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6月25日下午，被称作"AIGC（人工智能生成内容）第一股"的出门问问（02438.HK）发布了AI（人工智能）智能体硬件产品TicNote。值得注意的是，在 TicNote之前，出门问问已经7年没有发布过硬件产品。 每经记者｜李少婷 每经编辑｜张海妮 大模型迅猛发展的第三年，智能硬件市场波涛汹涌。 放眼整个行业，AI硬件的竞争已经进入多维度、高强度阶段。传统科技巨头、硬件制造商、互联网公司、新兴创业公司等纷纷入局——就在TicNote发布次 日，被认为具有强大市场号召力和供应链议价能力的小米正式加入AI眼镜市场。 "智能硬件最大的竞争对手是手机。"出门问问创始人、CEO（首席执行官）李志飞向《每日经济新闻》记者表示，在布局考量上，他选择"避开手机厂商的 战略焦点"。原因在于新型硬件的复杂度较高，手机厂商的供应链能力、研发能力都更具优势，如果是战略方向，大厂可以选择亏钱投入，但"友商"就会"亏 得一塌糊涂"，而避其锋芒，或许能在垂直方向上成为"王者"。 AI是灵魂，硬件是身体 李志飞似乎重拾了对智能硬件的信心——TicNote搭载了其自研的AI Agent（智能体）——Shadow AI，支持AI转写、总结、 ...

Core Insights - The company has shifted its strategy from a focus on immediate sales to a more stable long-term approach, reflecting a deeper understanding of market dynamics and user needs [1][3][6] Product Development - The company launched a new product, TicNote, which integrates AI capabilities for recording, translating, and summarizing, showcasing a commitment to combining hardware and software [3][11] - The CEO acknowledged past failures in hardware development but emphasized learning from those experiences to improve future products [6][10] Market Positioning - The company initially hesitated to consider an IPO due to insufficient revenue but has since adapted its business model to include B2B services, alleviating some financial pressures [4][5] - The competitive landscape is challenging, with the CEO expressing that many companies lack the resources to compete effectively in AI, suggesting a focus on niche markets instead [10][11] Strategic Vision - The CEO believes that effective AI requires a personalized context, which hardware can provide, thus justifying the reintroduction of hardware products [10][11] - The company aims to leverage AI to enhance product development efficiency and differentiate itself in the hardware market [11]

Core Viewpoint - The company, Out of the Door, has launched its new AI hardware product, TicNote, which features advanced AI capabilities and aims to serve as a software carrier for continuous upgrades and iterations [2][7]. Product Launch - Out of the Door released TicNote, the world's first Agentic AI hardware, which is only 3mm thick and can be magnetically attached to smartphones [2]. - TicNote supports over 120 languages for transcription and can record continuously for over 20 hours [2]. - The overseas version was launched at a price of $159.99, while the domestic versions are priced at 999 yuan and 1499 yuan [2]. Company Strategy - The CEO, Li Zhifei, emphasized that the company is not focused on the sales volume of TicNote but rather on using it as a platform for software development and iteration [3][8]. - The company aims to avoid direct competition with major smartphone manufacturers by focusing on niche products that do not attract significant competition [9]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 390 million yuan, a decrease of 23% from the previous year [7]. - The operating loss was 207 million yuan, with a gross margin of 52.1%, down from 64.3% the previous year [7]. - Revenue from AI enterprise solutions plummeted by 92.7% to 16.42 million yuan [7]. Future Outlook - Li Zhifei indicated that the company plans to release additional products, including smartwatches and earbuds, that will also utilize the Shadow AI technology [2]. - The company is currently seeking new narratives to revitalize its market presence, focusing on familiar AI hardware and software applications [7][10].

Wind数据显示，截至2025年5月15日，2024年港股新成员共计36只新股破发，自上市以来平均跌幅43.23%。其中跌幅排名前10名的公司分别是出门问问 （02438.HK）、嘀嗒出行（02559.HK）、天津建发（02515.HK）、中赣通信（02545.HK）、太美医疗科技（02576.HK）、华昊中天医药-B （02563.HK）、如祺出行（09680.HK）、七牛智能（02567.HK）、优博控股（08529.HK）、多点数智（02586.HK），出门问问因股价跌幅超九成排名居 首。 Wind数据显示，2024年共计70家上市公司登陆港交所，募资总额为878.15亿港元，同比增加近九成。其中美的集团（00300.HK）以356.67亿港元的募资额， 创下港交所自2021年以来最大规模IPO。这份资本助力的优异成绩单，也令港交所重夺全球第四大IPO市场地位。 截至2025年5月15日，港股70只新股上市以来共出现2只10倍股，分别是"黄金+奢侈"双概念加持的老铺黄金（06181.HK）和电信服务行业"老兵"经纬天地 （02477.HK）；涨幅超过1倍低于10倍的新股有10只。 分化行情的另一面，市场 ...

Financial Performance - The company's total revenue for the year ended December 31, 2024, was RMB 390.3 million, representing a 6.0% increase from RMB 368.3 million in the previous year[8]. - The company reported a total loss for the year of RMB 721.5 million, compared to a loss of RMB 802.6 million in the previous year, indicating an improvement in financial performance[7]. - The total revenue from AI software solutions, including AIGC, was RMB 390.3 million in 2024, down 23.0% from RMB 507.1 million in 2023[13]. - The company's revenue decreased from RMB 507.1 million in 2023 to RMB 390.3 million in 2024, a decline of 23.0% due to a strategic shift away from traditional project-based AI enterprise solutions[40]. - The company's gross profit decreased by 37.6% from RMB 326.1 million for the year ended December 31, 2023, to RMB 203.4 million for the year ending December 31, 2024, with gross margins of 64.3% and 52.1% respectively[43]. AIGC Solutions - Revenue from AIGC solutions reached RMB 221.7 million, a significant growth of 88.5% compared to RMB 117.6 million in the previous year, accounting for 56.8% of total revenue[10][8]. - The AIGC business has shown a strong upward trend, with revenue contributions increasing year by year, demonstrating the company's commitment to becoming a leader in the AIGC sector[10]. - AIGC annual revenue reached RMB 221.7 million, a year-on-year increase of 88.5%[14]. - AIGC solutions revenue for 2024 was RMB 221.7 million, compared to RMB 117.6 million in 2023, reflecting an 88.5% growth[14]. - Revenue from AIGC solutions increased from RMB 117.6 million in 2023 to RMB 221.7 million in 2024, representing an 88.5% growth driven by an increase in paying users and the launch of more AIGC matrix products[41]. Business Strategy - The company has shifted its business strategy away from traditional project-based revenue, focusing on the growth of AIGC solutions and achieving a healthy transformation towards AIGC enterprises[10]. - The company aims to establish a sustainable business model through a ToSMB/ToPC approach, exploring differentiated competitive paths in the AIGC market[11]. - The company emphasizes the importance of combining product modeling with technology to drive sustainable growth and long-term value[12]. - The company completed a strategic shift towards AIGC solutions, moving away from traditional project-based revenue models[30]. Global Expansion and Recognition - The company is actively expanding its global presence, collaborating with well-known international companies and gaining recognition from media worldwide[11]. - The company received several awards, including being listed in the "Top 50 Chinese AI Technology Companies" by Forbes in 2024, reflecting its innovation capabilities[34]. Product Development and Innovation - The core products in the AIGC product matrix include AI dubbing assistant "Magic Sound Workshop," AI digital human avatar "Wonder Avatar," and AI video creation platform "Meta Creation Island"[11]. - The company launched the fourth generation 2.5D digital human WetaAvatar 4.0, enhancing interaction capabilities[24]. - The company introduced a new AI video dubbing feature, significantly reducing video production complexity[31]. - The self-developed anime text-to-image model was updated four times in one year, enabling high-quality image generation[31]. - The company achieved significant technological breakthroughs in AI agents, voice, and video understanding throughout 2024[18]. Financial Position and Assets - Total assets increased to RMB 525.2 million from RMB 407.1 million in the previous year, while total liabilities decreased significantly to RMB 220.9 million from RMB 4.5 billion[7]. - As of December 31, 2024, the company's cash and cash equivalents amounted to approximately RMB 156.5 million, an increase of about 8.5% from RMB 144.3 million on December 31, 2023[55]. - The company's bank loans stood at RMB 20.0 million as of December 31, 2024, with an unsecured fixed annual interest rate of 2.9% and due within one year[57]. - The debt-to-asset ratio reached 42.1% as of December 31, 2024, significantly lower than 1,114.5% on December 31, 2023, primarily due to the proceeds from the IPO and the expiration of redemption rights[58]. - The current ratio was approximately 2.5 as of December 31, 2024, compared to 0.1 on December 31, 2023, reflecting a significant improvement in liquidity[59]. Expenses and Cost Management - The sales cost for 2024 was approximately RMB 186.9 million, up 3.3% from RMB 181.0 million in 2023, with the sales cost as a percentage of revenue rising from 35.7% in 2023 to 47.9% in 2024[42]. - Research and development expenses decreased from RMB 154.7 million for the year ended December 31, 2023, to RMB 136.9 million for the year ending December 31, 2024, due to a reduction in workforce and related R&D investments[44]. - Sales and marketing expenses increased from RMB 150.7 million for the year ended December 31, 2023, to RMB 196.0 million for the year ending December 31, 2024, primarily due to increased promotional costs associated with AIGC solutions[45]. Corporate Governance - The company has adhered to the corporate governance code since its listing on April 24, 2024, with all provisions complied with except for the separation of the roles of Chairman and CEO[92]. - The board believes that the current arrangement of having Dr. Li Zhifei serve as both Chairman and CEO is beneficial for the company's business prospects and management[98]. - The company emphasizes the importance of corporate governance and has implemented measures to ensure effective internal controls and compliance with legal regulations[91]. - The board is committed to reviewing and enhancing corporate governance practices to align with statutory and professional standards for sustainable development[91]. Board Composition and Diversity - The board currently consists of five members, including two executive directors and three independent non-executive directors[77]. - The company has a diverse board with expertise across various sectors, including technology, finance, and education[77][89]. - The board currently includes three independent non-executive directors, representing over 50% of the board, with a wide age range from 41 to 50 years[119]. - The board aims to maintain at least one female member and seeks opportunities to increase the proportion of female directors in the future[119]. Risk Management and Compliance - The board of directors is responsible for ensuring the establishment and annual maintenance of effective risk management and internal control systems[124]. - The company has implemented comprehensive risk management policies covering information security, financial reporting, compliance, and human resources[126]. - A data compliance system has been established to ensure adherence to the Personal Information Protection Law of the People's Republic of China[129]. - The company has adopted technical measures for data security, including data backup mechanisms and access control systems[128]. Shareholder Communication and Relations - The company has adopted a shareholder communication policy to ensure timely and comprehensive information disclosure to investors[141]. - The annual general meeting serves as the primary communication platform between the company and its shareholders, allowing for direct participation and voting[142]. - The company regularly monitors and reviews the procedures for shareholder meetings to ensure they meet shareholder needs effectively[143]. Employee and Workforce Management - The company recorded a total employee cost of RMB 149.6 million for the year ending December 31, 2024[62]. - As of December 31, 2024, the employee diversity ratio is 54.6% male and 45.4% female[120]. - Age group distribution shows 31.9% of employees are under 30 years old, 57.5% are between 30-39 years old, and 10.6% are 40 years or older[120]. - The company aims to maintain and enhance diversity across its workforce through non-discriminatory hiring policies[121].

Revenue and Financial Performance - The company's total revenue for the year ended December 31, 2024, was RMB 390.3 million, representing a 6.0% increase from RMB 368.3 million in 2023[5]. - Revenue decreased from RMB 507.1 million in 2023 to RMB 390.3 million in 2024, primarily due to a strategic shift away from traditional AI enterprise solutions[43]. - Total customer contract revenue for AI software solutions reached RMB 390,348,000 in 2024, down from RMB 507,060,000 in 2023, representing a decrease of approximately 23.1%[89]. - The company reported a pre-tax loss of RMB 721,484 thousand for 2024, compared to a pre-tax loss of RMB 800,807 thousand in 2023, indicating a slight improvement[78]. - Total comprehensive loss attributable to equity shareholders for the year was RMB 739,064 thousand, compared to RMB 867,443 thousand in 2023, showing a reduction in overall losses[79]. - The company reported a basic and diluted loss per share of RMB 0.59 for 2024, compared to RMB 1.28 in 2023, indicating a reduction in loss per share[79]. - The company recorded a net loss of RMB 721.5 million for the year ending December 31, 2024, primarily due to changes in the carrying amount of redeemable preferred and ordinary shares amounting to RMB 480.5 million[54]. - The company achieved significant technological breakthroughs in AI agents, voice, and video understanding throughout 2024[17]. AIGC Solutions and Business Strategy - AIGC solutions revenue reached RMB 221.7 million, a significant growth of 88.5% compared to RMB 117.6 million in 2023, accounting for 56.8% of total revenue[5][6]. - The company has shifted its business strategy away from traditional project-based revenue, focusing on AIGC solutions as its core business[6]. - The company has developed a diverse AIGC product matrix, including AI dubbing assistant "Magic Sound Workshop" and AI digital human "Wonderful Yuan" among others[13]. - The AIGC business has shown a consistent upward growth trajectory since 2021, with revenues increasing from RMB 6.8 million in 2021 to RMB 221.7 million in 2024[13]. - The company transformed into an AIGC innovation leader, with AIGC solutions accounting for 56.8% of total revenue in the reporting period[30]. - The company aims to establish a sustainable business model while expanding its global ecosystem and partnerships[7]. - The company is focused on developing AI software solutions, including AIGC solutions, to enhance its market position and expand its product offerings[138]. Expenses and Cost Management - Sales cost rose by approximately 3.3% from RMB 181.0 million in 2023 to RMB 186.9 million in 2024, with the sales cost as a percentage of revenue increasing from 35.7% to 47.9%[44]. - Gross profit decreased by 37.6% from RMB 326.1 million in 2023 to RMB 203.4 million in 2024, with gross margin dropping from 64.3% to 52.1%[45]. - R&D expenses decreased from RMB 154.7 million in 2023 to RMB 136.9 million in 2024, attributed to a reduction in workforce and related R&D investments[46]. - Sales and marketing expenses increased from RMB 150.7 million in 2023 to RMB 196.0 million in 2024, mainly due to increased promotional costs associated with AIGC solutions[47]. - The company’s adjusted net loss (non-GAAP measure) for the year ending December 31, 2024, was impacted by a decrease in revenue from intellectual property arrangements with its automotive subsidiary, contributing RMB 138.8 million in revenue for the year ending December 31, 2023[54]. Cash Flow and Financial Position - As of December 31, 2024, the company's cash and cash equivalents amounted to approximately RMB 156.5 million, an increase of about 8.5% from RMB 144.3 million as of December 31, 2023[55]. - The company’s capital structure includes ordinary shares and reserves, funded through cash equivalents, operating cash flow, bank financing, and net proceeds from the IPO[59]. - The company completed its IPO on April 24, 2024, which contributed to the increase in cash and cash equivalents[55]. - The company reported a current ratio of approximately 2.5 as of December 31, 2024, compared to approximately 0.1 as of December 31, 2023[58]. - The company has established a robust financial structure with a significant increase in cash reserves, positioning itself for future growth opportunities[124]. Market Expansion and Product Development - The company has initiated a global expansion strategy, successfully launching the AI dubbing product "DupDub" and the one-stop digital human generation platform "LivGen" in overseas markets[32]. - The company is focused on expanding its AI software solutions and smart device sales, aiming to enhance its market position in the technology sector[82]. - The company is actively investing in R&D, with related payables increasing from RMB 1,402,000 in 2023 to RMB 19,192,000 in 2024, indicating a strategic focus on innovation[128]. - The company is expanding its product offerings to include smart devices integrated with AI modules and IoT technologies[140]. - The company has developed a large model capable of multi-modal generation, including text, images, videos, and voice recognition, enhancing its AIGC solutions[140]. Corporate Governance and Compliance - The group has adopted corporate governance codes post-listing to ensure compliance and enhance accountability, with the roles of chairman and CEO currently held by the same individual[70]. - The audit committee, composed of three independent non-executive directors, has reviewed the consolidated financial statements for the year ended December 31, 2024, confirming their fair presentation[74]. - The company is focused on leveraging international financial reporting standards for transparency and compliance in its financial reporting[143]. Employee and Training Initiatives - The group has implemented a comprehensive approach to employee training, focusing on onboarding, core competency development, and support for key talent development programs[62]. - As of December 31, 2024, the group had approximately 222 full-time employees in mainland China and Hong Kong, with total employee costs amounting to RMB 149.6 million for the year[61].

Investment Rating - The report assigns a "Buy-A" rating for the company, with a target price of HKD 4.68 for the next six months [4][5]. Core Insights - The company, established in 2012, focuses on generative AI and voice interaction, aiming to become a global leader in AI CoPilot solutions. It is recognized as the "first AIGC stock" and has the highest market share in AIGC solutions in China, reaching 9.0% in 2022 [3][8]. - The company is expected to experience rapid revenue growth due to the ongoing AI technology iteration, with projected revenues of HKD 588 million, HKD 764 million, and HKD 965 million for 2024, 2025, and 2026 respectively [4][12]. Summary by Sections 1. Company Overview - The company has developed three main product lines centered around voice interaction technology, including consumer products like the TicWatch series, enterprise solutions, and AIGC solutions for content creators [9][10][21]. - The management team is led by founder Dr. Li Zhifei, who has a strong background in language recognition and natural language processing, supported by a complementary executive team [24][42]. 2. Financial Performance - The company has shown a consistent revenue growth trend from HKD 265 million in 2020 to HKD 507 million in 2023, with a notable increase in the AI enterprise solutions segment [46]. - The adjusted net profit for 2021 was HKD 109 million, marking the company as one of the few profitable AI firms in China [12][30]. 3. Product Development - The company has launched the multimodal large model "Sequence Monkey," which integrates various AI capabilities and is currently in the testing phase with several industry partners [31][68]. - The product matrix includes AI-enabled hardware and software solutions, with a focus on enhancing user experience through advanced voice interaction technology [9][10][73]. 4. Market Position - The company holds a leading position in the AIGC solutions market in China, with a significant share in AI voice technology and natural language processing [8][12]. - The strategic partnerships with major companies like Volkswagen enhance its enterprise solution offerings, expanding its market reach [62][68].