Core Viewpoint - The article discusses the progress of Teslian Technology Co., Ltd. in its IPO process and highlights its business growth, technological advancements, and financial performance as it aims for a listing on the Hong Kong Stock Exchange [2][4]. Group 1: Company Overview - Teslian, founded in 2015, focuses on AIoT technology to drive industrial upgrades and sustainable development, with three strategic directions: AIoT domain models, AIoT infrastructure, and AIoT intelligent agents [2]. - The R&D team is led by three IEEE Fellows, with 46.9% of employees in R&D and over 1,700 patents held [3]. Group 2: Business Expansion - Teslian has launched an upgraded green intelligent computing platform supporting various domestic chips and advanced models, contributing to its global expansion with products deployed in over 800 clients across 160 cities [4]. - In 2024, Teslian signed 194 new clients, bringing the total to 342 [4]. Group 3: Financial Performance - Revenue figures for Teslian from 2022 to 2024 are 738 million, 1,006 million, and 1,843 million respectively, with a compound annual growth rate of 58% and an over 83% year-on-year increase in 2024 [4]. - The AI industry digitalization business generated 1,640 million in revenue in 2024, marking a 162.9% year-on-year growth [4]. Group 4: Cost Management - The expense ratio (sales, management, and R&D) 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 [5]. Group 5: Investment and Market Outlook - Teslian has attracted investments from notable institutions and raised approximately 655 million in new funding this year [5]. - The global spatial computing market is projected to grow from approximately $149.59 billion in 2024 to $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% [5].

作者｜黄楠 编辑｜袁斯来 2025年，当全球物联网设备的连接数量预计突破300亿，AIoT作为人工智能与物理实体的超级连接器，随着5G、生成式AI、空间计算等技术交叉融合，正以 迅猛态势重塑产业格局。 在这场万物智联的变革中，中国AIoT企业展现出三大优势：端侧AI算力突破让设备更聪明，行业大模型沉淀使场景更专业，生态协同能力让产业更联动。 人与机器共存背后，是其基于核心技术突破在垂直场景的大规模落地，实现从算法应用、数据中台、边缘设备到家庭、城市的全面智能化，以"AI+IoT"双轮 驱动模式撬动起一个千亿级市场。 近日，AIoT独角兽特斯联完成递表后首次招股书更新，发布2024年业绩并公布了全新空间智能战略方向。 招股书显示，截至2024年12月31日，特斯联2024年度收入达18.43亿元，相较2023年同比提升83.2%。2022-2024年公司业绩分别为7.38亿、10.06亿、18.43 亿，年复合增长率高达58.0%，是业内增长最快的企业之一，增长韧性与发展潜力强劲。 特斯联重庆AI Park 物理世界作为新一代智能终端的天然试验场，场景复杂多变。目前特斯联已构建了覆盖多种空间的AIoT场景矩阵， ...

Core Viewpoint - The latest financial data and business layout of Teslin Smart Technology Co., Ltd. indicate a rapid upward development momentum, showcasing strong growth in revenue and operational efficiency [1][4]. Financial Performance - In 2024, Teslin's revenue reached 1.843 billion yuan, representing a significant year-on-year increase of 83.2%. The compound annual growth rate (CAGR) from 2022 to 2024 is calculated at 58.0%, positioning the company as one of the fastest-growing entities in the AI industry [3]. - The company's expense ratio improved dramatically from 76.9% in 2023 to 45.0% in 2024, and accounts receivable turnover days decreased from 238 days in 2022 to 104 days in 2024, indicating enhanced operational efficiency [4]. Business Growth Drivers - The AI-driven digital transformation wave has significantly benefited Teslin, with its AI industry digitalization business growing by 162.9% year-on-year to 1.64 billion yuan in 2024, accounting for 89% of total revenue [5]. - The total number of customers increased from 224 in 2022 to 342 in 2024, with an order backlog of approximately 2.3 billion yuan as of December 31, 2024, providing strong revenue growth certainty [5]. Strategic Initiatives - Teslin has updated its strategic focus on three major areas: AIoT models, AIoT infrastructure, and AIoT intelligent agents, aiming to build differentiated competitive barriers in the space intelligence sector [7]. - The company has developed innovative AIoT infrastructure solutions, including the Green Intelligent Computing Body and the DeepSeek integrated machine, which have been successfully implemented in various applications [8]. Market Potential - 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 CAGR of 21.7%. The Asia-Pacific market is expected to grow at an even higher rate of 22.2% [9]. - Teslin's accumulation of quality clients and benchmark projects in both domestic and international markets positions it well to capture a larger market share in this rapidly expanding sector [9]. Conclusion - The strategic upgrades of Teslin not only address international technology barriers but also position the company to capitalize on the substantial market opportunities within the trillion-dollar spatial computing market, suggesting a strong potential for sustainable profitability [11].

特斯联是我国公域AIoT行业的开拓者。 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，香港科技大学（广州）智能化项目前不久宣布招标结果，特斯联中标其智能感知 节点与环控系统软硬件平台一体化项目，将推动AIoT在校园教育场景下的深度结合与应用。 随着信息技术的飞速发展，AIoT技术开始与教育行业相融合，为教育行业带来一场前所未有的变 革，智慧校园成为这场变革的重要推动力。智慧校园指运用智能传感、物联网、大数据、云计算、移 动互联、商业智能、智慧感知等新兴技术，将教学、科研、管理和校园生活进行充分融合的智慧化校 园体系。建设智慧校园，有助于将学校物理空间、数字空间有机衔接起来，为师生建立更加智能、舒 适、便捷的生活环境，改变师生与学校资源、环境的交互方式，实现学校的智慧运行。 近年来，多所高校开始探索教育数智化发展趋势，寻求教育数智化实践与智慧校园建设新路径。香港 科技大学（广州）就是其中之一。 香港科技大学（广州）智能化项目 特斯联是我国公域AIoT行业的开拓者，聚焦楼、社、园、城、双碳五大核心场景，致力于通过数智 化的解决方案，驱动城市管理的升级， ...

现已具备10亿级营收商业化落地能力。 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，作为中国公域AIoT行业的开拓者和领导者，特斯联致力于以AI科技重塑未来产业 和城市可持续发展。 近年来，特斯联持续增强研发投入，基于自身的AIoT技术及硬软件全栈产品一体化交付能力，现已 具备10亿级营收商业化落地能力，获得了国内外客户广泛认可——2021年至2023年、以及今年上 半年，特斯联的研发投入分别为2.87亿元、3.29亿元、3.22亿元以及1.45亿元，分别占同期收入的 23.8%、44.6%、32.0%、以及40.7%。今年上半年，特斯联的研发投入在营收的占比同比大幅提 高至40.7%。 在特斯联看来，技术能力及智算基础设施对其成功至关重要，而行业在技术创新方面发展迅速，公司 需要持续投入大量资源，包括财务、人力、管理资源，以提高技术水平，以确保产品在市场上保持创 新与竞争力。未来，特斯联研发开支的绝对金额还将继续增加。谈及IPO募资用途时，特斯联表示募 集所得资金用途主要也将用于增强研发能力，尤其是投资于 TacOS、绿色智算体以及领域大模型的 ...