Ruiwei Technology has passed the Hong Kong Stock Exchange hearing and may become the "first visual embodied intelligence stock" on the Hong Kong market.

```

According to a disclosure by the Hong Kong Stock Exchange on June 24, Xiamen Rewatt Information Technology Co., Ltd. (hereinafter referred to as "Rewatt Technology") has passed the main board listing hearing.

For this attempt to go public in Hong Kong, Rewatt Technology is using Chapter 18C rules for specialized technology companies, with Huatai International, CCB International, and ABCI acting as joint sponsors. If the listing proceeds smoothly, this company, which started in enterprise-level visual intelligence, will become the first listed company in the visual embodied intelligence sector on the Hong Kong stock market.

According to public information, Rewatt Technology was founded in 2012. It is an AI company providing visual intelligence technologies and products to enterprise customers. Its core business is based on self-developed visual large models, deep learning, multi-spectral imaging, and other software-hardware collaborative capabilities, offering a series of products for visual perception, cognition, and reasoning.

In practice, the company mainly adopts a delivery model of "algorithm + hardware components", outsourcing its core algorithms to manufacturers who assemble them into products such as smart turnstiles, intelligent locks, and in-vehicle safety terminals, which are then deployed by system integrators in aviation, commercial spaces, safe driving, and other specific enterprise verticals, enabling real-time monitoring for access control, passenger flow analysis, or driver risk behavior.

The updated prospectus shows that Rewatt Technology’s revenue base is steadily expanding, with reduced reliance on a single scenario.

From 2023 to 2025, the company's total revenue will be 242 million yuan, 395 million yuan, and 443 million yuan, respectively. In the early stage, the civil aviation sector was its absolute main source of revenue, but by 2025, the share of its three core business segments—smart civil aviation, smart commerce, and smart safe driving—has adjusted to 38.9%, 34.9%, and 26.2% respectively, showing a relatively balanced pattern.

According to Frost & Sullivan data, based on 2025 revenue, Rewatt Technology's market share in China's civil aviation enterprise and commercial space visual intelligence product markets will be 8.7% and 1.7%, respectively, ranking first in the domestic aviation market.

However, the expansion of revenue scale has not directly translated into stable profitability.

During the track record period, Rewatt Technology’s profit margin fluctuated significantly: a loss of 32.577 million yuan in 2023, a brief turnaround to a net profit of 8.288 million yuan in 2024, but a return to loss in 2025 with net losses expanding to 68.149 million yuan.

The main reasons for profit pressure are high R&D investment and impairment of accounts receivable. Data shows its R&D spending rose from 46.636 million yuan in 2023 to 71.898 million yuan in 2025. The company states in its prospectus that due to plans for continued R&D in frontier areas like robotics, it expects to remain in a net loss position throughout 2026.

Behind the financial data, Rewatt Technology's business model still exhibits operational characteristics and potential risks typical of large To B (business-to-business) and To G (business-to-government) businesses.

Affected by downstream major customers' budget execution and year-end project acceptance progress, the company's income is highly concentrated in the fourth quarter, with Q4 accounting for as much as 80.6% in 2023 and 77.9% in 2025.

Meanwhile, the top five customers have contributed around 60% of revenue for many years. This client structure, plus some long payment approval processes, caused its trade receivables turnover days to increase sharply from 200 days in 2023 to 440 days in 2025.

As a result, net cash outflow from operating activities reached 125 million yuan in 2025, with an average monthly cash burn rate of 10 million yuan.

The prospectus reveals that with current cash reserves and credit lines, the company can maintain approximately 34 months of financial viability.

Given long account periods and saturated penetration in traditional visual AI businesses, expanding into embodied intelligence has become Rewatt Technology’s new lever for obtaining a Chapter 18C listing and revaluating its business model. In April this year, the company officially launched an end-to-end embodied large model VTFLA, integrating vision, touch, and force perception, and began developing wheeled-leg humanoid robots for scenarios such as airport baggage handling.

Although third-party reports forecast that the potential market size for this single scenario could reach 30 billion yuan by 2030, from an industry perspective, embodied intelligence is still in an early stage of technical exploration. Before business scales up in practice, high hardware R&D and large model training costs will continue to test this company's cash flow resilience and ability to generate funds.

Risk Warning and DisclaimerThe market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not consider the individual investment objectives, financial situation, or needs of any specific user. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investing on this basis is at your own risk. ```