Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. (Beixin Life) officially listed on the Sci-Tech Innovation Board on February 5, 2026, under the stock code "688712.SH," marking it as the first medical device company to successfully list under the new fifth set of standards since its restart and the first medical device company to list in 2024 [3]. Group 1: Company Overview - Beixin Life is the first domestic medical device company with a product portfolio that includes intravascular functional flow reserve (FFR) and intravascular ultrasound (IVUS) [3]. - The company has received investments from several well-known institutions, including Qiming Venture Partners, which led its Series C financing in 2020 and continued to support its development in Series D financing [4]. Group 2: Investment Insights - Qiming Venture Partners holds over 6% of Beixin Life's shares prior to the IPO, indicating its role as a major institutional investor [4]. - The firm has a strong interest in the cardiovascular and other medical device sectors, having a history of successful cases in these fields [4]. Group 3: Strategic Approach - Beixin Life's strategy focuses on building a robust product portfolio and company capabilities rather than merely pursuing rapid registration, emphasizing the creation of differentiated and competitive products [5]. - The company has maintained this strategy for over a decade, which has instilled confidence among shareholders [5]. Group 4: Future Expectations - Post-IPO, Beixin Life is expected to continue strengthening its product line in the coronary field and expand into high-potential new areas such as electrophysiology [5]. - There is significant untapped international market potential for Beixin Life's products, with plans for deeper internationalization following the IPO [5]. Group 5: Market Context - In 2025, Qiming Venture Partners invested in over 30 projects in the medical innovation sector, contributing more than 3 billion yuan, despite a cautious investment environment in the medical sector [5]. - The firm maintains strong confidence in the fundamentals of Chinese medical innovation, believing that China's clinical experience, engineering teams, and entrepreneurial spirit can foster globally competitive medical device products [6].

红杉中国董事总经理曹弋博（左）与北芯生命创始人、董事长兼CEO宋亮博士在上市仪式 现场。 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，深圳北芯生命科技股份有限公司（以下简称"北芯生命"）于2026年2月5日正式 以"688712.SH"为股票代码在上海证券交易所科创板挂牌上市。 值得一提的是， 北芯生命是重启科创板第五套标准后，该标准下第三家、医疗器械行业首家成功上 市企业，也是2024年以来首家在科创板成功上市的医疗器械企业。 作为国内首家拥有血管内功能学血流储备分数（FFR）及影像学血管内超声（IVUS）产品组合的国 产医疗器械公司，北芯生命自成立以来已获得红杉中国等多家知名机构的投资。 其中， 红杉中国于2018年领投了北芯生命的B轮融资且在后续各轮融资中持续支持。IPO前，红杉 中国持有北芯生 命超10%的股份，为公司最大机构投资方，红杉中国董事总经理曹弋博担任北芯生 命董事，也是在北芯生命服务时间最长的投资人董事 曹弋博表示："北芯生命是红杉中国深耕心血管精准诊疗赛道的重要战略布局。我们认为，真正的国 产替代不应止步于复制，而在于超越 ...

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as the first medical device company to do so in 2024 and the first under the new fifth set of standards for the board [2][12]. Company Overview - Established in 2015, Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming to transform clinical practices [6][10]. - The company has launched 11 products and has 6 more in development, covering various categories including IVUS systems and FFR systems [6]. Product Highlights - The core product, the IVUS system, is the first domestically developed 60MHz high-definition IVUS product approved by the National Medical Products Administration, featuring high definition, speed, and intelligence [7]. - The FFR system is recognized as the gold standard for PCI treatment guidance and has received high-level recommendations in multiple domestic and international guidelines [7]. - Beixin Life's PFA system is the first in China to be included in breakthrough clinical research at the European Society of Cardiology [8]. Market Impact - The successful launch of Beixin Life's products has filled a significant gap in the domestic market, previously reliant on imported products for precise cardiovascular diagnosis [7][10]. - The company has established a presence in over 30 provinces in China and has clinical applications in more than 1,000 hospitals globally, including in Belgium, Germany, and Italy [8]. Innovation and R&D - Beixin Life emphasizes long-term independent research and technological innovation, having developed four core technology platforms for medical devices [10]. - The company holds 185 domestic and international patents, including 86 invention patents and 14 PCT international patent applications [10]. Future Prospects - The listing is seen as a new starting point for Beixin Life, enabling it to accelerate development in innovation, global market expansion, and capital collaboration [12]. - The cardiovascular intervention field is expected to see significant growth, driven by increasing clinical needs and technological advancements [11]. Investment and Support - Major institutional investors include Sequoia China and Qiming Venture Partners, who have expressed confidence in Beixin Life's innovative capabilities and market potential [14][15]. - The company has received continuous support from its investors, focusing on building a strong product portfolio and enhancing its competitive edge in the market [15][17].

酒饮到家同样具备与锅圈当前发展阶段高度契合的优势。 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，锅圈食品（02517.HK，以下简称"锅圈"）于2月4日发布公告称，将在门店体系 内采购并售卖宋河酒业相关产品。 根据锅圈数天前发布的盈利预告，锅圈预计2025年实现收入77.5亿元至78.5亿元，同比增长 19.8%至21.3%；预计实现净利润4.43亿元至4.63亿元，同比增长83.7%至92%；预计实现核心 经营利润4.5亿元至4.7亿元，同比增长44.8%至51.2%。截至2025年12月31日，锅圈全国门店总 数达11566家，相较于2024年12月31日，门店数量增加1416家。 这意味着，锅圈已从"稳规模、修模型"的阶段，逐步进入到"规模与盈利能力同时释放"的区间。尤 其是在四季度门店数量重新提速的情况下，利润端并未被摊薄，反而保持弹性，反映出单店模型和品 类结构正在发生实质性改善。 在这样的背景下，酒饮到家的战略权重逐步上移。 据了解，酒饮相关商品在锅圈整体销售结 构中目 前占比 仍然不高，但增长速度较快，其覆盖的消费场景横跨家庭日常 ...

据IPO早知道消息，博睿康技术（上海）股份有限公司（以下简称"博睿康"）于2026年2月4日同中 信证券签署辅导协议，正式启动科创板IPO进程。 这意味着，博睿康成为又一家启动IPO的脑机接口企业——稍早前，彭博社引述消息报道，"杭州六 小龙"之一的强脑科技以保密形式在香港递交IPO申请。 有望打造国内首个上市的植入式脑机接口产品。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 成立于2011年的博睿康核心团队来自脑机智能全球Top5的清华大学神经工程实验室以及临床神经领 域的医疗市场专家，其一家以自主创新的"脑-机接口"技术为核心，专业从事脑-机接口系统相关设 备的研发、生产、销售以及技术服务，致力于为神经科学创新研究和临床神经疾病诊断、治疗与康复 研究提供专业、完整的解决方案。 值得一提的是， 2023年10月，博睿康与清华大学生物医学工程系洪波教授团队合作研发的脑机接 口产品NEO在首都医科大学宣武医院完成了首例植入 ，后陆续在北京天坛医院、上海华山医院、江 苏省人民医院等开展可行性试验并取得显著成效。2024年8月，NEO进入国家药监局创新医疗器械 特别审评 ...

不卷"更强"，只做"更懂你"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 码就能实现机器人控制的快捷指令集平台，用户之间还可以通过"市场"互相分享，甚至可能是具身 智能领域第一个面向个人用户的应用开发平台，并形成真正的用户社群生态。 据IPO早知道消息，原力无限（INFIFORCE）于2月4日正式发布旗下首款消费级具身智能新品—— 「小原子」（YUANZI），一台被定义为全球首款「心智原生」小尺寸双足机器人的新物种。 这不是又一台会跳舞、能翻跟头的"科技玩具"。在具身智能赛道集体狂飙硬件参数的2026年，原力 无限选择了一条不同的路径：让机器人从"能动"进化到"懂你"。 在原力无限看来，让机器人具备基础的能力，并且可以随"主人"一同成长，才是面向未来的最佳路 径。尤其对于下一代而言，越早与AI和机器人建立真实的互动关系，就越能在未来的世界里游刃有 余。 这就是小 原子诞生的底层 逻辑——并不是等技术完美再出发，而是先把"懂你"的种子种下，让它陪 伴你和你的家人一起生长。 为此， 原力无限给出了自己的定义：可成长、超自由、真懂我，一套完整的产品哲学 —— 可成长 ...

Core Viewpoint - The article emphasizes the strategic long-term investment approach of Jiyuan Capital in AI and embodied intelligence, highlighting significant growth in investment amounts and the anticipation of multiple IPOs in the coming year [4][5][8]. Investment Trends - In 2025, Jiyuan Capital's investment amount reached nearly 3 billion RMB, a 2.5 times increase compared to 2024 [8][10]. - The firm has invested in over 50 AI-related companies and 8 companies in the embodied intelligence sector over the past decade [8][10]. - Jiyuan Capital has successfully recouped over 2 billion RMB in cash through IPOs in 2025, with more than 20 companies in its portfolio preparing for or undergoing IPO processes [8][10]. Team Development - The team size at Jiyuan Capital has grown from 73 to 82 members to better address the expanding AI and embodied intelligence market [5][9]. - The promotion of two partners, Wu Chenyiao and Li Haojun, reflects the stability and experience of the core management team, which has over 20 years of industry experience [9][10]. Market Observations - The current AI and embodied intelligence landscape is characterized by rapid changes, requiring entrepreneurs to possess strategic thinking capabilities to navigate the evolving market [17][20]. - Jiyuan Capital is focused on projects that address specific, defined needs within vertical applications, emphasizing the importance of strong founding teams [16][24]. Global Perspective - Jiyuan Capital aims to leverage its global resources to assist portfolio companies in expanding into international markets, particularly in Southeast Asia [31][32]. - The firm recognizes China's advantages in application scenarios, talent, and supply chain, which are crucial for the development of embodied intelligence [25][26]. Long-term Vision - The firm views the current investment landscape as a long-term journey, akin to a marathon, where patience and a focus on value investment are essential [9][10]. - Jiyuan Capital believes that the AI era presents unprecedented opportunities for creating large-scale companies, potentially reaching trillion-dollar valuations [21][22].

进一步扩展YeahPay的支付网络及服务覆盖范围。 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，移卡（9923.HK）旗下支付品牌YeahPay日前宣布，与八达通卡有限公司 （以 下简称"八达通"）达成战略合作，携手推动香港数码支付生态的持续发展。 此次合作达成后，YeahPay香港商户可通过八达通进行支付交易及清算，进一步扩展YeahPay的支 付网络及服务覆盖范围，为各行各业商户带来更灵活、多元及高效的支付体验。 八达通作为香港最受欢迎的电子支付平台，当前市面流通的八达通卡及产品超过2,000万张，全港渗 透率高达98%，拥有逾19万个八达通支付点，覆盖交通、零售、泊车、住宅及商业大厦门禁系统、 学校设施及自助服务等多个场景，早已成为香港市民日常生活中不可或缺的一部分。 移卡作为一家以支付为基础的领先科技平台，基于多年的行业深耕构建起丰富的支付网络，并于 2023年正式推出跨境支付业务品牌YeahPay。 移卡表示，接下来将更加聚焦香港商户服务的落地，同时也将继续深化与其他机构的合作，通过优质 的服务和持续的创新能力，持续为客户提供高效、便 ...

Core Viewpoint - Waffo, a global payment and monetization platform, has raised $30 million in total funding, with $15 million in its Series A round, aimed at enhancing payment solutions for industries like gaming, AI, SaaS, and digital content [2][3]. Group 1: Funding and Investment - Waffo completed a total funding of $30 million, with the latest Series A round raising over $15 million led by Illuminate Financial and Gao Rong Capital, with participation from HSBC and BAI Capital [2][3]. - Illuminate Financial, a new investor, focuses on fintech and has a strong backing from major financial institutions like BNY Mellon, J.P. Morgan, and Barclays, which will support Waffo's global payment infrastructure [3]. Group 2: Payment Solutions and Infrastructure - Waffo integrates over 430 local payment methods across 50+ countries through a single API, providing a comprehensive solution for global collection, subscription management, compliance, and settlement [4]. - The platform supports high concurrency processing of 2000 transactions per second (TPS) and boasts a service availability of 99.99%, ensuring reliable payment infrastructure for businesses expanding internationally [4]. Group 3: Market Challenges and Solutions - The digital economy's globalization presents challenges such as fragmented local payment methods and complex regulatory environments, making scalable monetization and compliant payment infrastructure essential for companies in gaming, AI, and SaaS [6]. - Waffo addresses these challenges with modern, scalable payment infrastructure that includes traditional card payments and localized options like e-wallets and QR code payments, enhancing user conversion and retention rates in key global markets [6][7]. Group 4: Strategic Focus Post-Funding - The recent funding will focus on three main areas: developing specialized payment solutions for various industries, expanding global acquiring capabilities, and broadening payment channel partnerships to provide precise services for different scenarios [8]. - Waffo aims to support AI and digital-native enterprises in achieving faster and more robust commercialization growth through efficient integrated experiences and solid underlying capabilities [10].

Core Viewpoint - The article highlights the launch of the AI Coding Plan by Moore Threads, which integrates domestic GPU capabilities with advanced AI coding models, marking a significant breakthrough in China's AI development landscape [2][3]. Group 1: AI Coding Plan Overview - The AI Coding Plan is based on the MTT S5000 GPU, providing full precision computing power and achieving a significant increase in computational efficiency through a collaborative hardware-software architecture [3]. - The plan incorporates the GLM-4.7 model, which ranks first among open-source and domestic models in the Code Arena evaluation system, outperforming competitors like GPT-5.2 in tasks such as function completion and vulnerability detection [3]. Group 2: Product Features and Adaptability - The AI Coding Plan is compatible with multiple mainstream programming tools, including Claude Code, Cursor, and OpenCode, allowing developers to switch seamlessly between different development environments [3]. - A tiered subscription model is introduced to cater to teams of varying sizes, enabling developers to apply for a free trial or upgrade to an enterprise-level package for enhanced development efficiency [4]. Group 3: Strategic Vision - As the AGI era accelerates, Moore Threads aims to deepen its full-stack layout of "chip + model + toolchain," supporting Chinese developers in their transition to intelligent transformation [4].