新股前瞻|云天励飞赴港IPO突围 或借英伟、华为昇腾起飞？

Core Viewpoint - CloudWalk Technology, a leading AI chip company, has submitted its prospectus for a dual listing on the Hong Kong Stock Exchange, aiming to leverage its market position and expand its business operations [1]. Group 1: Company Overview - CloudWalk Technology was established in August 2014 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in April 2023, with a market capitalization of 21.6 billion RMB as of August 1, 2023 [1]. - The company specializes in the research, design, and commercialization of AI inference chips, offering products and services across enterprise, consumer, and industry applications [1]. - According to a report by Zhaoshang Consulting, CloudWalk ranks among the top three providers of full-scenario AI inference chip products and services in China, and is the second-largest provider of NPU-driven AI inference chips [1]. Group 2: Financial Performance - CloudWalk's revenue for the years 2022, 2023, 2024, and Q1 2025 was 546 million RMB, 506 million RMB, 917 million RMB, and 264 million RMB, respectively, showing a significant growth trend [3]. - R&D expenditures for the same periods were 347 million RMB, 295 million RMB, 400 million RMB, and 83.9 million RMB, representing a decreasing percentage of total revenue from 63.4% to 31.8% [3]. - The company has reported continuous losses since 2017, with cumulative losses exceeding 2.9 billion RMB [5]. Group 3: Business Structure and Market Position - CloudWalk's business structure has shifted, with a focus on consumer-level applications, including a recent acquisition of a wearable technology company for 180 million RMB, which contributed 404 million RMB in revenue in 2024, accounting for 44% of total revenue [10]. - The enterprise-level business, reliant on chip capabilities, has seen significant growth but experienced a decline in gross margin, which fell by 47.13 percentage points to 40.19% in 2024 [11]. - The industry-level business, which includes self-developed algorithm software and chips, reported a revenue drop of 45.91% in 2024, with a gross margin of 15.43%, down 19.61 percentage points [11]. Group 4: Competitive Landscape - The AI industry is rapidly evolving, with increasing competition from both startups and established companies like Hikvision, Huawei, and Nvidia, necessitating continuous investment in product upgrades and new developments [13]. - The market for large AI models is projected to reach 4.79 billion RMB in 2024, with CloudWalk not ranking among the top eight players [6]. - The company's gross margin has reached a near eight-year low of 20.94%, down 2.54 percentage points, indicating pressure on profitability [12]. Group 5: Future Outlook - The dual listing in Hong Kong could provide CloudWalk with new growth momentum, but the company must overcome challenges in technology iteration, market expansion, and achieving profitability [13]. - Key growth areas include the mass adoption of AI chips in high-value sectors like smart transportation and smart manufacturing, as well as the high-end development of smart wearable devices [14]. - The competitive landscape is intensifying, with domestic and international players driving a price war, making it crucial for CloudWalk to leverage its NPU technology effectively [14].