2026年1月20日，极视角正式向港交所递交招股书，走到资本市场门前。 从招股书看，极视角是一家以计算机视觉为核心的企业级AI解决方案公司。过去三年，公司收入保持 高速增长：2022年至2024年，收入由1.016亿元增长至2.573亿元，两年复合年增长率达59.2%。 极视角的增长受益于中国CV 市场的整体扩张。招股书预测，国内该市场未来五年的复合增速将达到 37.7%。 为了在内卷中突围，极视角在2024 年开启了积极的业务迭代。招股书披露了一个关键变化： 2024年，公司引入了大模型解决方案。这一新业务在推出的当年即贡献了 6212.2 万元收入，占总营收 比重迅速达到 24.1%。 今天，硅基君就带你来看看这家即将上市的视觉AI公司。 两年复合增长59%，大模型收入6212万 2022 至 2024 年，极视角收入保持高速增长，由 1.016亿元提升至 2.573亿元，两年复合年增长率达 59.2%。2025年前9个月，公司收入为1.36亿元。 从招股书看，公司主营业务分为两大类：一是AI计算机视觉解决方案，包括标准、定制化及软硬件一 体化的产品；二是大模型解决方案，基于通用大模型，结合多智能体、RA ...

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].

近日，极视角向港交所主板递交上市申请文件，本次发行由中信证券担任独家保荐人。 极视角为中国AI计算机视觉解决方案提供商，公司财务呈现营收稳步增长但盈利与现金流承压的特征。2025年前三季度，公司营收1.36亿元，同比增长 71.6%；净亏损3629.6万元，同比扩大33.73%。 截至招股书发布日，公司累计完成11轮融资，合计融资逾3.8亿元，2024年11月D轮融资后投后估值约23.1亿元。股权结构上，公司创始人团队及一致行动人 合计控股29.84%，为单一最大股东团体。 AI视觉方案收入持续增长，大模型方案首年营收占比超两成 根据招股书，极视角核心业务包括AI计算机视觉解决方案及大模型解决方案。计算器视觉解决方案是一种仿真人类视觉系统，能使计算器从图像或视频中 提取信息，并基于该信息进行分析、决策及交互的技术解决方案。大模型解决方案是指基于大模型功能构建的应用，以及相关配套服务。 图1：极视角业务 公司搭建了极星算法推理及部署平台、极栈算法训练及管理平台等基础设施。截至2025年9月30日，其算法商城已展示逾1500种算法，累计服务客户超3000 家，交付项目逾6000个，产品复购率超过80%，并建立了由 ...

极视角为中国AI计算机视觉解决方案提供商，公司财务呈现营收稳步增长但盈利与现金流承压的特征。2025年前三季度，公司营收1.36亿元，同比增长 71.6%；净亏损3629.6万元，同比扩大33.73%。 截至招股书发布日，公司累计完成11轮融资，合计融资逾3.8亿元，2024年11月D轮融资后投后估值约23.1亿元。股权结构上，公司创始人团队及一致行动人 合计控股29.84%，为单一最大股东团体。 AI视觉方案收入持续增长大模型方案首年营收占比超两成 根据招股书，极视角核心业务包括AI计算机视觉解决方案及大模型解决方案。计算器视觉解决方案是一种仿真人类视觉系统，能使计算器从图像或视频中 提取信息，并基于该信息进行分析、决策及交互的技术解决方案。大模型解决方案是指基于大模型功能构建的应用，以及相关配套服务。 公司搭建了极星算法推理及部署平台、极栈算法训练及管理平台等基础设施。截至2025年9月30日，其算法商城已展示逾1500种算法，累计服务客户超3000 家，交付项目逾6000个，产品复购率超过80%，并建立了由数十万个AI算法开发者组成的全球社区。 根据弗若斯特沙利文的资料，按2024年中国新兴企业级计算器 ...

据招股书，极视角专注于为企业提供AI计算机视觉解决方案及大模型解决方案，具体分为AI计算机视 觉解决方案(包括标准AI计算机视觉解决方案、定制AI计算机视觉解决方案和软件定义的一体化AI解决 方案)和大模型解决方案。 按业务划分，2022年、2023年、2024年和2025年前三季度(以下简称报告期内)，极视角的收入主要来自 AI计算机视觉解决方案，占比分别为100%、100%、75.9%和81.8%。同期，公司大模型解决方案收入占 比从0%升至19.2%。 《每日经济新闻》记者注意到，极视角向工业、能源、零售及交通等垂直业务领域的客户提供解决方 案，按客户类型划分，公司报告期内的客户主要为民营企业客户，来自这些客户的收入占比分别为 94.7%、36.7%、58%和69.6%，呈现波动较大的态势。 极视角的收入来源地域分布呈现出"过山车"式剧烈波动，暗示其业务可能过度依赖特定地区的个别大项 目，而非建立了广泛稳定的全国销售网络。例如，华东地区在2023年还是公司的核心区域，收入占比达 65%，但到了2025年前三季度，该地区的收入占比就骤降至32.1%。同期，华南地区的收入从18.6%升至 56.0%。 应收 ...

Core Viewpoint - The article discusses the IPO plans of Shandong Jishijiao Technology Co., Ltd., which aims to list on the Hong Kong Stock Exchange under Chapter 18C, highlighting its growth in AI computer vision solutions and financial performance [2][3]. Group 1: Company Overview - Established in 2015, Jishijiao is a provider of AI computer vision solutions, offering end-to-end development, deployment, and management services across various industries [3]. - The company has successfully expanded its large model solutions to empower enterprises in digital transformation, utilizing advanced technologies such as multi-agent optimization and scene-based algorithms [3]. Group 2: Market Position and Community - As of September 30, 2025, Jishijiao's AI computer vision solution algorithm marketplace showcased over 1,500 algorithms across more than 100 industries, serving over 3,000 clients [4]. - The company has delivered over 6,000 projects with a product repurchase rate exceeding 80% [4]. - According to Frost & Sullivan, Jishijiao ranks eighth in the emerging enterprise-level computer vision solutions market in China based on 2024 revenue [4]. Group 3: Financial Performance - Jishijiao's revenue from 2022 to 2024 was 102 million, 128 million, and 257 million yuan, respectively, with a compound annual growth rate of 59.2% [4]. - In the first three quarters of 2025, revenue increased by 71.6% to 136 million yuan compared to the same period in 2024 [4]. - The gross profit margins for 2022, 2023, 2024, and the first three quarters of 2025 were 30.6%, 25.9%, 40.2%, and 44.9%, respectively [4][5]. Group 4: Investment and Use of Proceeds - Jishijiao has completed multiple rounds of financing and plans to use the net proceeds from the IPO primarily to enhance R&D capabilities, improve commercialization, and provide working capital for general corporate purposes [5].

Core Viewpoint - Extreme Vision, a provider of AI computer vision solutions, submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing market for enterprise-level computer vision solutions in China [1][5]. Company Overview - Founded in 2015, Extreme Vision specializes in AI computer vision and large model solutions, ranking eighth in China's emerging enterprise-level computer vision market with a market share of 1.6% as of 2024 [5]. - The company was established by three alumni from Sun Yat-sen University, with founder Chen Zhenjie holding significant experience in strategic roles at Tencent and Bain & Company [5][7]. Financial Performance - Revenue figures for Extreme Vision are as follows: 2022 - 102 million RMB, 2023 - 128 million RMB, 2024 - 257 million RMB, and 2025 (first nine months) - 136 million RMB. Corresponding net profits were -61 million RMB, -56 million RMB, 5 million RMB, and -37 million RMB [12]. - The company has incurred significant R&D expenses, totaling 35 million RMB in 2022, 37 million RMB in 2023, 45 million RMB in 2024, and 47 million RMB in 2025 (first nine months) [15]. Product Offerings - Extreme Vision's algorithm mall features over 1,500 algorithms across more than 100 industries, serving over 3,000 clients including Tencent Cloud and China National Power Investment [8]. - The company launched its large model solutions in the second half of 2024, generating 6.2 million RMB in revenue during that year [10]. Revenue Breakdown - Revenue from AI computer vision solutions for 2022, 2023, 2024, and 2025 (first nine months) was 101 million RMB, 128 million RMB, 195 million RMB, and 111 million RMB, respectively. The large model solutions contributed 62 million RMB in 2024 and 25 million RMB in 2025 (first nine months) [17][18]. - The gross margin for AI computer vision solutions improved from 30.6% in 2022 to 46.9% in 2025 (first nine months) [19]. Market Position and Client Base - The industrial sector is the primary market for Extreme Vision, with revenue contributions of 57.2% in 2022, 72.1% in 2023, 75.7% in 2024, and 37.4% in 2025 (first nine months) [22]. - The top five clients contributed approximately 50% of the company's revenue in the previous year, indicating a significant reliance on a limited customer base [22][28]. Ownership and Management - Chen Zhenjie is the largest shareholder with 16.05% of the company, followed by co-founders and Qualcomm (China) Holdings with 4.97% [32][34]. - The management team has a strong academic background, with Chen Zhenjie holding degrees from Sun Yat-sen University and Peking University [34]. Industry Outlook - The market for enterprise-level computer vision solutions in China is projected to reach 182.4 billion RMB by 2029, with a compound annual growth rate (CAGR) of 37.7% from 2024 to 2029 [36]. - The large model AI solutions market is expected to grow from 5.8 billion RMB in 2024 to 52.7 billion RMB by 2029, with a CAGR of 55.5% [36].

主营业务与商业模式：AI视觉+大模型双轮驱动 极视角作为中国AI计算机视觉解决方案提供商，构建了覆盖算法开发、训练、部署全流程的技术 体系。公司主要提供AI计算机视觉解决方案（标准、定制及软件定义一体化方案）和大模型解决方 案。截至2025年9月30日，算法商城已展示逾1500种算法，覆盖超100个行业，累计服务客户超3000家， 交付项目超6000个，产品复购率超80%。 商业模式采用项目制交付，2024年新增的大模型解决方案业务通过多智能体优化、RAG技术等提 供定制化服务，已吸引超80家实体客户。根据弗若斯特沙利文数据，按2024年收入计，公司在中国新兴 企业级计算机视觉解决方案市场排名第八，市场份额1.6%。 营业收入及变化：三年复合增长59.2% 公司收入呈现高速增长态势，从2022年的1.02亿元增至2024年的2.57亿元，复合年增长率达 59.2%。2025年前九个月收入1.36亿元，较去年同期的0.79亿元增长71.7%。 业务收入变化情况如下： | 项目 | 2022年(亿元) | 2023年(亿元) | 2024年(亿元) | 2025年前九月(亿元) | | --- | --- | - ...

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]