Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. is set to go public on the Hong Kong Stock Exchange, becoming the 10th specialized technology company to list under the 18C framework, focusing on L4-level autonomous driving solutions for various scenarios including airports and factories [2][3]. Group 1: Company Overview - Founded in 2016, Yushi Technology specializes in true unmanned, all-scenario L4-level autonomous driving technology, covering both closed environments like airports and factories, as well as open scenarios such as logistics and buses [3][4]. - As of May 20, 2025, Yushi Technology has partnered with 17 airports in China and 3 overseas airports, exploring opportunities with 4 additional airports globally [3][4]. Group 2: Technological Achievements - Yushi Technology is the only global provider of sustainable L4-level autonomous driving solutions for large-scale commercial operations at airports, having started deployment at Hong Kong International Airport 7 years ago [4][5]. - The implementation timeline for autonomous driving solutions has significantly decreased, from approximately 2 years in 2019 to just 6 months by 2025 for Hong Kong International Airport [5]. Group 3: Market Position and Financials - According to Frost & Sullivan, Yushi Technology is the largest supplier of L4-level autonomous driving solutions for airport and factory scenarios in the Greater China region, with a total of approximately 5.8 million kilometers of true unmanned driving mileage as of May 20, 2025 [6]. - The company has developed and launched 52 vehicle models applicable to various scenarios and has deployed solutions for 198 clients across 6 countries and regions, including 35 Fortune Global 500 companies [6]. Group 4: Financial Performance - Yushi Technology's revenue is projected to grow from 66 million RMB in 2022 to 266 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 101.3%, with gross margins of 45.7%, 48.8%, and 43.7% for the same years [6]. - The company has completed 5 rounds of financing, raising over 1.75 billion RMB, with a valuation of 7.3 billion RMB following its last round before the IPO [7][8]. Group 5: Future Plans - The net proceeds from the IPO will primarily be used to enhance R&D capabilities, expand domestic and international business, improve commercialization, make strategic investments, and for general corporate purposes [8].

Core Viewpoint - Suzhou Tantu Intelligent Technology Co., Ltd. (Tantu Technology) has completed a multi-billion B round financing, aiming to enhance R&D of core components and accelerate the development of new product categories, particularly in the global market for smart short-distance transportation [2][3]. Group 1: Company Overview - Tantu Technology, established in October 2020, focuses on innovative technology for smart short-distance travel and has maintained steady growth, with a projected revenue CAGR of 100% from 2022 to 2024 [2][3]. - The company has over 200,000 global users and its products are available in more than 30 countries and regions [2]. Group 2: Market Context - The global short-distance transportation industry is experiencing rapid expansion, with the electric scooter market expected to reach $2.37 billion in sales by 2024 and $5.685 billion by 2031, reflecting a CAGR of 13.5% [2][3]. - Chinese manufacturers hold over 60% of the global short-distance transportation market share, but traditional manufacturers face challenges in core component R&D and smart technology [3]. Group 3: Product Development - Tantu Technology has developed a high-end autonomous brand, NAVEE, which includes multiple product series of electric scooters [3][4]. - The company has established a full forward development capability centered on a three-electric system (motor, battery, control), significantly optimizing battery life and charging efficiency, which is 20% better than the industry average [4]. Group 4: Strategic Initiatives - Tantu Technology is expanding its product offerings and has plans to launch a series of new products targeting the consumer electric scooter market during the 618 shopping festival [4]. - The company is also accelerating its overseas market expansion while increasing its focus on the Chinese market [4][5].

加速推动自动驾驶大规模商业化的实现。 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， 小马智行与广州市公共交通集团有限公司（ 以下简称 "广州公交集团"） 于 5 月28日 签署战略合作框架协议。根据协议内容，双方将利用各自优势，在自动驾驶汽车和出行平台 业务、自动驾驶汽车后服务市场业务、自动驾驶物流运营服务等领域展开合作。 自动驾驶出行服务是小马智行的核心业务，也是双方合作的重心。在商业运营方面，双方将推动各自 出行平台互联互通，同时满足自动驾驶汽车定制化和个性化项目的需求。 由于自动驾驶出行服务具有车内无驾驶人的特点，其车队的运营管理和普通车队管理有所不同，需要 高度适配车内无驾驶人运营的需求。根据框架协议，依托广州公交集团的场地与产业资源，双方将加 强包括车辆停放、充电、维修检测、汽配材料供应、技术人员培养等方面的合作，推动实现自动驾驶 汽车后服务市场的自动化产业发展。 目前，小马智行已在北上广深推出自动驾驶出行服务，总面积超 2000平方公里，覆盖中心城区、机 场和高铁站等关键交通枢纽。用户可使用小马智行App或同名小程序，在相应区域呼叫 ...

基于多年技术积累和行业实践经验，地瓜机器人 现已 构建了覆盖芯片、算法到软件的完整产品体 系，并针对智能机器人从消费到工业领域快速涌现且不断细分的场景化需求，形成了覆盖 5~500 TOPS各算力段的完整产品布局，可全面满足人形机器人、轮足机器人、四足机器狗、服务陪伴机器 人、物流AMR等多种场景的端侧计算需求。 此外， 为加速具身智能机器人落地进程，地瓜机器人将在 6月正式发售面向具身智能机器人的 RDK S100 机器人开发套件。该平台具备百 TOPS 级算力，拥有强大的异构架构设计，是行业首款单 SoC 算控一体计算平台，可实现机器人感知与运控协同计算。 目前，该平台已获得乐聚机器人、逐 际动力、睿尔曼、清华大学智能产业研究院、求之科技、国讯芯微等数家行业顶级合作伙伴抢先搭 载。 加速构建具身智能生态版图。 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， 在独立运营一周年之际，地平线机器人 -W（9660.HK）旗下地瓜机器人宣布 完成1亿美元A轮融资 ， 由高瓴 创投 、五源资本、线性资本、和暄资本、九合创投、 Vertex Growth ...

Core Viewpoint - The article discusses the emergence of AI-driven opportunities in the new materials sector, highlighting the establishment of a joint laboratory aimed at leveraging AI for material research and development [4][21]. Company Overview - Fabarta, founded in 2021, positions itself as a next-generation intelligent platform driven by knowledge engines and large models, aiming to assist enterprises in achieving intelligent upgrades and decision-making in complex scenarios [6]. - The company has completed several rounds of financing, including hundreds of millions in angel and Pre-A rounds, with significant participation from notable venture capital firms [7]. Product Features - Fabarta's knowledge engine supports multi-modal data, transforming vast amounts of enterprise data into a format understandable by large models [10]. - The platform enables intelligent data weaving, allowing businesses to integrate their rich data into the knowledge engine with minimal manual intervention [11]. - The company focuses on integrating symbolic logic reasoning into its products to address common issues in large models, such as hallucinations and poor interpretability [12]. Industry Focus - Fabarta collaborates with industry leaders in sectors like chemicals, agriculture, and advanced manufacturing to gather comprehensive industry data [14]. - The company has developed an AI-driven customs declaration system that significantly reduces costs and enhances efficiency in cross-border trade [15]. High-Value Scenarios - The company defines high-value scenarios as those that are frequently used, cost-effective, and capable of delivering long-term value, particularly in the new materials sector [17][19]. - The AI + new materials project aims to accelerate research and development in this critical area, which is seen as a competitive frontier for nations [21]. Revenue and Growth - Fabarta achieved several tens of millions in revenue last year, with expectations to double this figure in the current year, driven by an increasing number of chain enterprise clients [28]. - The company anticipates that revenue from chain enterprises will rise from 60% last year to 70-80% this year, with plans to diversify revenue sources in the future [31]. Research and Development - Approximately 80% of the company's resources are allocated to research and development, with expectations to maintain a high level of investment in the future [33][34]. - The company aims to achieve breakeven in business operations by next year, contingent on the emergence of new opportunities [38]. Future Plans - Fabarta is exploring various paths for financing and potential IPO, focusing on partnerships that can provide resource synergies [39][40]. - The company aspires to become a leading technology firm in China, combining the strengths of IBM and Microsoft to serve local enterprise clients effectively [41][42].

Core Insights - The article discusses the establishment of the largest AI-focused fund in EU history, the KKR Innovation Fund III, which has a management scale of $1 billion [2] - The fund aims to promote deep applications of artificial intelligence across key industries such as digital healthcare, fintech, consumer goods, and energy [2] - KKR emphasizes a collaborative ecosystem that connects startups with nearly 30 Fortune 500 companies to drive deeper industry cooperation [4] Fund Overview - KKR Innovation Fund III focuses on AI applications in specific industries rather than traditional investment approaches [4] - The fund supports early to growth-stage projects with investment amounts ranging from $5 million to $80 million, with capabilities for leading and co-leading investments [4] - The fund has already invested in 15 high-growth companies across various sectors, including consumer technology, financial services, healthcare, and energy technology [5] Strategic Vision - KKR's founder emphasizes that AI is not just a technological trend but a foundational infrastructure that will reshape industry logic [3] - The fund aims to facilitate local innovation and global expansion, helping Chinese companies enter European and North American markets and vice versa [2][3] - KKR's approach is to act as a connector between innovators and practitioners, leveraging capital, knowledge, and industry resources [4]

Core Viewpoint - Agora, Inc. is actively expanding into high-potential areas such as conversational AI, demonstrating significant revenue growth and profitability in its recent financial results [2][3]. Financial Performance - In Q1 2025, Agora, Inc. reported total revenue of $33.27 million, representing a year-over-year increase of 12.1%, with a notable acceleration from the previous quarter's growth of 3.6% [2]. - The company achieved a net profit of $410,000 under GAAP, marking its second consecutive quarter of profitability after returning to profit in Q4 2024 [2]. Cash Reserves - As of March 31, 2025, Agora, Inc. had cash and cash equivalents totaling $388 million, which supports its strategic investments in high-potential fields, particularly conversational AI [2]. Customer Base - As of March 31, 2025, Agora had 1,994 active customers, reflecting a year-over-year growth of 5.2% [4]. Product Innovation - Agora launched its conversational AI engine and development kit, enabling developers to create real-time voice interaction experiences with minimal coding requirements [6]. - The conversational AI engine can upgrade any text-based large model into a conversational multimodal model with just two lines of code and within 15 minutes, significantly lowering the development barrier [6]. User Experience - The conversational AI engine boasts a median voice interaction latency of just 650 ms, with an intelligent interruption feature that allows for natural conversation flow [8]. - It includes a "selective attention lock" feature that can filter out 95% of background noise, ensuring clear voice recognition [9]. Application Scenarios - The conversational AI capabilities are being applied across various sectors, including smart assistants, virtual companionship, language practice, and customer service [13]. - Specific use cases include educational tools that enhance real-time interaction for students and AI companions that provide emotional support [15][17]. Development Support - Agora has made its conversational AI development kit fully open-source, providing developers with comprehensive resources to integrate AI capabilities into their hardware [11]. - The development process is streamlined, allowing developers to create prototypes quickly and efficiently [11].

2023和2024连续两年的全球机器人控制器销量排名第一。 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， 上海仙工智能科技股份有限公司 （以下简称 " 仙工智能 "）于2025年5月27 日正式向港交所递交招股说明书，计划通过18 C 章程在港交所主板挂牌上市，中金公司担任独家保 荐人。 这意味着， 仙工智能 成为第 8家以 18C 赴港上市的 特专科技企业 。 成立于 2020年的 仙工智能 现已成为 全球最大的以控制系统为核心的智能机器人公司，基于 "机器 人大脑" 控制系统的技术与市场地位，整合全球供应链资源，为客户提供机器人开发、获得、使用的 一站式解决方案。 根据灼识 咨询的资料 ，仙工智能在 2023 和 2024连续两年的全球机器人控制器销量排名第一，并 以此为基础构建了全球首家规模化的智能机器人开放平台。 其中， 仙工智能 2024年机器人控制器 销量 的 市 占 率 为 23.6%。 这里不妨补充一点， 控制系统 、 即 "机器人大脑" 是 智能机器人的核心 。 仙工智能 的 控制系统 包括内置于机器人本体的控制器和运行于云端 ...

Core Viewpoint - RayNeo has launched several innovative products including the RayNeo X3 Pro AR glasses, RayNeo Air 3s series pocket TV, and AI shooting glasses RayNeo V3 Slim, showcasing advancements in AR technology and AI integration [2][9]. Product Features - The RayNeo X3 Pro AR glasses feature the world's smallest mass-produced full-color Micro-LED light engine and a 43-inch full-color 3D transparent display achieved through collaboration with Applied Materials [2]. - It incorporates the Falcon Imaging Plus system, achieving spatial positioning accuracy within 0.5%, enhancing spatial recognition capabilities [4]. - The glasses utilize the first-generation Snapdragon AR1 platform, significantly reducing power consumption while providing next-gen AI capabilities and multimedia processing [6]. - Weighing only 76g, the RayNeo X3 Pro is one of the lightest color AR glasses globally, made with aerospace-grade magnesium-aluminum alloy and titanium alloy for durability [6]. AI and Application Integration - The RayNeo X3 Pro includes a custom first-person multimodal large model, making it one of the first AR glasses to support visual Live AI interaction [6]. - An AR application virtual machine is introduced, allowing deep integration with Android and supporting over 30 mainstream apps like Douyin and Bilibili [7]. - Collaborations with Alibaba Cloud, Amap, and Ant Group aim to explore new applications of spatial computing technology in smart travel and urban living [9]. Market Performance - The RayNeo Air series has seen a significant year-on-year sales increase of 160%, maintaining a leading position in e-commerce sales [12]. - The RayNeo V3 has captured over 95% of the AI shooting glasses market, highlighting its strong performance in the niche [12]. - According to Runto, RayNeo holds a 50% market share in the online AR/AI shooting glasses market in China as of Q1 2025 [11]. - CINNO Research reports that RayNeo also leads the domestic consumer-grade AI/AR glasses market with a 45% market share in Q1 2025 [12]. Pricing and Availability - The RayNeo X3 Pro is priced starting at 8,999 yuan, with a subsidized price of 7,649 yuan, available for pre-sale on major platforms [11]. - The RayNeo Air 3s starts at 1,499 yuan, with a subsidized price of 1,274 yuan, and the V3 Slim starts at 1,799 yuan, with a subsidized price of 1,529 yuan [11].

Core Viewpoint - The launch of the new intelligent system HALI represents the extension of Teslian's AI capabilities from B2B to B2C markets [2] Group 1: AIoT Infrastructure - Teslian has completed the iterative upgrade of its core product, the green computing body, and released the optimized X-Stack computing cloud platform, Bit Model platform, and computing operation management platform at the Western China International Investment and Trade Fair [3] - The green computing body fully supports domestic chips such as Huawei Ascend, Kunlun, Cambricon, and others, responding to the call for domestic substitution [3] Group 2: AIoT Domain Models - The AIoT domain models serve as the analytical engine of Teslian's spatial intelligence system, utilizing a unique "multi-modal" and "model + system + application" commercialization strategy to create series of domain models and intelligent applications tailored to specific industry needs [3] Group 3: AIoT Intelligent Agents - The AIoT intelligent agent sector, represented by the HALI system, serves as the interactive interface of Teslian's spatial intelligence and is seen as one of the future interaction entrances [4] - Teslian's intelligent agent products, combined with cutting-edge models, can achieve more efficient task execution and smarter interaction experiences, providing innovative intelligent services to users [4]