Original title: due to two "70% market share"IFLYTEKQuestioning the serious inaccuracy of Yun Zhisheng's data

[TechWeb] December 14 news, on November 3 this year, Yun Zhisheng, a domestic AI enterprise, formally submitted a prospectus to Science and Technology Innovation Board, intending to list Science and Technology Innovation Board. According to the prospectus submitted by Yun Zhisheng, "in the field of smart medicine, the company's voice medical record recording system has a significant advantage, with a market share as high as 70%." at present, the company has a market share of 70% in the field of intelligent voice modules for home appliances. "

Screenshot of Yun Zhisheng's prospectus

Two "70%", this data which dominates the market has attracted the attention of HKUST investors. Investors also asked about the secret of iFLYTEK on Interactive E-Commerce.

Subsequently, iFLYTEK interactively said Yun Zhisheng about it.The market share of voice medical records is up to 70%The expression ofThe market share of intelligent voice modules in household appliances has reached 70%.Are seriously untrue.

Take a look at what happened.

On December 11, investors asked questions about the secretary of iFLYTEK. The investors said, "I am a long-term investor in iFLYTEK. Do you have any information about Science and Technology Innovation Board's IPO prospectus?"Yunzhi claims that its market share in the field of intelligent voice modules in household appliances has reached 70%.We are very surprised that iFLYTEK, as the leader of the intelligent voice industry, and the White Paper on the Development of China's Intelligent Voice Industry 2018-2019 also shows that iFLYTEK ranks first in Chinese voice market share, with a market share of more than 60% in many important segments. Is iFLYTEK's position declining? Or did iFLYTEK give up the business? Please give a detailed explanation in the spirit of being responsible to the investors. Thank you. "

On the evening of December 13, iFLYTEK Interactive easy to answer investors: Yunzhi's claim that its "current market share in the field of intelligent voice modules for home appliances has reached 70%" is totally untrue.

Yunzhi currently accounts for less than 1/10 of iFLYTEK's share in home appliance voice applications, both in terms of shipments and revenue.

The details are as follows:

1. The market in the field of home appliances is often divided into black and white appliances. The interaction requirements and delivery complexity of black electricity applications are higher than those of white appliances, which is the most important market for intelligent voice interaction applications in home appliances. The shipments of black electricity intelligent voice modules are much larger than those of white electricity. Black Power mainly includes intelligent televisions, intelligent set-top boxes, intelligent speakers and other products. IFLYTEK is the first manufacturer in the industry to provide intelligent voice modules to intelligent televisions, intelligent set-top boxes, intelligent speakers and so on. Yunzhisheng basically has no share in the black electricity market with the largest shipments of intelligent voice modules. White Power mainly includes refrigerators, washing machines and other products. Yunzhisheng repeatedly mentioned in the prospectus its benchmark customer Gree, which is used to show its market share in white power and voice modules. Yunzhisheng shipped 0 to Gree in the first half of 2020, while most white power manufacturers, such as Haier, Midea, Ox and other voice solution providers, are iFLYTEK. Therefore, Yunzhisheng's market share in the field of home appliance voice application is much lower than that of iFLYTEK.

2. according to the specific analysis of the data, from the shipments of intelligent voice modules of household appliances, according to the data of Yunzhicheng's prospectus, the shipments of intelligent voice modules for household appliances in the last three periods (2018, 2019 and January-June 2020) were 2.099 million, 1.7378 million and 239200 respectively, while those of iFLYTEK household appliances in the same period were 19 million, 32 million and 22 million respectively. Shipments are expected to reach 46 million sets in 2020. From 2018 to June 2020, the total number of intelligent voice modules shipped for Yunzhisheng appliances was only 5.58 per cent of that of iFLYTEK.

3. In terms of the revenue of the intelligent voice module of household appliances, according to the Yunzhisheng prospectus, the revenue of the intelligent voice module from January to June 2020 was 4.0329 million yuan, while that of iFLYTEK was 108 million yuan in the same period. The revenue of intelligent voice module is expected to reach 190 million yuan in 2020, and the income of Yunzhisheng voice module from January to June 2020 is only 3.73% of that of iFLYTEK.

To sum up the above analysis, no matter in terms of customer coverage, shipments, revenue scale and other key operating data, Yunzhisheng and iFLYTEK are not on the same order of magnitude at all. The statement in the prospectus that its "market share in the field of intelligent voice modules for home appliances has reached 70 per cent" is seriously untrue.

meanwhile,Some investors also asked iFLYTEK about Yun Zhisheng's "voice medical records have a 70% market share".

On December 11, investors asked iFLYTEK Secretary Tung Chee-hwa in the prospectus that his voice medical record market share was as high as 70%. May I ask why health care is the strategic direction of iFLYTEK? has iFLYTEK also given up this business? It is hoped that the company will be responsible to investors and truthfully disclose specific information. Thank you. "

On the evening of December 13th, iFLYTEK grossly misrepresented Yun Zhisheng's statement that its voice medical records had a 70 per cent market share.

The reasons are as follows:

Reason one, in terms of the number of hospitals covered, according to Yunzhisheng's application data related to voice medical records in the past four years, the cumulative number of hospital customers on December 31, 2017, December 31, 2018, December 31, 2019 and June 30, 2020 were 10,36,91 and 112 respectively, while the cumulative number of iFLYTEK voice medical records in the same period was 11,77,264 and 489 respectively. According to the comparison of the cumulative number of hospitals covered by the two sides as of June 30, 2020, Yunzhisheng is only 22.90% of that of iFLYTEK.

Second, further verification from the income dimension, according to the amount of income related to Yunzhisheng's recent four voice medical records, Yunzhisheng's intelligent voice medical record income on December 31, 2017, December 31, 2018, December 31, 2019 and June 30, 2020 was 170.96 yuan, 926.39 yuan, 1628.91 yuan and 8.9548 million yuan respectively, while the iFLYTEK intelligent voice medical record related income was 664.28 yuan, 2937.27 yuan, 3554.48 yuan and 35.7111 million yuan respectively. Yun Zhisheng's revenue from voice medical records from January to June 2020 was only 25.08 per cent of that of iFLYTEK.

Reason 3, in addition to the above-mentioned sales of intelligent voice medical record system based on private cloud, iFLYTEK also provides intelligent voice medical record module for the medical field in the way of public cloud. Serving Internet medical companies such as Haoshou online, Youlai Doctor and Dental Butler, the application scenarios cover businesses such as intelligent guidance and intelligent voice follow-up system, but the above sales revenue is not included in the statistics of voice electronic medical records. If iFLYTEK takes the intelligent voice medical record income of the above-mentioned ecological manufacturers into the statistics, the market share of Yunzhisheng voice medical record will be further reduced. In addition, in addition to the voice medical record usage scene, iFLYTEK intelligent voice technology has also carried out a comprehensive layout in chronic disease follow-up, chronic disease management and other fields, and has formed a case of large-scale application.

To sum up, iFLYTEK said that the depth, breadth and revenue scale of intelligent voice applications in the medical field far surpass Yunzhisheng. Yun Zhisheng's statement in his prospectus that he has a 70% share of the health care market is seriously inconsistent with the facts.

Yun Zhisheng, which submitted its prospectus to the Shanghai Stock Exchange on November 3 this year, was founded in 2012. According to the prospectus, Yun Zhisheng put forward a "cloud-end-core" strategy in 2014. at present, the business is mainly intelligent voice interaction products, intelligent things solutions and artificial intelligence technology services three major business sectors.

IFLYTEK is also engaged in voice and language, natural language understanding, machine learning reasoning and other technology research and development, products are used in smart education, smart city, smart customer service, smart cars, smart medical care, smart home and other fields.

It can be said that there is a direct competition between Yunzhisheng business and iFLYTEK.

In Yun Zhisheng's prospectus, iFLYTEK is listed when talking about the competitive pattern of the industry.

The data disclosed in Yunzhisheng's prospectus are compared with iFLYTEK in many aspects, such as gross profit margin, sales expense rate, management expense rate, R & D expense rate, bad debt policy of accounts receivable, depreciation policy of fixed assets, various solvency indicators, accounts receivable turnover, inventory turnover and so on.

According to Yunzhisheng's prospectus, revenue in 2017, 2018, 2019 and the first half of 2020 was 61.14 million yuan, 196 million yuan, 219 million yuan and 84.689 million yuan respectively, with a net loss of 170 million yuan, 210 million yuan, 290 million yuan and 110 million yuan. The cumulative loss in the past three and a half years is as high as 790m yuan.

During the reporting period, the proportion of intelligent voice interaction products in the main business revenue was 96.93%, 79.22%, 62.56% and 28.18%, respectively, and the proportion of revenue decreased year by year. The proportion of smart WSU solutions in the main business revenue is 0%, 8.54%, 22.96% and 67.25%, respectively, which is increasing year by year.

Yunzhi claimed that the income scale of Internet of things voice interaction products in 2019 was lower than that in 2018, mainly because Internet technology giants such as Baidu, Inc. and XIAOMI occupied market share in the form of price war and subsidies in order to seize the entrance of household traffic. as a result, smaller downstream customers are forced to significantly reduce prices or withdraw from the market, resulting in the company's smart speakers and children.RobotThe price and sales volume of intelligent voice module have been greatly reduced.

At present, Science and Technology Innovation Board of Yun Zhisheng has been in a state of "inquiry". The latest inquiry and response documents have not yet been released.

So far, Yun Zhisheng has not responded to iFLYTEK's doubts about the "70 per cent market share of voice medical records" and "the market share of intelligent voice modules in home appliances has reached 70 per cent" mentioned in its prospectus.