Beijing Haizhi Technology Group Co., Ltd. (Haizhi) reported FY-2025 revenue of RMB 621.08 million, a 23.4% year-on-year increase. Gross profit rose 47.5% to RMB 268.99 million, lifting the gross margin by 7.0 percentage points to 43.3% on stronger contributions from the higher-margin Atlas AI Agent business.

Adjusted net profit (non-IFRS) reached RMB 24.15 million, up 42.6%, while statutory loss widened to RMB 205.32 million, reflecting RMB 57.05 million in share-based payments and RMB 141.28 million of redemption-liability re-measurement. Operating cash outflow narrowed to RMB 30.20 million, and cash and cash equivalents stood at RMB 442.64 million at year-end; combined cash and fair-value financial assets exceeded RMB 1.00 billion by 28 February 2026. The company remains debt-free.

Segment performance: • Atlas Graph Solutions generated RMB 475.33 million (+14.1%), serving 172 customers (2024: 152). • Atlas AI Agent revenue surged 68.4% to RMB 145.75 million, with the customer base more than doubling to 40. Average revenue per Atlas AI Agent customer reached RMB 3.60 million; 50% were converted from existing graph-solution clients, underscoring cross-selling traction.

Total enterprise customers surpassed 400, with overall average revenue per customer at RMB 3.00 million.

Expense trends: R&D spending climbed 64.6% to RMB 99.86 million, reflecting intensified investment in graph-LLM integration and multi-modal database projects. Selling and marketing costs increased 29.2% to RMB 87.61 million, while administrative expenses doubled to RMB 123.12 million, partly due to RMB 25.40 million in listing-related charges.

Post-period development: Haizhi completed its Hong Kong IPO on 13 February 2026, issuing 28.03 million H shares and raising gross proceeds of HK$ 758.50 million.

Management highlighted accelerated demand for enterprise-grade AI and reiterated plans to deepen R&D in graph-LLM technologies, expand industry ontologies, and scale overseas, particularly in Southeast Asia.