On January 20th, Shandong-based AI computer vision solutions provider Extreme Vision submitted its prospectus, planning for a listing on the Hong Kong Stock Exchange.

Founded in 2015, Extreme Vision primarily offers AI computer vision solutions and large model solutions. According to data from Frost & Sullivan, based on 2024 revenue, Extreme Vision ranked eighth in China's emerging enterprise-level computer vision solutions market, holding a 1.6% market share.

This is the entrepreneurial story of three alumni, all born in the 1990s, from Sun Yat-sen University. Extreme Vision's founder and Chairman, Chen Zhenjie, graduated from Sun Yat-sen University and Peking University's Guanghua School of Management, having previously worked in strategy at Tencent, Bain & Company, and KPMG Consulting. In 2014, he reunited with two former classmates, Luo Yun and Chen Shuo, at their alma mater, Sun Yat-sen University, leading to the creation of a project named "Extreme Vision," aimed at using computer vision technology to liberate people from tedious mental labor.

A signature product of Extreme Vision is its AI computer vision solutions algorithm store. As of September 30, 2025, this store showcased over 1,500 algorithms covering more than 100 industries, serving a cumulative total of over 3,000 clients, including Tencent Cloud, Alibaba Cloud, China Resources Group, Shenzhen Metro, and State Power Investment Corporation.

Extreme Vision launched its large model solutions for the first time in the second half of 2024, with this business segment recording revenue of 62 million yuan in 2024. Over its nine years of operation, Extreme Vision has completed 11 rounds of financing, reaching a valuation of 2.31 billion yuan as of November 22, 2024.

For the full years of 2022, 2023, 2024, and the first nine months of 2025, Extreme Vision's revenues were 102 million yuan, 128 million yuan, 257 million yuan, and 136 million yuan, respectively. Correspondingly, its net profits were -61 million yuan, -56 million yuan, 5 million yuan, and -37 million yuan.

For the full years of 2022, 2023, 2024, and the first nine months of 2025, Extreme Vision's R&D expenditures were 35 million yuan, 37 million yuan, 45 million yuan, and 47 million yuan, respectively. As of September 30, 2025, Extreme Vision had a dedicated team of 101 R&D personnel and possessed 30 patents, 15 trademarks, 117 software copyrights, two works copyrights, and seven domain names.

In its risk factors, Extreme Vision mentioned that it has and intends to continue making substantial investments in R&D, which could negatively impact its profitability and operating cash flow in the short term, and these investments might not yield the expected results. The company's operating performance is subject to significant seasonal fluctuations. It primarily serves enterprise clients, with a high proportion of revenue recognized in the second half of the year, especially the fourth quarter. During this period, revenue generated in the second half averaged between 75% and 90% of its annual revenue. In the first nine months of 2025, the net cash used in operating activities was -21 million yuan, mainly attributable to a pre-tax loss of 37 million yuan. From 2022 to the first nine months of 2025, the net cash used in the company's operating activities was consistently negative.

Based on its self-developed AI visual language model and algorithm development platform "Extreme City," Extreme Vision delivers solutions through its AI algorithm inference and deployment platform "Extreme Star" and its AI algorithm training and management platform "Extreme Stack." In the fourth quarter of 2025, it launched the large model solution delivery platform "Extreme AI," offering functional modules including a knowledge base, plugin library, model library, and MCP to help enterprise clients integrate large language models with their specific business needs. In the first nine months of 2025, revenue from large model solutions reached 25 million yuan, accounting for 35.6% of total revenue, with a gross margin exceeding 35%.

Broken down by business segment, for the full years of 2022, 2023, 2024, and the first nine months of 2025, revenue from Extreme Vision's AI computer vision solutions was 101 million yuan, 128 million yuan, 195 million yuan, and 111 million yuan, respectively. Revenue from large model solutions was 62 million yuan and 25 million yuan for 2024 and the first nine months of 2025, respectively.

Broken down by business segment, for the full years of 2022, 2023, 2024, and the first nine months of 2025, the gross profit from Extreme Vision's AI computer vision solutions was 31 million yuan, 33 million yuan, 89 million yuan, and 52 million yuan, respectively, with gross margins of 30.6%, 25.9%, 45.8%, and 46.9%. For large model solutions in 2024 and the first nine months of 2025, the gross profit was 14 million yuan and 9 million yuan, with gross margins of 22.8% and 35.6%, respectively.

Broken down by solution type, for the full years of 2022, 2023, 2024, and the first nine months of 2025, revenue from Extreme Vision's software-based solutions was 26 million yuan, 24 million yuan, 148 million yuan, and 84 million yuan, respectively. Revenue from integrated software and hardware solutions was 76 million yuan, 104 million yuan, 109 million yuan, and 52 million yuan, respectively.

Extreme Vision provides solutions to clients across various verticals, including industry, energy, retail, and transportation. Its clients are primarily based in China and include enterprises, government entities, and universities. Broken down by industry, for the full years of 2022, 2023, 2024, and the first nine months of 2025, the proportion of Extreme Vision's revenue from the industrial sector was 57.2%, 72.1%, 75.7%, and 37.4%, respectively. The proportion from other industries such as energy, retail, and transportation was 42.8%, 27.9%, 24.3%, and 62.6%, respectively.

Broken down by industry, for the full years of 2022, 2023, 2024, and the first nine months of 2025, the gross margin for Extreme Vision's industrial sector was 25.5%, 27.3%, 40.2%, and 40.8%, respectively. The gross margin for other industries was 37.5%, 22.3%, 40.2%, and 47.3%, respectively.

Broken down by client type, Extreme Vision primarily serves private enterprise clients. For the full years of 2022, 2023, 2024, and the first nine months of 2025, revenue from private enterprise clients accounted for 94.7%, 36.7%, 58%, and 69.6% of total revenue, respectively. Revenue from government and enterprise clients accounted for 5.3%, 63.3%, 34%, and 20.4%, respectively.

Broken down by client type, for the full years of 2022, 2023, 2024, and the first nine months of 2025, the gross margin for Extreme Vision's private enterprise clients was 30.5%, 45.7%, 47.3%, and 48.5%, respectively. The gross margin for government and enterprise clients was 32.5%, 14.4%, 30.4%, and 36.5%, respectively.

For the full years of 2022, 2023, 2024, and the first nine months of 2025, the revenue generated from Extreme Vision's top five clients individually was 42 million yuan, 80 million yuan, 122 million yuan, and 41 million yuan, accounting for 42.1%, 63.0%, 48.1%, and 30.5% of its total revenue, respectively.

During these periods, the revenue generated from the largest client individually was 11 million yuan, 59 million yuan, 62 million yuan, and 9 million yuan, accounting for 11.3%, 46.1%, 24.1%, and 6.9% of total revenue, respectively. Extreme Vision's procurement from its top five suppliers was 30 million yuan, 66 million yuan, 77 million yuan, and 57 million yuan, accounting for 49.7%, 63.3%, 51.4%, and 63.2% of its total procurement, respectively. Some of the top five clients also served as suppliers to Extreme Vision.

During these periods, Extreme Vision's procurement from its largest supplier was 12 million yuan, 48 million yuan, 23 million yuan, and 14 million yuan, accounting for 20.6%, 46.3%, 15.3%, and 15.9% of its total procurement, respectively.

Chen Zhenjie, Luo Yun, and Hengqin Jili collectively form the single largest shareholder group, able to exercise approximately 29.84% of the company's voting rights collectively. Among them, Chen Zhenjie holds 16.05%, Luo Yun holds 4.39%, and Hengqin Jili holds 9.41%. Qualcomm (China) Holding Co., Ltd. also holds a 4.97% stake.

Chen Zhenjie, aged 33, is the founder, Chairman, Executive Director, and General Manager of Extreme Vision. He obtained a bachelor's degree in Supply Chain Management from Sun Yat-sen University in June 2013 and a master's degree in Enterprise Management from Peking University in July 2015. Regarding compensation, Chen Zhenjie's total remuneration was 610,000 yuan for the 2024 fiscal year and 534,000 yuan for the first nine months of 2025.

In conclusion, Extreme Vision needs to strengthen its ability to generate internal cash flow. According to Frost & Sullivan data, China's enterprise-level computer vision solutions market is expected to reach 182.4 billion yuan by 2029, with a projected compound annual growth rate of 37.7% from 2024 to 2029. For the enterprise-level large model AI solutions market, data indicates the Chinese market size was 5.8 billion yuan in 2024 and is expected to reach 52.7 billion yuan by 2029, with a compound annual growth rate of 55.5% from 2024 to 2029. Extreme Vision's path to listing still faces significant challenges. On one hand, the company has not yet achieved stable profitability, its performance is significantly affected by major clients and seasonal factors, and continuous high R&D investment pressures its cash flow. On the other hand, its large model business is built upon third-party models, raising concerns about intellectual property control and core technology autonomy. The patience of the capital market will likely depend on its ability to translate market potential into sustainable profits and a competitive moat within the next few years.