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].

Group 1 - Huawei Ascend concept stocks have seen a significant rise, with Lihexing hitting a 20% limit up and reaching a new high [1] - Donghua Software also reached the limit up, while Xingtuxinke increased by over 10% [1] - Other companies such as Xinghuan Technology, YKDE, Tianyuandike, Zhizhen Technology, and Yuntianlefei also experienced gains [1]

Group 1 - The core viewpoint highlights the strong performance of the domestic AI industry chain, particularly the Sci-Tech Innovation Artificial Intelligence ETF (589520), which has shown a consistent upward trend over the past week [1] - Major component stocks such as Yuntian Lifei, Chipone, and Cambricon have experienced significant gains, indicating a positive market sentiment towards AI-related companies [1] - The Meta Connect conference is anticipated to showcase new AI glasses, with analysts optimistic about the long-term potential of AI and AR glasses as a key interaction interface [3] Group 2 - The urgency and importance of domestic computing power localization are increasing amid global tech competition, with expectations for rapid growth in domestic computing power demand by 2025 [4] - The domestic computing power chip market is projected to reach a trillion-level market size, driven by the need for self-sufficiency in technology [4] - The Sci-Tech Innovation Artificial Intelligence ETF is positioned to benefit from policy support and the trend of AI development, focusing on companies that are leaders in their respective segments [4][5] Group 3 - The ETF offers a low-threshold investment opportunity with a high degree of aggressiveness, as it has a 20% price fluctuation limit, allowing for efficient capital deployment during market surges [5] - The top ten holdings of the ETF account for over 70% of its weight, with the semiconductor sector representing more than half of the portfolio, indicating a concentrated investment strategy [5]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index rose by 1.48%, with notable increases in component stocks such as Yuntian Lifei (up 6.34%), Cambricon (up 3.74%), and Chipone (up 3.47%) [3] - The Sci-Tech AI ETF (588790) increased by 1.56%, with a latest price of 0.85 yuan, and has seen a cumulative increase of 8.16% over the past week, ranking 3rd among comparable funds [3] - The trading volume of the Sci-Tech AI ETF reached 1.63 billion yuan with a turnover rate of 2.13%, and the average daily trading volume over the past month was 9.16 billion yuan, ranking first among comparable funds [3] Group 2 - At the 2025 Global AI Chip Summit, representatives from academia, industry, and venture capital discussed the development prospects of the AI chip industry, highlighting the rapid advancements in software applications and underlying chip technologies [3] - The AI glasses industry is expected to grow significantly, with Meta's new smart glasses featuring a built-in display set to launch on September 30, and strong growth reported for Ray-Ban Meta glasses and Xiaomi AI glasses [4] - The Sci-Tech AI ETF has seen a significant increase in scale, growing by 4.127 billion yuan over the past three months, and an increase of 2.961 billion shares, both ranking first among comparable funds [4] Group 3 - The top ten weighted stocks in the Sci-Tech Innovation Board AI Index include Cambricon, Lanke Technology, and Chipone, collectively accounting for 71.66% of the index [5]

在9月17日举行的2025全球AI芯片峰会（GACS 2025）上，云天励飞董事长陈宁表示，2025年AI正从学 习训练阶段全面转向应用推理时代。未来5年到10年，将是AI训练和AI推理并重的时代。 ...

| 2025-09-17 | 云天励飞 | 688343 | 72.18 288.72 | 机构专用 | 第一创业证券股份 | Ka | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商除 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 奥出营业部 有限公司深圳金田 | 是否为专场 | 9月17日，云天励飞大宗交易成交4万股，成交额288.72万元，占当日总成交额的0.19%，成交价72.18 元，较市场收盘价88.44元折价18.39%。 ...

Group 1 - The stock of Yuntian Lifei increased by 2.86%, closing at 90.22 yuan, with a significant block trade of 29,000 shares amounting to 2.0349 million yuan [1] - The first transaction price was 70.17 yuan for 29,000 shares, resulting in a premium rate of -22.22%, with the buyer being an institutional investor and the seller being First Capital Securities Co., Ltd. [1] - Over the past three months, Yuntian Lifei has recorded 49 block trades with a total transaction amount of 176 million yuan, and in the last five trading days, the stock has risen by 11.69% with a net inflow of 273 million yuan from main funds [1]

| 交易日期 | | 证券代码 | 成交价(元) 成交盘额(万元) 成交量(*) 买入营业部 | | | 要出营业部 | 是否为变场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-16 | 云天勘飞 | 688343 | 70.17 203.49 | 2.9 | 机构专用 | 第一创业证券股份 有限公司深圳金田 | Neg | 9月16日，云天励飞大宗交易成交2.9万股，成交额203.49万元，占当日总成交额的0.11%，成交价70.17 元，较市场收盘价90.22元折价22.22%。 ...

Core Viewpoint - The demand for AI inference chips is expected to surge by 2025, driven by the rise of open-source large models, positioning Yuntian Lifei (688343.SH) at the forefront of this trend [1][3]. Industry Insights - The AI development landscape comprises six key elements: algorithms, chips, talent, applications, data, and systems, with the most significant gap between China and the US being in AI chips [3]. - Recent statements from industry experts suggest that the technological gap in AI development between China and the US has narrowed to as little as three months, particularly in open-source model development [3][4]. - The Chinese AI chip market is projected to reach a scale of 153 billion yuan by 2025, with a significant increase in domestic brand penetration expected [4]. Company Strategy - Yuntian Lifei focuses on a differentiated path compared to Nvidia's GPGPU, emphasizing cost efficiency in AI inference chips rather than speed in training chips [4]. - The company believes that the effective number of tokens processed is a critical metric for evaluating the cost-performance ratio of inference chips [4]. Market Dynamics - AI inference chips are categorized into three types: cloud inference chips, edge inference chips, and terminal inference chips, with a consensus that cloud inference chips will play a central role in AI development [5]. - The future of AI inference is expected to involve a coexistence of cloud, edge, and terminal solutions, similar to an electricity system [5].

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 2025 年半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"、"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，并出具本半年度持续督导跟踪报告。 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 8 月 25 日至 8 月 29 日和 2025 年 9 月 1 日现场查看 了公司经营和募投项目实施情况。 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）查阅公司募集资金管 ...