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]

最新机构调研中，云天励飞表示，公司长期专注于AI推理芯片的研发设计及商业化，是全球第一批提 出NPU驱动AI推理芯片概念并商业化落地的公司。公司已完成第四代NPU的研发，目前正在推进下一 代高性能NPU的研发，将更适合AI推理应用。 10月30日，云天励飞(688343)发布2025年三季报。报告显示，公司整体经营保持高景气增长态势，2025 年前三季度，云天励飞实现营业收入9.51亿元，同比增长97%；扣非净利润较去年同期进一步减亏1.59 亿元，亏损同比收窄32%，公司核心业务经营质量正在稳步提升；经营性现金流净额增长至1.95亿元， 继第二季度转正后，增长势头得以延续。稳定的经营性现金流不仅提升了公司估值的确定性，也为后续 持续推进技术创新、拓展市场份额提供了安全边际。 云天励飞致力于通过打造具备高性能、高性价比及高适配性的推理芯片，推动AI加速普及。基于"算法 芯片化"核心能力底座，构建了"算法分析—指令集定义—芯片架构设计—工具链开发"的AI推理芯片研 发流程，并形成了包括NPU产品Nova系列、AI推理芯片DeepEye系列和DeepEdge系列、及大模型 IFMind在内的AI推理相关产品及服务 ...

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].

2 编号：2025-016 | | ◻️特定对象调研 ◻️分析师会议 | | --- | --- | | 投资者关系 | | | | ◻️新闻发布会 ◻️路演活动 | | | ◻️现场参观 ☑电话会议 | | | ◻️其他（请文字说明其他活动内容） | | | 淡水泉投资：林灏洋 青榕资产管理：唐明 | | | 北京志开投资：周彬 君茂投资：张明蕾 | | | 幸福人寿保险：饶宇 华润元大基金：哈含章 | | | 招银理财：周迪 创金合信基金：张小郭 | | | 上海混沌投资：黎晓楠 长江证券资管：汪中昊 | | | 北京旭芽：裘峥 浙江探骊：林阳相 | | | 其他个人投资者 | | 时间 | 2025 年 10 月 28 日 | | | 证券事务代表：王宇骏 | | | 一、董事会秘书李滨向各位线上调研人员介绍公司整体情况及主营业 | | | 务等情况，并做 年三季度业绩情况汇报及解读。 2025 | | 投资者关系 | 二、互动交流环节： | | | 1、公司三季度各项主营业务板块的表现如何？ | | | 母净利润 1.27 亿元，同比增长 50.05%。其中第三季度，公司实现营 | | | 收 亿元， ...

证券日报网讯云天励飞10月20日在互动平台回答投资者提问时表示，公司长期专注于AI推理芯片的研 发设计及商业化，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。公司已完成第 四代NPU的研发，目前正在推进下一代高性能NPU的研发，将更适合AI推理应用。目前公司正在开发 多款芯片以适配多样化应用场景，公司的加速卡等推理芯片产品已经实现了市场应用。公司 DeepEdge10芯片系列是云天励飞自主研发的高性能SoC芯片，采用国产14nmChiplet工艺，内含国产 RISC-V核，可支持包括Transformer模型、BEV模型、CV大模型、LLM大模型等各类不同架构的主流模 型，并在机器人、边缘网关、服务器等领域实现商业化应用，为深空探测实验室的自主可控星载计算提 供支撑。 ...

近日，AI芯片初创公司Groq在官网宣布，已完成融资7.5亿美元。该公司融资后估值为69亿美元，在短 短一年多的时间里翻了一倍有余。此轮融资由Disruptive领投，贝莱德（Blackrock Inc.）、路博迈集团 （Neuberger Berman Group LLC） 和德国电信资本合伙公司（Deutsche Telekom Capital Partners） 等"大 额投资"跟投，现有投资者包括三星电子、思科系统公司、D1和Altimeter。 Groq在一份声明中表示，参与投资的还包括一家"总部位于美国西海岸的大型共同基金"。 据了解，Jonathan Ross之前为谷歌Tensor处理单元核心团队成员。2016年，他在加利福尼亚州创建了 Groq，专注于人工智能推理芯片研发，主要产品为语言处理单元（LPU）。该企业通过软件定义硬件架 构优化能效比与成本控制，核心技术在动态调度算法和大规模并行计算单元领域。 Groq上一轮融资是在去年8月，获得BlackRock Inc.基金领投的6.4亿美元融资，思科和三星投资部门参 与该轮融资。彼时估值为28亿美元。 公司首席执行官乔纳森·罗斯（Jonatha ...

Group 1 - Renowned private equity firm Ruiyang Investment recently conducted research on a listed company, CloudWalk Technology, focusing on its AI inference chip development and strategic investments [1] - CloudWalk Technology has established partnerships with multiple financial institutions, providing services such as financial models, big data services, risk control, marketing, live detection, and dual recording [1] - The company's technology and products are primarily applied in the field of autonomous vehicles, particularly in the "vehicle-road-cloud" collaborative system for intelligent connected vehicles [1] Group 2 - Ruiyang Investment was founded in January 2017 and primarily engages in private securities investment fund business in the secondary market, with an asset management scale of approximately 10 billion [2] - The average tenure of the fund managers at Ruiyang Investment exceeds 10 years, indicating a strong level of experience in the industry [2] Group 3 - The firm has received multiple awards, including the "12th China Private Equity Golden Bull Award" for three-year outstanding private equity investment manager in September 2021, and the "11th China Private Equity Golden Bull Award" for one-year outstanding private equity investment manager in August 2020 [3] - Ruiyang Investment's Ruiyang Selected No. 2 fund achieved a return of 106.99% in 2019 and 64.42% in 2020, with a maximum drawdown of 2.37% [3] - The Ruiyang Exclusive No. 1 fund was recognized with several awards, including the "Golden Yangguang Award" for three-year outstanding private equity company in July 2021, showcasing the firm's strong performance and growth potential [3]

Group 1: Yuncong Technology - The company is focusing on AI inference chip development through industrial investment and has strategically invested in Yisiwei Computing, a leading player in the domestic RISC-V field [1] - Yuncong Technology has established partnerships with multiple financial institutions to provide services such as financial big models, big data services, risk control, marketing, live detection, and dual recording [1] - The company's technology and products are primarily applied in the field of autonomous vehicles, focusing on the "vehicle-road-cloud" collaborative system for intelligent connected vehicles [1] Group 2: Jinchengzi - In the first half of 2025, the company achieved operating revenue of 132.68 million yuan, a year-on-year increase of 21.56%, and a net profit attributable to shareholders of 27.70 million yuan, up 64.58% year-on-year [2] - The growth in performance is attributed to market expansion and cost control, with the company enhancing competitiveness through employee stock ownership, governance optimization, and the acquisition of Samit [2] - Samit is expected to generate revenue of 57.55 million yuan and a net profit of 21.05 million yuan in 2024, with technology at an internationally advanced level, applicable in fields such as aviation detection and laser communication [2] - The company is entering the consumer-grade 3D printing sector with its ToC consumer-grade control card currently in the testing phase, and the acquisition plan includes performance and impairment compensation to support sustainable development [2] Group 3: Company Overview - Shanghai Chengrui Investment Management Co., Ltd. was established in May 2010 with a registered capital of 11 million yuan and became a private equity fund manager in April 2014 [3] - The company focuses on the secondary market and covers major asset allocation, employing strategies such as macro hedging, high-frequency alpha, and CTA strategies, all developed in-house [3] - The investment research team consists of 33 highly qualified professionals with strong educational backgrounds and extensive investment experience, with members graduating from prestigious universities [3] - The company has received numerous awards and recognitions, including being ranked among the top private equity firms in China and winning various industry awards for its performance [3]