硅基劳动力解决方案公司「硅基智能」首次递表，腾讯投近1.15亿

Core Insights - Silicon Intelligence submitted its prospectus to the Hong Kong Stock Exchange on October 31, 2025, aiming for a mainboard listing, with joint sponsors being CMB International and DBS Asia [1] - The company is the largest provider of digital human intelligence in China, holding a market share of 32.2% in the digital human intelligence sector [1][8] - For the first half of 2025, the company reported revenue of RMB 326 million, an increase of 11.15% year-on-year, and a net loss of RMB 8 million, narrowing losses by 88.76% [1] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024 was approximately RMB 222.81 million, RMB 530.81 million, and RMB 655.44 million, respectively, with a compound annual growth rate (CAGR) of 71.51% [5] - Gross profit for the same periods was approximately RMB 86 million, RMB 243 million, and RMB 225 million, with a CAGR of 61.96% [5] - The company reported a gross margin of approximately 38.51%, 45.81%, and 34.34% for the years ending December 31, 2022, 2023, and 2024, respectively [5] Market Position - The digital human intelligence market in China is highly concentrated, with the top five players accounting for over 50% of the market by revenue in 2024 [8] - Silicon Intelligence ranked first in the Chinese digital human intelligence market with a revenue of RMB 655.44 million in 2024 [10] Business Model - The company generates revenue through a full-cycle and synergistic silicon-based labor solution, including silicon-based voice, video, live streaming, and intelligent interaction [2] - The company has transitioned from AI Copilot to Autopilot, marking a shift from AI tool services to outcome-oriented solutions [2] Major Shareholders - As of the latest practical date, Mr. Sima and his controlled entities hold approximately 36.81% of the voting rights in the company, while Tencent Holdings has invested approximately RMB 115 million, holding 16.59% [10] Management Team - The board of directors consists of seven members, including four executive directors and three non-executive directors, with Mr. Sima Huapeng serving as the chairman and CEO [11][12] Financing Situation - As of May 2025, the last round of valuation was approximately RMB 3.15 billion [13]