云知声今起招股：获商汤等近亿港元基石认购，将成「港股AGI第一股」

Core Viewpoint - Yunzhisheng is set to become the first AGI stock in Hong Kong, with an IPO planned to raise up to HKD 320 million, valuing the company between HKD 11.7 billion and HKD 14.5 billion [3][4]. Company Overview - Founded in 2012, Yunzhisheng is a pioneer in AGI technology in China, launching its first BERT-based large language model, UniCore, as part of its core technology platform [4]. - The company has developed a powerful AI infrastructure, Atlas AI, with over 184 PFLOPS of computing power and more than 10 PB of storage capacity [4]. Product Development - In 2023, Yunzhisheng introduced the Shanhai large language model, which has 60 billion parameters, surpassing its predecessor UniCore in terms of data scale and generation capabilities [4][5]. - The Shanhai model achieved a top score of 82.2 in the MedBench evaluation and ranked among the top global models in the SuperCLUE report [5]. Market Position - According to Frost & Sullivan, Yunzhisheng is the fourth largest AI solution provider in China by revenue and the second fastest-growing among companies with over CNY 500 million in annual revenue [5][6]. - The company ranks third in China's life AI solutions and fourth in medical AI services and solutions [5]. Client Strategy - Yunzhisheng collaborates with leading companies across various industries, referred to as "lighthouse customers," to gain valuable insights and experience [6]. - This strategy allows the company to quickly identify common needs and develop targeted solutions [6]. Financial Performance - From 2022 to 2024, Yunzhisheng's revenue grew from CNY 601 million to CNY 939 million, with a compound annual growth rate (CAGR) of 25% [6]. - The gross profit increased from CNY 240 million to CNY 364 million, with a gross margin of approximately 39.9% to 38.8% during the same period [6]. - The adjusted net loss rate improved significantly from 30.5% in 2022 to 17.9% in 2024 [6]. Industry Outlook - The AI solutions market in China is projected to grow from CNY 180.4 billion in 2024 to CNY 1,174.9 billion by 2030, with a CAGR of 36.7% [7].