1、 海外投资人如何看中国：人工智能的 "斯普特尼克时刻" 春节过后，国内由 DeepSeek引领人工智能、《哪吒2》引领消费，带来了一波重估中国资产的热 潮，并持续至今，经纬创投投资的宇树科技、群核科技等科技公司组成的"杭州六小龙"甚至被开发 了一条新兴旅游路线，宇树科技的人形机器人表演也令全球机器人界为之一震。 海外投资界也基本扭转了对中国资产的看法， A16Z的创始人马克·安德森将DeepSeek的发布，称 为"人工智能的斯普特尼克时刻"。"斯普特尼克时刻"是指1957年10月4日苏联抢先美国，成功发射 下一个 "中国"还是中国 斯普特尼克1号人造卫星，令西方世界陷入焦虑。这代表了中国在高附加值领域的优势和在供应链中 的主导地位，正在以前所未有的速度发展。 徐传陞于今年年初以《下一个"中国"还是中国》为题作了一次分享。 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， 近两年来在海内外机构多次交流的经验 ， 经纬创投创始管理合伙人徐传陞 于 今年 年初 以 《下一个 "中国"还是中国》 为题作了一次分享。 高盛的策略分析师在一份报告中写道： ...

Core Viewpoint - Horizon (9660.HK) has been included in the Hong Kong Stock Connect list, effective from the next trading day, marking recognition of its strength and long-term value in the capital market [2]. Group 1: Company Performance - Horizon delivered approximately 2.9 million sets of intelligent driving product solutions in 2024, representing a year-on-year growth of 38%, and has cumulatively delivered around 7.7 million sets, leading the domestic market [2]. - The revenue of Horizon increased by 53.6% year-on-year to 2.384 billion yuan in 2024, indicating strong growth in both production scale and commercial revenue [4]. Group 2: Market Position - By 2025, Horizon's cumulative shipment volume is expected to exceed 10 million sets, making it the first intelligent driving technology company in China to reach this milestone [3]. - Horizon's market share in the Chinese OEM Advanced Driver Assistance Systems (ADAS) market increased to over 40% in 2024, maintaining its leading position [3]. - In the domestic market for intelligent driving computing solutions for self-owned passenger vehicles, Horizon holds a market share of 33.97%, with one in three intelligent driving cars in China equipped with Horizon's solutions [4]. Group 3: Product Development and Partnerships - Horizon officially launched the L2 urban assisted driving system on April 18, featuring the domestically strongest intelligent driving computing solution, the Journey 6P, which employs an end-to-end technology architecture [4]. - The company has announced or deepened strategic partnerships with global automotive Tier 1 giants such as Continental, Bosch, and Denso [4].

Core Viewpoint - The proactive management of holdings by leading investors signals the scarcity of quality targets in the secondary market [2] Group 1: Shareholder Actions - Pre-IPO investors of Pony.ai will have their shares unlocked on May 26, with key shareholders, including Toyota and several international funds, indicating they are not in a hurry to sell [3] - Founders of Pony.ai have voluntarily extended their share lock-up period by 540 days, covering approximately 22.9% of the total issued shares, which reflects their confidence in the company's long-term value [5][6] - The combined holdings of shareholders who have expressed no plans to sell, including the founders, exceed 70% of the company's total equity, creating a significant confidence-boosting effect [5] Group 2: Investor Confidence - Early investor Wuyuan Capital reaffirmed its commitment to Pony.ai, citing confidence in the company's strategic capabilities and operational efficiency [7] - Kaiming Capital highlighted Pony.ai's unique advantages in converting policy opportunities into commercial value, with significant operational achievements in major cities [7] - Investors believe that the current phase is critical for autonomous driving companies transitioning from R&D to scale profitability, with Pony.ai's seventh-generation Robotaxi system showing a 70% cost reduction compared to previous generations [7] Group 3: Financial Performance - Pony.ai reported Q1 total revenue of 102 million yuan (approximately 13.98 million USD), a 12% year-on-year increase, with Robotaxi revenue growing over 200% [9] - The rapid expansion of commercial operations in major cities has led to an 800% increase in passenger fare revenue, with a 20% increase in registered users of the Pony.ai app [9] Group 4: Technological Advancements - Pony.ai launched its seventh-generation autonomous driving system, designed for L4 level production, featuring a significant cost reduction of 70% for production materials [12] - The seventh-generation system will also be utilized in Pony.ai's autonomous trucks, with plans to scale the Robotaxi fleet to 1,000 units by the end of the year [12] Group 5: Market Outlook - Following the Q1 earnings report, several leading international investment banks raised their target prices for Pony.ai, reflecting optimism about the company's future business prospects [12]

Core Viewpoint - Miniso Group reported strong financial results for Q1 2025, with multiple operational metrics exceeding expectations, indicating robust growth and strategic advancements in both domestic and international markets [2][6]. Financial Performance - Total revenue for Q1 2025 reached 4.43 billion yuan, representing a year-on-year increase of 19% [6]. - Gross margin stood at 44.2%, up 0.8 percentage points from the same period last year, marking the highest gross margin for a first quarter in the company's history [6]. - Adjusted EBITDA was 1.04 billion yuan, a 7.5% increase year-on-year, with an adjusted EBITDA margin of 23.4% [6][5]. - Adjusted net profit was 590 million yuan, with an adjusted net profit margin of 13.3% [6][5]. Domestic Revenue Growth - Revenue from mainland China reached 2.49 billion yuan, showing a year-on-year growth of 9% [7]. - The company is implementing a channel upgrade strategy focused on "opening good stores and large stores," achieving significant results with the average performance of new stores up 27% compared to the same period last year [7][9]. International Business Expansion - International revenue for Q1 2025 was 1.59 billion yuan, achieving a 30% year-on-year growth, with overseas revenue contributing an increasing share to total revenue [10]. - As of March 31, 2025, Miniso operated 3,213 overseas stores, maintaining a steady pace of market expansion [10]. - The North American market has seen strategic breakthroughs, with over 300 stores now in operation, focusing on 24 core states to enhance operational efficiency [11]. Brand and Product Strategy - Miniso is focusing on the MINISO LAND store format, which integrates IP elements to enhance brand image and drive sales growth [7]. - The company plans to continue leveraging high-quality IP resources for customized limited products to strengthen its brand positioning [7]. - The subsidiary TOP TOY reported a 59% year-on-year revenue increase to 340 million yuan, with a total of 280 stores [11]. Shareholder Returns - Year-to-date, Miniso has returned approximately 990 million yuan to shareholders, including 260 million yuan in share buybacks and over 100 million USD in cash dividends [11].

Core Viewpoint - Lenovo Group reported strong financial performance for the fiscal year ending March 31, 2025, with a revenue of 498.5 billion RMB, marking a 21.5% year-on-year increase, and a net profit of 10.4 billion RMB, up 36% [4]. Financial Performance - The overall revenue growth for the fourth quarter was 23%, with all main business segments achieving double-digit growth [4]. - The revenue structure is diversifying, with non-PC business accounting for 47% of total revenue, an increase of nearly 5 percentage points [4]. - The Intelligent Devices Group (IDG) saw strong revenue growth while improving operational profit margins [4]. - The Infrastructure Solutions Group (ISG) achieved a record revenue with a 63% year-on-year increase, successfully turning around losses in the second half of the fiscal year [4]. - The Solutions and Services Group (SSG) continued to grow with double-digit revenue growth and an operational profit margin exceeding 21% [4]. Global Performance - All global regions reported strong double-digit revenue growth, showcasing the company's resilience and vitality as a truly global enterprise [4]. - The CEO emphasized the commitment to maintaining market share and profitability despite future challenges [4]. Business Model and Strategy - Lenovo's confidence stems from a well-honed business model that combines local delivery resilience with an end-to-end integrated operational model, ensuring profit stability [5]. - The company has established a global operational system that covers product design, demand forecasting, procurement, manufacturing, sales, and service, creating an efficient closed loop [5]. - Lenovo's unique "ODM+" model has led to over 30 manufacturing bases across 11 global markets, enhancing supply chain capabilities [5]. - The company increased R&D investment by 13% year-on-year, with R&D personnel making up 27.8% of the workforce, up 1.6 percentage points [5]. Innovation and Future Outlook - Lenovo launched its first AI PC personal intelligent agent in 2024 and introduced the concept of "super intelligent agents," marking significant progress in AI development [5]. - The CEO expressed pride in the company's strong performance amid external challenges and reaffirmed control over its strategic direction [6].

Group 1 - The core strategy of the company is "influencer economy + brand empowerment" [2] - The controlling shareholder of Zhang Xiaoqin Group has completed a judicial auction of 28,756,291 shares, with the winning bidder being Shanghai Tuyu Chengxiang Brand Management Partnership [2] - Wang Aoyan, the actual controller of Shanghai Tuyu Chengxiang, founded the company in 2017 and has extensive experience in traffic and internet operations [2] Group 2 - The company previously invested over 400 million in the asset restructuring of Hunan "Bubugao Supermarket" in July 2024 [3]

Core Viewpoint - Atour Group (NASDAQ: ATAT) is expected to achieve a revenue growth of 25%-30% year-on-year in 2025, driven by strong performance in both its hotel and retail businesses [2][13]. Financial Performance - In Q1 2025, Atour Group reported a revenue of 1.906 billion RMB, representing a year-on-year increase of 29.8% [5]. - The adjusted net profit for the same period was 345 million RMB, up 32.3% year-on-year [5]. - Adjusted EBITDA reached 474 million RMB, reflecting a growth of 33.8% compared to the previous year [5]. Operational Highlights - During Q1, Atour opened 121 new hotels, marking a 24.7% increase year-on-year, bringing the total number of hotels to 1,727 with 194,559 rooms [7]. - The company has a pipeline of 755 projects, progressing towards its strategic goal of "Chinese Experience, 2,000 Great Hotels" [7]. - Key operational metrics included an average revenue per available room (RevPAR) of 304 RMB, a daily average room rate (ADR) of 418 RMB, and an occupancy rate (OCC) of 70.2% [7]. Product Development - Atour accelerated its product matrix optimization by launching the "Atour 3.6" and "Light Stay 3.3" products, enhancing the accommodation experience [8]. - The "Atour 3.6" product aims to set a new benchmark for mid-to-high-end business travel with a design philosophy of "coexistence with nature" [8]. - The "Light Stay 3.3" product is positioned as a key driver for achieving the brand's goal of 1,000 stores [8]. Retail Business Growth - Atour's retail business generated a GMV of 845 million RMB in Q1, a significant year-on-year increase of 70.9%, with over 90% of sales coming from online channels [10]. - The launch of the Atour Planet Deep Sleep Temperature Control Mattress Pro 2.0 achieved sales leadership on platforms like Tmall and Douyin within its first month [11]. - As of March 31, 2025, Atour's registered membership exceeded 96 million, a growth of 35.4% year-on-year [11]. Future Outlook - The company has raised its full-year revenue guidance based on strong retail performance and stable growth expectations [13]. - Atour plans to distribute approximately $58 million in dividends in 2025 and has announced a share repurchase plan totaling up to $400 million over three years [13].

Core Viewpoint - Mirxes Holding Company Limited, known as "Mirxes," is the first and only company globally to receive regulatory approval for molecular gastric cancer screening IVD products, marking a significant milestone in the field of early cancer detection [2][3]. Company Overview - Mirxes was officially listed on the Hong Kong Stock Exchange on May 23, 2025, under the stock code "2629," raising approximately HKD 1.086 billion through the issuance of 46,620,000 shares at an issue price of HKD 23.30 per share [2]. - The IPO saw a subscription rate of 25.51 times for the public offering portion, with cornerstone investors including Jiujiang State-owned Assets and Fosun International, collectively subscribing for USD 57.92 million (approximately HKD 449 million) [2]. Product Portfolio - The core product, GASTROClear™, is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening, consisting of a blood-based miRNA detection kit with 12 miRNA biomarkers [5]. - GASTROClear™ received its C-class IVD certificate from HSA in May 2019 and was commercialized in Singapore, having also obtained CE-IVD certification in November 2017 [5]. - The product has been recognized as a breakthrough medical device by the FDA in May 2023, establishing Mirxes as a leader in the miRNA diagnostic field [5]. Market Expansion Goals - Over 50% of the net proceeds from the IPO will be allocated to the research, regulatory filing, production, and commercialization of GASTROClear™, with a strategic focus on entering the Japanese and U.S. markets [6]. - The strategy includes providing LDT services to private health check centers and public hospitals to build brand recognition and demand before gradually selling IVD test kits [6]. Research and Development Capabilities - Mirxes has established a global end-to-end capability across research, clinical trials, production, and commercialization, with operational facilities in Southeast Asia, China, Japan, and the U.S. [9]. - The company operates two R&D laboratories, a clinical diagnostic laboratory, and two production facilities, ensuring efficient product delivery to customers worldwide [9]. - The R&D team consists of 94 members, with over 54% holding a master's degree or higher, demonstrating strong academic and research credentials in the miRNA detection field [10]. Investment and Support - Mirxes has received investments from notable institutions, including Gao Rong Capital, which has supported the company for seven years, witnessing its transition from laboratory to industrialization and globalization [11][12]. - The company aims to leverage its technological advancements in miRNA for further product development in cancer screening and diagnostics [13].

Core Viewpoint - The article discusses the approval of the KRAS G12C inhibitor, Goratirsen (brand name "Airikai"), by the National Medical Products Administration for the treatment of adult patients with advanced non-small cell lung cancer (NSCLC) harboring the KRAS G12C mutation who have received at least one systemic therapy [2][3]. Group 1: Product Approval and Financial Implications - The approval of Goratirsen triggers a milestone payment of 50 million yuan to the developer, Gako Pharmaceutical, from its partner, Ailis [3]. - Lung cancer is the most prevalent and deadly malignancy globally, with non-small cell lung cancer accounting for approximately 85% of all lung cancer cases [3]. Group 2: Clinical Study Results - The approval is based on a pivotal Phase II single-arm study assessing the safety, tolerability, and efficacy of Goratirsen in patients with advanced NSCLC who have failed or are intolerant to standard treatments [3][4]. - The study included 119 NSCLC patients, with an independent review showing a confirmed objective response rate (cORR) of 49.6% (range: 40.2%-59.0%) and a disease control rate (DCR) of 86.3% (range: 78.7%-92.0%) [4]. - The median duration of response (DOR) was 14.5 months (range: 9.6-NE), median progression-free survival (PFS) was 8.2 months (range: 5.2-11.1), and median overall survival (OS) was 17.5 months (range: 13.6-NE) [4]. Group 3: Product Features and Future Developments - Goratirsen is the only KRAS G12C inhibitor approved in China that allows for once-daily oral administration, enhancing patient convenience [4]. - Ailis plans to commercialize Goratirsen and is conducting clinical studies for its use in combination with SHP2 inhibitors for first-line treatment of NSCLC, as well as for monotherapy in multiple tumor types [4].

Core Viewpoint - The article discusses the transition of AEB (Automatic Emergency Braking) systems in China from voluntary installation to mandatory standardization, which is expected to significantly boost the intelligent driving industry, particularly benefiting the laser radar sector as a key component in perception systems [1]. Group 1: Policy Impact - The release of the draft technical requirements for AEB systems by the National Standardization Administration indicates a new era of mandatory installation in China [1]. - This policy is anticipated to drive growth in the intelligent driving supply chain, particularly for perception, decision-making, and control players [1]. Group 2: Laser Radar Advantages - Vehicles equipped with laser radar can avoid 25% of collision accidents and improve the ability to mitigate accident impacts by 29% according to a study by Swiss Re [1]. - NIO has reported that its active safety iterations have reduced average accident losses for owners by 25.2% [2]. - Laser radar offers unique advantages over pure visual solutions, such as unaffected performance in various lighting conditions and high precision in distance measurement and speed calculation [3]. Group 3: Market Dynamics - The current mainstream AEB solutions are based on visual and millimeter-wave radar technologies, with costs ranging from hundreds to thousands of yuan depending on sensor configurations [4]. - The penetration of laser radar in the market is contingent upon reducing costs, which could accelerate its adoption and promote "safety equity" [4]. - The new AEB standard may also enhance the penetration of other advanced driver-assistance systems (ADAS) features, benefiting laser radar technology [4].