" 云天励飞加码AI推理芯片，抢占第四次工业革命首张入场券。 " 作者丨 刘伊伦 编辑丨 包永刚 7 月 30 日，云天励飞发布公告，公司已向香港联交所递交了发行境外上市股份（ H 股）并在主板挂牌上 市的申请。这意味着，继 2023 年登陆科创板之后， 云天励飞正迈向 "A+H" 双重上市的新阶段。 招股书显示，云天励飞是中国首家实现国产高算力 AI 推理芯片商业化的公司；同时，也是全球范围内第 一批推出 NPU 驱动的 AI 推理芯片，并实现市场化落地的企业。 根据灼识咨询报告，按 2024 年中国市场相关收入统计，云天励飞是中国排名前三的行业领先全场景 AI 推理芯片产品及服务提供商；在 NPU 驱动的 AI 推理芯片产品及服务提供商中，公司排名中国第二。 雷峰网在 2014 年云天励飞成立之初就开始关注这家企业， 自主创新和与时俱进一直是它的代名词 。 " 全自研、 国产化 " ，在 2025 WAIC 云天励飞的展台上，摆放着 采用国产工艺及首创 " 算力积木 " 架构打造的 深 界 DeepEdge10 系列芯片。 作为最早将并行计算处理器带回国内的一批人，云天励飞始终深耕 NPU 研发，从架构设 ...

Core Viewpoint - Yuntian Lifei is advancing towards a dual listing on the A-share and Hong Kong stock markets after successfully landing on the Sci-Tech Innovation Board in 2023, aiming to accelerate its international capital layout [2][3]. Group 1: Company Overview - Founded in 2014, Yuntian Lifei focuses on the research, design, and commercialization of AI inference chips, offering products and services across enterprise, consumer, and industry applications [3]. - The company has established a complete closed loop from AI inference infrastructure construction to product design, development, and commercialization, enabling rapid migration of AI across diverse scenarios [3]. Group 2: Product Offerings - In enterprise applications, Yuntian Lifei provides AI inference chips, computing power services, and IP licensing, primarily for SoC development, large model services, and service robots [4]. - For consumer applications, the company has developed AI-native products such as AI learning machines, AI glasses, and AI-enabled toys, leveraging advancements in AI technology [5]. - In industry applications, Yuntian Lifei offers integrated hardware and software solutions for smart public transport, smart city governance, and emergency response, addressing complex real-world challenges [5]. Group 3: Market Position - According to a report by Zhaoshang Consulting, Yuntian Lifei ranks among the top three providers of AI inference chip-related products and services in China for 2024, and is also among the top two in the NPU-driven AI inference chip sector [5]. Group 4: Financial Performance - Yuntian Lifei's revenue for 2022, 2023, and 2024 is reported as 546 million, 506 million, and 917 million respectively, with a year-on-year revenue growth of over 168% to 264 million in Q1 of this year [6]. - The market size for AI inference chip-related products and services in China is projected to grow from 11.3 billion in 2020 to 162.6 billion in 2024, with a compound annual growth rate of 94.9%, and is expected to reach 1,383 billion by 2029 at a 53.4% CAGR [6]. Group 5: Strategic Initiatives - Yuntian Lifei plans to increase investment in AI inference chips, focusing on edge computing, cloud-based large model inference, and embodied intelligence [7]. - The company has achieved significant milestones in edge computing, with multiple demonstration projects in high-density video intelligent analysis and small-scale edge large model inference [7]. - In cloud inference acceleration, Yuntian Lifei has launched a reasoning acceleration card based on domestic technology, utilizing a "computing power building block" architecture for modular expansion and task parallelism [8]. - The company has established partnerships with over ten robotics manufacturers, deploying edge chip products in service robots, anticipating embodied intelligence to become a new growth engine in the robotics industry within 3-5 years [8].

Core Viewpoint - The company, CloudWalk Technology, is strategically focusing on AI chips, aiming to build a domestic computing "accelerator" centered around edge computing, cloud-based large model inference, and embodied intelligence [1][2]. Company Development - Founded in 2014, CloudWalk Technology has spent 11 years developing AI applications across consumer, enterprise, and industry sectors, achieving multiple innovations [1]. - The company launched its second-generation neural network processor (NPU) in 2018, which has been widely applied in various fields such as smart cameras and industrial intelligence [1][2]. - In 2023, the company released its third-generation chip, DeepEdge10, designed for large model inference, featuring a modular architecture that supports scalable computing systems [2][3]. Market Outlook - The chairman believes that 2025 will mark a significant turning point for AI, with a shift from training to inference, leading to an explosive growth in inference computing demand [2][3]. - Although the current AI inference chip market is relatively small compared to the training chip market, it is expected to grow at a much faster rate in the next 3 to 5 years [3]. Key Application Scenarios - The company is focusing on three main application scenarios: edge computing, cloud-based inference acceleration, and embodied intelligence, aiming to create a cost-effective AI inference chip technology and product system [4][5]. - In edge computing, the company has implemented several demonstration projects and gained recognition from leading industry clients, leveraging its expertise in low power consumption and high performance [4]. - For cloud inference acceleration, the company has developed a reasoning acceleration card based on domestic technology, enhancing flexibility and efficiency in chip design and deployment [4][5]. - In the field of embodied intelligence, the company has partnered with over ten robotics manufacturers, with its edge chip products already in practical deployment [5].

Core Viewpoint - Yuntian Lifei is a leading AI company in China, focusing on the research, design, and commercialization of AI inference chips, aiming to create a complete closed-loop from infrastructure to product design and commercialization [3]. Industry Overview - The AI inference chip market in China is experiencing rapid growth, with the market size projected to increase from RMB 11.3 billion in 2020 to RMB 162.6 billion by 2024, representing a compound annual growth rate (CAGR) of 94.9%. It is expected to continue growing at a CAGR of 53.4% from 2024 to 2029, reaching RMB 1,383 billion by 2029 [3]. - Yuntian Lifei ranks among the top three providers of AI inference chip products and services in China based on revenue projections for 2024 [3]. Company Products and Technology - Yuntian Lifei's IFIC platform enables algorithm chip integration, allowing the company to develop optimized chips for various applications. The company has launched NPU products such as Nova, DeepEye, DeepEdge, and is working on DeepVerse and DeepXBot [4]. - The Hy3 CAN hardware tool and IFIE software platform support the operation of AI inference chips, providing a unified programming interface and a controlled development environment for large model applications [4]. Financial Performance - For the fiscal years ending March 31, 2022, 2023, 2024, and the first quarter of 2025, Yuntian Lifei reported revenues of approximately RMB 546.2 million, RMB 506.0 million, RMB 917.4 million, and RMB 264.0 million, respectively. Corresponding gross profits were approximately RMB 174.1 million, RMB 119.0 million, RMB 192.1 million, and RMB 76.0 million [5][6]. - The company has shown a trend of increasing revenue, with a notable jump in 2024, while gross profit margins have varied, indicating potential challenges in cost management [5][6].

Core Viewpoint - The company, Yuntian Lifei, is transitioning to focus entirely on AI inference chips, aiming to become a leader in the domestic AI chip market and drive the large-scale application of artificial intelligence across various scenarios [5][12][20]. Company Background - Founded in 2014 by Chen Ning in Shenzhen, Yuntian Lifei initially focused on AI applications in public security, leveraging facial recognition technology to address social issues like child abduction [2][10]. - The company has evolved over the past nine years, achieving significant milestones in AI applications across consumer, enterprise, and industry sectors, while also being recognized as "Shenzhen's AI first stock" upon its listing on the Sci-Tech Innovation Board [3]. Strategic Shift - In 2025, Yuntian Lifei will fully concentrate on AI inference chips, restructuring its business model from a multi-line approach to a "1+N" model, where "1" represents a unified platform centered on inference chips, and "N" encompasses various business units [11][12]. - The company aims to develop a comprehensive product system for AI inference chips targeting three key markets: edge computing, cloud model inference acceleration, and embodied intelligence [11][12]. Market Potential - The AI inference chip market is viewed as a "blue ocean" with significant growth potential, expected to outpace training chips in the next three to five years [16][20]. - The company anticipates that AI inference chips will become ubiquitous, similar to WiFi routers, serving as core components in smart devices [16][20]. Technological Foundation - Yuntian Lifei has a strong foundation in chip design, having developed the first generation of neural network processors for public security applications, which significantly improved efficiency and reduced costs [10][11]. - The company emphasizes an "algorithm chipification" approach, integrating algorithm requirements with chip architecture to enhance performance and adaptability [19]. Future Outlook - The company is in a critical phase of high investment for growth, with revenue exceeding 900 million yuan in the previous year, reflecting an over 80% year-on-year increase [18]. - Yuntian Lifei is committed to enhancing the efficiency and cost-effectiveness of AI inference chips, aiming to make AI a foundational infrastructure for the fourth industrial revolution [22].

Core Viewpoint - The article discusses the strategic shift of Yuntian Lifei towards AI inference chips, highlighting the growing demand for inference computing power as AI applications proliferate, and the company's recent product launches aimed at this market [2][3][4]. Group 1: AI Inference Market Dynamics - AI is divided into training and inference stages, with inference power demand increasing significantly; IDC reports that cloud inference computing power reached 58.5% in 2022 and is expected to rise to 62.2% by 2026 [2]. - The AI inference chip market is still in a blue ocean phase, with growth expected to outpace the training chip market in the next three to five years, indicating a transition from the training era to the inference era [3][4]. - The demand for AI inference computing is projected to grow over 80% annually, potentially surpassing training as the main driver of data center computing [15]. Group 2: Company Developments and Product Launches - Yuntian Lifei launched the DeepSky X6000 Mesh inference computing card with a computing power of 256 Tops, designed for AI inference applications, supporting 30fps 1080p video decoding [2]. - The company has developed a range of products based on the DeepSky X6000 Mesh card, including various integrated machines with up to 4 PFlops of inference computing power [2][4]. - Yuntian Lifei has successfully transitioned to domestic processes, becoming the first AI chip company to adopt domestic Chiplet technology, and has launched multiple chips under the DeepEdge10 platform [6]. Group 3: Financial Performance and Future Outlook - Yuntian Lifei reported a revenue of over 900 million yuan in 2024, a year-on-year increase of 81.3%, with Q1 2025 revenue reaching 264 million yuan, up 168.23% year-on-year [7]. - The company has signed a significant contract for AI training and inference heterogeneous computing services, expected to contribute approximately 1.6 billion yuan in revenue over three years [7]. - The CEO emphasizes the importance of AI inference chips in driving the large-scale application of AI technologies in various sectors, predicting a transformative impact on electronic products in the next five years [8][9].

Core Viewpoint - TSMC is seeking to make a strategic investment in the South Korean chip design startup FuriosaAI, which specializes in AI inference chips and aims to enhance South Korea's AI chip design capabilities [2][3]. Group 1: Investment and Financials - FuriosaAI has been in discussions with TSMC Global since Q4 of the previous year regarding investment terms, which are still undetermined [2]. - The company has raised $115 million from investors including Naver and DSC Investment, but has faced challenges in securing sufficient funding for mass production of its next-generation RNGD chip [3]. - In 2023, FuriosaAI reported an operating loss of 60 billion KRW (approximately $41.6 million) [3]. Group 2: Product Development - FuriosaAI's first product, Warboy, was launched in 2021 using Samsung's 14nm process, while the second product, RNGD, is set for mass production using TSMC's 5nm process in August 2024 [2]. - The performance of RNGD is reported to be similar to Nvidia's L40S inference chip, but with significantly lower power consumption of 150W compared to 350W for Nvidia's chip [3]. Group 3: Market Context and Future Plans - Due to slow economic recovery in South Korea, there are speculations that FuriosaAI may pivot towards being acquired by a larger company, as domestic investment has not met expectations [4]. - FuriosaAI is striving to go public on a major exchange in South Korea within the first half of the year, with Mirae Asset Securities and NH Investment & Securities as lead underwriters [3].