Core Viewpoint - The financial performance of Teslin shows significant revenue growth but also increasing adjusted net losses, indicating a challenging balance between growth and profitability [1][2]. Revenue Trends - Teslin's revenue for 2024 is projected at 1.843 billion yuan, representing an 83.2% increase from the previous year [1]. - The adjusted net loss for 2024 is expected to reach 973 million yuan, which is a 62.2% increase compared to the prior year [1]. - The total adjusted net loss from 2021 to 2024 amounts to 3.195 billion yuan [1]. Customer Dependency - In 2024, the largest single customer contributed 29.7% of Teslin's revenue, while the top five customers accounted for 70.6% of total revenue [1][5]. - This customer concentration has increased from 17.1% and 44.5% in 2023, indicating a growing reliance on a limited customer base [1][5]. Revenue Sources by Application - Revenue is derived from four main segments: AI industry digitization, AI city digitization, AI smart living, and AI smart energy [2]. - AI industry digitization has become the largest revenue source, increasing its share from 64% in 2022 to 89% in 2024 [2]. - AI city digitization's revenue share has decreased from 20.7% in 2022 to 7.8% in 2024, while AI smart living and AI smart energy each contribute less than 2% in 2024 [2]. Revenue Sources by Product Type - Revenue is categorized into software, hardware, and services, with hardware becoming the primary revenue contributor in 2024, accounting for 76% of total revenue [3]. - In 2022, services contributed the most at 55.5%, while software led in 2023 with a 39.8% share [3]. - The increase in hardware revenue is attributed to the high growth market for large-scale AI model computing infrastructure [3]. Cost Structure and Profitability - The sales cost as a percentage of total revenue increased from 69% in 2023 to 84.7% in 2024 [3]. - Hardware costs have become the largest component of sales costs, making up 88.7% of total sales costs in 2024 [3]. - The gross margin decreased from 31% in 2023 to 15.3% in 2024, primarily due to the higher proportion of hardware revenue [3]. Market Position - According to a report by Zhaoshang Consulting, Teslin ranks fifth in the national public domain operating system AIoT market, with related revenue around 1 billion yuan, while the top competitor has approximately 7.5 billion yuan in revenue [5].

Group 1 - Meigao will invest 50 million yuan in AIoT company Teslian, acquiring 0.24% of the total shares, aligning with its long-term development goals and strategic planning [2] - Teslian, founded in 2015, is a leader in the AIoT sector, providing a full-stack AIoT product suite including software, hardware, computing power, and services through its innovative AIoT operating system TacOS [2][3] - As of March 31, 2024, Teslian's products have been deployed by over 700 clients across 136 cities globally, demonstrating strong market recognition [3] Group 2 - Meigao is a leader in Hong Kong's IT infrastructure sector, covering various fields such as IT solutions, AI technology, cloud services, and cybersecurity [4] - In recent years, Meigao has increased investments in AI solutions and infrastructure development, focusing on integrating advanced technologies like AI, 5G, big data, and IoT into sectors such as smart education, healthcare, government, and manufacturing [5]