中信证券股份有限公司 关于深圳云天励飞技术股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳云 天励飞技术股份有限公司（以下简称"云天励飞"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 21 日-4 月 30 日、5 月 12 日-5 月 15 日对公司 进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计 ...

金融界5月14日消息，上证指数低开高走，中证高新技术企业指数 (中证高新，H30368)报2686.42点。 数据统计显示，中证高新技术企业指数近一个月上涨1.71%，近三个月下跌7.02%，年至今上涨8.25%。 从中证高新技术企业指数持仓的市场板块来看，上海证券交易所占比51.73%、深圳证券交易所占比 48.27%。 从中证高新技术企业指数持仓样本的行业来看，信息技术占比66.43%、医药卫生占比16.31%、通信服 务占比9.86%、工业占比7.40%。 资料显示，指数样本每年调整一次，样本调整实施时间为每年6月的第二个星期五的下一交易日。每次 调整的样本比例一般不超过30%。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施 时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样 本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细 则处理。 据了解，中证高新技术企业指数参考国家颁布的《高新技术企业认定管理办法》，分别从所有高新技术 企业中选取近三年研发费用占营业收入比率最高的50家上市公司证券作为指数样本，并采用该 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

Group 1 - The core viewpoint of the articles highlights the significant impact of the "Artificial Intelligence + Consumption" model in Guangdong, evidenced by the rapid sales of AI products and the government's supportive policies [1][2][6] - The Guangdong government has launched the "Implementation Plan" to boost consumption, focusing on expanding consumer demand across various sectors, particularly in AI applications [2][6] - The AI market is experiencing explosive growth, with products like AI glasses selling out 50,000 units on launch day, showcasing strong consumer interest [2][3] Group 2 - Companies are increasingly integrating AI functionalities into their products, such as AI meeting devices that enhance efficiency in corporate settings, driven by demand from various industries [4] - The AI-powered educational hardware, like the AI learning machine designed for children, is gaining traction, transforming learning experiences by providing interactive knowledge [3][6] - The ongoing implementation of AI in sectors like elderly care, education, healthcare, and government services is expected to create new consumption hotspots and economic growth opportunities [6]

Core Viewpoint - Cloud AI company Yuntian Lifei (688343.SH) has been unable to achieve profitability, accumulating losses exceeding 2.9 billion yuan since 2017, with a significant increase in losses attributed to rising share-based payment expenses and R&D investments [1][2][3]. Financial Performance - In 2024, Yuntian Lifei reported revenue of 917 million yuan, an increase of 81.3% year-on-year, but the net profit attributable to shareholders was -579 million yuan, indicating an expanded loss [2]. - The company has experienced continuous losses for eight years, with total losses surpassing 2.9 billion yuan since 2017 [2][3]. - R&D expenses have risen significantly, from 43.56 million yuan in 2017 to 400 million yuan in 2024, accounting for 44% of total revenue [3]. Business Segments - Yuntian Lifei's revenue is derived from three main segments: consumer, enterprise, and industry-level applications [7]. - The consumer segment, which includes wearable devices and smart hardware, generated 404 million yuan in revenue in 2024, accounting for 44% of total revenue [7]. - The enterprise segment's revenue was 248.6 million yuan, with a gross margin of 40.19%, down 47.13 percentage points year-on-year [9][10]. - The industry segment saw revenue decline to 254 million yuan, with a gross margin of 15.43%, down 19.61 percentage points year-on-year [10]. Market Position and Competition - The AI industry is becoming increasingly competitive, with major players like Microsoft, OpenAI, and Baidu actively entering the consumer market [7][8]. - Yuntian Lifei's consumer segment faces challenges due to low gross margins of 11.19% in a mature and competitive market [8]. Future Outlook - The company is planning an "A+H" share listing to enhance its competitive edge and brand image, although its IPO fundraising projects have faced delays [12][13]. - The expected completion date for three fundraising projects has been postponed from December 2024 to June 2026 due to unforeseen market changes [13].

Core Insights - Company reported a revenue of over 900 million yuan for 2024, marking an 81.3% year-on-year increase [1] - In Q1 2025, revenue reached 264 million yuan, a significant increase of 168.23% year-on-year, achieving a historical high for the same period [1] - The net loss for the company narrowed by 37.9% year-on-year, indicating improved financial performance [1] Business Segments - The company is positioned as an edge AI enterprise with two main technology platforms: large models and AI chips, catering to consumer, enterprise, and industry-level applications [2] - In the consumer segment, the company successfully entered the supply chains of major brands, with over 30 million units shipped in 2024 [2] - The company launched AI educational hardware for children and collaborated on the first domestically produced AI glasses [2] - In the enterprise segment, the company provides computing power solutions using self-developed AI chips, which are adaptable to various scenarios [2][4] - The company signed an agreement to provide AI training and inference services with a total computing power of approximately 4000 PFLOPS, expected to contribute around 1.6 billion yuan in revenue over three years [3] Future Outlook - The company anticipates explosive growth in the smart hardware sector and increasing demand for inference computing power as AI technology scales [4] - The self-developed AI chips are designed to support large models efficiently and are integrated with various operating systems and hardware [4][6] - The company aims to enhance its core technology platform for algorithm chip integration, focusing on standardization and large-scale application of AI by 2025 [5][6]

证券代码：688343 证券简称：云天励飞 公告编号：2025-020 深圳云天励飞技术股份有限公司 第二届监事会第十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年度监事会工作报告>的议案》 经审议，监事会同意《2024 年度监事会工作报告》的内容。 表决结果：3 票赞成，0 票反对，0 票弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过《关于公司<2024 年年度报告>及其摘要的议案》 经审核，监事会认为：公司《2024 年年度报告》及其摘要的编制和审议程 序符合相关法律、法规及《公司章程》等公司规章制度的规定；报告内容真实、 准确、完整地反映了公司的实际情况。监事会全体成员保证公司《2024 年年度 报告》及其摘要披露的信息真实、准确、完整，不存在任何虚假记载、误导性 陈述或重大遗漏。 表决结果：3 票赞成，0 票反对，0 票弃权。 一、监事会会议召开情况 深圳云天励飞技术股份有限公司（以下简称"公司"）第二届监事会第十 二次会议 ...

证券代码：688343 证券简称：云天励飞 公告编号：2025-019 深圳云天励飞技术股份有限公司 第二届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 深圳云天励飞技术股份有限公司（以下简称"公司"）第二届董事会第十 四次会议于 2025 年 4 月 25 日在公司会议室以现场和通讯相结合的方式召开。 本次会议由董事长陈宁先生主持，会议应出席董事 7 名，实际出席董事 7 名。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》（以下简称 "《公司法》"）等法律、行政法规、规范性文件以及《深圳云天励飞技术股 份有限公司章程》（以下简称"《公司章程》"）的规定，作出的决议合法、 有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2024 年度董事会工作报告>的议案》 经审议，董事会同意《2024 年度董事会工作报告》的内容。 表决结果：7 票赞成，0 票反对，0 票弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过《关于公司<2024 年度总经理工 ...

证券代码：688343 证券简称：云天励飞 公告编号：2025-023 深圳云天励飞技术股份有限公司 关于 2024 年年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、利润分配方案的内容 经天职国际会计师事务所（特殊普通合伙）审计，2024 年度公司归属于母 公司所有者的净利润为-57,904.70 万元（合并报表）；截至 2024 年 12 月 31 日， 母公司累计未分配利润为-161,493.61 万元。根据《中华人民共和国公司法》 （以下简称"《公司法》"）等法律、法规、规范性文件以及《深圳云天励飞 技术股份有限公司章程》（以下简称"《公司章程》"）的相关规定，因公司 累计未分配利润为负，尚不满足利润分配条件，为保障和满足公司正常经营和 可持续发展需要，公司拟定的 2024 年度利润分配方案为：不派发现金红利、不 送红股、不以资本公积金转增股本。 （二）是否可能触及其他风险警示情形 1 深圳云天励飞技术股份有限公司（以下简称"公司"）2024 年度利润分配 方案为：不派发现 ...

关于深圳云天励飞技术股份有限公司 2024 年 度 营 的专项核查意见 天 职 业 字 [2025]21508-2 号 录 目 关于深圳云天励飞技术股份有限公司 2024 年度营业收入扣除情况的专项核查意见———1 深圳云天励飞技术股份有限公司 2024年度营业收入扣除情况表— 3 您可使用手机"扫一扣"或近入"注册会计师行业统一流管平台（http://acc.mof.gov.cn）"进行查验 报告编矿:京250MYN4TAZ 关于深圳云天励飞技术股份有限公司 2024年度营业收入扣除情况的专项核查意见 天职业字[2025]21508-2 号 深圳云天励飞技术股份有限公司全体股东: 我们接受深圳云天励飞技术股份有限公司(以下简称"云天励飞")委托,在审计了云 天励飞 2024 年 12 月 31 日的合并及母公司资产负债表,2024 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表以及财务报表附注的基础上,对后 附的由云天励飞管理层编制的《2024 年度营业收入扣除情况表》（以下简称扣除情况表） 进行了专项核查。 一、管理层的责任 根据《上海证券交易所科创板股票上市规则》(以下简 ...