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 ...

公开资料显示，极视角成立于2015年，是国内领先的人工智能平台型企业，拥有数百项专利软著及资质 认证，成功入围工信部人工智能创新任务揭榜挂帅榜单。极视角开创的AI视觉算法商城目前已上架 1500余种算法，覆盖超100个行业场景，汇聚数十万海内外开发者，服务超3000家政企客户。据弗若斯 特沙利文的报告，其2024年收入在中国新兴企业级计算机视觉解决方案市场中排名第八。 | | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經濟核) | | | 收入 | 101,572 | 127,681 | 257,296 | 79,429 | 136,304 | | 銷售成本 | (70.490) | (94,605) | (153,817) | (48,262) | (75.160) | | 毛利 | 31,082 | 33,076 | 103,479 | 31,167 ...

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 ...

瑞财经 刘治颖1月20日，山东极视角科技股份有限公司（以下简称"极视角"）向港交所主板提交上市申 请，中信证券为独家保荐人。 招股书显示，极视角是中国AI计算机视觉解决方案提供商，为各行各业的企业提供端到端解决方案开 发、部署及管理服务。此外，公司在提供具有商业可行性的大模型解决方案以赋能企业进行数字化转型 方面已成功实现扩张。 根据弗若斯特沙利文的资料，按2024年的收入计，公司于中国新兴企业级计算机视觉解决方案市场中排 名第八，市场份额为1.6%。 2022年至2024年，极视角收入分别为1.02亿元、1.28亿元、2.57亿元，年内利润分别为-6072.2万 元、-5624.6万元、870.8万元，毛利率分别为30.6%、25.9%、40.2%。 据瑞财社查阅，极视角历史上曾经存在股权代持的情形。 极视角成立于2015年6月，初始注册资本为3万元，其中50%的股权由罗韵持有，且50%的股权因行政便 利由罗韵作为陈振杰的代名人并代表陈振杰持有。 2015年7月，罗韵进一步认购公司100万元的注册资本，代价为100万元。该等股权的50%由罗韵持有， 余下50%因行政便利由罗韵作为陈振杰的代名人并代表陈振杰持 ...

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].

1月21日，中国证监会国际合作司发布《关于山东极视角科技股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》。公司拟发行不超过 2006.34万股境外上市普通股并在香港联合交易所上市。公司31名股东拟将所持合计99,872,436股境内未上市股份转为境外上市股份，并在香港联合交易所上 市流通。 招股书显示，极视角是中国AI计算机视觉解决方案提供商，为各行各业的企业提供端到端解决方案开发、部署及管理服务。根据弗若斯特沙利文的资料， 按2024年的收入计，公司于中国新兴企业级计算机视觉解决方案市场中排名第八。 附件："全流通"股东名称及转换数量 | 序号 | 股东名称 | 申请全流通股数(股) | | --- | --- | --- | | 1 | 陈振杰 | 16,114,821 | | 2 | 珠海横琴极力投资合伙企业(有限合伙) | 9.452.122 | | 3 | 珠海横琴极创投资合伙企业(有限合伙) | 9.024.164 | | 4 | 深圳市创兴前沿技术股权投资基金合伙企业(有限合伙) | 6.455.286 | | 5 | 青岛经济技术开发区金融投资集团有限公司 | 5.464.317 ...