国证国际此前指出，公司技术实力较强：拥有自研600亿参数的"山海大模型"，在医疗领域MedBench评 测排名第一，技术能力获得行业认可。场景应用广泛：业务覆盖智慧生活和医疗AI两大场景。在智慧 生活领域，其语音交互系统应用于智慧住宅、商业空间、地铁等场景；在医疗AI领域，提供病历语音 输入、质控系统等，服务166家医院，能有效提升录入效率和质控水平。 云知声(09678)再涨超10%，盘中高见798.5港元续创上市新高。截至发稿，涨10.31%，报786.5港元，成 交额4326.52万港元。 消息面上，今年7月，云知声与南太平洋数字科技控股正式签署了关于人工智能技术应用合作的谅解备 忘录，并将建立长期合作，将通用人工智能技术应用于面向稳定币的发行管理等智慧金融领域的技术支 持，共同推动数字资产等相关数字金融技术的创新与应用。此外，恒指公司将于8月22日发布上半年检 讨结果，相关变动将于9月5日收市后实施并于9月8日起生效，据华泰证券预测，云知声有望于9月被纳 入港股通范围。 ...

Core Insights - Artificial intelligence is rapidly transforming various industries, with companies like Yunzhisheng leading the way in AGI technology commercialization [1][2] - Yunzhisheng showcased its achievements at the World Artificial Intelligence Conference (WAIC 2025), emphasizing its decade-long experience in AI technology [2][3] Company Overview - Yunzhisheng, established in 2012, is among the first teams in China to implement deep learning and large model upgrades, building a comprehensive AI infrastructure [3][5] - The company has developed the "Yunzhidao" platform, centered around the "Shanhai Large Model," which integrates cognitive models and perception modules [5][6] Product and Service Applications - The company focuses on two main application areas: Smart IoT and Smart Healthcare, aiming to enhance machine interaction and improve medical services [5][6] - In Smart Healthcare, Yunzhisheng collaborates with hospitals to develop voice electronic medical records and medical knowledge graphs, ultimately aspiring to create a "super doctor" through iterative advancements [6][8] Future Expansion Plans - Beyond healthcare, Yunzhisheng is exploring applications in Smart Transportation, partnering with companies to enhance urban transit services [9] - The company aims to leverage its expertise in various sectors, ensuring that its models are tailored to specific industry needs [9][10] Global Strategy - Yunzhisheng is considering international expansion, particularly in ASEAN countries and regions involved in the Belt and Road Initiative, to capitalize on global opportunities [13][14] - The company has established strategic partnerships, such as with Vanuatu, to assist in rebuilding efforts post-disaster through smart technology [14] Industry Perspective - The Chinese tech landscape is evolving, with increasing recognition of domestic companies' capabilities, especially following advancements like DeepSeek [16][17] - The company believes that China's industrial base and application scenarios provide a competitive edge in the global AI market, potentially narrowing the valuation gap with U.S. firms [17][18] Advice for Entrepreneurs - New entrepreneurs should focus on creating value in application areas rather than solely on foundational models, as the market will favor those who can demonstrate practical utility [18][19]

Core Viewpoint - Cloud Voice, a general artificial intelligence "unicorn," successfully listed on the Hong Kong Stock Exchange on June 30, after a tumultuous journey to the capital market, including a failed IPO attempt on the Shanghai Stock Exchange and two unsuccessful applications for the Hong Kong listing [1] Group 1: Company Overview - Cloud Voice issued 1,560,980 shares globally, with the Hong Kong public offering being oversubscribed by 91.66 times, leading to an adjusted sale of 624,400 shares [1] - The company set its IPO price at HKD 205 per share, raising approximately HKD 320 million, ranking 31st among 43 companies newly listed on the Hong Kong Stock Exchange in 2025 [1] - The company’s stock price surged on its debut, reaching a peak of HKD 319.80, a 56% increase, and closing at HKD 296.40, a 44.6% rise from the IPO price [2] Group 2: Investment and Financing - Major cornerstone investors included SenseTime, Runjian Co., and Zhenyi Asset Management, collectively subscribing to 462,860 shares, accounting for nearly 30% of the offering [2] - Prior to the IPO, Cloud Voice completed 10 rounds of equity financing, attracting investments from various institutions totaling approximately CNY 2.436 billion [2] - The company’s valuation reached approximately CNY 8.333 billion (USD 1.929 billion) after the completion of the D3 round of financing in May 2023 [2] Group 3: Financial Performance - The company reported cumulative losses of CNY 1.205 billion from 2022 to 2024, with a projected single-year loss of CNY 454 million in 2024, marking a 21.4% year-on-year increase [8] - Operating cash flow has been negative for three consecutive years, with trade receivables significantly high and turnover days exceeding industry averages [8] - The customer retention rate in the medical services sector dropped from 70.4% in 2022 to 53.3% in 2024, indicating challenges in maintaining client relationships [8] Group 4: Market Position - As of 2024, Cloud Voice ranked fourth in the Chinese AI solutions provider market, with a market share of only 0.6%, highlighting a significant gap compared to the top three competitors [8]

Group 1 - Dr. Liang Jiaen, co-founder and chairman of Cloud Wisdom, has been appointed as a member of the Guangxi Artificial Intelligence Strategic Consulting Expert Committee, recognizing his achievements in the AI field and highlighting Cloud Wisdom's leading position in AI technology innovation and industry application [1] - Cloud Wisdom is a pioneer in the industrialization of AGI technology in China, utilizing core technologies such as large model technology, multimodal interaction technology, and AI chips, achieving deep applications in over ten fields including healthcare, transportation, and government [3] - Since 2023, Cloud Wisdom has strengthened its ties with Guangxi, providing robust support for urban development and smart upgrades through advanced AI technology [3] Group 2 - In March 2023, Cloud Wisdom and Nanning Rail Transit jointly established "Guangxi Guiyun Technology Co., Ltd." to initiate a new chapter of cooperation [3] - In October 2023, Cloud Wisdom successfully developed an integrated transfer guidance system at Nanning East Station based on the Shanhai large model, significantly enhancing passenger travel experience [3] - Cloud Wisdom has signed strategic cooperation agreements with various local government bodies, including the Guangxi Health Commission, to explore deeper AI applications in healthcare [4][5]

Core Viewpoint - The strong stock performance of Yunzhisheng (09678.HK) reflects market recognition of its AGI technology capabilities and commercialization potential since its listing on June 30, 2024 [1][2] Group 1: Stock Performance - Yunzhisheng's stock surged by 23.49% on July 14, closing at 510 HKD, making it the second highest-priced stock in the Hong Kong market [1] - The stock price has increased 1.48 times from its initial offering price of 205 HKD, reaching a peak of 520 HKD within 10 trading days [1] - The top three high-priced stocks in the Hong Kong market are all newly listed since June 2024, with the highest being Laopu Gold at 876 HKD, which has increased 20.82 times from its issue price [1] Group 2: Company Background and Technology - Yunzhisheng, established in 2012, is a pioneer in applying deep learning algorithms to commercial voice recognition and has developed a comprehensive AI technology system [2] - The company’s "Shanhai Model" is recognized globally for its capabilities, particularly in the medical field, and has expanded into multimodal interaction technologies [2] - The company ranks fourth among AI solution providers in China by revenue for 2024 and has the second-fastest growth rate among companies with revenues exceeding 500 million CNY [2] Group 3: Financial Performance - Yunzhisheng's revenues for 2022, 2023, and 2024 were 601 million CNY, 727 million CNY, and 939 million CNY, respectively, with corresponding losses of 375 million CNY, 376 million CNY, and 454 million CNY [3] - The company has attracted significant investment from notable institutions prior to its IPO, including Sequoia Capital and JD.com [3] Group 4: Recent Developments - The company’s V1.0 version of the Beast Tooth Intelligent Platform has successfully passed Huawei's Ascend application development certification, marking a significant technological breakthrough [3][4] - The platform integrates industry models and scenario-based intelligent agents, providing a robust AI foundation for enterprises [4]

Core Insights - Yunzhisheng Intelligent Technology Co., Ltd. (stock code: 09678.HK) has successfully listed on the Hong Kong Stock Exchange, achieving a 60.6% increase from its issue price in the first week, with a total market capitalization exceeding HKD 23.37 billion, marking it as the "first AGI stock in Hong Kong" [1][3]. Group 1: Long-term Strategic Layout - The net fundraising amount from the listing is approximately HKD 206 million, which is considered stable and significant for the company's future [3]. - The funds will primarily be allocated towards research and development, talent cultivation, joint research, and business expansion [3]. - The company aims to optimize its supercomputing platform's scheduling system to enhance AI model training efficiency and explore emerging business opportunities [3]. Group 2: Technological Foundation - Since its establishment in 2012, the company has focused on conversational AI, building a comprehensive technology system that includes large models, multimodal interaction, AI chips, and industry knowledge graphs [6]. - The company launched the Atlas AI computing cluster in 2016 to support large-scale model training and released the 60 billion parameter general-purpose language model "Shanhai Model" in 2023, achieving commercial breakthroughs in fields like medical diagnosis and smart home applications [6]. - The AI voice chips developed by the company have seen a significant increase in shipment volume, from 12.8 million units to 36 million units over the past three years, enhancing terminal adaptability [6]. Group 3: Market Focus - With the listing on the Hong Kong Stock Exchange, the company is expected to accelerate product innovation and market expansion [7]. - The company will continue to deepen its focus on core application scenarios, enhancing its commercial monetization capabilities [7].

Core Viewpoint - CloudWalk Technology Co., Ltd. (stock code: 9678.HK) has successfully gone public, becoming the first company in the Hong Kong stock market to focus on General Artificial Intelligence (AGI) as its main business, with a market capitalization exceeding HKD 23 billion in its first week of trading [1][2]. Financial Performance - The company issued 1.561 million shares at an IPO price of HKD 205 per share, raising a net amount of approximately HKD 206 million [3]. - In its first week, the stock price peaked at HKD 338.6, closing at HKD 329.4, representing a 60.6% increase from the issue price, with a total market capitalization of HKD 233.7 billion [2][3]. Technological Investment - Despite rapid expansion, the company maintains a high level of investment in R&D, with projected R&D expenses of HKD 280 million in 2024, accounting for over 30% of revenue [5]. - The company's computing power has reached 184 PFLOPS, enabling real-time training and inference of large models with hundreds of billions of parameters [5]. Commercial Strategy - The company employs a "lighthouse customer" strategy, deeply binding with industry leaders such as Gree, Ping An Technology, and Xiamen Metro, increasing its customer base in lifestyle scenarios to 411 and covering over 500 medical institutions [7]. - The average revenue per project has increased by 38% year-on-year, reflecting a strategic shift towards high-value customers and improved project quality [7]. - The revenue share from end-users has decreased from 52.7% in 2022 to 44.9% in 2024, while the share from system integrators/agents has risen to 55.1%, indicating a flexible market expansion strategy through ecosystem collaboration [7]. Future Plans - The company plans to use the net proceeds from the IPO for four main areas: investment in core technology R&D such as Atlas AI infrastructure, expansion into vertical industry applications like smart healthcare and transportation, acceleration of international expansion focusing on emerging markets in Southeast Asia and the Middle East, and strategic partnerships along with operational funding [7].

Core Viewpoint - Yunzhisheng officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its global capital journey and becoming the first stock in Hong Kong focused on AGI technology [1][4] Group 1: Company Overview - Founded in 2012, Yunzhisheng has been a pioneer in applying deep learning algorithms to commercial voice recognition and is a leader in AGI technology in China [3] - The company has developed a robust technological foundation with initiatives like the Atlas AI computing cluster in 2016 and the launch of the UniCore language model in 2018 [3] - In 2023, Yunzhisheng introduced its self-developed Shanhai model, which features ten core capabilities and enhances multimodal interaction to meet diverse needs [3] Group 2: Product and Market Impact - Yunzhisheng has launched numerous competitive products and solutions based on its Shanhai model and intelligent components, focusing on smart living and healthcare [3] - The company has established deep partnerships with leading enterprises such as Beijing Friendship Hospital, Peking Union Medical College Hospital, and Geely Automobile, driving intelligent transformation in healthcare, transportation, and customer service sectors [3] Group 3: Future Outlook - The successful listing reflects the capital market's recognition of Yunzhisheng's ability to implement AGI technology, and the company aims to leverage this capital to accelerate technological development and market expansion [4]

Group 1: Cloud Intelligence Technology - Yunzhisheng officially listed on the Hong Kong Stock Exchange on June 30, 2025, with the stock code "9678," becoming the first AGI stock in Hong Kong [2][5] - The company launched its first large language model, UniCore, based on BERT, and later developed the Shanhai model with 60 billion parameters, achieving significant performance in various evaluations [3][4] - Yunzhisheng's revenue from 2022 to 2024 was 601 million, 727 million, and 939 million CNY, with a compound annual growth rate (CAGR) of 25% [4] Group 2: Ophthalmic Biotechnology - Bokan Shiyun officially listed on the Hong Kong Stock Exchange on July 3, 2025, with the stock code "2592" [6] - The company focuses on developing differentiated drugs for major eye diseases using proprietary technology platforms [6] - Bokan Shiyun's core product CBT-001 is undergoing Phase III clinical trials in the US and China, aiming to provide non-invasive treatment for pterygium [6][7] Group 3: GPU Technology - Moore Threads submitted its prospectus for the Sci-Tech Innovation Board on June 30, 2025, focusing on self-developed GPUs for high-performance computing [8][9] - The company has achieved significant breakthroughs in GPU technology, with products nearing international advanced levels [10] - Revenue from 2022 to 2024 was 46 million, 124 million, and 438 million CNY, with a CAGR exceeding 200% [11] Group 4: Healthcare Payment Solutions - Meixin Health submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, becoming the largest multi-payment platform in China [14][15] - The company has saved patients approximately 6.7 billion CNY in out-of-pocket expenses by the end of 2024 [14] - Revenue from 2022 to 2024 was 1.069 billion, 1.255 billion, and 2.035 billion CNY, with a gross profit margin of 31.1%, 36.8%, and 35.8% respectively [16] Group 5: Industrial Robotics - Yifei Technology submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, focusing on industrial robots for the light industry [19][20] - The company is ranked fifth among domestic suppliers of industrial robots and related solutions in China [20] - As of June 21, 2025, Yifei Technology has over 400 million CNY in hand orders [22] Group 6: AI in Medical Imaging - Deshi Biotechnology submitted its prospectus for the Hong Kong Stock Exchange on June 29, 2025, focusing on AI in medical imaging [42] - The company's iMedImageTM model supports 19 types of medical imaging modalities, covering over 90% of clinical scenarios [43] - Revenue for 2023 and 2024 was 52.84 million and 70.35 million CNY, with gross profit margins of 71.0% and 65.5% respectively [48] Group 7: Antibody-Drug Conjugates - BlissBio Inc. submitted its prospectus for the Hong Kong Stock Exchange on June 29, 2025, focusing on next-generation ADCs for cancer treatment [50][51] - The company has four ADC candidates in clinical stages, with BB-1701 being the leading candidate for treating HER2-positive breast cancer [51][53] Group 8: Integrated Elderly Care Services - Puxiang Health submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, focusing on integrated medical and elderly care services [55] - The company is ranked second among integrated elderly care service providers in North China by revenue [56] - Revenue from 2022 to 2024 was 255 million, 422 million, and 500 million CNY [57]

Core Viewpoint - Yunzhisheng, known as the "first AGI stock," has finally listed on the Hong Kong Stock Exchange after a tumultuous five-year journey, raising approximately HKD 320 million despite significant financial losses and operational challenges [1][3]. Financial Performance - Yunzhisheng's IPO price was HKD 205 per share, with a total issuance of 1.56098 million H-shares [1]. - The company reported a revenue increase from RMB 600.619 million in 2022 to RMB 939.017 million in 2024, reflecting a compound annual growth rate of 23% [4]. - However, net losses have expanded over the same period, with cumulative losses reaching RMB 1.205 billion [3][4]. - As of the end of 2024, the company had only RMB 156 million in cash, indicating a precarious financial position [3]. Business Model Challenges - The company's high R&D expenditures, totaling RMB 923 million over three years, account for 34% of total revenue, with a significant portion outsourced to third parties [5]. - Customer growth has stagnated, with the number of clients in the life AI sector increasing from 373 in 2022 to only 411 in 2024, and medical AI clients remaining around 166 [5][6]. - The reliance on project-based revenue has led to a situation where revenue growth does not translate into profitability, as the number of projects decreased from 913 to 711 [6]. Market Position and Competition - Yunzhisheng holds a mere 0.6% market share in the Chinese AI solutions market, ranking third and fourth in life AI and medical AI, respectively [7]. - The company’s "Shanhai Model" has not achieved significant commercial success, generating only RMB 16.7 million in revenue in 2023 [7][8]. - Compared to industry leader iFlytek, which has a medical AI market share of 22.9%, Yunzhisheng's position is significantly weaker [7]. Strategic and Operational Issues - The company has struggled to balance technology development and commercial viability, with over half of R&D spending directed towards low-value activities like data labeling [8]. - The need for a differentiated competitive strategy is critical, as customer retention rates have dropped from 70.4% to 53.3% [5][8]. - Future success hinges on developing vertical solutions with competitive barriers and improving cash flow management to reduce accounts receivable turnover [8].