New Stock Outlook | Multi-spectrum AI segments leading the way to Hong Kong, can Haiqing Zhiyuan win market favor?

Recently, Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (referred to as Haiqing Zhiyuan) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMBC CAPITAL and Pu Yin International as its joint sponsors. Public information shows that the company's investors include Langke Investment, Gaoxin Investment, Chengdu Small and Medium-sized Guarantee, Xiaohe Venture, etc. At the D-round financing in July 2025, the company's implied valuation after the transaction was 3.55 billion yuan. Haiqing Zhiyuan is a multi-spectral AI technology company that relies on self-developed technology in the fields of multi-spectral sensing and AI algorithms to provide products and services that can detect physical information visible and invisible to the human eye. Its products are widely used in complex scenarios such as fire safety and industrial hazard prevention. Currently, with the acceleration of the commercialization process of AI large models, the artificial intelligence track continues to attract attention from the capital market. As a leading company in the multi-spectral AI sector, can Haiqing Zhiyuan's Hong Kong listing this time be favored by investors? Rapid commercialization of AI large model business helps turn losses into profits In terms of performance, Haiqing Zhiyuan's performance has seen significant growth since 2023 and turned a profit in 2024. In the fiscal years of 2022, 2023, 2024, and the first three months of 2025, the company's revenues were approximately 225 million, 117 million, 523 million, and 82.42 million yuan (RMB, the same below) respectively. During the same period, the net profits and total comprehensive income were -4.93 million, -18.41 million, 40.41 million, and 14.14 million yuan respectively. It was disclosed that the company's revenue increased in 2024, mainly due to the relatively strong demand for the company's safety-related application products in the market, the large number of orders contributed by new customers, and the commercialization of multi-spectral AI large models recorded income for the first time. During the reporting period, Haiqing Zhiyuan's gross profit margins were 22.6%, 12.2%, 18.8%, and 32.9%, while net profit margins were -2.2%, -15.7%, 7.7%, and 17.2%, showing an overall improvement in profitability trend. Public information shows that Haiqing Zhiyuan's main products and services include optical spectrum AI modules, multi-spectral AI perception terminals, and multi-spectral AI large model services. During the reporting period, the company's revenue structure showed a trend of diversification. From 2022 to the first quarter of 2025, the revenue share of the traditional core business, the multi-spectral AI module business, decreased from 84.2% to 57.3%, while the newly revenue-generating multi-spectral AI large model services in 2024 had outstanding performance, contributing 35.2% of revenue in the first quarter of 2025, becoming a new growth engine. In contrast, the multi-spectral AI perception terminal business maintained a stable development, with a revenue share of 11.7% in 2024. It is noted that the company has made significant adjustments in its product pricing strategy. From 2022 to 2024, the average selling price per unit of multi-spectral AI modules decreased from 695.8 yuan to 509.6 yuan, while sales volume surged from 272,000 units to 587,000 units, an increase of 116%. In 2025, as customers gradually shifted to purchasing higher-end product models, the average selling price per unit rebounded to 675.2 yuan in the first three months of 2025, and the sales volume increased from 25,000 units in the same period last year to 69,900 units, a nearly 180% year-on-year increase in sales volume. Regarding cost structure, raw materials and consumables are the company's main cost expenditures. During the period from 2022 to the first quarter of 2025, the cost of raw materials and consumables as a percentage of sales costs showed a trend of first decreasing and then increasing, standing at 78.2%, 69.9%, 90.1%, and 81% respectively. In terms of research and development investment, Haiqing Zhiyuan has maintained a relatively stable level of investment in technology. Research and development expenses for each reporting period were 19.8 million, 11.1 million, 25.2 million, and 4.7 million respectively, accounting for 8.8%, 9.5%, 4.8%, and 5.7% of revenue. From 2022 to 2024, the overall capacity utilization rate of the company showed an upward trend. The utilization rates of the company's multi-spectral AI module, multi-spectral AI perception terminal, and other AI visual module at the production base in Shenzhen (actual production volume divided by design capacity for the same period) were 31%, 24%, and 87% respectively. Proactive layout in the multi-spectral AI field with significant market leading advantages Multi-spectral AI technology refers to the integration of multi-spectral signal collection and perception, spectral modeling, and intelligent computation, including ultraviolet, infrared, and visible light, into a unified system. It enables end-to-end closed-loop processing from data collection to preliminary inference, with ultra-wide spectral sensing and high sensitivity characteristics, supporting centralized model training, data aggregation, and remote optimization services based on cloud computing. This technology has features such as "sense-compute integration, local language decision-making, low power consumption, and high security," and is widely used in complex scenarios such as fire safety, industrial hazard prevention, etc. Around diverse business needs, it has formed three types of business models: modules, large model services, and perception terminals, realizing closed-loop delivery from algorithms to products. From a market perspective, public safety is currently the largest application field of multi-spectral AI, used in areas such as fire detection, city monitoring, and industrial hazard prevention. Meanwhile, Siasun Robot&Automation and other rapidly growing fields (such as smart home, food safety, and medical diagnosis) are becoming key growth drivers, expected to significantly expand the influence of multi-spectral AI. In recent years, the multi-spectral AI industry has shown strong growth momentum. According to market research data, the market size of this industry has rapidly expanded from 63 billion yuan in 2020 to 135 billion yuan in 2024, with a compound annual growth rate of 21.1%. Driven by technological progress, this momentum is expected to accelerate further, with the market size projected to soar from 200 billion yuan in 2025 to 588 billion yuan in 2029, with a compound annual growth rate of 31.0%. As a pioneer in China's multi-spectral AI field, Haiqing Zhiyuan has established a leading position in the industry through continuous technological innovation. As early as 2015, it released AI visual scene training technology, designed the HtOS operating system specifically for edge AI computing in 2018, introduced multi-spectral AI perception integration technology in 2022, and launched the multi-spectral AI abnormal fire source detector in 2024. According to Frost & Sullivan data, in terms of revenue, the concentration of China's multi-spectral AI industry was relatively low in 2024, with the top five participants in the industry holding a market share of approximately 10.9%. Among them, Haiqing Zhiyuan had a market share of about 3.5%, ranking first in China's multi-spectral AI industry; at the same time, with a market share of 6.6%, Haiqing Zhiyuan ranked third in China's embedded multi-spectral AI module industry and ranked first with an 11.8% market share in China's multi-spectral AI large model service industry. It is noted that Haiqing Zhiyuan's multi-spectral AI technology is based on the "light-sensing image calculation" comprehensive technology architecture, which consists of optical components, sensor chips, proprietary algorithms, and lightweight computing units, including three core technologies: multi-spectral sensing and calculation integration, lightweight end-side AI computing, and multi-spectral AI large model platform. Through cooperation with academic institutions, the company can use high-quality proprietary datasets for specific scenarios to train multi-spectral AI large models. In the field of public safety, the company's multi-spectral AI large models are trained using over 10 million multi-spectral perception data points, over 100,000 real-world hazard event data, and over 10,000 knowledge graphs in the field of safety engineering. In terms of lightweight end-side AI computing technology, the company has independently developed core technologies such as the HtOS operating system and HtFS file system, which reduce computing power requirements, compress memory usage, and enable local deployment of models on edge devices, eliminating the dependence on cloud computing. The company holds registered invention patents for flame detection methods and flame detection devices, converting light signals into electrical signals to achieve more accurate flame source direction positioning. Currently, the company's large models are highly versatile and capable of continuous evolution, supporting scalable deployment in various scenarios such as industrial safety, intelligent driving systems, value-added communication services, and construction. Over the past period, the company has served more than 3,000 customers, with main customers including leading state-owned telecom operators and listed AI companies in China, with a diverse clientele in industries such as electronics products, software and information technology services, internet data centers, intelligent driving systems, telecom operators, Internet of Things, system integration, and construction. It is noted that Haiqing Zhiyuan has demonstrated outstanding research and development capabilities, with technical expertise covering a wide range of fields including AI, optoelectronics, integrated circuits, embedded systems, safety engineering, and cloud computing. In recent years, the company's technological achievements have been widely recognized, being designated as a national-level specialized new "little giant" enterprise by the Ministry of Industry and Information Technology in 2022, receiving outstanding contribution awards, excellent innovation awards, and best partnership awards from major telecom operators in China, being recognized as one of the "Top 100 IoT Enterprises" by the China IoT Application Industry Alliance in 2023, and being rated as a "typical innovative case of Guangdong Province in 2024" by the Guangdong Provincial Association for Science and Technology. Moreover, the company's "GenOrigin Large Model" was selected for the first batch of large model lists in the AI industry by the Guangdong Provincial Department of Industry and Information Technology in April 2025. Currently, the company has registered 95 invention patents and 43 software copyrights, and actively participates in the drafting of about ten national standards for the broad security industry. From a fundamental analysis perspective, the company's performance has shown significant improvement in recent years, the revenue structure continues to optimize, the rapid growth of AI large model services has contributed over 30% of revenue in the first quarter, not only enhancing overall profitability but also demonstrating significant effectiveness in the transformation from a hardware supplier to an AI solution provider. As a leading company in the multi-spectral AI industry segment, Haiqing Zhiyuan has significant market leading advantages and technological barriers, and with continued research and development investment in the future, it has broad growth potential. If successfully listed on the Hong Kong stock market this time, the company is expected to benefit from the high prosperity of the industry, achieving a leap in performance and stock price value.