所以，龙岗的意义不在于"区级体量"，而在于它让外界更容易看懂：云天励飞讲推理芯片，不是为了讲 故事，而是为了在真实系统里解决成本和效率的硬问题。行业最热闹的时候，大家争的是注意力；真正 进入常态化运行，争的才是单位成本与可控交付。后者往往决定长跑的名次，而这一次，云天励飞拿到 的恰恰是进入长跑赛道的强信号。 日前，云天励飞中标1.22亿元龙岗AI一期项目，重点负责建设城市治理智能体和机器人指挥平台两大核 心板块。很多人读这类中标信息，第一眼看的是金额，第二眼看的是场景。但对云天励飞更关键的利 好，往往藏在第三眼：这类"城市治理智能体 + 机器人指挥平台"的组合，本质上是在把一整套高频、强 实时、强约束的边缘推理需求，装进一个可以长期运转的系统里。它不只是一个区的"智慧治理"升级， 更像是把"推理芯片该怎么卖、卖给谁、用在什么强度的场景里"这三件事，拉回到一个可验证、可复制 的样板间。 更微妙的是，这类项目给云天励飞提供的并不是一次性收入的想象，而是"模板化复制"的可能性。城市 治理的痛点高度相似：高频事件、跨部门流程、视频与多源数据、强安全约束、强审计要求。只要把接 入标准、调度规则、闭环流程与运维体系沉淀成 ...

在算力板卡产品方面，云天励飞于2024年推出的IPU-X6000加速卡，已面向软件企业、AI应用企业及互联网厂商等多个客户开展研发对接与生态适配。公司 在活动中提到，X6000加速卡已开始进入实际业务场景试点，为客户提供推理加速能力，并同步推进驱动、编译器及上层应用的协同调优。 （文/罗叶馨梅）12月9日，云天励飞（688343.SH）在披露的投资者关系活动记录表中介绍，公司长期专注于AI推理芯片研发与商业化，是较早提出并落地 NPU驱动AI推理芯片概念的企业之一。目前公司已完成四代NPU产品迭代，并在多领域形成典型应用示范。 公司表示，在持续迭代的过程中，围绕NPU核心架构积累了较多发明专利，并参与推动国内神经网络处理器芯片相关产业生态的标准化建设。面向下一代产 品，公司在研的Nova 500系列将全面升级自研GPNPU架构，引入3D堆叠存储与软硬协同设计，重点提升算力密度、功耗表现与开发友好度。 按照公司规划，Nova 500系列NPU将面向云边侧多场景推理需求，在保持主流生态兼容性的基础上强化模型部署效率，以更好适配大模型推理、视频分析等 长时运行负载。公司称，通过架构升级叠加工艺优化，有望在相同功耗约 ...

人民财讯12月10日电，云天励飞12月9日在机构调研时表示，公司是全球第一批提出NPU驱动的AI推理 芯片概念并商业化落地的公司，目前已完成四代NPU的研发和商业化。在研发过程中，公司沉淀了一系 列发明专利并在多领域形成典型应用示范，为我国神经网络处理器芯片产业标准化生态的健康、稳定发 展贡献力量。目前公司在研的Nova500系列将全面升级GPNPU架构，通过3D堆叠存储与软硬协同设 计，实现生态兼容性、性能与能效三重提升，将更适合AI推理应用。 ...

Core Viewpoint - The company, Yuntian Lifei, is a pioneer in the development and commercialization of AI inference chips, specifically NPU-driven AI inference chips, and has completed the R&D of its fourth-generation NPU [1] Group 1: Company Development - The company is currently advancing the R&D of the next-generation high-performance NPU, which will be more suitable for AI inference applications [1] - The upcoming NOVA 500 series will upgrade the GPNPU architecture, enhancing ecological compatibility, performance, and energy efficiency through 3D stacked storage and hardware-software collaborative design [1] Group 2: Intellectual Property and Industry Contribution - During the R&D process, the company has accumulated a series of invention patents and established typical application demonstrations across multiple fields [1] - The company contributes to the healthy and stable development of the standardized ecosystem for neural network processor chips in China [1]

Core Viewpoint - The company, Yuntian Lifei, reported strong growth in its Q3 financial results, indicating a positive operational trend and a focus on AI inference chip development and application ecosystem [1] Financial Performance - In the first three quarters, the company achieved a revenue of 951 million yuan, representing a year-on-year increase of 96.85% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, reduced its loss by 159 million yuan compared to the same period last year, narrowing the loss by 32% [1] - Operating cash flow turned positive, with a net operating cash flow of 195 million yuan, continuing the growth momentum established in Q2 [1] Strategic Initiatives - The company is leveraging industry policies and market opportunities to deepen its strategic layout of "AI inference chips + application ecosystem" [1] - It is promoting the implementation of self-developed chips across various scenarios based on its "computing power building block" architecture, thereby strengthening its technological moat [1] - The company is actively advancing the collaborative iteration of its product series, including DeepEdge, DeepVerse, and DeepXbot, gradually enhancing its full-stack computing power system from edge to center [1] Competitive Advantages - With core technology being independently controllable, diversified product forms, and advantages in adapting to domestic ecosystems, the company is accelerating the construction of an innovative highland for domestic AI inference chips and an industrial ecosystem platform [1]

Core Viewpoint - Yuntian Lifei (688343.SH) continues to show strong operational performance, with significant revenue growth and improved cash flow, indicating a positive outlook for future strategic investments [1][3][4] Financial Performance - For the first three quarters of 2025, Yuntian Lifei reported a revenue of 0.951 billion yuan, representing a year-on-year increase of 97% [1] - The net profit after deducting non-recurring items showed a reduced loss of 1.59 billion yuan, narrowing the loss by 32% compared to the same period last year [1] - The net operating cash flow reached 0.195 billion yuan, continuing to improve after turning positive in the second quarter [1] Business Strategy and Development - Yuntian Lifei is focusing on the "AI inference chip + application ecosystem" strategy, enhancing its commercial capabilities and product system [4][5] - The company has developed a complete R&D system around the concept of "algorithm chipification," leading to the launch of various inference chips and models [4][5] - The business structure is organized around a "1+N" model, with a unified inference chip platform and multiple business directions, creating a synergistic value chain [5] Market Trends and Opportunities - The AI inference chip market is experiencing rapid growth, with the market size projected to increase from 11.3 billion yuan in 2020 to 162.6 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 94.9% [5][6] - The NPU-driven market is also expected to grow significantly, from 0.5 billion yuan in 2020 to 26 billion yuan by 2024, with a CAGR of 72.3% [5][6] - The inference chip market is seen as a "blue ocean market," providing ample growth opportunities for domestic AI chip manufacturers [6] Competitive Advantages - Yuntian Lifei's long-term industry experience in instruction set design, domestic process adaptation, and Chiplet architecture positions it favorably in the inference chip competition [6] - The company's focus on continuous product iteration in real application scenarios helps refine its chip instruction sets and software systems, creating a sustainable competitive advantage [5][6] - Future plans include increasing R&D investment and strengthening ecosystem development to enhance the computing power system from edge to center [6]

Core Insights - The company reported a significant revenue growth of 97% year-on-year, achieving 951 million yuan from January to September 2025 [1] - The non-net profit attributable to shareholders improved, with a reduction in losses to 159 million yuan compared to the same period last year, indicating a steady improvement in core business quality [1] - Operating cash flow turned positive and increased to 195 million yuan, continuing the growth trend established in the second quarter, which enhances valuation certainty and provides a safety margin for future technological innovation and market expansion [1] Strategic Initiatives - The company is leveraging industry policies and market opportunities to deepen its strategic layout of "AI inference chips + application ecosystem" [1] - Utilizing the "computing power building block" architecture, the company is promoting the implementation of self-developed chips across various scenarios, thereby strengthening its technological moat [1] - The company is actively advancing the collaborative iteration of products such as DeepEdge, DeepVerse, and DeepXbot, gradually perfecting a full-stack computing power system from edge to center [1] - With core technology being self-controllable, diversified product forms, and advantages in domestic ecosystem adaptation, the company is accelerating the construction of an innovative hub and industrial ecosystem for domestic AI inference chips [1]

Core Viewpoint - Yuntian Lifei (688343) demonstrates strong growth in its Q3 2025 report, with significant revenue increase and improved operational metrics, indicating a positive trajectory in the AI inference chip market [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 951 million yuan, a year-on-year increase of 97% [1]. - The non-GAAP net loss narrowed to 159 million yuan, a 32% reduction compared to the same period last year, reflecting improved core business quality [1]. - Operating cash flow turned positive, reaching 195 million yuan, continuing the growth trend established in Q2 [1]. Strategic Initiatives - The company is focused on the "AI inference chip + application ecosystem" strategy, leveraging industry policies and market opportunities [2]. - Yuntian Lifei is enhancing its technological moat by implementing self-developed chips across various scenarios and iterating products like DeepEdge, DeepVerse, and DeepXbot [2]. - The company has completed the development of its fourth-generation NPU and is advancing the next generation of high-performance NPUs tailored for AI inference applications [2]. Market Outlook - According to a report by Zhaoshang Consulting, the market for AI inference chip products and services in China is expected to grow rapidly, from 11.3 billion yuan in 2020 to 162.6 billion yuan by 2024, with a compound annual growth rate (CAGR) of 94.9% [2]. - The NPU-driven market is projected to expand from 500 million yuan in 2020 to 26 billion yuan by 2024, with a CAGR of 175.6%, and is expected to reach 395.4 billion yuan by 2029 [2]. Technological Development - The company is building a robust innovation hub and industrial ecosystem for domestic AI inference chips, capitalizing on its core technology and diverse product forms [3].

Core Insights - The company, Wantong Intelligent Control Technology Co., Ltd., reported a significant increase in net profit and revenue for the first three quarters of 2025, with net profit up 50% year-on-year and revenue growth of 11.87% [5][3]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 897 million yuan, representing a year-on-year increase of 11.87% [5]. - The net profit attributable to shareholders reached 127 million yuan, marking a 50.05% increase compared to the previous year [5]. - In Q3 2025, the company reported a revenue of 302 million yuan, with a year-on-year growth of 19.97%, and a net profit of approximately 32.34 million yuan, up 33.65% year-on-year [5]. Group 2: Business Operations and Collaborations - The company is optimistic about the market demand for its NLP products, primarily purchased by American commercial vehicle fleets [6]. - Wantong is exploring the development of a fleet management system based on the Deep Ming Ao Si board, integrating AI inference chips for enhanced decision-making capabilities [6]. - The collaboration with Deep Ming Ao Si is progressing, with chip development nearing completion and plans to engage with robot clients for joint development by November 2025 [7]. - Wantong has invested 30 million yuan in Deep Ming Ao Si, acquiring a 5.66% stake, and aims to establish a tripartite cooperation model with Zhejiang University to create a closed industrial chain [7].

Group 1: Financial Performance - The company achieved a net profit of 127 million yuan in Q3 2025, representing a year-on-year increase of 50.05% [1] - For the first nine months of 2025, the company reported a revenue of 897 million yuan, up 11.87% year-on-year [1] - The revenue for Q3 2025 was 323.37 million yuan, reflecting a year-on-year growth of 19.97% [1] Group 2: Business Segment Performance - The valve stem business maintained stability despite external economic pressures [1] - The metal hose segment experienced a decline in both year-on-year and quarter-on-quarter performance due to negative impacts from the international economic environment [1] - The sensor and digital information control system segments saw an increase in year-on-year performance, although the quarter-on-quarter growth rate slowed down [1] Group 3: NLP Business Outlook - The NLP product demand is primarily driven by orders from commercial vehicle fleets in the U.S., with a positive outlook on total demand [2] - The company is exploring the development of a fleet management system based on deep learning chips, enhancing tire pressure monitoring capabilities [2] Group 4: Collaboration with DeepMind - The partnership with DeepMind is based on leveraging each other's strengths, with DeepMind focusing on chip design and development while the company specializes in manufacturing [2] - The company plans to invest 3 million yuan in DeepMind, acquiring a 5.66% stake [2] - The chip development is nearing completion, with plans to begin sample development for major vehicle manufacturers by mid-2026 [2]