New Stock Spotlight | Rebow Technology: Leader in Civil Aviation Vision AI, Advancing Across Three Scenarios Toward Embodied Intelligence

Rebow Technology is an AI company that provides vision intelligence technologies and products to enterprise clients. Among the wave of Hong Kong-listed tech IPOs that week, it stands out as the purest play in the vision AI segment.Rebow Technology officially launched its Hong Kong IPO subscription on June 29, 2026 (closing on July 3) and is currently in active bookbuilding.

Industry Positioning and Core Business

Rebow is neither a general-purpose security AI provider nor a pure algorithm software company—Its positioning is closer to that of an 'integrated vision AI solutions provider' that develops its own cameras, algorithms, and operational platforms within specific vertical industries.

In the industry chain, it operates at the midstream:It sources core computing power from upstream chipmakers (such as Intel), independently develops optical imaging systems and vision foundation models (under the RecoSee/RecoAware/RecoThink framework), and then delivers integrated hardware-software solutions to downstream clients in civil aviation, commercial spaces, and freight fleets.This full-stack capability—combining algorithms, hardware, and a data feedback loop—is key to its success in high-security environments like airports.

Breakdown of Three Business Lines

Business Line 1: Smart Civil Aviation (revenue of RMB 172 million in 2025, accounting for 38.9% of total revenue, with a gross margin of 59.2%)

This is the company's core moat.Its products cover the entire passenger journey: self-service check-in and access control (Wanwei series) → AI-powered security screening (Yitong series) → boarding gate management → travel service robots (Xiaorui series). As of the end of 2024,the company’s products have been deployed in approximately one-third of China’s civil airports and two-thirds of large airports handling over 10 million passengers annually. According to Frost & Sullivan, the company ranked first in this market in 2025, with an 8.7% market share.

However, note that civil aviation revenue declined by 24.7% year-over-year in 2025—due to a temporary slowdown in bidding cycles for domestic airport expansion and renovation projects, leading to more cautious capital expenditures and delays in some projects.

Segment 2: Smart Commercial (Revenue of RMB 154 million in 2025, accounting for 34.9% of total revenue, with a gross margin of 32.0%)

Using the Xinghan system—a triad of AI, business intelligence (BI), and large language models—it enables commercial real estate and industrial parks to conduct foot traffic analysis and precision operations. This segment grew by 59.3% year-over-year in 2025, making it the largest contributor to revenue growth. Its 32% gross margin is relatively low, primarily due to higher delivery costs associated with integrated software-and-hardware projects.

Segment 3: Smart Driver Safety (Revenue of RMB 116 million in 2025, accounting for 26.2% of total revenue, with a gross margin of 16.4%)

Equipping freight fleets with onboard AI terminals (to detect fatigue driving, distraction, and violations), integrated with the Recadas cloud-based risk control platform. Over 500,000 freight vehicles have already been deployed, covering more than 7 billion kilometers.It posted 68% year-over-year growth in 2025, making it the fastest-growing segment, albeit with the lowest gross margin (16.4%), characteristic of a high-volume, utility-type product.

All three business lines share a common visual intelligence foundation:Facial recognition and behavior analysis algorithms developed in civil aviation can be reused in commercial campuses; hardware design capabilities are similarly implemented in freight terminals. This creates a continuously reinforcing 'algorithm flywheel,' where data from each scenario enhances models for the next.

Competitive Landscape and Core Barriers

In enterprise visual AI, SenseTime builds city-scale platforms (holding the largest market share in China’s visual AI sector in 2025), Hikvision focuses on hardware ecosystems, while Megvii and Yitu specialize in vertical-specific algorithms.Raybo’s differentiation lies in avoiding direct competition in the broad general-security market. Instead, it concentrates resources on civil aviation—a highly regulated niche requiring lengthy bidding processes and stringent safety certifications for every airport system—and uses this foothold to expand horizontally into freight and commercial sectors.

Raybo’s hardest-to-replicate advantages are:A decade of deep expertise in civil aviation has yielded proprietary datasets, certified hardware models, and coverage of one-third of airport channels—three elements that together create significant switching costs.

Why is its IPO worth watching?

Reason One: The offering window is at a historic peak

AI and hard-tech companies have become the undisputed stars,In the first half of the year, the IPOs of tech-focused companies saw only an 8% rate of breaking below offer price on their debut day, with an average first-day gain exceeding 65%. Haiqing Zhiyuan (multispectral imaging), also a visual AI company, surged 270.83% on its debut, while DeepEvolve Intelligence rose 265.77%. These figures underscore strong investor enthusiasm for such scarce AI-related listings.

Reason Two: Aviation-focused visual AI—unique in the Hong Kong market

Among AI companies currently listed in Hong Kong, there are virtually no visual AI players centered on the civil aviation sector. Haiqing Zhiyuan specializes in multispectral imaging, SenseTime operates a city-scale AI platform, and Megvii focuses on security applications—Rebow enjoys clear scarcity-driven premium in this niche segment.

Reason Three: Civil aviation business delivers 59% gross margin, signaling future pricing power

The gross margin of the smart aviation business is projected to reach 59.2% in 2025, continuing an upward trend from 51.8% in 2024. High gross margins indicate that once airport clients adopt the solution, switching costs are high, granting the company pricing power—a hallmark of high software content rather than competing solely on price. The temporary dip in 2025 reflects delayed procurement cycles; once airport investments resume, earnings elasticity will be significant.

Reason Four: Strategic shareholder backing

The shareholder structure includes Intel holding 4.64% (as a sophisticated independent investor), Greenland Holdings holding 7.89% (as a lead sophisticated independent investor), along with strategic backing from industry investors such as China Merchants Capital and Shanghai Airport Hongyu Investment. Intel’s participation—as a strategic player in chips and AI ecosystems—carries notable credibility among international institutional investors.

Risk Warning

Risk One: Cash flow and accounts receivable

As of the end of 2025, the company’s trade receivables and notes receivable amounted to RMB 587 million, exceeding its total revenue for the year of RMB 443 million—in other words, more than a full year’s worth of revenue remains uncollected. Net impairment losses in 2025 totaled RMB 70.05 million, representing 15.8% of annual revenue. Net cash flow from operating activities was negative RMB 125 million, with cash and cash equivalents at period-end amounting to just RMB 38.13 million.

Risk #2: High customer concentration without long-term contracts

In 2024, the top five customers accounted for 73.6% of total revenue, with the largest single customer contributing 31.7%. The company openly acknowledges it has not entered into long-term contracts with its major clients. This means that any budget adjustment by even one key customer could significantly impact revenue—a risk vividly demonstrated by the sharp decline in civil aviation-related revenue in 2025.

The above information is based on publicly available prospectus documents (disclosed on the Hong Kong Stock Exchange as of June 29, 2026) and publicly released financial data, with figures current as of the date of this article (July 2, 2026). This does not constitute investment advice in any form. Investors should independently assess risks and exercise caution when entering the market.

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