配售新H股配售价310.00港元较前一交易日收市价376.60港元折让约17.7%，较前五个交易日平均收市价 313.36港元折让约1.1%。配售股份占现有已发行股本约1.4%，完成后占扩大股本约1.4%。 来源：新浪港股-好仓工作室 2026年2月3日，雲知聲智能科技（股份代号：9678）公告称，通过一般授权以"配售新H股"方式融资， 其中配售新H股发行1,008,000股（约0.10亿股），募集约3.1亿港元；扣除费用后净得约3.1亿港元。本次 融资由国泰君安国际担任独家整体协调人及独家配售代理。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，不代表新浪财经观 点，任何在本文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑 问，请联系biz@staff.sina.com.cn。 雲知聲智能科技是一家专注于人工智能技术研发与应用的企业，核心业务包括智能语音交互、山海大模 型及智能体系统开发。所得款项中，约3.1亿港元将用于深化"一基两翼"技术内核、提升主营产品和方 案的核心竞争力及相关技术研发投入。本次发行根据股东大会授予的一般授 ...

Core Viewpoint - Cloud Wisdom (09678.HK) experienced a significant stock price increase of nearly 80% from HKD 219.8 to HKD 392.6 within two days, with a peak increase of over 100% to HKD 443.8, following the announcement of its revenue forecast for large model-related business for 2025, projecting revenue between RMB 600 million to RMB 620 million, representing a year-on-year growth of approximately 1057% to 1095% [1][2]. Company Overview - Cloud Wisdom is an AI solution provider specializing in conversational AI products and solutions for daily life and medical scenarios, with a technical architecture that includes infrastructure, model, and application layers [2]. - The company ranks as the fourth largest AI solution provider in China by revenue, holding a market share of 0.6% according to Frost & Sullivan [2]. Financial Performance - For the first half of 2025, Cloud Wisdom reported total revenue of RMB 404.967 million, with significant contributions from daily life and medical AI products and solutions [3]. - The revenue breakdown for the first half of 2025 includes: - Daily Life: RMB 335.065 million (82.7%) - Solutions: RMB 282.544 million (69.8%) - Products: RMB 52.521 million (12.9%) - Medical: RMB 69.900 million (17.3%) [3]. Business Developments - Cloud Wisdom has announced two significant commercial applications, including a project worth nearly RMB 200 million involving its proprietary computing scheduling platform and large model, expected to be delivered by the end of 2025 [5]. - The company signed a cooperation agreement with the Guangxi Zhuang Autonomous Region government to establish a cross-border industrial ecosystem and won the first provincial-level medical insurance large model project in Jiangsu [5]. Market Trends - The AI solution market in China is projected to grow at a compound annual growth rate (CAGR) of 36.7% over the next five years, indicating a robust growth potential for companies like Cloud Wisdom [6]. - The recent stock price movements of Cloud Wisdom and other AI model concept stocks, such as MiniMax and Zhiyuan, reflect growing market confidence in the maturity of AI technologies and their commercial applications [7].

Core Viewpoint - Investment in AI is considered the most certain opportunity for the next twenty years in China, as highlighted by Qiming Venture Partners [3][13]. Group 1: Investment Achievements - Qiming Venture Partners has invested over 12 billion RMB in more than 100 AI projects since 2013, marking a significant presence in the AI sector [5]. - The firm has witnessed a series of IPOs in the AI field, including five notable companies in the past seven months, indicating a solid harvest period after years of strategic investment [3][6]. - Key IPOs include Yunzhisheng, which went public in June 2025, and Wallen Technology, which became the first GPU stock on the Hong Kong Stock Exchange in January 2026 [6][9]. Group 2: Investment Philosophy - Qiming's investment philosophy is encapsulated in the concept of "half a step faster," allowing the firm to identify and invest in key technological and market inflection points before they become mainstream [11][12]. - The firm emphasizes the importance of understanding both the disruptive potential of technology and the timing of market demand to make informed investment decisions [11][12]. Group 3: Future Outlook - Qiming Venture Partners believes that the AI industry in China is still in its early stages, with significant growth potential as applications begin to emerge and costs decrease [13][14]. - The firm is shifting its focus towards application layers in AI, anticipating a diverse range of native applications and super platforms to emerge in various sectors, particularly in healthcare [14].

Core Viewpoint - The article emphasizes that Qiming Venture Partners has successfully invested in over 100 AI-related companies, with a total investment of approximately 12 billion RMB, marking a significant return on investment as the AI industry matures in China [5][6]. Investment Achievements - Qiming Venture Partners has seen a surge in IPOs in the AI sector, with three IPOs occurring within a short span from late 2025 to early 2026, and a total of five IPOs in the past seven months [3][4]. - The firm has strategically invested across the entire AI value chain, from infrastructure to application layers, demonstrating a comprehensive understanding of the industry's evolution [4][6]. Investment Philosophy - The investment philosophy of Qiming Venture Partners is encapsulated in the concept of "half a step ahead," allowing them to identify and capitalize on key technological and market inflection points before they become widely recognized [12][13]. - This approach requires a deep understanding of both the disruptive potential of technologies and the timing of market demand, enabling the firm to make decisive investments at critical moments [13][14]. Future Outlook - Qiming Venture Partners believes that AI represents the greatest certainty for investment in the next 20 years, with confidence that the Chinese AI industry is not in a bubble but rather at the brink of significant growth [16][18]. - The firm anticipates a shift towards application-layer investments as the AI technology stack matures, predicting a vibrant future for AI applications across various industries, particularly in healthcare [18][19].

自2025年底至2026年初的短短10天内，启明创投在AI领域连续迎来3个IPO。若将时间线拉长至过去7个月，其更是已累计收获包括云知声、云迹科技、英矽 智能、壁仞科技、智谱在内的5个AI领域IPO。 这一系列成果标志着，在长达十余年的前瞻性系统布局后，启明创投在AI领域进入了扎实的集中收获期。 作为中国最早布局人工智能的投资机构之一，启明创投自2013年起便持续聚焦该赛道，逐步建立起覆盖基础设施、模型层到应用层的全产业链投资图谱。基 于对中国AI产业演进脉络的深刻洞察与长期陪伴，启明创投不仅精准捕捉了多个技术转折点，也见证并助推了一批标杆企业的成长与崛起。 "未来20年，投资AI是中国投资最大的确定性。"启明创投创始主管合伙人邝子平表示。这一判断，既源于其对技术变革趋势的坚定看好，也立足于启明创投 在AI领域已构建起的稳健布局与持续兑现的成果。 十三年投出120亿 覆盖AI全产业链 回溯以往，启明创投在十余年前便已开始捕捉感知智能、早期自动驾驶等领域的机遇。在2012年AlexNet突破与2016年AlphaGo引爆市场的间隙，其相继落 子云知声、旷视科技、优必选、文远知行等企业。 进入以大模型与AGI（通 ...

Core Insights - The Chinese AI industry is entering a critical phase of authenticity after two years of competition, with 2024 seen as an exploration year and 2025 as a decisive year for commercial realization [1] - Cloud Wisdom (9678.HK) forecasts a revenue of 1.18 to 1.24 billion yuan for 2025, with a significant portion coming from large model-related business, indicating a shift from experimental validation to scalable revenue generation [1][5] Revenue Growth - Cloud Wisdom's large model revenue is expected to reach 600 to 620 million yuan in 2025, reflecting a staggering year-on-year growth of 1057% [1][5] - The company achieved approximately 100 million yuan in large model revenue in the first half of 2025, doubling from 51.87 million yuan in 2024 [4] - The second half of 2025 is projected to generate around 500 million yuan in large model revenue, marking a fivefold increase from the first half and a tenfold increase compared to the entire 2024 revenue [5][11] Strategic Transformation - Cloud Wisdom has transitioned from selling models to providing services and digital labor, which has contributed to the concentrated release of its performance in the second half of 2025 [7][8] - The launch of the Shouya Agent Platform has been pivotal, enabling the encapsulation of model capabilities into specialized digital employees, thus lowering the usage threshold for B-end clients [8] Industry Focus - The company is focusing on high-barrier industries such as healthcare and transportation, rather than relying on C-end traffic or general applications [9][10] - The "Shan Hai·Zhi Yi Medical Model 5.0" was released in December 2025, showcasing its dominance in serious medical scenarios and addressing compliance needs in hospitals [9] - In the transportation sector, Cloud Wisdom's intelligent customer service system has significantly reduced operational costs and provided stable order guarantees for revenue growth [10] Future Strategy - Looking ahead to 2026, Cloud Wisdom aims to solidify its position as a leader in professional models and intelligent agents, focusing on high-barrier industries [12][13] - The company plans to evolve from a digital employee provider to an intelligent agent ecosystem builder, enabling partners to create their own specialized intelligent agents [13] - The 2025 revenue forecast serves as a reference for the commercialization of AI large models, demonstrating that companies can achieve scalable revenue growth by focusing on vertical industries and enhancing engineering delivery capabilities [14]

人工智能的浪潮正席卷全球，前沿技术从实验室走向产业深处时，往往离不开 创业投资 的助力。在 中国，一批敏锐的早期投资者，以长达十余年的笃行，在这条充满不确定性的赛道上，等来了确定性 的回报。 自2025年底至2026年初的短短10天内，启明创投在AI领域连续迎来3个IPO。若将时间线拉长至过 去7个月，其更是已累计收获包括云知声、云迹科技、英矽智能、壁仞科技、智谱在内的 5 个 AI领域 IPO。 这一系列成果标志着，在长达十余 年的前瞻性系统布局后，启明创投在AI领域进入了扎实的集中收获 期。 作为中国最早布局人工智能的投资机构之一，启明创投自2013年起便持续聚焦该赛道，逐步建立起 覆盖基础设施、模型层到应用层的全产业链投资图谱。基于对中国AI产业演进脉络的深刻洞察与长期 陪伴，启明创投不仅精准捕捉了多个技术转折点，也见证并助推了一批标杆企业的成长与崛起。 "未来20年， 投资 AI是中国投资最大的确定性。"启明创投创始主管合伙人邝子平表示。这一判断， 既源于其对技术变革趋势的坚定看好，也立足于启明创投在AI领域已构建起的稳健布局与持续兑现的 成果。 十三年投出120亿 覆盖AI全产业链 资料显示，启明创 ...

Core Viewpoint - The article highlights the significant achievements of Qiming Venture Partners in the AI sector, showcasing their strategic investments and successful IPOs of AI companies, indicating a robust investment landscape in China's AI industry [2][12]. Investment Achievements - Qiming Venture Partners has successfully invested in over 100 AI projects, with a total investment amount of approximately 12 billion RMB, making it one of the most active investment firms in the AI sector in China and Asia [8]. - In the past 12 months, Qiming has seen five AI companies go public, including notable firms like Cloudwalk Technology and Wall Street AI, marking a significant milestone in their investment journey [3][4]. Strategic Investment Approach - The firm has adopted a systematic investment strategy that spans the entire AI industry chain, from foundational technologies like chips and large models to applications in robotics and life sciences [8][9]. - Qiming's investment philosophy emphasizes the belief that AI will bring transformative benefits across various industries, particularly in healthcare, where they have invested in nearly 30 companies [9][12]. Long-term Commitment - Qiming Venture Partners has demonstrated a long-term commitment to its portfolio companies, providing support from early-stage investments to IPOs, as seen in their relationship with companies like Wall Street AI and Cloudwalk Technology [5][7]. - The firm’s investment in AI began in 2013, aligning with the early stages of the deep learning wave, and has continued to evolve with the industry's advancements [6][10]. Market Outlook - The article notes a consensus among various sectors that AI presents unprecedented opportunities, with China's AI core industry exceeding 900 billion RMB and the number of AI companies surpassing 5,300 by 2025 [12][13]. - Qiming's leadership believes that the next 20 years will see AI as the most certain investment opportunity in China, driven by a large market and competitive talent pool [12][13].

Group 1 - The company has signed a cooperation agreement with the Guangxi Zhuang Autonomous Region government to establish a China-ASEAN AI Application Cooperation Center, leveraging Guangxi's unique advantages to create a cross-border industrial ecosystem [1] - This cooperation marks the company's first strategic partnership with a provincial-level government, indicating recognition of its core AI technology capabilities and industry experience [1] - The collaboration aims to form a sustainable and replicable business synergy mechanism at the regional level, laying the foundation for scalable implementation across multiple scenarios and departments [1] Group 2 - The company has established a wholly-owned subsidiary, Yunzhisheng (Guangxi) Intelligent Technology Co., Ltd., in Nanning, Guangxi, which will serve as the ASEAN headquarters [2] - The focus will be on "AI + healthcare," integrating advanced technologies and high-end talent from major cities to create a comprehensive smart healthcare system [2] - The company has successfully won the first provincial-level medical insurance model project in Jiangsu, which includes core aspects such as model construction and knowledge base development [2] Group 3 - The company will actively promote resource sharing and technology exchange with ASEAN enterprises from its base in Guangxi, enhancing its brand influence internationally [3]

Group 1 - The company has signed a cooperation agreement with the Guangxi Zhuang Autonomous Region government to establish a China-ASEAN Artificial Intelligence Application Cooperation Center, leveraging Guangxi's unique geographical advantages and mature policy and industrial platforms [1] - This cooperation marks the company's first strategic partnership with a provincial-level government, indicating recognition of its core AI technology capabilities and industry experience [1] - The collaboration aims to create a sustainable and replicable business synergy mechanism at the regional level, laying the foundation for scalable implementation across multiple scenarios and departments [1] Group 2 - The company has established a wholly-owned subsidiary, Yunzhisheng (Guangxi) Intelligent Technology Co., Ltd., in Nanning, Guangxi, which will serve as the ASEAN headquarters [2] - The focus will be on "AI + healthcare," integrating advanced technologies and high-end talent from major cities to develop a comprehensive smart healthcare system covering clinical services, insurance settlement, and regulatory oversight [2] - The company has successfully won the Jiangsu Provincial Medical Insurance Model Project, marking a significant achievement in the healthcare sector and establishing a solid foundation for rapid business implementation in Guangxi [2] Group 3 - The company will actively promote resource sharing and technical exchanges with ASEAN enterprises from its base in Guangxi, providing critical support for expanding into overseas markets [3] - This initiative aims to enhance the company's brand influence internationally [3]