生活AI领域，技术赋能日常，提升生活品质 中国AI赛道的竞逐已步入深水区，喧嚣过后，市场目光正聚焦于那些真正穿越周期、手握硬核实力的 长期主义者。成立于2012年的AI先行者云知声，近日上市港交所，股价持续上涨，累涨突破72%，市值 破290亿港元，展现出企业稳健的成长轨迹。在AI技术深入各行各业的今天，云知声以智慧生活和智能 医疗双轮驱动，通过技术创新不断提升社会效率，改善人们生活质量。 在生活AI领域，云知声始终以技术赋能场景，通过打造标杆案例验证技术价值，进而实现规模化应用 落地，其生活AI解决方案正重塑城市公共服务与家庭生活体验。以深圳地铁20号线智能语音售票系统 为例，该技术突破提升了效率，增强了社会包容性。基于这一成功模式，云知声业务版图快速扩张，在 智能家居领域服务了美的、格力、海尔、TCL等头部品牌，覆盖700+家电品类。 在医疗AI领域，云知声构建了覆盖病历质控、医保审核、单病种管理、风险预测等的智能医疗解决方 案，深度重构医疗服务体系。传统医疗质控依赖人工抽检，效率低且覆盖面有限，而云知声的病历质控 系统通过自然语言处理(NLP)技术解析病历文本，从完整性、逻辑性、合规性等多个维度内置上千 ...

Company Overview - Yunzhisheng, established in 2012, focuses on IoT artificial intelligence with proprietary intellectual property, initially starting with smart voice technology and later proposing the "cloud-end-chip" architecture to reduce AI deployment costs [1] - The company shifted from consumer hardware to enterprise solutions in 2016 and began its large model transformation journey in 2021, emphasizing the development and application of the "Shanhai Model" [1] - Its products cover smart living (home, automotive, etc.) and smart healthcare, serving over 500 partners [1] IPO Information - IPO date: June 20-25, 2025, with listing on June 30 [2] - Offering price: HKD 165-205 per share, with an entry fee of HKD 4,141.35 (20 shares) [2] - Fundraising amount: Up to HKD 320 million, with a free float of approximately HKD 210 million after cornerstone investors [2] - Green shoe option: 15% over-allotment (234,140 shares), with CICC as the stabilizing agent [2] - Cornerstone investors include SensePower Management Limited and others, accounting for 32.86% [2] - Sponsors: CICC and Haitong [2] - Margin ratio: 22 times [2] Financial Performance - Revenue: 80% from living AI solutions, with the remainder from medical AI solutions, primarily from domestic sources [3] - Living business shows steady growth with a 3-year CAGR of +24%, with key clients including major insurance groups and Shenzhen Metro [3] - AI chip sales increased from 12.8 million in 2022 to 36 million in 2024 [3] - Medical business is the fastest-growing segment with a 3-year CAGR of +32%, increasing client base to 166 in 2024 [3] - Gross margin stable around 40% over three years, slightly declining to 39% in 2024 due to increased procurement costs and lower client retention [4][5] Research and Development - R&D expenditure slightly decreased in 2023 but significantly increased to HKD 370 million in 2024, maintaining a high ratio of 39% [5] - The R&D team comprises 70% of total employees, with a growing reliance on external outsourcing for R&D [5] - The company has accumulated 512 patents and launched the "Shanhai Model" with 60 billion parameters in 2023 [8] Competitive Advantages - As the only unicorn in the AI voice sector, Yunzhisheng has differentiated itself with the "Shanhai Model" and automotive-grade chip technology [7] - The AI solutions market in China is projected to grow at a CAGR of 36.7% from 2024 to 2030 [7] - The company has a diverse product matrix across various sectors, including smart living and healthcare [9] - Customer concentration has decreased, with the largest clients contributing less to total revenue over the years [10] Investment Risks - Financial risks associated with major clients, particularly Shimao Group, which has faced liquidity issues [11] - High accounts receivable and credit risks, with receivables exceeding 50% of total assets [12] - Declining growth in living AI projects and customer retention in the medical sector [13] - Increased competition in the AI market, with a low market share of 0.6% [14] - Continuous operating losses and negative cash flow, raising sustainability concerns [15]