Core Viewpoint - The article discusses the launch of GLM-4.7 by Zhipu AI, which aims to become the "first global large model stock" and highlights its advancements in coding capabilities, reasoning, and tool collaboration [2][11]. Group 1: Model Performance - GLM-4.7 has achieved the best performance among open-source models in multiple mainstream public benchmark tests [6]. - In the Code Arena, a global coding assessment system, GLM-4.7 ranks first among open-source models and first among domestic models, surpassing GPT-5.2 [8]. - The model shows significant improvements in various coding benchmarks, achieving 73.8% in SWE-bench-Verified, 84.9% in LiveCodeBench V6, 66.7% in SWE-bench Multilingual (an increase of 12.9%), and 41% in Terminal Bench 2.0 (an increase of 16.5%) [8]. Group 2: Technical Enhancements - GLM-4.7 has enhanced programming capabilities, showing improved performance in multi-language coding and terminal agents, with a "think first, act later" mechanism in various programming frameworks [3]. - The model has made notable advancements in front-end generation quality, producing visually appealing web pages, PPTs, and posters [4]. - Tool invocation capabilities have been improved, scoring 67.5 in BrowseComp and achieving 87.4 in τ²-Bench, surpassing Claude Sonnet 4.5 [4]. Group 3: Revenue and Growth - Zhipu AI is projected to be the largest independent large model vendor in China by 2024, with revenues of 57 million yuan in 2022, 125 million yuan in 2023, and 312 million yuan in 2024, reflecting a compound annual growth rate of 130% [11]. - In the first half of 2025, Zhipu AI's revenue reached 190 million yuan, showing a year-on-year growth of over 300% [11]. - The company has completed eight rounds of financing, raising over 8.3 billion yuan, with investments from major firms and government support [11].

Core Viewpoint - The article highlights the upcoming IPO of Easy Health Group, emphasizing its significant growth driven by AI technology and its position in the digital health and insurance market in China [3][4]. Group 1: Company Overview - Easy Health Group plans to list on the Hong Kong Stock Exchange under the stock code "2661" [3]. - Established in 2014, Easy Health Group operates as a one-stop digital health and insurance service platform, with two main business pillars: digital comprehensive health services and digital comprehensive insurance services [4]. - As of June 30, 2025, the platform has 168 million registered users and approximately 59.7 million followers across various social media channels [4]. Group 2: Market Position - According to a report by Sullivan, Easy Health Group ranks 10th in China's digital comprehensive health and insurance service market based on projected 2024 revenue, and 7th in the digital health service market [4]. Group 3: User Demographics - Approximately 60.4% of users are aged between 20 and 45 years, indicating a younger user base that is likely to increase spending on health solutions as they experience life events such as marriage and childbirth [5]. - The younger demographic also presents significant upselling and cross-selling opportunities for the company [5]. Group 4: AI Technology Integration - AI technology is a crucial growth engine for Easy Health Group, with the proprietary AI technology stack, AIcare, serving as the core support for the platform [5]. - As of the last practical date, about 43.3% of the company's employees are involved in IT research and development [5]. - The company has registered 58 invention patents and 39 software copyrights related to its technological capabilities [5]. Group 5: Operational Efficiency - Easy Health Group has significantly improved operational efficiency and reduced costs through various technologies, including the Galaxy AI marketing platform, which has generated nearly 12.9 million business leads [6]. - The company has also launched generative AI tools, enhancing medical professionals' diagnostic and treatment capabilities [6]. Group 6: Financial Performance - Revenue figures for Easy Health Group from 2022 to 2024 are projected at 394 million, 490 million, and 945 million yuan, respectively, with a compound annual growth rate of 54.9% [6]. - In the first half of this year, the company's revenue grew by 84.7% year-on-year to 656 million yuan, with an adjusted net profit of 51.18 million yuan, reflecting an 11.3% increase [6]. Group 7: IPO Fund Utilization - The net proceeds from the IPO will primarily be used to enhance brand awareness, increase user engagement, strengthen partnerships, invest in medical research, improve AI and big data capabilities, expand into new regions and overseas markets, and for general corporate purposes [7].

Core Insights - The article discusses the advancements of Baidu's no-code application building platform "MiaoDa," which has generated over 500,000 commercial applications in just eight months, with a daily growth rate of over 150% [2] - Baidu has launched the "Creator Dream Plan" to support creators, aiming to help 1 million creators generate income over the next three years, with a focus on transforming AI applications from generation to monetization [2][3] Summary by Sections - **Platform Development**: MiaoDa's core goal is to democratize application development by allowing non-professional developers to create usable, operational, and monetizable applications through natural language [3] - **Types of Applications**: The applications developed on MiaoDa fall into three categories: e-commerce mini-programs and games for direct monetization, business software for low-cost internal systems, and AI efficiency applications for various scenarios. These applications have collectively created economic and efficiency value exceeding 5 billion [3] - **User Engagement and Monetization**: Since March, MiaoDa has provided free services to enhance product capabilities before introducing a paid model in November. The introduction of a payment mechanism has not negatively impacted user experience, with active usage continuing to grow [5] - **AI Coding as a Valuable Sector**: The article highlights AI coding as a significant opportunity in the industry, emphasizing that large models can transform production methods. Coding is seen as a critical productivity tool that can generate new demand and value [6][7] - **Competitive Landscape**: While domestic AI coding has lagged behind international counterparts by 1-2 years, the gap in core competitiveness is narrowing. The focus is on scene-based application capabilities rather than general coding abilities [8]

首程控股与加速进化的协同模式，为产业资本与创新企业的深度合作提供了可借鉴的样 本。 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，加速进化Booster K1全球首批规模化量产交仪式日前在首钢园融石广场圆满举 行。本次交付不仅印证了加速进化在全球小人型机器人领域销量标杆的地位，也彰显了首程控股通过 陶朱新造局构建机器人全产业链、推动科创成果转化的战略布局取得实质性进展。 仪式伊始， 首程控股联席总裁兼陶朱新造局负责人叶芊代表主办方致辞。他表示："在机器人赛道， 我们秉持'行业聚焦打深打透、不赋能不投资'的理念， 构建了行业最佳投资组合，而加速进化正是 我们核心被投企业中的佼佼者。在服务保障上，首程控股打造'前店后厂'的全周期服务闭环，为用户 提供专业支撑。我们也将推进'机器人科技会客厅'落地，打造'教育科创+智能制造+产融对接'的示范 平台，让产融协同的价值充分释放。" 此外，加速进化CEO程昊分享产品理念与愿景，他介绍道："加速进化自成立以来，始终致力于打造 简单、可靠、实用的人形机器人产品。今天，我们交付的不仅是产品，更是一份份信任和对未来的 ...

Core Insights - Noitom Robotics has completed a Pre-A+ funding round, raising several hundred million RMB, with participation from prominent investors such as Qiming Venture Partners and others, indicating strong market confidence in the company's direction [2][3] - The funding will be primarily used for the development of multi-modal data collection, processing, and delivery technologies, aiming to enhance the company's capabilities in product delivery and service [2][4] Company Overview - Noitom Robotics focuses on providing high-quality, scalable training data and infrastructure for the humanoid robotics and embodied intelligence industries, positioning itself as a data-centric company [4] - The founder, Dr. Dai Ruoli, has extensive experience in the motion capture industry, having previously co-founded Noitom Ltd., which captured 70% of the global professional motion capture market [4] Industry Trends - There is a structural shift in the industry's data needs, moving from small-scale data for demonstrations to large-scale, trainable data, which is crucial for the advancement of embodied intelligence systems [4][5] - The company aims to build a "data factory" to enhance the efficiency of data production and delivery, leveraging advanced motion capture and human-computer interaction technologies [5] Investment Rationale - Qiming Venture Partners highlighted that high-quality, scalable training data is essential for the advancement of robotic intelligence, and Noitom Robotics is one of the few players with comprehensive data capabilities in the industry [6]

Core Viewpoint - Shanghai Birun Technology Co., Ltd. is set to become the first GPU stock listed on the Hong Kong Stock Exchange, with its IPO scheduled from today until the 29th, aiming for a listing on January 2, 2026, under the stock code "6082" [2][3]. Group 1: IPO Details - Birun Technology plans to issue 247,692,800 H-shares, with 12,384,800 shares available for public offering in Hong Kong and 235,308,000 shares for international offering. The expected fundraising scale is between HKD 4.21 billion and HKD 4.85 billion, with an IPO market valuation ranging from HKD 40.1 billion to HKD 46.2 billion [3]. - The company has attracted a strong cornerstone investor lineup, with 23 top investment institutions planning to subscribe for HKD 28.99 billion, including major asset management firms and well-known hedge funds [3]. Group 2: Business Performance and Orders - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware products, including the Walli™106, Walli™110, and the higher-performance Walli™166 chips. The company's revenue is projected to grow from CNY 499,000 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [5]. - As of December 15, 2025, Birun Technology has secured five framework sales agreements and 24 sales contracts, totaling approximately CNY 1.24 billion, indicating strong future revenue potential [5]. Group 3: Market Potential and Valuation - The demand for AI computing power is expected to drive a new growth window for domestic GPU companies. The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion in 2024, with a CAGR of 105% [7]. - Birun Technology's unique position as the first pure GPU concept stock in Hong Kong enhances its valuation logic, filling a gap in the AI computing hardware sector. The changing valuation model for technology companies in the Hong Kong market may lead to a revaluation of Birun Technology, supported by its order reserves and product roadmap [7].

Core Viewpoint - The article highlights the significant advancements of Wuhan Grey Agricultural Biotechnology Co., Ltd. (Grey Agricultural) in the phage therapy industry, including its recent Pre-B round financing and its status as the first company globally to obtain GMP certification for phage preparations [3][5]. Financing and Investment - Grey Agricultural has completed nearly 100 million yuan in Pre-B round financing, led by Guoxin Hongsheng and followed by Taiyu Investment, with Kaicheng Capital serving as the long-term exclusive financial advisor [3]. - The financing will primarily be used for the development of an AI platform, engineering phages, phage peptides/lytic enzymes, and market expansion in various applications such as animal health, plant protection, and food safety [3]. Application Scenarios - The company is expanding its phage technology from animal health and plant protection to broader applications in food safety and consumer healthcare [4]. - In food safety, Grey Agricultural is developing new biological preservation and contamination control solutions targeting key pathogens like E. coli, Salmonella, Listeria, and Campylobacter, particularly in cold chain and meat products [4]. - In consumer healthcare, the company is focusing on products for skin barrier damage, oral care, and chronic wound management, providing alternatives in the transition from the "antibiotic era" to the "precision microbial control era" [4]. Regulatory Milestones - With the European Medicines Agency (EMA) releasing the first quality guidelines for phage therapy drugs, Grey Agricultural has established a GMP-compliant production system, becoming the first company globally to achieve GMP certification for phage preparations [5]. - The company has aligned its processes with international standards in seed batch systems, host library management, whole-genome quality control, and process validation, positioning itself favorably for future cross-border collaborations and global supply chain integration [5]. Strategic Vision - The founder of Grey Agricultural expressed gratitude for the support from investors and emphasized the company's commitment to deepening research in engineering phages and phage peptides/lytic enzymes, aiming for product implementation and market penetration across multiple scenarios [5]. - Investors have expressed confidence in Grey Agricultural's systematic layout and solid accumulation in the phage field, anticipating accelerated progress in new veterinary drug approvals and expansion into plant protection and consumer healthcare [5][6].

Core Viewpoint - The article provides an overview of recent IPO activities across Hong Kong, the US, and A-shares, highlighting several companies preparing for their public listings and their respective market positions. Group 1: Muxi Integrated Circuit - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with the stock code "688802" [3] - Founded in 2020, Muxi is a leading domestic high-performance general-purpose GPU product company, focusing on the research, design, and sales of GPUs for AI training, inference, general computing, and graphics rendering [3] - Muxi's GPU products have achieved cumulative sales of over 25,000 units by the end of March 2025, with a revenue compound growth rate of 4074.52% over the past three years, and revenue of 915 million yuan in the first half of this year [5] Group 2: Woan Robotics - Woan Robotics (Shenzhen) Co., Ltd. plans to officially list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6600" [7] - The company aims to become the "first stock of AI-embodied household robots," with an IPO market valuation between 14 billion and 18 billion HKD, raising up to 1.8 billion HKD [8] - Woan Robotics is recognized as the only company globally to comprehensively layout AI-embodied household robot systems, holding an 11.9% market share in the sector by 2024 [10] Group 3: Xunce Technology - Xunce Technology plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3317," marking it as the first company in China's AI data sector to complete an IPO [12] - The company aims to raise up to 1.2375 billion HKD through its IPO, with a focus on real-time data infrastructure and analysis solutions [12] - Xunce Technology's real-time data solutions are noted for their speed and consistency, optimizing business efficiency and flexibility [14] Group 4: InSilico Medicine - InSilico Medicine plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3696," aiming to raise up to 2.3 billion HKD [16] - The company is recognized as the largest biotech IPO in Hong Kong this year, with a focus on AI-driven drug development across various industries [17] - InSilico's core asset, Rentosertib, is a first-in-class candidate drug for idiopathic pulmonary fibrosis, showcasing the company's innovative capabilities [18] Group 5: Linqingxuan - Linqingxuan Cosmetics Group plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "2657," aiming to raise over 1 billion HKD [21] - The company is positioned as the leading high-end domestic skincare brand in China, with a complete product matrix in anti-wrinkle and firming skincare [22] - Linqingxuan ranks first among all domestic high-end skincare brands in China by retail revenue in 2024 [22] Group 6: 51WORLD - 51WORLD plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6651," aiming to become the "first stock of Physical AI" [24] - The company has established a comprehensive technology capability in Physical AI, with products applied in various industries globally [24] - 51WORLD's revenue has shown significant growth, with a 63.6% increase in the first half of this year compared to the same period last year [26] Group 7: Qingsong Health Group - Qingsong Health Group plans to list on the Hong Kong Stock Exchange on December 23, 2025, with the stock code "2661," aiming to raise over 600 million HKD [28] - The company operates as a one-stop digital health and insurance service platform, covering various health-related services [28] - Qingsong Health Group's revenue has grown significantly, with an 84.7% increase in the first half of this year compared to the previous year [29] Group 8: Biran Technology - Biran Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general intelligent computing solutions [31] - The company has shown strong growth potential, with significant sales agreements in place and a focus on AI data centers and telecommunications [32] Group 9: Zhipu Technology - Zhipu Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, aiming to become the "first stock of global large models" [35] - The company has achieved significant revenue growth, with a compound annual growth rate of 130% from 2022 to 2024 [36] Group 10: Tiandu Intelligent Chip - Tiandu Intelligent Chip has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general-purpose GPU chips [38] - The company has seen a significant increase in customer numbers and product shipments, reflecting strong market recognition [39]

以收入多元化与极致效率重塑AI公司成长范式。 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， MiniMax Group Inc. （ 稀宇科技， 以下简称 "MiniMax" ）日前已通过港 交所聆讯并于 12 月 21 日披露通过聆讯后的资料集， 中金公司和瑞银集团 担任联席保荐人。 这意味着，这家成立于 2022 年 " 年轻极致的 AI 公司 " 有望成为从成立到 IPO 历时最短的 AI 公 司 —— 根据招股书披露， MiniMax 员工平均年龄仅为 29 岁，董事会平均年龄仅为 32 岁。 要知道，在 AI 这个领域，年轻不仅意味着精力，更意味着对原生 AI （ AI-native ）逻辑的本能理 解。这种极致的年轻化，使得 MiniMax 在组织效率上展现出一种 " 硅谷式 " 的灵动，同时将使其 成为 " 最具活力的 AI 标的 " 。 在视频生成方面， MiniMax2024 年 8 月发布的 Video-01 模型及海螺 AI 产品已达到当时业界顶尖 水平； 2025 年 6 月推出的升级版 Hailuo-02 ，在权威 ...

Core Viewpoint - The article highlights the recognition of Yu Hao, the founder and CEO of Chasing Technology, as a leading figure in the high-end technology sector, emphasizing his commitment to global market expansion and technological innovation that benefits the public [2][4]. Group 1: Company Overview - Chasing Technology, founded in 2017, has rapidly established itself as a global high-end technology brand, offering a diverse range of products including high-end smart home appliances, smart cars, and personal care devices [5]. - The company has achieved a compound annual growth rate of over 100% for six consecutive years, positioning itself as a flagship for Chinese technological innovation on the global stage [4][11]. Group 2: Strategic Focus - From its inception, Chasing Technology has aimed for global market positioning, ensuring that its technology and products meet international standards [7][8]. - The company emphasizes a strategy of high-end branding, focusing on "high-end, technology, and fashion" as core competitive advantages, while adhering to a long-term vision [9][10]. Group 3: Technological Innovation - Yu Hao believes that "core technology is fundamental," and has led the company to invest significantly in research and development, ensuring sustainable technological innovation [13][14]. - Chasing Technology allocates its R&D budget into three equal parts: existing technology iteration, existing technology innovation, and new field innovation, with the latter two being crucial for growth [15]. Group 4: Market Presence and Achievements - The company has successfully penetrated nearly 20 countries, including Germany, France, and Singapore, achieving the number one market share in these regions [11]. - Chasing Technology's products are now available in over 120 countries and regions, with more than 6,000 physical stores worldwide, serving over 30 million households [17]. Group 5: Future Outlook - Yu Hao anticipates a future where global resources, Chinese R&D, local manufacturing, and worldwide consumption converge, aiming to create a high-end technology enterprise that can significantly enhance productivity [19].