证券研究报告：计算机 | 公司点评报告 发布时间：2025-09-18 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 88.44 | | --- | --- | | 总股本/流通股本（亿股）3.59 / 2.64 | | | 总市值/流通市值（亿元）317 / 233 | | | 52 周内最高/最低价 | 99.92 / 20.97 | | 资产负债率(%) | 19.8% | | 市盈率 | -54.26 | | 第一大股东 | 陈宁 | 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 云天励飞(688343) 收入超预期，AI 玩具及算力服务贡献增长动力 ⚫ 事件 公司披露了 2025 半年报，收入超预期。25H1 营收 6.46 亿（同比 +123.10%），毛利率 28.53%（同比+12.77pct），归母净利润-2.06 亿 （同比减亏 1.04 亿），扣非归母净 ...

事件 公司披露了2025 半年报，收入超预期。25H1 营收6.46 亿（同比+123.10%），毛利率28.53%（同比 +12.77pct），归母净利润-2.06 亿（同比减亏1.04 亿），扣非归母净利润-2.35 亿（同比减亏1.11 亿）； 单季度看，25Q2 营收3.82 亿（同比+99.84%），毛利率27.88%（同比+12.6pct）,归母净利润-1.2 亿（同 比减亏0.52 亿），扣非归母净利润-1.24 亿（同比减亏0.65 亿）。 AI 玩具及AI 算力服务带动收入毛利率高增 分业务看，公司主要业务收入来自于企业级、消费级、行业级场景业务，25H1 营收依次分别为2.69、 2.98、0.76 亿，消费级及企业级场景业务的销售收入增加带动总营收及毛利率增长： 3）行业级：基于自研的算法及AI 推理芯片等核心技术，公司为系统集成商及公共服务场景提供软硬一 体解决方案，经营重心调整为更侧重于项目质量和经济效益，持续提升行业的收入和利润质量。 DeepEdge10 端侧国产算力芯片全面支持DS 模型，芯片新系列开发中 DeepEdge10 芯片平台全面支持DeepSeek 全系列模型，云天 ...

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by sales growth in both consumer and enterprise scenarios, despite continuing net losses [2][3]. Financial Performance - Revenue for the first half of 2025 reached 645,787,334.97 CNY, representing a year-on-year increase of 123.1% compared to 289,462,659.77 CNY in the same period last year [3]. - The net profit attributable to shareholders was -20,593.82 million CNY, an improvement of 10,380.84 million CNY from the previous year's loss [2][3]. - The net cash flow from operating activities was 39,532,687.45 CNY, a significant increase of 59,345.54 million CNY compared to the previous year [6]. Profitability Metrics - The basic earnings per share for the first half of 2025 was -0.58 CNY, an improvement from -0.87 CNY in the same period last year [5]. - The weighted average return on equity increased to -5.29%, up by 2 percentage points from -7.29% [5]. - Research and development expenses accounted for 31.36% of revenue, a decrease of 31.18 percentage points from the previous year, indicating that revenue growth outpaced R&D growth [5][6]. Business Segments - In enterprise scenarios, the company developed a series of products including neural network processor IP, AI inference chips, and edge computing boxes, which are widely used in various applications such as cameras, robots, and smart computing centers [7]. - In consumer scenarios, the company launched AI-native products like the AI learning machine and plush toys, leveraging AI model capabilities [7]. - In industry scenarios, the company provided integrated hardware and software solutions for system integrators and public service applications, focusing on urban governance and smart transportation [7].

Core Viewpoint - The AI toy market is experiencing significant growth, with a reported sales increase of 600%, indicating a potential billion-dollar market opportunity for companies involved in this sector [1] Company Summary - The company, Yuntian Lifa, is developing its own AI-driven product, the Luka Doctor AI plush toy, which is designed to enhance children's companionship through digital interaction [1] - The Luka Doctor AI plush toy is expected to launch in the third quarter of 2025 and utilizes multimodal visual recognition technology to simulate real feeding scenarios, aiming to foster a sense of responsibility in children [1] - The company plans to leverage its IFMind large model reasoning capabilities to improve consumer electronics products, including AI headphones and AI smartwatches, as part of its AI-enabled product strategy [1]

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].