Tech-Link updates prospectus: Annual revenue exceeds 1.8 billion and surges 83.2%, targeting spatial intelligence

Author | Huang Nan

Editor | Yuan Silai

In 2025, when the number of connected global IoT devices is expected to exceed 30 billion, AIoT, as the super connector between artificial intelligence and physical entities, is reshaping the industrial landscape at a rapid pace with the cross - integration of technologies such as 5G, generative AI, and spatial computing.

In this transformation of intelligent interconnection of all things, Chinese AIoT enterprises have demonstrated three major advantages: the breakthrough in edge - side AI computing power makes devices smarter; the accumulation of industry large models makes scenarios more professional; and the ecological collaboration ability makes the industry more interconnected. Behind the coexistence of humans and machines is the large - scale implementation of core technology breakthroughs in vertical scenarios, achieving comprehensive intelligence from algorithm applications, data centers, edge devices to households and cities. The "AI + IoT" dual - wheel drive model has pivoted an industry worth hundreds of billions of dollars.

Recently, AIoT unicorn TSL completed its first update of the prospectus after filing, released its 2024 performance, and announced a new spatial intelligence strategic direction.

The prospectus shows that as of December 31, 2024, TSL's revenue in 2024 reached 1.843 billion yuan, a year - on - year increase of 83.2% compared with 2023. From 2022 to 2024, the company's performance was 738 million, 1.006 billion, and 1.843 billion respectively, with a compound annual growth rate of up to 58.0%. It is one of the fastest - growing enterprises in the industry, with strong growth resilience and development potential.

TSL Chongqing AI Park

The physical world, as a natural test field for the new generation of intelligent terminals, has complex and changeable scenarios. Currently, TSL has built an AIoT scenario matrix covering various spaces, and its business includes AI - enabled industrial digitalization, AI - powered cities, AI - enhanced living environments, and AI - driven energy, among other fields.

Among them, AI - enabled industrial digitalization is TSL's main source of revenue. According to the prospectus, in 2024, the revenue from the AI - enabled industrial digitalization business increased significantly from 624 million in 2023 to 1.64 billion, a rise of 162.9%. With the surging demand for industrial digitalization, this business, centered on human - machine collaboration and cross - scenario linkage, is accelerating the digital transformation of all industries, such as intelligent business platforms, intelligent business operations, smart new retail, and smart industrial parks, showing a rapid growth trend.

In 2025, since the release of the DeepSeek series of foundation models, their chain reaction has continued to ferment in various fields. On the one hand, they have significantly reduced the AI market's dependence on the CUDA ecosystem, and domestic brand - based trusted computing power has entered a new stage of development, which also puts forward higher standards and requirements for the construction of intelligent computing infrastructure; on the other hand, the new model training and inference paradigms can further reduce computing power costs and accelerate the explosive growth of the AI application ecosystem, enabling more innovative applications to be implemented at a faster pace.

Against this background, TSL quickly adjusted its personnel and team structure, completed the upgrade of its business system, and formed three major product architectures in the AIoT field: AIoT domain models, AIoT infrastructure, and AIoT intelligent agents, to create spatial intelligence.

TSL

The AIoT domain models are based on the DeepSeek fusion base. TSL adopts the "multi - modal" and "model + system + application" technical path to build vertical scenario models and intelligent applications, which can meet the customized needs of industry users and achieve cross - modal and cross - scenario linkage control; at the same time, the efficiency in complex task processing has been significantly improved, providing more accurate intelligent solutions for the industry.

The AIoT infrastructure is the intelligent computing base of TSL's spatial intelligence system. With the high - performance green intelligent computing unit as the core product, it includes a set of hardware clusters, four major software platforms, and a series of services, helping customers build a full - link toolkit with "chip, network, cloud, and intelligence" capabilities, which can be used out - of - the - box. Currently, all products at the AIoT infrastructure layer are compatible with the DeepSeek series of models and have completed the optimization of other cutting - edge open - source models.

The AIoT intelligent agent, as the full - stack spatial intelligence interaction interface, relies on embodied intelligent robots and wearable devices. Characterized by human - like thinking, long - term memory, high - dimensional perception, and multi - agent collaboration, it marks TSL's comprehensive layout in the intelligent agent industry. Combined with the DeepSeek series of models, it can improve the task execution efficiency and interaction intelligence, further optimizing the user experience for both B - and C - end users.

At the 2020 Dubai World Expo, TSL used the Titan series of robots, which completed more than 650,000 conversations in more than 84,000 hours, traveled more than 322,000 kilometers, and provided reception, transportation, and delivery services for about 12.5 million visitors without any major failures or interruptions, verifying its strong service ability and reliability.

As of December 31, 2024, TSL's products cover 160 cities around the world, including those in China, the UAE, Singapore, and Australia, and are deployed in more than 800 client sites. It has about 1,300 ecological partners; the total number of customers has expanded from 224 in 2022 and 330 in 2023 to 342, with the customer structure further optimized. It has strong market expansion ability, and the current order value has reached 2.3 billion.

In terms of financial data, TSL significantly reduced its accounts receivable turnover days in 2024, from 238 days in 2022 and 180 days in 2023 to 104 days now.

Nowadays, digitalization has become the consensus and trend of the global industry. With the application of AIoT technology and the implementation of scenarios, promoting the in - depth integration of the industrial chain, supply chain, and innovation chain will accelerate the transformation, upgrading, and high - quality development of the global industry, which also brings new market opportunities for Chinese technology enterprises including TSL. Along the "Belt and Road", TSL's global business is accelerating its expansion, increasing market penetration while expanding its overseas territory to seize the opportunity in this blue - ocean market.