云天励飞：业绩不够并购来凑，8年累亏超29亿元，毛利率创近8年新低

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].