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 Viewpoint - The IPO application of Nanjing Silicon-based Intelligent Technology Co., Ltd. marks a significant milestone for the digital human industry, positioning it under the spotlight of capital markets and indicating the potential for commercialization in this sector [1][6]. Group 1: Company Overview - Founded in 2017, Silicon-based Intelligent focuses on providing digital human solutions across various industries, including telecommunications, finance, and healthcare, with over 80,000 "digital employees" delivered by October 2025 [6]. - The company achieved a revenue growth from 223 million RMB in 2022 to 655 million RMB in 2024, raising questions about the profitability of digital human services [6][14]. Group 2: Capital and Financing - Since its inception, Silicon-based Intelligent has completed eight rounds of financing, raising over 1 billion RMB, with notable investments from Tencent and Sequoia Capital [8][9]. - Tencent is the largest external shareholder, holding 16.59% of the company prior to the IPO, having invested approximately 1.15 billion RMB in the B round and 3.37 billion RMB in the C round [9][13]. Group 3: Revenue and Profitability - The company's revenue from 2022 to 2024 grew nearly threefold, with 2025's first half showing an 11% year-on-year increase, reaching 326 million RMB [14]. - Silicon-based Intelligent transitioned from continuous losses to profitability, reporting a net profit of 5.29 million RMB in the first half of 2025, attributed to a strategic focus on large clients [15]. Group 4: Client Concentration and Margin Trends - The company faces challenges with client concentration, as the top five clients contributed 87.5% of revenue in the first half of 2025, with the largest client accounting for 64.4% [16]. - The gross margin has been declining, from 45.8% in 2023 to 31.6% in the first half of 2025, primarily due to competitive pricing strategies to retain major clients [16][22]. Group 5: Business Model and Future Opportunities - Silicon-based Intelligent's core business includes four segments: voice solutions, video production, live streaming, and automated content production, with a direct sales model dominating revenue [18][19]. - The company is exploring a revenue-sharing model, particularly in finance and e-commerce, which could enhance profitability by transforming from a cost center to a profit center [20][29]. Group 6: Industry Challenges and Prospects - The digital human industry faces challenges such as rapid technological changes requiring continuous R&D investment, with R&D expenses rising from 75.43 million RMB in 2022 to 150 million RMB in 2024 [23]. - Regulatory and ethical risks are increasing, with new guidelines potentially limiting the commercialization of digital human applications [24]. Group 7: Market Growth Potential - Despite challenges, the digital human market is projected to grow significantly, with a compound annual growth rate of 55.8%, reaching 2 billion RMB by 2024 and 15.5 billion RMB by 2030 [25]. - The shift from digital humans to intelligent agents capable of autonomous decision-making represents a significant opportunity for expanding profitability [26][29]. Group 8: Conclusion - The IPO of Silicon-based Intelligent is seen as a pivotal moment for the digital human industry, transitioning from speculative concepts to validated business models, with the potential for further industry maturation through additional listings [31][32].

Core Insights - The article discusses the upcoming IPO of Silicon Intelligence, a leading Chinese company in the digital human industry, highlighting both opportunities and challenges in the sector [3][14]. Company Overview - Silicon Intelligence, founded in 2017, has become a leader in the digital human intelligent agent field, holding a 32.2% market share in China and ranking second globally [4]. - The company's core technology involves creating digital human agents that can simulate human appearance, behavior, and cognition through voice, appearance, and thought cloning technologies [4]. Financial Performance - Silicon Intelligence's revenue has shown significant growth, increasing from 223 million RMB in 2022 to 655 million RMB in 2024, nearly tripling in two years [6]. - In the first half of 2025, the company reported revenue of 326 million RMB, an 11.15% increase from 293 million RMB in the same period of 2024 [6]. Customer Dependency - A major concern for Silicon Intelligence is its heavy reliance on a single large client, with revenue from this client accounting for 64.4% of total revenue in the first half of 2025, up from 16.6% in 2022 [7]. - The concentration of revenue from the top five clients has also increased from 56.4% in 2022 to 87.5% in the first half of 2025, indicating rising customer concentration risk [7]. Profitability Challenges - The company has incurred cumulative losses exceeding 300 million RMB from 2022 to 2024, and while losses narrowed to 8.29 million RMB in the first half of 2025, it has yet to achieve profitability [9]. - Operating cash flow has consistently been negative, with a cash outflow of 82.22 million RMB in 2024, necessitating reliance on financing [9]. Market Potential - The digital human market in China is projected to grow from 2 billion RMB in 2024 to 15.5 billion RMB by 2030, with a compound annual growth rate of 40.3% [10]. - The global market is expected to reach 47 billion RMB by 2030, driven by demand in countries facing labor shortages [10]. Competitive Landscape - Customer acquisition costs have risen sharply, from 74,000 RMB per customer in 2022 to 184,000 RMB in 2024, indicating increasing competition in the sector [12]. - The company faces risks related to technological innovation and compliance, as rapid advancements in AI technology and stringent data protection regulations could impact its operations [12]. Investment Interest - Despite the risks, Silicon Intelligence has attracted significant investment from prominent institutions like Tencent and Sequoia Capital, reflecting confidence in the digital human industry's potential [10].

Core Insights - The digital human intelligence market in China is highly concentrated, with major players including Alibaba Cloud, Tencent Cloud, ByteDance, iFlytek, Baidu, and Nanjing-based Silicon Intelligence, which is preparing for an IPO on the Hong Kong Stock Exchange [1][2] Company Overview - Silicon Intelligence is recognized as the largest provider of digital human intelligence solutions in China, focusing on silicon-based labor solutions that include voice, video, live streaming, and intelligent interaction [4][5] - The company employs a differentiated pricing strategy, with standard product prices ranging from 5,500 RMB to over 25,000 RMB [4] Financial Performance - Silicon Intelligence reported revenues of approximately 222.81 million RMB in 2022, 530.81 million RMB in 2023, and projected revenues of 655.44 million RMB in 2024, with a net loss of around 111.05 million RMB in 2022 and 95.91 million RMB in 2023 [11][10] - The company has experienced cumulative losses exceeding 300 million RMB over three years, with fluctuating gross margins of 38.5%, 45.8%, 34.3%, and 31.6% during the reporting period [6][12] Market Dynamics - The digital human intelligence market in China is expected to grow from 500 million RMB in 2021 to 2 billion RMB in 2024, with a compound annual growth rate (CAGR) of 55.8%, and projected to reach 15.5 billion RMB by 2030, with a CAGR of 40.3% from 2024 to 2030 [7] Customer Concentration - The revenue from the top five customers accounted for 56.4%, 57.7%, 78.9%, and 87.5% of total revenue during the reporting period, indicating a high customer concentration risk [5][10] Investment and Valuation - Silicon Intelligence has undergone eight rounds of investment since its establishment in 2017, achieving a valuation of approximately 3.15 billion RMB after the D round in May 2025, a significant increase from 150 million RMB in the Pre-A round [13][14] Management Team - The management team includes experienced professionals with backgrounds in AI and information technology, led by CEO Si Ma Huapeng, who has extensive experience in the industry [15][16]

Core Viewpoint - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the digital human intelligent agent market in China [1] Company Overview - Founded 8 years ago, the company has received over 1 billion yuan in investments from major institutions like Tencent and Sequoia China, and has delivered over 80,000 "Silicon-based Labor" solutions across various industries by the end of October 2025 [3][4] - The company holds a 32.2% market share in China's digital human intelligent agent market, ranking first domestically and second globally, according to a report by Zhi Zhi Consulting [4] Technology and Innovation - The core technology is derived from the self-developed "Yan Emperor Model" and the multi-modal model DUIX ONE, with a total of 145 authorized patents [5] - The company has entered the fully automated content production field, marking a transition from AI Copilot to Autopilot in its solutions [6] Financial Performance - Revenue increased from 223 million yuan in 2022 to 655 million yuan in 2024, with a 11.15% year-on-year growth in the first half of 2025, reaching 326 million yuan [6] - The company achieved an adjusted net profit of 5.29 million yuan in the first half of 2025, successfully turning a profit after being in a loss position from 2022 to 2024 [7] Customer Concentration and Pricing Strategy - The company has a high customer concentration, with the top five clients accounting for 87.5% of revenue in the first half of 2025, and the largest client contributing 64.4% [8] - To maintain relationships with major clients, the company employs a "competitive pricing" strategy, which has led to a decline in gross margin from 45.8% in 2023 to 31.6% in the first half of 2025 [9] Market Potential - The digital human intelligent agent market in China is experiencing rapid growth, projected to increase from 2 billion yuan in 2024 to 15.5 billion yuan by 2030, with a compound annual growth rate of 40.3% [10] - The company has commercialized its digital human technology across over 40 industries, with notable applications in the financial sector, such as the digital employees "Nan Nan" and "Jing Jing" at Nanjing Bank [10]

Core Viewpoint - The company, Nanjing Silicon-based Intelligent Technology Group, has submitted an IPO application to the Hong Kong Stock Exchange, positioning itself as the largest provider of digital human intelligent agents in China, with significant market share and backing from major investors [1][2]. Company Overview - Founded in 2017, the company specializes in providing silicon-based labor solutions, including intelligent voice, digital human video, live streaming, and automated content production [1]. - As of 2024, the company holds a 32.2% market share in China and ranks second globally among digital human intelligent agents [1]. Financial Performance - The company reported revenues of 223 million, 530 million, and 655 million yuan for the years 2022, 2023, and 2024, respectively, indicating substantial growth [3]. - Despite revenue growth, the company has been operating at a loss, with losses of 111 million, 95.91 million, 112 million, and 8.29 million yuan from 2022 to the first half of 2025 [3]. - R&D expenses surged from 75.43 million yuan in 2022 to 150 million yuan in 2024, reflecting high investment in technology and product development [3]. Market Trends - The digital human intelligent agent market in China is projected to grow from 500 million yuan in 2021 to 2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 55.8% [4]. - By 2030, the market size is expected to reach 15.5 billion yuan, with a CAGR of 40.3% from 2024 to 2030 [4]. Competitive Landscape - The company faces increasing competition from various players, including startups and major tech firms, leading to intensified price competition and pressure on profit margins [7]. - The company's gross margin has declined from 45.8% in 2023 to 31.6% in the first half of 2025 due to competitive pricing strategies [7]. - The company's reliance on major clients has increased, with the largest client's revenue contribution rising from 16.6% in 2022 to 64.4% in the first half of 2025 [7]. Investment Outlook - The company is positioned in a high-growth sector, and its IPO is anticipated to attract significant interest from investors [8]. - The potential for long-term sustainable performance will depend on the company's ability to convert its market advantages into consistent profitability [8].

Core Viewpoint - The company, Nanjing Silicon-based Intelligent Technology Group, has submitted an IPO application to the Hong Kong Stock Exchange, positioning itself as the largest provider of digital human intelligent agents in China, with significant market share and backing from major investors [1][2]. Company Overview - Founded in 2017, the company specializes in providing silicon-based labor solutions, including intelligent voice, digital human video, live streaming, and automated content production [1]. - As of 2024, the company holds a 32.2% market share in China and ranks second globally among digital human intelligent agents [1]. Financial Performance - The company reported revenues of 223 million, 530 million, and 655 million yuan for the years 2022, 2023, and 2024, respectively, indicating substantial growth [3]. - Despite revenue growth, the company has been operating at a loss, with losses of 111 million, 95.91 million, 112 million, and 8.29 million yuan from 2022 to the first half of 2025 [3]. - R&D expenses surged from 75.43 million to 150 million yuan between 2022 and 2024, contributing to the ongoing losses [3]. Market Dynamics - The digital human intelligent agent market in China is projected to grow from 500 million yuan in 2021 to 2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 55.8% [4]. - The market is expected to reach 15.5 billion yuan by 2030, with a CAGR of 40.3% from 2024 to 2030 [4]. Competitive Landscape - The company faces increasing competition from various players, including startups and major tech firms, leading to intensified price competition and pressure on profit margins [7]. - The company's gross margin has declined from 45.8% in 2023 to 31.6% in the first half of 2025 due to competitive pricing strategies [7]. - The company has a high dependency on major clients, with the largest client's revenue contribution rising from 16.6% in 2022 to 64.4% in the first half of 2025 [7]. Future Outlook - The company is positioned in a high-growth sector, and its IPO is anticipated to attract significant interest from investors [8]. - The ability to convert current market advantages into sustainable long-term performance will be crucial for the company's investment value [8].

Core Insights - The article discusses the increasing application of digital humans in various industries, highlighting the business model of Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon Intelligence), which has submitted its IPO prospectus to the Hong Kong Stock Exchange [3][4]. Group 1: Company Overview - Silicon Intelligence has created over 80,000 digital employees, generating revenue exceeding 600 million RMB in the past year [4]. - The company defines AI not just as a tool but as a new form of labor, coining the term "silicon-based labor" to differentiate it from human labor [3]. - The business model includes providing comprehensive silicon-based labor solutions, such as voice, video, live streaming, and intelligent interaction services [3]. Group 2: Financial Performance - Revenue projections for Silicon Intelligence are 220 million RMB, 530 million RMB, 660 million RMB, and 330 million RMB for the years 2022 to 2025, with gross margins of 38.5%, 45.8%, 34.3%, and 31.6% respectively [4]. - The company reported cumulative losses exceeding 300 million RMB over three and a half years, with adjusted losses of 46.2 million RMB, 29.4 million RMB, and 35.2 million RMB for 2022 to 2024, turning a profit of 5.3 million RMB in the first half of 2025 [4]. Group 3: Market Position - Silicon Intelligence ranks first among digital human solution providers in China, holding a market share of 32.2% [5]. - The pricing for their silicon-based labor solutions varies significantly, typically ranging from 5,500 RMB to over 25,000 RMB depending on the product type and client needs [6]. Group 4: Client Base and Revenue Contribution - The company primarily relies on direct sales, which accounted for 98.3% of sales in 2022 and 2023, with a slight decrease in new customer acquisition noted [6][7]. - The top five clients contributed 56.4%, 57.7%, 78.9%, and 87.5% of total revenue from 2022 to the first half of 2025, with the largest client accounting for 16.6%, 36.8%, and 64.4% of total revenue in the same period [7]. Group 5: Leadership and Future Plans - The founder and CEO, Si Mahua Peng, has been with the company since its inception in 2017 and has a background in electrical engineering [8]. - Silicon Intelligence plans to enter the fully automated content production field by mid-2025, enhancing its brand influence and developing the commercial value of its silicon-based labor solutions [9].

Core Viewpoint - Silicon Intelligence, the largest digital human intelligence provider in China, has officially submitted its listing application to the Hong Kong Stock Exchange, indicating its intent to go public and expand its market presence [1] Group 1: Market Position and Financial Performance - Silicon Intelligence ranks first among all digital human intelligence providers in China, holding a market share of 32.2%, and is the second globally [1] - The company's revenue has shown significant growth, increasing from 223 million RMB in 2022 to an expected 655 million RMB in 2024. In the first half of 2024, revenue rose from 293 million RMB to 326 million RMB year-on-year [4] - Despite revenue growth, Silicon Intelligence has reported losses for three consecutive years, with total losses exceeding 318 million RMB [4] Group 2: Client Dependency - The company has a high dependency on a single client, referred to as Client A, which accounted for over 60% of its revenue in 2024 and the first half of 2025. The revenue contributions from Client A were 16.6%, 36.8%, and 64.4% for the years 2022, 2023, and 2024, respectively [6] Group 3: Technological Innovation and Offerings - Silicon Intelligence focuses on the research and commercialization of digital human intelligence and multimodal intelligent interaction technologies, covering areas such as voice recognition, natural language processing, and computer vision [3] - The company has developed a comprehensive AI architecture aimed at achieving full-stack technology coverage, transitioning from AI tools to outcome-oriented solutions [4] Group 4: Industry Growth and Investment - The global digital human industry is experiencing explosive growth, with the market size expected to increase from 1.3 billion RMB in 2021 to 4.1 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 44.7% [8] - Silicon Intelligence has attracted significant investment from notable firms, including Tencent and Sequoia Capital, having completed eight rounds of financing since its establishment in 2017 [8]

Core Insights - Silicon Intelligence submitted its prospectus to the Hong Kong Stock Exchange on October 31, 2025, aiming for a mainboard listing, with joint sponsors being CMB International and DBS Asia [1] - The company is the largest provider of digital human intelligence in China, holding a market share of 32.2% in the digital human intelligence sector [1][8] - For the first half of 2025, the company reported revenue of RMB 326 million, an increase of 11.15% year-on-year, and a net loss of RMB 8 million, narrowing losses by 88.76% [1] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024 was approximately RMB 222.81 million, RMB 530.81 million, and RMB 655.44 million, respectively, with a compound annual growth rate (CAGR) of 71.51% [5] - Gross profit for the same periods was approximately RMB 86 million, RMB 243 million, and RMB 225 million, with a CAGR of 61.96% [5] - The company reported a gross margin of approximately 38.51%, 45.81%, and 34.34% for the years ending December 31, 2022, 2023, and 2024, respectively [5] Market Position - The digital human intelligence market in China is highly concentrated, with the top five players accounting for over 50% of the market by revenue in 2024 [8] - Silicon Intelligence ranked first in the Chinese digital human intelligence market with a revenue of RMB 655.44 million in 2024 [10] Business Model - The company generates revenue through a full-cycle and synergistic silicon-based labor solution, including silicon-based voice, video, live streaming, and intelligent interaction [2] - The company has transitioned from AI Copilot to Autopilot, marking a shift from AI tool services to outcome-oriented solutions [2] Major Shareholders - As of the latest practical date, Mr. Sima and his controlled entities hold approximately 36.81% of the voting rights in the company, while Tencent Holdings has invested approximately RMB 115 million, holding 16.59% [10] Management Team - The board of directors consists of seven members, including four executive directors and three non-executive directors, with Mr. Sima Huapeng serving as the chairman and CEO [11][12] Financing Situation - As of May 2025, the last round of valuation was approximately RMB 3.15 billion [13]