Just now, Yuncong Technology, the “youngest” among the “Four Little Dragons of AI”, passed the deliberation of the listing committee.

This means that Yuncong Technology is most likely to become the “first stock” among the “Four Little Dragons of AI”.

Information shows that Yuncong was founded in 2015 by Zhou Xi and incubated at the Chinese Academy of Sciences. It was initially famous both inside and outside the industry for its AI vision, and is now positioned as a company that provides efficient human-machine collaborative operating systems and industry solutions. An artificial intelligence enterprise, its current main business layout is in the four major scenarios of smart finance, smart business, smart travel and smart governance.

Since its establishment, Yuncong has completed 5 rounds of financing, with a cumulative financing amount of more than 5.3 billion yuan.

Compared with the other three companies in the "AI Four Little Dragons", although Yuncong's total financing amount is not top-notch, the array of investors is very "eye-catching", including China Internet Investment Fund, Shanghai Guosheng , Guangzhou Nansha Financial Holdings, Yangtze River Delta Industrial Innovation Fund and other government funds, as well as industrial strategic investors such as Industrial and Commercial Bank of China and Haier Financial Holdings.

Therefore, considering that the company and the founding team are from the Chinese Academy of Sciences, as well as the industrial investment and local funds with "national" backgrounds among the investors, the industry sometimes calls Yuncong the "AI National Team" ".

On December 3 last year, Yuncong’s application for listing on the Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange. Before this meeting, its *** accepted two rounds of inquiries.

Among them, Yuncong’s first round of inquiries involved 29 questions, covering out-of-control persons and special voting rights, shareholders, employee equity incentives, continued losses, products, industry characteristics and market competition conditions, etc.

In the second round of inquiries, the Shanghai Stock Exchange was mainly concerned about 21 issues including the company’s core technology, data sources and compliance, main products, industry characteristics and market competition, trade protection policies, and expected continued losses. .

It is worth noting that Yuncong’s road to listing has not been smooth sailing.

Like Yitu, another “AI Little Dragon” company, Yuncong has also encountered “listing review suspension.”

On the last day of March, the Shanghai Stock Exchange announced:

At that time, the Science and Technology Innovation Board was “tightening” listing standards, and many companies including Yuncong and Yitu were Companies have encountered obstacles, including star companies such as Yunzhisheng.

However, compared to Yitu, which has been "terminated from listing", Yuncong is still lucky.

On June 2 this year, the Shanghai Stock Exchange announced:

So far, excluding the "suspension period", it took Yuncong five and a half months from listing acceptance to the meeting. At the same time, Yuncong also successfully overtook Yitu and became the first company among the “Four Little AI Dragons” to pass the listing committee’s review.

Passing the deliberation of the listing committee means that Yuncong has completed the "big test" before listing, but it should be noted that this does not mean that Yuncong is "safe" at the company level.

The first thing to bear the brunt is the problem that most AI companies will face - the inability to make profits in the short term.

Judging from the prospectus, during the 2018-2020 reporting period, Yuncong’s main business income was 483 million yuan, 780 million yuan, and 751 million yuan respectively; correspondingly, the revenue attributed to the owners of the parent company was realized Net profits were -181 million yuan, -171 million yuan, and -690 million yuan respectively, and profits have not yet been achieved.

When it comes to specific businesses, there is another surprising thing about Yuncong - the gross profit margin of its main business, artificial intelligence solutions, is much lower than the gross profit margin of human-machine collaborative operating systems.

Specifically, from 2018 to 2020, the gross profit margin of human-computer system operating systems has basically remained above 75%, which is in line with the public’s general understanding of the gross profit margin of high-tech enterprises. But looking at the artificial intelligence industry solutions, it has not exceeded 30% in three years, and has even reached a low value of 17.76%.