Group 1: Company Overview - Yuntian Lifei Technology Co., Ltd. (Yuntian Lifei) submitted its prospectus to the Hong Kong Stock Exchange on July 30, 2025, aiming for a main board listing, following its successful debut on the STAR Market in 2023 [3] - Founded in 2014, Yuntian Lifei focuses on the research, design, and commercialization of AI inference chips, offering products and services for enterprise, consumer, and industry applications [3][4] - Yuntian Lifei is ranked among the top three providers of AI inference chip products and services in China, with significant revenue growth projected in the AI inference chip market [4] Group 2: Financial Performance - Yuntian Lifei's revenue for 2022, 2023, and 2024 was reported at 546 million, 506 million, and 917 million respectively, with a year-on-year revenue increase of over 168% to 264 million in Q1 of the current year [4] - The market size for AI inference chip products and services in China is expected to grow from 11.3 billion in 2020 to 162.6 billion by 2024, with a compound annual growth rate (CAGR) of 94.9% [4] Group 3: Industry Trends - The company plans to increase investment in AI inference chips, focusing on edge computing, cloud-based large model inference, and embodied intelligence [4] - Blue Arrow Aerospace signed a counseling agreement with CICC on July 25, 2023, to initiate its listing process on the STAR Market, potentially becoming the first commercial aerospace company listed on the STAR Market [6] - Founded in 2015, Blue Arrow Aerospace aims to create a comprehensive technology ecosystem centered around medium and large liquid oxygen-methane launch vehicles, having successfully launched the world's first liquid oxygen-methane rocket [6][7] Group 4: Biotechnology Sector - Beijing Yimiao Shenzhou Biopharmaceutical Co., Ltd. (Yimiao Shenzhou) signed a counseling agreement with CITIC Securities on July 23, 2023, to start its listing process on the STAR Market [10] - Established in 2015, Yimiao Shenzhou specializes in innovative gene cell drug technology for treating major diseases, with a focus on CAR-T therapies for various cancers [10][11] - The company has completed 10 rounds of financing, attracting investments from multiple venture capital firms and funds [12]

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].

General Overview - Shenzhen Intellifusion Technologies Co., Ltd. was established as a joint-stock company based on the net asset value of Shenzhen Intellifusion Technologies Co., Ltd. and registered with the Shenzhen Market Supervision Administration [1][2] - The company received approval from the China Securities Regulatory Commission for public offering and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 4, 2023, with an initial public offering of 88.783 million shares [1][3] Company Structure - The registered capital of the company is RMB 355.13372 million [2][3] - The company is a permanent joint-stock company, and its legal representative is the chairman [2][3] - The company is responsible for its debts with all its assets, while shareholders are liable only to the extent of their subscribed shares [3][4] Business Objectives and Scope - The company's business objective is to become a global leader in AI inference chips, providing computational power support for the widespread application of artificial intelligence [4] - The business scope includes technology development, consulting, and services in various fields such as information technology, biotechnology, and chip design and production [4][5] Share Issuance and Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [5][6] - The total number of shares issued by the company is 355,133,720, all of which are ordinary shares [7][8] - The company has regulations in place regarding the increase, decrease, and repurchase of shares, ensuring compliance with legal requirements [8][9] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company governance, as well as obligations to comply with laws and the company's articles of association [13][14] - The company has provisions for shareholders to request information and participate in decision-making processes, ensuring transparency and accountability [15][16] Governance and Decision-Making - The company’s governance structure includes a board of directors and a shareholder meeting, which are responsible for major decisions such as profit distribution and capital changes [20][21] - The company has established rules for convening shareholder meetings, including the requirement for a certain percentage of shares to be represented for decisions to be valid [28][29] Compliance and Legal Framework - The company operates under the regulations of the Company Law and Securities Law of the People's Republic of China, ensuring legal compliance in its operations [1][3] - The articles of association serve as a binding document for the company, shareholders, and management, outlining rights and responsibilities [3][4]