8万个虚拟人，撑起一个IPO

Core Viewpoint - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon-based Intelligence) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first digital human stock in Hong Kong [1][2]. Company Overview - Founded in 2017, Silicon-based Intelligence has grown to become the largest digital human company in China, achieving commercialization in over 40 industries, including finance, government, and e-commerce, with the highest market share in the digital human sector [1][4]. - The company has completed 10 rounds of financing before the IPO, with a post-investment valuation of 3.15 billion yuan. Notable investors include Tencent, Sequoia China, and others [1][7]. Founder Background - The founder, Si Mahuapeng, has a strong technical background and has previously founded successful tech companies, including Returnil and Toolwiz. His vision for AI as a new form of "digital labor" led to the establishment of Silicon-based Intelligence [3][4]. Business Development - The company faced challenges in its early years due to the immaturity of AI technology. However, it capitalized on the "metaverse" trend in 2021, launching a comprehensive application solution for virtual digital humans and AIGC [4]. - As of now, Silicon-based Intelligence has provided over 80,000 "silicon-based labor" solutions to various industries [4]. Financial Performance - Revenue from the company's five business segments is projected to grow from 223 million yuan in 2022 to 655 million yuan in 2024, with a compound annual growth rate of 71.5% [5]. - The company achieved a net profit of 5.29 million yuan in the first half of 2025, marking a turnaround from previous losses [5][6]. Market Position - Silicon-based Intelligence holds a 32.2% market share in the domestic digital human solutions market, ranking first in China and second globally [4][5]. Strategic Adjustments - The company has adopted a competitive pricing strategy to secure partnerships with large clients, which has impacted its gross margin, decreasing from 45.8% in 2023 to 31.6% in the first half of 2025 [6]. Use of IPO Proceeds - The funds raised from the IPO will primarily be used to enhance R&D capabilities, marketing, global acquisitions, and general corporate purposes [6]. Investment and Shareholding - Major shareholders include Tencent (16.59%), Zhuhai International (11.81%), and others, reflecting strong backing from top-tier VC/PE firms [8].