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since entering the capital market on april 4, 2023, yuntian lifei, the "first ai stock in shenzhen", has not gotten out of the quagmire of losses, but has shown a trend of expanding losses. under such influence, the stock price has fallen 84.3% from the high point at the beginning of listing, leaving only a fraction.

text｜li jian

on april 4, 2023, yuntian lifei, the "first ai stock in shenzhen", landed on the capital market, and soared 189.16% during the day to a new high of 127 yuan per share. at the close of the day, yuntian lifei closed up 137.04% at 104.11 yuan per share.

at that time, yuntian lifei probably would not have thought that a year and a half later, yuntian lifei's stock price would fluctuate and fall to 19.87 yuan per share, a drop of more than 84.3%, and now only a fraction of it remains.

"digital intelligence research society" found that the reason behind the continuous correction of yuntian lifei's stock price, in addition to the impact of the overall market trend, is closely related to its increasing operating losses year by year. since 2017, yuntian lifei has been losing money for 7 and a half years, with a cumulative loss of nearly 2.7 billion yuan.

judging from the cash flow situation and operating performance, it seems that yuntian lifei does not have much time left to make changes.

lost 2.7 billion yuan in 7 and a half years

in 2019, the china securities regulatory commission launched the science and technology innovation board, and performance is no longer the biggest obstacle for technology companies to go public. this year, yuntian lifei's losses reached 500 million yuan.

at this time, yuntian lifei saw the hope of going public. it then completed the shareholding reform in july 2020, and soon disclosed its prospectus for the first time a few months later, planning to list on the science and technology innovation board. in april 2023, yuntian lifei successfully landed on the capital market.

after going public, yuntian lifei continued to lose money. in 2023, yuntian lifei's net loss attributable to the parent company was 383 million yuan. in the first half of 2024, yuntian lifei's net loss attributable to the parent company was 310 million yuan. "digital intelligence research society" found that in the seven and a half years from 2017 to now, yuntian lifei's losses have been close to 2.7 billion yuan.

it is worth noting that amid the continuous losses, the originally rapidly growing revenue has also declined. from 2021 to 2023, yuntian lifei's revenue shrank from 566 million yuan to 506 million yuan. in the first half of 2024, yuntian lifei achieved a revenue of 289 million yuan.

yuntian lifei was founded in august 2014, and it has been ten years since then. after ten years of development, yuntian lifei's business has also expanded to several major sub-sectors such as urban comprehensive management platform, smart transportation, smart education, intelligent computing operation, smart hardware and ecological construction.

as a player focusing on ai and chips, yuntian lifei is in a very strong demand in the industry. taking the security field behind the city's comprehensive governance platform and smart transportation as an example, data shows that the size of the security market will increase from 63 billion yuan in 2022 to more than 80 billion yuan in 2023. industry demand is still growing, but yuntian lifei's revenue has not increased but decreased. in the view of the "digital intelligence research society", the performance shows to a certain extent that its products have not been fully recognized by the market, and its core competitiveness needs to be further improved.

fortunately, in the first half of 2024, yuntian lifei's revenue increased by 97.40% year-on-year to 289 million yuan, reversing the downward trend. however, the revenue growth did not lead to a reduction in the net loss attributable to the parent company. instead, the loss increased from 211 million yuan in the first half of 2023 to 310 million yuan.

however, yuntian lifei attributed the increase in net losses attributable to the parent company to the increase in share-based payments. it is understandable to provide equity incentives to retain core employees, but yuntian lifei really needs to weigh the pros and cons of the continued increase in losses caused by equity incentives.

gross profit margin plummeted

in october 2022, openai on the other side of the pacific ocean started a new round of technological revolution. big language and big models, ai, chips and computing power, algorithms, and data elements have once again become popular around the world. mainland china on the west coast of the pacific ocean has followed closely and continuously launched new products.

as one of the few companies in the a-share capital market that possesses large models and ai chip concepts, yuntian lifei’s scarcity is evident.

however, before the listing, yuntian lifei had a big episode. tian dihong, who had a small share of equity and a small voice, insisted on the strategy of algorithm over chip, which was contrary to chen ning's strategy of chip priority algorithm. tian dihong chose to sell off his equity and cash out tens of millions when the company submitted its prospectus. but chen ning's net worth once exceeded 10 billion thanks to yuntian lifei's listing.

however, as the share price of yuntian lifei continued to fall, the net worth of chen ning, the actual controller of yuntian lifei, also continued to shrink. according to the 83.6721 million shares currently held by chen ning, his net worth is only 1.8 billion yuan, which is more than 8.8 billion yuan evaporated from the peak. fortunately, the cost of chen ning holding yuntian lifei is very low, and chen ning is still making a lot of money.

after tian dihong left yuntian lifei, chen ning, who had the sole say, increased investment in algorithm chips, and after achieving a technological breakthrough, took a big step towards commercialization - smart security.

financial data shows that by the end of 2023, yuntianlifei's urban comprehensive governance platform business revenue was 392 million yuan, accounting for 77.39% of its revenue. however, the vertical field that yuntianlifei has entered has long been a red ocean, and the competition is extremely fierce. according to data from the market research organization idc, sensetime, megvii, hikvision, innovation aki and cloudwalk technology have a market share of 42%. in contrast, yuntianlifei's market share is only 1 percentage point, and the gap is very obvious.

in addition, most of the customers of visual products and smart security are government and enterprises, so yuntian lifei does not have strong bargaining power. in the long run, yuntian lifei's profitability will inevitably be worse year by year. according to data, yuntian lifei's gross profit margin was still 50.64% in the first quarter of 2023, but in the first half of 2024, the gross profit margin was only 15.76%, a very obvious decline, and it is not an exaggeration to describe it as "cliff-like".

at the same time, yuntian lifei launched the "tianshu" large model at the right time when the large model became popular. on one side is ai chip, on the other side is large model. all the players in the industry are doing this, and yuntian lifei is naturally unwilling to lag behind. relying on these two "brushes", yuntian lifei's market value once exceeded 45 billion yuan.

but behind the two "brushes" is continuous r&d investment. as a company with an annual revenue of only 500 million yuan, yuntian lifei's r&d investment from 2021 to 2023 was about 300 million yuan. but this 300 million yuan r&d investment did not bring more revenue. the big model was caught in the "hundred-model war", and the annual revenue of ai chips was only tens of millions of yuan, with no hope in sight.

behind yuntianlifei's continuous losses, the monetary funds and trading financial assets on its books have also shrunk sharply. from the first quarter of 2023 to the first half of 2024, this data shrunk by nearly 2 billion yuan, leaving only 2.356 billion yuan.

at the same time, yuntianlifei also suspended the next-generation visual computing ai chip project that was scheduled to be available in december 2024, and it is expected to be postponed to june 2026.

in the view of "digital intelligence research society", as a technology company that focuses on r&d, it has a great demand for working capital anytime and anywhere. now that new r&d projects have been suspended, the monetary funds on the account are also decreasing sharply. if it had not raised 3.9 billion yuan in ipo at that time, yuntian lifei's cash flow might have been very tight now.

in short, yuntian lifei is definitely having a hard time now. it just has two good cards for the future, big models and ai chips, but yuntian lifei is not playing them well. if yuntian lifei wants to reverse the decline, it needs to think of more ways, otherwise it will be like the chinese national football team, "there is not much time left for xx".