思必驰重启IPO：AI独角兽再战科创板，硬科技底色能否赢得资本青睐？

Core Viewpoint - The company SIBICHI Technology Co., Ltd. has submitted an IPO application to the Jiangsu Securities Regulatory Bureau, marking its renewed attempt to enter the capital market after a previous failed IPO two years ago. This move is supported by technological breakthroughs and commercialization efforts in the intelligent voice sector, although its ongoing losses and high R&D expenditures remain a focal point for investors [1][2]. Financial Performance - From 2020 to 2022, SIBICHI's revenue was 236 million, 307 million, and 420 million yuan respectively, while net losses were 215 million, 335 million, and 297 million yuan. The primary reason for these losses is the high R&D expenditures, which accounted for 86.26%, 93.25%, and 74.04% of revenue during the same period [2]. Technological Advancements - SIBICHI is one of the few companies in China with a full-chain intelligent voice technology. Its core competitiveness lies in its "cloud + chip" strategic layout. The company has five algorithms registered with the National Internet Information Office, making it the enterprise with the most large model registrations in Jiangsu Province. The DFM-2 large model is designed for cross-modal industry language computing and can quickly adapt to vertical scenarios such as automotive, IoT, and finance [1][2]. Commercialization Efforts - The company is accelerating its commercialization process, launching products like AI office notebooks and high-end ceiling microphones in 2024, achieving top sales growth on JD.com, and entering nearly a thousand offline stores. In the smart IoT sector, SIBICHI collaborates with nearly 200 clients to create over 450 benchmark cases [2]. Funding and Future Prospects - In January 2025, SIBICHI completed a financing round of 500 million yuan, with participation from well-known industrial funds, state-owned platforms, and private equity funds. The funds will be used for the large-scale implementation of domain-specific large models and full-chain dialogue technology [2]. Regulatory Environment - The China Securities Regulatory Commission has proposed to cautiously restore the application of the fifth set of standards for the Sci-Tech Innovation Board, which may lift restrictions on unprofitable technology companies seeking to list, potentially benefiting SIBICHI [2].