Core Viewpoint - Yuntian Lifei, a leading AI company in China, focuses on algorithm chip technology and offers a full range of AI products and solutions, having been listed on the Shanghai Stock Exchange in April 2023 [1] Business Performance - For Q3 2025, Yuntian Lifei reported revenue of 951 million yuan, ranking 48th out of 131 in the industry, significantly lower than the top competitors, with a net profit of -291 million yuan, ranking 124th [2] - The revenue composition includes 440.22 million yuan (44.22%) from consumer-level applications, 254 million yuan (27.66%) from industry-level applications, and 249 million yuan (27.10%) from enterprise-level applications [2] Financial Health - As of Q3 2025, the company's debt-to-asset ratio was 31.63%, lower than the industry average of 38.93%, indicating manageable debt pressure [3] - The gross profit margin was 28.85%, an increase from 14.96% year-on-year, but slightly below the industry average of 29.96% [3] Executive Compensation - The chairman and general manager, Chen Ning, received a salary of 2.2051 million yuan in 2024, an increase of 137,100 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 35.92% to 42,300, with an average holding of 6,231.52 shares, a decrease of 25.38% [5] - Major shareholders include Huaxia CSI Robot ETF and Hong Kong Central Clearing Limited, with significant increases in holdings [5] Product Development and Market Outlook - The company is focusing on AI products across consumer, enterprise, and industry levels, leveraging its algorithm chip technology [5] - Revenue projections for 2025-2027 are 1.285 billion, 1.584 billion, and 1.936 billion yuan, with corresponding price-to-sales ratios of 23X, 19X, and 15X [5] - The company is expected to see growth in consumer-level products and has received significant orders for AI computing services [6]

云天励飞-U（688343.SH）深度报告 算法芯片化助力，全产业链发展打造推理 AI 龙头 2025 年 09 月 30 日 ➢ 公司 AI 产品以消费级、企业级、行业级三方向发展。公司以"算法芯片化" 作为底层优势，在消费级、企业级、行业级三种场景部署产品和服务。企业级场 景主要为 AI 推理芯片与相关产品、算力服务及 IP 授权服务等，其中公司自研的 DeepEdge 系列通过"算力积木"架构可提供 8-128T 算力，已经在智慧交通、 机器人、家庭主机、推理服务器等领域与头部企业合作并实现商用，16.07 亿元 的 AI 算力服务订单已经验收并正常回款。消费级场景主要包括噜咔博士 AI 拍学 机、AI 眼镜等 AI 原生产品和 AI 耳机、AI 手表等可穿戴设备模组等 AI 赋能产 品，并实现了快速增长。行业级注重项目质量，考核目标从销售额转向利润端。 ➢ Deepseek 开源模型，推动"算法-芯片协同进化"。Deepseek R1 通过关 键设计的奖励系统、训练模板、自进化现象，以及用于强化学习的核心算法 GRPO，用低算力的 GPU 训练出了媲美 OpenAI o1 的模型，证实了在 AI 行业 ...