Ruiwei's prospectus for technical update aims to be the first stock in the enterprise-level AI visual intelligence sector.

According to the disclosure from the Hong Kong Stock Exchange, Xiamen Raythink Information Technology Co., Ltd. (referred to as "Raythink Technology") recently submitted its listing application materials to the main board of the Hong Kong Stock Exchange, with joint sponsors including Huatai International, CCB International, and ABC International. The company had initially filed for listing in June last year, and this time it is updating its prospectus by supplementing the latest financial and operational data up to December 31, 2025. Raythink Technology is an artificial intelligence company that provides visual intelligence technology and products to enterprise clients. It offers intelligent products and solutions covering visual perception, cognition, and reasoning, based on its independently developed visual large model and full-stack technology chain, mainly applied in the vertical scenes of smart civil aviation, smart commerce, and smart driving safety. According to Frost & Sullivan data, based on revenue in 2024, the company ranks first in the Chinese civil aviation enterprise visual intelligence product market with a market share of 8.9%, demonstrating its leading position in this segment. Financial data shows that the company's revenue has been steadily growing, from 2.42 billion yuan in 2023 to 3.95 billion yuan in 2024, and further increasing to 4.43 billion yuan in 2025, with a compound annual growth rate of 35.2% over the past three years. In 2025, the company's revenue is still mainly contributed by the smart civil aviation division, totaling 172 million yuan, while the smart commerce division and smart driving safety division have rapidly grown, with revenues reaching 154 million yuan and 116 million yuan respectively, with year-on-year growth rates of 59.3% and 68.0%. The strong growth of these two major business sectors is driving continuous diversification and optimization of the company's revenue structure. The company continues to increase investment in research and development to strengthen its technological moat, with R&D expenses amounting to 71.898 million yuan in 2025, accounting for 16.2% of its revenue. According to the prospectus, as of December 31, 2025, the company holds 188 registered patents and 128 software copyrights.