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].