四度“闯关”资本市场，云知声或成港股“AGI第一股”

Core Viewpoint - Yunzhisheng Intelligent Technology Co., Ltd. has officially passed the listing hearing on the Hong Kong Stock Exchange, aiming to become the first AGI stock in Hong Kong if successfully listed [1] Group 1: Company Overview - Yunzhisheng was founded in 2012 and provides intelligent voice technology and comprehensive solutions, primarily serving the lifestyle and healthcare sectors [1] - The company has completed over 10 rounds of financing, with a valuation reaching over 10 billion yuan, backed by notable investors such as Zhongwang Capital and Qualcomm [2] Group 2: Financial Performance - From 2022 to 2024, Yunzhisheng's total revenue was 601 million yuan, 727 million yuan, and 939 million yuan, with a compound annual growth rate of approximately 25.0% [3] - Despite revenue growth, the company has not achieved profitability, reporting net losses of 375 million yuan, 376 million yuan, and 454 million yuan from 2022 to 2024 [3] - Research and development expenses were significant, amounting to 287 million yuan, 286 million yuan, and 370 million yuan from 2022 to 2024, representing 47.8%, 39.4%, and 39.4% of total revenue respectively [3] Group 3: Market Position - According to Frost & Sullivan, Yunzhisheng is the fourth largest AI solution provider in China by revenue in 2024, holding a market share of 0.6% [2] - The company ranks third in lifestyle AI solutions and fourth in healthcare AI service solutions within China [2]