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].