Core Viewpoint - The article discusses the concept of spatial intelligence and its relationship with World Model, emphasizing that spatial intelligence is essential for building accurate and comprehensive World Models [2][4]. Summary by Sections Spatial Intelligence - Spatial intelligence is viewed as an advanced extension of computer vision, requiring machines to perceive, understand, reason, and interact with the three-dimensional physical world [2][4]. - It goes beyond simple object recognition to understanding spatial relationships and contextual information that influence interactions [2][4]. World Model - World Model is defined as an internal representation of the environment and physical world, capable of predicting future states and supporting planning [4]. - The relationship between spatial intelligence and World Model is highlighted, where spatial intelligence provides the necessary perception and understanding to construct a World Model [4]. Implementation Paths - There are multiple complementary technical paths to achieve spatial intelligence, including explicit knowledge and reasoning, multimodal fusion, and embodied intelligence [5]. - Each path has its advantages in specific scenarios, and future developments may lead to the integration of these technologies, such as incorporating knowledge graphs into large models to enhance reasoning capabilities [5]. - The company currently employs a solution that integrates spatial data knowledge, domain model tools, AI agents, and spatial perception model technology to enhance spatial awareness [5].

Core Viewpoint - Horizon Robotics aims to build a foundational platform that empowers various robotic applications, positioning itself as a leader in the robotics era, particularly in the automotive sector [4][10]. Group 1: Company Milestones - Horizon Robotics celebrated its 10th anniversary on June 1, marking its evolution from being the first Chinese company focused on deep neural network computing solutions to becoming the largest mass-production intelligent driving technology company in China [4]. - The company is set to officially list on the Hong Kong Stock Exchange on October 24, 2024, achieving the largest IPO for a Chinese tech company since 2022 and the fastest entry into the Hang Seng Tech Index [4]. - Horizon has been included in the FTSE Global Equity Index Series, effective June 20, 2024, enhancing its visibility to global investors [4]. Group 2: Market Position and Collaborations - Horizon has established partnerships with over 40 automotive manufacturers, including the top ten Chinese car companies, and has achieved over 8 million units of pre-installed production [12][14]. - The company holds a market share exceeding 40% in the Chinese OEM Advanced Driver Assistance Systems (ADAS) market for 2024, maintaining its position as the leading supplier of intelligent driving solutions [14]. - Horizon's technology is currently integrated into one out of every three intelligent vehicles in China, with expectations to surpass 10 million units shipped by the end of the year [12][14]. Group 3: Technological Innovations - Horizon Robotics has consistently focused on the integration of hardware and software, achieving over 1000 times improvement in computing performance over the past decade [23][25]. - The company has introduced significant advancements in its core algorithms, including the end-to-end autonomous driving model UniAD and the next-generation Vision Mamba model, which has gained recognition in the AI research community [24]. - Horizon emphasizes the importance of continuous technological breakthroughs to establish a long-term competitive advantage, with a commitment to high R&D investment, projected at approximately 5 billion yuan for 2024 [21][25]. Group 4: Future Vision - The long-term vision of Horizon Robotics, referred to as "Horizon 2.0," focuses on expanding into the general robotics field, with automotive applications being the initial focus [10][19]. - The company aims to leverage its technology to enhance automation capabilities in various sectors, including elder care, household service robots, agriculture, manufacturing, and logistics [10]. - Horizon's strategy includes deepening collaborations with a wide range of partners to drive advancements in intelligent driving and ensure safer, more efficient transportation solutions for everyone [19].

Core Viewpoint - Feixi Technology has completed a Series C financing round of over 100 million USD, which will be primarily used for expansion, research and development, and ecosystem development [2][5]. Group 1: Company Overview - Founded in 2016, Feixi Technology is a general-purpose intelligent robotics company established by core members of Stanford University's Robotics and AI Lab [2]. - The company has pioneered the "adaptive robot" category, focusing on human-like capabilities and transforming complex operational tasks into a hierarchical intelligent system [2][8]. Group 2: Industry Standards and Development - Feixi Technology actively participates in industry standard development, having led the formulation of the national standard "Technical Requirements for Robot Adaptability," which fills a gap in both domestic and international standards [4]. - The company has achieved a leap from single-point validation to multi-industry replication, entering a phase of scale and accelerated growth [5]. Group 3: Business Applications and Collaborations - Feixi Technology has served numerous leading global clients across various industries, including 3C electronics, automotive, home appliances, food agriculture, biomedical, aerospace, and new energy, implementing intelligent manufacturing upgrades in over a hundred core process links [5][6]. - The company has established close collaborations with system integrators and research institutions, creating a solid and scalable commercial foundation [5]. Group 4: Future Prospects and Innovations - With AI increasingly penetrating production, Feixi Technology leverages its "general force control capability + AI-native architecture + data closed-loop potential" to build cross-industry robotic infrastructure, continuously providing innovative solutions and industrial value to global partners [6][9]. - The company focuses on a full-stack technology system covering adaptive robots, hierarchical intelligence, and operating system ecosystems, aiming to meet diverse automation needs across various industries [8].

Core Viewpoint - The article discusses the advancements and strategic positioning of Jiyue Xingchen, a leading AI model startup, in the context of the evolving AI landscape, particularly focusing on the development of AI Agents and the pursuit of Artificial General Intelligence (AGI) [2][25]. Group 1: AI Model Development and AGI - Jiyue Xingchen emphasizes the importance of integrated multimodal models for understanding and generating tasks, which is crucial for the development of AI Agents [2][11]. - The company has set a goal to achieve AGI, defining it as the ability of models to perform 50% of human tasks by 2030, and has outlined a three-phase roadmap: Simulated World, Exploratory World, and Inductive World [7][10]. - The first phase involves imitation learning from vast internet data, while the second phase focuses on problem-solving capabilities through slow thinking and reinforcement learning [8][10]. Group 2: AI Agent and Market Positioning - The concept of AI Agents is gaining traction, with predictions that 2025 will be a pivotal year for their adoption, driven by the need for strong reasoning capabilities and multimodal understanding [25][26]. - Jiyue Xingchen aims to create a platform for intelligent terminals that can autonomously assist users in complex tasks, highlighting the importance of both automatic and proactive functionalities in AI Agents [27][28]. - The company differentiates itself by focusing on comprehensive multimodal capabilities, which are essential for achieving AGI and enhancing user interaction [12][11]. Group 3: Technological Trends and Future Directions - The article notes that the AI model landscape is rapidly evolving, with significant advancements in reasoning models and the integration of multimodal capabilities [14][15]. - Jiyue Xingchen is actively working on improving reasoning efficiency and exploring how reinforcement learning can be applied in various domains, including mathematics and coding [16][18]. - The integration of understanding and generation tasks in multimodal models is identified as a critical area for future development, with ongoing efforts to enhance this capability [19][20].

Group 1 - The company, Galaxy General, recently completed a new round of financing amounting to 1.1 billion RMB, led by CATL and Puxuan Capital, bringing its total financing over the past two years to more than 2.4 billion RMB [2] - CATL, as a strategic investor, will continue to deepen industrial collaboration, providing critical support for the application and scaling of embodied intelligent models in the industrial sector [3] - Galaxy General has made significant progress in the large-scale application of robots in various scenarios, including smart retail, industrial, and healthcare [4] Group 2 - In March of this year, Galaxy General launched the world's first humanoid robot smart retail solution, capable of managing 5,000 types of products and over 10,000 items in a 50 square meter unmanned store, with deployment in new stores taking only one day [5][6] - On the 17th of this month, Galaxy General announced a joint venture with Bosch Group's Boryuan Capital, focusing on the commercialization of embodied intelligent robots in industrial manufacturing [8] - The founder and CTO of Galaxy General emphasized the core goal of achieving industrial breakthroughs in embodied intelligence, positioning the company as a leader in the research and application of embodied large models [8]

已连续6年蝉联全球最大仓储履约AMR解决方案提供商。 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，北京极智嘉科技股份有限公司（以下简称"极智嘉"）日前已通过港交所聆讯并于 6月22日披露通过聆讯后的资料集，摩根士丹利和中金公司担任联席保荐人。 这意味着，极智嘉即将正式成为"全球仓储AMR（自主移动机器人）第一股"。 成立于2015年的极智嘉（Geek+）提供一系列AMR解决方案，旨在赋能仓储履约和工业搬运场景， 在大幅提高供应链效率的同时减少对人工的依赖。 根据灼识咨询的资料，极智嘉提供了业内最广泛 的仓储履约AMR解决方案，涵盖各种应用场景和技术方法。 财务数据方面。2021年至2024年，极智嘉的营收从7.9亿元以45%的复合年增长率增至24.1亿元。 其中， 2024年超24亿元的营收，已成为迄今港股机器人板块已上市及递表企业中的规模之最 。 早早的海外布局、成熟 高效的本地化运营体系， 一方面为极智嘉创造了更好的盈利条件，2024年 极智嘉大陆以外市场的毛利率为46.5%；另一方面也为极智嘉带去了更大的市场空间。 根据灼识咨询的资料，全 ...

Core Viewpoint - The article provides an overview of upcoming IPOs in Hong Kong, highlighting key companies, their financials, and market positions. Group 1: CaoCao Inc. (曹操出行) - CaoCao Inc. plans to list on the Hong Kong Stock Exchange on June 25, 2025, with the stock code "2643" [3] - The company aims to issue 44.18 million shares globally, with 4.42 million shares for Hong Kong and 39.76 million shares for international investors [3] - CaoCao has secured 6 cornerstone investors, raising approximately HKD 952 million, including investments from Mercedes-Benz and other firms [3] - The expected IPO proceeds are HKD 1.853 billion, with a valuation of approximately HKD 22.823 billion [3] - Established in 2015, CaoCao is one of China's largest ride-hailing platforms, covering 136 cities and expanding to 85 new cities in 2024 [4] - The company's Gross Transaction Value (GTV) for 2023 and 2024 is projected at CNY 12.2 billion and CNY 17 billion, reflecting growth rates of 37.5% and 38.8% respectively [4] - In Q1 2024, CaoCao's GTV reached CNY 4.8 billion, a 54.9% increase year-on-year [4] - The company operates a fleet of over 34,000 customized vehicles, the largest among similar platforms in China [4] - CaoCao launched an autonomous driving platform in February 2024, with plans to introduce L4 Robotaxi models by the end of 2026 [5] - Revenue for 2022 to 2024 is reported at CNY 7.631 billion, CNY 10.668 billion, and CNY 14.657 billion, with a gross margin improvement from 5.8% in 2023 to 8.1% in 2024 [5][6] Group 2: SAINT BELLA Inc. (圣贝拉) - SAINT BELLA plans to list on the Hong Kong Stock Exchange on June 26, 2025, with the stock code "2508" [8] - The company intends to issue 95.42 million shares, with a maximum fundraising target of HKD 627 million and a valuation of HKD 3.918 billion [8] - SAINT BELLA has attracted 7 cornerstone investors, raising approximately HKD 323 million [8] - The company operates 96 high-end maternity centers under various brands, making it the largest postpartum care group in China and Asia [9] - Revenue from 2022 to 2024 is reported at CNY 472 million, CNY 560 million, and CNY 799 million, with a significant increase in contract values across its business lines [10] Group 3: Zhou Liu Fu (周六福) - Zhou Liu Fu plans to list on the Hong Kong Stock Exchange on June 26, 2025, with the stock code "6168" [12] - The company aims to issue 46.81 million shares, with expected proceeds of HKD 1.123 billion and a valuation of HKD 10.213 billion [13] - Zhou Liu Fu has secured 8 cornerstone investors, raising approximately HKD 573 million [13] - Established in 2004, Zhou Liu Fu operates 4,129 stores across 31 provinces, ranking among the top five jewelry brands in China [14] - Revenue from 2022 to 2024 is reported at CNY 3.102 billion, CNY 5.150 billion, and CNY 5.718 billion, with a compound annual growth rate of 35.8% [14][15] Group 4: Yunzhisheng (云知声) - Yunzhisheng plans to list on the Hong Kong Stock Exchange on June 30, 2025, with the stock code "9678" [17] - The company aims to issue 1.56 million shares, with a fundraising target of up to HKD 320 million and a valuation between HKD 11.7 billion and HKD 14.5 billion [18] - Yunzhisheng has attracted 3 cornerstone investors, raising approximately HKD 95.5 million [19] - Founded in 2012, Yunzhisheng is a leader in AGI technology and has developed a large language model, UniCore, and its successor, the Shan Hai model [20][21] - Revenue from 2022 to 2024 is reported at CNY 601 million, CNY 727 million, and CNY 939 million, with a compound annual growth rate of 25% [22] Group 5: IFBH Limited (if) - IFBH Limited plans to list on the Hong Kong Stock Exchange on June 30, 2025, with the stock code "6603" [25] - The company intends to issue 41.67 million shares, with a maximum fundraising target of HKD 1.158 billion and a valuation of approximately HKD 7.4 billion [26] - IF is the second-largest coconut water beverage company globally, with a market share of approximately 34% in China [27] - Revenue for 2023 and 2024 is reported at USD 87 million and USD 158 million, reflecting a growth rate of 80.3% [28]

唯一一家清华大学占股的人形机器人企业。 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，清华系具身智能企业「星动纪元」日前推出了一款超拟人服务机器人星动Q5。 基于曼妙"小蛮腰"设计 ，被业内戏称为机器人界"小腰精" 。 不妨补充一点， 成立于2023年8月的星动纪元由清华大学交叉信息研究院孵化，是唯一一家清华大 学占股的人形机器人企业。本次星动Q5的发布，某种程度上标志着服务机器人行业正式迈入 "交互 体验升级" 新阶段，并已与海尔智家、世纪金源、天悦酒店等来自制造、连锁零售、连锁酒店、文 旅、养老医疗等业务的企业达成战略签约，意向订单超百单 。 带着服务机器人从拼"功能" 迈入卷"体验" 时代。 对比来看，传统服务机器人动作僵硬、人机交流冰冷，很难引起人们主动与其交流的意愿。星动Q5 靠全身44个高自由度，打造超拟人的外观和动作系统。独特设计"小蛮腰"不但让重心下移，移动更 稳，还让它的身形更贴近真人，高自由度使它能够实现扭腰、握手、摆臂、转头等接近人类肢体的动 作，让人机交互更加自然生动，尤其和老人、小孩互动时，亲和力直接拉满。 搭配拟人化语 ...

Core Viewpoint - The emergence of generative AI has led to a significant demand for computing power, prompting PPLabs Technology Limited (PPIO) to expand its services in AI cloud computing and edge cloud computing [1][6]. Company Overview - PPIO was founded in 2018 by former PPTV founder Yao Xin, initially focusing on edge cloud computing services by building a computing power scheduling platform to optimize resource deployment [1]. - As of June 20, 2025, PPIO has submitted its prospectus for listing on the Hong Kong Stock Exchange, with ICBC International and Shenwan Hongyuan Hong Kong serving as joint sponsors [1]. Business Expansion - In 2023, PPIO strategically expanded into AI cloud computing services in response to the rapid development of AI large model technology, which has increased the demand for GPU computing power and AI inference [1][4]. - By 2024, PPIO plans to further extend its business into the global AI cloud market [1]. Network and Developer Base - As of December 31, 2024, PPIO's computing power network covers over 1,200 counties and cities globally, with more than 4,000 computing nodes [2]. - PPIO has over 120,000 registered developers for its AI cloud computing services worldwide [2][3]. Market Position - PPIO operates the largest computing power network in China based on the number of computing nodes and ranks first among independent edge cloud computing service providers in China based on 2024 revenue [4]. - The company provides services to many of China's top ten internet companies and various tech firms, including unicorn startups, across multiple application scenarios [4]. Financial Performance - PPIO's revenue from 2022 to 2024 was 286 million, 358 million, and 558 million CNY, respectively, reflecting a compound annual growth rate (CAGR) of 39.7% [5]. Investment and Use of Proceeds - PPIO has received investments from notable institutions such as Millennium, IMO Ventures, and others [6]. - The net proceeds from the IPO will primarily be used to enhance technology capabilities in distributed cloud computing services, expand business scope, and support overseas expansion, particularly in mature and emerging markets [6]. Market Outlook - The global edge cloud computing services market is projected to reach 185.1 billion CNY in 2024, with the Chinese market expected to grow from 13.2 billion CNY in 2024 to nearly 37 billion CNY by 2029 [6]. - The global AI cloud computing services market is anticipated to grow from 31.5 billion CNY in 2024 to nearly 427.7 billion CNY by 2029, with a CAGR of 68.5% [6].

Core Viewpoint - 雷鸟创新 has achieved a market share of 52% in the XR industry during the 2025 618 sales period, with a year-on-year sales growth of 3.36 times, making it the sales champion on both JD and Tmall platforms in China [2][4]. Group 1: Sales Performance - 雷鸟创新's products, including 雷鸟 Air 3s Pro, 雷鸟X3 Pro, and 雷鸟V3 series, have ranked top in their respective categories across both platforms [2][4]. - The overall sales of smart glasses in China are expected to exceed 2.75 million units in 2025, reflecting a year-on-year growth of 107% [6]. Group 2: Product Development and Innovation - 雷鸟创新 has launched several new products in May, including the revolutionary AR glasses 雷鸟X3 Pro and the next-generation pocket TV 雷鸟Air 3s series [6]. - The company is focusing on technology innovation as a core driver, showcasing new possibilities for AI+AR glasses at AWE 2025, marking a significant step towards independent smart devices [9]. Group 3: Strategic Partnerships - 雷鸟创新 has formed partnerships with major companies like Alibaba Cloud, Gaode Map, and Ant Group to explore new applications of AI and AR technologies in smart travel and urban living [6][7].