（对话/编辑 刘倩藜） 人工智能正以前所未有的速度改变着各行各业的面貌，进入现实生活中。 今年的世界人工智能大会（WAIC 2025）上，云知声作为国内人工智能领域的佼佼者，首次参加了这场世界级的人工智能盛会。 作为国内AGI技术产业化先行者，云知声此次参展的核心在于分享其十多年的技术产业化成果。具体来看，云知声以"智能体"系统为主轴，围绕"山海大模 型+兽牙智能体平台"架构，提出了通用人工智能场景落地的具体路径，全面展示了其在通用人工智能（AGI）方向上的产品体系、平台能力与场景化落地成 果。 今年，观察者网也来到现场，与云知声董事长梁家恩进行了深入对话。在对话中，梁家恩详细介绍了云知声的技术架构、主要产品与服务，以及其在智慧物 联和智慧医疗两大场景的应用落地情况。也分享了云知声在智慧交通等其他领域的拓展计划以及公司对于AGI技术终极目标的理解。 接下来，让我们一同走进这场精彩的对话，了解云知声如何让技术"越山海"。 观察者网：梁总好，在世界人工智能大会2025现场幸会，云知声在本届大会再次设有展台，此次参展，最核心的标签是什么。 梁家恩：这是云知声港股上市以来的首次WAIC亮相，作为国内AGI技术产业化先 ...

Core Viewpoint - Cloud Voice, a general artificial intelligence "unicorn," successfully listed on the Hong Kong Stock Exchange on June 30, after a tumultuous journey to the capital market, including a failed IPO attempt on the Shanghai Stock Exchange and two unsuccessful applications for the Hong Kong listing [1] Group 1: Company Overview - Cloud Voice issued 1,560,980 shares globally, with the Hong Kong public offering being oversubscribed by 91.66 times, leading to an adjusted sale of 624,400 shares [1] - The company set its IPO price at HKD 205 per share, raising approximately HKD 320 million, ranking 31st among 43 companies newly listed on the Hong Kong Stock Exchange in 2025 [1] - The company’s stock price surged on its debut, reaching a peak of HKD 319.80, a 56% increase, and closing at HKD 296.40, a 44.6% rise from the IPO price [2] Group 2: Investment and Financing - Major cornerstone investors included SenseTime, Runjian Co., and Zhenyi Asset Management, collectively subscribing to 462,860 shares, accounting for nearly 30% of the offering [2] - Prior to the IPO, Cloud Voice completed 10 rounds of equity financing, attracting investments from various institutions totaling approximately CNY 2.436 billion [2] - The company’s valuation reached approximately CNY 8.333 billion (USD 1.929 billion) after the completion of the D3 round of financing in May 2023 [2] Group 3: Financial Performance - The company reported cumulative losses of CNY 1.205 billion from 2022 to 2024, with a projected single-year loss of CNY 454 million in 2024, marking a 21.4% year-on-year increase [8] - Operating cash flow has been negative for three consecutive years, with trade receivables significantly high and turnover days exceeding industry averages [8] - The customer retention rate in the medical services sector dropped from 70.4% in 2022 to 53.3% in 2024, indicating challenges in maintaining client relationships [8] Group 4: Market Position - As of 2024, Cloud Voice ranked fourth in the Chinese AI solutions provider market, with a market share of only 0.6%, highlighting a significant gap compared to the top three competitors [8]

Core Insights - The article emphasizes the role of digital transformation in enhancing grassroots governance in Jiangsu Province, particularly through the "Smart Huai Gao" system, which aims to address issues like resource shortages and information lag in traditional governance [1][6]. Group 1: Digital Transformation in Governance - The "Smart Huai Gao" system is a pilot project in Jiangsu Province that leverages the Yunzhisheng Beast Tooth Intelligent Platform and BPM workflow engine to transition grassroots governance from traditional methods to more efficient and intelligent approaches [1][6]. - The system aims to achieve the governance goal of "more data movement, less running for the masses," thereby improving service delivery and operational efficiency [1]. Group 2: Features of the Smart Huai Gao System - The platform supports core functions such as grid management, data maintenance, personnel management, and workflow processing, utilizing AI algorithms for intelligent task assignment and real-time tracking of work orders [3]. - A BI dashboard serves as the decision-making hub, integrating 18 core indicators related to population distribution, industry dynamics, and public demands, providing comprehensive analytical support through data visualization [3]. Group 3: User Interaction and Service Efficiency - The system employs a "mini-program + governance platform + command center" mechanism, creating a full-chain digital governance system that enhances service accessibility for the public and local officials [4]. - The platform allows grassroots personnel to submit requests in natural language, which are processed within 30 seconds, ensuring efficient online management of work orders [4]. Group 4: Impact and Results - Since the implementation of the system, governance efficiency in Huai Gao Town has significantly improved, with a complete data link established across four administrative levels and full coverage of staff accounts [6]. - Between January and April 2025, the town experienced a 22% year-on-year decrease in petition volume and a 2.33% decline in hotline work orders, indicating enhanced efficiency and satisfaction in handling public requests [6].

Core Insights - The article highlights the significant growth and market position of Yunzhisheng, an AI pioneer that recently went public on the Hong Kong Stock Exchange, with its stock price increasing over 72% and market capitalization exceeding HKD 29 billion [1] Group 1: Company Overview - Yunzhisheng was established in 2012 and has demonstrated a robust growth trajectory, focusing on smart living and intelligent healthcare as dual drivers of its business [1] - The company has expanded its client base from 373 in 2022 to 411 in 2024, achieving a compound annual growth rate of 5%, with 82% of new clients being industry leaders or public welfare projects [5] Group 2: Life AI Sector - In the life AI sector, Yunzhisheng empowers daily life through technology, creating benchmark cases to validate its technological value and achieve scalable applications [2] - The company’s life solutions revenue share increased from 32% to 39%, becoming the second-largest revenue source [5] Group 3: Healthcare AI Sector - In the healthcare AI sector, Yunzhisheng has developed intelligent medical solutions that cover various aspects such as medical record quality control and risk prediction, significantly enhancing the efficiency of traditional medical quality control methods [5] - The company’s smart medical solutions have been deployed in 400 hospitals, with over 700 more in testing phases, maintaining a top-three market share in the electronic medical record segment [7]

Core Viewpoint - CloudWalk Technology has signed a memorandum of understanding with the government of Vanuatu to collaborate on the implementation of artificial intelligence projects, marking a significant step in its international expansion strategy [1][5]. Group 1: Partnership Details - The memorandum was signed by CloudWalk's co-founder and CEO, Huang Wei, and the Vanuatu government representative, Xu Jianjun, with key stakeholders from both sides witnessing the event [3]. - The collaboration is based on prior communications and research conducted by CloudWalk in Vanuatu, leading to progress in technology validation and prototype design [5]. Group 2: Project Focus - The partnership aims to implement AI applications based on large language models and IoT platforms in critical areas such as smart hospitals and smart campuses, enhancing the quality and efficiency of public services in healthcare and education in Vanuatu [5][6]. - Vanuatu has significant needs for infrastructure upgrades in technology, culture, education, and healthcare, which this collaboration seeks to address [5]. Group 3: Strategic Implications - This cooperation aligns with the "Belt and Road" initiative, potentially creating a demonstration effect for CloudWalk's technology in the South Pacific region [5]. - CloudWalk has extensive experience in the industrialization of AI technology and aims to leverage this partnership to expand its international presence and create long-term value in emerging markets [6].

近日，云知声联合创始人&董事长&CTO梁家恩博士正式受聘为广西人工智能战略咨询专家委员会委员。这一荣誉不仅是对他在人工智能领域多年深耕所获 成就的认可，更彰显了云知声在AI技术创新与产业落地领域的领先地位，以及企业助力广西区域发展的责任与担当。 2023年3月，云知声与南宁轨道交通合资成立"广西桂云通科技有限公司"，开启了双方合作的全新篇章；同年10月，基于山海大模型，云知声在南宁东站成 功打造一体化换乘引导系统，极大提升了乘客的出行体验；此后，云知声又与自治区自然资源厅展开合作，利用AI技术助力自然资源调查监测，为守护绿 水青山提供了创新方式。 2025年2月，广西壮族自治区党委常委、南宁市委书记农生文会见云知声董事长梁家恩一行，双方就深化合作展开深入交流；同月，《广西日报》特邀梁家 恩博士进行专访并刊发报道，引发社会各界广泛关注。4月，云知声与南宁市人民政府正式签署"云知声东盟总部项目"合作协议，为双方合作注入新动能；6 月，公司与南宁轨道进一步升级合作，对"轨道・慧生活"小程序进行优化迭代；7月，云知声再拓合作领域，与广西卫健委正式签署战略合作协议，将携手 在医疗健康领域开展更深层次的AI应用探索。 此 ...

Group 1 - The company has signed a memorandum of understanding with the government of Vanuatu for cooperation in artificial intelligence implementation and project deployment [1][3] - The collaboration aims to address the significant demand for infrastructure upgrades and new productivity assistance in technology, culture, education, and healthcare in Vanuatu [3] - This partnership aligns with the "Belt and Road" initiative, potentially serving as a demonstration effect for the company's technology expansion into the South Pacific region [3] Group 2 - The strategic agreement focuses on the deployment of intelligent applications based on AI large language models and IoT platforms, particularly in key areas such as smart hospitals and smart campuses [5] - The memorandum allows for modifications upon mutual written consent and will be implemented in accordance with both parties' domestic and international laws and policies [5] - The cooperation will adhere to international data security standards and the confidentiality mechanisms agreed upon by both parties [5]

Group 1: Hong Kong Stock Market Highlights - Yunfeng Financial (00376) surged over 21% as the company plans to strategically invest in digital currency and AI sectors [1] - China Merchants Securities (06099) opened nearly 15% higher and is currently up over 4% after receiving approval for a virtual asset license [1] - GDS Holdings (09698) rose over 7% as its Southern GDS data center REIT concluded public investor fundraising ahead of schedule [1] - Hillstone Technology (01478) increased nearly 6% with positive earnings expectations, and Citigroup anticipates a favorable market reaction [1] - Sunny Optical Technology (02382) briefly rose over 3% and is currently up over 1% as its lithography equipment successfully entered Shanghai, indicating a shift to mass production [1] - Kintor Pharmaceutical (02171) saw an early gain of over 3% after achieving positive results in the European patent opposition process [1] - Bilibili (09626) rose over 5% as HSBC expressed optimism about its gaming and advertising business, with new games planned for 2025 [1] - Solar stocks experienced a decline, with institutions citing electricity prices affecting the stable profitability of new energy projects [1] Group 2: U.S. Stock Market Highlights - The U.S. nuclear sector saw gains, with NuScale Power (SMR.US) up 12.38% and Oklo Inc (OKLO.US) up 11.29%, following comments from the U.S. Energy Secretary about a nuclear revival [3] - Autodesk (ADSK.US) rebounded 5.05% after a period of decline, expressing confidence in its cloud and AI business strategies [3] - Sonnet BioTherapeutics (SONN.US) surged 86.46% due to a merger announcement, forming a cryptocurrency financial company valued at $888 million [3] - Quantum stocks rose, with D-Wave Quantum (QBTS.US) up 6.89% and Quantum Computing (QUBT.US) up 8.66% [3] - Hims & Hers Health (HIMS.US) increased 8.64% as it plans to enter the Canadian market with a generic drug following the expiration of a patent [4] - Rocket Lab (RKLB.US) rose 10.71% after Citigroup raised its target price, noting a significant increase in global space technology investments [4] - Nvidia-related stocks mostly strengthened as Jensen Huang made his third visit to China this year [5] - Cryptocurrency stocks collectively rose, with Bitcoin surpassing $120,000, driven by upcoming legislative reviews in the U.S. [5] - Tesla (TSLA.US) gained 1.08% amid investor speculation regarding a stake in xAI [5] - Netflix (NFLX.US) rose 1.35% ahead of its upcoming earnings report, with analysts projecting significant revenue growth [6]

Core Viewpoint - The strong stock performance of Yunzhisheng (09678.HK) reflects market recognition of its AGI technology capabilities and commercialization potential since its listing on June 30, 2024 [1][2] Group 1: Stock Performance - Yunzhisheng's stock surged by 23.49% on July 14, closing at 510 HKD, making it the second highest-priced stock in the Hong Kong market [1] - The stock price has increased 1.48 times from its initial offering price of 205 HKD, reaching a peak of 520 HKD within 10 trading days [1] - The top three high-priced stocks in the Hong Kong market are all newly listed since June 2024, with the highest being Laopu Gold at 876 HKD, which has increased 20.82 times from its issue price [1] Group 2: Company Background and Technology - Yunzhisheng, established in 2012, is a pioneer in applying deep learning algorithms to commercial voice recognition and has developed a comprehensive AI technology system [2] - The company’s "Shanhai Model" is recognized globally for its capabilities, particularly in the medical field, and has expanded into multimodal interaction technologies [2] - The company ranks fourth among AI solution providers in China by revenue for 2024 and has the second-fastest growth rate among companies with revenues exceeding 500 million CNY [2] Group 3: Financial Performance - Yunzhisheng's revenues for 2022, 2023, and 2024 were 601 million CNY, 727 million CNY, and 939 million CNY, respectively, with corresponding losses of 375 million CNY, 376 million CNY, and 454 million CNY [3] - The company has attracted significant investment from notable institutions prior to its IPO, including Sequoia Capital and JD.com [3] Group 4: Recent Developments - The company’s V1.0 version of the Beast Tooth Intelligent Platform has successfully passed Huawei's Ascend application development certification, marking a significant technological breakthrough [3][4] - The platform integrates industry models and scenario-based intelligent agents, providing a robust AI foundation for enterprises [4]

Core Insights - Yunzhisheng Intelligent Technology Co., Ltd. (stock code: 09678.HK) has successfully listed on the Hong Kong Stock Exchange, achieving a 60.6% increase from its issue price in the first week, with a total market capitalization exceeding HKD 23.37 billion, marking it as the "first AGI stock in Hong Kong" [1][3]. Group 1: Long-term Strategic Layout - The net fundraising amount from the listing is approximately HKD 206 million, which is considered stable and significant for the company's future [3]. - The funds will primarily be allocated towards research and development, talent cultivation, joint research, and business expansion [3]. - The company aims to optimize its supercomputing platform's scheduling system to enhance AI model training efficiency and explore emerging business opportunities [3]. Group 2: Technological Foundation - Since its establishment in 2012, the company has focused on conversational AI, building a comprehensive technology system that includes large models, multimodal interaction, AI chips, and industry knowledge graphs [6]. - The company launched the Atlas AI computing cluster in 2016 to support large-scale model training and released the 60 billion parameter general-purpose language model "Shanhai Model" in 2023, achieving commercial breakthroughs in fields like medical diagnosis and smart home applications [6]. - The AI voice chips developed by the company have seen a significant increase in shipment volume, from 12.8 million units to 36 million units over the past three years, enhancing terminal adaptability [6]. Group 3: Market Focus - With the listing on the Hong Kong Stock Exchange, the company is expected to accelerate product innovation and market expansion [7]. - The company will continue to deepen its focus on core application scenarios, enhancing its commercial monetization capabilities [7].