Core Insights - Hong Kong Stock Exchange (HKEX) has reported record-high trading volumes across spot, derivatives, and Stock Connect, with IPO financing returning to the top globally [1][2] - The IPO market in Hong Kong is experiencing strong growth, particularly with companies from Shenzhen's Bao'an District showing significant activity [1][2] - Notable companies from Bao'an, including Luxshare Precision, Xinwanda, and Zhaowei Electromechanical, are pursuing IPOs, reflecting the region's attractiveness for capital [1][2][6] IPO Market Performance - In the first half of 2025, HKEX saw 44 new listings, raising HKD 109.4 billion, an eightfold increase year-on-year, marking the highest half-year performance since 2021 [2] - The trend of mainland leading companies going public in Hong Kong is driven by the need for international market presence and financing [2][6] Company Strategies and Focus - Companies like Xinwanda and Zhaowei Electromechanical are focusing their IPO proceeds on global expansion and technological development [2][3] - Luxshare Precision aims to enhance its production capacity, particularly in automotive and consumer electronics sectors, through its IPO funding [3] Emerging Industry Clusters - Bao'an is witnessing the rise of "hidden champions" in sectors like robotics, AI, and semiconductors, showcasing the region's industrial evolution [4][5] - Companies such as Haiching Zhiyuan and Wanan Robotics are leading in their respective fields, with significant market shares in AI and robotics [5] Government Support and Capital Dynamics - The local government's policies have been instrumental in fostering a conducive environment for tech startups, facilitating direct financing through IPOs [6][7] - Bao'an has established a robust pipeline of over 800 potential listing companies and a fund matrix exceeding RMB 100 billion to support early-stage financing [6][7]

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, attracting market attention with a projected revenue growth of 347% in 2024 [1] Financial Performance - Revenue figures for Haiqing Zhiyuan from 2022 to 2024 are 225 million RMB, 117 million RMB, and 523 million RMB respectively, with a significant decline of 47.09% in 2023 compared to 2022, followed by a substantial increase of 347% in 2024 compared to 2023 [2][3] - The company recorded net losses of 4.93 million RMB in 2022 and 18.41 million RMB in 2023, but achieved a profit of 40.41 million RMB in 2024, indicating a successful turnaround [3] Market Position - Haiqing Zhiyuan ranks first among the top five players in the multispectral AI sector, holding approximately 3.5% of the market share, which collectively accounts for about 10.9% of the sector [1] Cash Flow and Working Capital - The company has shown volatility in cash flow, with net cash flow from operating activities being negative in most periods, totaling a net outflow of 13.57 million RMB over three years and one quarter [4] - Trade receivables increased significantly from 21.87 million RMB in 2022 to 146 million RMB in 2024, growing nearly sixfold, which is much faster than revenue growth [4] Inventory and Production Capacity - Inventory turnover days increased dramatically from 44 days in 2024 to 206 days in the first quarter of 2025, attributed to more cautious settlement policies and seasonal factors [5] - The production capacity utilization rate fluctuated significantly, dropping from 31% in 2022 to 24% in 2023, then rising to 87% in 2024, and falling again to 36% in early 2025 [5] Valuation and Funding - The company’s valuation surged from 1 billion RMB post-C round financing in October 2024 to 3.55 billion RMB after D round financing in July 2025, reflecting a more than 250% increase [5][7] - The IPO aims to raise funds for enhancing R&D capabilities, expanding production capacity, and accelerating global market penetration, despite a declining trend in R&D expenditure as a percentage of revenue [7]

Group 1: Company Filings - Three companies submitted applications to the Hong Kong Stock Exchange (HKEX) from August 4 to August 10, with one company passing the hearing [1] - Fujian Haixi New Drug Creation Co., Ltd. (Haixi New Drug) is a pharmaceutical company with a diverse product portfolio and pipeline, having received approvals for 14 generic drugs and four innovative drugs in development. Revenue for 2022 to 2025 is projected to be approximately RMB 2.12 billion, RMB 3.17 billion, RMB 4.67 billion, and RMB 2.49 billion respectively [2] - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (Haiqing Zhiyuan) specializes in multispectral AI technology, holding a 3.5% market share in the Chinese multispectral AI industry, ranking first. Revenue for 2022 to 2025 is projected to be approximately RMB 2.25 billion, RMB 1.17 billion, RMB 5.23 billion, and RMB 824.2 million respectively [3] - Ningbo Joyson Electronic Corp. (Joyson Electronics) is a provider of smart automotive technology solutions, ranking as the second-largest supplier of passive safety products in China and globally. Revenue for 2022 to 2025 is projected to be approximately RMB 49.793 billion, RMB 55.728 billion, RMB 55.864 billion, and RMB 19.709 billion respectively [4] Group 2: Company Hearings and Listings - Shuangdeng Group Co., Ltd. (Shuangdeng) passed the listing hearing on August 10, focusing on energy storage solutions for the big data and communications sectors. Revenue for 2022 to 2025 is projected to be approximately RMB 4.072 billion, RMB 4.260 billion, RMB 4.499 billion, and RMB 1.867 billion respectively [5][6] - Two companies are in the process of going public: Yinnuo Pharmaceutical-B (02591.HK) plans to offer 36.56 million H-shares at HKD 18.68 per share, while Zhonghui Biotechnology-B (02627.HK) plans to offer 33.44 million H-shares at HKD 12.90 per share, with the latter seeing a subscription rate of 4,007.64 times [7] - Dongyang Sunshine Pharmaceutical (HK:06887) was listed on August 7, 2025, closing at HKD 59.90, reflecting a 4.17% increase [8] Group 3: Market Trends and Regulations - The Hong Kong IPO market has raised nearly HKD 130 billion this year, with new regulations effective from August 4 aimed at optimizing pricing and allocation mechanisms for IPOs [9] - As of July 25, 2025, 52 companies have listed on the Hong Kong Stock Exchange, nearing the total of 75 for the previous two years combined. A notable trend is the increasing number of A-share companies seeking to list in Hong Kong [10] - The Hong Kong Stock Exchange aims to enhance the robustness of new stock pricing and allocation mechanisms to meet the needs of various local and international investors [11]

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with a post-financing implied valuation of 3.55 billion RMB during its D round in July 2025, indicating strong investor interest in the AI sector, particularly in the multi-spectral AI niche [1][10] Financial Performance - The company has shown significant revenue growth since 2023, achieving profitability in 2024, with revenues of approximately 2.25 billion, 1.17 billion, 5.23 billion, and 824.2 million RMB for the fiscal years 2022, 2023, 2024, and the first three months of 2025 respectively [1][2] - The gross profit margins for the respective years were 22.6%, 12.2%, 18.8%, and 32.9%, while net profit margins improved from -2.2% and -15.7% to 7.7% and 17.2% [2] Revenue Structure - The revenue structure has diversified, with the traditional core business of multi-spectral AI modules decreasing from 84.2% to 57.3% of total revenue from 2022 to Q1 2025, while the newly introduced multi-spectral AI model services contributed 35.2% of revenue in Q1 2025 [4][5] - The average selling price of multi-spectral AI modules decreased from 695.8 RMB to 509.6 RMB between 2022 and 2024, while sales volume increased significantly from 272,000 to 587,000 units, a growth of 116% [5] Market Position and Growth Potential - The multi-spectral AI industry has shown robust growth, with market size expanding from 6.3 billion RMB in 2020 to an estimated 13.5 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 21.1% [8] - The company holds a leading position in the Chinese multi-spectral AI market with a market share of approximately 3.5%, ranking first in the sector [11] Technological Advancements - The company has established a comprehensive technology architecture for multi-spectral AI, integrating optical components, sensor chips, proprietary algorithms, and lightweight computing units [11][13] - Continuous innovation has led to the development of various products, including the multi-spectral AI perception computing integration technology and the multi-spectral AI anomaly fire source detector [10][14] Strategic Collaborations - The company collaborates with academic institutions to utilize high-quality proprietary datasets for training its multi-spectral AI models, enhancing its capabilities in the safety sector [13]

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with a post-financing implied valuation of 3.55 billion RMB during its D round in July 2025, indicating strong investor interest in the AI sector, particularly in multispectral AI technology [1][10]. Financial Performance - The company has shown significant revenue growth since 2023, achieving profitability in 2024, with revenues of approximately 2.25 billion, 1.17 billion, 5.23 billion, and 824.2 million RMB for the fiscal years 2022, 2023, 2024, and the first three months of 2025 respectively [1][2]. - The gross profit margins for the respective years were 22.6%, 12.2%, 18.8%, and 32.9%, while net profit margins improved from -2.2% and -15.7% to 7.7% and 17.2% [2]. Revenue Structure - The revenue structure has diversified, with the share of traditional core business, multispectral AI module revenue, decreasing from 84.2% in 2022 to 57.3% in 2025 Q1, while multispectral AI large model services, which generated revenue for the first time in 2024, contributed 35.2% of revenue in 2025 Q1 [4][5]. - The average selling price of multispectral AI modules decreased from 695.8 RMB to 509.6 RMB between 2022 and 2024, while sales volume increased from 272,000 to 587,000 units, a growth of 116% [5]. Market Position and Growth Potential - The multispectral AI industry has shown strong growth, with market size expanding from 6.3 billion RMB in 2020 to an estimated 13.5 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 21.1% [8]. - The company holds a leading position in the Chinese multispectral AI market with a market share of approximately 3.5%, ranking first in the sector [11]. Technological Advancements - The company has established a comprehensive technology architecture for multispectral AI, integrating optical components, sensor chips, proprietary algorithms, and lightweight computing units [11][13]. - The company has received multiple awards and recognitions for its technological innovations, including being recognized as a national-level "Little Giant" enterprise [14]. Future Outlook - The company is expected to benefit from the high growth potential of the multispectral AI sector, with continued investment in research and development likely to enhance its market position and profitability [14].

Core Viewpoint - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan") has submitted an application for an IPO on the Hong Kong Stock Exchange, with a post-investment valuation reaching 3.55 billion yuan, indicating a significant growth trajectory in the multispectral AI technology sector [1][4]. Company Overview - Haijing Zhiyuan, established in 2013, is a leading company in the multispectral AI technology field, providing products and services that detect both visible and invisible physical information [4]. - The company has developed a comprehensive product and service portfolio, including multispectral AI modules, perception terminals, and large model services, covering various technical fields such as AI, optical electronics, and cloud computing [4]. Market Position - According to Frost & Sullivan, Haijing Zhiyuan holds the top market share in the multispectral AI industry at approximately 3.5% and ranks first in the multispectral AI large model service sector with an 11.8% market share [4]. - The company ranks third in the embedded multispectral AI module industry with a market share of about 6.6% [4]. Financial Performance - Revenue figures for Haijing Zhiyuan from 2022 to 2024 are as follows: 2022 revenue was 225 million yuan, 2023 revenue was 117 million yuan, and 2024 revenue is projected to be 523 million yuan, reflecting a 347% year-on-year growth in 2024 after a significant decline in 2023 [5][6]. - The company achieved profitability in 2024 with a profit of 40.41 million yuan, compared to losses in the previous years [5][6]. - In Q1 2025, Haijing Zhiyuan reported revenue of 82.42 million yuan, a 284% increase from the same period in the previous year, and a profit of 14.14 million yuan, marking a turnaround from a loss in the prior year [5][6]. Profitability and Margins - The gross margin of Haijing Zhiyuan increased from 38.6% in 2022 to 44.5% in 2024, a rise of 5.9 percentage points [7]. - The company maintained a high R&D expense ratio over the past three years, with rates of 15.7%, 26.3%, and 10.6%, significantly higher than comparable companies [7]. Future Outlook - The Chinese multispectral AI market is projected to reach approximately 20 billion yuan by 2025 and 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [5]. - Haijing Zhiyuan plans to use the funds raised from the IPO to enhance R&D capabilities, expand production capacity, and accelerate global market penetration [7]. Valuation and Comparisons - Haijing Zhiyuan's post-investment valuation has increased 4.4 times over four years, reaching 3.55 billion yuan, with a projected price-to-sales ratio of about 6.7 times for 2024, lower than the average of comparable companies [9]. - As of August 7, 2023, the market capitalizations of comparable companies are as follows: Hongsoft Technology at 14.2 billion yuan, Geling Deep Vision at 5.8 billion yuan, and CloudWalk Technology at 9.7 billion yuan [9].

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (referred to as "Haiqing Zhiyuan") has submitted an application for an IPO on the Hong Kong Stock Exchange, indicating its growth and potential in the multispectral AI technology sector [1][3]. Company Overview - Haiqing Zhiyuan, established in 2013, is a leading company in the domestic multispectral AI technology field, providing products and services that detect both visible and invisible physical information [5]. - The company has developed a comprehensive product and service portfolio, including multispectral AI modules, perception terminals, and large model services, covering various technical fields such as AI, optical electronics, and cloud computing [5]. - As of July 28, 2025, the company has registered 95 invention patents and 43 software copyrights, with its lightweight edge AI computing technology adaptable to various edge devices [6]. Market Position - According to Frost & Sullivan, Haiqing Zhiyuan holds the top market share in the multispectral AI industry at approximately 3.5% and ranks first in the multispectral AI large model service sector with a market share of about 11.8% [5][6]. - The Chinese multispectral AI market is projected to reach approximately 20 billion yuan by 2025 and 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [6]. Financial Performance - The company reported revenues of 225 million yuan, 117 million yuan, and 523 million yuan for the years 2022, 2023, and 2024, respectively, with a significant 347% year-on-year growth in 2024 after a decline in 2023 [7]. - Haiqing Zhiyuan achieved profitability in 2024, with a net profit of 40.41 million yuan, compared to losses in the previous years [7][8]. - In Q1 2025, the company generated revenue of 82.42 million yuan, a 2.84 times increase from the same period last year, and reported a profit of 14.14 million yuan [7][8]. R&D and Future Plans - The company has maintained a high R&D expense ratio, with rates of 15.7%, 26.3%, and 10.6% over the past three years, significantly higher than its peers [9]. - Haiqing Zhiyuan plans to use the funds raised from the IPO to enhance R&D capabilities, expand production capacity, and accelerate global market penetration [9]. Valuation and Market Comparison - Haiqing Zhiyuan's post-investment valuation has increased to 3.55 billion yuan, a 4.4 times growth over four years, with a projected price-to-sales ratio of approximately 6.7 times for 2024, lower than the average of comparable companies on the Sci-Tech Innovation Board [11][13].

瑞财经 王敏 8月6日，据港交所官网，深圳海清智元科技股份有限公司（以下简称"海清智元"）递交招股书，准备在港交所主板上市，民 银资本、浦银国际为其联席保荐人。 招股书显示，海清智元成立于2013年，是一家中国领先的多光谱AI技术企业。依托公司在多光谱感知与AI算法领域的自研技术，提供能够 探测人眼可见及不可见的物理信息的产品及服务，包括多光谱AI模组、多光谱AI感知终端以及多光谱AI大模型服务。 根据弗若斯特沙利文报告，就按2024年收入计的市场份额而言，海清智元在中国多光谱AI企业排行榜中位列第一；公司的多光谱AI大模型 服务在全国排名第一；及公司的多光谱AI模组在全国排名第三。 | | | | | 2024年 | 2025年 | | --- | --- | --- | --- | --- | --- | | | 2022財年 | 2023财年 | 2024財年 | 首三個月 | 首三個月 | | | | 人民幣千元 人民幣千元 人民幣千元 | | 人民幣千元 | 人民幣千元 | | | | | | (未經審計) | (未經審計) | | 收入 | 224.741 | 117,063 | 522,568 ...

Core Viewpoint - Shenzhen Haijing Zhiyuan has submitted an application for a main board listing on the Hong Kong Stock Exchange, aiming to become a significant player in China's smart city and industrial digitalization processes [1] Company Overview - Established in 2013, Haijing Zhiyuan has evolved from a startup to a global high-tech company, serving over 3,000 industry clients, including well-known AI companies and listed firms [3] - The company specializes in "intelligent perception algorithms and products," utilizing AI and multispectral sensing technology to enhance decision-making across various sectors [3] Technology and Products - Haijing Zhiyuan's core technology includes a "super wide spectrum perception matrix," enabling devices to detect not only visible light but also ultraviolet, infrared, and other wavelengths, enhancing their operational capabilities in challenging conditions [4][5] - The company offers three main product categories: multispectral AI modules (core hardware), multispectral AI perception terminals (complete devices), and multispectral AI model services (cloud-based intelligent analysis) [1] Market Position - According to Frost & Sullivan, Haijing Zhiyuan holds a leading position in the multispectral AI industry in China, with a market share of approximately 3.5% in 2024 [2][12] - The company ranks first in the multispectral AI model service sector with an 11.8% market share and third in the embedded multispectral AI module sector with a 6.6% market share [2][12] Financial Performance - The company has shown rapid revenue growth, with projected revenues of approximately 225 million RMB in the fiscal year 2022, 117 million RMB in 2023, and 523 million RMB in 2024, reflecting a compound annual growth rate of about 52.5% [11] - Haijing Zhiyuan is expected to turn a profit in the fiscal year 2024, achieving a net profit of approximately 40.4 million RMB, driven by the commercialization of high-margin multispectral AI model services [11] Research and Development - The company invests significantly in R&D, with over 40% of its workforce dedicated to this area, indicating its commitment to developing platform capabilities rather than merely acting as a project contractor [11] Industry Trends - The global multispectral imaging market is projected to reach $6 billion by 2030, with a compound annual growth rate exceeding 10%, while the AI-integrated intelligent perception market is expected to grow even faster, with a projected growth rate of over 15% in the next five years [12]

Core Viewpoint - Haiqing Zhiyuan Technology Co., Ltd. is pursuing an IPO in Hong Kong, revealing various aspects of its business and financial performance, which are crucial for investors to assess its investment value and risks [1] Business Model - The company is a leading player in China's multispectral AI technology, providing multispectral AI modules, perception terminals, and large model services, with applications in smart cities and campuses [2] - Haiqing Zhiyuan employs a vertically integrated business model, covering the entire supply chain to offer comprehensive intelligent perception solutions, with a product system consisting of three core multispectral AI products [3] Financial Performance - Revenue has shown a compound annual growth rate (CAGR) of 52.5% from fiscal year 2022 to 2024, but there have been significant fluctuations, with a 47.09% decline in fiscal year 2023 compared to 2022, followed by a substantial increase of 346.29% in fiscal year 2024 [4] - The company recorded net losses of approximately RMB 0.05 billion in fiscal year 2022 and RMB 0.18 billion in fiscal year 2023, with the loss in 2023 expanding by 275.51%. However, it is projected to turn a profit in fiscal year 2024, achieving a net profit of approximately RMB 0.4 billion [5] Customer and Supplier Dynamics - Customer concentration has increased, with the revenue share from the top five customers rising from 42.1% in fiscal year 2022 to 64.8% in the first three months of 2025 [6] - Supplier concentration has also risen, with the top five suppliers' procurement share increasing from 36.1% in fiscal year 2022 to 89.3% in the first three months of 2025, indicating a growing dependency on a limited number of suppliers [7]