The AI services provider is aiming to raise a relatively modest $40 million, or just over 2% of its share capital, as it rapidly burns through its cash

这家人工智能服务提供商正迅速消耗其现金，它希望筹集相对较少的4000万美元，即仅略高于其股本的2%。

Key Takeaways:

关键要点：

Unisound aims to raise about $40 million through a Hong Kong IPO, with its shares set to start trading on June 30

云知声计划通过香港IPO筹集约4000万美元，其股票预计将于6月30日开始交易。

The AI services provider recorded 29% revenue growth last year and has a relatively diverse customer base, but is rapidly burning through its cash

这家人工智能服务提供商去年的收入增长了29%，拥有相对多样化的客户群，但其现金消耗速度非常快。

Is the market for new AI listings becoming oversaturated?

新股人工智能上市热潮是否已经供过于求？

That question was front-and-center in the latest

这个问题在最新的内容中处于首位

listing document

上市文件

from

从

Unisound AI Technology Co. Ltd.

云知声智能科技股份有限公司

(9678.HK), which launched its Hong Kong IPO on Friday with a very modest fundraising target of up to HK$320 million ($41 million). The company plans to sell 1.56 million shares in the listing, representing just 2.2% of its share capital, which seems to show it's not extremely confident of big demand for the stock..

周五启动香港首次公开募股（IPO），募资目标上限仅为3.2亿港元（4,100万美元）。该公司计划在此次上市中出售156万股股票，仅占其股本的2.2%，这似乎表明该公司对股票需求并不十分乐观。

What's more, Unisound said it has already found cornerstone investors to buy about one-third of the shares on offer, meaning it's aiming to sell around just 1 million shares to other investors for between HK$165 and HK$205 apiece. A pricing at the top of its range would give the company a market value of HK$14.5 billion, though it seems more likely it could price closer to the bottom, which would value it at $11.7 billion, according to the latest listing document..

此外，云知声表示已经找到基石投资者，认购约三分之一的发售股份，这意味着云知声计划以每股165至205港元的价格向其他投资者出售约100万股。根据最新的上市文件，如果定价位于价格区间的高端，该公司的市值将达到145亿港元，但更可能接近低端定价，估值约为117亿港元。

The stock is set to make its trading debut on June 30.

股票将在6月30日开始交易。

So, why is Unisound so hesitant with this offering? The company provides AI products and services designed to help healthcare and more general clients from sectors like hospitality and transportation, run their operations more efficiently. It's growing at a respectable, though not eye-popping, rate, including 29% revenue growth last year..

那么，为什么云知声对这一服务如此犹豫呢？该公司提供人工智能产品和服务，旨在帮助医疗保健行业以及来自酒店和交通运输等更广泛领域的客户更高效地运营其业务。该公司正以一个可观的速度增长，尽管并不惊人，其中去年收入增长了29%。

But the company is cash-flow negative, and consumed over half of its cash last year. It's also making its listing into one of Hong Kong's strongest IPO markets in years, which means sentiment is positive, but also that investors have lots of other choices – including a growing number of other AI companies that have listed or are moving in that direction.

但是该公司现金流为负，去年消耗了过半的现金。其上市正值香港多年来最强劲的IPO市场之一，这意味着市场情绪积极，但也意味着投资者有很多其他选择——包括越来越多已经上市或正在朝这个方向发展的其他人工智能公司。

While most of the AI companies are losing money and are also cash-flow negative, many have larger cash reserves..

虽然大多数人工智能公司都在亏损，而且现金流也为负，但许多公司拥有更大的现金储备。

Unisound's cash reserves tumbled to just 156 million yuan by the end of last year, down by more than half from 379 million yuan at the end of 2023, as the company reported 319 million yuan in cash outflow during the year, according to

据报告显示，云知声的现金储备在去年年底骤降至仅1.56亿元人民币，较2023年底的3.79亿元人民币减少了超过一半，该公司在这一年中报告了3.19亿元人民币的现金流出。

its prospectus

它的招股说明书

first filed in March. Its IPO will provide some relief by providing roughly another 275 million yuan in new cash. But that's still not too much, considering its current rate of cash burn.

今年3月首次提交招股书。其IPO将提供约2.75亿元人民币的新资金，从而提供了一些缓解。但考虑到其目前的现金消耗率，这仍然不是很多。

'We believe that we possess sufficient working capital, including sufficient cash and liquidity assets, to meet our present needs and for the next 12 months from the date of the document,' the company said in its listing document, reflecting its tenuous situation. Of course, it's quite likely Unisound will sell more shares to raise additional cash through secondary offerings, especially if the initial offering gets a positive reception.

“我们相信，我们拥有足够的营运资金，包括足够的现金和流动资产，以满足我们目前的需求以及从本文件日期起的未来12个月的需求，”该公司在上市文件中表示，反映出其脆弱的处境。当然，如果首次公开募股获得积极反响，云之声很有可能会通过二次发行出售更多股票来筹集额外资金。

But that's far from guaranteed..

但是，这远不能保证。

Despite the cautionary signs, Unisound is still aiming for a relatively high valuation compared with its peers. Its price-to-sales (P/S) ratio would range from 11 to 14, depending on how its shares price. But even a pricing at the low end of that range would be equal to the P/S ratio of 11.5 for

尽管有这些警示信号，云知声的估值目标仍高于同行。根据其股价的不同，市销率（P/S）将在11至14之间。但即使定价在这个范围的低端，也相当于市销率为11.5。

SenseTime

商汤科技

(0200.HK), and is well ahead of the 3.82 for

(0200.HK)，并且远高于3.82的

Fourth Paradigm

第四范式

(6682.HK), two other AI companies that are both much larger.

（6682.HK），另外两家规模大得多的AI公司。

Solid financials

坚实的财务状况

Despite its precarious position, Unisound's financials look relatively decent, and it also seems quite disciplined in terms of cost controls. The company is an old-timer on China's AI scene, with a history dating back to 2012 when its predecessor was set up by Liang Jia'en and Kang Heng, who both have scientific backgrounds.

尽管处境岌岌可危，云知声的财务状况看起来相对较好，而且在成本控制方面似乎也很有章法。该公司是中国人工智能界的老前辈，历史可以追溯到2012年，其前身由具有科研背景的梁家恩和康恒创立。

It began working on its core Atlas AI infrastructure, which underpins its current products, in 2016. The company counts the well-respected Qiming as one of its investors, with more than 6% of its shares..

它从2016年开始开发其核心Atlas AI基础设施，该设施是其现有产品的基础。该公司将备受尊敬的启明列为投资者之一，持有超过6%的股份。

Unisound divides its business into two main segments. The larger of the two is its general 'life' segment, which accounts for more than 80% of its revenue and includes customers from the residential and commercial property sectors, as well as hospitality and transportation. Its customers include the likes of the Shenzhen Metro system, which used Unisound's services to create a voice ticketing system for one of its lines..

云知声将其业务分为两大板块。较大的一个是其通用“生活”板块，该板块占其收入的80%以上，包括来自住宅和商业地产、酒店和交通领域的客户。其客户包括深圳地铁系统等，该系统使用云知声的服务为其中一条线路创建了语音售票系统。

The other segment is healthcare, which helps companies do things like record medical records, manage their insurance payments and conduct quality control functions more efficiently. That segment accounted for about 15% of the company's revenue last year, though it was growing more quickly than the 'life' segment..

另一部分是医疗保健，它帮助企业更高效地完成诸如记录病历、管理保险支付以及进行质量控制等功能。该部分去年约占公司收入的15%，尽管其增长速度比“生活”部分更快。

From a customer perspective, Unisound looks quite sound with a relatively diverse customer base, showing its products have relatively broad appeal. That's something you don't always see in the emerging AI services sector, where companies are often reliant on just a handful of customers for a big chunk of their revenue.

从客户的角度来看，云知声的客户基础相当多元化，看起来很靠谱，这表明其产品具有较广泛的吸引力。在新兴的人工智能服务领域，这种情况并不常见，因为企业往往依赖少数几家客户就占据了收入的很大一部分。

By comparison, Unisound's five largest customers accounted for just 26.7% of its revenue last year, down from 30.8% in 2022..

相比之下，云知声的五大客户去年仅占其收入的26.7%，低于2022年的30.8%。

The company's overall revenue grew 29% last year to 939 million yuan from 727 million yuan in 2023. Its gross margin looked relatively healthy last year at 38.8%, though we should note that was quite a bit lower than SenseTime and Fourth Paradigm, whose gross margins for the year were both around 48%..

公司整体收入在去年增长 29%，从 2023 年的 7.27 亿元增至 9.39 亿元。其毛利率去年表现相对健康，为 38.8%，但需要注意的是，这一数字比商汤科技和第四范式低了不少，这两家公司的全年毛利率均在 48% 左右。

Unisound's biggest expense is R&D, which is quite common in the fast-developing AI space. But even there, its R&D spending growth rate of 29% last year was in line with its revenue growth, showing the company is trying to take a disciplined spending approach. Its sales and marketing expenses grew by a slower 20%, and its administrative costs actually fell slightly last year.

云知声最大的支出是研发费用，这在快速发展的AI领域相当常见。但即便如此，其去年29%的研发支出增长率与收入增长保持一致，表明公司正在采取有节制的支出方式。其销售和市场营销费用增长了较为缓慢的20%，而行政成本去年实际上略有下降。

As a result, its overall operating expenses rose just 21%, quite a bit slower than its overall revenue growth..

因此，其总体运营费用仅增长了 21%，远低于其总体收入增长。

Despite that discipline, the company's adjusted net loss still widened by 22% last year to 168 million yuan from 137 million yuan in 2023.

尽管如此，该公司去年的调整后净亏损仍从2023年的1.37亿元扩大了22%，至1.68亿元。

At the end of the day, Unisound looks like a relatively sound company, with good growth prospects, a diverse customer base and disciplined spending. Now, it just needs to find a way to keep funding its operations until it can become profitable, which appears to be at least another three to four years away..

最终看来，云知声是一家相对稳健的公司，具有良好的增长前景、多元化的客户群和有纪律的支出。现在，它只需要找到一种方法，在实现盈利之前持续为其运营提供资金，而这一目标似乎至少还需要三到四年的时间才能达到。

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