在数字技术狂飙突进的时代浪潮中，数字人宛如一颗冉冉升起的璀璨新星，正以惊人的速度渗透到各个行业领域，从娱乐互动到商业 营销，从教育科普到医疗咨询，其应用场景不断拓展，市场需求呈现出爆发式增长。在这片充满机遇与挑战的数字人蓝海中，客易云 数字人源头开发工厂犹如一座坚实的灯塔，凭借其卓越的技术实力、严谨的研发态度和创新的开发理念，成为推动数字人行业发展的 核心力量。 客易云数字人源头开发工厂深知技术是数字人发展的核心驱动力。因此，工厂汇聚了一批来自人工智能、计算机图形学、三维建模等 多领域的顶尖专业人才，他们怀揣着对数字技术的无限热爱和执着追求，组成了一支实力雄厚的研发团队。这支团队不断探索数字人 技术的边界，深入研究人工智能算法的优化、计算机图形学的精细处理以及三维建模的真实还原等关键技术。通过持续的技术创新和 研发投入，工厂成功攻克了一系列技术难题，实现了数字人在形象逼真度、智能交互能力和情感表达能力等方面的重大突破。 在形象塑造方面，客易云数字人源头开发工厂运用先进的三维建模技术和计算机图形学算法，对数字人的外貌特征进行精细雕琢。从 面部轮廓的微妙曲线到肌肤纹理的细腻质感，从发丝的逼真飘动到眼神的灵动流转， ...

除了语言和情感交互的提升，接入Veo3.1 API还赋予了客易云数字人更强大的场景适应能力。在不同的场景中，用户对数字人的需求和期望也有所不同。 Veo3.1 API可以根据不同的场景特点，为数字人提供针对性的交互策略和服务内容。例如，在一个轻松娱乐的虚拟聚会场景中，数字人会以幽默风趣的方式 与用户互动，营造出欢乐、活跃的氛围；而在一个严肃专业的知识讲解场景中，数字人则会展现出严谨、专业的态度，为用户提供准确、详细的信息。这种 灵活多变的场景适应能力，使得客易云数字人能够在各种不同的环境中发挥出最大的价值，满足用户多样化的需求。 在内容创作方面，客易云数字人借助Veo3.1 API也展现出了惊人的创造力。它可以根据用户的需求和主题，快速生成各种丰富多样的内容，如故事、诗歌、 文章等。Veo3.1 API为数字人提供了丰富的素材库和创意灵感，使得数字人创作出的内容不仅质量高，而且富有独特的个性和魅力。例如，当用户希望数字 人创作一篇关于未来世界的科幻故事时，数字人可以通过接入Veo3.1 API，获取大量关于未来科技、社会发展的信息，并结合自己的想象力和创造力，创作 出一篇情节跌宕起伏、充满想象力的科幻佳作。这 ...

Core Insights - The digital human technology is transitioning from concept demonstration to becoming a core industry component, with the Chinese digital human market expected to focus on "scene adaptability, commercial value, and technological innovation" by 2025 [1][4] - The market is characterized by fragmented and specialized demands across various sectors, necessitating a deep integration of technology and application scenarios [1][4] Industry Demand Analysis - Government sector: Requires standardized services, accurate information, and 24/7 online capabilities, necessitating integration with extensive government knowledge bases while ensuring data security [1] - Cultural tourism: Focuses on revitalizing cultural IP, creating immersive experiences, and providing multilingual services, requiring the transformation of historical content into interactive formats [1] - Corporate exhibitions: Demands a unified technological feel and brand tone, necessitating the visualization of complex business data and intelligent Q&A [1] - Smart education: Needs precision in teaching assistance, content safety compliance, and the ability to attract student attention [2] - Smart healthcare: Requires high accuracy in professional knowledge, rigorous process guidance, and patient privacy protection [2] Market Evolution - The market is calling for "full-stack" service providers that can offer comprehensive solutions from underlying technology to industry-specific applications, moving from "media personnel" to "service personnel" and "industry personnel" [4][5] Company Spotlight: Shiyou Technology - Shiyou Technology is positioned as a "full-stack technology provider" with self-developed capabilities across the entire chain from underlying algorithms to upper-layer applications, having over 60 national invention patents and 100 software copyrights [7] - The core product, "Shiyou Bota AI Digital Human," integrates 3D/2D digital human customization, natural language interaction, multimodal technology, and AI large models, showcasing high realism and intelligence [8] Application Cases - Government: Customized digital human deployed in a social security hall, improving consultation efficiency by over 40% [9] - Cultural tourism: 3D digital human as a virtual guide enhancing interactive communication of cultural heritage [9] - Corporate exhibition: AI digital human system for New Hope Group, providing 24/7 efficient explanations and reducing labor costs [9] - Smart education: AI virtual teaching assistant deployed in a school, achieving dual goals of teaching assistance and cultural dissemination [11] - Smart healthcare: Customized digital human doctor providing 24/7 intelligent guidance and appointment services in a hospital [11] Recognition and Standards - Shiyou Technology has participated in drafting national standards for customer service digital humans and has been validated through over 30 major national projects, serving more than 1,000 brand clients [12] Competitive Landscape - The digital human market in 2025 features various participants, including full-stack technology vendors like Shiyou Technology, vertical scene specialists, and internet and large model companies [14] - Full-stack vendors provide comprehensive capabilities, while vertical specialists offer deep industry knowledge and integration experience [14] Recommendations for Partner Selection - Companies should clarify their core needs, distinguishing between a brand ambassador and an AI business intelligent agent [15] - Evaluate the technology self-research and integration capabilities of potential partners, ensuring they can support various deployment methods [15] - Verify successful case studies relevant to the company's industry and application scenarios [15] - Assess the partner's ecosystem and delivery system for ongoing support and knowledge updates [15] - Focus on long-term evolution and compliance with industry standards when selecting partners [16]

而有家公司的老板曾宣称要在2025 年为全球提供 1 亿个 "硅基劳动力"（数字人），这家公司就是位于南京、由司马华鹏创立的"硅基智能"。 虽然如今8万数字人的规模远不及1亿的目标，但硅基智能最近已向港交所递交了招股书，拟在香港主板上市；若此次能顺利上市，其将成为港股"数字人 第一股"。 如今，"数字人"正在全面进入人类的生活。 无论日常刷到的电商主播、接打电话的客服，甚至线上教学的老师，都有数字人的身影。 作为国内最早布局数字人领域的企业之一，硅基智能的业务已经覆盖智能语音、数字人视频、直播、智能交互及全自动内容生产五项业务，公司营收也随 着数字人热潮一路上涨。 成立于2017年的硅基智能，据介绍为目前国内市场份额第一的数字人智能体提供商，累计为电信、金融等行业提供了超8万个"硅基劳动力"。 招股书显示，在经历三年亏损后，硅基智能今年上半年实现扭亏为盈，营收3.26亿元。 2017年，CEO司马华鹏在南京成立硅基智能，四个月内拿到首轮融资。 此后，公司融资节奏稳定，腾讯投资、红杉中国等知名机构相继入局。 今年，硅基智能完成D轮融资，估值已达31.5亿元。 2023年，数字人直播走红；2024年，AI复活逝者 ...

Core Viewpoint - The digital human market is rapidly growing, with significant investments and developments, particularly from companies like Silicon Intelligence, which aims to provide 100 million digital workers by 2025, despite current challenges in profitability and market competition [2][4][6]. Market Overview - The concept of digital humans gained attention during the 2021 metaverse trend, with significant growth following events like the Winter Olympics and the release of popular films [3]. - The Chinese digital human market surpassed 10 billion RMB in 2023 and is projected to reach 30 billion RMB by 2025, with a compound annual growth rate exceeding 50% [4]. Company Performance - Silicon Intelligence's revenue for 2023 was 530.8 million RMB, with projections of 655.4 million RMB for 2024 and 325.8 million RMB for the first half of 2025, reflecting year-on-year growth rates of 137.8%, 18.9%, and 12.6% respectively [4][18]. - The company holds a 32.2% market share in China's digital human sector, ranking second globally among digital human suppliers [4]. Business Strategy - Silicon Intelligence has shifted its focus from small to large clients, reducing its customer base from 573 to 289, which has led to a dependency on major clients for revenue [6][9]. - The company has developed multiple platforms for various industries, including education, media, healthcare, finance, and public services, providing over 80,000 digital workers [5]. Financial Challenges - Despite the market potential, Silicon Intelligence has faced financial losses, with adjusted net losses of 46.22 million RMB in 2022, 29.41 million RMB in 2023, and 35.24 million RMB in 2024 [6]. - The gross margin has declined from 38.5% in 2022 to 31.6% in the first half of 2025 due to competitive pricing strategies aimed at securing large clients [6]. Customer Dynamics - The revenue share from the largest client has increased significantly, from 16.6% in 2022 to 64.4% in the first half of 2025, indicating a growing reliance on a single customer [7][9]. - The average customer acquisition cost has risen from 74,000 RMB in 2022 to 184,000 RMB in 2024, reflecting increased marketing expenses [18]. Investment and Funding - Silicon Intelligence has received substantial investments from various firms, including Tencent, which is now the largest external shareholder with a 16.59% stake [12]. - The company plans to use funds from its IPO to enhance R&D capabilities, marketing, global acquisitions, and operational funding [13]. Industry Challenges - The digital human sector faces significant competition from major tech companies and ongoing issues related to user experience and technology limitations [15][17]. - Legal and ethical concerns are emerging, as incidents of unauthorized use of personal likenesses by AI technologies have raised compliance issues within the industry [19].

Core Viewpoint - Nanjing Silicon Intelligence Technology Group Co., Ltd. (Silicon Intelligence) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first digital human stock in Hong Kong, amidst rapid revenue growth and significant cost-cutting measures that have led to a turnaround in profitability [1][3]. Financial Performance - Silicon Intelligence's revenue has shown rapid growth, with figures of RMB 222.81 million in 2022, RMB 531 million in 2023, and RMB 655.43 million in 2024, reflecting a compound annual growth rate of 71.5% [13]. - In the first half of 2025, the company achieved revenue of RMB 326 million, marking an 11.15% year-on-year increase, although the growth rate has significantly slowed [13]. - The adjusted net profit for the reporting period was negative, with losses of RMB 462.21 million, RMB 294.12 million, and RMB 352.42 million, totaling over RMB 1 billion in cumulative losses [13][14]. Cost Management - The company has significantly reduced operational costs, particularly in R&D expenses, with a decrease in the R&D expense ratio from 33.85% in 2022 to 20.42% in the first half of 2025 [15]. - Employee costs, including salaries and benefits, have also been cut, with reductions of 14%, 27%, and 41% expected in 2023, 2024, and the first half of 2025, respectively [8][11]. Market Position and Competition - Silicon Intelligence claims to hold a 32.2% market share in the Chinese digital human industry, ranking first among local providers and second globally [13]. - However, the competitive landscape is intensifying, with major players like ByteDance, Tencent, and Alibaba entering the digital human space, posing challenges to Silicon Intelligence's market leadership [1][17]. Dependency on Major Clients - The company has a high dependency on a single major client, China Mobile, which accounted for 64.4% of sales in recent periods, raising concerns about the sustainability of its revenue model [17]. - This reliance on a major client may indicate a lack of competitive advantage in technology, as the company primarily competes on pricing [16][17]. Technology and Innovation - Despite claims of proprietary technology, including the "Yan Emperor Model," the company has not adequately disclosed its core algorithm patents or technological barriers, raising questions about its ability to withstand low-price competition [18]. - The lack of a clear valuation anchor and reliance on a single large client may lead to discrepancies between market expectations and actual performance, particularly in the context of a rapidly evolving technological landscape [18].

Core Viewpoint - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon-based Intelligence) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first digital human stock in Hong Kong [1][2]. Company Overview - Founded in 2017, Silicon-based Intelligence has grown to become the largest digital human company in China, achieving commercialization in over 40 industries, including finance, government, and e-commerce, with the highest market share in the digital human sector [1][4]. - The company has completed 10 rounds of financing before the IPO, with a post-investment valuation of 3.15 billion yuan. Notable investors include Tencent, Sequoia China, and others [1][7]. Founder Background - The founder, Si Mahuapeng, has a strong technical background and has previously founded successful tech companies, including Returnil and Toolwiz. His vision for AI as a new form of "digital labor" led to the establishment of Silicon-based Intelligence [3][4]. Business Development - The company faced challenges in its early years due to the immaturity of AI technology. However, it capitalized on the "metaverse" trend in 2021, launching a comprehensive application solution for virtual digital humans and AIGC [4]. - As of now, Silicon-based Intelligence has provided over 80,000 "silicon-based labor" solutions to various industries [4]. Financial Performance - Revenue from the company's five business segments is projected to grow from 223 million yuan in 2022 to 655 million yuan in 2024, with a compound annual growth rate of 71.5% [5]. - The company achieved a net profit of 5.29 million yuan in the first half of 2025, marking a turnaround from previous losses [5][6]. Market Position - Silicon-based Intelligence holds a 32.2% market share in the domestic digital human solutions market, ranking first in China and second globally [4][5]. Strategic Adjustments - The company has adopted a competitive pricing strategy to secure partnerships with large clients, which has impacted its gross margin, decreasing from 45.8% in 2023 to 31.6% in the first half of 2025 [6]. Use of IPO Proceeds - The funds raised from the IPO will primarily be used to enhance R&D capabilities, marketing, global acquisitions, and general corporate purposes [6]. Investment and Shareholding - Major shareholders include Tencent (16.59%), Zhuhai International (11.81%), and others, reflecting strong backing from top-tier VC/PE firms [8].

Core Viewpoint - The IPO application of Nanjing Silicon-based Intelligent Technology Co., Ltd. marks a significant milestone for the digital human industry, positioning it under the spotlight of capital markets and indicating the potential for commercialization in this sector [1][6]. Group 1: Company Overview - Founded in 2017, Silicon-based Intelligent focuses on providing digital human solutions across various industries, including telecommunications, finance, and healthcare, with over 80,000 "digital employees" delivered by October 2025 [6]. - The company achieved a revenue growth from 223 million RMB in 2022 to 655 million RMB in 2024, raising questions about the profitability of digital human services [6][14]. Group 2: Capital and Financing - Since its inception, Silicon-based Intelligent has completed eight rounds of financing, raising over 1 billion RMB, with notable investments from Tencent and Sequoia Capital [8][9]. - Tencent is the largest external shareholder, holding 16.59% of the company prior to the IPO, having invested approximately 1.15 billion RMB in the B round and 3.37 billion RMB in the C round [9][13]. Group 3: Revenue and Profitability - The company's revenue from 2022 to 2024 grew nearly threefold, with 2025's first half showing an 11% year-on-year increase, reaching 326 million RMB [14]. - Silicon-based Intelligent transitioned from continuous losses to profitability, reporting a net profit of 5.29 million RMB in the first half of 2025, attributed to a strategic focus on large clients [15]. Group 4: Client Concentration and Margin Trends - The company faces challenges with client concentration, as the top five clients contributed 87.5% of revenue in the first half of 2025, with the largest client accounting for 64.4% [16]. - The gross margin has been declining, from 45.8% in 2023 to 31.6% in the first half of 2025, primarily due to competitive pricing strategies to retain major clients [16][22]. Group 5: Business Model and Future Opportunities - Silicon-based Intelligent's core business includes four segments: voice solutions, video production, live streaming, and automated content production, with a direct sales model dominating revenue [18][19]. - The company is exploring a revenue-sharing model, particularly in finance and e-commerce, which could enhance profitability by transforming from a cost center to a profit center [20][29]. Group 6: Industry Challenges and Prospects - The digital human industry faces challenges such as rapid technological changes requiring continuous R&D investment, with R&D expenses rising from 75.43 million RMB in 2022 to 150 million RMB in 2024 [23]. - Regulatory and ethical risks are increasing, with new guidelines potentially limiting the commercialization of digital human applications [24]. Group 7: Market Growth Potential - Despite challenges, the digital human market is projected to grow significantly, with a compound annual growth rate of 55.8%, reaching 2 billion RMB by 2024 and 15.5 billion RMB by 2030 [25]. - The shift from digital humans to intelligent agents capable of autonomous decision-making represents a significant opportunity for expanding profitability [26][29]. Group 8: Conclusion - The IPO of Silicon-based Intelligent is seen as a pivotal moment for the digital human industry, transitioning from speculative concepts to validated business models, with the potential for further industry maturation through additional listings [31][32].

Core Insights - The article discusses the increasing application of digital humans in various industries, highlighting the business model of Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon Intelligence), which has submitted its IPO prospectus to the Hong Kong Stock Exchange [3][4]. Group 1: Company Overview - Silicon Intelligence has created over 80,000 digital employees, generating revenue exceeding 600 million RMB in the past year [4]. - The company defines AI not just as a tool but as a new form of labor, coining the term "silicon-based labor" to differentiate it from human labor [3]. - The business model includes providing comprehensive silicon-based labor solutions, such as voice, video, live streaming, and intelligent interaction services [3]. Group 2: Financial Performance - Revenue projections for Silicon Intelligence are 220 million RMB, 530 million RMB, 660 million RMB, and 330 million RMB for the years 2022 to 2025, with gross margins of 38.5%, 45.8%, 34.3%, and 31.6% respectively [4]. - The company reported cumulative losses exceeding 300 million RMB over three and a half years, with adjusted losses of 46.2 million RMB, 29.4 million RMB, and 35.2 million RMB for 2022 to 2024, turning a profit of 5.3 million RMB in the first half of 2025 [4]. Group 3: Market Position - Silicon Intelligence ranks first among digital human solution providers in China, holding a market share of 32.2% [5]. - The pricing for their silicon-based labor solutions varies significantly, typically ranging from 5,500 RMB to over 25,000 RMB depending on the product type and client needs [6]. Group 4: Client Base and Revenue Contribution - The company primarily relies on direct sales, which accounted for 98.3% of sales in 2022 and 2023, with a slight decrease in new customer acquisition noted [6][7]. - The top five clients contributed 56.4%, 57.7%, 78.9%, and 87.5% of total revenue from 2022 to the first half of 2025, with the largest client accounting for 16.6%, 36.8%, and 64.4% of total revenue in the same period [7]. Group 5: Leadership and Future Plans - The founder and CEO, Si Mahua Peng, has been with the company since its inception in 2017 and has a background in electrical engineering [8]. - Silicon Intelligence plans to enter the fully automated content production field by mid-2025, enhancing its brand influence and developing the commercial value of its silicon-based labor solutions [9].

Core Viewpoint - Silicon Intelligence, the largest digital human intelligence provider in China, has officially submitted its listing application to the Hong Kong Stock Exchange, indicating its intent to go public and expand its market presence [1] Group 1: Market Position and Financial Performance - Silicon Intelligence ranks first among all digital human intelligence providers in China, holding a market share of 32.2%, and is the second globally [1] - The company's revenue has shown significant growth, increasing from 223 million RMB in 2022 to an expected 655 million RMB in 2024. In the first half of 2024, revenue rose from 293 million RMB to 326 million RMB year-on-year [4] - Despite revenue growth, Silicon Intelligence has reported losses for three consecutive years, with total losses exceeding 318 million RMB [4] Group 2: Client Dependency - The company has a high dependency on a single client, referred to as Client A, which accounted for over 60% of its revenue in 2024 and the first half of 2025. The revenue contributions from Client A were 16.6%, 36.8%, and 64.4% for the years 2022, 2023, and 2024, respectively [6] Group 3: Technological Innovation and Offerings - Silicon Intelligence focuses on the research and commercialization of digital human intelligence and multimodal intelligent interaction technologies, covering areas such as voice recognition, natural language processing, and computer vision [3] - The company has developed a comprehensive AI architecture aimed at achieving full-stack technology coverage, transitioning from AI tools to outcome-oriented solutions [4] Group 4: Industry Growth and Investment - The global digital human industry is experiencing explosive growth, with the market size expected to increase from 1.3 billion RMB in 2021 to 4.1 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 44.7% [8] - Silicon Intelligence has attracted significant investment from notable firms, including Tencent and Sequoia Capital, having completed eight rounds of financing since its establishment in 2017 [8]