中国城市交通正处于向智能化快速转型的阶段。 在这个重要的时间窗口期，真正具备技术栈深度、场景沉淀和规模交付能力的企业，有望迎来从"项目 公司"向"城市级基础设施平台"跃升的战略机遇。 智慧互通作为中国领先的空间智能解决方案提供商，其港股IPO进程正好赶上了这一波产业升级的浪 潮。 一、押注"最难但最有壁垒"的赛道 根据弗若斯特沙利文的研究数据，2024年，中国空间智能解决方案市场规模已达人民币217.8亿元，预 计到2029年将增长至人民币1547.6亿元，期间复合年增长率高达47.2%。 在这一快速成长的赛道中，智慧互通已建立起领先的市场地位。 按2024年收入计，智慧互通在中国智慧交通行业所有空间智能解决方案提供商中排名第四；在路侧解决 方案细分领域更是位居榜首，市场份额高达19.3%。自2015年成立以来，公司已覆盖中国超过70个城 市，并拓展至海外市场，如香港、东南亚和中东，彰显了其全球化布局的野心。 值得注意的是，该赛道体量庞大、应用场景多元，并非零和博弈的存量竞争，而是允许不同体量公司共 存的增量市场。与一般的硬件供应商不同，智慧互通专注于"高精度AI"等高难度细分场景，与行业巨头 形成差异化竞争 ...

编者按：拆解企业招股、估值、上市表现，以专业视角记录资本脉动。投资时间网携手标点财经联袂锻造"解码港股IPO"特别策划，深度探寻每一次资本 浪潮背后的机遇与逻辑，敬请关注。 投资时间网、标点财经研究员 李路 智慧化程度是展示一个城市发展水平的重要方面，数字化工具则成为快速解决城市问题的重要抓手。在此背景下，高精度AI解决方案作为智慧城市的核 心支撑技术，正迎来市场需求的爆发期。据弗若斯特沙利文报告显示，全球高精度AI解决方案市场规模已从2019年的477亿元激增至2024年的2225亿元， 五年间复合年增长率高达36.1%，展现出强劲的增长韧性。 作为一家专注于人工智能技术与空间智能解决方案的提供商，智慧互通科技股份有限公司（下称智慧互通）深耕城市交通管理领域，通过计算机视觉和多 模态感知技术，为动态交通和静态停车等场景提供全栈式AI解决方案。 这家站在高景气赛道上的行业独角兽，自2021年开始准备上市，历经五年打磨，终于在近期向港交所递表。此前，公司分别在2021年、2022年和2023年先 后与中信建投证券、东兴证券、中信证券订立辅导协议，但均在不久后终止。本次IPO，其联席保荐人为中信证券和建银国际。 ...

Core Viewpoint - The company, a high-precision AI provider, is transitioning from "model wars" to "scene implementation" in the AI industry, marking its application for listing on the Hong Kong Stock Exchange as a significant milestone for the capital market and positioning itself as a leader in "AI + smart space" solutions [1][10]. Group 1: Company Overview - The company specializes in high-precision AI algorithms and smart space computing platforms, ranking fourth in China's smart transportation sector with a market share of 6.6%, and leading the roadside solutions segment with a market share of 19.3% [1][3]. - The company has made significant advancements in AI technology, particularly in computer vision and multi-modal perception, holding 338 patents and participating in the formulation of multiple national and local standards [3][4]. Group 2: Financial Performance - The company is currently experiencing losses primarily due to strategic investments and the accounting treatment of financial instruments, rather than a decline in core business operations [5][6]. - Revenue has grown from 538 million to 699 million CNY from 2022 to 2024, indicating healthy business growth, despite a temporary decline in the first half of 2025 due to project completion timing [5][6]. - The company's net losses for 2022, 2023, and 2024 were 360 million, 257 million, and 288 million CNY respectively, with financial instrument valuation changes contributing significantly to these losses [6][7]. Group 3: Growth Potential - The company is positioned to benefit from the rapid growth of the global high-precision AI solutions market, projected to expand from 47.7 billion CNY in 2019 to 222.5 billion CNY by 2024, with a compound annual growth rate of 42.2% from 2025 to 2029 [13][16]. - The company plans to deepen its domestic market presence by collaborating with public transportation agencies and expanding into new cities, while also exploring international markets starting with Hong Kong [17][18]. Group 4: Strategic Advantages - The company is recognized as a potential "first stock of high-precision AI," providing a unique value proposition in the capital market as a city-level AI data platform [11][12]. - The company's technology platform aims to reconstruct urban digital infrastructure, enhancing decision-making and operational efficiency through real-time data collection and analysis [19][20].

Core Viewpoint - Smart Interconnect Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after three unsuccessful attempts to list on the A-share market, with plans to use the raised funds for technology research, product development, and business expansion [1][14]. Group 1: Business Overview - Smart Interconnect is a provider of artificial intelligence smart transportation products, with applications in various intelligent scenarios such as smart roads, autonomous driving, and smart logistics [2]. - The company ranks first in the Chinese smart transportation sector for roadside intelligent solutions, holding a market share of 19.3% based on projected 2024 revenue [2]. - The revenue from roadside intelligent solutions has increased significantly, accounting for 87.1% of total revenue in the first half of 2025, up from 42.2% in 2022 [3]. Group 2: Financial Performance - The company reported cumulative losses of approximately 1.178 billion yuan over the reporting period, despite revenue growth from 538 million yuan in 2022 to 1.03 billion yuan in the first half of 2025 [8]. - The gross profit margin for roadside intelligent solutions has decreased by 13.6 percentage points over the reporting period, while the gross margin for AIoT solutions increased from 22.7% to 27.3% [5][6]. - The number of customers has halved from 257 at the end of 2022 to 59 by mid-2025, indicating a significant decline in client base [13]. Group 3: Market Position and Challenges - The company has faced challenges, including a substantial drop in contract liabilities, which fell by 82% in 2024 compared to 2023 [11]. - The concentration of revenue from the top five customers has increased, contributing 73.7% of total revenue in the first half of 2025, raising concerns about dependency on a limited customer base [12]. - Smart Interconnect has attempted to list on the A-share market three times without success, leading to the decision to pursue a listing in Hong Kong instead [14][15].

Core Insights - The seminar focused on the "Digital Silk Road" initiative and aimed to enhance global digital cooperation among Belt and Road countries [2][3] - The event showcased the advanced technologies of Wisdom Interconnect (AICT), particularly in high-precision artificial intelligence (HAI) applications in transportation [5][7] Group 1: Seminar Overview - The seminar included participants from various countries such as Bulgaria, Armenia, Azerbaijan, and Uzbekistan, representing government agencies, research institutions, and high-tech enterprises [3] - The project is supported by the National International Development Cooperation Agency and aims to promote cooperation and development through training activities [3] Group 2: Company Presentation - Wisdom Interconnect (AICT) presented its five major brands: SUPER VISION, AITS, AIPARK, AIC, and AIPILOT, highlighting their business scope and technological advantages [5] - The company has accumulated significant experience in smart road networks, autonomous driving, smart parking, and other intelligent applications over the past decade [5] Group 3: Technology and Global Reach - The seminar participants expressed interest in AICT's HAI technology products and solutions, discussing their potential implementation in their respective countries [7] - AICT's HAI products have been deployed in over 50 major cities in China and have established a presence in more than 10 countries across the Middle East, North Africa, and Southeast Asia [7] Group 4: Company Background - Wisdom Interconnect (AICT) was established in 2015 and specializes in high-precision artificial intelligence technology [9] - The company has received over 100 domestic and international awards and holds more than 1,200 core patents in AI, big data, and smart hardware [9] - AICT serves over 1 billion vehicle trips annually, demonstrating its large-scale application of high-precision AI technology [10]