In an era where capital increasingly flows toward companies with strong technological implementation capabilities, Ruivi Technology stands out. This AI company, founded by a former Huawei R&D director, has made significant strides in applying computer vision across diverse sectors. Its recent filing for a Hong Kong IPO marks a pivotal moment in its journey.
From Huawei Roots to AI Innovation
Ruivi Information Technology Co., Ltd. (Ruivi Technology) was established in 2012, coinciding with the early waves of artificial intelligence enthusiasm. Founded by Zhan Donghui, a former R&D director at Huawei, the company was among the first high-tech enterprises introduced under Xiamen City's "Double Hundred Plan."
Mr. Zhan's background provided a solid foundation. After graduating from Nanjing University's Department of Electronic Engineering in 1998, he spent a decade at Huawei in key roles. His experience there, followed by a previous entrepreneurial venture, equipped him with the technical depth and leadership needed to launch Ruivi.
The company quickly demonstrated its capability. Within a year of its founding, Xiaomi selected Ruivi's independently developed facial recognition algorithm for its Mi 3 smartphone to power an innovative smart beauty camera feature. This partnership was a crucial early validation.
Soon, other tech giants like Lenovo and Huawei also adopted Ruivi's facial recognition solutions. In the smart home appliance sector, Ruivi enabled Konka, Skyworth, and TCL to launch China's first generation of smart TVs. By the first half of 2014, over 70% of smart TVs sold domestically with built-in facial and gesture recognition technology utilized Ruivi's technology.
Strategic Pivot and Breakthrough in Smart Airports
In 2016, Ruivi Technology formalized a dual-core strategy focusing on "AI + Public Safety" and "AI + Commercial Digitalization." This strategic shift led to a deep specialization in smart airport solutions.
A major breakthrough came in 2017 when the company was successfully selected as a supplier for airport facial recognition systems. This achievement was solidified in January 2018 when Ruivi implemented the world's first commercial full-process face-scanning boarding system at Lanzhou Zhongchuan International Airport.
This system integrated facial recognition for security checks and boarding, creating a seamless, paperless, and effortless travel experience. It established Lanzhou Zhongchuan as a benchmark for smart airport development in China.
This successful implementation attracted high-quality strategic investment. In May 2018, Ruivi completed a B+ funding round, introducing Intel as a strategic investor. The following year, the company secured over RMB 156 million in financing from Greenland Group, among others.
This capital accelerated technological iteration and market expansion, helping Ruivi maintain a leading position in public safety and commercial intelligence. For a deeper look into the technologies powering such intelligent systems, you can explore advanced AI integration platforms.
Building a Virtuous Cycle of Technology, Capital, and Commerce
Ruivi's technical prowess received authoritative endorsement in 2019. At China's first artificial intelligence competition, the company ranked in the top three and was awarded a Class A certificate for facial recognition after a joint review by the Cyberspace Administration of China, the Ministry of Public Security, and the Ministry of Industry and Information Technology.
That same year, the newly opened Beijing Daxing International Airport deployed over 300 Ruivi facial recognition devices and systems. These were installed across check-in, security, and boarding nodes, achieving a market share exceeding 90% at that location and cementing Ruivi's role as a key player in smart airport construction.
This track record of applied success helped the company establish a reinforcing cycle where technology success attracted capital, which in turn funded further commercial expansion and R&D.
To date, Ruivi has completed multiple funding rounds. Its investor base includes prominent names like Greenland Group, SAIF Partners, Hongyu Capital (under Shanghai Airport), China Merchants Capital, and Shanghai Industrial Group, alongside strategic backers like Intel, CITIC Securities, and Shenzhen Investment Holdings Capital.
This financial backing supports a robust R&D engine. As of the end of 2024, the研发 (R&D) team consisted of 107 members, accounting for nearly half of the total workforce. The company has established a comprehensive, end-to-end integrated product development system that supports efficient collaboration across the entire product lifecycle.
Market Leadership and Financial Turnaround
This dual驱动 (drive) of capital and technology accelerated the company's scene deployment and business growth. Post-2020, Ruivi established leading advantages in three core areas:
- Smart Airports: Its intelligent access solutions cover over one-third of China's civil airports, spanning the entire passenger journey.
- Commercial Digitalization: Its products drive digital transformation in retail and industrial sectors.
- Smart Freight: Safety driving products for logistics have achieved large-scale application.
This execution culminated in 2024 with跨越 (leap) growth in revenue and the company's first annual profit, completing the transition from technical breakthrough to commercial success.
Financial reports show that for the years 2022, 2023, and 2024, Ruivi Technology achieved revenues of approximately RMB 78.4 million, 242 million, and 395 million, respectively. Gross margins for the same periods were 15.7%, 40.8%, and 39.8%, with gross profit reaching approximately RMB 12.3 million, 98.8 million, and 157 million.
Leveraging strong productization and commercialization capabilities, all business lines experienced rapid revenue growth, leading to a net profit of RMB 8.3 million in 2024.
According to Frost & Sullivan, by revenue in 2024, Ruivi Technology ranked first in China's civil aviation visual intelligence product market with a share of 8.9%. It also ranked fourth in the Chinese commercial space visual intelligence product market, with a 1.7% share.
The company's proposed Hong Kong IPO is the next logical step. Proceeds are intended to enhance R&D capabilities, build a production base, seek strategic investments and acquisitions, boost marketing efforts, expand overseas sales channels, and fund general corporate purposes. To understand how companies manage such strategic growth phases, discover comprehensive business strategies.
Frequently Asked Questions
What is Ruivi Technology's core business?
Ruivi Technology is an AI company specializing in computer vision. It develops and applies facial recognition and visual intelligence solutions across key verticals, including smart airports, commercial retail digitalization, and smart freight logistics.
How did Ruivi Technology achieve its breakthrough?
A major breakthrough occurred in 2018 with the successful deployment of the world's first full-process face-scanning boarding system at an airport in Lanzhou, China. This proved the practical, large-scale application of its technology and attracted significant strategic investment from firms like Intel.
What are Ruivi Technology's main market advantages?
The company holds a leading market share in China's airport visual intelligence sector. Its advantages stem from deep vertical integration, a strong focus on R&D, and successful implementation in high-traffic, critical infrastructure environments like major international airports.
Is Ruivi Technology profitable?
Yes, after years of growth and expansion, Ruivi Technology achieved profitability in 2024. Its revenues have grown significantly year-over-year, demonstrating successful commercialization of its AI products and technologies.
Who are the main investors in Ruivi Technology?
The company has a diverse investor base that includes strategic corporate investors like Intel and Greenland Group, as well as financial institutions such as SAIF Partners, China Merchants Capital, and CITIC Securities.
What will the funds from the IPO be used for?
According to its filing, the net proceeds from the initial public offering will primarily be used to enhance R&D, build a production base, pursue strategic investments or acquisitions, improve marketing, expand overseas channels, and for general corporate purposes.