中证报中证网讯(王珞)8月27日，云天励飞发布2025年半年度报告，公司实现营业收入6.46亿元，同比增 长123.10%；毛利率提升至28.5%，同比上升12.8个百分点；经营性现金流3953万元，首次由负转正。 报告显示，从营收结构来看，云天励飞在企业级、消费级、行业级三大业务场景实现多点驱动，分别贡 献收入2.69亿元、2.98亿元、7570.41万元，占比分别为41.83%、46.38%和11.79%。 在国产生态构建方面，报告期内，云天励飞DeepEdge10芯片平台已全面支持DeepSeek全系列模型，并 在DeepSeek"开源周"期间快速完成与FlashMLA的适配，通过一系列优化，显著提升计算效率并降低显 存占用，进一步验证"算力积木"架构在多模型、多场景中的可扩展性。与此同时，DeepEdge10完成对 国产鸿蒙操作系统的适配，桌面环境和系统原生应用顺利运行。此外，公司自研的"云天天书"训推一体 机成功适配DeepSeek，并在深圳市龙岗区、南山区部署落地，其中龙岗区成为广东省首个在政务信创 环境下部署该模型的政府部门。 云天励飞表示，正加速构建国产AI推理芯片的创新高地和产业生态平台，未 ...

在国产生态构建方面，报告期内，公司DeepEdge10芯片平台已全面支持DeepSeek全系列模型，并在 DeepSeek"开源周"期间快速完成与FlashMLA的适配；通过一系列优化，显著提升计算效率并降低显存 占用，进一步验证"算力积木"架构在多模型、多场景中的可扩展性。与此同时，DeepEdge10完成对国 产鸿蒙操作系统的适配，桌面环境和系统原生应用顺利运行。公司自研的"云天天书"训推一体机成功适 配DeepSeek，并在深圳市龙岗区、南山区部署落地。 本报讯 （记者王镜茹）8月26日晚，深圳云天励飞技术股份有限公司（以下简称"云天励飞"）披露2025 年上半年业绩。公司实现营业收入6.46亿元，同比增长123.1%。公司亏损大幅收窄，较上年同期减少 1.04亿元。毛利率提升至28.5%，同比上升12.8个百分点。资产方面，截至6月30日，公司总资产为55.77 亿元，同比增长18%；资产负债率为30.7%，整体负债水平保持较低区间。 公司经营性现金流实现3953万元，首次由负转正。在AI芯片企业普遍亏损的背景下，云天励飞率先实 现经营性现金流转正，展现出稀缺的造血能力与稳健的商业化路径。稳定的经营性 ...

Core Insights - Company achieved a revenue of 646 million yuan in the first half of 2025, representing a year-on-year growth of 123.1% [1] - The company significantly reduced its losses by 104 million yuan compared to the same period last year, with a gross margin increase to 28.5%, up 12.8 percentage points year-on-year [1] - Operating cash flow turned positive for the first time, reaching 39.53 million yuan, showcasing the company's unique ability to generate cash flow amidst industry losses [1] Financial Performance - Total assets as of June 30 amounted to 5.577 billion yuan, a year-on-year increase of 18% [1] - The debt-to-asset ratio stood at 30.7%, indicating a low overall debt level [1] - Revenue contributions from different business segments included 269 million yuan from enterprise-level, 298 million yuan from consumer-level, and 75.74 million yuan from industry-level, accounting for 41.83%, 46.38%, and 11.79% respectively [1] R&D and Technological Advancements - R&D expenditure reached 202 million yuan in the first half of the year, marking a 12% increase, focusing on high-performance and cost-effective inference chips [3] - The company is advancing the development of series chips like DeepVerse and DeepXbot, targeting applications in large models and humanoid robots [3] - The DeepEdge10 chip platform has been fully adapted to support the entire DeepSeek model series, enhancing computational efficiency and memory usage [2] Market Opportunities and Strategic Positioning - The AI inference chip market in China is projected to grow from 11.3 billion yuan in 2020 to 162.6 billion yuan by 2024, with a compound annual growth rate (CAGR) of 94.9% [3] - The NPU-driven segment is expected to increase from 500 million yuan in 2020 to 26 billion yuan by 2024, with a CAGR of 175.6% [3] - The company aims to leverage industry policies and market opportunities to deepen its strategic layout of "AI inference chips + application ecosystem" [4]