科创板上市刚满2年，冲击港股IPO！

Core Viewpoint - The company, Yuntian Lifei, has submitted an application for an H-share listing on the Hong Kong Stock Exchange, aiming to establish a dual financing platform for internationalization and strategic development [1][3]. Financial Performance - Revenue for Yuntian Lifei in 2022, 2023, 2024, and Q1 2025 was reported as 546 million, 506 million, 917 million, and 264 million respectively [3]. - Research and development (R&D) expenditures for the same periods were 347 million, 295 million, 400 million, and 83.9 million, representing 63.4%, 58.3%, 43.6%, and 31.8% of total revenue respectively [3]. Client Dependency - Revenue from the top five clients accounted for 49%, 47.5%, 57.3%, and 84.2% of total revenue in 2022, 2023, 2024, and Q1 2025 respectively [3]. - The largest client contributed 28.9%, 17.4%, 20.5%, and 47% of total revenue during the same periods [3]. Supplier Relationships - The company’s top five suppliers accounted for 30.2%, 34.3%, 31.4%, and 41.2% of total procurement in 2022, 2023, 2024, and Q1 2025 respectively [4]. IPO Fund Utilization - The funds raised from the IPO will primarily be used for R&D of AI inference chips and related products, seeking strategic investments and acquisitions, enhancing sales and marketing capabilities, and general corporate purposes [3].