标志着国际耐心资本对中国人形机器人产业的长期看好。 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， 优必选与国际知名投资机构 Infini Capital 日前 正式签署 10亿美金战略伙伴 合作协议 。 双方合作将围绕资金支持和产业协同两方面展开。 根据合作协议， Infini Capital旗下高新技术基金为优必选提供一笔总额为10亿美金的战略融资授信 额度 ，融资方式包括参与配售、认购可转债、授予现金提款权等。尤其是授予优必选在有需要时， 给予优必选 10亿美金现金提款权的快速融资通道，将大大提升优必选的重大产业布局能力。 此外，双方利用各自优势，还达成多项产业战略合作内容： Infini Capital计划在合适时机增持优必 选股票 ，目标成为优必选不超过 5%持股比例的重要股东；双方联手投资人形机器人上下游产业 链，协助优必选打造生态圈；Infini Capital充分利用之前所投人工智能和机器人产业链企业，协助 优必选打造功能更强、成本更低的人形机器人；同时， 协助优必选开拓中东市场，成立中东合资公 司 ，计划在中东建立超级工厂和研 ...

2024年在中国羊奶粉市场占据14.0%的份额。 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，宜品营养科技（青岛）集团股份有限公司（以下简称"宜品集团"）于2025年8月 31日正式向港交所递交招股说明书，拟主板挂牌上市，海通国际和中信建投国际担任联席保荐人。 最早可追溯至1956年的宜品作为一家营养科技集团，专注于羊奶粉及特殊医学用途配方食品领域， 为全年龄段消费者，特别是易过敏、乳糖不耐受或消化吸收不良人群提供高营养、易吸收、低致敏的 解决方案，产品矩阵涵盖婴幼儿配方羊奶粉、特殊医学用途配方食品、婴幼儿配方牛奶粉、儿童及成 人配方奶粉产品等。 2022年至2024年，宜品的净利润分别为2.27亿元、1.68亿元和1.72亿元； 今年上半年，宜品的净 利润为0.57亿元，2024年同期为0.99亿元 。 宜品在招股书中表示，IPO募集所得资金净额将主要用于研发，以提升产品配方及相关技术；产业链 升级和智能制造，以支持产能提升及生产工艺升级；品牌建设及产品营销，以加强消费者意识及加快 市场渗透；国际扩张，以建立和加强 在主要国际市场的业务；加强 ...

Core Viewpoint - HeSai Technology is positioned as a leading global developer and manufacturer of LiDAR products, showcasing strong technological capabilities and rapid revenue growth, with an upcoming dual listing in Hong Kong [2][4]. Group 1: Technological Strength and Product Development - HeSai Technology focuses on the design, development, manufacturing, and sales of advanced LiDAR products, which are widely used in various applications including autonomous vehicles and robotics [4]. - The company has established a dedicated chip R&D team since 2017, achieving the highest integration rate of self-developed chips in the industry starting from 2023, indicating its technological leadership [4][5]. - The fourth generation of self-developed chips optimizes LiDAR functionality and performance by integrating seven key components, making HeSai the only company in the industry to develop all these components independently [5]. - The company has successfully launched four generations of self-developed chips since October 2020, significantly enhancing product performance and reducing production costs [5][6]. Group 2: Product Line and Market Recognition - HeSai Technology has developed a strong product line, including the AT, ET, and JT series, which have gained market recognition and secured mass production orders shortly after their launch [7]. - The flagship product AT128, launched in July 2021, is the first vehicle-grade long-range LiDAR product utilizing self-developed chip technology [6]. Group 3: Operational Efficiency and Cost Management - The innovative platform architecture introduced by HeSai Technology has reduced operational costs and improved product development efficiency by allowing component sharing across different product series [10]. - The company has adopted a self-manufacturing model, enhancing cost efficiency, quality control, and supply chain resilience, which has become a significant competitive advantage [10]. Group 4: Revenue Growth and Market Position - HeSai Technology has experienced rapid growth in shipment volume and revenue, with confirmed shipments of approximately 80,400 units in 2022, 222,100 units in 2023, and projected 501,900 units in 2024 [11]. - The company's net revenue reached RMB 1,202.7 million in 2022, RMB 1,877.0 million in 2023, and RMB 2,077.2 million in 2024, with a 46.3% year-on-year increase in Q1 2025 [11]. - HeSai is recognized as the largest global LiDAR supplier by revenue for 2022, 2023, and 2024, and became the first company to exceed 100,000 units shipped in a single month by December 2024 [11]. Group 5: Industry Growth and Future Outlook - The global LiDAR industry is projected to grow from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate (CAGR) of 57.8%, and expected to reach USD 17.3 billion by 2029 [12]. - HeSai Technology is well-positioned to capitalize on the rapid growth of the LiDAR market, leveraging its technological and manufacturing expertise to strengthen its global market leadership and expand into the robotics sector [13].

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting key companies and their developments in the biotechnology and technology sectors [1]. Group 1: Tianchen Biopharmaceuticals - Tianchen Biopharmaceuticals submitted its prospectus to the Hong Kong Stock Exchange on August 21, 2025, aiming for a main board listing, with Guojin Securities (Hong Kong) as the sole sponsor [3]. - Founded in 2020, Tianchen focuses on innovative drug development, particularly in biopharmaceuticals for allergic and autoimmune diseases, with a comprehensive product pipeline targeting various medical fields [3][5]. - The core product, LP-003, is a next-generation anti-IgE antibody with superior clinical efficacy compared to Omalizumab, showing 860 times higher binding affinity to IgE and 30 times greater blocking activity [4]. - Tianchen's key product, LP-005, is a dual-function antibody fusion protein targeting complement C5 and C3b, aimed at treating several serious conditions, including PNH and lupus nephritis [4]. - The company has raised over 2 billion RMB in its last financing round before the IPO, achieving a valuation exceeding 20 billion RMB [6]. Group 2: Tuda Technology - Tuda Technology updated its prospectus on August 26, 2025, continuing its De-SPAC listing process on the Hong Kong Stock Exchange [8]. - Established in 2016, Tuda is the first company to mass-produce automotive-grade LiDAR solutions, having deployed over 10,000 units [8]. - The company has a significant market share of 20.7% in China for ADAS LiDAR solutions and ranks second globally in cumulative sales revenue from 2022 to 2024 [8]. - Tuda has optimized its customer structure, expanding partnerships across various sectors, including passenger vehicles and robotics, with notable collaborations with NIO and several major logistics companies [9]. - The company's gross profit for Q1 this year was $319.7 million, with a gross margin of 12.6%, indicating improving profitability [9]. Group 3: Hesai Technology - Hesai Technology received approval for its overseas listing on August 19, 2025, from the China Securities Regulatory Commission [11]. - In Q2, Hesai reported revenue of 710 million RMB, a year-on-year increase of over 50%, with net profit exceeding 40 million RMB [11]. - The total delivery of Hesai's LiDAR units reached 352,095 in Q2, marking a 306.9% increase year-on-year, with significant growth in both ADAS and robotics sectors [11]. - Hesai has secured contracts with nine major automotive manufacturers for 20 vehicle models, further solidifying its position in the ADAS market [12]. - The company is also leading in the domestic robotics sector, with its JT series LiDAR achieving over 100,000 units delivered, setting a record for rapid mass production [13].

Core Viewpoint - The company, UBTECH, is set to deliver 500 industrial humanoid robots by 2025, showcasing significant growth in its AI education and consumer robotics segments, with a revenue increase of 27.5% year-on-year in the first half of the year [3][5]. Financial Performance - In the first half of the year, UBTECH achieved a revenue of 621 million yuan, reflecting a year-on-year growth of 27.5% [5]. - The gross profit for the same period was 217 million yuan, with a year-on-year increase of 17.3% [6]. - Research and development expenses amounted to 218 million yuan, constituting 35.1% of total revenue [6]. Product Development and Contracts - In April, UBTECH signed a large-scale procurement contract for biped humanoid robots, and in July, it won a procurement project worth 90.51 million yuan, marking the highest single bid in the global humanoid robot industry [6]. - The company is accelerating the production of humanoid robots, with a focus on industrial applications and continuous R&D investment [6][10]. Technological Innovations - UBTECH has made significant advancements in key technologies such as humanoid brain simulation, high-performance actuators, and multi-modal interaction technologies, which are applied in the new generation of industrial humanoid robots, Walker S2 [7]. - Walker S2 features a unique hot-swappable autonomous battery system, allowing for a 3-minute battery swap and 24/7 operational capability, redefining energy management for humanoid robots [9]. Industry Standards and Patents - As of June 30, 2025, UBTECH has been granted 2,790 patents and has actively participated in the formulation of over 40 standards in the field of intelligent robotics and AI, including three national standards [9]. Future Outlook - The company aims to accelerate the application of humanoid robots across various sectors, including industrial manufacturing, commercial services, scientific education, and home companionship, contributing to new industrialization and productivity [10].

共同致力于以人工智能普惠千行万业和每一个人。 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，联想集团（以下简称"联想"）与北京银行股份有限公司（以下简称"北京银行"） 于8月29日在北京联想全球总部签署战略合作协议。面向"人工智能+"时代，双方将加强在人工智能 等领域的合作，共同致力于以人工智能普惠千行万业和每一个人。 北京银行党委书记、董事长霍学文在座谈中高度评价了联想在人工智能，尤其是在超级智能体领域的 落地成果。他表示，北京银行将统筹全行资源形成协同合力，加大对联想集团的金融支持力度，提供 包括科技金融、并购金融、供应链金融、跨境金融、个人金融等在内的一揽子金融服务方案。加 强"全链条"人工智能合作，成立人工智能实验室，携手加速中小企业数字化转型。北京银行将坚持 科技金融作为"第一战略"，助力企业从初创到成熟、从本土到全球，提供全生命周期、全场景、全 方位的金融服务。 联想集团董事长兼CEO杨元庆向霍学文一行介绍了联想混合式AI战略的进展和落地成果。他表示， 混合式人工智能是推动AI实现普及普惠的最佳路径，在这一战略的引领下，联想不但已经打 ...

Core Viewpoint - Alibaba Group reported strong quarterly performance, particularly in its cloud segment, with significant growth driven by AI-related services and infrastructure investments [3][6]. Group 1: Financial Performance - Alibaba Cloud's revenue surged by 26% year-on-year to 33.398 billion yuan, marking the highest growth rate in three years and exceeding market expectations [3][6]. - Capital expenditures (Capex) for the quarter reached 38.6 billion yuan, significantly surpassing market forecasts [2][6]. Group 2: AI and Cloud Services - The robust growth of Alibaba Cloud is primarily attributed to the increase in public cloud revenue, with AI-related product revenue maintaining triple-digit growth for eight consecutive quarters [6][7]. - Alibaba Cloud is recognized as the largest AI infrastructure service provider in China, holding a market share greater than the combined total of its second and third competitors [6]. Group 3: Strategic Collaborations and Global Expansion - Alibaba has formed strategic partnerships with major companies, including SAP, to enhance digital transformation for enterprise clients by integrating advanced software with Alibaba Cloud's infrastructure and AI capabilities [9]. - Chinese companies are accelerating their overseas expansion, with several firms, including Li Auto and SF Express, leveraging Alibaba Cloud for their international operations [8].

Core Viewpoint - Beijing Geek+ Technology Co., Ltd. (Geek+) is expected to become the first profitable robotics company listed in Hong Kong, showcasing strong revenue growth and improving profitability metrics since its IPO on July 9, 2023 [3][4]. Financial Performance - For the first half of 2025, Geek+ reported revenue of 1.025 billion RMB, a year-on-year increase of 31.0%, and a gross profit of 360 million RMB, up 43.1%, with a gross margin of 35.1% [3]. - The adjusted net loss narrowed by 94.0% year-on-year, and adjusted EBITDA turned positive, indicating a strengthening in profitability [3]. Market Position - Geek+ maintains the largest revenue scale and best profitability in the Hong Kong robotics sector, with several top-tier institutions initiating coverage and issuing "buy" or "overweight" ratings based on its "AI + robotics" core advantages [4]. Customer Base and Orders - As of June 30, 2025, Geek+ has over 850 end customers across more than 40 countries, including over 65 Fortune 500 companies, with a cumulative delivery of over 66,000 robots and a customer repurchase rate exceeding 80% [5]. - The total order amount for the first half of the year reached 1.76 billion RMB, a 30.1% increase year-on-year, with over 60 new end customers added [7]. International Expansion - Geek+ generated 815 million RMB in revenue from non-mainland China, accounting for 79.5% of total revenue, driven by repeat customers in e-commerce, fashion, and third-party logistics [12]. - The company has established over 52 service stations globally and has implemented benchmark projects in various countries, significantly enhancing logistics efficiency [14][16]. Technological Advancements - Geek+ has launched a wholly-owned subsidiary focused on embodied intelligence, aiming to develop technologies for general-purpose robots and mechanical arms, which will complement its existing logistics robot business [17][19]. - The company introduced the Geek+ Brain model and a new mechanical arm operation technology, addressing challenges in automated picking across diverse product types [21]. Future Growth Potential - The focus on embodied intelligence is expected to be a new growth point for Geek+, with a strategic direction aimed at solving real-world warehouse challenges to generate quantifiable commercial value [21]. - With its deep understanding of warehouse scenarios and existing customer resources, Geek+ is well-positioned to capture market opportunities and achieve exponential growth in the future [21].

Core Viewpoint - Black Sesame Intelligence International Holdings Limited reported a 40.4% year-on-year revenue growth to 253 million yuan in the first half of 2023, exceeding market expectations, driven by deepening collaborations with major clients and breakthroughs in new markets and scenarios [4][11]. Revenue Growth and Market Expansion - The company achieved a revenue of 253 million yuan in the first half of 2023, marking a 40.4% increase compared to the previous year [4]. - Black Sesame has strengthened partnerships with leading clients such as Geely, BYD, Dongfeng, and FAW, leading to increased deliveries and engineering development of advanced driver assistance systems [4][6]. - The number of overseas designated models reached a historical high, supporting the company's global strategy [6][11]. Product Development and Technological Advancements - The A1000 series chips for advanced driver assistance systems have been successfully mass-produced and delivered in multiple new models from major automotive manufacturers [6]. - The C1200 series chips are progressing steadily in commercialization, with features like high-speed navigation assistance and memory parking being tested in various cities [6][10]. - The A2000 series chips are under development to support full-scene applications in urban environments, with plans to achieve mass production collaborations with leading automotive clients by the end of the year [7][10]. Full-Stack Solutions and Competitive Edge - Black Sesame focuses on optimizing algorithms like Transformer and BEV to enhance performance in complex urban scenarios, improving environmental perception accuracy and efficiency [9][10]. - The company has developed a more flexible and efficient NPU architecture to enhance computational throughput and processing efficiency, supporting AI applications [10]. - The full-stack solution approach allows for rapid integration and deployment of various algorithm solutions, enhancing market competitiveness [10]. Robotics and New Business Opportunities - The robotics business is advancing rapidly, with strategic partnerships established for developing intelligent control platforms and solutions for various industries [12][13]. - Black Sesame is also exploring opportunities in unmanned logistics vehicles and smart imaging solutions, with ongoing commercial deployments [15]. - The company plans to acquire high-performance, cost-effective AI chip firms to enhance its product offerings and achieve comprehensive AI application coverage [15].

Core Viewpoint - The article highlights the significant growth of Yunzhisheng's large model business, which has driven rapid revenue increases in two key business scenarios: daily life and healthcare [3][4]. Financial Performance - In the first half of 2025, Yunzhisheng reported a revenue of 405 million RMB, representing a year-on-year growth of 20.2% [4]. - Revenue from the large model business surged by over 457% to nearly 100 million RMB [4]. Technology Development - The Shanhai large model, upgraded from the UniCore model based on BERT to a GPT architecture, has expanded its capabilities, including retrieval-augmented generation (RAG), intelligent agents, multimodal fusion, and deep reasoning [6]. - The model's parameter scale has exceeded 100 billion, maintaining a top-tier performance in evaluations such as OpenCompass and SuperCLUE [6]. Application in Various Sectors - The Shanhai large model enables efficient development of intelligent agents in vertical fields like healthcare and transportation, reducing the solution development cycle by over 40% [7]. - In healthcare, Yunzhisheng has developed various intelligent agent products, including medical record generation and quality control systems, which have been implemented in multiple institutions [7]. - In the smart cockpit sector, the company has successfully delivered a digital assistant intelligent agent to domestic car manufacturers, enhancing response speed while protecting user privacy [7]. Revenue Sources - The primary revenue source for Yunzhisheng comes from AI products and solutions, which are categorized into daily life and healthcare scenarios. In the first half of 2025, revenue from daily life was 335 million RMB, while healthcare revenue was 70 million RMB [10]. - The company sold 1.65 million AI chips in the first half of 2025, with cumulative sales reaching nearly 100 million chips by June 30, 2025 [14]. Client Engagement - In the daily life sector, Yunzhisheng had 309 clients, with revenue per client increasing by 20.1% year-on-year to 1.084 million RMB [14]. - In the healthcare sector, revenue per client reached 1.013 million RMB, a significant increase of 116.2% year-on-year, driven by enhanced AI capabilities [15]. Research and Development - To maintain its leading position in the AI industry, Yunzhisheng has increased its R&D investment, with spending of 168 million RMB in the first half of 2025, accounting for 41.5% of total revenue [15]. - The company has achieved notable results in various fields, including top rankings in MedBench evaluations and participation in the development of national standards for AI large models [17].