出品：新浪财经上市公司研究院 作者：君 10月31日，南京硅基智能科技集团股份有限公司（下称"硅基智能"）向联交所主板提交上市申请，正式向"港股数字人第一股"发起冲击，招银国际、星展银 行（DBS）为联席保荐人。 报告期内，硅基智能的收入高速增长，并通过大幅削减营运成本于今年上半年实现扭亏。不过，这是否"饮鸩止渴"？ 2022-2024年，公司的研发费用率从33.85%降至22.91%，今年上半年进一步降至20.42%。同时，"裁员潮"加速，2023年、2024年及2025年上半年，公司员工 成本中"薪金、工资及其他福利"分别同比减少14%、27%、41%。 在大模型技术快速迭代的背景下，数字人赛道的技术门槛正逐渐降低，字节、腾讯、阿里等巨头加速入局，中小厂商也在细分领域突围，硅基智能的市场领 先地位面临挑战。 创始人曾被传要"全员裁员" 辟谣还是掩盖真相？ 硅基智能专注于数字人智能体以及拟人多模态智能交互技术之研发与商业化应用，技术范畴涵盖语音识别、自然语言处理及计算机视觉。 自2017年12月至2025年6月，硅基智能相继进行了八轮融资，包括Pre-A轮投资、A轮投资、A+轮投资、A++轮投资、B轮投资、 ...

Core Insights - The article discusses the IPO submission of Nanjing Silicon Intelligence Technology Group, the first player in the digital human sector to go public in Hong Kong, highlighting its transition from a novel AI application to a profitable business [1][2] - The company has achieved a revenue of 326 million yuan in the first half of 2023, marking its first profit after three years of losses [3][4] Company Overview - Founded in 2017, Silicon Intelligence is the leading provider of digital human solutions in China, with over 80,000 "Silicon Labor Forces" delivered to various industries including telecommunications and finance [1][3] - The company has received significant investments from notable firms such as Tencent and Sequoia China, achieving a valuation of 3.15 billion yuan after its D-round financing [2][3] Financial Performance - Revenue has grown from 223 million yuan in 2022 to a projected 655 million yuan in 2024, with losses of 46.22 million yuan, 29.41 million yuan, and 35.24 million yuan in the previous three years [3][4] - The company reported a net profit of 5.29 million yuan in the first half of 2025, attributed to a strategic focus on large clients and reduced investment in less stable customers [3][4] Client Dependency and Risks - The company faces significant revenue concentration risk, with the top five clients contributing 87.5% of total revenue, and the largest client accounting for over 64.4% [2][4] - New customer acquisition has declined sharply, with only 145 new clients added in the first half of 2023 compared to 890 the previous year [4] Pricing Strategy and Profitability - The pricing for digital human solutions varies significantly, with standard products priced between 5,500 to 25,000 yuan, but competitive pricing for large clients has led to a decrease in gross margin from 45.8% in 2023 to 31.6% in the first half of 2025 [5] - The shift towards a direct sales model has reduced the contribution from distributors, with revenue from distributors dropping from 20 million yuan in 2023 to 5 million yuan in the first half of 2025 [5] Industry Challenges and Compliance - The digital human industry faces regulatory scrutiny, particularly regarding live streaming and ethical concerns surrounding AI-generated content, which have led to stricter guidelines from platforms like Douyin and Tencent [6][7] - The company acknowledges the potential reputational and operational risks associated with compliance failures and the immature state of AI technology [8][9] Future Outlook - The company plans to use IPO proceeds to enhance its multi-modal model development and expand into global markets, while also focusing on building intellectual property as a new growth engine [9][10]

Core Insights - The rapid development of artificial intelligence has led to the emergence of AI digital humans, creating a competitive and growing market [2] - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon Intelligence) has initiated its IPO process on the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities and marketing [2] - Silicon Intelligence has completed eight rounds of financing, with a valuation of 3.15 billion RMB after its D round in June 2023 [2][3] Company Positioning - As the largest provider of digital human intelligent agents in China, Silicon Intelligence holds a significant market share of 32.2% in the digital human intelligent agent solutions sector [3] - The company utilizes three core technologies: voice cloning, appearance cloning, and thought cloning, to create "Silicon-based Labor" [3] - Silicon Intelligence has delivered over 80,000 solutions across various industries, including telecommunications, finance, healthcare, and education [5] Financial Performance - The company has experienced continuous losses over the past three years, with net losses of 111 million RMB in 2022, 95.9 million RMB in 2023, and 112 million RMB in 2024 [8] - Revenue growth has slowed significantly, with a revenue of 32.6 million RMB in the first half of 2025, reflecting a year-on-year growth rate of only 11.15% [7][8] Market Dynamics - The global market for digital human intelligent agents is projected to grow from 1.3 billion RMB in 2021 to 4.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 44.7% [7] - Competition in the AI digital human sector is intensifying, with major players like Baidu, Tencent, and Alibaba entering the market, increasing pressure on Silicon Intelligence [9] - The company faces challenges in customer acquisition, with the average customer acquisition cost rising significantly, reaching 184,000 RMB in 2024 [10][11] Customer Dependency - Silicon Intelligence's revenue is highly concentrated, with the top five customers accounting for 87.5% of total revenue in the first half of 2025, and the largest customer contributing 64.4% [6] - The company has seen a decline in new customer acquisition, with the number of new customers dropping from 890 in 2023 to 461 in 2024 [10]

Core Insights - The article discusses the emergence and evolution of digital human agents, which are transforming from marketing tools to intelligent labor forces capable of handling various tasks in sectors like finance, education, and healthcare [1][2][11]. Company Overview - Silicon-based Intelligence, founded in 2017, is preparing for a Hong Kong IPO and has achieved a 32.2% market share in China, ranking second globally in the digital human sector [2][9]. - The company's revenue grew from 223 million yuan in 2022 to 655 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 71.5% [2][9]. - The company has developed the "Yan Emperor Model" and a full-stack digital human technology, serving over 40 industries with more than 80,000 digital human agents [8][9]. Market Trends - The global market for digital human agents has expanded from 1.3 billion yuan in 2021 to 4.1 billion yuan in 2024, with an average annual growth rate of 44.7% [11]. - The demand for digital human agents is driven by the deepening digital transformation of enterprises, labor shortages in countries like Japan and South Korea, and the explosion of cross-border e-commerce [12][14][15]. Competitive Landscape - The industry remains fragmented with low concentration, allowing specialized vendors to compete based on technical expertise and responsiveness to specific scenarios [5][16]. - Major players like Baidu and Tencent pose significant competition, while new entrants can focus on niche markets to differentiate themselves [16][19]. Technological Evolution - Digital human agents are evolving from simple virtual representations to capable entities that can independently handle tasks and possess professional judgment [18]. - The transition opens new growth opportunities but also increases competition complexity, requiring a focus on comprehensive capabilities including algorithms, application scenarios, and industry adaptation [18][20].

Group 1 - The article highlights the rapid development and deployment of large models in the Yuhuatai District, with seven companies receiving national-level registration, leading the city in this regard [2] - Companies like Huizhi Intelligent and Tianchuang Robotics are leveraging self-developed technologies and large models to enhance operational efficiency and customer engagement, with significant improvements in foot traffic and marketing costs [1][2] - The "CarrotAI large model + BuffGPT technology" has been implemented in over 2,000 supermarkets nationwide, resulting in a 35% increase in customer flow and a 50% reduction in marketing costs [1] Group 2 - The "Fire Eye" product developed by Zhikuyun has been instrumental in law enforcement, generating complex financial flow diagrams that help identify money laundering activities, with over 5,000 billion yuan recovered [3] - The "Smart Employee" model from Fengchuan Cloud gathers customer data for targeted marketing, achieving a tenfold increase in service efficiency [4] - Jiangsu Zhongxie Intelligent Technology's "AI + Acoustic Fusion Large Model" project aims to enhance real-time interaction through sound, marking a significant investment in the AI sector [5]

Core Insights - Silicon-based Intelligence, a digital human company, is facing significant challenges, including a potential full-scale layoff plan due to financial constraints and operational difficulties [1][2] - The company has been a pioneer in the digital human sector, creating nearly 1 million digital personas across various professions and achieving a leading market share in the AIGC product application [1] - Recent malicious attacks on the company's service platform have led to a public statement clarifying the company's operational status and future hiring plans [2] Company Overview - Founded in 2017, Silicon-based Intelligence aims to create one billion silicon-based lives, focusing on computational power, financial resources, and electrical power as its core pillars [1] - The company has developed the Yan Emperor model and has completed regulatory filings, positioning itself as a leader in commercial applications of digital humans across multiple industries [1] Recent Developments - The company reported over 2 million malicious attacks on its service platform in the past week, prompting a formal police report and support from local authorities [2] - Contrary to rumors of layoffs, the company stated it has a stable research and sales team and plans to expand its recruitment significantly, with hundreds of new positions expected in 2025 and thousands by 2026 [2] Financial Performance - In the first half of 2025, the company exceeded its sales targets and is seeing improved profitability, with over 300 million yuan in AIGC orders secured in just the first month of the second half [3] - Silicon-based Intelligence completed a new round of financing worth several hundred million yuan in June and has secured bank credit lines amounting to several hundred million yuan, ensuring financial stability for over 120 months of payroll [3]

Group 1 - The core point of the news is the announcement of a full staff layoff by the founder of Silicon-based Intelligence, Si Ma Huapeng, due to the company's inability to sustain its current team size [2] - Si Ma Huapeng indicated that only one employee was working overtime, leading to the decision for layoffs, with the company planning to retain only a few key personnel for engineering [2] - The founder of another AI company, Silicon-based Flow, clarified that the layoff rumors pertain to Silicon-based Intelligence and not their company, highlighting the confusion caused by the similar names [2][5] Group 2 - Silicon-based Intelligence was established in 2017 and is known for pioneering the concept of silicon-based digital humans, aiming to create one billion silicon-based lives [8] - The company focuses on providing enterprise-level AIGC digital human solutions, with a strong emphasis on computational power, financial resources, and electrical power as its core pillars [8] - Silicon-based Intelligence has developed the Yan Emperor model and has completed the necessary registrations, positioning itself as a leader in the commercial application of digital humans across various sectors [8]