Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu") officially listed on the Hong Kong Stock Exchange on January 8, 2026, becoming the "first global large model stock" [3][4]. Investment Background - Zhipu has received support from numerous well-known institutions, industrial capital, and local government state-owned assets, with Qiming Venture Partners leading the B1 round of financing in early 2022, prior to the global large model wave triggered by ChatGPT [3][4]. - Qiming Venture Partners has continued to support Zhipu in subsequent financing rounds (B2 and B4), demonstrating a commitment to long-term partnership rather than merely pursuing share allocation [4][6]. Technology and Innovation - Zhipu's success is attributed to three main factors: 1. Commitment to underlying technological innovation, with over 70% of R&D investment focused on computing power and foundational research [9]. 2. A clear and continuously validated commercialization path, utilizing a dual-driven model of "API calls + private deployment" [9]. 3. Efficient resource integration capabilities, securing valuable training resources through collaborations during early stages of computing power shortages [9]. Market Position and Future Outlook - Zhipu is currently the highest revenue-generating large model enterprise in China, with a focus on deepening industry understanding and providing stable, reliable solutions [9][10]. - The company aims to enhance model usability, develop high-value industry solutions, expand globally, and build a developer ecosystem post-IPO [10][11]. Investment Philosophy - Qiming Venture Partners' "half-step" investment methodology emphasizes early positioning before a consensus forms in the market, while avoiding premature involvement in unrefined research [12][13]. - The success of Zhipu's IPO validates this investment approach and signals to the market that persistent investment in core technological innovation can gain recognition from capital markets [11][12].

Core Viewpoint - The article highlights the successful IPO of Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu), marking it as the world's first publicly listed company focused on General Artificial Intelligence (AGI) foundational models, with significant market interest and a strong investment backing [3][5][16]. IPO Details - Zhiyu officially listed on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "2513" [3]. - The company issued 37,419,500 H-shares, with the Hong Kong public offering being oversubscribed by 1,159.46 times and the international offering by 15.28 times [3]. - The IPO raised over HKD 4.3 billion, with shares opening at HKD 120, giving the company a market capitalization exceeding HKD 52.8 billion [3]. Company Vision and Technology - The chairman of Zhiyu, Liu Debing, emphasized the company's commitment to AGI, stating that their goal is to enable machines to think like humans [5]. - Zhiyu has developed the GLM (General Language Model) framework, which has led to the creation of several pioneering models, including the first hundred-billion model and the first open-source trillion model [6][10]. - The GLM technology employs both bidirectional and unidirectional attention mechanisms, enhancing robustness and controllability while reducing hallucination [7]. Research and Development - Zhiyu's R&D investments from 2022 to 2025 are projected to be CNY 0.84 billion, CNY 5.29 billion, and CNY 21.95 billion, respectively, with a team of 657 researchers [7]. - The GLM series models undergo iterations every 2-3 months, maintaining a leading position in the global market [7]. Market Performance and Business Model - Zhiyu's revenue has shown significant growth, with projections indicating a compound annual growth rate of 130% from 2022 to 2024 [15]. - The company has established a robust business model centered around Model as a Service (MaaS), which has attracted over 2.7 million developers and enterprises [13][15]. - The annual recurring revenue (ARR) from the GLM Coding package surpassed CNY 100 million within two months of its launch [13]. Global Recognition and Competitive Position - Zhiyu has gained international attention, with its models being adopted by various global AI platforms and companies [10][12]. - The company is positioned to leverage its technological advancements and market presence to compete with international giants in the AI sector [16][19]. Investment and Support - Zhiyu has completed eight rounds of financing, raising over CNY 8.3 billion from various investors, including major tech firms and venture capital [18]. - The support from investors has been crucial in helping Zhiyu navigate the competitive landscape and achieve its milestones [19][22].

Core Insights - Geek+ has secured a new order worth 200 million yuan in the Eastern European market, with total orders expected to reach nearly 500 million yuan by 2025, positioning Eastern Europe as a new growth engine for the company's overseas business [2] - The rapid development of e-commerce and logistics in Eastern Europe has led to multiple successful projects for Geek+, enhancing its brand reputation and market influence in the region [2] - The company has established an office and team in Poland to deepen its market presence and expand its competitive advantage [2] Market Expansion - Geek+'s recent successes in Eastern Europe reflect its broader strategy of expansion in Europe, with projects also launched in Denmark, Italy, and the UK, demonstrating the effectiveness of its market penetration strategy [2][3] - The global warehouse robotics sector is experiencing high demand driven by supply chain restructuring and the need for cost reduction, indicating significant market potential [3] Investor Confidence - The largest cornerstone investor, Xiong'an Fund, has expressed long-term confidence in Geek+, emphasizing its strong technological barriers and mature commercialization path [5] - Xiong'an Fund's manager highlighted the company's role in the robot industry layout in Xiong'an New Area, reinforcing its commitment to long-term holdings despite the upcoming lock-up expiration [5] Analyst Outlook - Major investment banks, including CICC and Bank of America, have shown positive outlooks for Geek+, with expectations of significant growth in profitability and valuation by 2026 [6] - Geek+ has been included in the Hang Seng Composite Index, marking recognition of its market value and liquidity, with expectations of increased capital inflow from southbound funds [6] Technological Advancements - Geek+ has launched a new subsidiary focused on embodied intelligence, adopting a "scene-first" approach to technology development, which differs from the industry norm [8][9] - The company has introduced several innovative products, including a general-purpose warehouse robot and a fully automated picking solution, enhancing the capabilities of smart warehousing [9]

Core Viewpoint - The article emphasizes the long-term growth confidence in Youjia Innovation, highlighted by significant investments and strategic actions from key stakeholders, particularly Horizon Together Holding Ltd, which reflects a strong belief in the company's future prospects and its role in the autonomous driving ecosystem [2][3][6]. Group 1: Investment Actions - Horizon Together Holding Ltd purchased a total of 688,200 shares of Youjia Innovation, indicating a strong belief in the company's business outlook [2]. - Youjia Innovation announced a share repurchase plan of 200 million yuan, extended the lock-up period for major shareholders, and saw multiple rounds of share purchases by Chairman Liu Guoqing, collectively signaling confidence in long-term development [2][6]. Group 2: Business Development and Collaboration - Youjia Innovation has achieved large-scale production of domain control products based on Horizon's processing hardware, covering leading domestic and international automotive manufacturers [3]. - The collaboration between Youjia Innovation and Horizon has expanded into the L4 autonomous logistics sector, aiming to develop advanced autonomous driving products through a dual approach of L2 and L4 technologies [4]. Group 3: Market Position and Future Outlook - Youjia Innovation is positioned as a key player in the intelligent driving sector, with a comprehensive capability across L2 mass production, smart cockpit, and L4 autonomous driving, making it a unique asset in Horizon's investment portfolio [6][8]. - The investment from Horizon serves as a strong endorsement of Youjia Innovation's resilience and growth potential, especially in the context of increasing penetration of intelligent driving technologies and the acceleration of L3 deployment [8].

根据框架协议，路威凯腾将利用其全球化的投资布局与战略伙伴网络，协助并赋能毛戈平集团旗下品 牌拓展海外高端零售渠道；此外，双方拟共同组建专注于全球高端美妆领域的股权投资基金，为毛戈 平集团的长期发展注入新动力；同时，双方亦将在资本结构进一步优化、人才引进与治理方面进行合 作。 共同开创中国美妆企业的新篇章。 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，毛戈平于1月7日在港交所发布公告称，近日已与全球最大消费品投资公司路威凯 腾（L Catterton）签订战略合作框架协议，双方在全球市场扩张、收购及战略投资、资本结构进一 步优化、人才引进与治理方面达成战略合作意向。 毛戈平集团旗下高端美妆品牌MAOGEPING创立于2000年，其明星产品如"光感柔润粉底液"、"无 瑕双色遮瑕膏"、"光影塑颜高光粉膏"、"奢华鱼子面膜"等凭借卓越妆效与匠心工艺，成为众多消费 者心中的"国货之光"。品牌在全国高端百货渠道已设立超过400个专柜，并连续多年在丝芙兰系统 中稳居国货销量榜首，被誉为"最能代表中国高端彩妆实力的品牌"。 毛戈平集团创始人毛戈平表示："非常荣 ...

Core Viewpoint - Hangzhou Deshi Biotechnology Co., Ltd. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the first company in the field of medical imaging large models, with significant revenue growth driven by its unique market position and favorable policies [1][2]. Group 1: Company Overview - Established in 2016, Deshi Biotechnology focuses on AI in medical imaging and smart equipment, offering a diverse product portfolio including six software products, three commercial medical devices, four main reagents and consumables, and two technology licensing products [2]. - The core product, AI AutoVision®, specializes in intelligent analysis of chromosome karyotypes, having completed clinical trials and received recognition as a Class III innovative medical device from the National Medical Products Administration [2]. Group 2: Technology and Innovation - The success of AI AutoVision® is supported by the underlying technology platform iMedImage™, which enhances product functionality and cross-scenario applications, covering 19 types of medical imaging modalities and over 90% of clinical scenarios [3]. - iMedImage™ is noted as the largest medical imaging base model globally, integrating pre-trained medical imaging technology, thus overcoming limitations of disease-specific and modality-specific small models [3]. Group 3: Market Potential - The AI medical imaging market in China is projected to grow from 2.4 billion yuan in 2024 to 40.1 billion yuan by 2030, with a compound annual growth rate of 60.2% [4]. - Policy support is evident, with the National Health Commission and other departments promoting AI medical imaging applications, aiming for widespread clinical diagnostic services in hospitals by 2030 [4]. Group 4: Funding and Future Plans - Deshi Biotechnology has secured investments from various institutions and plans to use IPO proceeds primarily for the development and commercialization of AI AutoVision®, as well as for other software and medical device R&D [4].

Core Viewpoint - The article discusses the strategic partnership between Google and XREAL, establishing XREAL as a long-term core hardware partner for Google, aimed at enhancing the Android XR ecosystem and competing against Meta and Apple [2][5]. Group 1: Partnership Details - Google and XREAL announced a deep long-term strategic cooperation during the 2026 CES, aligning XREAL's product planning with Android XR platform capabilities [2]. - Google plans to invest in XREAL within the year to enhance the Android XR end-to-end ecosystem [2]. - The partnership aims to make augmented reality (AR) more useful and accessible, improving human-computer interaction and adding tangible value to daily life [2]. Group 2: Project Aura - Project Aura is introduced as the first flagship AR glasses specifically designed for the Android XR platform, utilizing Optical See-Through (OST) technology [2][3]. - Project Aura serves as a system-level reference hardware, providing a benchmark for AR applications and experiences, and is integral to the long-term collaboration between Google and XREAL [3]. - The hardware development of Project Aura is primarily conducted by a Chinese team, showcasing a complete and scalable industrial chain advantage [4]. Group 3: Technological Innovations - The X1S spatial computing chip, developed by XREAL, addresses key issues in smart glasses, achieving ultra-low latency of 3 milliseconds and optimizing performance [4]. - The collaboration will also focus on expanding developer tools and best practices to facilitate the development of native applications for XREAL's Android XR devices [4]. Group 4: Market Position and Future Outlook - XREAL has maintained its position as the leading consumer AR glasses brand for four consecutive years, demonstrating its capability to drive the next generation of smart terminal proliferation [5]. - The partnership with Google and advancements in optics and chip technology position XREAL as a significant player in the global technology landscape, contributing to the evolution of the next computing platform [5].

Core Viewpoint - The article highlights the recent actions of Youjia Innovation, including share buybacks and insider purchases, as signals of confidence in the company's future growth and valuation recovery [2][3][4]. Group 1: Company Actions - Youjia Innovation announced a share buyback plan not exceeding HKD 200 million, indicating confidence in its business outlook and financial health [3]. - The chairman, Liu Guoqing, purchased an additional 50,000 shares at an average price of HKD 13.94 per share, totaling 100,000 shares over two days, demonstrating commitment to the company's growth [3][4]. - Major shareholders voluntarily extended the lock-up period for their shares, reinforcing their confidence in the company's long-term value [4]. Group 2: Financial Performance - In the first half of 2025, Youjia Innovation reported revenue of CNY 346 million, a year-on-year increase of 46%, with gross profit rising 54.8% to CNY 52 million and a gross margin of 15% [6]. - The company has established a strong competitive position in the intelligent driving sector, successfully commercializing both L2 and L4 technologies [6][7]. Group 3: Market Position and Growth - Youjia Innovation has partnered with 42 vehicle manufacturers, including major brands like SAIC and Chery, and is expanding its international presence [7]. - The L4 business is entering a phase of scale, with expected revenues in the tens of millions for 2025, driven by various applications such as autonomous minibuses and logistics vehicles [7]. - The company is well-positioned to benefit from industry policy shifts towards L3 autonomous driving, enhancing its growth prospects in smart vehicle systems [8].

中国最大的零食饮料零售商。 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，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）日前已通过港交所 聆讯并于2026年1月6日披露通过聆讯后的资料集，高盛和华泰国际担任联席保荐人。 作为中国最大的休闲食品饮料连锁零售商，鸣鸣很忙通过"零食很忙""赵一鸣零食"双品牌深度融 合，整合经营体系与统一组织架构，实现无缝协同与标准化运营，以集团化运营全面提升供应链与运 营效率。 截至2025年9月30日，鸣鸣很忙全国在营门店数达19517家，覆盖全国28个省份和所有线级城市。 另据2025年9月弗若斯特沙利文认证，鸣鸣很忙成为行业首家突破2万店的企业，进一步夯实市场领 先地位。 2025年前三季度，鸣鸣很忙实现零售额（GMV）661亿元，同比增长74.5%，并超过2024年全 年。 根据弗若斯特沙利文报告，按2024年休闲食品饮料产品GMV计算，鸣鸣很忙是中国最大的连锁零售 商。 财务数据方面。 2025年前三季度，鸣鸣很忙实现收入463.71亿元，同比增长75.2%；经调整净利 润18.10亿元，同比大幅增 ...

全球首个年产量突破100万台和累计量产并交付超200万台激光雷达的科技企业。 禾赛科技CEO李一帆表示："我们的客户正快速扩张，我们亦同步前进。通过将年产能提升至超400 万台，并增加泰国生产基地，我们正在构建能够稳定支持大规模量产并交付的全球制造体系。我们的 承诺始终不变：在规模化生产中持续提供世界级、可靠的高品质激光雷达。" 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 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，禾赛科技（NASDAQ: HSAI；HKEX: 2525）日前宣布，为满足 ADAS 及机器 人领域日益增长的激光雷达需求，其规划年产能将由2025年的200万台提升至2026年的400万台， 实现翻倍增长。此外，禾赛在泰国曼谷的新工厂建设正稳步推进，预计2027年初投产。 禾赛是全球首个年产量突破100万台和累计量产并交付超200万台激光雷达的科技企业——2025年9 月，禾赛年度第100万台激光雷达量产下线。同年11月，禾赛累计第200万台激光雷达量产下线并交 付客户。 截至目前 ...