Core Viewpoint - Haizhi Technology Group Co., Ltd. has submitted an application for a Hong Kong IPO, focusing on developing industrial-grade AI solutions through graph-model fusion technology, ranking fifth among industrial AI providers in China by projected revenue for 2024 [1][12]. Financial Performance - Revenue growth from 2022 to 2024: 3.13 billion RMB in 2022, 3.76 billion RMB in 2023, and 5.03 billion RMB in 2024, indicating accelerated growth in 2024 [4][5]. - The company reported a narrowing loss: net losses of 1.76 billion RMB in 2022, 2.66 billion RMB in 2023, and 0.94 billion RMB in 2024, with a significant reduction in losses in 2024 [7][8]. - Gross margin increased from 30.9% in 2022 to 36.3% in 2024, reflecting improved operational efficiency [8][9]. Solutions Offered - Haizhi Technology provides two main AI solutions: 1. Atlas Graph Solutions, which includes DMC Data Intelligence Platform, Atlas Knowledge Graph Platform, and AtlasGraph Database, applicable in fraud detection, intelligent marketing, and risk identification [2][3]. 2. Atlas Intelligent Agents, developed using graph-model fusion technology, utilized in various sectors including fraud detection and data governance [2][3]. Funding and Valuation - The company completed E-2 round financing in June 2025, achieving a post-investment valuation of approximately 3.3 billion RMB [1][12]. - The major shareholders collectively hold about 29.46% of the company's issued share capital, with the chairman being Ren Xuyang, a co-founder with a background at Baidu [1][12]. IPO Purpose - The funds raised from the IPO will be allocated to R&D to enhance graph-model fusion technology, optimize Atlas Intelligent Agents, expand customer collaborations, explore new application scenarios, and develop overseas markets [12].

Core Viewpoint - Haizhi Technology claims to be the first AI company in China to effectively reduce large model hallucinations through knowledge graphs, but its revenue from this AI agent business is relatively low, accounting for only 17.2% in 2024 [1][2]. Business Overview - Haizhi Technology's main business market share is only 1.11%, with the AI agent business market share at 2.8% [2][3]. - The company's Atlas intelligent agent revenue from 2022 to 2024 shows a growth from 0 to 86.55 million RMB, but still represents a small portion of total revenue [2][4]. Financial Performance - The company reported revenues of 313 million RMB, 376 million RMB, and 503 million RMB for 2022, 2023, and 2024 respectively, with net losses of 176 million RMB, 266 million RMB, and 94 million RMB, indicating a narrowing loss [4]. - The Atlas graph solution revenue accounted for 100%, 97.6%, and 82.8% of total revenue in the same years [4]. R&D Expenditure - R&D expenses for Haizhi Technology decreased from 86.94 million RMB in 2022 to 60.68 million RMB in 2024, with a significant drop in R&D expense ratio from 27.8% to 12.1% [6][9]. - The company’s R&D expenses are significantly lower than competitors like Minglue Technology and Xinghuan Technology, raising questions about its claimed technological advantages [9]. Market Position and Future Outlook - The market for integrated knowledge graph AI agents is projected to grow from 200 million RMB in 2024 to 13.2 billion RMB by 2029, with a compound annual growth rate of 140% [10]. - If Haizhi Technology can capitalize on opportunities for significant growth in AI agent revenue, it could strengthen its market position, although competition from internet giants poses potential challenges [11].

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. (Haizhi Technology) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for research and development, optimization of its Atlas intelligent system, and expansion into new markets and applications [1][2]. Company Overview - Haizhi Technology specializes in AI solutions, particularly in graph-model fusion technology, and has received significant backing from notable investors such as IDG, Hillhouse Capital, and Junlian Capital [1][2]. - The company recently completed a financing round of 350 million RMB, bringing its post-money valuation to 3.3 billion RMB [1][7]. Financial Performance - Haizhi Technology's revenue for the years 2022, 2023, and 2024 is projected to be approximately 313 million, 376 million, and 503 million RMB, respectively, indicating a compound annual growth rate (CAGR) of 26.8% [16][17]. - The gross profit for the same years is expected to be around 97 million, 132 million, and 182 million RMB, with gross margins of 30.9%, 35.2%, and 36.3% [16][17]. - The company has transitioned to profitability, with an operating profit of 3.34 million RMB expected in 2024, alongside an adjusted net profit of approximately 16.93 million RMB [17][18]. Market Position - Haizhi Technology ranks fifth among industrial-grade AI intelligent system providers in China, holding the largest market share among graph-centric AI providers [13]. - The industrial-grade AI market in China is projected to reach 45.3 billion RMB by 2024, with a CAGR of 44.6% from 2025 to 2029, indicating strong growth potential for Haizhi Technology [18]. Product Offerings - The company offers two main AI solutions: the Atlas Graph Solution and the Atlas Intelligent System, which leverage its graph computing and data analysis capabilities [15]. - These solutions have been implemented across various sectors, including fraud detection, intelligent marketing, and risk identification, with over 300 clients and more than 100 application scenarios [15][16]. Leadership and Strategy - Ren Xuyang, a veteran from Baidu, co-founded Haizhi Technology and has played a significant role in its development, transitioning leadership to Yang Zaifei in 2019 [2][5]. - The company has established a high-performance graph computing research station in collaboration with academic experts to enhance its technological capabilities [11].

Core Viewpoint - Haizhi Technology is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its innovative AI solutions and significant market presence in the industry [2][12]. Company Overview - Founded in 2013, Haizhi Technology focuses on developing industrial-grade intelligent agents and providing AI solutions through graph-model fusion technology [4]. - The founder and chairman, Ren Xuyang, is a notable figure in the tech industry, having previously held senior positions at Baidu and co-founded iQIYI [3]. Technology and Solutions - Haizhi Technology is recognized as the first AI company in China to effectively reduce hallucinations in large models using knowledge graphs, enhancing the accuracy and interpretability of its AI solutions [5]. - The company offers two main AI solutions: the Atlas Graph Solution and the Atlas Intelligent Agent, which are designed to meet diverse enterprise needs across various application scenarios [6]. Market Position - According to Frost & Sullivan, Haizhi Technology ranks fifth among industrial-grade AI providers in China and holds the top position among AI providers focused on graph technology, commanding over 50% of the market share [7]. Financial Performance - Revenue figures for Haizhi Technology from 2022 to 2024 are as follows: 313 million CNY, 376 million CNY, and 503 million CNY, reflecting a compound annual growth rate of 26.8% [9]. - The company achieved a significant revenue increase in 2024, largely attributed to the launch of the Atlas Intelligent Agent, which saw revenue rise from 8.9 million CNY in 2023 to 86.6 million CNY in 2024, marking an increase of 872.2% [9]. - Gross profit margins for the same period were 30.9%, 35.2%, and 36.3% respectively [10]. Profitability and Investment - In 2024, Haizhi Technology turned a profit with an adjusted net profit of 16.93 million CNY, achieving a net profit margin of 3.4% [11]. - The company has attracted investments from several prominent firms, including Junlian Capital and IDG Capital, and has a current valuation of 3.3 billion CNY following its latest funding round [12]. Future Plans - The funds raised from the IPO will primarily be allocated to enhancing research and development of graph-model fusion technology, optimizing the Atlas Intelligent Agent, expanding customer collaborations, exploring new application scenarios, and strategic investments [12].

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with joint sponsors including CMB International, Bank of China International, and Shenwan Hongyuan Hong Kong [1] Company Overview - Haizhi Technology focuses on developing industrial-grade intelligent agents and providing industrial AI solutions through graph-model fusion technology [4] - According to Frost & Sullivan, the company ranks fifth among industrial AI intelligent agent providers in China by revenue in 2024 and holds the first position among image-centric AI intelligent agent providers with over 50% market share [4] Product Offerings - The company has launched two groundbreaking AI solutions: 1. Atlas Graph Solution, which includes DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database, built on strong graph computing and data analysis capabilities 2. Atlas Intelligent Agent, developed using the company's graph-model fusion technology [4] - These solutions have been implemented in various applications, including anti-fraud, smart marketing, intelligent operations, risk identification, data governance, and smart manufacturing [4] Market Potential - The industrial AI solutions market in China is projected to grow from approximately RMB 65.4 billion in 2025 to about RMB 286.1 billion by 2029, with a compound annual growth rate (CAGR) of 44.6% [5] Financial Performance - Revenue for Haizhi Technology for the fiscal years 2022, 2023, and 2024 was approximately RMB 313 million, RMB 376 million, and RMB 503 million, respectively [5][7] - The company reported annual losses of approximately RMB 176 million, RMB 266 million, and RMB 94 million for the same periods [5][7]