在国产生态构建方面，报告期内，公司DeepEdge10芯片平台已全面支持DeepSeek全系列模型，并在 DeepSeek"开源周"期间快速完成与FlashMLA的适配；通过一系列优化，显著提升计算效率并降低显存 占用，进一步验证"算力积木"架构在多模型、多场景中的可扩展性。与此同时，DeepEdge10完成对国 产鸿蒙操作系统的适配，桌面环境和系统原生应用顺利运行。公司自研的"云天天书"训推一体机成功适 配DeepSeek，并在深圳市龙岗区、南山区部署落地。 本报讯 （记者王镜茹）8月26日晚，深圳云天励飞技术股份有限公司（以下简称"云天励飞"）披露2025 年上半年业绩。公司实现营业收入6.46亿元，同比增长123.1%。公司亏损大幅收窄，较上年同期减少 1.04亿元。毛利率提升至28.5%，同比上升12.8个百分点。资产方面，截至6月30日，公司总资产为55.77 亿元，同比增长18%；资产负债率为30.7%，整体负债水平保持较低区间。 公司经营性现金流实现3953万元，首次由负转正。在AI芯片企业普遍亏损的背景下，云天励飞率先实 现经营性现金流转正，展现出稀缺的造血能力与稳健的商业化路径。稳定的经营性 ...

Group 1 - The core viewpoint is that AI inference chips are crucial for the advancement of AI technology and the realization of a new era in artificial intelligence, particularly as the industry transitions from training to inference applications [2][5][6] - The company plans to focus on AI chip development and ecosystem layout to establish a solid foundation for the era of Artificial General Intelligence (AGI) [2][10] - The global AI inference market is projected to grow significantly, with an estimated market size of $106.15 billion in 2025 and $254.98 billion by 2030, reflecting a compound annual growth rate (CAGR) of 19.2% from 2025 to 2030 [5][6] Group 2 - The transition from AI training to inference is expected to occur around 2025, marking a shift towards application-oriented AI, with the inference market anticipated to surpass the training market in size [5][6][8] - The company has developed a series of AI chips, including the Edge10, which supports various large model deployments and is aimed at consumer and enterprise applications [10][12] - The company has established a comprehensive product matrix over the past 11 years, including multiple generations of neural network processing chips, to support a wide range of AI applications [9][11] Group 3 - The company emphasizes the importance of AI inference chips in driving the fourth industrial revolution and believes that AI technology will redefine all electronic products in the next five years [7][8] - The company has identified two major opportunities for China in the AI sector: the development of AI inference chips and the application of AI technology across various industries [8][9] - The company has faced challenges in production capacity and ecosystem development but sees significant market opportunities in the AI inference chip sector [9][12]

Core Viewpoint - The company, CloudWalk Technology, is strategically focusing on AI chips, aiming to build a domestic computing "accelerator" centered around edge computing, cloud-based large model inference, and embodied intelligence [1][2]. Company Development - Founded in 2014, CloudWalk Technology has spent 11 years developing AI applications across consumer, enterprise, and industry sectors, achieving multiple innovations [1]. - The company launched its second-generation neural network processor (NPU) in 2018, which has been widely applied in various fields such as smart cameras and industrial intelligence [1][2]. - In 2023, the company released its third-generation chip, DeepEdge10, designed for large model inference, featuring a modular architecture that supports scalable computing systems [2][3]. Market Outlook - The chairman believes that 2025 will mark a significant turning point for AI, with a shift from training to inference, leading to an explosive growth in inference computing demand [2][3]. - Although the current AI inference chip market is relatively small compared to the training chip market, it is expected to grow at a much faster rate in the next 3 to 5 years [3]. Key Application Scenarios - The company is focusing on three main application scenarios: edge computing, cloud-based inference acceleration, and embodied intelligence, aiming to create a cost-effective AI inference chip technology and product system [4][5]. - In edge computing, the company has implemented several demonstration projects and gained recognition from leading industry clients, leveraging its expertise in low power consumption and high performance [4]. - For cloud inference acceleration, the company has developed a reasoning acceleration card based on domestic technology, enhancing flexibility and efficiency in chip design and deployment [4][5]. - In the field of embodied intelligence, the company has partnered with over ten robotics manufacturers, with its edge chip products already in practical deployment [5].

Core Viewpoint - Yuntian Lifei is focusing on the development of high-performance AI chips and edge AI applications, with significant revenue growth in Q1 2025 driven by enterprise and consumer-level business segments [1][2][3] Financial Performance - In 2024, Yuntian Lifei achieved a revenue of 917 million yuan and a net loss of 579 million yuan; in Q1 2025, the revenue was 264 million yuan, representing a 168% year-on-year increase, with a reduced net loss of approximately 85.64 million yuan [1] Product Development - The company has developed four AI chips: DeepEdge10C, DeepEdge10 standard version, DeepEdge10Max, and DeepEdge200, with plans to launch the new model inference acceleration card IPU-X6000 in 2024 [2] - DeepEdge10 chips utilize a domestically produced 14nm Chiplet process and include a RISC-V core, supporting various large model architectures for efficient inference [2] Technology and R&D - Yuntian Lifei is enhancing its neural network processor technology, NNP400T, to meet the requirements of large model inference through specialized instruction sets and architectures [3] - The company invested nearly 400 million yuan in R&D last year, a year-on-year increase of approximately 36% [3] Market Trends - The demand structure in the AI computing market is shifting from general large model training to optimized inference computing for AI applications, with inference computing demand rapidly increasing [3] Strategic Initiatives - Yuntian Lifei plans to expand its consumer product offerings and establish a comprehensive online and offline marketing system, focusing on "technological innovation + scene cultivation" [4] - The company has launched the first domestically produced AI glasses in collaboration with partners and is enhancing its AIoT product matrix through acquisitions and brand collaborations [4]

Core Viewpoint - The article focuses on the journey and business model of Yuntian Lifei, the first AI company listed on the A-share market in Shenzhen, which is now preparing for a Hong Kong IPO to attract international capital and enhance its brand image [2][3]. Company Overview - Yuntian Lifei's market capitalization is nearly 20 billion yuan as of its recent financial report [2]. - The company reported a loss of 570 million yuan for the fiscal year 2024, a 49% increase in losses year-over-year, primarily due to R&D investments and share-based payments [2]. Business Expansion - Since its listing on the Sci-Tech Innovation Board in April 2023, Yuntian Lifei has expanded its business from AI security and urban governance to enterprise-level, industry-level, and consumer-level applications [2][11]. - The company has developed its own AI inference chips and acquired Qiancheng Technology to enhance its product offerings in AI large models and consumer electronics [12][15]. Financial Performance - For the fiscal year 2024, Yuntian Lifei's revenue reached 920 million yuan, an 81.3% increase year-over-year, despite a net loss of 580 million yuan, which is a 51.1% increase in losses compared to the previous year [17]. - The company's revenue is segmented into three main business areas: industry-level applications (250 million yuan), enterprise-level applications (250 million yuan), and consumer-level applications (410 million yuan) [17]. Investment and Support - Yuntian Lifei has received continuous support from notable investors such as Zhenge Fund and Huaden International, with significant investments made during various funding rounds [19][21]. - The company has maintained strong backing from Shenzhen-based capital, which has been crucial for its growth and development [21].