Core Viewpoint - Shenzhen HBN Technology (Group) Co., Ltd. is set to list on the Hong Kong Stock Exchange, aiming to become the first stock representing "true efficacy skincare" in China, showcasing a model of sustainable growth driven by systematic innovation in research and development [2][12]. Group 1: Company Overview - Founded in 2019, HBN adheres to the philosophy of "true efficacy" and believes in a long-term approach to research, focusing on building a healthy and sustainable brand development path [4]. - HBN has established itself among the top ten domestic skincare brands in China and is the largest domestic brand in the improvement skincare market, according to a report by ZhiShi Consulting [5]. Group 2: Market Position and Product Leadership - HBN has achieved a leading market position, particularly in the A-retinol anti-aging category, being one of the first domestic brands to propose the "morning C, evening A" skincare concept. Its A-retinol products have ranked first in sales for three consecutive years from 2022 to 2024 [7]. - The company has published 50 papers in SCI-indexed journals, ranking first among domestic skincare brands for first-author publications, demonstrating its strong research capabilities [8]. Group 3: User Trust and Financial Performance - HBN has accumulated over 4.6 million repeat customers, with average transaction values steadily increasing. The brand's average repurchase rates on platforms like Tmall and Douyin reached approximately 35.4% and 44.0% in 2025, significantly exceeding industry averages [10]. - The company reported a total revenue of 2.08 billion yuan in 2024, with a year-on-year growth of 10.2% in the first three quarters of 2025, and adjusted net profits increased from 90 million yuan in 2023 to 150 million yuan in the first three quarters of 2025 [10]. Group 4: Industry Growth and Future Potential - The skincare market in China is experiencing structural growth, with the top ten dermatological skincare brands projected to exceed 30 billion yuan in retail sales by 2024, reflecting a compound annual growth rate of over 16.7% from 2019 to 2024, outpacing the overall industry growth rate of approximately 8.6% [13]. - HBN is establishing a comprehensive efficacy verification system that spans the entire product lifecycle, aiming to enhance the credibility of efficacy claims and promote a more standardized approach within the industry [13][14].

Core Viewpoint - The article highlights the upcoming concert "Dare to Dream, Dare to Pursue Night" organized by the high-end technology brand, Chase Technology, as a new-style annual meeting that emphasizes employee welfare and corporate culture [2][3]. Group 1: Event Overview - Chase Technology will hold the concert on February 4 at the Suzhou Olympic Sports Center, in collaboration with CCTV, marking a departure from traditional employee gatherings [2]. - The event aims to provide a visually and audibly appealing experience, integrating professional production teams and high-standard stage resources [2]. Group 2: Employee Welfare Initiatives - The company has been increasing its investment in employee welfare, including a "Family Health Protection Plan" that covers critical illness and cancer insurance for employees and their immediate family members, fully funded by the company [3]. - Additional initiatives include "heavy reward incentives," late-night meals, and family open days, creating a comprehensive support system that combines material support, emotional connection, and long-term security [3]. Group 3: Business Performance and Market Position - Chase Technology's products and services are available in over 120 countries and regions, with more than 6,500 physical stores globally, serving over 42 million households [3]. - The company holds top-three positions in several core business areas, with its robotic vacuum business leading the market in 30 countries and its floor washing machine business ranking first in 17 countries, with some market shares exceeding 70% [3]. Group 4: Talent Development Focus - The company emphasizes talent development by investing in a systematic welfare and growth mechanism, aiming to create a stable and sustainable environment for employee development [3]. - Chase Technology seeks to provide a platform that fosters value recognition and growth opportunities, achieving a win-win situation for both personal and corporate development [3].

Core Viewpoint - The article emphasizes the importance of respecting time and management in the context of the company's operations and IP value creation [10]. Group 1: Stock Performance and Analyst Ratings - Recently, Pop Mart (9992.HK) received "buy" ratings from major investment banks including CICC, Huatai, Morgan Stanley, and Citigroup, with target prices set at HKD 410 and HKD 415, indicating over 80% upside potential from current stock prices [2]. - In the past week, Pop Mart's stock has surged over 20%, with its market capitalization reaching HKD 300 billion [3]. Group 2: Share Buyback and IP Value - Pop Mart announced its first share buyback since early 2024, planning to spend HKD 251 million to repurchase 1.4 million shares at prices between HKD 177.7 and HKD 181.2 per share [3]. - The value of Pop Mart's platform attributes is becoming increasingly evident, supported by a long-term IP creation and operation mechanism [4]. Group 3: Market Concerns and IP Longevity - There are concerns regarding the cooling market for Pop Mart's popular IP "Labubu," with fears about whether another successful IP can emerge, contributing to recent stock price declines [5]. - Historical data suggests that short-term price fluctuations in the secondary market have little impact on IP value, as seen with Bandai's Gundam figures, indicating that supply-demand balance restoration can protect long-term IP value [5]. Group 4: New Product Launches and IP Development - In 2026, Pop Mart's PUCKY launched a series of plush toys that became a viral sensation, showcasing the company's ability to innovate and maintain IP relevance [7]. - The "Starry People" series saw significant demand, with prices for limited edition items increasing from HKD 89 to HKD 699, reflecting a 685% premium [10]. - Pop Mart's collaboration with Honor to launch the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" phone marks a new venture into the toy phone market, further demonstrating its IP operational capabilities [10]. Group 5: Long-term Vision and Investment in IP - The CEO of Pop Mart emphasized the importance of continuous investment in IP to ensure its longevity and vitality, contrasting with traditional IP companies that often operate in competition [10]. - The company aims to generate high-quality content for its IPs and maintain a collaborative approach with artists, which is seen as a differentiating factor in its strategy [10].

构建具身智能的可持续增长路径。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，在日前举行的以"星途共启 魔法生辉"为主题的魔法原子全球合作伙伴大会上， 魔法原子联合创 始人顾 诗韬提出"1+2+N"的战略框架。 具体来说，以一个能力底座为根基，即软硬一体、持续进化的全栈自研能力，构建具身智能长期演进 的技术原点；以两大核心产品线为抓手，面向差异化场景实现从能力验证到规模落地；以N个生态触 点为延展，从模块化产品出发，逐步生长为可协同、多形态的智能生态空间。 魔法原子认为，人工智能正进入从"数字智能"走向"空间智能"的关键阶段。与处理信息的数字智能 不同，具身智能需要在物理环境中完成感知、理解、决策与行动的完整闭环，其难度与价值，来自系 统能力的整体协同。 基于这一行业判断，魔法原子从技术、量产、场景、生态四个维度系统发力。 在技术方面，魔法原子始终坚持软硬一体的全栈自研路线，并采用"大脑+小脑" 的具身智能架构， 支撑机器人从单任务走向多任务、从特定场景迈向更具泛化能力的物理智能。 值得一提的是，大会当天， 中央广播电视总台与魔法原子还携手官宣， ...

Core Insights - StepFun, a Shanghai-based AI startup, has appointed Yin Qi as chairman to lead strategic and technological directions, marking a significant leadership change [2] - The company has completed a B+ round financing of over 5 billion RMB, setting a record for the highest single financing in China's large model sector in the past 12 months [2] - The funding will be utilized for foundational model research and to accelerate the implementation of the AI + terminal strategy [2] Strategic Focus - StepFun is committed to the "foundational large model" and "AI + terminal" strategies, leveraging unique algorithms and system capabilities to achieve world-leading levels in language and multimodal models [3] - The company has released three generations of foundational large models, with Step 3 achieving a new industry high in inference efficiency [3] - StepFun is advancing in both multimodal (voice, image, etc.) and edge-cloud integration, transitioning models from understanding the world to actively interacting with it [3] Application and Market Performance - The company has successfully established a commercial loop in key consumer scenarios such as automotive and mobile, demonstrating a head effect [4] - As of the end of 2025, the API call volume for its terminal Agent has grown nearly 170% over three consecutive quarters [4] - In the mobile sector, 60% of leading domestic smartphone brands have partnered with StepFun, with over 42 million units of its models installed, serving nearly 20 million users daily [4] - In the automotive sector, StepFun has collaborated with Qianli Technology and Geely to launch the first end-to-end voice model in an intelligent cockpit, with the Geely Galaxy M9 selling nearly 40,000 units within three months of its launch [4] - The company anticipates that its large models will be integrated into over one million vehicles this year [4] Competitive Landscape - The large model sector is transitioning from a "hundred model battle" to a "head-to-head competition" phase, with the recent financing and leadership change providing a critical acceleration for StepFun's development [4]

Core Viewpoint - Youjia Innovation (2431.HK) has secured a significant project with a well-known automotive company, marking a crucial step in the global advancement of intelligent driving in passenger vehicles, with a total order value exceeding RMB 1.3 billion expected to commence mass production by mid-2026 [2][5]. Group 1: Project and Market Position - The project will involve the development and provision of advanced intelligent driving products for a wide range of domestic and overseas vehicle models [2]. - Youjia Innovation has established a strong reputation in the intelligent driving and automotive-grade hardware-software integration sector, having achieved mass production for 42 automakers by mid-2025 [3]. - The increasing demand for integrated hardware-software solutions and compliance capabilities for global markets has become a critical factor in supplier selection by automotive manufacturers [2][3]. Group 2: Strategic Developments - Youjia Innovation is expanding its international presence, having accumulated compliance experience with EU regulations and successfully assisting automakers in passing various certifications, thus laying the groundwork for larger-scale international operations [3]. - A memorandum of understanding has been signed with Sterling Tools Ltd. to collaborate on the localization of intelligent driving solutions and components, indicating a new phase in Youjia Innovation's overseas strategy [4]. - The company is set to deploy over 1,000 autonomous vehicles in Saudi Arabia, further enhancing its international footprint [4]. Group 3: Industry Outlook - According to recent research, 2026 may be a pivotal year for intelligent driving suppliers to expand internationally, with Youjia Innovation identified as a leading choice in the Tier 1 sector [5]. - The ability to secure high-quality projects and convert technological capabilities into production results will be crucial for companies to navigate industry changes and cycles [5]. - Youjia Innovation's upcoming mass production phase in 2026 is expected to amplify its global momentum, serving as a key example of the advancement path for Chinese Tier 1 intelligent driving suppliers [5].

Core Viewpoint - Aixin YuanZhi Semiconductor Co., Ltd. is positioned to become the "first stock of China's edge AI chip" after passing the Hong Kong Stock Exchange hearing, focusing on high-performance AI inference chips for edge computing and terminal devices [4][5]. Group 1: Company Overview - Founded in 2019, Aixin YuanZhi specializes in AI inference system chips (SoC) and aims to create a robust platform for AI applications in edge computing and terminal devices [4]. - The company employs a "technology generalization, chip specialization" strategy, developing dedicated chips for various markets based on its proprietary technologies [5][6]. Group 2: Product and Market Position - As of September 30, 2025, Aixin YuanZhi has delivered over 165 million SoCs and has independently developed five generations of SoCs, achieving commercialization across various applications [8]. - The company ranks as the fifth largest global supplier of visual edge AI inference chips and holds the top position in the mid-to-high-end segment with a market share of 24.1% [8][9]. - In the smart automotive sector, Aixin YuanZhi is the second largest domestic supplier of smart driving SoCs in China, with over 518,000 units sold as of September 30, 2025 [8]. Group 3: Financial Performance - Revenue figures for Aixin YuanZhi from 2022 to 2024 are 50 million, 230 million, and 473 million respectively, reflecting a compound annual growth rate of 206.8% [12]. - In the first three quarters of 2025, the company's revenue increased to 269 million, indicating strong growth momentum [12]. Group 4: Market Potential - The global market for edge and terminal AI inference chips is projected to grow from 379.2 billion in 2024 to 1,612.3 billion by 2030, with significant growth expected in visual terminal computing, smart driving, and edge inference applications [10]. - Aixin YuanZhi aims to leverage its technology platform to balance efficiency, power consumption, and cost, addressing industry challenges and capitalizing on future market opportunities [11].

Group 1: IPO Updates - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to list on the Hong Kong Stock Exchange on January 28, 2026, under the stock code "1768," aiming to become the "first stock of bulk snacks" in Hong Kong [3] - The company intends to issue 14,101,100 H-shares, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market capitalization between HKD 491.58 billion and HKD 506.56 billion [3] - Mingming Hen Mang has attracted a high-profile cornerstone investor lineup, with eight cornerstone investors subscribing approximately USD 195 million, including Tencent and Temasek [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operates 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - In the first three quarters of 2025, the company achieved a GMV of RMB 66.1 billion, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] Group 3: Other IPOs - Shanghai Suiruan Technology Co., Ltd. has submitted its IPO application for the Sci-Tech Innovation Board, focusing on AI chip design and development [7] - Suiruan Technology has invested RMB 4.419 billion in R&D from 2022 to the first nine months of 2025, with total revenue reaching RMB 1.654 billion [8] - Shandong Huawutang Cosmetics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first stock of domestic personal care" [10][11] - Shenzhen Wook Feifan Technology Co., Ltd. has also submitted its IPO application, focusing on cross-border retail in Southeast Asia [14][15] Group 4: Financial Highlights - For Huawutang, revenue for 2023 and 2024 is projected at RMB 1.199 billion and RMB 1.499 billion, respectively, with a growth rate of 25% [11] - Wook's revenue for 2023 and 2024 is reported at RMB 908 million and RMB 1.049 billion, with a year-on-year growth of 15.5% [15] - Yunyin Valley Technology Co., Ltd. is recognized as the fifth largest supplier of AMOLED display driver chips globally, with a market share of 40.7% in the Micro-OLED display backplane market [20][21]

以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者： 苏打 出品：明亮公司 阿里正在用千问"补课"。 「明亮公司」获悉，1月14日，阿里宣布千问月活已破1亿。次日，千问宣布全面接入阿里生态，由淘宝、支付宝、淘宝闪购、飞猪、高德、优酷、大 麦、菜鸟、阿里健康、1688、盒马"组团"为其服务。 在大厂之间这场AI军备竞赛中，与豆包、元宝相比，千问可谓姗姗来迟。早在2023年4月，阿里云便已正式发布大语言模型"通义千问"，但直到2025年 11月千问才正式面市，迄今仅两个月。 公开资料显示，千问App运营商为上海智信普惠科技有限公司，经过股权穿透，背后正是阿里巴巴资管平台。千问将已成为阿里巴巴AI能力在C端市场 的超级入口。 不仅如此，阿里CEO吴泳铭在此前业绩电话会上谈及千问项目的启动时表示，"意味着阿里巴巴在AItoB与AItoC两个方向齐发力。" 将生态"折叠"成一个千问入口重新进入用户视野，固然是AI时代的一个合理选项。但相比"超级入口"，年幼的千问迅速被推到C位，本质上折射出的是 阿里对高价值数据的渴求——尽管拥有庞大的业务生态，但在数据维度、 ...

试图破解消费电子的"过时焦虑"与行业的"不可能三角"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，国内AR眼镜品牌玄景日前首次开放技术内核。 值得一提的是， 玄景刚刚在CES 2026上荣获四项国际大奖的玄景M6系列，以全球首创的"硬件可 持续升级"模块化设计，直面AI眼镜行业性能、重量、续航的"不可能三角"，并挑战消费电子产 品"快速迭代、即购即落后"的行业惯例。 具体而言，玄景M6系列由基础AI拍摄眼镜M6 Air与可磁吸叠加的单绿或全彩显示模块（Mini AR 屏）组成。用户可根据需要，在普通智能眼镜与AR显示设备间切换，实现功能组合。玄景副总裁谢 鑫表示，此举旨在应对用户"既要、又要、还要"的多元需求，而非迫使用户在音频、拍摄、显示等 单一品类中做选择。 这里需要指出的一点是，本次发布正值国内AI眼镜"百镜大战"日趋白热化之际。据行业数据，2025 年全球智能眼镜市场出货量预计同比增长42.5%，而2026年CES上参展的相关厂商超过50家。市场 虽热，但产品同质化与核心痛点并存。绝大多数产品形态趋同，聚焦于"智能拍摄眼镜"，并普遍受 ...