Haiching Zhiyuan is preparing for a Hong Kong IPO: annual revenue of 670 million yuan, profit down 27%, Zhejiang Merchants Venture Capital is a shareholder.

Leidi Network Le Jianping March 18

Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as “Haijing Zhiyuan”) recently submitted its prospectus, preparing for a listing on the Hong Kong Stock Exchange.

Haijing Zhiyuan’s revenue for January 2026 was 23.6 million yuan, a decrease of 26.5% compared to the same period last year.

Major shareholders of Haijing Zhiyuan include Langke Investment and Zhejiang Business Venture Capital. Langke Investment holds a total of 6.59% of shares, while Zhejiang Business Venture Capital holds a total of 14.86%.

Annual revenue of 669 million yuan, profit down 27%

Haijing Zhiyuan is a Chinese multispectral AI technology company specializing in acquiring, processing, and analyzing optical information across specific spectral bands to provide more detailed information than visible light imaging. Relying on self-developed technology in multispectral sensing and AI algorithms, Haijing Zhiyuan offers products and services capable of detecting spectral information visible and invisible to the human eye.

These products and services include multispectral AI modules—embedded hardware components that collect and process multispectral data (including visible, infrared, and ultraviolet light) using AI algorithms for integration into third-party devices; multispectral AI sensing terminals—devices integrating multispectral sensors, enhanced multispectral AI algorithms, and standard hardware components, designed to provide real-time perception insights; and multispectral AI large model services—platform solutions featuring the company’s self-developed “Zhiyuan Origin Large Model.”

Haijing Zhiyuan’s solutions enable higher-dimensional perception and security monitoring, providing additional information and decision-making support for clients engaged in software and information technology services, electronic products, internet data centers (IDCs), intelligent driving systems, telecom operators, IoT, system integration, and construction.

The company’s technology is applied in various scenarios beyond traditional security solutions, including smart cities, smart campus management, internet data center security optimization, industrial and commercial security, and IoT facility management, demonstrating the broad applicability of its multispectral AI solutions.

The prospectus shows that Haijing Zhiyuan’s revenue for 2023, 2024, and 2025 was 117 million, 523 million, and 669 million yuan, respectively; gross profit was 14.31 million, 98.17 million, and 149 million yuan.

Revenue from multispectral modules in 2025 was 209 million yuan, accounting for 31.3%; from multispectral sensing terminals was 92.64 million yuan, accounting for 13.9%; and from multispectral AI large model services was 355 million yuan, accounting for 53.1%.

Operational profit for 2023, 2024, and 2025 was -20.41 million, 43.2 million, and 31.15 million yuan; net profit during the period was -18.41 million, 40.41 million, and 29.35 million yuan. The net profit in 2025 decreased by 27%.

Adjusted net profit for 2023, 2024, and 2025 was -18.17 million, 42.94 million, and 55.25 million yuan.

As of December 31, 2025, Haijing Zhiyuan held cash and cash equivalents of 65.56 million yuan.

Zhou Bo controls 49% of voting rights

The company’s executive directors are Zhou Bo, Miao Rui, Dr. Chai Jian, Zou Xiaogang, and Chen Yonggang; non-executive director is Yu Lijie; independent non-executive directors are Chen Haiping, Zhong Luhuan, and Ms. He Jiaqian.

Before the IPO, Zhou Bo controls 48.87% of voting rights, including 5.96% directly beneficial ownership; 38.34% through Zhongcheng Tianying Beneficial, controlled by Zhou Bo as its managing partner; 2.79% through Zhongzheng Tianying Beneficial, also controlled by Zhou Bo as managing partner; and 1.79% through Zhizhi Tianying Beneficial, similarly controlled.

Langke Investment holds 2.09%, Kaiying No. 9, Kaiying No. 8, and Kaiying No. 10 hold 1.27%, 1.27%, and 1.96%, respectively, totaling 6.59%.

Zhejiang Business Venture Capital’s Taolu New Energy holds 7.6%, Taolu Xinwang holds 1.4%, and Jinlan Sunshine holds 5.86%, totaling 14.86%.

High-tech Investment Group’s subsidiaries hold 2.02% (Gaoxin Investment), 1.71% (Chengdu Small and Medium Enterprise Guarantee), and 0.81% (Talent No. 2), totaling 4.54%.

Bivord holds 9.98%, Chen Yonggang 3.45%, Xia Dong 3.34%, Zhu Zhenkui 2.62%, Shen Rongruihe 0.3%, Xiao He Venture Capital 0.2%, Fuquan No. 1 0.84%, Panhui Investment 0.98%, Kezhihua 2.02%, Zhizhi No. 9 1.41%.

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