Over-reliance on revenue and challenges of BAT Intelligent Voice Haitian Ruisheng Dengke


With the development of information technology, intelligent voice technology has become one of the most convenient and effective means for people to obtain and communicate information.

According to data from the China Information and Communication Research Institute, the AI ​​market is growing at a CAGR of 48%, and will reach 71 billion yuan in 2020. Among them, intelligent voice accounted for 22% of the artificial intelligence market in China, or 4.8 billion yuan.

At present, the scale of the global intelligent voice industry continues to grow, and the Chinese intelligent voice market still maintains a monopolistic competitive landscape. HKUST and Baidu occupy the top two market shares with 44.2% and 27.8% respectively.

The whole industry chain has not yet matured. In the capital markets, what opportunities and challenges will be faced by Haitian Voice, an intelligent voice company that is ready to land?

Main intelligent voice, from BAT income over 40%

The development of language intelligence will promote artificial intelligence technology to play greater value. At present, artificial intelligence is a hot spot in the industry, and the development of language intelligence has promoted application and innovation in the industry.


According to the prospectus, the main products and services of Haitian Ruisheng mainly include data resource customization services, database products and application services related to data resources, covering multiple fields, multiple scenarios and multilingualism.

According to public information, Haitian Swedish was founded in 2005 with a registered capital of 30 million yuan (RMB, the same below), headquartered in Haidian District, Beijing, with a legal person he Lin, chairman of the company, graduated from Peking University in computer science. He has been engaged in speech recognition, speech synthesis and other related technologies.


The company hopes to continuously upgrade the scope and quality of data resources products and services so that the driving force of the data to the artificial intelligence industry can match the algorithm and computational power, enabling artificial intelligence technology and more industry real economy deep integration.


According to financial data, from 2016 to 2018, Haitian Ruisheng's revenue was 84.228 million yuan, 120 million yuan, and 190 million yuan respectively; the net profit was the same as the net profit of the returning mother, which was 10.289 million yuan, 34.149 million yuan, 67.11 million yuan respectively. yuan.


First, large-scale technology companies, such as Alibaba, Tencent, Baidu, Microsoft, Samsung, etc.; second, artificial intelligence enterprises, such as iFLYTEK, Shangtang Technology, Yunzhisheng, Haekangwei, etc.; Third, scientific research institutions, such as the Chinese Academy of Sciences, Tsinghua University and so on.

During the reporting period, the top five customers of Haitian Ruisheng were relatively stable. From 2016 to 2018, the total sales of Haitian Ruisheng's top five customers accounted for 47.4%, 51.2% and 59% of the current operating income.


It is worth mentioning that Haitian AAC's sales to a single customer do not exceed 50% of the total operating income of the current period, and the company does not have any reliance on a single customer compared to other companies that are listed on the KECO board. Thus this aspect of the performance of the company's risk value will be significantly reduced.

Excessive investment in research and development, doubtful liquidity

Haitian Ruisheng company executives and core personnel graduated from Tsinghua University Beijing University, China University of Science and Technology, Fudan and other well-known institutions. In addition to three independent directors, general manager Tang Deifei is Master of Science and Technology, Vice President Zhipeng (female) graduated from Tsinghua and Cambridge, Dong Secretary and CFO Lu Siyao graduated from Peking University and the National people's Congress.

In addition, Haitian Ruisheng has 3 senior managers and 2 core technicians, all of whom are high school students from Tsinghua University, Dongda, Fudan University, Beihang University and Beijing University.


In 2018, Haitian Ruisheng's revenue was about 190 million yuan, an increase of 61.8% over 2017. The net profit was 67.141 million yuan, an increase of 96.6% over 2017.

Haitian Ruisheng's overseas income accounted for nearly one-third of total revenue. The application materials show that Haitian Ruisheng's overseas revenue accounted for 36.7% in 2016 and 31% in 2018.

During the reporting period, the number of employees of Haitian Ruisheng increased from 97 to 127, but the overall increase was not large, but the technical staff occupied the majority in the company. In 2018, for example, Haitian Ruisheng has 57 technicians and R&D personnel 31. People, accounting for up to 69.29%, nearly 70% of the staff are technical staff.

At the same time, the company's statistics at the end of 2018 showed that all employees of Haitian Ruisheng had received higher education, of which 34.6% were masters and 60.6% were undergraduates, accounting for more than 95%.

From 2016 to 2018, Haitian's R & D expenditure accounted for 25.8%, 21.2% and 14.2% of revenue, respectively. The R & D share is decreasing year by year, but compared with other companies that plan to create new technology, The average R & D ratio of the company within three years is 18.7%, and the overall R & D cost is relatively high.

During the reporting period, the sales revenue of Haitian AAC's main products and services were as follows:

During the reporting period, data resource customization services and database products were the main sources of revenue for issuers, but the share of revenue contribution was relatively low.

In this case, Cheng Xianfeng, vice president of Haitian Ruisheng, said that due to the development of technology, the amount of basic data resources needed to develop high-quality voice systems is very large. Therefore, only powerful and well-funded voice technology research institutions have the ability to acquire a large number of The basic data and the voice corpus resources, as well as the ability to make huge investments in technological innovation, with the help of algorithmic enhancements to improve the accuracy of speech recognition.

According to Cheng Xianfeng, the vast number of small and medium-sized start-ups are relatively inferior in competition with foreign voice giants due to limited funds. Although the state’s investment in voice technology research is increasing every year, the pattern of arbitrarily small is difficult to break in the short term. .

The shortage of voice data resources and the uneven quality of data are still the problems faced by the voice industry enterprises in the domestic market.

The main reason for the above situation is that there has not been a fundamental change in the way data resources are produced; the limitations of data collection and processing methods have led to an inefficient improvement in data production efficiency and a significant reduction in costs. Cheng Xianfeng said that the shortage of high-quality voice technology research basic data resources is one of the bottlenecks encountered in the quantity and quality of scientific research results.

Increased competition in the artificial intelligence market

At present, the artificial intelligence industry belongs to the strategic industry supported by the state, while the artificial intelligence data industry is located in the upstream of the industrial chain and is in a period of rapid growth with good development prospects.


Artificial intelligence technology is divided into a base layer, a technology layer, and an application layer.

The products and services of artificial intelligence data resources provided by Haitian AAC belong to the basic layer of artificial intelligence industry chain, and are essential basic production factors for enterprises and institutions that independently develop artificial intelligence technology. Its quantity and quality will directly affect the R & D cycle, product performance and scalability of the artificial intelligence industry chain.

Haitian Swedish is now the top ten enterprises in the market share of China's intelligent voice industry, but for other companies, the company's capital strength is relatively weak and its financing channel is single, so it is difficult to meet the large-scale capital demand for high-speed development in the future. Need to actively expand a variety of financing channels to meet the needs of the company's business development funds.


Appen was founded in 1996 to develop high-quality manual annotated datasets for machine learning and artificial intelligence, both unlisted companies and key business data and financial indicators were not disclosed. The Appen was established in 1996 to develop high-quality manual annotated data sets for machine learning and artificial intelligence. Listed on the Australian Stock Exchange on January 7, 2015.

Dr. Liang Jiaen, Chairman of Cognizant and CTO of CMO, said that after the retreat of AI, the industrialization capability of technology became the key to winning. If technology cannot solve industrial problems, then technology will become the product of “smart technology”.

Liang Jiaen used the example of the most popular intelligent voice at that time. After two years of market education, voice interaction technology was widely applied to various scenes, and it became the most typical application case of AI technology.

However, in actual use, the situation that AI needs to face is much more complicated than in the laboratory. Once a certain ring of the software and hardware of the product is not handled well, it is easy to have problems such as “cannot hear, understand, answer”.

The AI ​​technology solution must be able to effectively and effectively solve the industrial scale pain points and provide a relatively mature user experience for end users. Liang Jiaen said.

As soon as the sea-sky is on the market, if it can't keep the leading of technology, product and service continuously and effectively, it will be subject to the investor's pressure when the scientific and technological achievements are converted into profits.

As the only intelligent voice company in the company that has been accepted by Science and Technology, Haitian Ruisheng has maintained great advantages in many important indicators, but how to convert it into profitable income in the short term remains to be seen.

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