由北京智源研究院孵化。 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， 星源智机器人 日前 完成两亿元人民币天使轮融资，投资方来自中科创星、高 瓴、元禾原点、元生创投等知名机构和智元机器人、芯联资本、国汽投资、中力实桥等产业投资方。 本次 融资后，星源智机器人将加速具身大脑的研发及商业化场景落地，巩固公司在具身智能领域的 领先地位。 北京星源智机器人科技有限公司成立于 2025年8月1日，由北京智源研究院孵化，致力于实现多模 态空间智能，构建物理世界的通用具身大脑。 星源智团队汇聚了具身领域的顶尖人才 —— CEO刘东曾任京东智能驾驶总经理，主导了京东智能驾 驶产品全栈研发与商业化闭环；联合创始人穆亚东博士为北京大学研究员、智源学者，近年来在多模 态大模型、具身大模型和机器人方向的研究处于世界前沿水平。复合型创始团队为星源智打造了"技 术壁垒+商业变现"闭环生态。 星源智打造了一个跨本体的高泛化性通用大脑，开发出连接 AI与物理世界的"物理AI"模型。让机器 人不仅仅能够"理解"世界，而且能够基于"世界理解"做出规划和决策。对比国外具身大脑公司 ...

多项能力对标 Nano Banana。 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 Google发布Nano Banana仅10天后，生数科技旗下视频大模型Vidu于9月 9日正式推出Vidu Q1参考生图功能，以支持7张参考图输入打破国内生成上限，并在一致性、还原 度等关键指标上全面超越Flux.1 Kontext，正面对标Nano Banana。 这意味着，一直由国际巨头主导的 AI生图赛道，首次出现了具备差异化竞争力、甚至局部实现超越 的中国创业公司。Vidu Q1参考生图的发布，不仅是一次技术迭代，更是一场围绕AI生图领域的国产 逆袭。 具体来讲， Vidu Q1参考生图以"参考够多，还原够真"为核心，主要包括五大亮点：1 、 参考数量 行业领先 ： 同时支持 7张参考图输入，可控性强 ； 2 、 主体一致性更强 ： 在多人、多场景、多 次生成下，依旧保证人物 /主体的面貌与特征不跑偏。3 、 高还原度，真实感更强 ： 在保持参考 图特征的同时，还原度高，更贴近用户原始输入，真正做到 "所见即所得"。 4、 创作自由度极高 ： ...

在事实性、指令遵循、智能体等能力上均有显著提升。 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，百度首席技术官、深度学习技术及应用国家工程研究中心主任王海峰于9月9日在 WAVE SUMMIT深度学习开发者大会上正式发布了文心大模型X1.1深度思考模型。同时，百度还公 布了文心和飞桨的一系列技术、产品、生态最新成果。 文心X1.1深度思考模型上线 多个基准测试达到SOTA 据王海峰现场介绍，文心大模型X1是基于文心大模型4.5训练而来的深度思考模型，升级后的X1.1 主要采用了迭代式混合强化学习训练框架，一方面通过混合强化学习，同时提升通用任务和智能体任 务的效果；另一方面通过自蒸馏数据的迭代式生产及训练，不断提升模型整体效果。相比文心X1， X1.1的事实性提升34.8%，指令遵循提升12.5%，智能体提升9.6%。 轻量化模型推理能力再升级 此外，百度正式开源最新的思考模型ERNIE-4.5-21B-A3B-Thinking。 据介绍，ERNIE-4.5-21B-A3B-Thinking采用了混合专家（MoE） 架构，总参数规模达210亿， ...

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 8月底，追觅科技正式官宣造车，首款超豪华纯电产品对标布加迪威龙。 据 IPO早知道消息， 追觅汽车正在德国柏林选址建厂，信息显示，追觅汽车德国工厂选址在特斯拉 德国柏林超级工厂附近。建成后，追觅汽车将成为首个在德国建厂的中国汽车品牌。 此外，追觅汽车还将与法国巴黎银行进行合作，为追觅汽车进军全球市场做准备。 8月底， 追觅科技正式官宣造车，首款超豪华纯电产品对标布加迪威龙，计划在 2027年亮相。追觅 超级马达加持下，首款超豪华纯电产品将为用户带来最极致的动力体验。 追觅表示将持续长期投入汽车领域，目前该项目已组建了近千人的造车团队， 涵盖研发、制造与质量控制等跨行业人才，既包括原智能硬件业务的核心研发人员，也引入了来自传 统整车制造领域的资深专家，形成 "智能+制造"双基因驱动的组织架构。 当然，追觅的全球化渠道也将成为其汽车业务出海的显著优势。目前追觅业务已覆盖全球 100多个 国家和地区，拥有超过6000家线下门店，服务家庭超3000万，会员数量突破1100万。这一成熟的 全球营销网络，为追觅汽车的国际化推广提供了 ...

Core Insights - The article highlights the strong performance of Chasing Technology, which has exceeded its expected revenue for the entire year in just the first half of the year, with 2 billion yuan in intended orders for its home appliance segment since its entry into the market [2][3]. Group 1: Market Entry and Strategy - Chasing Technology views the air conditioning market as a significant opportunity, entering not merely as a competitor but as a challenger focused on unmet user needs [5][7]. - The company aims to address specific user demands in the air conditioning sector, such as uneven airflow and limited coverage, with innovative products like the X-Wind air conditioner [7][8]. - The high-end air conditioning market in China remains underdeveloped, and Chasing Technology positions itself as a "supplement" and "disruptor" in this space, emphasizing technological innovation over price competition [8]. Group 2: Distribution and Brand Positioning - Chasing Technology's distribution strategy involves leveraging both traditional and emerging channels, ensuring a comprehensive brand presence [10]. - The company believes that its unique products will attract distributors who recognize their competitive edge, thus facilitating a shift from traditional brands to Chasing Technology [10][11]. - The brand's focus on user-centric innovation and differentiation is seen as a key factor in its potential success, with a willingness to embrace imitation as a means to drive industry trends [11]. Group 3: Global Strategy and Product Differentiation - Chasing Technology's refrigerator division emphasizes a "seeking common ground while preserving differences" strategy, catering to diverse regional demands while identifying common needs [13][14]. - The company recognizes the varying requirements for refrigerators across different markets, such as size preferences in Russian-speaking regions versus design integration in domestic markets [14]. - The washing machine division has achieved a full price range coverage from 2,000 yuan to 20,000 yuan, targeting different consumer segments with innovative designs and technologies [19][20]. Group 4: Technological Innovation and Competitive Edge - Chasing Technology has developed over a hundred patents in core technology areas, establishing a significant technological barrier in the high-end market [20]. - The company's dual focus on self-research and smart manufacturing is seen as a driving force behind its competitive differentiation [20]. - The combination of a full price range and differentiated technology allows Chasing Technology to appeal to various consumer demographics, enhancing its market presence both domestically and internationally [20].

Core Viewpoint - Hesai Group is set to become the first global lidar company to achieve annual net profit (non-GAAP) and is launching its IPO in Hong Kong, aiming for a dual listing with a market capitalization of up to HKD 34.35 billion [2][4]. Group 1: IPO Details - Hesai plans to issue 17,000,000 shares, with 1,700,000 shares available for public offering in Hong Kong and 15,300,000 shares for international sale, at a maximum price of HKD 228 per share [2]. - The net proceeds from the IPO are expected to be HKD 3.706 billion [2]. - Six cornerstone investors have committed a total of USD 148 million (approximately HKD 1.154 billion) in the offering [2]. Group 2: Financial Performance - In Q2, Hesai delivered a total of 352,095 lidar units, representing a year-on-year growth of 306.9%, with ADAS product deliveries at 303,564 units (up 275.8%) and robotics product deliveries at 48,531 units (up 743.6%) [3]. - For the first half of the year, total lidar deliveries reached 547,913 units, a year-on-year increase of 276.2%, surpassing the total expected for 2024 [3]. - The company reported Q2 revenue of RMB 710 million, a year-on-year increase of over 50%, and net profit exceeding RMB 40 million, achieving profitability ahead of GAAP targets [4]. Group 3: Market Position and Partnerships - "Hesai Inside" has become a recognized standard for advanced driver assistance systems (ADAS) in China, with recent contracts secured for 20 models from nine leading automotive manufacturers, set for delivery between 2025 and 2026 [3]. - Hesai has established a platform-level collaboration with one of the top two clients in the ADAS sector, further solidifying its position in the market [3]. - The company is also advancing in the global ADAS market, with production plans for 2026 in collaboration with a major European automaker and a new contract with Toyota's joint venture brand [3]. Group 4: Industry Leadership - In the robotics sector, Hesai's lidar shipments are projected to be the highest in China by the first half of 2025, with the JT series lidar surpassing 100,000 units delivered, setting an industry record for rapid mass production [4]. - Hesai is the first lidar company to achieve positive operating cash flow in both 2023 and 2024, marking a significant milestone in the industry [4].

Core Viewpoint - The article highlights the significant progress of Cao Cao Mobility, which has been included in the Hong Kong Stock Connect list, marking a key milestone in its capital market journey since its IPO on June 25, 2023 [3] Group 1: Company Overview - Cao Cao Mobility is the largest technology-based ride-hailing company listed in the Hong Kong market, and it is a leading shared mobility platform incubated by Geely Holding Group [3] - The company aims to become a global leader in technology-driven mobility services, with plans to commercialize Robotaxi operations [3] Group 2: Financial Performance - In the first half of 2025, Cao Cao Mobility achieved a revenue of 9.456 billion yuan, representing a year-on-year growth of 53.5% [4] - The company has over 37,000 self-operated customized vehicles, leading the industry in this segment [4] Group 3: Market Position and Future Prospects - The inclusion in the Stock Connect is expected to broaden the investor base and enhance stock liquidity, reflecting strong market recognition of its business model and growth prospects [3] - Analysts from multiple brokerage firms have issued positive ratings for Cao Cao Mobility, with target prices reaching up to 103.17 HKD, indicating a potential revaluation of the company's worth in the market [4]

Core Viewpoint - Chery Automobile Co., Ltd. is expected to list on the Hong Kong Stock Exchange in mid to late September, aiming to raise up to $2 billion [5]. Group 1: Company Overview - Founded in 1997, Chery has become the second-largest independent passenger car brand in China and the eleventh-largest globally, based on projected global passenger car sales for 2024 [6]. - Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in sales for both new energy vehicles and fuel vehicles, as well as in the Chinese and overseas markets from 2023 to 2024 [7]. Group 2: Sales and Market Position - In 2024, Chery is projected to sell over 2.295 million vehicles globally, with an average monthly sales of over 10,000 units for eight models [8]. - Chery has exported passenger cars to over 100 countries and regions since 2001, with cumulative global sales exceeding 13 million vehicles. It has ranked first in passenger car export volume among Chinese independent brands for 22 consecutive years since 2003 [8]. Group 3: Financial Performance - Chery's revenue for 2022, 2023, and 2024 is projected to be 92.618 billion, 163.205 billion, and 269.897 billion yuan, respectively. In Q1 of this year, revenue grew by 24.25% year-on-year to 68.223 billion yuan [9]. - The net profit for Chery in 2022, 2023, and 2024 is expected to be 5.806 billion, 10.444 billion, and 14.334 billion yuan, respectively. In Q1 of this year, net profit increased by 90.87% year-on-year to 4.726 billion yuan [10]. Group 4: IPO Fund Utilization - The net proceeds from the IPO will primarily be used for research and development of various models and versions of passenger cars, enhancing core technological capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and for general corporate purposes [10].

Group 1: Company Overview - Banjie Electronics, founded in 2015, focuses on the research, design, and sales of high-performance automotive-grade chips and has submitted its IPO application to the Hong Kong Stock Exchange [3][4] - Banjie Electronics has become the largest automotive wireless sensor chip company in China and the third largest globally, breaking the dominance of foreign manufacturers in the domestic market [3][4] - The company has achieved a cumulative shipment of 160 million automotive sensor chips, covering 100% of the top 10 automotive OEM brands in China as of June 30, 2025 [4] Group 2: Financial Performance - Banjie Electronics reported revenues of 100 million yuan, 220 million yuan, and 350 million yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 83% [4] - Yipin Nutrition Technology, established in 1956, specializes in goat milk powder and special medical formula foods, and has also submitted its IPO application to the Hong Kong Stock Exchange [6][7] - Yipin's revenue for 2022, 2023, and 2024 was 1.402 billion yuan, 1.614 billion yuan, and 1.762 billion yuan, respectively, with a revenue of 806 million yuan in the first half of 2025 [7] Group 3: Market Position - Yipin holds a 14.0% market share in the Chinese goat milk powder market, ranking second, and a 17.6% market share in the infant goat milk powder market, also ranking second [6][7] - Dingxiangyuan, a digital healthcare technology company, is preparing for an IPO in Hong Kong, marking a significant milestone after 25 years of operation [10][12] - Dingxiangyuan has served over 100 million users and has more than 9 million professional users, including over 4.05 million doctors, covering over 90% of doctors in China [10] Group 4: Recent Developments - Moer Thread updated its IPO prospectus for the Sci-Tech Innovation Board, reporting a revenue of 702 million yuan in the first half of 2025, surpassing the total revenue from 2022 to 2024 [14][15] - The company has achieved a compound annual growth rate of over 200% from 2022 to 2024, with cumulative revenue of approximately 608 million yuan during that period [14][15] - Moer Thread's net losses have narrowed significantly, with losses of 1.839 billion yuan, 1.673 billion yuan, and 1.491 billion yuan from 2022 to 2024, and a further reduction to 270 million yuan in the first half of 2025 [15]

Core Viewpoint - The article discusses the rapid growth and market potential of Moores Threads, the only domestic company in China that has achieved mass production of fully functional GPUs, highlighting its impressive revenue growth and product development strategy [3][4][5]. Group 1: Revenue Growth and Financial Performance - In the first half of 2025, Moores Threads achieved a revenue of 7.02 billion yuan, surpassing the total revenue from 2022 to 2024, which was approximately 6.08 billion yuan, indicating a compound annual growth rate (CAGR) of over 200% [3][5]. - The net losses of Moores Threads have gradually narrowed, with losses of 18.39 billion yuan in 2022, 16.73 billion yuan in 2023, and 14.91 billion yuan in 2024, reducing to 2.70 billion yuan in the first half of 2025 [5]. - The gross margin improved significantly from -70.08% in 2022 to 25.87% in 2023, reaching 70.71% in 2024, and maintaining a high level of 69.14% in the first half of 2025, indicating enhanced market competitiveness and profitability [5]. Group 2: Product Development and Market Position - Moores Threads has launched four generations of GPU architecture chips since its establishment in 2020, with products catering to various applications including high-performance computing, graphics rendering, and AI intelligent computing [4][6]. - The company is expected to achieve significant performance growth by 2027, driven by its expanding product matrix and the increasing demand for computing power in AI applications [5][6]. - The domestic GPU market is projected to grow rapidly, with AI computing, intelligent SoC, and graphics acceleration markets expected to have CAGRs of 59.8%, 60.6%, and 38.8% respectively from 2024 to 2029 [4][6]. Group 3: Competitive Advantages and Market Trends - Moores Threads benefits from the vast potential of the domestic GPU market, with its products evolving to meet diverse customer needs in AI training, inference, and intelligent computing clusters [6][7]. - The MUSA software stack developed by Moores Threads is compatible with international mainstream GPU ecosystems, reducing customer migration costs and enhancing long-term repurchase potential [6]. - The market share of domestic AI acceleration chips is expected to increase from approximately 14% in 2023 to about 30% in 2024, indicating significant growth potential as domestic chip performance improves [7].