Currently, the AI sector remains a core focus in the capital markets, with its activity continuing to rise. As AI rapidly integrates into daily life and commercial applications, from autonomous driving to smart logistics, the "wave of technological innovation" is translating into performance growth and stock price appreciation for related companies. Against this backdrop, Streamax Technology Co.,Ltd., a leading provider of AI solutions for commercial vehicles, has recently submitted a listing application to the Hong Kong Stock Exchange, drawing market attention.

Public information indicates that China International Capital Corporation Limited is acting as the sole sponsor for this listing. The company had previously filed its initial application on September 29, 2025, and is now making another attempt to list in Hong Kong after several months. A successful listing would enable Streamax Technology to establish a dual-primary listing structure with shares traded on both the A-share and H-share markets, thereby broadening its financing channels.

It is noteworthy that since the start of 2026, the company's A-share performance has experienced significant volatility: the stock price surged from around RMB 50 to a yearly high of RMB 84.94 on February 27, before fluctuating downward and hovering near RMB 60 as of April 20. Amid these market swings, investors are questioning whether Streamax Technology's fundamentals can justify such high expectations.

Strong Performance Growth with AI Solutions Accounting for Over 80%

Public disclosures show that Streamax Technology positions itself as a globally leading provider of visual AI solutions for commercial vehicles, focusing on enhancing vehicle safety and operational efficiency. Financial data reveals impressive performance over the past three years. From 2023 to 2025, revenue grew from RMB 1.505 billion to RMB 2.477 billion, representing a compound annual growth rate (CAGR) of 28.3%. Net profit surged even more dramatically, from RMB 98 million to RMB 389 million, a 295.5% increase over three years, with a staggering CAGR of 96.4%.

The company's main products fall into two categories: AI solutions and video equipment. AI solutions primarily include AI-assisted driving systems, AI fleet management systems, and AI large model systems. The AI-assisted driving systems incorporate features such as advanced driver-assistance systems, driver monitoring systems, and automatic emergency braking systems, which use cameras, radar, and other sensors to warn of or intervene in potential risks. AI fleet management systems encompass intelligent bus central processing units, passenger flow monitoring, and freight loading detection. The AI large model systems cover fleet dispatch, driver evaluation, and logistics efficiency optimization.

The revenue structure demonstrates a clear shift towards AI solutions. In 2025, revenue from AI solutions reached RMB 2.015 billion, accounting for 81.4% of total operating revenue, up from 77.6% in 2023. In contrast, the share of traditional video equipment revenue declined from 21.3% to 16.7%. Notably, the AI fleet management system segment showed particularly rapid growth, with a three-year increase of 154.8%.

However, despite the strong overall growth, structural concerns are emerging. In terms of profitability, the gross margin peaked at 46.0% in 2024 before declining to 44.2% in 2025, a drop of 1.8 percentage points, mainly due to a 3.9 percentage point decrease in the gross margin of AI-assisted driving systems. More notably, the CAGR of gross profit (19.3%) was significantly lower than the revenue CAGR (28.3%), suggesting potential pressure on cost control and indicating that profit quality may need improvement.

SafeGPT, an AI large model system launched in 2024, currently contributes only 0.9% to revenue, indicating limited impact thus far. The company has stated it is developing XBus, an advanced intelligent driving solution for public transport scenarios, but commercialization and scaling will require further validation.

Signs of declining operational efficiency are also apparent. Inventory turnover days increased from 88 days in 2024 to 113 days in 2025, while accounts receivable turnover days rose from 72 days to 83 days. The simultaneous deterioration of these metrics suggests increased working capital usage and higher bad debt risks. As of the end of 2025, inventory stood at RMB 505 million and accounts receivable at RMB 665 million, together constituting 45.8% of current assets, posing some pressure on cash flow.

Nevertheless, the company maintains strong short-term financial resilience. As of December 31, 2025, cash and cash equivalents totaled RMB 1.258 billion, while interest-bearing debt was under RMB 300 million, reflecting a healthy balance sheet. Additionally, sustained profitability generated cumulative operating cash flow exceeding RMB 1.4 billion between 2022 and 2025.

It is worth noting that share-based compensation expenses reached RMB 89.976 million in 2025, a 142.3% increase from 2023, indicating enhanced equity incentives but also adding to cost pressures. Furthermore, as of February 28, 2026, short-term loans and borrowings had surged to RMB 549 million, a 108.5% increase from the end of 2025. Although the company holds ample cash, the rapid expansion of debt warrants attention regarding liquidity risks, especially as interest expenses could gradually erode profits in the current interest rate environment.

Commercial Vehicle Market Recovery: Can AI Server Power Supplies Become a Second Growth Engine?

At the industry level, the commercial vehicle market is showing signs of recovery. According to data from the China Association of Automobile Manufacturers, China's commercial vehicle production and sales reached 4.261 million and 4.296 million units respectively in 2025, increasing by 12% and 10.9% year-on-year, returning to above 4 million units. Exports surpassed 1 million units for the first time, reaching 1.06 million, a 17.2% year-on-year increase, driven by both domestic demand recovery and strong export performance.

Per Frost & Sullivan data, Streamax Technology ranks fourth globally in the commercial vehicle visual AI solutions market (7.2% share), third in logistics scenarios (7.0% share), and second in public transport scenarios (10.3% share). In the onboard video equipment market, it holds the top global position with a 5.5% share.

Benefiting from industry expansion and accelerated overseas growth, Streamax Technology's overseas revenue reached RMB 1.527 billion in 2025, an 18.56% year-on-year increase, accounting for 61.6% of total operating revenue. More importantly, overseas business profitability significantly exceeds domestic performance: the gross margin for AI solutions overseas was 55.2% in 2025, compared to just 31.6% domestically. This suggests that increasing the proportion of overseas revenue could further optimize the company's overall profit structure.

Beyond its core commercial vehicle AI business, another key area of market focus is whether Streamax Technology can develop a "second growth curve" through AI server power supply operations. Disclosures from investor relations activities indicate that the company has established a Digital Intelligence Equipment Product Division. Leveraging its overseas production capacity, it is developing products for computing power centers, currently focusing on original equipment manufacturer production of server power supplies. It has set up multiple dedicated production lines, successfully introduced uninterruptible power supply products for a renowned overseas manufacturer, and achieved volume delivery. High-voltage direct current power supply products are also under development.

Logically, this move aligns with the AI infrastructure trend. AI servers consume substantial power, and standard power supplies often fail to meet stable electricity demands. High-voltage direct current, seen as the next-generation power supply solution for data centers, involves significantly higher technical barriers than traditional uninterruptible power supply systems and offers vast market potential.

However, the reality remains uncertain. According to the Hong Kong listing prospectus, power supply business revenue is not separately reported but grouped under "other income." In 2025, this segment generated only RMB 3.476 million, an 11.8% year-on-year increase, indicating minimal scale. Furthermore, the global AI server power supply market is dominated by Delta Electronics, which holds an absolute leading position with over 50% global market share. In 2025, Delta's AI server power supply revenue was estimated to account for about 12% of its total revenue, which approximates RMB 100 billion; thus, AI power supply revenue would be around RMB 12 billion. Facing such an oligopolistic market, Streamax Technology's potential market share remains unclear.

A more concerning issue is the continuous decline in research and development investment despite rapid earnings growth. R&D costs as a percentage of revenue dropped from 16.4% in 2023 to 11.5% in 2025, a decrease of 29.9%. In the fast-evolving commercial vehicle visual AI sector, insufficient R&D investment could weaken product competitiveness and hinder long-term development.

Driven by accelerating AI adoption in commercial vehicle applications and ongoing overseas expansion, Streamax Technology has achieved rapid growth and holds leading positions in several global commercial vehicle visual AI segments, underpinning solid fundamentals. Concurrently, the company aims to leverage its established overseas manufacturing capabilities to meet supporting demands from global AI infrastructure development. If this strategy materializes, Streamax Technology could evolve from a "commercial vehicle AI supplier" to an "AI infrastructure supporting service provider."

However, while its AI server power supply business holds promise, it remains in early stages. Coupled with declining R&D intensity, future progress is uncertain. Investors are advised to maintain cautious observation.