Core Insights - The strategic partnership between Teslian and UBTECH aims to integrate "spatial intelligence" and "embodied intelligence" to advance the development of intelligent robotic systems [1][4] - The embodied intelligence industry is transitioning from "laboratory demonstrations" to "initial industrial applications," facing challenges such as technological bottlenecks and high computational costs [1] - Spatial intelligence is crucial for enabling machines to perceive and interact with the physical world autonomously [1] Group 1: Company Collaboration - Teslian and UBTECH will share and innovate on spatial and embodied intelligence technologies to enhance robotic capabilities [1][4] - The collaboration will leverage Teslian's spatial large model and high-quality spatial data to support the training of UBTECH's humanoid robots [4] - UBTECH's humanoid robots will generate multimodal interaction data that will enrich spatial data resources, optimizing the spatial reasoning capabilities of the models [4] Group 2: Technological Developments - Teslian has segmented its business into three layers: AIoT infrastructure, AIoT domain models, and AIoT intelligent agents, each corresponding to different capabilities of spatial intelligence [2] - The AIoT domain model enables machines to understand physical laws and complex tasks through a self-developed spatial large model [2] - The AIoT infrastructure includes a hybrid reasoning intelligent computing platform (HICP) that supports high-performance, low-latency computing resources for cloud training and edge reasoning [2] Group 3: Future Implications - The partnership aims to evolve robots from mere execution tools to intelligent agents capable of human-machine collaboration [4] - The integration of advanced spatial reasoning and multimodal interaction is expected to lead to the development of next-generation intelligent robotic systems with high autonomy and interaction capabilities [4]

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].

Group 1 - The Hong Kong capital market is experiencing a new wave of technology company IPOs, with AIoT company Teslin becoming a focal point in this trend [1][3] - From January to April 2025, 19 companies successfully listed on the Hong Kong stock market, raising a total of HKD 21.3 billion, nearly three times the amount raised in the same period last year [1] - As of May 20, 2025, 24 companies have listed on the main board of Hong Kong, with total funds raised exceeding HKD 60 billion, and around 150 companies are currently waiting to go public [1][3] Group 2 - The continuous optimization of the policy environment in Hong Kong has opened doors for technology companies, with the introduction of new listing rules that facilitate the process for unprofitable innovative enterprises [3] - The "Special Line for Science and Technology Enterprises" policy launched by the Hong Kong Stock Exchange in May 2025 allows specialized technology and biotech companies to submit applications confidentially, significantly enhancing the certainty of the listing process [3] - For technology companies in explosive growth sectors like AI, 5G, and smart vehicles, listing in Hong Kong provides strategic value by connecting them to a broad international capital pool and enhancing their global brand influence [3] Group 3 - Teslin's revenue for 2024 is projected to reach CNY 1.843 billion, representing a substantial growth of 83.2% compared to 2023, with a compound annual growth rate of 58.0% from 2022 to 2024 [3][4] - The company's total expenses for sales, management, and R&D as a percentage of revenue decreased significantly from 76.9% in 2023 to 45.0% in 2024, indicating improved operational efficiency [4] - Teslin's accounts receivable turnover days have improved from 238 days in 2022 and 180 days in 2023 to 104 days in 2024, reflecting enhanced capital turnover efficiency [4] Group 4 - In early 2025, Teslin successfully completed a D++ round of financing, attracting investments from state-owned capital and industry funds, which solidified its financial foundation for the IPO journey [4] - The company has established three strategic directions in the AIoT field: AIoT models, AIoT infrastructure, and AIoT intelligent agents, with its technology system validated in practical projects [4] - By the end of 2024, Teslin's order backlog reached CNY 2.3 billion, with revenue from its AI industrial digitalization business soaring by 162.9% to CNY 1.64 billion, accounting for 89% of total revenue [4]

Core Viewpoint - The company, Teslin, has submitted an updated prospectus to the Hong Kong Stock Exchange, revealing a strategic upgrade focusing on three key areas: AIoT models, AIoT infrastructure, and AIoT intelligent agents, with an emphasis on spatial intelligence [1][2]. Group 1: Strategic Focus - Teslin aims to drive industrial upgrades and sustainable development through technology, specifically in the AIoT sector, with products deployed in over 800 clients across more than 160 cities globally [2]. - The company’s AIoT domain model serves as an analytical engine, utilizing a "multi-modal" and "model + system + application" commercialization strategy to create specialized models and intelligent applications for various industries [2][3]. - The introduction of the upgraded green computing unit supports various advanced chips and models, establishing a fully domestically developed toolset from chips to platforms [3][5]. Group 2: Financial Performance - In its first year of strategic upgrade, Teslin reported a significant revenue increase of 83.2%, reaching 1.843 billion yuan, with a compound annual growth rate of 58.0% over three years [5][6]. - The company’s expense ratio decreased from 76.9% in 2023 to 45.0% in 2024, while accounts receivable turnover days improved from 238 days in 2022 to 104 days in 2024, indicating enhanced capital efficiency [5][6]. - The AI industrial digitization business saw a remarkable revenue increase of 162.9%, contributing significantly to the overall revenue growth, with a total of 342 clients by the end of 2024 [6]. Group 3: Market Outlook - The global spatial computing market is projected to grow from approximately $149.59 billion in 2024 to over $1,066.13 billion by 2034, with a compound annual growth rate of 21.7%, and the Asia-Pacific market expected to grow at 22.2% [7]. - The company faces the challenge of seizing opportunities in the spatial intelligence sector amidst a complex global market landscape [7].

Core Viewpoint - Teslin, established in 2015, is a key player in China's AIoT industry, focusing on technology-driven industrial upgrades and spatial intelligence for sustainable development [1] Financial Performance - Teslin's revenue for 2024 is projected to be 1.843 billion yuan, representing an 83.2% increase compared to 2023 [1][2] - Revenue figures for 2022 and 2023 were 738 million yuan and 1.006 billion yuan, respectively, resulting in a compound annual growth rate (CAGR) of 58.0% from 2022 to 2024 [1][2] - The company's expense ratio (sales, management, and R&D) decreased from 76.9% in 2023 to 45.0% in 2024, indicating effective cost control [3] Market Position - Teslin has become one of the fastest-growing companies in the AI industry, outperforming peers such as SenseTime and Horizon Robotics, which reported revenue growth rates of 10.8% to 53.6% in 2024 [3] - The company has established a comprehensive AIoT technology product system over nine years, positioning itself as a leading enterprise in the rapidly growing AIoT market [2] Market Expansion - As of December 31, 2024, Teslin's products have been deployed by over 800 clients across 160 cities globally, with a total order amount of 2.3 billion yuan [4] - The number of clients increased from 224 in 2022 to 342 in 2024, reflecting an optimized customer structure [4] Strategic Focus - Teslin is focusing on three strategic directions: AIoT models, AIoT infrastructure, and AIoT agents, which are expected to drive future business growth [6] - The company is responding to the increasing demand in the market by restructuring its internal teams to enhance efficiency and innovation [3] Industry Context - The global AIoT market is experiencing rapid growth, with a projected CAGR of over 31.7% over the next five years [2] - China's AI market is also expanding, with spending reaching 14.8 billion USD in 2023, making it the second-largest AI market globally [7] - Teslin's technology strategy aligns with China's push for self-sufficiency in AI, reducing reliance on external technologies and enhancing the resilience of the industrial chain [7]

Core Insights - The article highlights the rapid transformation of the AIoT (Artificial Intelligence of Things) sector, driven by advancements in technologies such as 5G, generative AI, and spatial computing, with a projected global IoT device connection surpassing 30 billion by 2025 [1] - Chinese AIoT companies are showcasing three main advantages: breakthroughs in edge AI computing power, the establishment of industry-specific large models, and enhanced ecosystem collaboration [1] - The dual-driven model of "AI + IoT" is expected to unlock a market worth hundreds of billions [1] Company Performance - TeslaLink's updated prospectus reveals projected revenue of 1.843 billion yuan for 2024, representing an 83.2% increase compared to 2023 [1] - The company's revenue from 2022 to 2024 shows a compound annual growth rate (CAGR) of 58.0%, indicating strong growth resilience and potential [1] - The AI industrial digitization segment is the primary revenue source, with expected revenue growth from 624 million yuan in 2023 to 1.64 billion yuan in 2024, marking a 162.9% increase [3] Business Strategy - TeslaLink has restructured its personnel and team to upgrade its business system, forming three product architectures: AIoT models, AIoT infrastructure, and AIoT agents [3][5] - The AIoT infrastructure serves as the intelligent computing foundation, featuring a set of hardware clusters and software platforms to support clients in building comprehensive capabilities [5] - The AIoT agents represent a full-stack intelligent interaction interface, enhancing task execution efficiency and user experience [5] Market Expansion - TeslaLink has expanded its product coverage to over 160 cities globally, with more than 800 client deployments and approximately 1,300 ecosystem partners [6] - The total number of clients increased from 224 in 2022 to 342 in 2024, demonstrating strong market expansion capabilities [6] - The company has achieved a significant reduction in accounts receivable turnover days, decreasing from 238 days in 2022 to 104 days in 2024 [6] Industry Trends - The global trend towards digitization is recognized as a consensus, with AIoT technology applications driving deep integration across industry chains, supply chains, and innovation chains [6] - TeslaLink is accelerating its global business expansion, particularly in the context of the "Belt and Road" initiative, to enhance market penetration and seize opportunities in emerging markets [6]