云天励飞-U9月22日大宗交易平台共发生6笔成交，合计成交量67.80万股，成交金额4628.03万元。成交 价格均为68.26元，相对今日收盘价折价24.59%。从参与大宗交易营业部来看，机构专用席位共出现在2 笔成交的买方或卖方营业部中，合计成交金额为2218.45万元，净买入2218.45万元。 进一步统计，近3个月内该股累计发生57笔大宗交易，合计成交金额为2.45亿元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计显示，云天励飞-U今日收盘价为90.52元，上涨6.09%，日换手率为8.43%，成交额 为19.85亿元，全天主力资金净流出3583.84万元，近5日该股累计上涨3.20%，近5日资金合计净流出4.03 亿元。 （文章来源：证券时报网） 两融数据显示，该股最新融资余额为16.97亿元，近5日增加4215.21万元，增幅为2.55%。（数据宝） 9月22日云天励飞-U大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第4笔成交价格为68.26元，成交10.30万股，成交金额703.08万元，溢价率为-24.59%，买方营业部为华 泰证券股份有限公司总部，卖方营业部为第一创业证券股份有限公司深圳金田路证券营业部。 第5笔成交价格为68.26元，成交8.00万股，成交金额546.08万元，溢价率为-24.59%，买方营业部为国泰 海通证券股份有限公司总部，卖方营业部为第一创业证券股份有限公司深圳金田路证券营业部。 第6笔成交价格为68.26元，成交13.00万股，成交金额887.38万元，溢价率为-24.59%，买方营业部为广 发证券股份有限公司杭州博奥路证券营业部，卖方营业部为第一创业证券股份有限公司深圳金田路证券 营业部。 进一步统计，近3个月内该股累计发生57笔大宗交易，合计成交金额为2.45亿元。该股近5个交易日累计 上涨3.20%，主力资金合计净流出3.73亿元。 责任编辑：小浪快报 9月22日，云天励飞收涨6.09%，收盘价为90.52元，发生6笔大宗交易，合计成交量67.8万股，成交金额 4628.03万元。 第1笔成交价格为68.26元 ...

| 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-22 | 云天励飞 | 688343 | 68.26 | 1535.85 | 22.5 | 机构专用 | 有限公司 201 | 잡 | | 2025-09-22 | 云天励飞 | 688343 | 68.26 | 887.38 | 13 | 外部連載國家 | 發展公司 201 | KI | | 2025-09-22 | 云天励飞 | 688343 | 68.26 | 703.08 | 10.3 | 华泰安委服份有限 | 我的公司是到金留 | Ka | | 2025-09-22 | 云天励飞 | 688343 | 68.26 | 682.6 | 10 | 机构专用 | 蛋白公司等到金品 | 잡 | | 2025-09-22 | 云天励飞 | 688343 | 68.26 | 546.08 | 8 | Horse Extend | 有 ...

Core Viewpoint - The company is experiencing significant growth opportunities in edge AI due to advancements in large model intelligence and lightweight technology, prompting hardware companies to enter the market [1] Group 1: Business Strategy and Product Development - The company has adjusted its business strategy since last year to promote edge AI across consumer, enterprise, and industry scenarios [1] - The company plans to launch an AI learning machine equipped with the "YunTianTianShu" multimodal large model by the end of 2024, with over 70,000 units shipped across all channels to date [1] - The company is preparing to launch the AI plush toy "LuKa Doctor" by the end of 2025, aimed at providing digital companionship for children [1] Group 2: Financial Performance - In the first half of the year, the company achieved revenue of 646 million yuan, a year-on-year increase of 123.10%, while narrowing its net loss to 206 million yuan, a 33.51% increase in loss [2] - The increase in revenue is attributed to higher sales in consumer and enterprise scenarios, while the narrowing loss is due to increased revenue and gross margin, with a gross margin of 28.5%, up 12.8 percentage points year-on-year [2] Group 3: Marketing and Sales Expenses - The company's sales expenses have significantly increased, with promotional expenses rising from 6.86 million yuan in mid-2023 to 23.30 million yuan in the first half of 2024, more than doubling [3] - The company is actively engaging in marketing efforts to support its sales strategy, despite investor concerns regarding high sales expense ratios [3] Group 4: Technological Advancements - The company has developed the Deep Edge 10 chip series, a high-performance SoC chip that supports various mainstream models and is being commercialized in robotics and edge gateway applications [3] - The company is also developing the next-generation "brain" chip series, DeepXBot, to enhance perception, cognition, decision-making, and control tasks in humanoid robots [3] - The company ranks among the top three providers of AI inference chip products and services in the industry, and is the second in China for NPU-driven AI inference chips [4] Group 5: Application and Market Expansion - The company has successfully adapted its YunTianTianShu large model training and inference machine for various applications, including government cloud platforms [5] - The company is developing multiple chips to cater to diverse application scenarios, including the DeepVerse chip series designed for large model inference applications [5] - The company is building a "robot brain" computing platform, DeepXBot, integrating high-performance NPU cores to support various algorithms [5] Group 6: Future Developments - The company is working on the fifth-generation Nova500 chip, which features significant technological breakthroughs and supports compatibility with most AI large model architectures [6]

2023年4月4日，云天励飞在上交所科创板上市，公开发行股份8,878.3430万股，占发行后总股本比例25.00%，发行价格为43.92元/股。上市首日，云天励飞 盘中创下最高价127.00元。 云天励飞的保荐机构（主承销商）为中信证券，保荐代表人为张迪、秦国安；联席主承销商为中信建投（601066）证券；副主承销商为广发证券。 云天励飞募集资金总额389,936.82万元；扣除发行费用后，募集资金净额为358,353.77万元。公司最终募集资金净额比原计划多58353.77万元。云天励飞于 2023年3月30日发布的招股说明书显示，公司拟募集资金300,000.00万元，分别用于城市AI计算中枢及智慧应用研发项目、面向场景的下一代AI技术研发项 目、基于神经网络处理器的视觉计算AI芯片项目、补充流动资金项目。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 645.787.334.97 | 289,462,659.77 | 123.10 | | 利润总额 | -204,809,579. ...

Group 1 - The stock price of Yuntian Lifei (688343) closed at 85.32 yuan on September 19, 2025, down 5.55% from the previous week [1] - The company's total market capitalization is 30.615 billion yuan, ranking 12th out of 118 in the IT services sector and 613th out of 5,153 in the A-share market [1] Group 2 - On September 18, Yuntian Lifei executed a block trade at a discount of 20.67%, totaling 19.81 million yuan [2] - The company reported a revenue of 64,578.73 million yuan for the first half of 2025, representing a year-on-year increase of 123.10% [2][3] - The net loss for the company narrowed to -20,593.82 million yuan, with a significant improvement in net cash flow from operating activities amounting to 3,953.27 million yuan [2][3] - Research and development expenses reached 20,253.64 million yuan, accounting for 31.36% of total revenue [2][3]

Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "buy" rating to Yuntian Lifei (688343.SH) based on strong revenue growth driven by AI toys and AI computing services [1] - The report highlights that the DeepEdge 10 edge-side domestic computing chip fully supports the DS model, with new chip series development underway [1]

Group 1 - The core point of the article highlights a significant block trade of 280,000 shares of Yuntian Lifei-U on September 18, with a transaction value of 19.81 million yuan and a transaction price of 70.75 yuan, representing a discount of 20.67% compared to the closing price of the day [2] - In the last three months, Yuntian Lifei-U has recorded a total of 51 block trades, amounting to a cumulative transaction value of 199 million yuan [2] - On the same day, Yuntian Lifei-U closed at 89.18 yuan, with a daily increase of 0.84% and a turnover rate of 10.88%, while the total trading volume reached 2.633 billion yuan [2] Group 2 - The net outflow of main funds for Yuntian Lifei-U on that day was 16.22 million yuan, and over the past five days, the stock has increased by 2.01% with a total net outflow of 134 million yuan [2] - The latest margin financing balance for Yuntian Lifei-U is 1.761 billion yuan, which has increased by 259 million yuan over the past five days, reflecting a growth rate of 17.26% [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9] Core Views - The company reported better-than-expected revenue in the first half of 2025, with a revenue of 646 million yuan, representing a year-on-year increase of 123.10% [3] - The gross margin improved to 28.53%, up by 12.77 percentage points year-on-year, while the net profit attributable to shareholders was a loss of 206 million yuan, reducing the loss by 104 million yuan year-on-year [3] - The growth in revenue was primarily driven by AI toys and computing power services, with significant contributions from consumer and enterprise-level business segments [4] Company Overview - The latest closing price of the stock is 88.44 yuan, with a total market capitalization of 31.7 billion yuan [2] - The company has a total share capital of 359 million shares, with 264 million shares in circulation [2] - The asset-liability ratio stands at 19.8% [2] Financial Performance - For the second quarter of 2025, the company achieved a revenue of 382 million yuan, reflecting a year-on-year growth of 99.84% [3] - The company’s revenue is projected to grow significantly over the next few years, with forecasts of 1.352 billion yuan, 1.798 billion yuan, and 2.265 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 47.33%, 33.01%, and 25.98% [7][11] - The net profit attributable to shareholders is expected to improve from a loss of 322 million yuan in 2025 to a profit of 52 million yuan by 2027 [7][11] Business Segments - The company’s revenue is derived from three main business segments: consumer-level, enterprise-level, and industry-level applications, with respective revenues of 269 million yuan, 298 million yuan, and 76 million yuan in the first half of 2025 [4] - The consumer segment includes AI-native products and AI-enabled products, with significant sales of AI toys [4] - The enterprise segment focuses on providing AI training and inference computing power services, with ongoing collaborations with well-known companies in various sectors [4][5]

Core Viewpoint - The company reported its 2025 half-year results, exceeding revenue expectations with significant growth in both revenue and gross margin, while still facing net losses [1]. Financial Performance - For the first half of 2025, the company achieved revenue of 646 million, a year-on-year increase of 123.10%, with a gross margin of 28.53%, up by 12.77 percentage points [1]. - In Q2 2025, revenue reached 382 million, reflecting a year-on-year growth of 99.84%, with a gross margin of 27.88%, an increase of 12.6 percentage points [1]. - The net profit attributable to shareholders was -206 million, a reduction in loss by 104 million year-on-year, while the non-recurring net profit was -235 million, reducing loss by 111 million year-on-year [1]. Revenue Breakdown by Business Segment - The company's revenue is primarily derived from enterprise-level, consumer-level, and industry-level business segments, with H1 2025 revenues of 269 million, 298 million, and 76 million respectively [2]. - Consumer-level products include various AI-native and AI-enabled products, with over 70,000 units shipped by the time of the mid-year report, and new AI pet products expected to launch in Q3 2025 [2]. - Enterprise-level offerings include a range of products such as neural network processors, AI inference chips, and edge computing boxes, providing AI training and inference services to clients [2]. Industry Solutions - The company provides integrated hardware and software solutions for system integrators and public service scenarios, focusing on project quality and economic benefits to enhance revenue and profit quality in the industry [3]. Product Development - The DeepEdge10 chip platform fully supports the DeepSeek model series, with successful deployment in a city in South China for government applications [4]. - The company is developing multiple chip models to cater to diverse application scenarios, including the DeepVerse and DeepXBot series [4]. Profit Forecast and Investment Recommendation - Revenue projections for 2025-2027 are 1.352 billion, 1.798 billion, and 2.265 billion, with year-on-year growth rates of 47.33%, 33.01%, and 25.98% respectively [5]. - The net profit attributable to shareholders is forecasted to be -322 million, -171 million, and 52 million, with year-on-year growth rates of 44.31%, 47.01%, and 130.52% respectively [5]. - The company is initiating coverage with an "overweight" rating [5].