大模型时代有了“新故事” AI语音厂商再战IPO

Core Viewpoint - AI voice companies, including Sibo and Yunzhisheng, are making renewed attempts to go public (IPO) amid the wave of large models, despite previous failures and ongoing financial losses [1][2][9] Company Developments - Sibo submitted its listing guidance application to Jiangsu Securities Regulatory Bureau on April 25, 2023, aiming for a potential IPO application by the end of the year [1] - Yunzhisheng has submitted its prospectus to the Hong Kong Stock Exchange for the third time, with previous attempts failing due to market conditions and review issues [1][2] - Sibo's last IPO attempt was rejected in May 2023 due to non-compliance with issuance and listing conditions, with cumulative net losses of 833 million yuan from 2019 to 2021 [2] - Yunzhisheng reported revenues of 601 million yuan, 727 million yuan, and 939 million yuan for 2022 to 2024, with net losses increasing to 375 million yuan, 376 million yuan, and 454 million yuan respectively [2][3] Financial Performance - Sibo's revenue for 2019 to 2021 was 115 million yuan, 237 million yuan, and 307 million yuan, with a cumulative net loss of 833 million yuan [2] - Yunzhisheng's cash and cash equivalents decreased from 380 million yuan in 2023 to 156 million yuan in 2024, indicating tightening cash flow [3] - Both companies are experiencing significant losses attributed to high R&D costs and intense market competition [4] Market Trends - The emergence of large models has led to a convergence of various voice technology segments, enhancing capabilities and creating new market opportunities [6][7] - Sibo launched its DFM-2 model focusing on smart cars and IoT, while Yunzhisheng introduced its 600 billion parameter model "Shanhai" targeting lifestyle and medical applications [6][7] - The AI voice industry is witnessing increased competition, with both companies facing challenges from larger players like iFlytek [9] Business Model Insights - Sibo maintains a standardized product offering, including technical services and AI hardware, while exploring new service models through the integration of large models [8] - Yunzhisheng's revenue is primarily derived from AI solutions in lifestyle and medical sectors, with significant contributions from these areas [3][7] - The industry is under pressure to demonstrate real-world applications and value to succeed in the IPO process, as mere algorithms and narratives are insufficient [9]