New Stock News | Cloud Tian Li Fei (688343.SH) submits its application to the Hong Kong Stock Exchange, becoming one of the top three full-spectrum AI inference chip providers in the industry.

According to the disclosure on April 29 by the Hong Kong Stock Exchange, Shenzhen Yuntian Lifly Technology Co., Ltd. (referred to as Yuntian Lifly (688343.SH)) has submitted an application for listing on the main board of the Hong Kong Stock Exchange. Huatai International, CITIC SEC, and CICC are the joint sponsors. The prospectus shows that Yuntian Lifly is a leading artificial intelligence (AI) company in China, focusing on the research, design, and commercialization of AI inference chips. Specifically, the company's products and services mainly include (1) selling AI inference chips to enterprise clients, using the company's AI inference chips and Nova NPU IP for computing services and IP licensing services; (2) consumer products; and (3) industry-level software and hardware integrated solutions using the IFMind large model visual analysis and inference capabilities. The company integrates its deep understanding of AI algorithms and practical application scenarios into powerful and cost-effective applications using AI inference computing. It has launched NPU-driven AI inference chip products and services tailored for enterprise, consumer, and industry-level applications, creating a complete closed-loop from building AI inference infrastructure to product design, development, and commercialization, enabling rapid migration of AI in various scenarios. In enterprise scenarios, the company mainly provides AI inference chips and related products, computing services, and IP licensing services for applications in SoC development, large model services, and services for enterprises like Siasun Robot & Automation. In consumer scenarios, the company develops and offers AI native products directly to end consumers, including Dr. Lu's AI learning machine, AI glasses, Dr. Lu's AI pet dog, and home devices using AI inference chips. The company recognizes that AI and large models will redefine smart devices and utilizes IFMind's large model inference capabilities to improve consumer electronic products and wearable devices for enterprise clients. In industry scenarios, the company has developed software and hardware integrated solutions for comprehensive industry demands in smart public transport, smart city governance, smart parks, and smart emergencies, leveraging the inference capabilities of IFMind large models, Nova, and AI inference chips. The company launched computing services in April 2023. It plans to expand enterprise scenarios by providing high-performance computing services for Siasun Robot & Automation, unmanned vehicles, drones, and smart transportation scenarios at the edge level, expanding the application of AI inference chips in smart devices at the terminal level, and deploying a large-scale heterogeneous computing cluster driven by IFMind large models and AI inference chips at the cloud level. According to the consulting report of Zhi Insight, based on the revenue statistics related to the Chinese market in 2025, the company is one of the top three industry leaders in providing all-scenario AI inference chip-related products and services. The company also ranks in the top three among NPU-driven AI inference chip-related product and service providers in China in terms of revenue. The industries of all-scenario AI inference chip-related products and services, as well as NPU-driven AI inference chip-related products and services in China, are dominated by a few leading companies, with the top companies holding approximately 34.0% and 82.2% of the market share, while the rest of the market is highly fragmented. In terms of finances, in the fiscal years 2023, 2024, and 2025, Yuntian Lifly's revenues were approximately RMB 506 million, RMB 917 million, and RMB 1.339 billion, respectively, while gross profits were approximately RMB 119 million, RMB 192 million, and RMB 368 million. Research and development expenses in the same periods were approximately RMB 295 million, RMB 400 million, and RMB 445 million, accounting for 58.3%, 43.6%, and 33.3% of total revenue, respectively. The company invests significant resources in research and development through attracting and retaining R&D personnel, participating in various R&D activities, and carrying out related R&D projects. The company expects to continue investing heavily in research and development as the cornerstone of its future success.