（编辑 任世碧） 证券日报网讯 2月26日，凌云光发布公告称，近日，公司及全资子公司北京凌云光智能视觉科技有限公 司与保荐机构中金、中国民生银行股份有限公司北京分行签署了《募集资金专户存储三方监管协议》协 议内容与上海证券交易所制定的《募集资金专户存储三方监管协议（范本）》不存在重大差异。 ...

Core Viewpoint - The rapid penetration of AI technology across various industries is reshaping the industrial landscape, with computer vision being one of the most mature segments in AI, showcasing both technological foundation and industrial empowerment [1] Company Overview - Shandong Jishijiao Technology Co., Ltd. (referred to as "Jishijiao") has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - Jishijiao focuses on providing AI computer vision solutions and large model solutions, offering standard and customized solutions for over 100 industry scenarios [2][3] Financial Performance - Jishijiao has shown steady revenue growth, achieving revenues of 102 million RMB in 2022, 128 million RMB in 2023, and 257 million RMB in 2024, with a further increase to 136 million RMB in the first three quarters of 2025 [5][6] - Despite revenue growth, the company has experienced significant fluctuations in profitability, with losses of 60.72 million RMB in 2022 and 56.25 million RMB in 2023, turning a profit of 8.71 million RMB in 2024, but incurring a loss of 36.30 million RMB in the first three quarters of 2025 [6][7] Market Landscape - The Chinese enterprise-level computer vision solutions market is projected to grow from 36.8 billion RMB in 2024 to 182.4 billion RMB by 2029, with a compound annual growth rate (CAGR) of 37.7% [8] - Jishijiao holds a market share of 1.6%, significantly lower than the leading company's 12.1%, indicating a fragmented market with challenges in building competitive barriers [9] Research and Development - The company has increased its R&D spending from 35.2 million RMB in 2022 to 46.9 million RMB in the first three quarters of 2025, representing 34.7% to 34.4% of its revenue during this period [9] - Continuous R&D investment is essential for maintaining technological competitiveness, but it also increases profitability pressure [9] Future Prospects - Jishijiao aims to leverage its algorithm reserves, full-scenario service capabilities, and first-mover advantages to capture more market share amid rapid market growth [10] - Successful listing on the Hong Kong Stock Exchange could provide crucial funding, optimize financial structure, and enhance brand influence, although challenges such as profitability stability and market competition remain [10]

Core Viewpoint - The rapid penetration of AI technology across various industries is reshaping the industrial landscape, with computer vision being a core and mature segment of AI applications. The recent IPO application by Shandong Jishijiao Technology Co., Ltd. (referred to as "Jishijiao") highlights the growing importance of enterprise-level computer vision solutions in China [1][2]. Company Overview - Jishijiao focuses on providing AI computer vision solutions and large model solutions, offering standard, customized, and integrated AI solutions tailored to enterprise needs. The company utilizes advanced technologies to deliver specialized solutions for various industries [1][2]. - The company has developed a comprehensive platform covering "cloud, edge, and end," resembling an "APP Store" model with over 1,500 algorithms available. It has served over 3,000 clients and delivered more than 6,000 projects, showcasing strong technical implementation capabilities [2][5]. Financial Performance - Jishijiao has shown steady revenue growth, with revenues of 102 million RMB in 2022, 128 million RMB in 2023, and 257 million RMB in 2024. In the first three quarters of 2025, revenue reached 136 million RMB, a significant increase from 79.43 million RMB in the same period of 2024 [4][5]. - Despite revenue growth, the company has experienced significant fluctuations in profitability, with losses of 60.72 million RMB in 2022 and 56.25 million RMB in 2023, turning a profit of 8.71 million RMB in 2024, but incurring a loss of 36.30 million RMB in the first three quarters of 2025 [5][6]. Market Landscape - The enterprise-level computer vision solutions market in China is projected to grow rapidly, with an expected increase from 36.8 billion RMB in 2024 to 182.4 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 37.7%. Emerging markets are expected to grow even faster, with a CAGR of 54.3% [7]. - Jishijiao holds a market share of 1.6%, significantly lower than the leading competitor's 12.1%, indicating a fragmented market with challenges in establishing competitive barriers [8]. Research and Development - The company has invested heavily in R&D, with expenditures of 35.2 million RMB in 2022, 36.6 million RMB in 2023, 44.8 million RMB in 2024, and 46.9 million RMB in the first three quarters of 2025, representing 34.7%, 28.6%, 17.4%, and 34.4% of revenue, respectively. This ongoing investment is crucial for maintaining technological competitiveness but adds pressure on profitability [8][9]. Future Prospects - As a representative enterprise in the AI computer vision sector, Jishijiao is well-positioned to capture more market share amid rapid industry growth. A successful IPO could provide essential funding, optimize financial structure, and enhance brand influence [9].

Group 1: IPO Updates - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to list on the Hong Kong Stock Exchange on January 28, 2026, under the stock code "1768," aiming to become the "first stock of bulk snacks" in Hong Kong [3] - The company intends to issue 14,101,100 H-shares, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market capitalization between HKD 491.58 billion and HKD 506.56 billion [3] - Mingming Hen Mang has attracted a high-profile cornerstone investor lineup, with eight cornerstone investors subscribing approximately USD 195 million, including Tencent and Temasek [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operates 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - In the first three quarters of 2025, the company achieved a GMV of RMB 66.1 billion, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] Group 3: Other IPOs - Shanghai Suiruan Technology Co., Ltd. has submitted its IPO application for the Sci-Tech Innovation Board, focusing on AI chip design and development [7] - Suiruan Technology has invested RMB 4.419 billion in R&D from 2022 to the first nine months of 2025, with total revenue reaching RMB 1.654 billion [8] - Shandong Huawutang Cosmetics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first stock of domestic personal care" [10][11] - Shenzhen Wook Feifan Technology Co., Ltd. has also submitted its IPO application, focusing on cross-border retail in Southeast Asia [14][15] Group 4: Financial Highlights - For Huawutang, revenue for 2023 and 2024 is projected at RMB 1.199 billion and RMB 1.499 billion, respectively, with a growth rate of 25% [11] - Wook's revenue for 2023 and 2024 is reported at RMB 908 million and RMB 1.049 billion, with a year-on-year growth of 15.5% [15] - Yunyin Valley Technology Co., Ltd. is recognized as the fifth largest supplier of AMOLED display driver chips globally, with a market share of 40.7% in the Micro-OLED display backplane market [20][21]

Core Viewpoint - The company, Hongsoft Technology, utilizes a direct sales approach to integrate computer vision algorithm technology with specific customer devices, generating revenue through licensing fees for software usage [2] Group 1: Business Model - The company licenses its computer vision algorithm software to manufacturers of smart devices, including smartphones, smart cars, laptops, smart home devices, smart retail, and various AIoT devices equipped with cameras [2] - Revenue is generated through technology and software usage licensing fees, allowing customers to deploy the algorithms on specified models of smart devices [2] Group 2: Revenue Composition - As of the first half of 2025, the company's revenue from overseas sources accounts for 37.28% of its total income [2]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Shandong Jishi Jiao Technology Co., Ltd.'s plan to issue up to 20.0634 million overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - The company aims to convert a total of 99,872,436 shares held by 31 shareholders from unlisted domestic shares to overseas listed shares for circulation on the Hong Kong Stock Exchange [1] Group 2 - Jishi Jiao is a provider of AI computer vision solutions in China, offering end-to-end solution development, deployment, and management services across various industries [3] - According to Frost & Sullivan, the company ranks eighth in the emerging enterprise-level computer vision solutions market in China based on projected revenue for 2024 [3] Group 3 - A detailed list of shareholders applying for the conversion of shares includes notable entities such as Chen Zhenjie with 16,114,821 shares and Qualcomm (China) Holdings Limited with 4,990,208 shares [4][5] - The total number of shares being converted by all shareholders amounts to 99,872,436 shares [5]

Group 1 - The core viewpoint of the article is that Jishi Jiao has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] - According to Frost & Sullivan's report, Jishi Jiao ranks eighth in the emerging enterprise-level computer vision solutions market in China, with a market share of 1.6% based on projected revenue for 2024 [1] - The company is the third largest software-centric provider in the same market segment, focusing on AI computer vision solutions, including standard, customized, and software-defined integrated AI solutions, as well as large model solutions [1] Group 2 - Jishi Jiao serves clients across various verticals, including industrial, energy, retail, and transportation, primarily in China, catering to enterprises, government, and universities [1] - The market size for enterprise-level computer vision solutions in China is expected to grow from RMB 36.8 billion in 2024 to RMB 182.4 billion by 2029, with a compound annual growth rate (CAGR) of 37.7% [1] - The emerging enterprise-level computer vision solutions market in China is projected to increase from RMB 11.1 billion in 2024 to RMB 97 billion by 2029, with a CAGR of 54.3%, and its penetration rate in the overall market is expected to rise to 53.2% [1]

Core Insights - The launch of the PSAI Enterprise Edition by Hongsoft Technology marks a significant advancement in the computer vision industry, transitioning from "point efficiency" to "systematic empowerment" in e-commerce visual production [1][12]. Group 1: Product Features - PSAI Enterprise Edition is designed as a comprehensive AI-driven platform that integrates team collaboration, scalable production, and visual derivative creation for the apparel e-commerce sector [1][4]. - The platform addresses the inefficiencies of traditional visual design processes, which are often cumbersome and costly, by providing a systematic solution that redefines e-commerce visual production [3][4]. Group 2: Production Efficiency - PSAI Enterprise Edition creates a seamless workflow from "raw materials" to "marketing hits," establishing a collaborative and intelligent "e-commerce visual production line" [4][5]. - The platform allows for "one input, multiple outputs," enabling the generation of various visual materials without the need for switching between tools or platforms, thus maximizing efficiency [5][8]. Group 3: Market Adaptation - The platform includes intelligent modules that address complex marketing design needs, such as promotional scenarios and platform-specific requirements, ensuring brand visual consistency across different channels [7][8]. - PSAI Enterprise Edition has been validated in the market, having generated tens of millions of visual materials and partnered with over 1,000 key accounts, demonstrating its reliability and competitive pricing [12][14]. Group 4: Organizational Impact - The platform's dual-drive model of "extreme computing power + agile collaboration" helps brands transition from manual processes to digital factories, significantly enhancing operational efficiency [8][10]. - PSAI Enterprise Edition integrates tools that can drastically reduce production cycles from 20-30 working days to just 1-2 days, with costs dropping by over 95% [8][12].

Core Insights - The article discusses the rapid advancements in 3D Generative Synthesis (3DGS) technology, highlighting its applications in various fields such as 3D modeling, virtual reality, and autonomous driving simulation [2][4] - A comprehensive learning roadmap for 3DGS has been developed to assist newcomers in mastering both theoretical and practical aspects of the technology [4][6] Group 1: 3DGS Technology Overview - The core goal of new perspective synthesis in machine vision is to create 3D models from images or videos that can be processed by computers, leading to numerous applications [2] - The evolution of 3DGS technology has seen significant improvements, including static reconstruction (3DGS), dynamic reconstruction (4DGS), and surface reconstruction (2DGS) [4] - The introduction of feed-forward 3DGS has addressed the inefficiencies of per-scene optimization methods, making the technology more accessible [4][14] Group 2: Course Structure and Content - The course titled "3DGS Theory and Algorithm Practical Tutorial" covers detailed explanations of 2DGS, 3DGS, and 4DGS, along with important research topics in the field [6] - The course is structured into six chapters, starting from foundational knowledge in computer graphics to advanced topics like feed-forward 3DGS [10][11][14] - Each chapter includes practical assignments and discussions to enhance understanding and application of the concepts learned [10][15] Group 3: Target Audience and Prerequisites - The course is designed for individuals with a background in computer graphics, visual reconstruction, and programming, particularly in Python and PyTorch [19] - Participants are expected to have a GPU with a recommended computing power of 4090 or higher to effectively engage with the course material [19] - The course aims to benefit those seeking internships, campus recruitment, or job opportunities in the field of 3DGS [19]

Fund Research - The market saw a majority of equity indices rise, with the largest increase in the ChiNext Index, which rose by 1.86% during the week from December 1 to December 5, 2025 [2] - Public funds experienced significant inflows, with the first ETF tracking the CSI 300 Quality Index closing its fundraising, and Moer Thread emerging as the biggest winner in the offline allocation results [2] - Various equity fund types performed well, with equity funds averaging a rise of 0.93% and a positive return ratio of 76.27% [3] Company Research: Hongsoft Technology (688088) - Hongsoft Technology specializes in AI visual algorithms, providing algorithm licensing and system solutions, with mobile intelligent terminal visual solutions being the main revenue source [5][6] - The company reported a net profit of 142 million yuan for the first three quarters of 2025, marking a year-on-year increase of 60.51% [6] - The global smartphone shipment reached 923 million units in the first three quarters of 2025, with an AI smartphone penetration rate expected to reach 34% [6] - The smart glasses market saw a shipment of 4.065 million units in the first half of 2025, a 64.2% increase year-on-year, with expectations for the market to exceed 40 million units by 2029 [6] - The automotive sector showed a 12.4% year-on-year increase in sales, with the domestic passenger car market's DMS function penetration rate reaching a historical high of 26.2% in September 2025 [6] - The company’s PSAI product has penetrated multiple e-commerce platforms, serving hundreds of thousands of small businesses and over 300 major apparel brands [7] - Earnings per share (EPS) forecasts for 2025-2027 are 0.63 yuan, 0.85 yuan, and 1.18 yuan, with a 2025 price-to-earnings (PE) ratio of 76.07, which is below the average valuation of comparable companies [7] Industry Research: Light Industry Manufacturing & Textile Apparel - The light industry manufacturing sector outperformed the CSI 300 Index by 0.58 percentage points from December 1 to December 5, 2025, while the textile and apparel sector underperformed by 2.88 percentage points [8][10] - Recent price increases in packaging paper have been noted, with companies like Nine Dragons and others announcing price hikes of 50 yuan per ton [10] - The government is actively engaging in trade discussions with the U.S., which may positively impact export chain companies [10] - The domestic real estate market is under pressure, but recent policies to enhance home purchase subsidies may improve the situation in the medium term [10]