Core Insights - Company achieved a revenue of 646 million yuan in the first half of 2025, representing a year-on-year growth of 123.1% [1] - The company significantly reduced its losses by 104 million yuan compared to the same period last year, with a gross margin increase to 28.5%, up 12.8 percentage points year-on-year [1] - Operating cash flow turned positive for the first time, reaching 39.53 million yuan, showcasing the company's unique ability to generate cash flow amidst industry losses [1] Financial Performance - Total assets as of June 30 amounted to 5.577 billion yuan, a year-on-year increase of 18% [1] - The debt-to-asset ratio stood at 30.7%, indicating a low overall debt level [1] - Revenue contributions from different business segments included 269 million yuan from enterprise-level, 298 million yuan from consumer-level, and 75.74 million yuan from industry-level, accounting for 41.83%, 46.38%, and 11.79% respectively [1] R&D and Technological Advancements - R&D expenditure reached 202 million yuan in the first half of the year, marking a 12% increase, focusing on high-performance and cost-effective inference chips [3] - The company is advancing the development of series chips like DeepVerse and DeepXbot, targeting applications in large models and humanoid robots [3] - The DeepEdge10 chip platform has been fully adapted to support the entire DeepSeek model series, enhancing computational efficiency and memory usage [2] Market Opportunities and Strategic Positioning - The AI inference chip market in China is projected to grow from 11.3 billion yuan in 2020 to 162.6 billion yuan by 2024, with a compound annual growth rate (CAGR) of 94.9% [3] - The NPU-driven segment is expected to increase from 500 million yuan in 2020 to 26 billion yuan by 2024, with a CAGR of 175.6% [3] - The company aims to leverage industry policies and market opportunities to deepen its strategic layout of "AI inference chips + application ecosystem" [4]

不久前，云天励飞发布公告，拟赴港二次上市。陈宁坦言，此举与公司all in AI战略高度相关，有助于 拓展融资渠道，支持高研发投入和国际市场拓展。2024年云天励飞营收突破9亿元，同比增长81.3%； 2025年第一季度营收同比增长超160%。"未来3-5年是AI推理芯片的抢滩期，我们必须迅速投入，占领 先机。" 自2014年成立以来，云天励飞始终聚焦AI技术落地，致力于以芯片降低AI算力成本。公司创立之初即 以NPU（神经网络处理器）课题申报人才引进项目并获得第一名，芯片技术成为其早期获取投资与资源 支持的关键。云天励飞首个"出圈"应用是用于智慧警务的"深目"系统，不仅帮助深圳某区警情下降 50%，还曾在15小时内协助找回被拐儿童。但鲜有人知，这一系统背后正是云天励飞基于FPGA研发的 首款自主知识产权神经网络处理器。 2023年，发布第三代芯片DeepEdge10，具备"算力积木"架构，支持多芯粒组合与8T-256T算力范围的扩 展，已适配DeepSeek R1、鸿蒙操作系统、QwQ-32B等模型与平台。 截至目前，云天励飞已推出五代NPU，并构建起覆盖边缘推理、大模型推理与具身智能三大场景的芯片 产品矩 ...