Core Viewpoint - The article highlights the journey of YunTianLiFei, a company founded by Chen Ning, which transitioned from a focus on security solutions to becoming a leader in AI chip technology, driven by a vision to prevent child abduction and leveraging advancements in artificial intelligence [5][6][10]. Company Background - In 2014, Chen Ning founded YunTianLiFei after being inspired by the film "Dear" and recognizing the potential of AI in solving real-world problems, particularly in child abduction cases [5][6]. - The company started in a small office in Longgang, Shenzhen, and developed the "Shenmu" dynamic facial recognition system, which has helped recover over 400 missing children [6][9]. Market Position and Growth - YunTianLiFei went public on the STAR Market in April 2023, with an opening surge of 175.5%, achieving a market value of 37 billion yuan, and currently valued around 22 billion yuan [6][10]. - The company reported a revenue growth of 168% year-on-year in Q1 2025, with total revenues of 5.46 billion yuan in 2023, 9.17 billion yuan in 2024, and 2.64 billion yuan in Q1 2025 [12][13]. Financial Performance - The company has shown a trend of "increasing revenue and reducing losses," with a cumulative loss of over 2.9 billion yuan since 2017, but losses have narrowed significantly [12][13]. - In Q1 2025, the gross margin reached 28.8%, indicating improved profitability [14]. Strategic Initiatives - The company has focused on reducing costs through technological advancements, such as the self-developed 14nm Chiplet technology, and optimizing expenses, which have led to a decrease in the expense ratio to 65.94% [14]. - R&D investment has been a priority, with expenditures rising from 43.56 million yuan in 2017 to 400 million yuan in 2024, accounting for 44% of total revenue [14][15]. Future Plans - YunTianLiFei is planning to list on the Hong Kong Stock Exchange to enhance its international brand image and establish dual financing platforms [18]. - The company aims to allocate 45% of the funds raised from the H-share listing to AI chip R&D and 30% for strategic acquisitions, positioning itself as a benchmark in the AI chip sector [18].

Core Viewpoint - The company Yuntian Lifei announced its commitment to AI chips during the 2025 WAIC, marking a significant push for domestic computing power in the AI era [2] Group 1: AI Chip Strategy - Yuntian Lifei will focus on three core areas: edge computing, cloud large model inference, and embodied intelligence, aiming to create a cost-effective "computing power accelerator" for the AI age [2] - The CEO, Chen Ning, emphasized that 2025 will be a pivotal year for AI, as large model technology matures and costs decrease, transforming AI from an "expert tool" to a "universal infrastructure" [2][3] - The market demand for inference computing power is expected to experience explosive growth as AI transitions from training to inference [2] Group 2: Market Potential and Growth - Although the current market for AI inference chips is relatively small compared to the multi-hundred billion dollar training chip market, it is projected to grow significantly faster in the next 3-5 years [2][3] - Chen Ning compared the relationship between training and inference to electricity generation and consumption, suggesting that inference chips will become ubiquitous across various devices [3] Group 3: Financial Performance and Future Plans - Yuntian Lifei plans to pursue a secondary listing in Hong Kong to support its AI strategy, enhance financing channels, and facilitate international market expansion [3] - The company anticipates revenue exceeding 900 million yuan in 2024, representing an 81.3% year-on-year increase, with Q1 2025 revenue expected to grow over 160% year-on-year [3] Group 4: Technological Development - Since its establishment in 2014, Yuntian Lifei has focused on the practical application of AI technology, particularly in reducing AI computing costs through chip development [3][4] - The company has launched five generations of NPU chips, establishing a product matrix that covers edge inference, large model inference, and embodied intelligence [4]

Core Viewpoint - Alibaba is undergoing a transformation from traditional e-commerce to AI infrastructure, showcasing a dual logic of defense and evolution in its core business value [1][2][3]. Group 1: Core Business Value - Alibaba's e-commerce growth is slowing, with a projected revenue growth of 8.3% in 2024, yet it maintains a strong user base with 46 million 88VIP members and a quarterly addition of 4 million high-net-worth users [1]. - The company is shifting from price competition to value competition, enhancing supply quality through "merchant tiered operations," resulting in a 9% increase in customer management revenue during the 2024 Double 11 shopping festival [2]. - Alibaba Cloud is driving an efficiency revolution, with over 70% of customer service being replaced by AI, and a 22% increase in advertising ROI [3]. Group 2: AI and Cloud Computing - Alibaba Cloud is positioned as a critical growth driver, holding a 30% market share in China's public cloud, which is twice that of Tencent Cloud and Huawei Cloud [5]. - The company plans to invest 380 billion yuan over the next three years, with 73% directed towards domestic GPU development, increasing the domestic replacement rate from 20% to 30% [6]. - Cloud business revenue is expected to return to double-digit growth in Q3 2024, with AI cloud services showing triple-digit growth for six consecutive quarters [7]. Group 3: Ecological Synergy Value - Gaode Map, with 930 million monthly active users, serves as a core hub for local life, achieving over 10 million daily orders through precise location-based services [8]. - The entertainment content ecosystem, including Youku's 60 million members, creates a closed loop with Alibaba Pictures, generating over 800 million yuan in merchandise sales from "The Wandering Earth 3" [9]. - Lazada holds a 32% market share in Indonesia, supported by a robust logistics and payment system, contributing over 60% to its projected GMV of 15 billion USD in 2024 [10]. Group 4: Policy Catalysts - The "Buy in China" initiative is expected to drive a GMV increase of 12 billion yuan through digital transformation projects in key business districts [13]. - The sports consumption sector presents an opportunity, with Alibaba's ecosystem penetrating 18% of the projected 5.2 trillion yuan sports industry in 2024 [14]. - The U.S. semiconductor tariff policy accelerates domestic replacement, with Alibaba's Ascend chips increasing to 30% of its usage [15]. Group 5: Valuation Reconstruction - Alibaba's market value reflects multiple discounts, with a theoretical market cap potential of 3.2 trillion yuan if certain business units are spun off and AI cloud business value is reassessed [17].

1、n 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 深圳云天励飞技术股份有限公司 （深圳市龙岗区园山街道龙岗大道 8288 号深圳大运软件小镇 17 栋 1 楼） 首次公开发行股票并在科创板 上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者 保荐机构（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 保荐机构（主承销商） 应当以正式公告的招股说明书作为投资决定的依据。 深圳云天励飞技术股份有限公司 首次公开发行股票并在科创板上市招股说明书（注册稿） 监管机构声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明 ...