7月30日，截至港股收盘，恒生指数下跌1.36%，报25176.93点。出门问问（02438.HK）收报0.77港元/ 股，上涨63.83%，成交量2.19亿股，成交额1.42亿港元，振幅74.47%。 最近一个月来，出门问问累计涨幅20.51%，今年来累计跌幅28.79%，跑输恒生指数27.24%的涨幅。 财务数据显示，截至2024年12月31日，出门问问实现营业总收入3.9亿元，同比减少23.02%；归母净利 润-7.21亿元，同比增长10.11%；毛利率52.11%，资产负债率42.07%。 行业估值方面，软件服务行业市盈率（TTM）平均值为-10.83倍，行业中值-2.74倍。出门问问市盈 率-0.93倍，行业排名第143位；其他京投交通科技（01522.HK）为4.13倍、黄河实业（00318.HK）为 5.21倍、禅游科技（02660.HK）为5.58倍、自动系统（00771.HK）为5.75倍、驴迹科技（01745.HK）为 5.76倍。 资料显示，出门问问有限公司成立于2012年,是一家以生成式AI和语音交互为核心的人工智能公司,为全 球多个国家和地区提供AI智能硬件、AI政企服务,以及面向创 ...

港股出门问问(02438.HK)午后持续上涨，现涨近60%。 ...

出门问问(02438)午后飙升逾40%，截至发稿，涨31.91%，报0.62港元，成交额5150.91万港元。 消息面上，出门问问近日携最新Agentic AI智能硬件TicNote、AIGC产品矩阵亮相2025世界人工智能大 会(WAIC2025)，并推出以TicNote赋能的《听见胡同》AI艺术展。TicNote是出门问问发布的新一代 Agentic AI软硬结合的产品，通过内置"Shadow AI"为用户构建"有记忆的AI记录+主动洞察+主动分析 +陪伴创作"的路径，适用于会议、电话沟通、路演、企业调研、商务会议、学术讲座、医生问诊、课 堂学习、采访沟通等场景。 值得注意的是，截至7月15日，TicNote的全球销量已突破万台，在国内居天猫、京东相关品类排行榜前 二名，国内部分区域已断货。据悉，TicNote最先在海外发布，其海外版本自2025年4月16日推出后，已 获得媒体及用户的广泛认可。今年6月，TicNote国内版本发布。 ...

Core Viewpoint - Outermost Question (02438) experienced a significant stock price increase of over 40%, currently trading at 0.62 HKD with a transaction volume of 51.51 million HKD, following the launch of its latest Agentic AI hardware, TicNote, at the 2025 World Artificial Intelligence Conference (WAIC 2025) [1] Company Developments - Outermost Question showcased its new Agentic AI hardware, TicNote, and an AIGC product matrix at WAIC 2025, along with the AI art exhibition "Hearing the Hutong" powered by TicNote [1] - TicNote is designed to integrate "Shadow AI" to provide users with a "memory-enabled AI recording + proactive insights + proactive analysis + creative companionship" experience, applicable in various scenarios such as meetings, phone communications, roadshows, corporate research, business meetings, academic lectures, medical consultations, classroom learning, and interviews [1] Sales Performance - As of July 15, TicNote's global sales have surpassed 10,000 units, ranking among the top two in relevant categories on Tmall and JD.com in China, with some domestic regions experiencing stock shortages [1] - The overseas version of TicNote was first launched on April 16, 2025, and has received widespread recognition from media and users, while the domestic version was released in June this year [1]

Core Viewpoint - The company, Out of the Question (02438), has seen a significant stock price increase of 10.64% on July 30, reaching HKD 0.52 per share, with a trading volume of HKD 13.33 million [1]. Company Overview - Out of the Question Limited is an artificial intelligence company focused on generative AI and voice interaction, serving content creators, enterprises, and consumers [1]. - The company's main business includes AIGC products, AI government and enterprise services, and AIoT smart hardware [1]. - The company is set to be listed on the Hong Kong Stock Exchange in April 2024 under the stock code 02438.HK [1]. - It has developed leading large model technology capabilities and product matrix, aiming to become a global leader in AICoPilot [1]. Financial Performance - As of the 2024 annual report, the company reported total revenue of HKD 390 million and a net loss of HKD 721 million [2].

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Core Insights - The rapid development of AI models has significantly impacted the smart hardware market, with companies like Outermost Question (02438.HK) launching new products like TicNote after a seven-year hiatus in hardware releases [1][3] - The competition in AI hardware has intensified, with various players including traditional tech giants, hardware manufacturers, internet companies, and startups entering the market [1] - Outermost Question's CEO, Li Zhifei, emphasizes the need to avoid direct competition with smartphone manufacturers, citing their superior supply chain and R&D capabilities [1][8] Company Strategy - TicNote features the self-developed AI Agent, Shadow AI, which supports various functions such as transcription and mind mapping, targeting multiple use cases like meetings and education [3][4] - The product was launched overseas in April and in the domestic market in June, primarily using a subscription model for revenue generation [3][4] - Li Zhifei expresses a strategic shift, focusing on long-term goals rather than immediate sales targets, indicating confidence in the domestic market despite initial hesitations [3][4] Market Positioning - The company aims to carve out a niche by developing hardware that does not directly compete with smartphones, which are seen as the primary competitors in the smart hardware space [1][8] - Li Zhifei believes that smaller, less competitive hardware segments can provide opportunities for growth without the overwhelming pressure from larger manufacturers [8] - The strategy is to focus on mature technology for hardware development, avoiding complex areas like VR/AR that require extensive R&D [4][8]

Group 1 - In 2024, a total of 70 companies went public on the Hong Kong Stock Exchange, raising a total of HKD 878.15 billion, representing a nearly 90% year-on-year increase [2] - Midea Group achieved the largest IPO on the Hong Kong Stock Exchange since 2021, raising HKD 356.67 billion [2] - The Hong Kong Stock Exchange regained its position as the fourth largest IPO market globally [2] Group 2 - As of May 15, 2025, 36 out of the 70 new stocks listed on the Hong Kong Stock Exchange have experienced a decline in value, with an average drop of 43.23% since their listing [3] - The top 10 companies with the largest declines include Out the Door (02438.HK) and Dida Chuxing (02559.HK), with Out the Door's stock price dropping over 90% [3] Group 3 - Out the Door, established in 2012, is recognized as the "first AIGC stock in Hong Kong" and was once a favored investment due to its achievements in AI and voice interaction [4] - The company reported a revenue growth slowdown to 1.49% in 2023 and a 23.02% decrease in 2024, alongside four consecutive years of losses [4] - As of May 16, 2025, Out the Door's market capitalization has fallen to HKD 550 million, down from a pre-IPO valuation of USD 250 million [4] Group 4 - The primary cause of Out the Door's losses is attributed to changes in the book value of redeemable preferred shares and common stock, along with a significant revenue drop due to the termination of a major client relationship [5] - The company is shifting its focus towards sustainable growth in pure software AIGC products, moving away from traditional AI project revenues [5]

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].