By Shi Zifu, Harbour Business Observation

In mid-March of this year, Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (hereinafter referred to as Haiqing Zhiyuan) filed its application with the Hong Kong Stock Exchange (HKEX), which was subsequently accepted. CMB International Capital and SPDB International are serving as the joint sponsors for this listing.

It has been reported that Haiqing Zhiyuan initially submitted its application to the HKEX in August 2025, but the process was terminated due to the expiration of the financial documents. This marks the company's second attempt at listing. On February 14, 2026, the China Securities Regulatory Commission (CSRC) issued a Filing Notification for Haiqing Zhiyuan's overseas issuance and listing, clearing a key prerequisite for the company's HKEX listing hearing.

As anticipated, the company successfully navigated the hearing on June 9. It is reported that Haiqing Zhiyuan conducted its share offering from June 11 to June 16, with plans to globally issue 85,162,500 H-shares. Approximately 10% of these shares are earmarked for the Hong Kong public offering, while the remaining 90% are designated for international offering. The offering price has been set at HK$7.2 per share, with an expected listing on the HKEX main board on June 22.

1. Revenue Growth, Profit Under Pressure

According to Tianyancha, Haiqing Zhiyuan was founded in 2013. The company specializes in multispectral artificial intelligence technology, focusing on the acquisition, processing, and analysis of optical data across multiple spectral bands to deliver images with greater detail than visible light imaging.

Leveraging its proprietary technologies in multispectral perception and AI algorithms, Haiqing Zhiyuan offers products and services capable of detecting both visible and invisible spectral information to the human eye. These offerings include multispectral AI modules—embedded hardware components that collect and process multispectral data (including visible light, infrared, and ultraviolet) through AI algorithms for integration into third-party devices; multispectral AI perception terminals—which integrate multispectral sensors, advanced multispectral AI algorithms, and standard hardware components to provide real-time perception insights; and multispectral AI large model services—large model platform solutions equipped with the self-developed Zhiyuan Origin large model.

From 2023 to 2025 (hereinafter referred to as the reporting period), revenue from multispectral AI modules amounted to RMB 99.121 million, RMB 299 million, and RMB 209 million, accounting for 84.6%, 57.3%, and 31.3% of the total revenue in each respective period. The sales volumes were 160,800 units, 587,200 units, and 364,400 units, with average selling prices of RMB 616.4, RMB 509.6, and RMB 573.7 per unit, respectively.

In 2024, the average price of multispectral AI modules declined year-on-year, primarily due to the company's strategic decision to promote customer acquisition through competitive pricing, thereby enhancing product competitiveness. Notably, a major new customer, F, significantly contributed to revenue during the year, resulting in a relatively lower average selling price in 2024.

During the reporting period, revenue from multispectral AI perception terminals was RMB 12.586 million, RMB 61.229 million, and RMB 92.638 million, accounting for 10.8%, 11.7%, and 13.9% of the total revenue in each respective period. The sales volumes were 10,700 units, 63,000 units, and 53,000 units, with average selling prices of RMB 1,173.4, RMB 972.4, and RMB 1,746.4 per unit, respectively. The average price of multispectral AI perception terminals also decreased in 2024.

Since 2024, Haiqing Zhiyuan has begun generating revenue from multispectral AI large model services. In 2024 and 2025, the revenue contributions from these services were RMB 114 million and RMB 355 million, accounting for 21.8% and 53.1% of the total revenue in each respective period.

Haiqing Zhiyuan also derives a minor portion of its revenue from the sale of other AI vision modules. During the reporting period, revenue from this segment was RMB 5.2 million, RMB 47.1 million, and RMB 10.3 million, accounting for 4.4%, 9.0%, and 1.5% of the total annual revenue, respectively, which is relatively insignificant.

Influenced by factors such as changes in product mix, Haiqing Zhiyuan's gross profit margin during the reporting period was 12.2%, 18.8%, and 22.3%, showing a notable overall increase.

However, in terms of overall profitability, the company still faces certain challenges. Despite steady revenue growth over the past three years, Haiqing Zhiyuan continues to grapple with profitability pressures. During the reporting period, the company achieved revenue of RMB 117 million, RMB 523 million, and RMB 669 million, with net profits of RMB -18.413 million, RMB 40.412 million, and RMB 29.354 million, respectively. Adjusted net profits were RMB -18.171 million, RMB 42.944 million, and RMB 55.245 million, with net profit margins of -15.7%, 7.7%, and 4.4%, respectively.

In 2023, the company incurred a net loss of approximately RMB 18.413 million but successfully turned a profit in 2024 and 2025. However, in 2025, the company's net profit experienced a slight year-on-year decline. The fluctuating profits have raised concerns among market participants regarding the stability of the company's overall profitability.

The company stated that the loss in 2023 was primarily attributable to reduced demand for certain products and the prevailing weak macroeconomic environment. The successful turnaround in 2024 was mainly due to a significant increase in gross profit, from RMB 14.3 million in the previous year to RMB 98.2 million. The decrease in net profit in 2025 was primarily due to substantial increases in general and administrative expenses and research and development (R&D) expenditures.

During the reporting period, Haiqing Zhiyuan's general and administrative expenses were RMB 11.874 million, RMB 13.04 million, and RMB 46.802 million, accounting for 10.2%, 2.49%, and 7% of the revenue in each respective period. Sales and marketing expenses were RMB 16.035 million, RMB 16.47 million, and RMB 17.7 million, accounting for 13.7%, 3.2%, and 2.7% of the revenue in each respective period. R&D expenditures were RMB 11.084 million, RMB 25.151 million, and RMB 50.793 million, accounting for 9.5%, 4.8%, and 7.6% of the total revenue in each respective period.

Haiqing Zhiyuan acknowledged that, given its current business expansion phase in a highly competitive market and ongoing significant investments in R&D, the company may incur net losses in the short term. The company may not achieve or subsequently maintain profitability in the near future. It anticipates that as it continues to expand its business and operations and invests in R&D, its costs and expenses will increase in the coming periods. If the company fails to generate sufficient revenue and manage its expenses effectively, it may continue to incur significant losses and may not achieve or subsequently maintain profitability.

Furthermore, the company exhibits a significant concentration in its upstream and downstream sectors. During the reporting period, Haiqing Zhiyuan's customers included system integrators who incorporate the company's products and services into their offerings for enterprise-level users, as well as enterprise-level users who directly utilize the company's products and services.

During the reporting period, revenue from the top five customers accounted for 38.3%, 59.0%, and 46.8% of the company's total revenue. Revenue from the largest customer was approximately RMB 23 million, RMB 186 million, and RMB 94 million, accounting for 19.6%, 35.5%, and 14.1% of the total annual revenue, respectively.

On the other hand, Haiqing Zhiyuan's purchases from the top five suppliers accounted for 54.2%, 66.4%, and 62.2% of the total purchases. Purchases from the largest supplier were approximately RMB 18.8 million, RMB 152 million, and RMB 101 million, accounting for 18.6%, 39.9%, and 18.5% of the total purchases, respectively.

2. Deterioration of Operating Cash Flow, Soaring Receivables

In addition to profitability pressures, Haiqing Zhiyuan's cash flow has continuously declined during the reporting period.

Contrary to the trend of net profit, the company's cash flow was positive in 2023 but turned negative in 2024 and 2025, with cash outflows persisting for two consecutive years. At the end of each reporting period, the net cash flow generated from the company's operating activities was RMB 69.571 million, RMB -6.491 million, and RMB -130 million, respectively, indicating a sharp increase in the cash deficit.

Yuan Shuai, co-founder of the Xinzhipai New Quality Productivity Salon, believes that the divergence between Haiqing Zhiyuan's book profit and cash flow reflects the trade-off between asset quality and scale growth during the company's rapid expansion. From a financial perspective, this "paper profit" primarily stems from the timing difference between accounting recognition under the accrual basis and actual cash receipts. Despite the explosive growth in revenue and net profit, and even the achievement of a turnaround, the significant cash outflows in operating activities often point to excessively high accounts receivable and inventory levels. For a hard technology company deeply entrenched in the vertical sector of multispectral AI, customers are likely concentrated among large B-end or G-end institutions such as smart cities and industrial safety, which typically possess strong bargaining power and lengthy settlement cycles.

If the company overly relaxes its credit policies to capture market share, the profits reported on the financial statements become mere figures that have not yet been realized in cash. Not only do these profits fail to support daily operations, but they also create a significant funding gap due to ongoing R&D investments and supply chain inventory preparations. This "bloated" profit quality harbors substantial bad debt risks. Once downstream collections fall short of expectations, the company may face a liquidity crisis characterized by having profits on paper but lacking cash to pay salaries or suppliers, potentially escalating into a "sudden death" financial collapse. Therefore, this cash outflow state poses a severe test of the company's business model's monetization capability, indicating that its products do not yet possess strong monetization leverage in the market chain.

In terms of specific financial indicators, at the end of each reporting period, trade receivables and notes receivable were RMB 19.817 million, RMB 146 million, and RMB 184 million, respectively. Inventory levels were RMB 55.967 million, RMB 31.577 million, and RMB 80.194 million, respectively. Trade payables and notes payable were RMB 45.06 million, RMB 79.557 million, and RMB 45.882 million, respectively. Contract liabilities were RMB 21.28 million, RMB 20.28 million, and RMB 75.942 million, respectively.

From 2024 to 2025, Haiqing Zhiyuan's borrowings were RMB 28.584 million and RMB 152 million, respectively, showing a significant increase. As of the end of January 2026, Haiqing Zhiyuan's borrowings had increased to RMB 157 million.

At the end of each reporting period, the company's cash and cash equivalents were RMB 37.115 million, RMB 56.705 million, and RMB 66.556 million, respectively.

In terms of solvency, at the end of each reporting period, Haiqing Zhiyuan's current ratios were 2.0, 1.9, and 1.9, respectively. Its quick ratios were 1.4, 1.7, and 1.6, respectively. Its debt-to-capital ratios were -0.14, 0.2, and 0.59, respectively.

3. Sudden Equity Participation Triggers 250% Valuation Surge

In this IPO, Haiqing Zhiyuan plans to primarily use the proceeds to enhance R&D capabilities and increase product development investments; expand production capacity; make strategic investments and acquisitions; intensify business expansion and accelerate global market penetration; and provide general working capital for general corporate purposes.

From the perspective of capacity utilization, at the end of each reporting period, the company's capacity utilization rates were 24%, 87%, and 49%, respectively, showing significant fluctuations. The future digestibility of capacity remains uncertain.

As of the signing date of the prospectus, Zhou Bo controlled 48.87% of the voting rights at the company's general meeting of shareholders, including directly beneficially owning 5.96%; beneficially owning 38.34% through Zhongcheng Tianying, controlled by him as the executive partner; beneficially owning 2.79% through Zhongzheng Tianying, controlled by him as the executive partner; and beneficially owning 1.79% through Zhongzhi Tianying, controlled by him as the executive partner.

According to the prospectus, since its establishment, Haiqing Zhiyuan has completed five rounds of financing.

Specifically, in 2020, Haiqing Zhiyuan entered into a capital increase agreement with the Series A investors led by Zheshang Venture Capital. In 2021, the company entered into a capital increase agreement with the Series B investors led by High-Tech Investment Corporation. In 2024, the company entered into capital increase agreements with Series C and Series C+ investors, respectively. In 2025, the company entered into a capital increase agreement with Series D investors.

Market attention has focused on the fact that on July 8, 2025, Haiqing Zhiyuan entered into a capital increase agreement with Worth No.9, a Series D investor. Through the issuance of 121,300 shares to Worth No.9 for RMB 50 million, Haiqing Zhiyuan's registered capital increased from RMB 8.4918 million to RMB 8.6131 million. Due to this sudden equity participation, Haiqing Zhiyuan's valuation surged significantly in a short period, increasing from RMB 1.01 billion at the Series C+ round to RMB 3.55 billion, an increase of over 250%. The reasonableness of this sudden equity participation has inevitably raised doubts from the outside world.

Yuan Shuai pointed out that the Series D investor's sudden equity participation just two days before the prospectus submission is highly suspicious of "sudden deification."