11月25日，AIoT企业特斯联公布了2025年中期业绩，全面披露公司在业绩增长、技术产品创新及业务 布局拓展等方面的最新进展。 特斯联作为AIoT领域的代表企业，在AI 1.0时代便以AIoT技术为核心，打通万物互联链路，推动楼、 社、园、城等各类空间场景完成智能化转型；步入AI 2.0时代，公司进一步将AIoT核心能力延伸至算力 与智能体领域，打造万物智联闭环，通过构建机器在物理空间中的"感知—计算—推理—决策"全链路闭 环，深度落地空间智能，助力产业实现数智化。 财报显示，特斯联2025年上半年实现营收6.32亿元，较去年同期大幅提升77%。值得一提的是，公司盈 利能力持续释放，主营业务的商业化落地成效显著。据灼识咨询报告，以2024年相关收入计，公司跻身 中国公域操作系统型AIoT产品提供商前五强。截至目前，公司业务足迹遍及中国、阿联酋、新加坡、 澳大利亚等多个国家及地区。 收入增长迅猛 盈利潜力加速释放 随着智能技术范式持续迭代升级，AIoT正加速成为场景闭环落地的核心技术引擎，特斯联的实战成果 为这一行业趋势提供了有力佐证。 最新披露的财务数据显示，公司收入增长势头强劲，2025年上半年实现营收6 ...

国内"AIoT第一股"，只差临门一脚。 11月25日，公域AIoT产品提供商特斯联智慧科技股份有限公司（下称：特斯联）在港交所更新招股书，继续推进主板挂牌上市。 IPO进程显示，特斯联先后于2024年9月、今年4月两次递表。此次IPO，特斯联拟将募资用于增强研发能力；开发绿色智算体；提升在领域大模型方面的 优势，并促进模型+系统的融合；商业化及市场扩展；寻求潜在战略投资及收购机会等。 特斯联成立于2015年12月，由现年42岁，于私募股权投资及新经济业务领域拥有逾十年经验的艾渝创办。目前他担任执行董事兼首席执行官，负责特斯联 整体战略规划、业务方向及管理。现年42岁，于私募股权投资方面拥有逾16年经验的金正，目前担任董事长兼非执行董事，负责为特斯联整体战略规划、 企业管治及业务方向提供指引。 成立至今近10年，特斯联接连完成总额约52.97亿元的9轮融资，背后站着京东、科大讯飞、商汤、IDG等一众明星企业和知名机构。伴随今年4月正式完 成的16.19亿元D++轮融资，特斯联估值达216.19亿元。 | | 本公司的 | 初始認露 最後支付 | | 認識股份 | | 本公司的 | | | | --- | --- ...

Core Insights - The early losses in the artificial intelligence industry are seen as a common challenge, with significant R&D investments and a lengthy commercialization phase being typical for technology-driven sectors [1] - Despite the losses, there are underlying signs of value growth, particularly for Teslion, a leading AIoT company preparing for its IPO in Hong Kong [1] Company Overview - Teslion, established in 2015, focuses on three strategic directions within the AIoT field: AIoT models, AIoT infrastructure, and AIoT intelligent agents [3] - The company's AI industry digitalization business is expected to experience explosive growth in 2024, with revenue projected to increase from 624 million to 1.64 billion, marking a 162.9% rise [3] Financial Performance - Teslion's total customer base grew from 224 in 2022 to 342 in 2024, with annual new customer signings of 175, 193, and 194 respectively [3] - The company achieved remarkable revenue growth from 738 million in 2022 to 1.843 billion in 2024, reflecting a year-on-year growth rate of 83.2% and a compound annual growth rate of 58% over three years [3] Competitive Position - Teslion's growth rate outpaces other publicly listed AI companies, with competitors like SenseTime (10.8%), Horizon Robotics (53.6%), UBTech (23.6%), and Fourth Paradigm (25.1%) lagging behind [4] - A significant portion of Teslion's reported losses is attributed to non-cash items such as changes in the fair value of preferred shares, indicating that the actual operational performance is improving [4] Market Recognition and Future Prospects - In the "2025 China Unicorn Enterprise Development Report," Teslion ranks 24th among 115 unicorns in Beijing and 5th among AI companies [5] - The company is expected to raise 650 million in its D++ round of financing, with a post-investment valuation of 21.619 billion, positioning it as a potential leader in the Hong Kong IPO market for AI companies [4] - The upcoming IPO is anticipated to enhance the attractiveness of the Hong Kong stock market's technology sector and inject new vitality into value discovery [5]

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, particularly with a surge in IPOs from AI companies, driven by favorable policies and improved liquidity [4][5]. Group 1: Market Trends - The Hong Kong stock market has seen a significant increase in liquidity and investor confidence since the beginning of the year, leading many startups to pursue IPOs [5]. - AI companies are particularly favored in the market, with notable examples including DeepSeek, which has led to a reevaluation of the value of Chinese tech companies [5]. - The market has shown signs of recovery since the second half of 2024, with consumer stocks like Pop Mart and Mixue Ice City gaining attention [5]. Group 2: Company Developments - Several AI companies have filed for IPOs, including Teslin, Yunzhisheng, and Qunhe Technology, with a focus on international expansion in their fundraising plans [6][7]. - Teslin, a key player in the AIoT sector, has a projected revenue growth rate of 58.0% from 2022 to 2024, with revenues of 7.38 billion, 10.06 billion, and 18.43 billion respectively [8][9]. - Qunhe Technology aims to expand its market presence in the U.S., South Korea, Japan, and Southeast Asia, indicating a strategic focus on international markets [6]. Group 3: Financial Performance - Many AI companies have relatively small revenue scales, with companies like Yunji Technology reporting revenues of 1.61 million, 1.45 million, and 2.45 million for 2022, 2023, and 2024 respectively [7]. - Teslin stands out with a valuation exceeding 20 billion, positioning it as one of the largest AI IPOs in Hong Kong this year [8]. - The R&D investment for Teslin has been substantial, with R&D expenses reaching 2.87 billion, 3.29 billion, and 3.22 billion over the past three years, representing a significant portion of its revenue [9][10].

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, driven by a surge in AI companies seeking IPOs, with significant policy support and improved liquidity attracting many tech firms to list in Hong Kong [1][3][5]. Group 1: AI Companies Going Public - Notable AI companies such as Teslin, Cloudwalk, and Qunhe Technology are actively pursuing IPOs in Hong Kong, with Teslin updating its prospectus and focusing on its "spatial intelligence" strategy [1][3]. - The emergence of AI models like ChatGPT and DeepSeek has accelerated the development of AI applications across various industries, prompting companies to consider IPOs as a natural progression [3][5]. - The recent IPOs of AI companies have been facilitated by the introduction of new listing rules in Hong Kong, particularly the 18C chapter, which lowers the market cap requirements for tech firms [6][11]. Group 2: Market Conditions and Policy Support - Since the beginning of the year, liquidity in the Hong Kong market has significantly improved, boosting investor confidence and encouraging startups to seize the opportunity to go public [5][9]. - The 18C mechanism has relaxed traditional profitability requirements, allowing companies with strong R&D and technological barriers to qualify for listing, thus benefiting high-growth tech firms [6][10]. - Hong Kong's status as an international financial center allows AI companies to access global investors and enhance their international market presence [6][7]. Group 3: Financial Performance and Growth - Teslin is positioned to become the largest AI IPO in Hong Kong this year, with a valuation exceeding 20 billion RMB and a projected revenue CAGR of 58% from 2022 to 2024 [11][12]. - Other AI companies, such as Cloudwalk and Yushi Technology, have shown significant revenue growth, with Cloudwalk's revenue projected to increase from 1.61 million RMB in 2022 to 2.45 million RMB in 2024 [10][11]. - The R&D investment in AI companies is substantial, with Teslin allocating a significant portion of its revenue to R&D, indicating a long-term commitment to technological advancement [13].

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, driven by a surge in AI companies seeking IPOs, with significant policy support and improved liquidity attracting these firms to the market [1][3][4]. Group 1: AI Companies Going Public - Several AI companies, including Teslin, CloudWalk, and others, are actively pursuing IPOs in Hong Kong, indicating a trend towards increased market participation from the AI sector [1][2][4]. - The emergence of DeepSeek has led to a reevaluation of the value of Chinese tech companies, creating new opportunities for AI firms in the Hong Kong market [1][3]. - The introduction of new listing rules, particularly sections 18A and 18C, has made it easier for biotech and specialized tech companies to go public, with 18C allowing for a focus on R&D and technology barriers rather than traditional profit requirements [3][4]. Group 2: Market Conditions and Opportunities - The liquidity in the Hong Kong market has significantly improved since the beginning of the year, boosting confidence among investors and encouraging startups to list [3][4]. - The performance of consumer stocks has shown signs of recovery, with notable companies like Bubble Mart and Mixue Ice Cream gaining attention, which may also reflect positively on the broader market [3]. - AI companies are increasingly recognized for their potential, with significant market interest in firms like Horizon Robotics and Yujing Technology, which have seen their valuations rise dramatically post-IPO [3][6]. Group 3: Financial Performance and Growth - Teslin is projected to be the largest AI IPO in Hong Kong this year, with a valuation exceeding 20 billion RMB and a compound annual growth rate of 58% in revenue from 2022 to 2024 [6][7]. - Other AI companies, such as CloudWalk and Yujing Technology, have also reported substantial valuations, with CloudWalk nearing 9 billion RMB and Yujing Technology at 7.3 billion RMB prior to their IPOs [7][8]. - The R&D investment by Teslin is significant, with a team of 363 researchers making up over 52% of its workforce, reflecting the company's commitment to innovation and technology development [8][9].

Core Viewpoint - The article highlights the upcoming IPO of Teslin Smart Technology Co., Ltd., a leading AIoT product provider in China, emphasizing its rapid growth and significant backing from prominent investors [2][27]. Company Overview - Teslin is recognized as one of the top five public domain operating system-based AIoT product providers in China, with its AIoT operating system, TacOS, applied in smart city projects and various industries [2][14]. - The company was founded by Ai Yu, a notable figure in venture capital, who transformed a small smart lock business into a unicorn valued at over 21 billion [2][4]. Founder Background - Ai Yu, born in 1983, has a strong background in finance, having worked at JPMorgan and later leading a significant private equity fund at Everbright [4][5]. - He has a track record of investing in 20 unicorns within three years, including major companies like Meituan and NIO [4][6]. Business Transformation - In 2015, Ai Yu pivoted Teslin from a smart lock company to a comprehensive AIoT enterprise, focusing on building a connected ecosystem [6][7]. - The company has since attracted significant investment and established partnerships with major clients, including Sinopec and Huawei [10][12]. Financial Performance - Teslin's revenue has shown substantial growth, with figures of 7.38 billion, 10.06 billion, and 18.43 billion from 2022 to 2024, reflecting a compound annual growth rate of 58% [35]. - Despite revenue growth, the company has not yet achieved profitability, reporting net losses of 23.87 billion, 8.03 billion, and 21 billion during the same period [36][37]. Market Position and Future Prospects - The AIoT market in China is expanding, with a projected growth rate of 12.8% from 2023 to 2028, indicating a favorable environment for Teslin's business model [39]. - The company aims to use IPO proceeds to enhance R&D capabilities and accelerate commercialization efforts [39][40]. Investment and Valuation - Teslin has completed 11 rounds of financing, raising approximately 60 billion RMB, with a post-IPO valuation reaching 216 billion [28][32][33]. - The investor base includes major firms like JD.com, Wanda, and IDG Capital, showcasing strong market confidence [28][27].

Group 1 - Meigao will invest 50 million yuan in AIoT company Teslian, acquiring 0.24% of the total shares, aligning with its long-term development goals and strategic planning [2] - Teslian, founded in 2015, is a leader in the AIoT sector, providing a full-stack AIoT product suite including software, hardware, computing power, and services through its innovative AIoT operating system TacOS [2][3] - As of March 31, 2024, Teslian's products have been deployed by over 700 clients across 136 cities globally, demonstrating strong market recognition [3] Group 2 - Meigao is a leader in Hong Kong's IT infrastructure sector, covering various fields such as IT solutions, AI technology, cloud services, and cybersecurity [4] - In recent years, Meigao has increased investments in AI solutions and infrastructure development, focusing on integrating advanced technologies like AI, 5G, big data, and IoT into sectors such as smart education, healthcare, government, and manufacturing [5]

现已具备10亿级营收商业化落地能力。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，作为中国公域AIoT行业的开拓者和领导者，特斯联致力于以AI科技重塑未来产业 和城市可持续发展。 近年来，特斯联持续增强研发投入，基于自身的AIoT技术及硬软件全栈产品一体化交付能力，现已 具备10亿级营收商业化落地能力，获得了国内外客户广泛认可——2021年至2023年、以及今年上 半年，特斯联的研发投入分别为2.87亿元、3.29亿元、3.22亿元以及1.45亿元，分别占同期收入的 23.8%、44.6%、32.0%、以及40.7%。今年上半年，特斯联的研发投入在营收的占比同比大幅提 高至40.7%。 在特斯联看来，技术能力及智算基础设施对其成功至关重要，而行业在技术创新方面发展迅速，公司 需要持续投入大量资源，包括财务、人力、管理资源，以提高技术水平，以确保产品在市场上保持创 新与竞争力。未来，特斯联研发开支的绝对金额还将继续增加。谈及IPO募资用途时，特斯联表示募 集所得资金用途主要也将用于增强研发能力，尤其是投资于 TacOS、绿色智算体以及领域大模型的 ...