Mounting the "Super Wisdom Eye" on the equipment: "Physical AI First Stock" Haiqing Intelligence Element (01392) knocks on the door of the Hong Kong Stock Exchange.

On June 11, 2026, Haiqing Zhiyuan (01392) officially started its IPO, with the IPO period ending at 10:00 am on June 16. It plans to sell 85.1625 million H shares, with an IPO price of HK$7.2 per share and 500 shares per lot. The entry fee is approximately HK$3,636.31, and it is expected to debut on the main board of the Hong Kong Stock Exchange on June 22. CMBC CAPITAL and Pu Yin International act as joint sponsors. As the first Hong Kong-listed company focusing on multispectral AI, Haiqing Zhiyuan, with its distinctive positioning as the "first stock of physical AI," combined with leading industry rankings and national-level key small giants, has become the most eye-catching new stock target in the current capital market. Haiqing Zhiyuan originated in Shenzhen in 2013 and has been deeply cultivating the field of multispectral sensing and AI algorithms for more than a decade. It is also the first company in China to achieve full-chain R&D and application of multispectral AI "light image algorithm." According to Frost & Sullivan data, it achieved two industry firsts in 2025: ranking first in the Chinese multispectral AI industry, and first in multispectral AI large-scale model services, solidifying its leading position in the industry. At the same time, it has been recognized as a national-level key new small giant enterprise, with numerous policy support benefits, 158 patents, 46 software copyrights, and leading or participating in the formulation of nearly ten national and industry standards, showing significant technological influence. In terms of financial performance, its revenue growth has been impressive: from 2023 to 2025, its operating income was CNY 117 million, CNY 523 million, and CNY 669 million, with a three-year compound growth rate of 138.9%. The gross profit margin increased from 12.2% in 2023 to 22.3% in 2025, showing continuous improvement in operational quality. In 2025, the proportion of revenue from multispectral AI large-scale model services reached 53.1%, becoming the largest source of income. In addition, after adjustments, the net profit attributable to the parent company in 2024 and 2025 was CNY 43 million and CNY 55 million, respectively, successfully turning losses into profits. The short-term fluctuation in net profit in 2025 was mainly affected by one-time listing-related expenses. Excluding this factor, the non-GAAP net profit continued to increase steadily, and the profitability of core business continued to strengthen. The prospectus shows that the core competitiveness of Haiqing Zhiyuan comes from its self-developed "Zhiyuan Origins" multispectral AI large model. This model is tailored for multi-scenario security applications and is trained based on millions of multispectral perception data. Currently, the model has completed the algorithm filing of the National Internet Information Office, been selected for the first batch of large model directories in the artificial intelligence industry in Guangdong Province, and achieved commercial landing on a large scale in 2024. In terms of technical architecture, Haiqing Zhiyuan innovatively adopts a hybrid cloud-edge operation mode. Its self-developed lightweight computing unit can achieve an edge-side inference speed of approximately 50 milliseconds, leading the industry significantly compared to the average level of 100-200 milliseconds. Even in offline or low-bandwidth environments, its products can identify hidden dangers such as arcs, abnormal temperature rises, and early-stage fires. Leveraging its leading technology, Haiqing Zhiyuan's business covers a wide range of core areas, including smart cities, smart campuses, internet data center security optimization, industrial and commercial security, and IoT facility management. Its products act as the AI "super eyes" of the physical world, automatically and comprehensively capturing various security risks, with visible landing value. Looking ahead, it plans to use a portion of the funds raised to develop the fields of urban safety, beauty, food safety, and accelerate overseas customer expansion and brand layout in North America and other regions. Haiqing Zhiyuan's "super eyes" are illuminating more corners of the world with Chinese technology.