New stock news | TersiLian updates its prospectus with last year's revenue reaching 1.843 billion, leading the AIoT market.

On April 30th, AIoT company TSL updated its prospectus to prepare for an IPO, disclosing the company's performance for the full year 2022 to 2024. During the reporting period, the company achieved a significant increase in revenue, a continuous growth in customer numbers, and significant cost reduction and efficiency improvement results, with a focus on smart spatial intelligence. Financial data shows that the company's revenue in 2024 reached 1.843 billion yuan, an 83.2% year-on-year increase. From 2022 to 2024, the compound annual growth rate was 58%. The revenue from the AI industrial digitalization business reached 1.64 billion yuan, a 162.9% increase year-on-year. The total amount of orders in hand reached 2.3 billion yuan, with a total of 342 customers. The accounts receivable days were significantly reduced to 104 days. Overall, the company has made significant improvements in cost reduction and efficiency enhancement, showing a very positive development trend. In the prospectus, TSL also updated three major strategic areas: AIoT domain models, AIoT infrastructure, and AIoT intelligent entities, focusing on smart spatial intelligence. The combination of generative AI and large models brings new opportunities for spatial intelligence development. Based on the combination of AIoT intelligent computing infrastructure and domain models, coupled with AIoT intelligent entities driven by multimodal large models, it may become an efficient path for AIoT to promote the development of spatial intelligence. TSL, originating from AIoT, naturally has the advantage of combining software and hardware, making it unique in bridging top-level models, applications, and underlying infrastructure. 1) Business improvement, revenue growth, significant reduction in operating expenses, and accounts receivable turnover days The prospectus shows that as of December 31, 2024, TSL's revenue for 2024 reached 1.843 billion yuan, a significant increase of 83.2% compared to the same period in 2023. From 2022 to 2024, the company's revenue compound annual growth rate was 58.0%, making TSL one of the fastest-growing companies in the AI industry. Behind the significant increase in revenue is the broader market demand, higher operational efficiency, and more precise research and development investment. According to the prospectus, TSL's three expense ratios (sales expense ratio, management expense ratio, and research and development expense ratio) decreased from 76.9% in 2023 to 45.0% in 2024. At the same time, TSL's accounts receivable turnover days decreased from 238 days in 2022 and 180 days in 2023 to 104 days in 2024, significantly improving financial efficiency. The positive business performance has also attracted more capital attention to TSL. The prospectus disclosed that starting from January 2025, TSL's D++ round of investment received a total of 655 million yuan. New shareholders include Qingdao Huizhu, Nouzherin, Qingdao Dehou, Jiujiang Poyang Lake, Changsha Economic Development Zone, and Shanghai RuiLi, among others. This substantial financial reserve provides strong financial support for TSL's IPO. Looking at the revenue structure, in 2024, TSL's revenue from the AI industrial digitalization business increased significantly by 162.9% to 1.64 billion yuan from 624 million yuan in 2023, accounting for 89% of the total annual revenue, showing a more focused trend. At the same time, TSL's total number of customers increased from 330 in 2023 to 342 in 2024, with 255 customers coming from the industrial digitalization business, accounting for approximately 74.5% of the total customer base. Higher average order value, more focused industry strategies, and more precise customer acquisition strategies have collectively built a "safety cushion" for TSL's performance growth. As of December 31, 2024, TSL's orders in hand reached 2.3 billion yuan. 2) Achieving spatial intelligence through AIoT: focusing on AIoT domain models, infrastructure, and intelligent entities According to the prospectus, TSL is a participant in the Chinese AIoT industry, dedicated to promoting industrial upgrading and spatial intelligence through AIoT technology to achieve sustainable development. By December 31, 2024, TSL had implemented nearly 10,000 spatial intelligence projects in over 160 cities worldwide, accumulating over 800 customers, covering regions such as China, the United Arab Emirates, Singapore, Australia, the Middle East and Africa, Southeast Asia, and Australia. The prospectus also revealed TSL's complete spatial intelligence landscape after its strategic upgrade. In 2025, the release of the DeepSeek-R1 series models redefined the performance and cost boundaries of AI models with ultra-low training costs and superior deep reasoning capabilities surpassing OpenAI o1, bringing profound impacts to the entire AI ecosystem and providing a strong guarantee for TSL's strategic layout in the field of spatial intelligence. The release of the series of basic models represented by DeepSeek significantly reduces the reliance of the AI market on the CUDA ecosystem, bringing new opportunities for domestic innovative computing power and raising higher demands for intelligent computing infrastructure. At the same time, the new model training and reasoning paradigm further reduces the cost of AI computing power, accelerates the rise of more application ecosystems, greatly enhances the training and reasoning efficiency of models, with intelligent entities as representatives. From the architecture disclosed in the prospectus, TSL focuses on three major strategic directions around spatial intelligence, namely AIoT domain models, AIoT infrastructure, and AIoT intelligent entities. The AIoT domain models are the analytical engine of TSL's spatial intelligence, adopting a commercial strategy of "multimodal" and "model + system + application" to create a series of domain models and intelligent applications focusing on various vertical scenes within spatial spaces, to meet the unique needs of different industries and specific areas, achieving cross-modal and cross-scenario collaborative coordination. To meet the growing demand for intelligent computing, the AIoT infrastructure and its full-stack intelligent computing product suite form the foundation of TSL's spatial intelligence ecosystem, with the green intelligent computing body as the core product. It features easy deployment, elastic configuration of computing resources, efficient green operation throughout the process, and full-cycle autonomous security and controllability. The AIoT intelligent entity serves as the overall interactive interface of TSL's spatial intelligence solution, with Siasun Robot&Automation and intelligent wearable devices as core carriers, catering to enterprise users and end consumers. With a widely deployed distributed intelligent computing infrastructure, collaborative deep domain models in various spatial scenarios, and a multi-intelligent entity system with multidimensional collaboration, machines are endowed with the perception, decision-making, and execution capabilities of physical spaces.This is the space smart path of Tersilian.It is worth mentioning that the spatial intelligence system of Teslink has been validated in multiple implemented projects. Taking the "Ideal Land" project, jointly developed by Teslink and Vanke, as an example, this project is based on the extensive deployment of AIoT infrastructure in the community to collect environmental data (such as light wave radiation values, light levels, temperature, humidity, etc.), which is then analyzed and inferred by a large model in the field of comfort and energy conservation. This gives the building the ability to define the concept of "comfort" under complex environmental factors and achieve reverse automatic adjustment of the building's spatial environment through collaborative end-side control devices. According to a study by Precedence Research, the global spatial computing market is estimated to be around $149.59 billion in 2024 and is expected to exceed $1,066.13 billion in 2034, with a compound annual growth rate of 21.7%. The Asia-Pacific market has a compound annual growth rate of 22.2%, higher than the global average. Whether Chinese companies like Teslink can seize the opportunity and develop a unique path for spatial intelligence in China is a new challenge they face in the unpredictable global market landscape, and is worth continuous attention.