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]

Core Insights - The company reported a significant revenue growth of 97% year-on-year, achieving 951 million yuan from January to September 2025 [1] - The non-net profit attributable to shareholders improved, with a reduction in losses to 159 million yuan compared to the same period last year, indicating a steady improvement in core business quality [1] - Operating cash flow turned positive and increased to 195 million yuan, continuing the growth trend established in the second quarter, which enhances valuation certainty and provides a safety margin for future technological innovation and market expansion [1] Strategic Initiatives - The company is leveraging industry policies and market opportunities to deepen its strategic layout of "AI inference chips + application ecosystem" [1] - Utilizing the "computing power building block" architecture, the company is promoting the implementation of self-developed chips across various scenarios, thereby strengthening its technological moat [1] - The company is actively advancing the collaborative iteration of products such as DeepEdge, DeepVerse, and DeepXbot, gradually perfecting a full-stack computing power system from edge to center [1] - With core technology being self-controllable, diversified product forms, and advantages in domestic ecosystem adaptation, the company is accelerating the construction of an innovative hub and industrial ecosystem for domestic AI inference chips [1]

Group 1 - The company, Yuntian Lifei, announced an incentive plan that includes a total of 107 recipients, utilizing the second type of restricted stock as the incentive tool [1] - The plan involves granting up to 3.9761 million shares of restricted stock, which represents approximately 1.1081% of the company's total share capital of about 359 million shares at the time of the announcement [1] - The grant price for the restricted stock is set at 39.35 yuan per share, with a maximum validity period of 48 months for the stock to vest or become void [1] Group 2 - For the year 2024, the revenue composition of Yuntian Lifei is projected as follows: consumer-level business accounts for 44.22%, industry-level business for 27.66%, enterprise-level business for 27.1%, and other businesses for 1.02% [1] - The current market capitalization of Yuntian Lifei is 28.1 billion yuan [2]

Core Viewpoint - Yuntian Lifei (688343) demonstrates strong growth in its Q3 2025 report, with significant revenue increase and improved operational metrics, indicating a positive trajectory in the AI inference chip market [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 951 million yuan, a year-on-year increase of 97% [1]. - The non-GAAP net loss narrowed to 159 million yuan, a 32% reduction compared to the same period last year, reflecting improved core business quality [1]. - Operating cash flow turned positive, reaching 195 million yuan, continuing the growth trend established in Q2 [1]. Strategic Initiatives - The company is focused on the "AI inference chip + application ecosystem" strategy, leveraging industry policies and market opportunities [2]. - Yuntian Lifei is enhancing its technological moat by implementing self-developed chips across various scenarios and iterating products like DeepEdge, DeepVerse, and DeepXbot [2]. - The company has completed the development of its fourth-generation NPU and is advancing the next generation of high-performance NPUs tailored for AI inference applications [2]. Market Outlook - According to a report by Zhaoshang Consulting, the market for AI inference chip products and services in China is expected to grow rapidly, from 11.3 billion yuan in 2020 to 162.6 billion yuan by 2024, with a compound annual growth rate (CAGR) of 94.9% [2]. - The NPU-driven market is projected to expand from 500 million yuan in 2020 to 26 billion yuan by 2024, with a CAGR of 175.6%, and is expected to reach 395.4 billion yuan by 2029 [2]. Technological Development - The company is building a robust innovation hub and industrial ecosystem for domestic AI inference chips, capitalizing on its core technology and diverse product forms [3].

证券代码：688343 证券简称：云天励飞 公告编号：2025-060 召开日期时间：2025 年 11 月 17 日 14 点 00 分 召开地点：广东省深圳市南山区粤海街道深圳湾科技生态园 10 栋 A 座 3 楼 会议室 本公司董事会及全体董事保证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、 召开会议的基本情况 （一） 股东会类型和届次 2025年第三次临时股东会 深圳云天励飞技术股份有限公司 关于召开2025年第三次临时股东会的通知 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 （五） 网络投票的系统、起止日期和投票时间。 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 网络投票系统：上海证券交易所股东会网络投票系 ...

证券代码：688343 证券简称：云天励飞 公告编号：2025-058 深圳云天励飞技术股份有限公司 第二届董事会第十八次会议决议公告 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 八次会议于 2025 年 10 月 30 日以通讯表决的方式召开。本次会议通知于 2025 年 10 月 23 日以电子邮件形式送达全体董事。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<2025 年第三季度报告>的议案》 经审议，董事会同意《2025 年第三季度报告》的内容。 本议案已经董事会审计委员会审议通过。 表决结果：7 票赞成，0 票反对，0 票弃权 ...

证券代码：688343 证券简称：云天励飞 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） 深圳云天励飞技术股份有限公司 二〇二五年十月 1 声 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。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 一、《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）》 （以下简称"本激励计划草案"）由深圳云天励飞技术股份有限公司（以下简称 "云天励飞"、"公司"或"本公司"）依据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司股权激励管理办法》《上海证券交易所科创板股 票上市规则》《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等 其他有关法律、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 ...

3、预留授予部分的激励对象由本激励计划经股东会审议通过后 12 个月内确定，经董事 会提出、薪酬与考核委员会发表明确意见、律师发表专业意见并出具法律意见书后，公司在 指定网站按要求及时准确披露当次激励对象相关信息。 4、以上合计数据与各明细数相加之和在尾数上如有差异是由于四舍五入所造成。 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首次授予部分激励对象名单 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票 均未超过公司总股本的 1%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超 过股权激励计划提交股东会审议时公司股本总额的 20%。 2、本激励计划的激励对象不包括独立董事、单独或合计持有上市公司 5%以上股份的 股东、上市公司实际控制人及其配偶、父母、子女。 深圳云天励飞技术股份有限公司董事会 2025 年 10 月 30 日 姓名 国籍 职务 获授的限制性股 票数量(万股) 占授予限制性股 票总数的比例 占本激励计 划公告日公 司股本总额 的比例 一、高级管理人员、核心技术人员 李爱军 中国 副总经理、核心 技术人员 30.00 7.5451% 0.08 ...

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（草案）的核查意见 （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （4）法律法规规定不得实行股权激励的； 1、公司不存在《管理办法》等法律、法规规定的禁止实施股权激励计划的 情形，包括： 公司具备实施股权激励计划的主体资格。 2、公司本次限制性股票激励计划所确定的激励对象不存在下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政 处罚或者采取市场禁入措施； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进 行利润分配的情形； （5）中国证监会认定的其他情形。 深圳云天励飞技术股份有限公司（以下简称"公司"）薪酬与考核委员会 依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《 ...

证券代码：688343 证券简称：云天励飞 公告编号：2025-059 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）摘要公告 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： 股权激励方式：限制性股票（第二类限制性股票） 股份来源：公司向激励对象定向发行公司 A 股普通股和/或公司从二级市 场回购的公司 A 股普通股股票。 股权激励的权益总数及涉及的标的股票总数： 《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）》（以 下简称"本激励计划"或"本计划"）拟向激励对象授予不超过 397.6100 万股的 限制性股票，约占本激励计划草案公告时公司股本总额 35,882.6660 万股的 1.1081%。其中，首次授予限制性股票 318.0900 万股，占本激励计划草案公告时 公司股本总额 35,882.6660 万股的 0.8865%，首次授予部分占本次授予权益总额 的 80.0005%；预留 79.5200 万股，占本激励计划草案公告时公司股本总额 35,882.6 ...