Haiqing Zhiyuan is now launching its IPO, aiming to become the first multi-spectral AI stock
Haiqing Zhiyuan is now launching its IPO, aiming to become the first multi-spectral AI stock.
Shenzhen Haiqing Zhiyuan Technology Co., Ltd., the market leader in China's multi-spectral AI technology sector, recently passed the Hong Kong Stock Exchange's listing hearing and is now launching its IPO. Haiqing Zhiyuan plans to issue 85.1625 million H shares globally, with approximately 10% for the Hong Kong public offering and the remainder for the international offering. The issue price is HKD 7.2 per share, raising up to approximately HKD 613 million. Haiqing Zhiyuan is expected to list on the Main Board of the Hong Kong Stock Exchange on June 22, with China Minsheng Bank Capital and SPDB International as joint sponsors. The company plans to accelerate global expansion through the listing, further consolidating its dominant position in the rapidly developing perceptual intelligence market—multi-spectral AI is a key segment in the field of perceptual intelligence.
Driving Growth with Full-Chain Innovation
Haiqing Zhiyuan is a multi-spectral AI enterprise specializing in capturing and analyzing optical information across multiple spectral bands, including infrared, ultraviolet, and visible light. It identifies information invisible to the naked eye, such as abnormal temperature increases, electrical leakage, discharge, and equipment aging, transforming safety management from "post-incident response" to "pre-incident warning," providing early risk warning services for the physical world. According to Frost & Sullivan data, based on 2025 revenue, Haiqing Zhiyuan is the top-ranked multi-spectral AI enterprise in China and also ranks first in the multi-spectral AI large model service sector.
The core of Haiqing Zhiyuan's success lies in its comprehensive "Optical-Sensing-Imaging-Computing" technology architecture, combined with an "Edge-Cloud Hybrid" deployment model, promoting the implementation of multi-spectral AI perception capabilities in vertical scenarios. At the edge, lightweight AI computing enables real-time on-site inference, recognition, and analysis; in the cloud, the vertical model capabilities of the "Zhiyuan Genesis Large Model" accumulate multi-scenario risk samples, optimize algorithm strategies, and continuously enhance risk assessment capabilities in complex scenarios.
Revenue Growth of 138.9%, Adjusted Net Profit Reaches RMB 55.245 Million
In terms of operational performance, the prospectus shows that from 2023 to 2025, Haiqing Zhiyuan's revenue was RMB 117 million, RMB 523 million, and RMB 669 million, respectively, with a compound annual growth rate of 138.9%. In 2024 and 2025, the company's adjusted net profit was RMB 42.944 million and RMB 55.245 million, respectively, reflecting strong market demand for its services. In 2025, its multi-spectral AI large model service revenue grew 212.3% to RMB 355 million, increasing its share of total revenue from 21.8% in 2024 to 53.1% in 2025, indicating continuous optimization of the business structure.
According to the Frost & Sullivan report, based on 2025 revenue, Haiqing Zhiyuan ranks first among Chinese multi-spectral AI enterprises. Additionally, it also holds the top position nationwide in the multi-spectral AI large model service sector.
Global Expansion and Technology Upgrade
As AI shifts from the digital to the physical world, Haiqing Zhiyuan's multi-spectral technology serves as the "intelligent senses" for critical infrastructure. According to the prospectus, the company has established a robust intellectual property system comprising 101 registered invention patents and a series of proprietary AI models. Leveraging this core technological advantage, Haiqing Zhiyuan has served over 2,500 clients, achieving deep penetration and multi-scenario application in pan-security fields such as IDC, power, new energy, and urban safety.
According to the Frost & Sullivan report, China's multi-spectral AI market is expected to reach RMB 79.4 billion by 2030, with a compound annual growth rate of 31.8%. Faced with vast market prospects, as a national-level "Little Giant" enterprise focused on specialization and innovation, Haiqing Zhiyuan has strategically positioned itself to capture this growth opportunity. It will seize industry development opportunities through continuous technological upgrades and global market expansion, aiming to become a globally leading physical AI enterprise. The proceeds from this proposed IPO will be used to support several impactful initiatives:
– Accelerate independent R&D: Invest in next-generation multi-spectral AI large models and dedicated MEMS chip design to reduce supply chain dependence and enhance performance. Expand production scale:
– Expand manufacturing capabilities at its Shenzhen and Zhejiang Quzhou (Longyou) bases to meet growing order demand.
– Explore international markets: Plan to enter markets in North America, Europe, Southeast Asia, and the Middle East, promoting applications in industrial safety and smart infrastructure.
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