Amidst the flourishing artificial intelligence (AI) era, AISpeech Technology Co., Ltd. (hereinafter referred to as "AISpeech") has once again embarked on its quest to list on the STAR Market, submitting an Initial Public Offering (IPO) prospectus with the aim of reinitiating its listing application process. On the evening of June 18th, the official website of the Shanghai Stock Exchange revealed that AISpeech's IPO for the STAR Market had entered the inquiry stage. However, this conversational AI leader faces a daunting path filled with challenges. The specter of six years of losses and an increased fundraising target harbor numerous uncertainties and hurdles.

Since its inception in 2007, AISpeech has delved deeply into the realm of conversational AI. It initially submitted a listing application to the STAR Market in July 2022 but was rejected by the Shanghai Stock Exchange in May 2023 due to "non-compliance with issuance conditions, listing conditions, or information disclosure requirements." At that time, regulators raised pointed questions about the sustainability of its business operations amidst ongoing losses.

Now, AISpeech is making a comeback, with its proposed fundraising amount soaring to 1.555 billion yuan, marking an increase of 522 million yuan in "financial firepower" compared to its previous IPO attempt. Nevertheless, judging from the latest prospectus data, AISpeech's financial health has not witnessed a fundamental turnaround, with cumulative losses exceeding 300 million yuan over the past three years. The concerns initially raised by regulators continue to loom large, and the deficiencies in its commercial operations have become even more apparent.

Although AISpeech prides itself on being "one of the few global system-level AI enterprises capable of independently researching full-link algorithms, achieving soft-hard collaborative innovation, and delivering large-scale flexible solutions," its product portfolio encompasses AI hardware, AI software, and technical services, catering to a wide array of fields such as smart mobility, smart office, and smart IoT. However, in the smart mobility sector, despite gaining market share in in-vehicle voice installations, its annual revenue still pales in comparison to industry leaders like iFLYTEK, and it has yet to achieve profitability.

The prospectus reveals that from 2023 to 2025, AISpeech's operating revenue exhibited a year-on-year increase, yet its profit performance remained lackluster, with net profit attributable to shareholders and net profit after deducting non-recurring items mired in losses. According to the Tianyancha App, during the reporting period from 2023 to 2025, the company's operating revenues were 539 million yuan, 600 million yuan, and 688 million yuan, respectively. However, its profit performance was dismal. Over the same period, the company's net profit attributable to shareholders was -112 million yuan, -140 million yuan, and -56.9966 million yuan, respectively, while net profit after deducting non-recurring items was -129 million yuan, -175 million yuan, and -84.2945 million yuan, respectively. Both net profit and net profit after deducting non-recurring items showed continuous losses throughout the reporting period.

Previously disclosed financial data from AISpeech's IPO revealed that from 2020 to 2022, the company achieved operating revenues of 237 million yuan, 307 million yuan, and 423 million yuan, respectively, with net profit attributable to shareholders showing losses of 180 million yuan, 298 million yuan, and 264 million yuan, respectively.

Meanwhile, the company's research and development (R&D) expenses have been a significant financial burden. The prospectus indicates that from 2023 to 2025, AISpeech's R&D investments were 226 million yuan, 264 million yuan, and 254 million yuan, respectively, totaling 744 million yuan, further exacerbating its financial predicament. Additionally, AISpeech's cash flow has remained persistently negative. During the reporting period, the net cash flow generated from the company's operating activities was -228 million yuan, -183 million yuan, and -170 million yuan, respectively, indicating tight corporate cash flow and weak self-financing capabilities.

The prospectus shows that during the reporting period, AISpeech's comprehensive gross profit margins were 53.69%, 57.81%, and 63.24%, respectively, showing a year-on-year increase. Although AISpeech's comprehensive gross profit margin has been steadily climbing, the prospectus remains silent on the specific reasons for this increase, making it impossible to ascertain whether the growth stems from product structure optimization, technology reuse enhancements, or other factors. Meanwhile, the company's operating costs have not significantly decreased, while accounts receivable have surged, with nearly half of its revenue failing to promptly convert into cash inflows. This anomalous financial situation has raised market doubts about AISpeech's profitability.

Particularly noteworthy is that the rise in gross profit margin, decline in costs, and doubling of inventory expansion have occurred concurrently during the same period, suggesting potential hidden issues behind the financial data. Furthermore, if downstream automotive clients experience operational fluctuations, AISpeech will face a severe test of bad debt risks, further jeopardizing its already fragile profit structure.

AISpeech operates in an AI voice industry characterized by fierce competition, facing formidable rivals not only from internet giants like Baidu, Alibaba, and Tencent but also from aggressive attacks by large model-related enterprises. These companies boast substantial financial resources, massive data reserves, and complete ecosystems, enabling them to deploy voice technology at low cost across various terminals. As a third-party technology supplier, AISpeech is at a clear disadvantage in terms of data acquisition, ecosystem collaboration, and risk resistance capabilities.

With the rapid advancement of generative AI and large model technologies, traditional voice technologies are gradually being supplanted. Although AISpeech has launched its self-developed large model, "YanZhi," it still lags behind industry leaders in terms of computing power, data, and algorithm update speed. Amidst continuous technological iterations, AISpeech's existing technological barriers face the risk of being breached, threatening its market position.

AISpeech's IPO journey has been fraught with challenges, and the share reduction behavior of its major shareholder, the Alibaba Group, has drawn widespread market attention. After AISpeech's initial IPO was rejected, in September 2023, Alibaba Network transferred some of its shares in AISpeech for a total price of 140 million yuan. Shortly thereafter, Alibaba Network underwent a restructuring, and its shares in AISpeech were inherited by Hangzhou Haoyue. In June 2025, Hangzhou Haoyue transferred its shares in AISpeech twice, with a total transaction price of 140 million yuan. In other words, within two years, the Alibaba Group has cashed out 280 million yuan by reducing its stake in AISpeech, undoubtedly casting a long shadow over AISpeech's IPO journey and severely undermining market confidence.

Facing six consecutive years of losses, fierce industry competition, and the impact of technological iterations, AISpeech's future is fraught with uncertainties and challenges. Although this IPO has shed light on its business progress in deploying AI voice technology, it has also exposed multiple operational issues. The customized business model has driven up costs and accounts receivable, compounded by fierce industry competition and technological disruptions, making AISpeech's operational risks increasingly prominent.

If AISpeech aspires to achieve a breakthrough, it must fundamentally address the shortcomings in its commercial operations and enhance its profitability. Simultaneously, it needs to increase R&D investment and accelerate technological iteration speed to cope with the increasingly fierce market competition. However, all of this requires time and financial support, and whether AISpeech's IPO journey can be completed smoothly remains uncertain.

In this wave of artificial intelligence, can AISpeech achieve a turnaround with its 1.5 billion yuan in fundraising, break the curse of six years of losses, and emerge as a true leader in system-level AI? The market eagerly awaits, hoping for AISpeech to deliver a satisfactory answer.