据IPO早知道消息，北京海致科技集团股份有限公司（以下简称"海致科技"）于2026年2月13日正 式以"2706" 为股票代码在港交所挂牌上市，成为全球首家以人工智能领域图计算技术消除大模型 幻觉为核心业务的上市公司。 今日开盘，海致科技上涨超250%，市值突破380亿港元 。 成立于2013年的海致科技专注于通过图模融合技术开发Atlas图谱解决方案及产业级智能体并提供产 业级人工智能解决方案，其自研的全球首款云原生分布式AtlasGraph图数据库按以每秒查询量衡量 的吞吐量计，以高于现有记录45%的优势打破世界纪录，在关联数据基准委员会测试中获得综合性 能评分第一，并创新性地推出知识图谱与大语言模型深度融合的大语言模型框架，为智能体及人工智 能解决方案的开发奠定了坚实的理论基础。 2023年9月，海致科技推出Atlas智能体，这一方案提升了大语言模型在特定行业场景中的精准推理 能力，正成为海致科技推动产业智能的关键抓手，市场对其图模融合解决AI幻觉的技术路线也颇为认 可。截至目前，其Atlas智能体已兼容百余款大模型、覆盖百余个应用场景。据弗若斯特沙利文报 告，按2024年收入计，海致科技在国内以图为核 ...

Core Viewpoint - The successful IPO of Beijing-based AI company Haizhi Technology marks a significant milestone in the Hong Kong stock market, highlighting the growing interest and investment in AI companies [4][7][18]. Group 1: Company Overview - Haizhi Technology, established in August 2013, focuses on industrial-grade AI agents and has adopted a pragmatic approach through "graph-model fusion" technology [9][10]. - The company was dubbed the "first stock to eliminate AI hallucinations" due to its innovative approach to reducing inaccuracies in AI outputs [9][10]. - The IPO raised approximately HKD 648 million, with funds allocated primarily for R&D, optimization of its Atlas AI agent, and market expansion [10]. Group 2: Financial Performance - Haizhi Technology reported revenues of approximately CNY 313 million, CNY 376 million, and CNY 503 million for 2022, 2023, and 2024 respectively, indicating steady growth [10]. - The net losses for the same years were approximately CNY 176 million, CNY 266 million, and CNY 93.73 million, with a significant reduction in losses projected for 2024 [10]. - The adjusted net profit for 2024 is estimated at approximately CNY 16.93 million, marking a pivotal point in achieving profitability in the AI sector [10]. Group 3: Market Context - The IPO of Haizhi Technology is part of a broader trend of AI companies entering the Hong Kong market, with 21 new listings reported by February 10, 2026, reflecting a 162.5% year-on-year increase [19][20]. - The Hong Kong stock market is experiencing a resurgence, with expectations for continued activity in 2026 driven by improved market conditions and a focus on the commercial value of technology [21][22]. - The presence of diverse investors, including top-tier venture capital and state-owned funds, underscores the confidence in Haizhi Technology's growth potential and the AI sector's future [14][16].

海致科技集团（02706）首挂上市，公告显示，每股定价27.06港元，共发行2803.02万股股份，每手200 股，所得款项净额约6.55亿港元。值得注意的是，公司香港公开发售获5065.06倍认购。截至发稿，股价 暴涨248.49%，现报94.30港元，成交额4.78亿港元。 公开资料显示，海致科技是中国图计算与图数据库领域的领军企业，专注于通过图模融合技术开发 Atlas图谱解决方案及产业级智能体并提供产业级人工智能解决方案。Atlas图谱解决方案是公司于往绩 记录期间的核心产品之一，Atlas图谱解决方案基于公司行业领先的图计算与数据分析能力构建，包含 DMC数据智能平台、Atlas知识图谱平台及AtlasGraph图数据库。 随着AI大模型应用的逐步推广，海致科技近年相关除幻收入，即"Atlas智能体"呈现快速增长状态，其 中2024年相比2023年增幅超近9倍，2025年上半年增幅近5倍。根据弗若斯特沙利文的数据，海致科技是 中国首家通过知识图谱有效减少大模型幻觉的企业，能够在事实准确度、幻觉率及复杂逻辑推理能力三 大维度构建核心竞争力与技术壁垒的企业，能成功缓解大语言模型的幻觉问题。 责任编辑：卢 ...

Group 1 - The AI sector in both A-shares and Hong Kong stocks is experiencing significant growth, with multiple stocks hitting the daily limit up, indicating strong market interest [1] - HaiZhi Technology, known as the "first stock to eliminate AI hallucinations," has seen its financing subscription multiples exceed 3300 times, with expectations to surpass 5600 times, reflecting high investor confidence [2] - The AI industry is witnessing explosive growth, with the market for industrial-grade AI solutions in China projected to grow from approximately 65.4 billion RMB in 2025 to about 286.1 billion RMB by 2029, representing a compound annual growth rate (CAGR) of 44.6% [3] Group 2 - HaiZhi Technology has developed a unique "graph-model fusion" technology that effectively reduces hallucinations in large models, addressing critical issues in sectors requiring high information accuracy [2][3] - The company has achieved a market share of approximately 50% in the industrial-grade AI intelligent agent market, demonstrating its leading position in the industry [3] - HaiZhi Technology's total revenue is projected to reach 503 million RMB in 2024, with a CAGR of 26.8% from 2022 to 2024, indicating a strong growth trajectory [4]

Group 1 - The AI sector in A-shares and Hong Kong stocks is experiencing strong growth, with several stocks hitting the daily limit up, indicating high investor interest in AI applications [1] - Hai Zhi Technology, known as the "first stock to eliminate AI hallucinations," has seen its financing subscription multiple exceed 3300 times, with expectations to surpass 5600 times, reflecting strong market confidence [2] - The AI industry is witnessing explosive growth, with the market for industrial-grade AI solutions in China projected to grow from approximately 65.4 billion RMB in 2025 to about 286.1 billion RMB by 2029, representing a compound annual growth rate (CAGR) of 44.6% [3] Group 2 - Hai Zhi Technology has developed a unique "graph-model fusion" technology that effectively reduces hallucinations in large models, addressing critical issues in sectors requiring high information accuracy [2][3] - The company has achieved a market share of approximately 50% in the industrial-grade AI intelligent agent market, solidifying its position as an industry leader [3] - Hai Zhi Technology's total revenue is projected to reach 503 million RMB in 2024, with a CAGR of 26.8% from 2022 to 2024, indicating a strong growth trajectory [4]

Investment Rating - The report assigns an IPO-specific score of 6.3, suggesting a recommendation for subscription to the financing [12] Core Insights - The company, Haizhi Technology Group, is a leading provider of industrial-grade AI solutions in China, focusing on graph-model fusion technology with two core product matrices: Atlas Graph Solutions and Atlas Intelligent Agents [1] - The industrial-grade AI solutions market in China is expected to grow at a compound annual growth rate (CAGR) of 44.6% from 2025 to 2029, reaching 286.1 billion yuan [3] - The company has a significant market position, ranking first among AI intelligent agents centered on graphs with a market share of approximately 50% [4] Financial Performance - Revenue for the years 2022 to 2025 (first nine months) is projected at 313 million yuan, 376 million yuan, 503 million yuan, and 249 million yuan respectively, with the majority coming from Atlas Intelligent Agents [2] - Net profit figures for the same period show losses of 176 million yuan, 266 million yuan, 94 million yuan, and a profit of 211 million yuan for the first nine months of 2025 [2] Industry Status and Outlook - The demand for AI solutions is increasing due to the deepening digital transformation of enterprises, with a particular emphasis on data governance, risk identification, and intelligent decision-making [3] - The segment of industrial-grade AI intelligent agents integrated with knowledge graphs is expected to see a staggering CAGR of 140.0% from 2024 to 2029, growing from 200 million yuan to 13.2 billion yuan [3] Strengths and Opportunities - The company has a significant technological barrier as the first in China to effectively reduce the "hallucination" problem of large models through knowledge graphs [4] - The product matrix of Atlas Graph Solutions and Atlas Intelligent Agents provides a comprehensive solution that meets various digitalization needs of enterprises, enhancing customer stickiness [4] Use of Proceeds - The net proceeds from the global offering, estimated at approximately 648 million HKD, will be allocated as follows: 45% for enhancing graph-model fusion technology R&D, 20% for optimizing Atlas Intelligent Agents, and 15% for deepening customer cooperation and exploring new application scenarios [11]

Core Viewpoint - Haizhi Technology (02706) is set to launch its IPO on February 5, 2026, and is recognized as the "first stock of large model de-illusion" in Hong Kong, leading the enterprise-level knowledge graph market in China with over 50% market share [1][5][7]. Company Overview - Haizhi Technology specializes in AI solutions based on a "graph-model fusion" technology path, combining the accuracy of knowledge graphs with the reasoning capabilities of large models to provide end-to-end AI solutions for enterprise clients [6][8]. - The company offers two main solutions: Atlas Graph Solutions and Atlas Intelligent Agents, which empower enterprises to achieve intelligent automation and natural language interaction across various applications [7][13]. Financial Performance - The revenue from Atlas Intelligent Agents is projected to grow by nearly 9 times in 2024 compared to 2023, with a nearly 5-fold increase expected in the first half of 2025 [1]. - Revenue from Atlas Graph Solutions is expected to increase from 367 million RMB in 2023 to 417 million RMB in 2024, reflecting a growth rate of 13.6% [21][22]. - The gross profit margin is anticipated to rise significantly, with the gross profit for 2024 expected to reach 45.7%, an increase of 28 percentage points from 2023 [23]. Market Dynamics - The global AI market is experiencing exponential growth, with AI intelligent agents identified as the fastest-growing segment in the Chinese market, significantly outpacing the overall growth of enterprise-level AI solutions [25][27]. - Despite over 500 competitors in the Chinese enterprise AI solutions market, the top five companies hold nearly 58.1% of the market share, indicating a concentrated competitive landscape [28][29]. Competitive Advantages - Haizhi Technology boasts industry-leading technical capabilities, particularly in graph computing and proprietary graph-model fusion technology, which enhances performance and efficiency [8][12]. - The company has a robust business expansion capability, serving over 3,010 clients across various application scenarios, including telecommunications fraud prevention and financial risk control [15][19].

Core Viewpoint - The company, Haizhi Technology Group, is set to launch an IPO from February 5 to February 10, 2026, offering 28.03 million H-shares globally, with a maximum price of HKD 28.0 per share, aiming to raise approximately HKD 648 million for various strategic initiatives [1][6]. Group 1: Company Overview - The company is a leading enterprise in China focused on developing Atlas graph solutions and industrial-grade AI solutions through graph-model fusion technology [2]. - The Atlas graph solution is one of the core products, enabling efficient integration, processing, and management of data from multiple sources [2]. Group 2: Market Position and Performance - According to Frost & Sullivan, the company ranks fifth among industrial-grade AI providers in China with a market share of 2.8%, and first among graph-centric AI providers with a market share of approximately 50% [3]. - The company's revenue grew from RMB 313 million in 2022 to RMB 503 million in 2024, representing a compound annual growth rate (CAGR) of 26.8% [3]. Group 3: Technological Advancements - The company has developed a breakthrough technology that effectively reduces the "hallucination" phenomenon in large language models, ensuring high reliability in output facts and low rates of unverifiable errors [3]. - The Atlas intelligent agent, launched in September 2023, enhances the reasoning capabilities of large language models in specific industry contexts [4]. Group 4: Strategic Focus and Investment - The company is focusing on parallel development of the Atlas graph solution and Atlas intelligent agent, which allows it to capture growth opportunities during different stages of digital transformation [5]. - The company has entered cornerstone investment agreements with several investors, agreeing to raise approximately USD 15 million under certain conditions [6]. Group 5: Use of Proceeds - The net proceeds from the global offering are planned to be allocated as follows: approximately 45% for R&D to enhance graph-model fusion technology, 20% for optimizing the Atlas intelligent agent, 15% for deepening customer collaboration, 10% for strategic investments, and 10% for working capital and general corporate purposes [6].

北京海致科技集團股份有限公司 Beijing Haizhi Technology Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2706 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 28,030,200股H股 香港發售股份數目 ： 2,803,200股H股（可予重新分配） 國際發售股份數目 ： 25,227,000股H股（可予重新分配） 最高發售價 ： 每股H股28.0港元，另加1.0%的經紀 佣金，0.0027%證監會交易徵費、 0.00565%香港聯交所交易費 及0.00015%會財局交易徵費（須於申 請時以港元繳足，多繳款項可予退還） 面值 ： 每股H股人民幣0.1元 股份代號 ： 2706 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管 ...

Core Viewpoint - Beijing Haizhi Technology Group Co., Ltd. has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming for a main board listing, following a failed application in June 2025. The company faces multiple challenges, including years of losses, reduced R&D investment, and significant redemption liabilities [1][3]. Company Overview - Established in 2013, Haizhi Technology focuses on developing Atlas mapping solutions and industrial-grade AI solutions through round mold fusion technology. Its main business segments include Atlas mapping solutions and Atlas intelligent agent solutions [3]. - The company's solutions have been applied in various scenarios such as anti-fraud, intelligent marketing, risk identification, and smart manufacturing [3]. Financial Performance - From 2022 to 2024, Haizhi Technology's revenue grew from 313 million to 503 million yuan, but it has consistently reported losses. Operating profits were -179 million, -202 million, and 3.34 million yuan, with annual losses of 176 million, 266 million, and 93.73 million yuan [3][4]. - In the first half of 2025, the company reported revenue of 173 million yuan, an increase from 125 million yuan in the same period the previous year, but losses expanded to 128 million yuan, up over 17% year-on-year [4]. R&D Investment - The company's R&D expenses have been declining, from 86.94 million yuan in 2022 to 60.68 million yuan in 2024, with the R&D expense ratio dropping from 37.8% to 12.1% [4]. - Compared to peers, Haizhi Technology's R&D spending is significantly lower, raising concerns about its technological competitiveness [4]. Market Competition - The AI de-fogging sector faces competition from various technological paths, including RAG and Agent technologies, which may limit Haizhi Technology's market share and commercialization potential [5]. - The company has acknowledged risks related to market demand, competition, and technological challenges that could adversely affect its business and growth prospects [5]. Financial Liabilities - Haizhi Technology's redemption liabilities have increased significantly, from 0 yuan in 2022 to 19.87 billion yuan in the first half of 2025, posing a risk to its cash flow [8]. - The company aims to alleviate this financial pressure through its IPO, which could convert these liabilities into equity, thus improving its financial health [8][9].