been completed, showcasing the integration of DeepSeek to enhance user interaction and complex reasoning tasks [4] Future Outlook - The company is expected to continue transforming its domestic substitution strategy into product competitiveness, building a "spatial intelligence era" for Chinese technology enterprises [5]

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨关雎 图源丨Midjourney 重庆杀出一只超级独角兽，要IPO了。 值得一提的是，创始人艾渝是一位80后创投大佬，其带领机构曾在不到3年时间里投出了20家独角兽，包 括美团点评、商汤科技、蔚来、小鹏汽车、寒武纪等标杆项目。32岁的他亲自下场创业，让一家只有智 能门锁业务的重庆小公司转型成长为估值超过210亿的AI独角兽。 特斯联的背后，光大、京东、万达、金地、科大讯飞、商汤、IDG 资本、中信资本等知名机构的身影浮 现。如今创业近十年，趁着赴港上市潮的东风，重庆这家超级独角兽终于走到了港交所的大门前。 3年投出20家独角兽的投资大佬 亲自下场创业 1983年出生的艾渝，其早期职业轨迹与所学专业高度契合。 2007年8月，他从美国圣路易斯华盛顿大学金融学硕士毕业，随即加入摩根大通全球投资银行并购部担任 金融分析师，成为该部门当时唯一的中国人。 在华尔街任职期间，他完整经历了金融危机下行业的剧烈震荡 —— 亲历了贝尔斯登被收购的关键过程， ...

Core Viewpoint - The company Teslin has shown significant growth in revenue and customer base from 2022 to 2024, with a focus on AIoT technology and space intelligence, indicating a strong potential for investment opportunities in the AIoT sector [1][3]. Financial Performance - In 2024, Teslin's revenue is projected to reach 1.843 billion yuan, representing an 83.2% year-on-year increase, with a compound annual growth rate (CAGR) of 58% from 2022 to 2024 [1]. - The revenue from the AI industry digitalization business is expected to reach 1.64 billion yuan in 2024, showing a remarkable growth of 162.9% [1]. - The company has a total order amount of 2.3 billion yuan and a customer base of 342 [1]. - The expense ratio (sales, management, and R&D expenses) decreased from 76.9% in 2023 to 45.0% in 2024, indicating improved cost efficiency [1]. - Accounts receivable turnover days have significantly reduced from 238 days in 2022 to 104 days in 2024, reflecting enhanced capital efficiency [1]. Competitive Position - Compared to other AI companies with revenues exceeding 1 billion yuan, Teslin stands out as one of the fastest-growing companies in the AI sector, with competitors like SenseTime and Horizon showing lower growth rates [2]. - The company is positioned well within the booming Hong Kong stock market, with 33 companies having completed their listings in 2024, indicating a favorable environment for IPOs [2]. Business Strategy and Innovation - Teslin focuses on three strategic directions: AIoT domain models, AIoT infrastructure, and AIoT intelligent agents, which are essential for its space intelligence solutions [3]. - The company has a strong R&D team, with 46.9% of its employees dedicated to research and over 1,700 patents held [3]. - The newly upgraded green intelligent computing body supports various domestic chips and is designed to enhance the cost advantages of domestic intelligent computing devices in the global supply chain [4].

本报讯(记者袁传玺) 近日，国内AIoT领军企业特斯联智慧科技股份有限公司(以下简称"特斯联")向港交所提交更新后的招股 书。从更新的招股书来看，2024年，特斯联收入实现高增长，在手订单充足，总客户数量进一步提升， 展现了良好的发展态势。公司方面预期，DeepSeek的诞生不仅重新定义了AI模型的性能与成本边界， 还为整个AI生态带来了深远影响，这也将为特斯联在空间智能领域的战略布局提供强有力的保证。 营收同比增长83.2% 在手订单金额23亿元 根据特斯联更新的招股书，2024年公司整体财务表现亮眼，营收实现18.43亿元，相较2023年同比提升 83.2%，增速显著优于同类可比企业。2022年至2024年，公司年复合增长率达58.0%，高于行业平均水 平。 截至2024年12月31日，特斯联在手订单金额达23亿元。2024年，特斯联总客户数量由2022年的224个、 2023年的330个，进一步提升至342个，显示出公司客户结构实现进一步优化，市场拓展能力卓见成效。 2024年特斯联三费费用率(销售费用率、管理费用率、研发费用率)由2023年的76.9%下降至45%；同 时，特斯联应收账款周转天数从20 ...