中证报中证网讯(王珞)10月30日，云天励飞发布三季报。报告显示，公司整体经营保持高景气增长态 势，前三季度，公司实现营业收入9.51亿元，同比增长96.85%；扣非归母净利润较去年同期减亏1.59亿 元，亏损同比收窄32%，公司核心业务经营质量正在稳步提升；现金流延续正增长，经营性现金流净额 增长至1.95亿元，继第二季度转正后，增长势头得以延续。稳定的经营性现金流不仅提升了公司估值的 确定性，也为后续持续推进技术创新、拓展市场份额提供了安全边际。 凭借核心技术自主可控、产品形态多元化以及国产生态适配优势，云天励飞正加速构建国产AI推理芯 片的创新高地和产业生态平台。 云天励飞表示，公司紧抓产业政策与市场机遇，持续深化"AI推理芯片+应用生态"的战略布局。一方 面，公司依托"算力积木"架构，推动自研芯片在各类场景中实现落地，进一步强化技术护城河；另一方 面，积极推动DeepEdge、DeepVerse、DeepXbot等系列产品协同迭代，逐步完善从边缘到中心的全栈算 力体系。 ...

云天励飞紧抓产业政策与市场机遇，持续深化"AI推理芯片+应用生态"的战略布局。一方面，公司依 托"算力积木"架构，推动自研芯片在各类场景中实现落地，进一步强化技术护城河；另一方面，积极推 动DeepEdge、DeepVerse、DeepXbot等系列产品协同迭代，逐步完善从边缘到中心的全栈算力体系。凭 借核心技术自主可控、产品形态多元化以及国产生态适配优势，云天励飞正加速构建国产AI推理芯片 的创新高地和产业生态平台。 10月30日晚间，深圳云天励飞技术股份有限公司(以下简称"云天励飞")发布三季报。报告显示，公司整 体经营保持高景气增长态势，2025年1月份至9月份，公司实现营业收入9.51亿元，同比增长97%；扣非 归母净利润较去年同期进一步减亏1.59亿元，公司核心业务经营质量正在稳步提升；经营性现金流净额 增长至1.95亿元，继第二季度转正后，增长势头得以延续。稳定的经营性现金流不仅提升了公司估值的 确定性，也为后续持续推进技术创新、拓展市场份额提供了安全边际。 ...

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]