规则刚刚推出一个多月，人工智能企业又掀起了新一轮赴港上市热潮。 最近一波赴港上市的人工智能企业，主要来自生成式AI领域。近日，云知声通过港交所聆讯，或将成为年内又一家登 陆港股的AI企业。第一财经统计发现，在港交所排队候审的AI企业，就包括卧安机器人、群核科技等20余家，较往年 同期激增。 稍早前，已有大批人工智能企业在港上市。第一财经初步统计，2023年以来，已上市AI企业已有20家，总市值已突破 2800亿港元。安永数据显示，香港上半年IPO募资额同比暴涨711%，其中不少新上市公司来自科技行业。 这场上市热潮背后，是港交所特专科技上市新规的持续松绑。允许部分领域未盈利企业上市，并推出"科企专线"提升 审核效率。但繁荣背后暗藏隐忧。公开数据显示，目前约有75%港股上市AI企业仍深陷亏损。多家企业研发投入持续 增加，账面资金已"捉襟见肘"。 AI企业集体赴港 生成式AI的爆发，推动一大波AI企业赴港上市。近日，AI解决方案提供商云知声通过港交所聆讯，该公司由中金公司 和海通国际联席保荐人。 从市场表现看，这批AI上市公司整体表现亮眼。截至6月17日，地平线机器人-W（09660.HK）以906.86亿港元市 ...

Financial Performance - In 2024, the company achieved a revenue growth of 82.0% year-on-year, reaching RMB 122.31 million, with a gross profit of RMB 54.01 million[14]. - Revenue for the year ended December 31, 2024, was RMB 122,311,000, an increase of 82.01% compared to RMB 67,200,000 in 2023[23]. - The total loss and comprehensive expenses for the year decreased by 44.69% to RMB (198,610,000) from RMB (359,116,000) in the previous year[23]. - Adjusted net loss for the year, excluding certain impacts, was RMB (161,959,000), representing an increase of 8.68% from RMB (149,027,000) in 2023[23]. - The loss for the year ended December 31, 2024, was RMB 198.61 million, compared to a loss of RMB 359.12 million for the year ended December 31, 2023[70]. - Adjusted net loss (non-IFRS measure) for 2024 was RMB 161.96 million, compared to RMB 149.03 million in 2023[83]. - Total loss and comprehensive expenses for 2024 were RMB 198.61 million, improved from RMB 359.12 million in 2023[83]. Product Development and R&D - Research and development investment reached RMB 119 million in 2024, a year-on-year increase of 31.6%, with the R&D team expanding to 120 members, over 20% of whom hold master's or doctoral degrees[11]. - The company is developing new indications for its core product, including a software for assessing cognitive abilities in depression, expected to receive approval in 2025[10]. - The company has a diverse product pipeline, with six candidate products in preclinical and clinical stages addressing unmet needs in various fields, including ADHD and depression[10][22]. - Clinical trials for several products are scheduled to commence in 2025, with data analysis expected to be completed by the second quarter of 2025[29]. - The company is focusing on developing tailored solutions for cognitive impairment using advanced technology[25]. - The anticipated commercialization timeline for certain products extends to 2028, indicating a long-term strategy in product development[29]. - The company is developing a new software for ADHD assessment and treatment, with two main components: a task-based cognitive assessment system and a problem-based digital assessment system[48]. - The cognitive impairment assessment and treatment software is being developed for international markets, with CE mark approval obtained for the treatment software in the EU, expected to commercialize in 2026[49]. Market Expansion and Strategy - The company plans to deepen market penetration of core products, accelerate commercialization of new indications, and enhance patient accessibility in 2025[15]. - The company aims to expand globally by advancing product registrations in Europe and the U.S. and exploring collaboration opportunities in the Middle East and Southeast Asia[16]. - The company is actively expanding its product offerings to address a wide range of cognitive disorders, including those related to vascular diseases and neurodegenerative conditions[26]. - The company aims to strategically seek acquisition opportunities to enhance its market position and global influence[52]. Clinical Trials and Approvals - The company has initiated three clinical trials in 2024 to evaluate the system's safety and efficacy for cognitive impairment caused by various vascular diseases, with data collection and analysis expected to be completed by 2025[36]. - The company plans to commence clinical trials for anxiety disorders in 2025 to enhance the system's application for cognitive impairment caused by depression[36]. - The Basic Cognitive Ability Test software (BCAT) received regulatory approval in October 2022, with full commercialization expected in the first half of 2025[41]. - The Cognitive Ability Screening Assessment software (SAS) was approved in December 2022, with full commercialization also anticipated in the first half of 2025[42]. - The Reading Disability Screening Assessment software (DSS) received its regulatory approval in September 2023, aimed at improving the assessment of developmental reading disability risks in children[43]. - The company has four additional products that have received regulatory approval, including BCAT, SAS, and DSS[39]. Financial Position and Assets - Current assets as of December 31, 2024, amounted to RMB 548.13 million, with cash and cash equivalents at RMB 413.38 million, an increase of RMB 141.56 million from RMB 271.82 million as of December 31, 2023[73]. - Current liabilities as of December 31, 2024, totaled RMB 782.01 million, including trade and other payables of RMB 56.09 million and prepayments from cornerstone investors of RMB 320.97 million[73]. - The capital debt ratio as of December 31, 2024, was not applicable, consistent with 2023[99]. - The company plans to fund its capital expenditures through operating cash flow, net proceeds from global offerings, and bank borrowings[94]. Shareholding and Governance - As of December 31, 2024, the company’s directors hold a total of 401,701,000 shares, representing approximately 31.72% of the company[151]. - The largest shareholder, Mr. Tan, holds 275,468,000 shares (21.75%) through controlled entities and has voting rights over an additional 99,104,000 shares (7.83%)[151]. - The shareholding structure indicates significant control by major shareholders, with ZTan Limited and Dr. Wang collectively holding over 36%[156][158]. - The company has established a trust for managing pre-IPO share incentive plans, indicating strategic planning for shareholder engagement[161]. Environmental and Social Responsibility - The company is committed to environmental sustainability and regularly reviews its environmental policies[106]. - The company is committed to maintaining effective communication and good relationships with key stakeholders, including employees, customers, and suppliers[117].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 122,311,000, representing an increase of 82.01% compared to RMB 67,200,000 in 2023[4] - Total comprehensive loss for the year decreased to RMB (198,610,000), a reduction of 44.69% from RMB (359,116,000) in the previous year[4] - Adjusted net loss for the year was RMB (161,959,000), an increase of 8.68% compared to RMB (149,027,000) in 2023[4] - Gross profit for the year was RMB 54,013,000, up from RMB 32,064,000 in 2023, indicating a significant improvement in profitability[5] - The company reported a basic loss per share of RMB (0.22) for 2024, compared to RMB (0.62) in 2023, indicating improved performance[5] - The pre-tax loss for the year ended December 31, 2024, was RMB 198,558,000, a significant improvement from the pre-tax loss of RMB 359,116,000 for the year ended December 31, 2023, representing a reduction of approximately 44.7%[23] - The tax expense calculated at the statutory rate of 25% for the year ended December 31, 2024, was RMB 49,640,000, down from RMB 89,779,000 in 2023, indicating a decrease of about 44.8%[23] - The loss for the year ended December 31, 2024, was RMB 198.61 million, compared to a loss of RMB 359.12 million for the year ended December 31, 2023[108] Revenue Sources - Revenue from integrated software solutions in hospitals increased to RMB 79,316 thousand, up 92% from RMB 41,224 thousand in the previous year[15] - Revenue from external hospital integrated software solutions rose to RMB 26,789 thousand, a substantial increase of 368% from RMB 5,723 thousand[15] - The company recognized a total income of RMB 31,303 thousand from Customer A for the year ended December 31, 2024, compared to RMB 26,821 thousand in 2023[18] Expenses and Costs - Research and development expenses increased to RMB (119,424,000) from RMB (90,733,000) in the previous year, reflecting ongoing investment in innovation[5] - Total financial costs for the year ended December 31, 2024, amounted to RMB 22,025 thousand, an increase of 9% from RMB 20,216 thousand in 2023[20] - Selling and distribution expenses increased from RMB 38.40 million for the year ended December 31, 2023, to RMB 48.02 million for the year ended December 31, 2024, an increase of 25.05%[102] - Administrative expenses rose from RMB 54.40 million for the year ended December 31, 2023, to RMB 59.93 million for the year ended December 31, 2024, an increase of 10.17%[104] - R&D expenses increased from RMB 90.73 million for the year ended December 31, 2023, to RMB 119.42 million for the year ended December 31, 2024, an increase of 31.62%[105] Assets and Liabilities - Cash and cash equivalents at year-end were RMB 343,882,000, a substantial increase from RMB 57,577,000 in 2023[6] - The total liabilities increased to RMB 782,007,000 in 2024 from RMB 392,844,000 in 2023, primarily due to increased operational activities[6] - Trade receivables increased significantly to RMB 105,312,000 as of December 31, 2024, compared to RMB 50,740,000 in 2023, reflecting a growth of 107.5%[36] - The company reported a total of RMB 138,250,000 in trade and other receivables as of December 31, 2024, up from RMB 78,062,000 in 2023, indicating a year-over-year increase of 77.1%[36] - The company’s total assets, including property, plant, and equipment, reached RMB 60,186,000 by December 31, 2024, up from RMB 43,469,000 in 2023, indicating a growth of 38.2%[31] Cash Flow and Financing - The company secured two new bank loans of RMB 10,000,000 and RMB 4,072,000 in 2024, with fixed interest rates of 5.00% and 3.00%, respectively[54] - The company has a long-term bond with a total subscription amount of RMB 300 million, with an annual nominal interest rate of 6%[42] - The company must comply with financial covenants related to its long-term bonds, including investment thresholds of RMB 50 million, RMB 100 million, and RMB 360 million over the first three years[45] Strategic Initiatives - The company plans to continue expanding its digital therapy solutions in China, focusing on cognitive impairment treatments[9] - The company is focused on transforming brain science research into digital therapy products to benefit cognitive disorder patients[71] - The company plans to expand its international footprint and seek strategic acquisition opportunities to enhance global influence[94] Clinical Trials and Product Development - Clinical trials for interventions related to hypertension-induced cognitive impairment are scheduled to complete data analysis by Q2 2025, with commercialization expected in 2026[76] - The company has ongoing clinical trials for Alzheimer's disease interventions, with a milestone achieved in June 2020[76] - The product pipeline includes assessments and interventions for schizophrenia and depression, with commercial launch anticipated in 2026[76] - The company plans to initiate clinical trials for attention deficit hyperactivity disorder (ADHD) and substance addiction interventions by Q2 2025[77] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions since its expected listing date on January 8, 2025[128] - The audit committee has reviewed the annual financial performance and found it compliant with relevant accounting standards[137] Shareholder Information - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024[140] - The company issued 1,266,278,000 shares at an offering price of HKD 3.22 per share on January 8, 2025[139]