Extreme Vision Technology Co., Ltd. from Shandong Province (Stock Code: 06636.HK) officially commenced trading on the main board of the Hong Kong Stock Exchange on March 30. This listing establishes Extreme Vision as the first AI-focused company from Qingdao to go public. This milestone represents a significant step in the company's development and adds a notable capital market case study to the artificial intelligence industry landscape of Qingdao and the broader Shandong region. Extreme Vision is the second company from Qingdao to list in 2026, following Guoen Technology. This brings the total number of Qingdao-based companies listed in Hong Kong to 21.
The company's path to listing was notably swift. Extreme Vision submitted its application on January 20, passed its listing hearing on March 19, and began trading on March 30, completing the entire process in just 58 days. This rapid timeline, within the context of current market scrutiny of tech firms, reflects sustained capital market interest in the AI sector and continued high investor enthusiasm for AI companies with clear commercialization paths and proven industry application capabilities.
Previously, the company had filed for an IPO辅导 (listing tutoring) registration with the Qingdao Securities Regulatory Bureau in January 2024. Its subsequent pivot to a successful Hong Kong listing underscores the company's urgency to leverage capital markets to accelerate its growth.
The significance of Extreme Vision's listing for Qingdao extends beyond adding another name to the roster of Hong Kong-listed firms. In recent years, Qingdao has been actively promoting emerging industries like new-generation information technology and artificial intelligence. Extreme Vision's market debut signifies a substantive step forward in the capital market journey for local AI enterprises and provides a new model for observing how regional AI industries can progress from technological R&D to real-world application and finally to capital markets.
For its global offering, Extreme Vision sold 12.48 million H-shares, comprising 2.496 million shares offered in Hong Kong and 9.984 million shares offered internationally, at a final offer price of HK$40.0 per share. On its first trading day, the stock performed exceptionally well, with its price reaching HK$87.60 per share at the time of writing, representing a gain of 119.00%.
Founded in 2015, Extreme Vision initially focused on the development and application of AI computer vision algorithms. Differing from many AI firms that concentrate on singular niches, the company adopted a platform-based strategy early on, pioneering an AI vision algorithm marketplace. According to company founder Chen Zhenjie, this model is "similar to Apple's App Store," connecting developers on one end with clients on the other, aggregating algorithmic capabilities through the platform, and delivering solutions to customers across various industries.
This approach allowed the company to avoid direct competition with leading AI firms in a few hotly contested sectors, instead leveraging a broader array of algorithms and wider scenario coverage to access the market. Essentially, rather than concentrating its resources on a few high-return projects, Extreme Vision built scale through addressing numerous segmented scenarios, long-tail demands, and sustained delivery capabilities. Consequently, the company has expanded its business into areas such as smart construction sites, smart power grids, smart mining, intelligent manufacturing, smart transportation, and smart retail, developing strong scenario adaptation capabilities.
Regarding its platform's scale, as of September 30, 2025, Extreme Vision's AI computer vision algorithm marketplace featured 1,517 algorithms. Of these, 148 were self-developed and 1,369 were co-developed with third-party developers, covering over 100 industry application scenarios. The company has cumulatively served more than 3,000 clients and delivered over 6,000 projects since its inception, with a product repurchase rate exceeding 80%. These figures indicate that the company has progressed beyond mere technological demonstration, having established an initial commercial loop encompassing algorithm supply, platform development, and project delivery.
Beyond its platform model, Extreme Vision has been rapidly enhancing its large language model capabilities in recent years. Leveraging its AI visual language model, the algorithm development platform "Extreme Mart," the algorithm deployment platform "Extreme Star," and the training management platform "Extreme Stack," the company is gradually building a full-stack technical platform that covers the entire lifecycle from development and deployment to management, facilitating the evolution from single-point algorithm output to systematic solution provision.
For the current AI industry, while model capability is important, the depth of scenario integration, delivery efficiency, and sustainable monetization ability are often the critical factors determining a company's long-term viability. From this perspective, Extreme Vision's competitiveness lies not just in its ability to "create algorithms," but more significantly in its strong platform organizational capacity and industry connectivity.
It is noteworthy that the decision to base its headquarters in Qingdao is closely linked to its business model. Chen Zhenjie has previously stated that AI's primary role is to empower the real economy, and that regions with more comprehensive industrial sectors offer richer application scenarios for AI implementation. Shandong's complete industrial system and diverse industrial categories, combined with Qingdao's solid foundation for openness and policy support, provide fertile ground for Extreme Vision to expand application scenarios, validate products, and accumulate case studies.
In terms of operational performance, Extreme Vision has maintained rapid growth in recent years. From 2022 to 2024, the company's revenues were RMB 102 million, RMB 128 million, and RMB 257 million respectively, representing a compound annual growth rate of 59.2%. For the first nine months of 2025, revenue reached RMB 136 million, a year-on-year increase of 71.7%. Concurrently, the company's overall gross profit margin improved from 30.6% in 2022 to 40.2% in 2024, and further increased to 44.9% in the first nine months of 2025. Notably, revenue from its large model solutions reached RMB 62.122 million in 2024, accounting for 24.1% of total revenue, indicating that this new business is gradually becoming a significant growth driver.
This revenue growth is supported by continuous investment in research and development. As of September 30, 2025, Extreme Vision employed 101 R&D personnel. R&D expenses for 2022, 2023, 2024, and the first nine months of 2025 were RMB 35.2 million, RMB 36.6 million, RMB 44.8 million, and RMB 46.9 million, respectively. During the same period, the company accumulated intellectual property including 30 patents and 117 software copyrights. For AI companies still in an expansion phase, R&D investment is crucial not only for the iteration speed of models and algorithms but also for maintaining competitive barriers amidst industry fluctuations.
On the capital front, Extreme Vision had previously secured multiple rounds of funding. In April 2023, the company completed a Series D funding round led by Jiuwan Investment and Qingdao State-owned Capital Investment Group, achieving a valuation exceeding RMB 7 billion at that time. The involvement of local capital is not merely a financial investment but is also expected to create synergies in areas such as industrial resources, scenario matching, and market expansion. Now, with its successful listing in Hong Kong, the company is poised to utilize a broader capital platform to further increase R&D investment, expand its market presence, and enhance its initiative in the evolving phase of integrated AI vision and large model development.
Viewed within the broader industry context, the attention garnered by Extreme Vision's listing is also connected to the accelerating expansion of the enterprise-level AI market. As artificial intelligence transitions from technological breakthroughs to industrial application, the market increasingly values a company's ability to adapt to specific industries, deliver solutions consistently, and achieve commercial monetization. Extreme Vision's successful IPO, to some extent, demonstrates that capital markets remain willing to assign value and patience to AI companies that not only "can build models" but, more importantly, can "successfully sell, implement, and scale the technology."
For Qingdao, the implications of Extreme Vision's listing are direct. On one hand, it indicates that the local artificial intelligence industry is no longer confined to conceptual or project stages but is beginning to produce enterprises capable of entering capital markets and meeting higher standards of scrutiny. On the other hand, it shows that, leveraging its manufacturing base, open platforms, and scenario resources, Qingdao has achieved tangible results in cultivating a path for "AI + real economy" integration. Looking ahead, as more AI companies find applications in industry, urban governance, retail, energy, and other fields, the capital market progress of Extreme Vision may serve as a key window for observing the upgrade of the regional AI industry.
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