Core Viewpoint - The company, Teslian, is advancing its IPO process in the AIoT sector, showcasing strong revenue growth and a solid market position, while the Hong Kong stock market remains attractive for investments due to its relatively low valuations and increasing foreign interest [1][2]. Revenue Growth and Financial Performance - Teslian's revenue for 2024 is projected to reach 1.843 billion yuan, representing an 83.2% increase compared to 2023, with a compound annual growth rate of 58.0% from 2022 to 2024, leading the AIoT industry [2]. - The company's sales expenses as a percentage of revenue decreased from 13.2% in 2023 to 8.5% in 2024, indicating improved cost efficiency [2]. - Total expenses related to sales, management, and finance dropped from 76.9% to 45.0%, outperforming the industry average [2]. Order Growth and Client Structure - Teslian's order backlog reached 2.3 billion yuan by the end of 2024, with a total client base increasing to 342, up from 330 in 2023 and 224 in 2022 [3]. - The company is expanding its international strategy, having established partnerships for AIoT solutions in major projects, including collaborations in the UAE [3]. Technological Innovation and Core Business Segments - The company is focusing on three core segments: AIoT models, AIoT infrastructure, and AIoT intelligent agents, which are foundational to its strategic development in the space intelligence sector [4]. - The launch of the DeepSeek-R1 model is expected to revolutionize the AI landscape with low training costs and advanced reasoning capabilities [4]. Ongoing Developments and Research - Teslian's AIoT infrastructure products have been optimized for compatibility with various advanced models, and the company has completed regional AI computing centers in multiple locations [5]. - The company maintains a strong research foundation, with 46.9% of its workforce dedicated to R&D, and has made significant advancements in secure communication technologies [6]. IPO Financing and Future Plans - The IPO proceeds will primarily enhance R&D capabilities, particularly in TacOS and green computing, and support market expansion efforts, including new application development and increased sales force [6].