21世纪经济报道记者 林典驰 深圳报道 云天励飞（688343.SH）是一家AI公司，也是跟着AI发展浪潮一直在转型的公司。 云天励飞发展有其时代的背景性，公司很早就押注了推理芯片，随着AI的发展开始由训练转向推理， AI推理芯片正在成为推动AI应用规模化部署的核心动力。 自A股上市以后，云天励飞营收一直在增长，公司业务也在持续延展。 2022年-2024年期间，云天励飞营收分别为5.46亿、5.06亿和9.17亿元，呈现波动增长态势。 早期的云天励飞靠着智慧城市起家，布局边缘AI发展的技术和业务。如今借助底层的算法、芯片，发 展面向行业级、企业级、消费级三大类场景的业务，凭借"算法芯片化"的核心能力和"端云协同"的技术 路线，持续探索边缘AI应用场景的边界。 7月30日晚，云天励飞正式递表港交所，谋求A+H两地上市。 公告显示，本次募资将用于AI推理芯片及相关产品及技术的研发、寻求战略投资和收购机会、加强销 售及市场推广能力，强化品牌形象以及用作营运资金和一般企业用途。 高额研发投入 云天励飞的亏损状态却一直保持，且短期内难以看到扭亏为盈的迹象，同期内分别达到4.48亿、3.84亿 和5.72亿元。若除去股 ...

Core Viewpoint - Yuntian Lifei is a leading AI company in China, focusing on the research, design, and commercialization of AI inference chips, aiming to create a complete closed-loop from infrastructure to product design and commercialization [3]. Industry Overview - The AI inference chip market in China is experiencing rapid growth, with the market size projected to increase from RMB 11.3 billion in 2020 to RMB 162.6 billion by 2024, representing a compound annual growth rate (CAGR) of 94.9%. It is expected to continue growing at a CAGR of 53.4% from 2024 to 2029, reaching RMB 1,383 billion by 2029 [3]. - Yuntian Lifei ranks among the top three providers of AI inference chip products and services in China based on revenue projections for 2024 [3]. Company Products and Technology - Yuntian Lifei's IFIC platform enables algorithm chip integration, allowing the company to develop optimized chips for various applications. The company has launched NPU products such as Nova, DeepEye, DeepEdge, and is working on DeepVerse and DeepXBot [4]. - The Hy3 CAN hardware tool and IFIE software platform support the operation of AI inference chips, providing a unified programming interface and a controlled development environment for large model applications [4]. Financial Performance - For the fiscal years ending March 31, 2022, 2023, 2024, and the first quarter of 2025, Yuntian Lifei reported revenues of approximately RMB 546.2 million, RMB 506.0 million, RMB 917.4 million, and RMB 264.0 million, respectively. Corresponding gross profits were approximately RMB 174.1 million, RMB 119.0 million, RMB 192.1 million, and RMB 76.0 million [5][6]. - The company has shown a trend of increasing revenue, with a notable jump in 2024, while gross profit margins have varied, indicating potential challenges in cost management [5][6].