Revenue Realization Only 40% of Annual Expectation, AISpeech Makes Another Attempt at STAR Market
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On May 25, Suibi Speech Technology Co., Ltd. (hereinafter referred to as "Suibi Speech") submitted its IPO prospectus for the Sci-Tech Innovation Board (STAR Market) to the Shanghai Stock Exchange and was accepted.
This is not the first time Suibi Speech has attempted to list on the STAR Market.
As early as July 2022, Suibi Speech's STAR Market IPO application was accepted by the Shanghai Stock Exchange, but it was directly rejected when it went to the meeting in May 2023.
At that time, the Listing Review Committee of the Shanghai Stock Exchange believed that Suibi Speech failed to fully explain the rationality of its forecast for compound annual revenue growth rate over the next four years, and failed to fully reveal the risk of negative net assets before listing.
Looking at subsequent business results, the regulatory doubts were not without reason.
Xin Feng noted that in the previous application, Suibi Speech, based on existing orders and cautious forecasting of future business, estimated its revenue from 2022 to 2026 to be 452 million, 725 million, 1.15 billion, 1.69 billion, and 2.451 billion yuan, respectively, with a compound annual growth rate of 51.46% from 2021 to 2026.
However, the latest prospectus disclosed this time shows Suibi Speech's revenue from 2023 to 2025 will be 539 million, 601 million, and 688 million yuan, respectively.
In other words, Suibi Speech's actual revenue in 2025 is only about 40% of its previous prediction.
While its revenue growth is below expectations, Suibi Speech remains in a loss-making state, with a net loss of 80 million yuan in 2025.
However, compared with the previous IPO attempt, Suibi Speech this time has caught the wave of AI.
In recent years, the emergence of large models and edge intelligence has renewed market attention to human-machine interaction entry points. Terminal scenarios such as smart cars, AI office hardware, smart homes, and robots are all seeking more natural ways of human-machine interaction.
Starting with voice technology, Suibi Speech is also trying to shift its narrative from a traditional smart voice company to "full-stack conversational AI" and "edge intelligence."
According to the prospectus, Suibi Speech mainly focuses on self-developed full-stack conversational AI and edge intelligence technology, as well as the design, development, and sales of intelligent human-machine interaction products, providing system-level intelligent dialogue products and solutions integrating edge and cloud, and software and hardware for fields such as mobility, smart, and IoT.
Looking at the revenue structure, Suibi Speech's current income mainly comes from three areas: smart mobility, smart office, and smart IoT, with revenues of 276 million, 243 million, and 169 million yuan respectively in 2025.
Three years ago, Suibi Speech targeted the STAR Market with a high growth forecast, but actual subsequent revenue fell significantly short of predictions. Now, the narrative of the AI industry has changed, and edge intelligence and Agents have brought new areas for imagination.
But for Suibi Speech, making a second attempt at the STAR Market, how to turn its technical narrative into more stable and verifiable revenue growth remains the core issue that cannot be avoided in this IPO.
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