证券代码：688343 证券简称：云天励飞 公告编号：2025-061 深圳云天励飞技术股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性 股票激励计划首次授予激励对象名单的核查意见及 公示情况说明 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。 深圳云天励飞技术股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第二届董事会第十八次会议，审议通过了《关于<深圳云天励飞技术股份 有限公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》《关于<深圳 云天励飞技术股份有限公司 2025 年限制性股票激励计划实施考核管理办法>的 议案》等与公司 2025 年限制性股票激励计划（以下简称"本激励计划"）有关的 议案。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规 定，公司对本激励计划拟首次授予激励对象的名单在公司内部进行了公示，董事 会薪酬与考核委员会结合公示情况对拟首次授予激励对象进行了核查，相关公示 及核查情况如下： 一、公示情况 1、公司于 2025 年 10 ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has decreased by 1.20% as of November 10, 2025, with mixed performance among constituent stocks [2] - The government has issued implementation opinions to accelerate the cultivation and large-scale application of new AI scenarios, emphasizing the need for core technology breakthroughs and application promotion [2][3] - The recent launch of the Kimi K2Thinking model by Moonlight Dark Side has garnered attention, showcasing significant cost advantages over international models like OpenAI's GPT-5 [3] - The total size of the Sci-Tech AI ETF has reached 6.08 billion yuan, ranking it among the top funds in its category [4] Market Performance - The Sci-Tech AI ETF has seen a 23.97% increase over the past three months, with a recent price of 0.77 yuan and a turnover rate of 2.19% [2] - The ETF has experienced a net inflow of 75.248 million yuan recently, with a notable average daily net inflow of 37.674 million yuan over the past five trading days [4] Policy and Industry Developments - The new policy aims to create a closed-loop path for technology breakthroughs, scenario validation, and industrial application, which is expected to accelerate AI development [3] - Major companies like Kingdee and Kingsoft Office are launching new products that integrate multiple AI agents, indicating a shift from AI as a tool to autonomous decision-making [3] - Global tech giants are increasing investments in AI, with Amazon and OpenAI's collaboration valued at 38 billion dollars and Meta planning to invest 600 billion dollars in AI infrastructure over the next seven years [3] Index Composition - As of October 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index account for 70.92% of the index, including companies like Lanqi Technology and Kingsoft Office [5]

股票简称：云天励飞 股票代码：688343 深圳云天励飞技术股份有限公司 2025 年第三次临时股东会会议资料 深圳云天励飞技术股份有限公司 2025 年第三次临时股东会 会议资料 2025 年 11 月 | | | 深圳云天励飞技术股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会会议须知 为维护深圳云天励飞技术股份有限公司（以下简称"公司"）全体股东的合 法权益，确保股东会的正常秩序和议事效率，保证大会的顺利进行，根据《中华 人民共和国公司法》《中华人民共和国证券法》、中国证券监督管理委员会发布 的《上市公司股东会规则》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》"）、《深圳云天励飞技术股份有限公司股东会议事规则》 的相关规定，特制定 2025 年第三次临时股东会会议须知如下： 一、为保证股东会的严肃性和正常秩序，除出席会议的股东及股东代理人、 公司董事、高级管理人员、公司聘请的律师及董事会邀请的人员外，公司有权依 法拒绝其他无关人员进入会场。 二、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作 ...

Core Viewpoint - Yuntian Lifei and Kingdee signed a strategic cooperation agreement to integrate AI computing power with enterprise digital software ecosystems, aiming to create a benchmark for domestic integration of "domestic computing power engine + enterprise-level software ecosystem" [1] Group 1 - The collaboration focuses on leveraging "enterprise digital software ecosystem" and "domestic AI computing power" as dual engines [1] - The initiative aims to connect the entire chain from "computing power - software - scenarios" [1] - The goal is to seamlessly embed AI reasoning capabilities into the entire digital process of enterprises [1]

Core Insights - Shenzhen Yuntian Lifei Technology Co., Ltd. announced a deep integration plan with Kingdee Group, marking the first domestic project combining "independent reasoning chip computing power engine + enterprise-level software ecosystem" [1] - The initiative aims to connect the entire "computing power-software-scenario" chain, facilitating seamless integration of AI reasoning capabilities into enterprise digital processes [1] Summary by Categories - **Partnership Details** - The collaboration includes the launch of the "Kingdee + Yuntian Lifei reasoning acceleration card" integrated suite [1] - Establishment of a "Smart Computing Native Technology Laboratory" [1] - Development of "AI+" integrated solutions [1]

Quantitative Models and Construction - **Model Name**: DecompGRU **Model Construction Idea**: The model improves information interaction between time-series and cross-sectional data by introducing two simple de-mean modules on the GRU baseline model[18] **Model Construction Process**: 1. The DecompGRU model architecture is based on GRU as the baseline 2. Two de-mean modules are added to enhance the interaction between time-series and cross-sectional data 3. The model is trained using IC and weighted MSE loss functions[18] **Model Evaluation**: The model demonstrates improved interaction between time-series and cross-sectional data, enhancing prediction accuracy[18] Model Backtesting Results - **DecompGRU TOP200 Portfolio**: - Cumulative absolute return: 41.11% - Excess return relative to WIND All A equal-weight index: 13.98% - Maximum drawdown: 10.08% - Weekly win rate: 64.52% - Monthly win rate: 100% - October absolute return: 1.78%, excess return: -0.07%[11] - **ETF Rotation Portfolio**: - Cumulative absolute return: 19.06% - Excess return relative to benchmark: -2.00% - Maximum drawdown: 7.82% - Weekly win rate: 62.50% - Monthly win rate: 57.14% - October absolute return: -2.04%, excess return: -1.18%[14][15] Quantitative Factors and Construction - **Factor Name**: Sentiment Heat Factor **Factor Construction Idea**: The factor aggregates stock-level sentiment heat metrics (e.g., browsing, self-selection, and clicks) to represent broader market sentiment[19] **Factor Construction Process**: 1. Individual stock sentiment heat is calculated as the sum of browsing, self-selection, and click counts 2. The sentiment heat is normalized by dividing by the total market sentiment on the same day and multiplying by 10,000 3. Aggregated sentiment heat is used as a proxy for market sentiment at the index, industry, and concept levels[19] **Factor Evaluation**: The factor effectively captures market sentiment and its impact on pricing errors[19] Factor Backtesting Results - **Broad-based Index Sentiment Heat Rotation Strategy**: - Annualized return since 2017: 8.74% - Maximum drawdown: 23.5% - 2025 portfolio return: 38.5% - Benchmark return: 32.9%[28] - **Concept Sentiment Heat BOTTOM Portfolio**: - Annualized return: 15.71% - Maximum drawdown: 28.89% - 2025 portfolio return: 42.1%[41][44]

Group 1 - Yuntian Lifei (688343.SH) reported its Q3 2025 results, with 64 institutional investors holding a total of 76.9013 million A-shares, representing 21.43% of the total share capital [1] - The top ten institutional investors collectively hold 18.18% of the shares, a decrease of 3.40 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 25 funds increased their holdings, with a total increase ratio of 1.17%, including major funds like Huaxia CSI Robot ETF and Tianhong CSI Robot ETF [2] - Conversely, 17 funds reduced their holdings, with a decrease ratio of 0.21%, including funds like Bosera CSI 100 ETF and Wanji CSI Robot ETF [2] - A total of 13 new public funds were disclosed this period, while 169 funds were not disclosed compared to the previous quarter [2]

Core Viewpoint - The company, Yuntian Lifei, reported strong growth in its Q3 financial results, indicating a positive operational trend and a focus on AI inference chip development and application ecosystem [1] Financial Performance - In the first three quarters, the company achieved a revenue of 951 million yuan, representing a year-on-year increase of 96.85% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, reduced its loss by 159 million yuan compared to the same period last year, narrowing the loss by 32% [1] - Operating cash flow turned positive, with a net operating cash flow of 195 million yuan, continuing the growth momentum established in Q2 [1] Strategic Initiatives - The company is leveraging industry policies and market opportunities to deepen its strategic layout of "AI inference chips + application ecosystem" [1] - It is promoting the implementation of self-developed chips across various scenarios based on its "computing power building block" architecture, thereby strengthening its technological moat [1] - The company is actively advancing the collaborative iteration of its product series, including DeepEdge, DeepVerse, and DeepXbot, gradually enhancing its full-stack computing power system from edge to center [1] Competitive Advantages - With core technology being independently controllable, diversified product forms, and advantages in adapting to domestic ecosystems, the company is accelerating the construction of an innovative highland for domestic AI inference chips and an industrial ecosystem platform [1]

Core Viewpoint - Yuntian Lifei, a leading AI company in China, focuses on algorithm chip technology and offers a full range of AI products and solutions, having been listed on the Shanghai Stock Exchange in April 2023 [1] Business Performance - For Q3 2025, Yuntian Lifei reported revenue of 951 million yuan, ranking 48th out of 131 in the industry, significantly lower than the top competitors, with a net profit of -291 million yuan, ranking 124th [2] - The revenue composition includes 440.22 million yuan (44.22%) from consumer-level applications, 254 million yuan (27.66%) from industry-level applications, and 249 million yuan (27.10%) from enterprise-level applications [2] Financial Health - As of Q3 2025, the company's debt-to-asset ratio was 31.63%, lower than the industry average of 38.93%, indicating manageable debt pressure [3] - The gross profit margin was 28.85%, an increase from 14.96% year-on-year, but slightly below the industry average of 29.96% [3] Executive Compensation - The chairman and general manager, Chen Ning, received a salary of 2.2051 million yuan in 2024, an increase of 137,100 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 35.92% to 42,300, with an average holding of 6,231.52 shares, a decrease of 25.38% [5] - Major shareholders include Huaxia CSI Robot ETF and Hong Kong Central Clearing Limited, with significant increases in holdings [5] Product Development and Market Outlook - The company is focusing on AI products across consumer, enterprise, and industry levels, leveraging its algorithm chip technology [5] - Revenue projections for 2025-2027 are 1.285 billion, 1.584 billion, and 1.936 billion yuan, with corresponding price-to-sales ratios of 23X, 19X, and 15X [5] - The company is expected to see growth in consumer-level products and has received significant orders for AI computing services [6]

Core Viewpoint - Yuntian Lifei (688343.SH) continues to show strong operational performance, with significant revenue growth and improved cash flow, indicating a positive outlook for future strategic investments [1][3][4] Financial Performance - For the first three quarters of 2025, Yuntian Lifei reported a revenue of 0.951 billion yuan, representing a year-on-year increase of 97% [1] - The net profit after deducting non-recurring items showed a reduced loss of 1.59 billion yuan, narrowing the loss by 32% compared to the same period last year [1] - The net operating cash flow reached 0.195 billion yuan, continuing to improve after turning positive in the second quarter [1] Business Strategy and Development - Yuntian Lifei is focusing on the "AI inference chip + application ecosystem" strategy, enhancing its commercial capabilities and product system [4][5] - The company has developed a complete R&D system around the concept of "algorithm chipification," leading to the launch of various inference chips and models [4][5] - The business structure is organized around a "1+N" model, with a unified inference chip platform and multiple business directions, creating a synergistic value chain [5] Market Trends and Opportunities - The AI inference chip market is experiencing rapid growth, with the market size projected to increase from 11.3 billion yuan in 2020 to 162.6 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 94.9% [5][6] - The NPU-driven market is also expected to grow significantly, from 0.5 billion yuan in 2020 to 26 billion yuan by 2024, with a CAGR of 72.3% [5][6] - The inference chip market is seen as a "blue ocean market," providing ample growth opportunities for domestic AI chip manufacturers [6] Competitive Advantages - Yuntian Lifei's long-term industry experience in instruction set design, domestic process adaptation, and Chiplet architecture positions it favorably in the inference chip competition [6] - The company's focus on continuous product iteration in real application scenarios helps refine its chip instruction sets and software systems, creating a sustainable competitive advantage [5][6] - Future plans include increasing R&D investment and strengthening ecosystem development to enhance the computing power system from edge to center [6]