Ming Min from the Au Fei Temple
Quantum Position | 公众号 QbitAI
Mobvoi officially became the "first AIGC stock" of Hong Kong stocks.
Today, Mobvoi was officially listed on the Hong Kong Stock Exchange with the stock code "2438" and the offering price was HK$3.8 per share.
As of today's close, Mobvoi's market value has reached 5.4 billion.
The founder, Li Zhifei, holds 25.2% of the shares as the largest shareholder and is worth more than 1 billion.
According to the announcement of the allotment results, Mobvoi offered 84.569 million shares globally, 42.284 million shares internationally, and 42.284 million shares for public offering. Among them, the public offering was subscribed 117.39 times, and the international offering was subscribed 1.58 times.
On the day of listing, Mobvoi's closing price was HK$3.68.
As early as May 30 last year, Mobvoi submitted a prospectus to the Hong Kong Stock Exchange.
The founder, Li Zhifei, is a former Google scientist, NLP expert, and one of the first entrepreneurs in China to devote himself to AI speech language technology.
After the establishment of Mobvoi, Volkswagen, Google, Sequoia China, etc., have been blessed, attracting a total of more than 200 million US dollars, and has successively launched commercialization in the fields of voice interaction, intelligent hardware, and AIoT. After the east wind blew on the large model, Mobvoi quickly upgraded the general large model UCLAI released in 2020 to "Sequence Monkey".
Now it has taken the lead and become the first stock of AIGC.
What kind of data does it consist of?
Key financial figures
According to the latest prospectus disclosure information, Mobvoi is composed of the following key financial indicators.
In terms of revenue:
- 2021: Achieved operating income of RMB 397 million.
- 2022: Achieved operating income of RMB 500 million.
- 2023: Achieved operating income of RMB 507 million.
Gross Profit:
- 2021: Gross profit was RMB149 million and gross margin was 37.5%.
- 2022: Gross profit was RMB336 million, gross margin was 67.2%.
- 2023: Gross profit of RMB326 million and gross margin of 64.3%.
Net Loss:
- 2021: Loss of RMB 276 million during the year.
- 2022: Loss of RMB670 million for the year.
- 2023: Loss of RMB 803 million for the year.
Adjusted Net Profit:
- 2021: Adjusted net profit of -73.439 million yuan.
- 2022: Adjusted net profit of RMB109 million, turning losses into profits.
- 2023: Adjusted net profit was RMB17.535 million, down 80%.
In terms of revenue composition, the revenue of AI software solutions increased from 60 million yuan in 2021 to 343 million yuan in 2023, with a compound annual growth rate of 140%, and the proportion of revenue increased from 15% to 67.7%. The revenue of AIGC solutions from 2021 to 2023 will be 6.822 million yuan, 39.857 million yuan and 118 million yuan respectively, with a compound annual growth rate of more than 300%.
Revenue from smart devices and other accessories decreased from $338 million in 2021 to $164 million in 2023.
In terms of expenditure, from 2021 to 2023, Mobvoi's investment in R&D will be 92 million yuan, 119 million yuan and 155 million yuan respectively.
The increase in R&D expenses was attributed to an increase in the number of employees in the R&D function and an increase in service fees for large-scale model development.
The large model is the base, and the software and hardware are all "eaten"
However, it is worth mentioning that despite the continuous increase in R&D investment, the proportion of related expenses to total revenue decreased from 36.7% in 2020 to 23.7% in 2022.
In this regard, Mobvoi explained that this is because the increase in business has brought more revenue.
Since its establishment, Mobvoi has successively launched AI software and hardware integration, AIGC, and AI CoPilot businesses.
According to the prospectus, in 2022, the revenue of Mobvoi's AI software solution business will increase by 408.89%, bringing a total of 300 million yuan in revenue, accounting for 60% of the total revenue.
Specifically, it includes AIGC solutions and AI enterprise solutions.
The proportion of the former will increase significantly in 2023, from less than 10% to 23%.
The latter became the company's most profitable business in 2022, bringing more than half of the business, 13.3%, 52.6%, and 44.5% in three years.
Their underlying capabilities come from Mobvoi's general model. In 2020, Mobvoi developed a general-purpose large model UCLAI, which was upgraded to "Sequence Monkey" this year.
Specific to the actual product, they have successively launched the AI dubbing assistant "Magic Sound Workshop", the AI writing assistant "Magic Writing" and the AI digital human "Wonder Yuan".
It is reported that since 2020, they have served more than 10 million users around the world, covering content creators, enterprises, and consumers.
Mobvoi said that the growth of this part of the business is due to the increase in paying users in AIGC solutions. The increase in revenue from AI enterprise solutions was due to intellectual property arrangements.
Another large revenue component is AIoT solutions.
The revenues brought in 2020-2022 are: 220 million, 339 million and 197 million, respectively. In both 2020 and 2021, this part of the revenue accounted for more than 80% of the total revenue.
The 2022 figure was down after the prospectus explained that "it was partially offset by a decrease in AIoT solution revenue due to the delay in the launch of a new flagship product".
Specifically, Mobvoi AIoT smart devices mainly include AI smart watches, AI smart treadmills, etc. Since 2020, AIoT smart devices have sold more than 1 million units.
Its TicWatch smart watch has now launched a total of 80 products in 4 generations, and the latest product, TicWatch Pro 5, was officially released overseas 5 days before submitting the prospectus.
Mobvoi said that through the combination of software and hardware, advanced AI technology will be gradually applied to the three major human-computer interaction life scenarios of wearables, automobiles and smart homes. All relevant AIoT smart devices can be connected through their virtual assistant "Xiaowen".
In addition, the information disclosed in the prospectus shows that Mobvoi's dependence on large customers will be particularly obvious in 2022 and will ease in 2023.
In 2021, 2022, and 2023, Mobvoi's top five customers accounted for 37.0%, 62.8%, and 49.9% of its revenue, respectively.
During the same period, Mobvoi's largest customers accounted for 24.1%, 42.6% and 27.4% of its revenue, respectively.
Among them, the huge growth in 2022 may mainly come from the 200 million yuan large order of automobile subsidiary A, accounting for 42.6% of the total revenue in 22.
7 rounds of financing in 10 years, Google Sequoia China bet
Mobvoi was founded in 2012, and the prospectus shows that from 2013 to 2019, the company has raised seven rounds, with a cumulative financing amount of more than 250 million US dollars, about 1.78 billion yuan.
Investors include Sequoia Capital, Zhen Fund, SIG Haina Asia, Google, Goertek and Volkswagen Group China.
In addition, two local state-owned assets, Zhongguancun International Co., Ltd. and Nanjing Economic Development Juzhi Science and Technology Innovation Investment Partnership, participated in the IPO issuance of Mobvoi as cornerstone investors.
The shareholding structure of the company disclosed in the prospectus is as follows:
Founder and CEO Li Zhifei is the company's largest shareholder, with a personal stake of 26.72% before the IPO.
Li Zhifei, co-founder Li Yuanyuan and another natural person have three wholly-owned holding companies, holding a total of 32.74% of the shares, including Mobvoi Limited, CMWW Limited and Amberlei Limited.
Subsequently, SIG, Google, Sequoia and other shares held between 17.03% and 0.92%, and Goertek, the leader in acoustic equipment, was also among the top ten investors.
The founder, Li Zhifei, is currently the Chairman, Executive Director and Chief Administrative Officer, responsible for overseeing the overall management of the Group and major business decisions.
He received his bachelor's degree from Nanjing University of Science and Technology, his master's degree from Nanjing University of Aeronautics and Astronautics, and his Ph.D. from Nanyang Technological University and Johns Hopkins University, respectively.
During his Ph.D., he developed Joshua, an open-source machine translation system that is widely used, and has accumulated experience in the field of NLP.
From May 2010 to August 2012, he worked as a research scientist at the headquarters of Google Inc. (now known as Google LLC), responsible for the algorithm development of language translation models.
In 2012, after receiving angel investment from Sequoia Capital and Zhen Fund, he returned to China to found Mobvoi.
It has been established for 10 years, and the last financing disclosed by Mobvoi was 5 years ago.
In 2017, Mobvoi received $180 million in Series D financing from Volkswagen. Since then, the company has not announced financing for six years.
Some time ago, in response to financing, Li Zhifei responded positively: Financing is not considered in the near future, and external financing is not needed to support R&D investment.
Now it seems that perhaps because of the IPO, it is not "cold" to financing. According to the data, this Mobvoi Hong Kong stock IPO is not the first time.
Back in 2017, Li Zhifei said that he planned to seek an IPO within two years, and said at that time that he might be listed in the United States or Hong Kong.
Then in 2019, it also broke the news that Mobvoi was about to obtain financing, and the company was seeking to raise $100 million in funds, and planned to list on the Shanghai Stock Exchange's Science and Technology Innovation Board.
However, Li Zhifei's response to the listing at that time was: "Interested, planned".
In the following 4 years, Mobvoi's listing was rarely mentioned, until the AIGC fire in 2023, Mobvoi struck while the iron was hot after the release of the large model "Sequence Monkey" and one-stop AIGC products, and quickly restarted the IPO. And today, a year later, it officially landed on the Hong Kong Stock Exchange.
In his listing speech, Li Zhifei said: At the beginning of its establishment, Mobvoi was driven by the mission of "defining the next generation of human-computer interaction", from voice assistants to intelligent hardware, and then to today's large models and AIGC, spanning a 12-year industry cycle, and gradually becoming a leader in the new AI era.
Technology followers believe because they see, and technology innovators see because they believe. Starting tomorrow, Mobvoi will start a new round of 12-year journey!
Prospectus:
https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0416/2024041600025.pdf
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