Shenzhen Intellifusion Technologies Co., Ltd.
688343 · SSE · China
intellif.comFinancials as of FY2025
CompanyGraph reads it as an AI software and systems developer serving security, financial and smart-city customers, designing systems that run on hardware built by outside manufacturers.
- Revenue is growing, but receivables have grown faster over the last six to eight years
- Depends onDownstream position: depends on 10 industries, supplies 5
- ScaleMarket cap is $3.05B, above the global median of $1.18B
- FinancialsAltman Z-Score 7.29: safe zone
- Interpretations1 currently firing — 1
What this company is and how it runs — written from structure, not news.
The system sits between a wide base of upstream suppliers and a smaller set of downstream industries, taking in hardware and chip production made by others, adding its own software and data analysis, and installing the combined result for customers, rather than manufacturing physical components itself.
Money comes from delivering assembled AI systems and the project and installation work around them, rather than from a standardized product sale: its own filings describe buying in hardware, chip production and technical labor as inputs, consistent with billing for completed projects. Revenue has grown, but the amount customers owe it has grown even faster over a period of years, and profit has not followed revenue in every year on file, so growth alone has not produced steady earnings.
As a business of this classification, the expected way to scale is by spreading the cost of winning each customer across a growing base of installations that keep paying over time, so growth compounds through retention more than through constant new acquisition. CompanyGraph places this company among a distinct group of others that run the same kind of system, so this is a recognized way of operating, not a rare one. Whether this company's own results follow that pattern is not clearly visible here: revenue has grown, but so has the amount customers owe it, and profit has not followed revenue every year on file, which is not the clean signature the pattern would predict.
The company depends on outside suppliers for the physical components its systems are built from: its own filings describe buying standard and customized hardware, such as cameras, servers and chips, from selected suppliers rather than making that hardware itself. Chip supply runs through a fabless arrangement, where designs are sent out to foundries and separate assembly-and-test providers, and more broadly it sits downstream of a wide base of supplying industries.
CompanyGraph's map of industry dependencies shows this company feeding a smaller number of industries than the number that feed it, a downstream position. Its own filings, as gathered, do not say which customers or sectors these are or how concentrated that customer base is, so CompanyGraph cannot say more specifically who depends on it or how much.
CompanyGraph places this company within a recognizable group of other businesses running the same kind of system, rather than in a category of its own, which does not point to a rare or unusual position among them. What specifically would stop a competitor from copying its approach, such as proprietary data, patents, or exclusive relationships, is not something CompanyGraph can see in what is on file, so no claim is made about that.
The industry pattern CompanyGraph tests this company against is one where growth is limited by how well it keeps existing customers paying over time, relative to the cost of winning them in the first place, rather than by a physical production ceiling. This is a starting hypothesis drawn from how the business is classified, not a measurement of this company: its own filings, as gathered, do not describe customer retention, contract renewal, or acquisition cost, so this cannot be confirmed or ruled out from what is on file.
Its own filings name one government body, the ministry that oversees the software and information-technology-services industry, as the regulatory authority it sits under, without identifying any specific license or approval tied to its core AI business. Beyond this single named regulator, CompanyGraph does not see disclosed legal proceedings, trade restrictions, or other named external pressures for this company in what has been gathered, so no broader claim is made about its regulatory or competitive exposure.
Read from the company's own filings and public materials (gathered August 2026) together with figures CompanyGraph recomputed from its statements. Written September 2026. A question with no evidence behind it is left out rather than answered.
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Sign inThe reported statements, read against the company's own industry.
- Revenue is growing, but receivables have grown faster over the last six to eight years
1 interpretation currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsWhere is this company structurally exposed?
Ulcer Index Elevated, Drawdown From Peak Significant, 20-Week Volatility Elevated
It sits well below its peak, and the fall has been both deep and long.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Structural Tensions
Financial Health
Supply Chain
Scale
Companies that share the same coordination system — how they create, deliver, or capture value.
Companies that share active interpretations — structural patterns currently present in both stocks.