陈宁 从早期的行业解决方案，到大模型时代的标准硬件及服务，再到当前发力的AI推理芯片，云天励飞在 AI领域跟随市场需求，构建了宽深的技术护城河。 ◎记者 李兴彩 智谱、MiniMax先后登陆港股，CES 2026上人山人海……进入2026年，国内AI行业的热度依然不减，但 行业的重点和增长点，正在悄然转向AI推理。 "不管是英伟达、AMD，还是国内的众多公司，都把目光集中在AI应用，包括智能驾驶、机器人、AI眼 镜、智能体……"谈及AI推理市场发展，云天励飞董事长陈宁近日在接受上证报记者专访时表示，2026 年国际消费电子展（CES 2026）上AI应用纷呈，再次显示出风向标意义，也正式拉开了AI推理大时代 的帷幕。 在陈宁看来，2026年是AI发展核心推动力由AI训练转向AI推理的转折之年，是未来五年AI应用大规模 落地的开端。伴随而来的万亿规模AI推理大市场，既是中国公司的大机遇，也将带动全球AI产业进 入"中国时刻"。 而从CNN小模型的视觉智能感知1.0时代，进入到理解自然语言的AI大模型时代，云天励飞一直瞄准、 等待的就是AI推理市场。 陈宁表示，不同于AI训练，AI推理用户需要极致的性价比，从这个 ...

Core Viewpoint - Cloud AI company Yuntian Lifei (688343.SH) has been unable to achieve profitability, accumulating losses exceeding 2.9 billion yuan since 2017, with a significant increase in losses attributed to rising share-based payment expenses and R&D investments [1][2][3]. Financial Performance - In 2024, Yuntian Lifei reported revenue of 917 million yuan, an increase of 81.3% year-on-year, but the net profit attributable to shareholders was -579 million yuan, indicating an expanded loss [2]. - The company has experienced continuous losses for eight years, with total losses surpassing 2.9 billion yuan since 2017 [2][3]. - R&D expenses have risen significantly, from 43.56 million yuan in 2017 to 400 million yuan in 2024, accounting for 44% of total revenue [3]. Business Segments - Yuntian Lifei's revenue is derived from three main segments: consumer, enterprise, and industry-level applications [7]. - The consumer segment, which includes wearable devices and smart hardware, generated 404 million yuan in revenue in 2024, accounting for 44% of total revenue [7]. - The enterprise segment's revenue was 248.6 million yuan, with a gross margin of 40.19%, down 47.13 percentage points year-on-year [9][10]. - The industry segment saw revenue decline to 254 million yuan, with a gross margin of 15.43%, down 19.61 percentage points year-on-year [10]. Market Position and Competition - The AI industry is becoming increasingly competitive, with major players like Microsoft, OpenAI, and Baidu actively entering the consumer market [7][8]. - Yuntian Lifei's consumer segment faces challenges due to low gross margins of 11.19% in a mature and competitive market [8]. Future Outlook - The company is planning an "A+H" share listing to enhance its competitive edge and brand image, although its IPO fundraising projects have faced delays [12][13]. - The expected completion date for three fundraising projects has been postponed from December 2024 to June 2026 due to unforeseen market changes [13].