Sibi breaks into the science and creation board: Ali and Lenovo IPOs have been reduced before, and the income is low in income.

Produced ｜ Company Research Room IPO Group

Text ｜ Cooky

Recently, another AI company intends to be listed on the science and technology board. Behind this company is the entrepreneurial story of three Cambridge alumni chiefs for 15 years.

On July 15th, Sib Chi Technology Co., Ltd. (referred to as "Sibi") submitted an IPO application to the Science and Technology Board.

01. The ability to create revenue is slightly worse

Established in 2007, Sib Chi is a dialogue artificial intelligence platform. The main products include the customization development platform of software products intelligent dialogue system and hardware product artificial intelligence voice chip.

Although the three -person founding team of Sib Chi, the three people in Gao Shixing, Yu Kai and Lin Yuandong all have a halo of Cambridge. Fifteen years of establishment, the company's employees have published more than 200 papers in conferences and journals at home and abroad, but the business pays attention to the business. It is still landing and profit.

Siby's flaws are that it has not been profitable so far, and compared with comparable companies, the income is low.

From 2019 to 2021, Siby's main business revenue was 115 million, 237 million, and 307 million, respectively, and the net profit attributable to the mother was -251 million, -180 million and -298 million, respectively.

In the field of intelligent voice language, Siby's main competitors include HKUST Xunfei, Yunzhisheng, Baidu, etc. In the field of artificial intelligence chips, competitors include Cambrian.

From 2019 to 2021, the HKUST News Fei revenue was 10.079 billion, 13.025 billion, and 18.314 billion, respectively, and Cambrian revenue was 444 million, 459 million, and 721 million, respectively.

Compared with the HKUST Xunfei and Cambrian, Sibi performed slightly in the revenue capacity.

02. The top 5 customers have changed frequently

Customers of Sibich are mainly distributed in the field of smart home appliances, smart automobiles, and consumer electronics.

In the field of smart home appliances, Customers of Sibi include Hisense, Huawei, Midea, Changhong, Tmall, etc.; Customers in the field of smart automobiles include Shangqi, BAIC, ideal, Nezha, Botai, etc.; Little genius, Youxue School, Newman, etc.; In the field of production, life and social governance, customers include China Mobile, SF Express, Guangzhou Metro, Chongqing Rural Commercial Bank, etc.

From 2019 to 2021, the revenue of the top five customers in Sibichi accounted for 29.15%, 26.86%, and 18.72%, respectively. In the past three years, the revenue of a single customer is up to 10%, and the revenue of SAIC Group in 2021 accounts for only 5.14%.

In addition, in the past three years, the top 5 customers in Sibich have changed frequently. Only OPPO Guangdong Mobile Communications Co., Ltd. has continuously appeared among the top 5 customers, but in 2021, Sibi's sales on it were declining.

From the perspective of income structure, Sib Chi does not have the risk of relying on single or main customers. However, for a company with a small income scale, too decentralized customer structure will increase the sales cost of promoting products to customers and potential customers.

03. Star shareholder IPO before reducing holdings

After AI tide rose, Cambridge background of Gao Shixing and others allowed Sibich to receive support from some star investment institutions. According to Tianyan check, since 2012, Sib Chi has conducted a total of 10 rounds of financing. Investment institutions include Lenovo Star, Alibaba, MediaTek, Foxconn, etc.

In early 2019, Ali Networks, Qidi Innovation, and Suzhou Lenovo Innovation held 18.32%equity, 8.74%equity, and 8.13%equity respectively.

However, since 2019, AI -related investment in the first -level market has weakened. From 2018 to 2020, the number of artificial intelligence investment was 907, 665, and 653, respectively, and the financing volume was 134.5 billion, 103.3 billion, and 178 billion, respectively.

In March and September 2020, the shareholders of Ali Networks, Qidi Innovation, and Lenovo of Suzhou, both reduced their holdings of Sibich.

Before the IPO, Ali Networks, Qidi Innovation, and Suzhou Lenovo Star held 13.22%equity, 5.75%equity, and 5.21%equity respectively.

The competitors of Sibi Chi Chuan Chuanxian Two times broke into the science and innovation board IPO. Another competitor Yun Zhisheng had given up A shares to turn to Hong Kong stocks. It is also a lot of suspense whether Sibich can pass the science and technology board.

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