Core Viewpoint - The continuous optimization of the policy environment in Hong Kong has opened up opportunities for technology companies, with Teslin seizing the moment to pursue an IPO in Hong Kong, supported by strong growth in its AI-driven business [1][3]. Group 1: Financial Performance - In 2024, Teslin achieved revenue of 1.843 billion yuan, a significant increase of 83.2% year-on-year [3]. - The compound annual growth rate (CAGR) from 2022 to 2024 reached 58%, significantly higher than the industry average, indicating efficient business expansion and operational excellence [3]. - The AI-driven digitalization business became the core growth driver, with revenue soaring from 624 million yuan in 2023 to 1.64 billion yuan in 2024, a growth rate of 162.9%, accounting for 89% of total revenue [3]. Group 2: Capital Market Recognition - In early 2025, Teslin successfully completed a D++ round of financing, raising 650 million yuan, with participation from several state-owned capital and well-known industry funds [3]. - The influx of these investors not only provided sufficient funding for Teslin's IPO ambitions but also reflected market confidence in its technological path and business model [3]. Group 3: Customer Base and Order Book - By 2024, Teslin's total customer count increased to 342, with approximately 75% coming from the digitalization business [3]. - The company reported a solid order backlog of 2.3 billion yuan by the end of 2024, laying a strong foundation for future revenue growth [3]. Group 4: Technological Advancements - Teslin focuses on "spatial intelligence" and continues to advance in three strategic directions: AIoT models, AIoT infrastructure, and AIoT intelligent agents [4]. - The launch of the upgraded OriginSYS Ultra AI building space control system provides efficient energy-saving solutions for emerging buildings, demonstrating a 15% reduction in daily energy consumption and a 20% increase in management efficiency in practical applications [4]. - The company has also iterated on its green computing body and released several optimized technology products, expanding its strategic layout from enterprise-level to consumer markets [4]. Group 5: Overall Growth Potential - The trajectory of Teslin's development, including revenue structure optimization, capital market favor, and continuous technological iteration, indicates significant growth potential for the technology company [5].

Core Viewpoint - The launch of the new intelligent system HALI represents the extension of Teslian's AI capabilities from B2B to B2C markets [2] Group 1: AIoT Infrastructure - Teslian has completed the iterative upgrade of its core product, the green computing body, and released the optimized X-Stack computing cloud platform, Bit Model platform, and computing operation management platform at the Western China International Investment and Trade Fair [3] - The green computing body fully supports domestic chips such as Huawei Ascend, Kunlun, Cambricon, and others, responding to the call for domestic substitution [3] Group 2: AIoT Domain Models - The AIoT domain models serve as the analytical engine of Teslian's spatial intelligence system, utilizing a unique "multi-modal" and "model + system + application" commercialization strategy to create series of domain models and intelligent applications tailored to specific industry needs [3] Group 3: AIoT Intelligent Agents - The AIoT intelligent agent sector, represented by the HALI system, serves as the interactive interface of Teslian's spatial intelligence and is seen as one of the future interaction entrances [4] - Teslian's intelligent agent products, combined with cutting-edge models, can achieve more efficient task execution and smarter interaction experiences, providing innovative intelligent services to users [4]

Core Insights - The article emphasizes that domestic substitution is a crucial path for China to break through technological blockades and achieve high-quality development, particularly in the AI industry, which must adapt to local needs and lower technical barriers [1] Financial Performance - According to the updated prospectus, the company expects a revenue of 1.843 billion yuan in 2024, representing a year-on-year growth of 83.2%, with the AI industry digitalization business segment reaching 1.64 billion yuan, up 162.9% [3] - The company has over 2.3 billion yuan in hand orders and a total of 342 customers [3] - The expense ratio has significantly decreased from 76.9% to 45%, and accounts receivable turnover days have been reduced from 238 days to 104 days, indicating a sustainable development trend focusing on both scale and efficiency [3] Strategic Developments - The company is focusing on a combination of AIoT intelligent computing infrastructure and domain models, driven by multimodal large models, to promote spatial intelligence development [3] - The newly released core product, the "Green Intelligent Computing Body," is fully compatible with various leading models and domestic computing power, aiming for 100% domestically developed solutions from chips to platforms [3] Technological Advancements - The company has upgraded several platforms, including the X-Stack Intelligent Computing Cloud Platform and the Bit Large Model Platform, to lower the application barriers for intelligent computing and leading models, enabling customizable large model services [4] - A notable application case in the motorcycle industry has been completed, showcasing the integration of DeepSeek to enhance user interaction and complex reasoning tasks [4] Future Outlook - The company is expected to continue transforming its domestic substitution strategy into product competitiveness, building a "spatial intelligence era" for Chinese technology enterprises [5]