作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，原力灵机于2月10日举行首届"具身原生——原力灵机技术开放日"，这也是原力 灵机成立后的首次集中亮相。 原力灵机联合创始人&CEO唐文斌表示：" 2026年不是具身智能的元年，而是'具身原生'的元 年。 我们需要的不仅 仅是一个'能在机器人上运行的大模型'，而是一个'智能本质和形成机制都根植于物 理交互的新AI范式'，我们将其命名为'具身原生'。 " 唐文斌进一步指出，具身原生（Embodied Native）是机器人规模化、场景化应用的支点， 核心理 念聚焦机器人真实应用场景，从0开始进行数据定义，模型训练，应用部署，最大程度统一通用交 互，生成广义动作，实现机器人与真实环境的原生融合，驱动具身智能范式跃迁。 值得一提的是， 在本次发布会上，原力灵机发布了全球首个从零开始训练的具身原生大模型DM0， 其充分体现了"多源数据预训练"、"多任务、跨机型预训练"与"空间推理思维链"三大核心特征。 DM0最显著的突破在于其 "智能密度" 。其2.4B参数版本，在权威真机评测基准 RoboChallenge 上，一举夺得单任务与多任 ...

Core Viewpoint - The article emphasizes that IPOs are not the end but a starting point for companies, serving as a gathering place for resources and strength to face greater challenges ahead [4][8]. Group 1: Recent IPOs and Market Context - In the first 40 days of 2026, five AI-related hard tech companies completed their IPOs through the Hong Kong Stock Exchange's "Special Line for Science and Technology Enterprises" [3]. - Qiming Venture Partners, a prominent investor in the AI sector, has invested in more than half of these IPO projects, highlighting its role in supporting these companies from early stages [3][5]. - The success of these IPOs is attributed to a combination of favorable policies, market conditions, and the growing interest in AI technology [5][6]. Group 2: Investment Philosophy and Strategy - Qiming Venture Partners adheres to the Power Law principle in venture capital, believing that a few high-quality projects can generate significant returns, which are essential for the fund's overall value [7]. - The firm focuses on investing in core sectors of the AI ecosystem, such as cloud GPUs, large models, and AI inference chips, which are characterized by substantial market demand and technological depth [7]. - The investment strategy includes early intervention and comprehensive support for companies, from technology development to commercialization and IPO [6][7]. Group 3: Future Outlook and Challenges - The article suggests that companies should focus on their core value creation capabilities to achieve sustainable growth and maintain a reasonable market valuation post-IPO [8]. - The IPO is viewed as a milestone rather than a celebration, with the real challenge being the journey towards long-term success and innovation after going public [4][8]. - Historical examples, such as NVIDIA's post-IPO innovations, are cited to illustrate the potential for companies to leverage IPOs for further growth and market leadership [9].

Core Insights - The S2S China conference aims to connect groundbreaking scientific research from China with top global biopharmaceutical capital, focusing on early-stage projects that have not yet secured Series A funding or established legal entities [2][3]. Group 1: Event Overview - The first S2S China conference will be held on October 15, 2026, in Hangzhou, Zhejiang, co-hosted by RA Capital Management and Qiming Venture Partners [1]. - The proposal submission for the conference is open until March 1, 2026, targeting top universities and research institutions in China [1][3]. Group 2: Selection Criteria - S2S China is looking for breakthrough technologies in the concept validation stage, specifically those that are proprietary academic technologies in the treatment field [3]. - Ideal candidate projects should have a clinical application timeline of less than 4-5 years and possess key data support, demonstrating significant advantages over existing therapies [3]. Group 3: Mentorship and Networking - Unlike traditional roadshows, S2S employs a unique mentorship model, connecting selected scientists with venture capital mentors for one-on-one collaboration [3]. - Selected scientists will have opportunities to engage directly with top-tier investment firms, including RA Capital, Qiming Venture Partners, and others, to explore potential investment opportunities [3].

Core Viewpoint - Xinghaitu has completed a B-round financing of 1 billion yuan, becoming a unicorn in the embodied intelligence sector with a valuation of 10 billion yuan, and has the highest proportion and frequency of continued investment from existing shareholders among its peers [2][4]. Group 1: Financing and Valuation - Xinghaitu has raised nearly 3 billion yuan in total financing, making it one of the few unicorns in the embodied intelligence industry alongside Yushu, Zhiyuan, and Yinhe General, and it is the youngest among them [2]. - The company has received investments from top-tier industry capital and private equity funds, indicating strong market confidence [2]. Group 2: Efficiency and Strategy - Xinghaitu is recognized as the most efficient spender among leading companies in the embodied intelligence sector for 2025, emphasizing a cautious approach to spending in anticipation of future data growth and model training demands [4]. - The company views the industry as a marathon rather than a sprint, focusing on long-term development rather than short-term gains [4]. Group 3: Technological Development - Xinghaitu is committed to an end-to-end visual-language-action (VLA) foundational model technology route, with plans to release a state-of-the-art G0 model in August 2025 and its upgraded version G0 Plus in January 2026 [5]. - The company has achieved over 500,000 downloads of its open-source dataset, making it the most widely adopted dataset in the field [5]. Group 4: Data Collection and Model Training - Xinghaitu has established a high-efficiency data collection and model training base, incorporating innovative data collection methods to enhance the efficiency and accuracy of data gathering [7]. - By 2026, the company aims to enter a phase of large-scale training with hundreds of thousands of hours of high-quality data [7]. Group 5: Commercialization and Market Position - Xinghaitu has secured thousands of orders and has a strong customer base that includes top universities and industry leaders, demonstrating its market competitiveness [11]. - The company leads in the developer market, with its platforms covering over 90% of top global developers, indicating a strong market presence [11]. Group 6: Vision and Future Goals - Xinghaitu aims to redefine its mission beyond manufacturing single robots, focusing on building foundational infrastructure for the intelligent transformation of the physical world [15]. - The company envisions deploying 10 billion intelligent agents to serve 10 billion people, aiming to lead technological iterations and industry integration [16].

半侵入式脑机接口通过将电极放置在硬膜上或者硬膜下采集大脑中的神经信号，由于神经信号随着传输距离迅速衰减，半侵入式脑机接口所采集信号的 时间和空间分辨率较低，难以提取精细的神经编码信息；与之相比，侵入式脑机接口直接将柔性电极植入脑组织内部，从而能够精准捕获具有高时空间 分辨率的单神经元动作电位（Spikes）。因此， 侵入式脑机接口不仅能实现对精细动作的实时、高精度解码，更在人机交互的信息传输速率（Bit Rate）有数量级的优势。 在侵入式脑机接口技术的全球竞争中，国外市场由马斯克创办的Neuralink率先领跑，国内则由智冉医疗凭借在核心技术领域的突破，叠加全链条自主 创新优势，成为国产侵入式脑机接口的领军企业。 已完成侵入式脑机接口产业链上中游的系统化布局。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，近日，国内侵入式脑机接口企业「智冉医疗」宣布完成3亿元人民币A+轮融资。本轮融资由中科创星领投，老股东君联资本、北京 市医药健康产业投资基金、IDG资本、顺为资本、联想创投、元生创投、红杉中国、美团龙珠、BV百度风投、杏泽资本、佳银资本持续跟投。本轮所募 ...

平台已构建覆盖全国30个核心城市、超300家服务商的服务网络 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，近日，全国首家全场景机器人租赁生态平台「万机易租」宣布完成首轮天使轮融 资，由三位细分赛道头部企业家联合战略投资，同时获得知名投资人与上市公司创始人深度背书。 万机易租主要股东包括德马科技（688360.SH）董事长、创始人卓序、捞王餐饮集团创始人李裕 成、达诺尔（833189.NQ）创始人张文巨、梧桐树资本创始合伙人童玮亮、弘瑞资本创始人郑兆伦 和老鹰基金合伙人樊优先等。 德马科技董事长、万机易租联合创始人卓序表示，德马科技深耕智能物流与具身智能机器人核心技 术，正从设备制造商向生态服务商全面升级。万机易租打造的全场景机器人租赁平台，精准解决行业 成本高、迭代快、运维难、落地慢的痛点，是机器人从"技术"走向"规模化商用"的关键入口。 卓序 指出 ，以联 合 创始人身份深度共建，既是德马机器人生态战略的核心布局，也是抢占RaaS 机器人即服务万亿赛道、打通"技术—产品—场景—运营"全链条的必然选择，双方将携手推动机器 人走进千行百业。 目前，万机易租已完 ...

Core Viewpoint - The article discusses the emergence of AI潮玩 (AI Trend Toys) as a new paradigm in the toy industry, emphasizing the integration of AI technology to enhance user interaction and emotional connection with characters, moving beyond traditional static collectibles [9][10][14]. Company Overview - 奇妙拉比 (Qimiao Labi) recently completed a multi-million RMB angel round led by Jin Qiu Fund, with the aim of redefining the connection between IP and trendy toys through AI technology [3]. - The brand was established in March 2025, focusing on creating a sustainable AI潮玩 IP universe with a product system that includes hardware, character branches, accessories, and content updates [3][8]. Product Launch and Market Performance - The first core IP, 雷格斯 (RAGUS & WHITE), was launched in June 2025 as a desktop-level AI潮玩 product, designed to prioritize trendy aesthetics while incorporating AI for personality and interaction [4]. - Since its launch, RAGUS & WHITE has seen significant market acceptance, with high sales and engagement on platforms like Xiaohongshu, leading to a crash of their pre-order system due to high traffic [6]. Product Development and Future Plans - The recent "阴阳双生" series expands on the RAGUS IP, showcasing character evolution in different universe settings, aligning with the brand's philosophy of long-term IP growth [8]. - The angel round funding will focus on two main areas: content ecosystem development and SKU matrix expansion, aiming to enhance user interaction and explore collaborations with established IPs and artists [8]. Industry Insights - The article highlights a shift in consumer expectations from static collectibles to interactive experiences, suggesting that traditional潮玩 have reached their peak, while AI潮玩 represents the future of the industry [10][11][14]. - The integration of AI is seen as a way to provide characters with life-like qualities, enhancing user engagement and emotional connections, which is crucial for long-term brand loyalty [11][16]. Investment Perspective - Investors see significant potential in AI潮玩, viewing it as a new category that combines AI with traditional toy elements, offering unique user experiences [15][20]. - The early mover advantage of 奇妙拉比 in the AI潮玩 space is emphasized, with the belief that establishing a strong brand presence early on will lead to greater success in innovation and consumer engagement [20][22].

Core Viewpoint - Kaishikadi has successfully completed nearly 1 billion yuan in financing over the past 10 months, with the latest round raising approximately 500 million yuan, led by Zhongping Capital and supported by several notable investment institutions [2][3]. Company Overview - Established in 2017, Kaishikadi is a biotechnology company focused on diseases related to bile acid metabolism disorders. The company develops innovative drugs targeting nuclear receptors and G protein-coupled receptors (GPCRs), initially focusing on primary biliary cholangitis (PBC) and expanding into metabolic diseases such as metabolic-associated fatty liver disease (MASH), obesity, and diabetes [3]. Product Development - The core product CS0159 has received breakthrough therapy designation and orphan drug status from the FDA, achieving significant progress. The oral tablet has successfully completed Phase II trials for MASH in the U.S., and the Phase II core study for PBC in China has concluded with promising therapeutic potential, now advancing to Phase III trials [3]. - The research team is exploring combination therapy with CS0159 and GLP-1 receptor agonists, aiming to enhance weight management and improve liver fat degeneration and inflammation, providing new treatment strategies for metabolic diseases [3]. Financing Purpose - The recent financing will primarily focus on two key areas: accelerating the global multi-center Phase III clinical trials for MASH, PBC, and obesity, and expanding the pipeline of potential best-in-class/first-in-class therapies in the metabolic disease field [4]. - The founder of Kaishikadi expressed gratitude to both new and existing shareholders for their support, emphasizing the commitment to long-term innovation and addressing unmet medical needs in metabolic diseases [4]. Investor Insights - The managing director of Gaorong Capital highlighted the significant unmet needs in the metabolic disease sector and expressed confidence in Kaishikadi's potential to become a global leader in this field, driven by the team's dedication and resilience in advancing multiple candidate pipelines to critical clinical research stages [5].

全面引领无人仓新纪元。 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，极智嘉(Geek+, 2590.HK) 于2月10日正式发布 全球首款面向仓储场景的 人形 通用机 器人Gino 1。 这意味着，极智嘉将是 行业内唯一一家实现在仓储场景拥有移动机器人、专 用机械臂和通用人形机器人等全系列产品和技术能力的公司。 作为"通用仓储机器人"战略落地的又一生产力 AI 新作， Gino 1 区别于其它人形机器人，它专为仓 储而生，完全面向仓储场景的通用多任务能力而设计并训练。 Gino1通过具身大脑 Geek+ Brain 对极智嘉多年积累的海量仓储数据进行训练，并结合大规模仿真强化学习，形成了类人的通用操作能 力， 能够从事仓储拣货、搬箱、打包、巡检等多任务，真正实现了"一台机器人覆盖仓内主流人工操 作场景"， 引领仓储行业实现从移动智能化到操作智能化的关键跨越。 截至目前，极智嘉基于深刻的场景理解，已构建了清晰可落地的全流程无人仓方案: 依托于 Geek+ Brain 具身智能基座模型，AMR集群完成搬运、存储等移动环节，GINO 1 全面接管柔性 ...

股价两日上涨超60%。 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，"全球大模型第一股"智谱（2513.HK）今日股价再创新高，两日上涨超60%，市 值突破1500亿港元，这一市值已接近其IPO市值的3倍。 日前 ， 全球模型服务平台 OpenRouter 就 上架了一个名为「 Pony Alpha」的神秘模型，并 迅速 在 24小时内登顶平台热度榜首，全球开发者 均积极参与测试与讨论。 当然，之所以受到如此大的关注度，还是由于这款模型具有 强大的编码能力、超长上下文窗口及针 对智能体工作流的深度优化 。 OpenRouter官方 则 将 Pony Alpha描述为"前沿基础模型"，在编 程、智能体工作流、推理及角色扮演方面表现强劲，特别强调其"极高的工具调用准确率"。 这一特 性使其在 AIAgent（智能体）应用场景中展现出显著优势——开发者可通过Claude Code等工具调 用该模型，实现长达数小时的复杂项目开发。 另外需要注意的是， 2月6日，Opus 4.6和GPT codex 5.3同天发布，Anthropic和OpenAI的最新 ...