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 prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the first digital human stock in Hong Kong, with a post-investment valuation of 3.15 billion yuan after completing nine rounds of financing [5][6][7]. Group 1: Company Overview - Silicon-based Intelligence was founded in 2017 and has become the largest digital human company in China, achieving commercialization in over 40 industries, including finance and e-commerce, with the highest market share in the digital human sector [6]. - The company has received investments from notable firms such as Tencent, Sequoia China, and others, reflecting strong backing from top-tier venture capital and private equity [14][16]. Group 2: Business Development - The company has diversified its business into five areas: intelligent voice, digital human video, live streaming, intelligent interaction, and fully automated content production, with projected revenues of 223 million, 531 million, and 655 million yuan for 2022, 2023, and 2024 respectively, indicating a compound annual growth rate of 71.5% [12]. - Despite rapid revenue growth, Silicon-based Intelligence faced losses in previous years, with adjusted net losses of 46.22 million, 29.41 million, and 35.24 million yuan from 2022 to 2024. However, it achieved a net profit of 5.29 million yuan in the first half of 2025 [13]. Group 3: Market Position and Strategy - As of 2024, Silicon-based Intelligence holds a 32.2% market share in the domestic digital human solutions market, ranking first among all providers in China and second globally [10]. - The company has strategically focused on large clients, which has led to a decrease in gross margin from 45.8% in 2023 to 31.6% in the first half of 2025 due to competitive pricing strategies [13]. Group 4: Future Outlook - The funds raised from the IPO will primarily be used to enhance research and development capabilities, marketing, global acquisitions, and general corporate purposes [13]. - The founder, Si Mahuapeng, has set an ambitious goal to provide 100 million "silicon-based labor forces" to the global population of 8.2 billion by 2025, showcasing the company's long-term vision [10].