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]

Core Viewpoint - The article highlights the upcoming IPO of Teslin Smart Technology Co., Ltd., a leading AIoT product provider in China, emphasizing its rapid growth and significant backing from prominent investors [2][27]. Company Overview - Teslin is recognized as one of the top five public domain operating system-based AIoT product providers in China, with its AIoT operating system, TacOS, applied in smart city projects and various industries [2][14]. - The company was founded by Ai Yu, a notable figure in venture capital, who transformed a small smart lock business into a unicorn valued at over 21 billion [2][4]. Founder Background - Ai Yu, born in 1983, has a strong background in finance, having worked at JPMorgan and later leading a significant private equity fund at Everbright [4][5]. - He has a track record of investing in 20 unicorns within three years, including major companies like Meituan and NIO [4][6]. Business Transformation - In 2015, Ai Yu pivoted Teslin from a smart lock company to a comprehensive AIoT enterprise, focusing on building a connected ecosystem [6][7]. - The company has since attracted significant investment and established partnerships with major clients, including Sinopec and Huawei [10][12]. Financial Performance - Teslin's revenue has shown substantial growth, with figures of 7.38 billion, 10.06 billion, and 18.43 billion from 2022 to 2024, reflecting a compound annual growth rate of 58% [35]. - Despite revenue growth, the company has not yet achieved profitability, reporting net losses of 23.87 billion, 8.03 billion, and 21 billion during the same period [36][37]. Market Position and Future Prospects - The AIoT market in China is expanding, with a projected growth rate of 12.8% from 2023 to 2028, indicating a favorable environment for Teslin's business model [39]. - The company aims to use IPO proceeds to enhance R&D capabilities and accelerate commercialization efforts [39][40]. Investment and Valuation - Teslin has completed 11 rounds of financing, raising approximately 60 billion RMB, with a post-IPO valuation reaching 216 billion [28][32][33]. - The investor base includes major firms like JD.com, Wanda, and IDG Capital, showcasing strong market confidence [28][27].

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 ...

Core Viewpoint - Teslin, established in 2015, is a key player in China's AIoT industry, focusing on technology-driven industrial upgrades and spatial intelligence for sustainable development [1] Financial Performance - Teslin's revenue for 2024 is projected to be 1.843 billion yuan, representing an 83.2% increase compared to 2023 [1][2] - Revenue figures for 2022 and 2023 were 738 million yuan and 1.006 billion yuan, respectively, resulting in a compound annual growth rate (CAGR) of 58.0% from 2022 to 2024 [1][2] - The company's expense ratio (sales, management, and R&D) decreased from 76.9% in 2023 to 45.0% in 2024, indicating effective cost control [3] Market Position - Teslin has become one of the fastest-growing companies in the AI industry, outperforming peers such as SenseTime and Horizon Robotics, which reported revenue growth rates of 10.8% to 53.6% in 2024 [3] - The company has established a comprehensive AIoT technology product system over nine years, positioning itself as a leading enterprise in the rapidly growing AIoT market [2] Market Expansion - As of December 31, 2024, Teslin's products have been deployed by over 800 clients across 160 cities globally, with a total order amount of 2.3 billion yuan [4] - The number of clients increased from 224 in 2022 to 342 in 2024, reflecting an optimized customer structure [4] Strategic Focus - Teslin is focusing on three strategic directions: AIoT models, AIoT infrastructure, and AIoT agents, which are expected to drive future business growth [6] - The company is responding to the increasing demand in the market by restructuring its internal teams to enhance efficiency and innovation [3] Industry Context - The global AIoT market is experiencing rapid growth, with a projected CAGR of over 31.7% over the next five years [2] - China's AI market is also expanding, with spending reaching 14.8 billion USD in 2023, making it the second-largest AI market globally [7] - Teslin's technology strategy aligns with China's push for self-sufficiency in AI, reducing reliance on external technologies and enhancing the resilience of the industrial chain [7]

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].

Core Insights - The article highlights the rapid transformation of the AIoT (Artificial Intelligence of Things) sector, driven by advancements in technologies such as 5G, generative AI, and spatial computing, with a projected global IoT device connection surpassing 30 billion by 2025 [1] - Chinese AIoT companies are showcasing three main advantages: breakthroughs in edge AI computing power, the establishment of industry-specific large models, and enhanced ecosystem collaboration [1] - The dual-driven model of "AI + IoT" is expected to unlock a market worth hundreds of billions [1] Company Performance - TeslaLink's updated prospectus reveals projected revenue of 1.843 billion yuan for 2024, representing an 83.2% increase compared to 2023 [1] - The company's revenue from 2022 to 2024 shows a compound annual growth rate (CAGR) of 58.0%, indicating strong growth resilience and potential [1] - The AI industrial digitization segment is the primary revenue source, with expected revenue growth from 624 million yuan in 2023 to 1.64 billion yuan in 2024, marking a 162.9% increase [3] Business Strategy - TeslaLink has restructured its personnel and team to upgrade its business system, forming three product architectures: AIoT models, AIoT infrastructure, and AIoT agents [3][5] - The AIoT infrastructure serves as the intelligent computing foundation, featuring a set of hardware clusters and software platforms to support clients in building comprehensive capabilities [5] - The AIoT agents represent a full-stack intelligent interaction interface, enhancing task execution efficiency and user experience [5] Market Expansion - TeslaLink has expanded its product coverage to over 160 cities globally, with more than 800 client deployments and approximately 1,300 ecosystem partners [6] - The total number of clients increased from 224 in 2022 to 342 in 2024, demonstrating strong market expansion capabilities [6] - The company has achieved a significant reduction in accounts receivable turnover days, decreasing from 238 days in 2022 to 104 days in 2024 [6] Industry Trends - The global trend towards digitization is recognized as a consensus, with AIoT technology applications driving deep integration across industry chains, supply chains, and innovation chains [6] - TeslaLink is accelerating its global business expansion, particularly in the context of the "Belt and Road" initiative, to enhance market penetration and seize opportunities in emerging markets [6]