New Stock Preview | Behind the Improvement in Performance, Where is the AI Endgame Story of Jihao Technology?

With the generational leap of artificial intelligence technology, the boundaries between the physical world and the digital world are being redefined. Traditional digital AI focuses on data interpretation and decision support in virtual application scenarios, while physical AI emphasizes perception, understanding, and action capabilities in physical entities. In this process, the collection of multimodal signals and large-scale model computing at the terminal end have become the core pillars enabling intelligent terminals such as smartphones, smart glasses, and embodied intelligence to achieve active and natural interaction. Recently, as an AI-driven integrated sensory interaction solution provider for intelligent terminals, Jihao Technology has submitted an application for listing on the Hong Kong Stock Exchange. According to Frost & Sullivan data, based on revenue in 2025, the company has become the second-largest supplier of biometric solutions for smartphones in China, and also the first domestic enterprise to achieve commercialization of perception interaction large models. However, compared to the imaginative AI stories, the real performance growth of Jihao Technology is still driven by its smartphone business. Although new businesses such as AI glasses and embodied intelligence have started to contribute revenue, they are still in the early stages of commercialization. In other words, Jihao Technology is a company with a narrative of AI growth, but its current operational foundation is still built on a mature consumer electronics industry chain. Therefore, to understand this company, one must see both the long-term opportunities brought by AI perception interaction and the current constraints faced by its business structure and profit model. Relying on the smartphone business to support the base, the second growth curve is still in the exploration stage It is understood that, unlike the widely popular "large language models" based on language symbols, Jihao Technology focuses on "perception interaction" with non-linguistic physical signals as input. The company has independently developed a perception interaction large model and used it as a basic technology platform to develop corresponding solutions for different terminals. Unlike traditional algorithms that mainly optimize for single scenes, Jihao Technology's model can integrate various data such as vision, infrared, fingerprint, and inertial sensors to achieve unified training and continuous iteration, achieving high-precision perception and real-time interaction on the terminal side. The prospectus shows that the company's perception interaction large model adopts a multimodal unified architecture, which significantly reduces the computational power requirements while maintaining recognition accuracy, making it more suitable for deployment on resource-constrained terminal devices such as smartphones and AI glasses. This technological route also determines the company's business model: Jihao Technology does not simply sell chips, but provides overall solutions around AI algorithms, dedicated chips, optical devices, and software systems, and enters the end terminal brand supply chain through module manufacturers. Currently, smartph...