云天励飞冲刺“A+H”上市：高研发投入下，持续亏损如何破局

Company Dynamics - On August 12, the Hong Kong Stock Exchange disclosed that Shenzhen Yuntian Lifei Technology Co., Ltd. appointed GF Securities and China Merchants Securities as overall coordinators for its upcoming IPO, indicating a move towards a dual listing after its debut on the Sci-Tech Innovation Board in 2023 [2] - Yuntian Lifei is an AI company focused on the research, design, and commercialization of AI inference chips, aiming to create a complete closed loop from AI infrastructure to product design and commercialization [2] - According to a report by Zhaoshang Consulting, Yuntian Lifei ranks among the top three providers of all-scenario AI inference chip products and services in China for 2024, and is ranked second among NPU-driven AI inference chip providers [2] Research and Development - Yuntian Lifei emphasizes R&D, having registered 1,052 patents, 242 software copyrights, and 572 trademarks in China [3] - The company allocates approximately half of its annual revenue to R&D, with expenditures of RMB 346.5 million, RMB 294.8 million, RMB 399.9 million, RMB 78.4 million, and RMB 83.9 million for the years 2022, 2023, 2024, and the first three months of 2024 and 2025, respectively, representing 63.4%, 58.3%, 43.6%, 79.7%, and 31.8% of total revenue [3] Financial Performance - Yuntian Lifei's revenue for 2022, 2023, and 2024 was RMB 550 million, RMB 510 million, and RMB 920 million, respectively, with gross profits of RMB 170 million, RMB 120 million, and RMB 190 million, leading to gross margins of 31.9%, 23.5%, and 20.9% [3] - The company is projected to experience an 81.3% year-on-year revenue growth in 2024, driven by accelerated commercialization of AI inference chips and successful expansion into consumer applications [3] Losses and Challenges - Despite impressive revenue growth, Yuntian Lifei has been operating at a loss, with losses of RMB 450 million, RMB 380 million, and RMB 570 million for the years 2022, 2023, and 2024, respectively, and a loss rate of 82%, 75.9%, and 62.4% [4] - The high R&D expenditures and operational costs are significant contributors to the ongoing losses, with R&D spending in 2024 reaching RMB 399.9 million, accounting for 43.6% of revenue [4] - The company faces challenges in sustaining its business model, as continuous high R&D investments are necessary before achieving large-scale product sales, and future profitability remains uncertain [5]