Core Viewpoint - Luoketech aims to strengthen its position in the smart lock market, focusing on AI-enabled home security solutions and expanding its product offerings to enhance user experience and functionality [5][6]. Company Overview - Established in 2014, Luoketech specializes in smart locks and comprehensive security solutions for homes and communities [3]. - The company launched its first integrated smart lock and management system in 2015, leading the trend of smart management in Chinese apartments [3]. Product Development - In 2021, Luoketech introduced the first mass-produced vein recognition smart lock, followed by the launch of the first mass-produced palm vein smart lock in 2023, enhancing security features beyond traditional fingerprint and facial recognition [4]. - The company unveiled the world's first AI smart lock with long-distance wireless optical charging at CES this year [5]. Market Position - In 2024, Luoketech's global smart lock shipment is projected to reach 1.3 million units, ranking fourth globally with a market share of 2.6%. In mainland China, it ranks third with a shipment of 1.2 million units and a market share of 5.8% [5]. - Luoketech leads the industry in palm vein smart lock shipments with a market share of 10.5% [5]. Financial Performance - Revenue for Luoketech was 1.015 billion yuan in 2023 and is expected to reach 1.086 billion yuan in 2024. In the first three quarters of 2025, revenue increased by 11.5% to 774 million yuan compared to the same period in 2024 [7]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 31.1%, 35.2%, and 31.2%, respectively, while net profit margins were 1.4%, 4.9%, and 4.1% [8]. Investment and Valuation - Luoketech has attracted investments from notable firms including Baidu and Xiaomi, achieving a valuation of 3.5 billion yuan after a 200 million yuan investment from Zhongguancun Science City in December 2025 [9]. - Baidu holds an 18.43% stake in Luoketech, making it the largest external investor [10]. Future Outlook - The global home security management solutions market is expected to grow at a CAGR of 11.4%, reaching $66 billion by 2029, with smart locks being a critical component of this growth [6]. - Luoketech plans to use IPO proceeds to enhance its AI-enabled home security technology ecosystem, expand its brand marketing, and repay existing debts [10].

GEO的本质不是作弊，而是为了不被AI误解。 2 、 营销图谱：基于意图的语义对齐 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， 专注于答案引擎优化（ AEO ）的 AI Agent 平台 PallasAI 日前 完成数千万 人民币融资，由香港上市公司有赞（ 8083.HK ）独家投资。 值得一提的是， 这是 PallasAI 三个 月内获得的第二笔投资 。 PallasAI 成立于 2025 年 5 月 ， 团队核心成员均来自阿里、蓝标及知名独角兽创业公司，兼具顶 尖学术视野与亿级流量产品的工程落地能力。 其中， 创始人 & CEO Ethan 毕业于厦门大学软件工程专业 ， 拥有阿里、蚂蚁集团 10 年深厚积 淀，曾主导阿里核心营销平台 " 达摩盘 " 首版 Lookalike 算法的产品化落地，并凭借创新的双线性 模型荣获 " 阿里十大算法 " 桂冠。作为前 Ling 大模型首席架构师， Ethan 拥有从 0 到 1 构建超大 规模语言模型的全栈实战经验 ； 联合创始人 & CTO 刘致宁 是 电子科技大学博士， IBM 访问学 者 ...

Core Viewpoint - The strategic collaboration between Pony.ai and Moore Threads represents a significant demonstration of collaborative innovation in China's artificial intelligence industry, focusing on the application and optimization of L4 autonomous driving technology [2][3]. Group 1: Strategic Collaboration - Pony.ai and Moore Threads will focus on the implementation and scaling of L4 autonomous driving technology, leveraging Pony.ai's core technology, including world models and virtual driver systems [2]. - This partnership marks the first large-scale application of domestic AI computing power in critical training and simulation processes for autonomous driving [2]. - The collaboration aims to create a comprehensive ecosystem for autonomous driving capabilities, enhancing the synergy across algorithms, data, computing power, and applications [2]. Group 2: Technological Advancements - Pony.ai's world model, based on reinforcement learning, generates over 10 billion kilometers of testing data weekly, allowing the virtual driver to evolve through repeated training [3]. - The collaboration will utilize Moore Threads' MTT S5000 training and inference integrated computing card and the Kuangya computing cluster to support the training and validation of Pony.ai's models [2][4]. - Moore Threads has rapidly iterated four generations of GPU architecture, achieving international advanced levels in training large models with hundreds of billions to trillions of parameters [4]. Group 3: Market Position and Goals - Pony.ai has become the first company in China to operate fully autonomous Robotaxi services in four major cities, with a fleet size of 1,159 vehicles as of December 31 last year, exceeding its annual target [4]. - The seventh-generation Robotaxi system has achieved a positive unit economic model in Guangzhou, indicating significant progress in commercial viability [4]. - The goal is to scale the Robotaxi fleet to over 3,000 vehicles by the end of 2026, with the collaboration expected to enhance training efficiency and overall system performance [4].

天图投资的第三只健康医疗基金正在募集中。 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，卓正医疗控股有限公司（以下简称"卓正医疗"）于2026年2月6日以"2677"为 股票代码在港交所主板挂牌上市。 作为覆盖中国城市数量最多的私立中高端综合医疗服务机构集团，卓正医疗自成立以来已获得天图投 资、经纬创投、富德生命人寿、前海母基金、中金资本、水木基金、H Capital、浅石创投、华林证 券等知名机构的投资。 其中， 天图投资于2017年领投了卓正医疗的C轮融资，并全程陪伴其发展。IPO前，天图投资是卓 正医疗主要机构投资方，天图投资合伙人魏国兴担任卓正医疗非执行董事。 事实上，天图投资持续关注医疗健康领域投资机遇，较早敏锐捕捉到居民生活水平稳步提升将推动医 疗服务高品质需求这一趋势，研判中高端私立医疗服务赛道厚雪长坡具备长期投资价值，曾先后成功 投资了慈铭体检、凤凰医疗、伊美尔等医疗健康服务机构。 在这一背景下， 魏国兴在卓正医疗成立一年后注意到了这只"有理想又认真做事"的团队，并很快通 过微博私信主动联系到了创始团队，卓正回归医疗本源的理念和坚 ...

今天，人工智能技术、生物医药技术快速发展，健康服务行业正迎来史无前例的变革。卓正有幸亲历这个伟大变革的时代。我们将竭诚努力，为用户创造 健康价值，为股东带来良好回报。" 将Costco模式移植到健康消费行业 口碑推荐与客户认可度持续驱动高增长 人工智能技术、生物医药技术快速发展，健康服务行业正迎来史无前例的变革。 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，卓正医疗控股有限公司（以下简称"卓正医疗"）于2026年2月6日以"2677"为股票代码在港交所主板挂牌上市。 卓正医疗在本次IPO中总计发行4,750,000股股份，募资总额为2.84亿港元。其中，香港公开发售获2730.73倍认购，国际发售获5.79倍认购。同时， 卓正医疗在本次IPO发 行中还引入了一个颇 为多元化的基石投资阵容 ——小鹏汽车董事长兼CEO何小鹏认购100万美元，明略科技认购200万美元，国 内第三方检验的龙头金域医学认购300万美元，微盟集团、库洛游戏、手回集团共同组建的Health Vision认购4400万港元。 某种程度上而言，明略、微盟、库洛、手回等一众具备鲜 ...

Core Viewpoint - The article discusses the launch of MiniCPM-o 4.5, a groundbreaking full-duplex multimodal model by Mianbi Intelligent, which redefines human-computer interaction and enhances AI capabilities in various applications [2][4]. Group 1: Model Capabilities - MiniCPM-o 4.5 features 9 billion parameters and offers advanced multimodal capabilities, including visual understanding, document parsing, speech comprehension, and generation, achieving state-of-the-art (SOTA) performance [3][4]. - The model allows for continuous perception through "seeing, listening, and actively speaking," enabling real-time adjustments in dialogue strategies based on environmental changes, thus facilitating immediate and natural interactions [2][4]. Group 2: Hardware Development - Mianbi Intelligent announced its first AI hardware, Pinea Pi, an AI-native smart development board set to launch mid-year, aimed at enabling developers to create intelligent hardware solutions without technical backgrounds [6][14]. - The hardware is designed to support various applications, including offline multimodal personal assistants and embodied intelligence, promoting a comprehensive development ecosystem for AI applications [6][14]. Group 3: Strategic Insights - The company emphasizes the importance of developing high-density foundational models to enable a wide range of applications across different sectors, including automotive, mobile, and robotics [7][9]. - Mianbi Intelligent aims to build a comprehensive advantage by continuously improving model capabilities while also focusing on commercial and ecological aspects to enhance its market position [9][12]. Group 4: Market Positioning - The AI industry is viewed as a significant opportunity, with Mianbi Intelligent recognizing the potential for multiple companies to thrive in a diverse and fragmented market, rather than competing for a single dominant position [10][11]. - The company believes that the entry of more players into the market will expand the overall industry, validating its initial strategies and investments in multimodal models [12][15].

从区域、行业、客户三大维度全面发力，推动订单实现快速增长 。 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(2590.HK)于2月5日在港交所发布公告称，2025年全年录得订单41.37 亿元人民币，较上年同期增长约31.7%。 公告指出，极智嘉在既有成熟市场保持稳定增长的同时，成功进军并于拉丁美洲及东欧等新兴区域市 场建立立足之地，持续拓展新客户并获取新订单；在食品饮料等细分领域取得重大突破，并凭借电 商、快消品及第三方物流等核心产业优势持续深耕；深化与关键客户的战略合作，实现持续性重复采 购。 以此来看，极智嘉 从区域拓 展、行业深耕 、客户发展三大维度持续发力，推动2025年实现订单快 速增长。 具体拆解来看： 站在区域的维度来看，极智嘉2025年全年在拉 丁美洲中标额超6亿元人民币、东欧总订单额则近5 亿元人民币 ，双双创下历史新高。 这里不妨补充一点，东欧地区的电商与物流行业正高速发展，极智嘉已凭借多个标杆项目在当地积累 了足够的品牌口碑与市场影响力，为其欧洲业务的进一步快速增长打下坚实基础。据悉，极智嘉已在 波兰建立东欧办公室 ...

完成从"单点技术"向"城市通用智能"战略跃迁。 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，城市通用 AI 机器人服务提供商酷哇科技（Coowa）于2月5日正式发布 Coowa WAM 2.0 (World-Action Model) 通用世界模型底座。 这意味着，酷哇科技已构建起"技术底座+商业规模"的双轮驱动体系，正式开启万台级"城市新基 建"的规模化部署。 值得一提的是， 酷哇科 技同步披露公司 已率先实现年度 EBITDA（息税折旧摊销前利润）回正。 当然，这一爆发式增长，本质上是市场红利与酷哇极致交付能力的双向奔赴： 一方面，2025年智慧环卫需求突破74亿元/年，相较2023年提升了约4倍，千万元以上智慧环卫项 目中规模化使用比例在2025年达到30%，这表明市场对城市智能机器人的需求已正式从"试点尝 鲜"转为"刚需认可"。另一方面， 在单项目投入10台以上的规模化订单中， 酷哇市场占有率约 80%，交付能力居市场最高水平；同时，2025年酷哇客单价较2022年增幅达106%， 单客户年均 付费金额的大幅提升，充分印证了客户对酷哇长 ...

Core Viewpoint - Hesai Technology (NASDAQ: HSAI; HKEX: 2525) has announced a strategic partnership with Grab (NASDAQ: GRAB) to enhance the supply and application of LiDAR technology in Southeast Asia, aiming to meet the growing demand for AI-driven automation across various industries [2][3]. Group 1: Partnership Details - Grab will serve as the exclusive distributor of Hesai's LiDAR products in Southeast Asia, responsible for sales, customer support, and marketing [2]. - This collaboration aims to leverage Grab's extensive resources and established sales network to improve the accessibility and efficiency of high-quality LiDAR sensors for Southeast Asian customers [2][3]. Group 2: Market Demand and Applications - Deloitte Southeast Asia predicts an unprecedented surge in demand for AI-driven automation in sectors such as manufacturing, transportation, and logistics, leading to a transition from early validation to large-scale commercial deployment of LiDAR technology [2]. - The partnership is expected to facilitate the integration of advanced LiDAR technology into various applications, including robotics and autonomous driving systems, thereby enhancing operational capabilities in complex urban environments [3][5]. Group 3: Production Capacity and Future Plans - To meet the increasing demand for LiDAR, Hesai plans to double its annual production capacity from 2 million units in 2025 to 4 million units by 2026 [7]. - The construction of Hesai's new factory, "Galileo," in Bangkok, Thailand, is progressing steadily and is expected to commence production in early 2027, further supporting future business growth [7]. Group 4: Leadership Insights - Grab's CEO, Anthony Tan, emphasized that this partnership will not only enhance Grab's capabilities in autonomous driving and high-precision mapping but also enable robots to perceive their surroundings effectively [5]. - Hesai's CEO, Li Yifan, highlighted the strong demand for robotics in manufacturing, logistics, and service sectors in Southeast Asia, indicating that the partnership will accelerate the deployment of LiDAR technology in these applications [5][8].

Core Insights - The article discusses the recent A+ round financing of Shengshu Technology, which raised over 600 million RMB, led by Zhongguancun Science City and Xinglian Capital, with strategic investments from several listed companies [2] - Shengshu Technology's multimodal model, Vidu, ranked first in China and second globally in the latest Artificial Analysis benchmark, surpassing competitors like Runway Gen-4.5 and Google Veo3.1 [2][3] - Vidu is set to launch globally in July 2024, introducing a unique "reference生视频" feature that addresses the challenge of multi-entity consistency in commercial video production [3][4] Financing and Investment - Shengshu Technology completed an A+ round financing of over 600 million RMB, with participation from existing investors including Qiming Venture Partners and Beijing AI Industry Investment Fund [2] - The financing round indicates strong confidence from both new and existing investors in Shengshu Technology's growth potential [2] Product and Technology - Vidu has established an application matrix including Vidu MaaS, Vidu SaaS, and Vidu Agent, catering to various industries such as advertising, animation, education, and gaming [4] - Vidu boasts the fastest content generation speed globally, generating videos 10 times faster than OpenAI's Sora2 and twice as fast as Google Veo 3 Fast [3] - The company plans to open-source the TurboDiffusion framework in December 2025, significantly enhancing video generation efficiency [3] Market Position and Growth - Vidu has become a preferred model for commercial content creation among global creators and enterprises, with expectations of over 10 times growth in users and revenue by 2025 [4]