“深圳人工智能第一股”来港股了！还在亏损中！

Core Viewpoint - The company, Yuntian Lifei, is preparing for its IPO in Hong Kong after facing significant losses, indicating a potential necessity for capital infusion to sustain operations [1][6]. Company Overview - Yuntian Lifei, established in August 2014, is a leading AI company in China focused on the research, design, and commercialization of AI inference chips [4]. - The company offers a complete closed-loop solution from AI infrastructure to product design and commercialization, targeting enterprise, consumer, and industry applications [4]. Market Growth - The AI inference chip market in China is rapidly growing, with a projected market size increase from RMB 11.3 billion in 2020 to RMB 162.6 billion by 2024, reflecting a compound annual growth rate (CAGR) of 94.9% [4]. - By 2029, the market is expected to reach RMB 1.383 trillion, with a CAGR of 53.4% from 2024 to 2029 [4]. Financial Performance - Yuntian Lifei's revenue for the years 2022 to 2024 was approximately RMB 546 million, RMB 506 million, and RMB 917 million, respectively, while adjusted losses were RMB 313 million, RMB 300 million, and RMB 383 million, totaling RMB 996 million in losses [6][7]. - The company has accumulated losses exceeding RMB 1.7 billion from 2018 to 2020 and the first half of 2021, indicating a significant financial strain [6]. Recent Developments - In Q1 2025, the company reported revenue of RMB 264 million with an adjusted net loss of RMB 59.51 million, alongside negative cash flow from operating activities [7]. - The company acquired Qiancheng Technology for RMB 180 million to enhance its consumer segment, with the first phase of payment being RMB 60 million [7]. Shareholder Structure - The largest shareholder group, controlled by Chen Ning, holds approximately 25.01% of the voting rights, comprising 23.32% directly and 1.7% through a wholly-owned entity [8].