出品：新浪财经上市公司研究院 作者：君 10月31日，智慧互通科技股份有限公司（下称"智慧互通"）向联交所主板提交上市申请，冲刺港股"高精度AI第一股"，中信证券、建银国际为联席保荐人。 在本次港股IPO前，智慧互通曾三换券商、三次冲击科创板，均未果。2022至2024年，公司董事长闫军的薪酬总额接近1600万元，其中七成为现金已落袋为 安。2025年，公司预计董事及监事的薪酬总额将达3.54亿元，同比激增19倍，董事长这次能"吃饱"吗？ 相较之下，公司业绩极为惨淡，2025年上半年收入同比"腰斩"，毛利率同比下滑11.2pct，净亏损同比扩大12.64%。除2023年外，公司各报告期经营性现金均 处于净流出状态。此外，公司七成贸易应收款项未开票，或存合规风险，坏账计提是否充分有待商榷。 董事长三年领薪近1600万元还没"吃饱"？ 智慧互通作为国内领先的人工智能技术、产品空间智能解决方案提供商，多年来一直深耕城市交通管理领域。公司致力于应用计算机视觉、高精度及多模态 感知技术、先进软件及大模型算法，使人工智能能够更有效地感知及理解世界，以高度智能的方式看见并理解复杂的空间区域。 在本次港股IPO前，智慧互通曾 ...

编辑 杨娟娟 新京报贝壳财经讯 11月16日，智慧互通科技股份有限公司（简称"智慧互通"）向港交所提交上市申请 书，联席保荐人为中信证券、建银国际。招股书显示，智慧互通是一家人工智能技术、产品空间智能解 決方案提供商，特别专注于城市交通管理领域。 ...

Group 1 - Wisdom Interconnect Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International as joint sponsors [1] - Established in June 2015, Wisdom Interconnect is a leading provider of artificial intelligence technology and spatial intelligent solutions in China, particularly focused on urban traffic management [1] - According to Frost & Sullivan, Wisdom Interconnect ranks fourth in China's smart transportation industry by revenue in 2024, holding a market share of 6.6%, and ranks first among spatial intelligent roadside solution providers with a market share of 19.3% [1] Group 2 - The global AI market is expected to grow significantly, from approximately RMB 596.52 billion in 2019 to RMB 3,096.61 billion in 2024, with a compound annual growth rate (CAGR) of 39.0% [2] - All major regions are projected to see their AI market sizes grow at least fivefold from 2019 to 2024, with the Middle East experiencing the fastest growth, nearly sixfold [2] - North America leads the market share at 56.0%, followed by China at 25.5% [2] Group 3 - The AI market is projected to reach RMB 10,702.6 billion by 2029, with a CAGR of 27.0% from 2025 to 2029, indicating sustained growth driven by the increasing adoption of AI across various industries [3] Group 4 - China's AI market is expected to expand from RMB 137.2 billion in 2019 to RMB 789.6 billion in 2024, with a CAGR of 41.9% [5] - This growth is attributed to supportive government policies, abundant data resources enhancing algorithm improvements, and rising demand for AI-driven solutions in key sectors such as transportation, finance, and healthcare [5] - The market is anticipated to grow from RMB 1,068.3 billion in 2025 to RMB 2,943.2 billion by 2029, with a CAGR of 28.8% [5] Group 5 - The penetration rate of AI in China is expected to reach 51.0% by 2029, reflecting a significant transformation from experimental stages to broader mainstream implementation [6]

Core Viewpoint - The company, Wisdom Interconnect, is a leading provider of artificial intelligence technology and spatial intelligent solutions in China, particularly focused on urban traffic management, and is actively exploring global application scenarios to capture opportunities in the high-precision AI solutions market [2]. Industry Overview - The global high-precision AI solutions market is projected to grow from RMB 47.7 billion in 2019 to RMB 222.5 billion by 2024, with a compound annual growth rate (CAGR) of 36.1%, and is expected to reach RMB 1,433 billion by 2029, with a CAGR of 42.2% from 2025 to 2029 [2]. Company Performance - Revenue increased from RMB 538.4 million in 2022 to RMB 617.6 million in 2023, representing a growth of 14.7%, and is expected to further grow by 13.1% to RMB 698.7 million in 2024 [3]. - For the six months ending June 30, 2025, revenue decreased from RMB 210.3 million in the same period of 2024 to RMB 102.9 million, primarily due to fluctuations in project milestones affecting revenue recognition [3]. Market Position - According to Frost & Sullivan, Wisdom Interconnect ranks fourth among all spatial intelligent solution providers in China's smart transportation industry with a market share of 6.6% as of 2024, and ranks first among spatial intelligent roadside solution providers with a market share of 19.3% [2].

Core Viewpoint - Wisdom Interconnect Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and China Jianyin Investment as joint sponsors [1]. Company Overview - Wisdom Interconnect is a leading provider of artificial intelligence technology and spatial intelligent solutions in China, focusing on urban traffic management [3]. - The company is actively exploring application scenarios in various global cities, including airports, schools, industrial parks, commercial areas, and nature reserves, to seize opportunities in the global high-precision AI solutions market [3]. Market Position - According to Frost & Sullivan, Wisdom Interconnect ranks fourth among all spatial intelligent solution providers in China's smart transportation industry, holding a market share of 6.6% based on projected 2024 revenue [3]. - The company ranks first among all spatial intelligent roadside solution providers in the same industry, with a market share of 19.3% based on projected 2024 revenue [3]. Market Growth - The global high-precision AI solutions market is projected to grow from RMB 47.7 billion in 2019 to RMB 222.5 billion by 2024, representing a compound annual growth rate (CAGR) of 36.1% [3]. - The market is expected to reach RMB 1,433 billion by 2029, with a CAGR of 42.2% from 2025 to 2029 [3]. Financial Performance - Revenue increased from RMB 538.4 million in 2022 to RMB 617.6 million in 2023, reflecting a growth of 14.7%, and is projected to further increase by 13.1% to RMB 698.7 million in 2024 [4]. - For the six months ending June 30, 2025, revenue decreased to RMB 102.9 million from RMB 210.3 million in the same period of 2024, primarily due to fluctuations in project milestones [4]. Financial Data Summary - Revenue and gross profit margins have shown fluctuations, with gross profit margin increasing from 23.7% in 2022 to 25.0% in 2023, and further to 29.9% in 2024 [7]. - The company reported a pre-tax loss of RMB 359.8 million in 2022, which decreased to RMB 256.7 million in 2023, but increased again to RMB 287.7 million in 2024 [7].

Core Insights - Aqara Space's flagship store in Chongqing opened on October 28, marking a significant step in the brand's strategic expansion in the southwestern region of China [1][3] - The store features a nearly 500 square meter immersive experience space that integrates smart technology with aesthetic design, offering consumers a unique blend of technology and lifestyle [1][3] Company Strategy - Aqara has been included in the Hurun Global Unicorn List for four consecutive years, highlighting its commitment to regional market development and industry innovation [3] - The flagship store integrates various scenarios including home, office, wellness, hotel, and real estate, catering to both B2B and B2C user needs with innovative smart space solutions [3] Technological Advancements - Aqara has applied for over 1,800 patents covering key technologies such as wireless networks, AI algorithms, and low-power sensors, with more than 50 self-developed product categories and over 1,700 SKUs [5] - These technological achievements provide a solid foundation for Aqara's development in space intelligence [5] Ecosystem Development - Aqara is actively building an open ecosystem, fully compatible with major platforms such as Apple Home, Xiaomi Mi Home, Amazon Alexa, and Samsung SmartThings, with over 310 products connected to Apple Home, making it the brand with the most devices integrated in China [7] Brand Vision - The opening ceremony featured a blend of high-tech performances and traditional lion dance, symbolizing the integration of technology and culture [9] - The store manager and brand representatives shared Aqara's vision of "empowering spaces with technology" and its strategic plans during the event [9] Future Outlook - The opening of the Chongqing flagship store represents a milestone in channel upgrades and reflects Aqara's ongoing efforts to stay close to users and drive industry transformation [11] - Moving forward, Aqara aims to continue leveraging technology as a driving force, deepen ecosystem cooperation, and expand its national presence to provide smarter and better living experiences for consumers [11]