近日，北京海致科技集团有限公司（以下简称"海致科技"）向港交所递交H股上市申请材料，拟在香港主板挂牌上市。本次IPO由招银国际、中银国际及申 万宏源香港担任联席保荐人，这是海致科技继2025年6月递表失效后的再一次上市申请。 二次申请上市的背后，海致科技暗藏着连年亏损、研发投入缩减、巨额赎回负债等多重隐忧。在其IPO进程中，相关风险不应被忽视。 根据招股书，海致科技成立于2013年，专注于通过圆模融合技术开发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。 目前，海致科技的主营业务分为Atlas图谱解决方案和Atlas智能体解决方案（即"AI除幻"）两大板块。其中，Atlas图谱解决方案基于图计算与数据分析能力 构建，涵盖DMC数据智能平台、Atlas知识图谱平台及AtlasGraph图数据库等产品；Atlas智能体则是基于图模融合技术开发的智能体解决方案。据了解，这 些解决方案已经在反欺诈、智能营销、智能营运、风险识别、数据治理及智能制造等场景实现落地应用。 需要说明的是，海致科技多年积累的技术优势尚未转化为稳定的业绩表现。2022年至2024年，海致科技的营业收入虽保持增长，分别实现3. ...

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]

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 ...