作者｜黄楠 编辑｜袁斯来 冲刺"国内AIoT第一股"的人工智能物联网企业特斯联完成财务数据更新，发布2025年上半年营收情况及业务进展。 其中，T-Nexus系列智算服务器可支持从16到512台的灵活组网，最高可配置4000多张GPU卡，整体算力突破千P级别，满足大规模AI训练与推理需求；T- Cluster 512异构芯片超节点产品也完成了对十余种国产芯片的统一兼容，不同架构的芯片能够协同工作，解决国产算力碎片化难题。 软件层面，特斯联自主研发的混合推理引擎HICE，能够在不同芯片和算法之间建立通用接口，让AI模型无需修改就能在各种国产芯片上高效运行。实测数 据显示，这一方案可让异构国产芯片的混推效率提升两倍以上。 最新财务数据显示，截至2025年6月30日，特斯联上半年收入6.32亿，较去年同期大幅增长77%。智算等AI产业数智化板块作为其核心业务表现亮眼，收入 达5.77亿元、同比提升191.1%。 营收规模快速扩张的同时，公司盈利质量提升。上半年毛利达1.44亿元、同比增长64%，毛利率由2024年的15.3%回升至22.7%，成本管控与业务结构优化成 效良好，三费费用率（销售及营销费用率、行政费用率 ...

今年以来，AI产业链在资本市场赚足了眼球。 在基础层领域，摩尔线程、沐曦、壁仞科技、燧原股份、天数智芯等AI芯片公司均已步入上市的不同阶段。 在中游的技术层领域，智谱已启动上市辅导，成为国内首家启动IPO流程的"大模型六小虎"企业。 然而下游AI应用领域，多以传统的软件企业转型为主，目前已上市企业数量较多，因此IPO并不常见。而在近期，有 一家来自北京的"AI赋能工业物联网"企业向港交所递交了招股书。 格隆汇获悉，北京德风新征程科技股份有限公司（简称"德风新征程"）于11月14日向港交所递交了招股书，由SUNNY FORTUNE担任保荐人。 图： AI 产业链，来源：国联证券研究所、格隆汇 01 2023年10月，德风新征程与中金公司签订了上市辅导协议。不过后续出于港股上市可直接进入国际市场等考虑，公司 于2024年10月终止了A股上市辅导。 自成立以来，德风新征程吸引了不少投资者的参与，包括招商局创新、云周创投、中金传化、上汽金石及交银投资 等。 在2022年3月的股权融资中，公司的投后估值约23.5亿元。 目前，王清杰、动成长及金龙杰合计控制公司约44.4%的投票权，共同构成一组控股股东。 王清杰今年49 ...

Core Viewpoint - Beijing Defeng New Journey Technology Co., Ltd. has submitted its main board listing application, highlighting its position as a "hidden champion" in the industrial AIoT sector, serving major state-owned enterprises like State Grid and oil giants [1][2] Financial Performance - Revenue for Defeng Technology was approximately 313 million RMB, 442 million RMB, and 525 million RMB for the fiscal years 2022, 2023, and 2024, respectively, showing a revenue growth of about 67% over three years [1] - The company recorded continuous losses during the same period, with losses of -165 million RMB, -297 million RMB, and -228 million RMB, totaling nearly 700 million RMB [1] - Gross margin improved from 22% in FY2022 to 26% in the first six months of 2025, indicating gradual improvement in profitability [1] Business Positioning - Defeng Technology focuses on providing AIoT production optimization software solutions aimed at enhancing energy efficiency, operational excellence, safety production, and sustainable development for China's energy, manufacturing, and mixed industries [1] - The company has completed over 600 projects and serves more than 200 clients, primarily in the electricity and utilities, oil and gas, and tobacco sectors [1] Market Position - According to Frost & Sullivan, Defeng Technology is the fifth largest independent AIoT service provider in China by revenue for FY2024, with a market share of approximately 1.8% [2] - In the energy sector, the company ranks third with a market share of 9.9%, showcasing its competitive advantage in this vertical [2] Technology and Solutions - The company's technology is supported by its self-developed integrated Delt@AIoT platform, which enables rapid development and large-scale deployment of AIoT applications [2] - The application suite focuses on three main areas: energy management, health safety environment quality, and smart manufacturing [2] Challenges - Defeng Technology has faced negative operating cash flow, with net cash used in operating activities of -172.7 million RMB, -192.9 million RMB, and -64.2 million RMB for FY2022 to FY2024 [2] - The company also faces credit risk from delayed customer payments, with trade receivables and notes receivable amounting to approximately 214.1 million RMB as of June 30, 2025 [2] Industry Outlook - The AIoT market in China is rapidly growing, with market size increasing from approximately 54.1 billion RMB in 2020 to an estimated 111.9 billion RMB in 2024, and projected to reach about 220.9 billion RMB by 2029 [3] - This growth is driven by policy support, urgent demand for digital transformation in manufacturing, and the widespread application of 5G and AI technologies [3] Shareholder Structure - As of the last feasible date, the founder Wang Qingjie controls approximately 44.4% of the voting rights through direct holdings and controlled incentive platforms [3] - The shareholder list includes notable institutions such as Yunzhou Venture Capital, Innovation Works, and others, providing financial and resource support for the company's development [3] Future Prospects - Defeng Technology has secured approximately 44 new contracts post-June 30, 2025, expecting to recognize revenue of about 100 million RMB in FY2026 [3] - The upcoming IPO in Hong Kong is seen as a critical step for the company to leverage capital to navigate the industrial internet wave while addressing profitability and cash flow challenges [3]

Core Viewpoint - Beijing Deltaphone Technology Co., Limited (德风新征程) is preparing for an IPO on the Hong Kong Stock Exchange, focusing on AI-enabled Industrial Internet of Things (AIoT) solutions to enhance efficiency and sustainability in various industries [2][3]. Business Overview - Established in 2015, the company specializes in AIoT production optimization software solutions, targeting the energy, manufacturing, and mixed industries in China [3]. - The company has completed over 600 projects, serving approximately 200 clients, including major state-owned enterprises in sectors like electricity, oil and gas, and tobacco [3]. - According to a Frost & Sullivan report, the company ranks as the fifth largest independent AIoT service provider in China with a market share of about 1.8% in 2024 [3]. Product and Service Offerings - The company has developed the Delt@AIoT platform, which supports rapid development and large-scale deployment of AIoT applications, featuring over 300 software applications adaptable to various industries [4]. - The primary services include providing AIoT solutions, maintenance and technical support, and selling AIoT-related hardware and software products [7]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first six months of 2025 were RMB 312.64 million, RMB 442.22 million, RMB 525.46 million, and RMB 159.45 million, respectively [15]. - The net losses during the same periods were RMB 165 million, RMB 297 million, RMB 228 million, and RMB 40 million [14]. Shareholder Structure - The major shareholder, Mr. Wang Qingjie, holds 27.74% directly and an additional 16.64% through incentive platforms, totaling approximately 44.38% [11][10]. - Other investors include various venture capital firms, with notable stakes from Yunqi Capital and Innovation Works [10]. Management Team - The board consists of nine members, including three executive directors and three non-executive directors, with Mr. Wang Qingjie serving as the Chairman and CEO [13][14].

Core Insights - Shenzhen Das Intelligent Co., Ltd. reported a significant decline in revenue and a net loss for the third quarter of 2025, indicating ongoing challenges in its traditional business operations [1][2] - The company is undergoing a strategic transformation, focusing on the commercialization of its AIoT platform, which is expected to drive future growth [2] Financial Performance - For the year-to-date period, the company achieved approximately 1.473 billion yuan in revenue, a year-on-year decrease of 31.36% [1] - The net profit attributable to shareholders was a loss of 415 million yuan [1] Management Changes - A new management team has been appointed, with Su Junfeng taking over as General Manager on September 2, 2025, aiming to enhance internal governance and strategic implementation [1] - The new team has clear divisions of responsibility, with daily operations managed by the General Manager and the board focusing on strategic direction and major decisions [1] AIoT Platform Development - The AIoT platform has shown initial commercial success, generating related revenue of 19.35 million yuan in the first three quarters, a year-on-year increase of 1.65% [2] - The signed contract amount for the AIoT platform reached 37.81 million yuan, reflecting a substantial year-on-year growth of 102.9% [2] - The platform has been deployed in several key projects, including a commercial bank and factories for BYD and Longi Green Energy, demonstrating strong brand effect and replicability [2] Future Outlook - The company plans to increase investment in AIoT platform research and development, aiming to apply a "generative AI + real-time data" dual-engine architecture across various sectors such as smart space, smart energy, and smart transportation [2] - As the revenue share from the AIoT business increases, it is expected to become a core driver of the company's future performance rebound [2]

Core Insights - Sanhui Electric has completed a strategic acquisition of Zuo Lin Yong Jia, a leading provider of smart solutions for urban space and industrial efficiency in China, through its wholly-owned subsidiary Shanghai Sanhui New Energy Technology Co., Ltd [1] - Zuo Lin Yong Jia has developed the first smart park product compatible with Huawei Kunpeng and has been recognized for its innovative AI-driven solutions that facilitate zero-carbon transformations for urban spaces and industrial enterprises [1][2] - The partnership aims to enhance the AIoT ecosystem, transitioning from traditional IoT to intelligent interconnectivity, thereby improving energy management across various sectors [2] Group 1 - Sanhui Electric's acquisition of Zuo Lin Yong Jia marks a shift from financial investment to controlling investment, indicating a deeper strategic alignment between the two companies [4] - Zuo Lin Yong Jia has become the largest comprehensive solution provider for parks in China, leveraging AI for data analysis and decision-making, which has led to over 20% reduction in energy consumption for clients [2] - The collaboration will focus on developing platforms for real-time trading and predictive management in the renewable energy sector, emphasizing zero-carbon parks and integrated energy solutions [2] Group 2 - The integration of Zuo Lin Yong Jia's AIoT technology with Sanhui Electric's energy technology is expected to enhance the flexibility of load management and create a comprehensive service chain in the energy sector [2] - Sanhui Electric's robotics division will benefit from Zuo Lin Yong Jia's AIoT expertise, facilitating the development of a cloud-based platform that enhances the intelligence and digital capabilities of its robotic products [3] - The strategic partnership will involve comprehensive integration across technology, products, channels, and teams, aiming to fully embrace AI technology in the fields of new energy and robotics [4]

Core Viewpoint - Sanhui Electric has strategically acquired a controlling stake in Shenzhen Zuolin Yongjia Technology Co., Ltd. to enhance its energy efficiency management and synergize with its energy storage business [1][3]. Group 1: Acquisition Details - Sanhui Electric's wholly-owned subsidiary, Shanghai Sanhui New Energy Technology Co., Ltd., completed the acquisition through share transfer and voting rights delegation [1]. - The acquisition aims to leverage Zuolin Yongjia's IoT technology alongside Sanhui's robotics sector, creating collaborative opportunities [1][2]. Group 2: Company Profiles - Zuolin Yongjia is a leading urban space smart operation platform service provider in China, integrating IoT, big data, and AI technologies to offer digital operation solutions [1][2]. - Sanhui Electric specializes in the research, design, production, and sales of electric energy metering instruments and has been expanding into the energy storage sector since 2023 [2]. Group 3: Strategic Implications - The acquisition reflects Sanhui Electric's transition from a traditional power equipment manufacturer to a comprehensive service provider in the "energy + AI" sector [3]. - Both companies plan to develop platforms for real-time trading and predictive management in the renewable energy space, focusing on zero-carbon parks and integrated energy solutions [2][3].

Group 1 - The core point of the article is that Aobo Zhongguang (SH 688322) held its 20th meeting of the second board of directors on October 24, 2025, to discuss the conditions for the second vesting period of the 2022 restricted stock incentive plan [1] - For the year 2024, Aobo Zhongguang's revenue composition is as follows: AIoT accounts for 52.82%, biometric recognition accounts for 40.93%, industrial 3D measurement accounts for 4.69%, and other businesses account for 1.56% [1] - As of the time of reporting, Aobo Zhongguang has a market capitalization of 34.4 billion yuan [1] Group 2 - The article mentions that the Chinese innovative drug sector has sold overseas authorizations worth 80 billion US dollars this year, indicating a hot secondary market for biomedicine [1] - There is a discussion on why fundraising in the primary market is facing challenges despite the active secondary market, as highlighted by the conversation with Lu Gang, a partner at Chuangdong Investment [1]

Core Viewpoint - Tesla Union and New Ziguang Group's Xinhua San have announced a strategic cooperation to focus on the development of AIoT computing power platforms and heterogeneous computing ecosystems [2] Group 1: Strategic Cooperation - The collaboration will leverage Tesla Union's expertise in heterogeneous computing compilation and AIoT technology, alongside Xinhua San's comprehensive layout across the entire industry chain of "cloud-network-security-computing-storage-end" [2] - The partnership aims to achieve deep integration of computing power technologies, resource sharing, and exploration in the construction of heterogeneous computing supernodes [2] Group 2: Goals and Innovations - The cooperation is expected to promote innovation and application of domestic computing power in the AIoT field, accelerating the establishment of an efficient, intelligent, and secure heterogeneous computing ecosystem [2] - The joint efforts will drive the development and application of heterogeneous computing integration [2]

Core Insights - The strategic partnership between Teslian and H3C aims to leverage their respective strengths in AIoT computing platforms and heterogeneous computing ecosystems to drive innovation and application in the domestic computing sector [1][4][6] Group 1: Technical Collaboration - Teslian's expertise in heterogeneous computing compilation allows for efficient integration and optimization of diverse computing resources, providing robust computational support for AIoT applications [4] - H3C's comprehensive technology support across the "cloud-network-security-computing-storage-end" full industry chain enhances the AIoT computing platform [4][6] Group 2: Resource Integration - The collaboration focuses on resource integration, with Teslian's extensive industry experience and customer resources across various sectors, including government and enterprises, complementing H3C's broad customer base in finance, education, and healthcare [5] - Both companies aim to achieve resource sharing and market expansion through their combined strengths [5] Group 3: Heterogeneous Computing Supernodes - The evolving demand for AIoT computing has shifted from "single-dimensional computing accumulation" to "multi-dimensional computing precision matching," necessitating the development of heterogeneous computing supernodes [6] - H3C's full-stack technology architecture and Teslian's integrated hardware-software capabilities will facilitate the construction of these supernodes, optimizing heterogeneous chip operations and reducing development barriers [6][7] Group 4: Industry Impact - The establishment of heterogeneous computing supernodes will create a complete chain from infrastructure development to intelligent decision-making in sectors like industrial internet and digital transformation [7] - This model promotes the widespread application of domestic computing resources and supports China's autonomous innovation and technological leadership in artificial intelligence infrastructure [7]