Core Viewpoint - The China Securities Regulatory Commission (CSRC) has disclosed that five companies have recently obtained approval for overseas issuance and listing or full circulation of unlisted shares in China, all targeting the Hong Kong Stock Exchange and are in the process of secondary applications [1] Group 1: Company Summaries - Stone Technology, once known as a "sweeping broom" in the A-share market, saw its stock price peak at 1494.99 yuan per share in June 2021, with a market capitalization of 99.266 billion yuan, but has since decreased to a total market value of 42.361 billion yuan, representing a decline of over 50%. The company plans to issue no more than 33.108 million shares [1] - Haizhi Technology, an AI application company founded by former Baidu executives and backed by Hillhouse Capital, focuses on products like the Atlas mapping solution and Atlas intelligent agents. It intends to issue no more than 47.5846 million shares and convert 372 million shares held by shareholders into H-shares [1] - Yushi Technology specializes in L4-level autonomous driving technology, with investors including Innovation Works. The company plans to issue no more than 18.9142 million shares and convert 112 million shares held by shareholders into H-shares [1] - Deshi Biotech aims to become the first company to launch a medical imaging large model, planning to issue no more than 31.004 million shares and convert 80.88 million shares held by shareholders into H-shares [1] - Shangmi Technology, a provider of commercial IoT (BIoT) solutions with shareholders including Ant Group, Meituan, and Xiaomi, plans to issue no more than 46.004 million shares and convert 261 million shares held by shareholders into H-shares [1]

又一家AI公司要登陆港股市场了。 不久前，港交所官网披露，海致科技已通过聆讯并公布招股书。 作为国内领先的图计算龙头，海致科技收入在过去两年增长迅速。 也正因如此，海致科技被外界称为"AI 除幻第一股"。接下来，就让我们透过招股书，来拆解下"AI除幻第一股"的成 色。 01 杀入AI智能体，24年收入增长9倍 想要真正了解海致科技的业务，我们就先得搞清楚什么是"图"。 这里的"图"，不是相册里的JPG，而是一种抽象的数据结构 。 2022-2024年，公司收入分别为3.13亿、3.76亿、5.03亿元。2025年上半年，公司收入为1.73亿元，同比增长38.4%。 其中，Atlas智能体表现尤为突出。2023 年，Atlas智能体收入仅890万元；到2024年，这一数字已增长至8655万元，暴 涨9倍。2025年上半年，Atlas智能体实现收入4865万元，同比增长接近5倍。 按2024 年收入计算，海致科技在中国产业级AI智能体市场中以2.8%的市场份额，排名第五。 Atlas 智能体的放量，与公司长期投入的一项核心技术路径密切相关——图模融合。 所谓的图模融合，就是将"知识图谱"的严谨逻辑与"大模型"的推 ...

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time, following a previous application that expired in June 2025 due to the expiration of listing materials [1][6] Financial Performance - The company reported net losses of 176 million yuan, 266 million yuan, 93.73 million yuan, and 128 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, primarily due to high upfront investments in upgrading existing products and accelerating commercialization [1][3][8] - Revenue figures for the same periods were 313 million yuan, 376 million yuan, 503 million yuan, and 173 million yuan, indicating a continuous trend of losses despite increasing revenues [3][8] Product and Market Position - The company focuses on developing Atlas graph solutions and industrial-grade intelligent agents through graph-model fusion technology, with its core product being the Atlas graph solution, which integrates data from multiple sources for knowledge graph construction and analysis [2][7] - According to Frost & Sullivan, the company ranks fifth among industrial AI intelligent agents in China with a market share of 2.8% and holds the first position among graph-centric AI intelligent agents with approximately 50% market share [2][7] Client and Supplier Dynamics - The company serves clients primarily in the financial, telecommunications, energy, and public service sectors, with revenue from the top five clients amounting to 114 million yuan, 122 million yuan, 149 million yuan, and 71 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][9] - The procurement amounts from the top five suppliers were 33 million yuan, 32 million yuan, 25 million yuan, and 29 million yuan for the same periods, indicating a significant reliance on a few suppliers [4][9] Research and Development - As of June 30, the company had a research and technology team of 489 members, with R&D expenses of 87 million yuan, 73 million yuan, 61 million yuan, and 36 million yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 27.8%, 19.4%, 12.1%, and 20.8% of total revenue, respectively [4][9]

Core Viewpoint - Haizhi Technology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time, following a previous application that expired in June 2025 due to the expiration of listing materials [1] Group 1: Financial Performance - The company reported net losses of 176 million yuan, 266 million yuan, 93.73 million yuan, and 128 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [1][3] - Revenue figures for the same periods were 313 million yuan, 376 million yuan, 503 million yuan, and 173 million yuan, indicating a continuous trend of financial losses [3] Group 2: Business Focus and Solutions - The company specializes in developing Atlas graph solutions and industrial-grade AI solutions through graph-model fusion technology, with Atlas graph solutions being a core product [2] - The Atlas graph solution includes the DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database, enabling efficient data integration and complex relationship analysis [2] - The Atlas intelligent agent, developed using the company's technology, empowers enterprises with intelligent automation and natural language interaction capabilities [2] Group 3: Market Position - According to Frost & Sullivan, the company ranks fifth among industrial-grade AI providers in China by revenue in 2024, holding a market share of 2.8%, and ranks first among AI providers focused on graph technology with a market share of approximately 50% [2] Group 4: Client and Supplier Dynamics - The company’s clients primarily include financial institutions, telecom operators, energy groups, and public service providers, with revenue from the top five clients being 114 million yuan, 122 million yuan, 149 million yuan, and 71 million yuan for the respective years [4] - The procurement amounts from the top five suppliers were 33 million yuan, 32 million yuan, 25 million yuan, and 29 million yuan, representing significant portions of total procurement [4]

Group 1 - The core viewpoint of the article is that the AI application market is on the verge of a significant expansion following three years of investment in computing power infrastructure [1] - Beijing Haizhi Technology Group Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, marking its entry into the public market [2] - The company was founded in August 2013 and is headquartered in Beijing, with notable investors including Hillhouse Capital and the Beijing Artificial Intelligence Fund [4][3] Group 2 - As of June 2025, Haizhi Technology's post-investment valuation was 3.3 billion RMB [5] - The company has developed Atlas solutions, focusing on graph modeling technology and providing industry-level AI solutions [8][9] - Haizhi Technology has collaborated with over 350 clients across more than 100 application scenarios, including anti-fraud and intelligent marketing [11] Group 3 - The company's revenue has shown steady growth, with figures of 313 million RMB in 2022, 376 million RMB in 2023, and a projected 503 million RMB in 2024, reflecting a compound annual growth rate of 26.8% from 2022 to 2024 [16] - Despite revenue growth, the company has faced significant net losses totaling 664 million RMB over three and a half years due to high upfront investments in product upgrades and commercialization [17] - The gross profit margin has improved from 30.9% in 2022 to 38.5% in 2025, attributed to advancements in AI technology and strategic cost optimization [21] Group 4 - The market for industry-level AI agents is expected to experience explosive growth, with projections indicating a rise from approximately 3.1 billion RMB in 2024 to 45.8 billion RMB by 2029, representing a compound annual growth rate of 71.3% [31] - Haizhi Technology holds a 2.8% market share in the domestic industry-level AI agent market and ranks fifth among providers based on revenue [34] - The company is positioned as a leader in the graph-centric AI agent segment, with a market share of about 50% [34]

Core Viewpoint - Haizhi Technology has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors including CMB International, BOC International, and Shenwan Hongyuan Hong Kong [1] Group 1: Market Position - According to projected 2024 revenue, Haizhi Technology ranks fifth among industrial AI providers in China, holding a market share of 2.8% [1] - The company is the leading provider of AI solutions centered around graphics, with a market share of approximately 50% [1] Group 2: Core Solutions - Haizhi Technology offers two main core solutions: the Atlas Graph Solution (which includes the DMC Data Intelligence Platform, Atlas Knowledge Graph Platform, and AtlasGraph Database) and the Atlas Intelligent Agent (developed based on graph-model fusion technology) [1] Group 3: Application and Performance - The company's solutions have been implemented in over 100 application scenarios, including anti-fraud, intelligent marketing, smart operations, risk identification, data governance, and intelligent manufacturing, collaborating with more than 350 clients [1] - In 2023, the AtlasGraph database set a world record in the Association Data Benchmark Committee tests, exceeding existing records by 45% in throughput and achieving the highest overall performance score [1]

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. (referred to as "Haizhi Technology") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the "first AI de-illusion stock" [2] Group 1: Company Overview - Haizhi Technology was founded in 2013 and specializes in developing industrial-grade intelligent agents and providing AI solutions through knowledge graph technology, effectively reducing large model hallucinations [2] - The company’s founder, Ren Xuyang, is a former vice president of Baidu and has a history of founding and co-founding several tech companies, including iQIYI and Yidian Zixun [2] Group 2: Financial Performance - The latest disclosed revenue figures show that Haizhi Technology's revenues for 2022, 2023, and 2024 are 313 million, 376 million, and 500 million respectively, with operating profits of -178 million, 200 million, and 33.36 million [3] - In the first half of 2025, the company reported revenues of 173 million, up from 125 million in the same period the previous year, with an operating loss of 59.24 million [4] Group 3: Market Position and Growth Potential - According to Frost & Sullivan, Haizhi Technology ranks first among AI intelligent agent providers in China with a market share of approximately 50% based on 2024 revenue [3] - The industrial-grade AI solutions market in China is expected to grow from 65.4 billion in 2025 to 286.1 billion by 2029, with a compound annual growth rate (CAGR) of 44.6% [3] Group 4: Product Offerings - The company's main products include the Atlas graph solution and Atlas intelligent agents, which are applied in over 100 real-world scenarios across various industries such as finance, energy, and healthcare [3] - The Atlas intelligent agent generated revenue of 86.6 million in 2024, showing a significant year-on-year growth of 872.2% [4] Group 5: Research and Development - Despite being a technology-driven company, Haizhi Technology's R&D expenses have been decreasing over the past three years, from 86.94 million to 60.68 million, representing a drop in the revenue proportion from 37.8% to 12.1% [4] - The company plans to use the funds raised from the IPO to enhance its technology, optimize the Atlas intelligent agent, and expand customer collaborations and new application scenarios [5]

Core Insights - Beijing Haizhi Technology Group Co., Ltd. (referred to as "Haizhi Technology") has updated its prospectus, adding business data up to June 30, 2025, and has submitted its main board listing application to the Hong Kong Stock Exchange [1][4] - Established on August 23, 2013, and headquartered in Beijing Economic and Technological Development Zone, Haizhi Technology is a leading enterprise in the field of AI technology integration in China, focusing on applications in over 100 real-world scenarios across various industries [1][4] - The company has developed a competitive edge by utilizing knowledge graphs to anchor large models, resulting in intelligent and reliable AI systems, with significant revenue growth from its Atlas AI product [1][4] Company Overview - Haizhi Technology's AI solutions are widely applied in fraud detection, intelligent marketing, risk identification, and smart manufacturing, serving clients in finance, energy, and healthcare sectors [1][4] - As of the end of 2024, the company has established partnerships with over 300 clients, including major financial institutions and large state-owned enterprises [1][4] Market Position - According to Frost & Sullivan, Haizhi Technology holds over 50% market share in China's AI intelligent agent market, maintaining a leading position in the industry [2][5] - The market for industrial-grade AI solutions in China is projected to grow from 65.4 billion yuan in 2025 to 286.1 billion yuan by 2029, with a compound annual growth rate (CAGR) of 44.6% [2][5] - The segment of industrial-grade AI intelligent agents is expected to experience a CAGR of 71.3% from 2024 to 2029, indicating strong demand [2][5] Management Team - The management team includes prominent figures such as Zheng Weimin, an academician of the Chinese Academy of Engineering, serving as Chief Scientist, and Yang Zaifei, a successful serial entrepreneur, as CEO [2][5] - The board comprises experienced professionals from the capital and industry sectors, including Li Jiaqing, President of Junlian Capital, and Long Yu, Founder of Bertelsmann Capital, with Ren Xuyang, the founder of Zhenzhi Venture Capital, serving as Chairman [2][5] Investment Recognition - Haizhi Technology has received investments from top-tier institutions such as Junlian Capital, Hillhouse Capital, IDG, and Zhongwang Investment, reflecting strong external recognition of its technology and business capabilities [3][6]

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. (Haizhi Technology) has submitted its listing application to the Hong Kong Stock Exchange, with a market share of 2.8% among industrial AI providers in China, ranking fifth by projected revenue in 2024 [1][3]. Company Overview - Established in 2013, Haizhi Technology is a leading enterprise in the field of graph computing and graph databases in China, focusing on developing Atlas graph solutions and industrial-grade AI solutions through graph-model fusion technology [3][4]. - According to Frost & Sullivan, Haizhi Technology ranks first among AI providers based on graph technology in China, with a market share of approximately 50% [3]. Technological Advancements - The company is recognized as the first in the industry to effectively reduce hallucinations in large models using knowledge graphs, showcasing its strategic foresight and expertise in constructing knowledge frameworks for various application scenarios [3][6]. - In 2023, Haizhi Technology's AtlasGraph database set a world record for throughput, exceeding existing records by 45%, demonstrating its global leadership in high-performance graph database technology [6]. Product Offerings - Haizhi Technology offers two main solutions: the Atlas graph solution, which includes the DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database, and the Atlas intelligent agent solution, developed using the company's graph-model fusion technology [4][6]. - The solutions have been implemented in various application scenarios, including anti-fraud, intelligent marketing, risk identification, data governance, and smart manufacturing, with over 350 clients across more than 100 application scenarios as of June 30, 2025 [4][6]. Financial Performance - The company reported revenues of RMB 312.99 million, RMB 375.57 million, RMB 503.13 million, and RMB 173.47 million for the fiscal years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [7][8]. - Gross profit increased from RMB 96.86 million in 2022 to RMB 182.39 million in 2024, with a gross margin rising from 30.9% in 2022 to 38.5% in the first half of 2025 [8].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯 ...