今年预计完成500台机器人交付。 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， 零次方机器人 日前 完成天使 +和天使++轮亿元级融资。天使+轮融资由包河 创投、同创伟业、力合科创出资，天使++轮由水木基金、包河创投、瑞穗力合、拉尔夫创投出资。 这意味着， 零次方于半年内完成 了 三轮融资。 成立于今年 1月的 零次方机器人由一群 "00后极客"创立 ， 在短短半年时间实现了具身智能软硬 件、数据采训整体解决方案、商业服务场景整体解决方案等完备产品打造。 力合科创总经理汪姜维表示：零次方的孵化和成长，是科技成果转化的成功实践，更是清华大学 "实 验室-产业-资本"三角闭环的生动诠释。清华大学深圳国际研究生院 AI&Robot实验室以具身智能决 策算法核心专利转化出资，不仅为团队注入硬科技基因，更构建起"研发-迭代-反哺"的可持续创新 飞轮。这种模式破解了高校成果"重论文轻转化"的困局，使前沿技术得以在零次方的产品体系（如 Zerith-V0模型）中快速验证、迭代、商用。力合科创一直与深圳清华大学研究院紧密配合，着力于 早期硬科技成果转化，零次 ...

Core Viewpoint - Yuntian Lifei is advancing towards a dual listing on the A-share and Hong Kong stock markets after successfully landing on the Sci-Tech Innovation Board in 2023, aiming to accelerate its international capital layout [2][3]. Group 1: Company Overview - Founded in 2014, Yuntian Lifei focuses on the research, design, and commercialization of AI inference chips, offering products and services across enterprise, consumer, and industry applications [3]. - The company has established a complete closed loop from AI inference infrastructure construction to product design, development, and commercialization, enabling rapid migration of AI across diverse scenarios [3]. Group 2: Product Offerings - In enterprise applications, Yuntian Lifei provides AI inference chips, computing power services, and IP licensing, primarily for SoC development, large model services, and service robots [4]. - For consumer applications, the company has developed AI-native products such as AI learning machines, AI glasses, and AI-enabled toys, leveraging advancements in AI technology [5]. - In industry applications, Yuntian Lifei offers integrated hardware and software solutions for smart public transport, smart city governance, and emergency response, addressing complex real-world challenges [5]. Group 3: Market Position - According to a report by Zhaoshang Consulting, Yuntian Lifei ranks among the top three providers of AI inference chip-related products and services in China for 2024, and is also among the top two in the NPU-driven AI inference chip sector [5]. Group 4: Financial Performance - Yuntian Lifei's revenue for 2022, 2023, and 2024 is reported as 546 million, 506 million, and 917 million respectively, with a year-on-year revenue growth of over 168% to 264 million in Q1 of this year [6]. - The market size for AI inference chip-related products and services in China is projected to grow from 11.3 billion in 2020 to 162.6 billion in 2024, with a compound annual growth rate of 94.9%, and is expected to reach 1,383 billion by 2029 at a 53.4% CAGR [6]. Group 5: Strategic Initiatives - Yuntian Lifei plans to increase investment in AI inference chips, focusing on edge computing, cloud-based large model inference, and embodied intelligence [7]. - The company has achieved significant milestones in edge computing, with multiple demonstration projects in high-density video intelligent analysis and small-scale edge large model inference [7]. - In cloud inference acceleration, Yuntian Lifei has launched a reasoning acceleration card based on domestic technology, utilizing a "computing power building block" architecture for modular expansion and task parallelism [8]. - The company has established partnerships with over ten robotics manufacturers, deploying edge chip products in service robots, anticipating embodied intelligence to become a new growth engine in the robotics industry within 3-5 years [8].

Core Viewpoint - Adidas has achieved "quality growth" in the Greater China region for nine consecutive quarters, demonstrating strong performance in both revenue and profit metrics [3][4]. Financial Performance - In Q2 2025, Adidas reported global revenue of €6 billion, a 12% year-over-year increase, with operating profit reaching €546 million, up 58% [2]. - For the first half of 2025, global revenue was €12.105 billion, a 14% increase, and operating profit was €1.2 billion, a 70% increase [2]. - The gross margin improved by 0.9 percentage points to 51.7% in Q2 and 51.9% in the first half of 2025 [2]. Regional Performance - In the Greater China region, Q2 revenue was €798 million, a year-over-year increase of 11%, contributing €1.827 billion in the first half, up 13% [3][4]. - The CEO expressed pride in maintaining double-digit growth and emphasized the importance of local market strategies [3][4]. Product and Market Strategy - Adidas has focused on localizing its strategy in China, enhancing its product offerings and marketing to meet local consumer demands [4][13]. - The ADIZERO 0 series has significantly contributed to the running category, with over 25% growth in running revenue [2][9]. - The company is actively engaging in sports events to boost brand visibility and consumer interest [6][7]. Innovation and Marketing - Adidas is embracing the "first launch" economy, collaborating with celebrities and designers to enhance its product appeal [11]. - The company is committed to nurturing young sports talent in China, partnering with educational institutions to promote sports education [13]. Future Outlook - Despite facing cost increases due to tariffs, Adidas maintains its revenue growth forecast for 2025, expecting double-digit growth and operating profit between €1.7 billion and €1.8 billion [13].

Core Viewpoint - Luckin Coffee focuses on scale growth, accelerating revenue growth and operating profit margin improvement [2][9] Financial Performance - In Q2 2025, Luckin Coffee reported total net revenue of 12.359 billion RMB, a year-on-year increase of 47.1% [2] - GAAP operating profit increased by 61.8% to 1.7 billion RMB, with an operating profit margin of 13.8% [2] - The Gross Merchandise Value (GMV) reached 14.179 billion RMB [2] Store Operations - Self-operated store revenue was 9.136 billion RMB, a year-on-year growth of 45.6%, with a same-store sales growth rate of 13.4% [4] - The number of new stores opened in Q2 was 2,109, bringing the total to 26,206 globally [6] - In China, 2,085 new stores were added, totaling 26,117 stores, including 16,903 self-operated and 9,214 franchised stores [6] International Expansion - Luckin Coffee opened two trial stores in New York, marking a significant step in its international strategy [7] - The company aims to validate its brand positioning and operational strategies in the U.S. market [7] Product Development - The company continues to innovate its product offerings, launching new low-calorie beverages and achieving significant sales [8] - Monthly active customer count reached 91.7 million, a year-on-year increase of 31.6% [8] - The company is expanding its supply chain capabilities with a new roasting facility, increasing annual roasting capacity to 155,000 tons [8] Strategic Focus - The CEO emphasized the importance of scale, efficiency, and supply chain advantages in achieving sustainable long-term growth [9][10] - The company is adapting its operational strategies to leverage market opportunities and maintain customer satisfaction [10]

Core Viewpoint - The establishment of Beijing Extreme Intelligence Technology Co., Ltd. marks Extreme Intelligence's entry into the embodied intelligence field, focusing on mechanical picking and general robotics for B2B scenarios in logistics and manufacturing, leveraging its existing logistics robot business and brand network for rapid commercialization [2]. Group 1: Commercialization Capability and Global Network - Extreme Intelligence has been the largest global provider of AMR warehouse robot solutions for six consecutive years, with projected revenue of 2.4 billion yuan in 2024, nearing profitability. The company operates in over 40 countries and has more than 800 end customers, including global leaders like Nike, Walmart, UPS, and DHL, providing a robust application environment for its embodied intelligence technology [4][3]. - The established commercial capabilities, global business network, and customer resources, along with a mature service system and supply chain, significantly accelerate market entry and ensure scalability for global deployment [4]. Group 2: R&D Capability - As of December 31, 2024, Extreme Intelligence holds 1,867 patents, with R&D personnel constituting 41% of its workforce, making it one of the largest R&D teams in the industry. The company has extensive experience in robot product development and strong expertise in areas such as perception, decision-making, and multi-agent collaboration [5]. - The global application and replication of its solutions validate the robustness, reliability, and scalability of its technology, showcasing its underlying software, hardware, and algorithm development capabilities [5]. Group 3: Scene Understanding and Data Accumulation - The vast amount of real operational data from logistics scenarios and a deep understanding of logistics operations and customer pain points are crucial for competition in the embodied intelligence field, serving as essential resources for training and optimizing embodied intelligence models [6]. - The practical scene cognition and data advantages of Extreme Intelligence will significantly accelerate technology validation and create a self-reinforcing flywheel for future model training, continuously expanding its competitive edge [6]. - Overall, the combination of commercialization models, R&D resources, and accumulated scene data provides a solid foundation for Extreme Intelligence's entry into the commercial blue ocean of embodied intelligence, with the potential for valuation upside through breakthroughs in this business [6].

Core Viewpoint - LimX Dynamics has officially launched its full-size general-purpose humanoid robot, LimX Oli, priced from 158,000 yuan, aimed at AI researchers, robot developers, and system integrators [2][4]. Group 1: Product Features - LimX Oli stands 165 cm tall and features 31 degrees of freedom (excluding end effectors), providing a stable and reliable platform for gait planning, dexterous manipulation, multimodal interaction, and reinforcement learning training [4]. - The robot is available in three versions: Lite, EDU, and Super, designed to support complex perception, motion control, and interaction algorithm training, validation, and implementation [4][6]. - LimX Oli's hardware and SDK interfaces are rich, clearly defined, and highly modular, allowing for flexible assembly and component replacement, compatible with various end effectors and external devices [6][8]. Group 2: Strategic Importance - LimX Oli is a core product within LimX Dynamics' "IDS Ecosystem Strategy," which focuses on three key groups: innovators, developers, and system integrators, aiming to transition embodied intelligence from research validation to practical deployment and scaling [9][10]. - The company provides robust hardware and software support to its "IDS partners," facilitating rapid verification of technological paths, shortening R&D cycles, and gradually forming commercially viable solutions [9][10].

Core Viewpoint - Future Intelligent aims to break through the market with a "hardware + scenario" approach, focusing on AI technology innovation in office environments and contributing to Shanghai's goal of becoming a global AI hub [2][4]. Group 1: Company Strategy and Product Development - Future Intelligent's CEO, Ma Xiao, emphasizes that AI's value lies in solving specific problems in real scenarios rather than showcasing flashy technology [6]. - The company has focused on the "office + hardware" vertical, choosing headphones as the medium due to their proximity to voice interaction scenarios and the pressing need for efficient meeting documentation [6][8]. - The product iteration path has been clear, with the AI headphones evolving from basic recording to advanced features like multi-role differentiation and intelligent summarization, addressing user pain points effectively [6][8]. Group 2: Hardware and AI Integration - Ma Xiao asserts that AI hardware must first be excellent basic hardware, with the "5+X" principle highlighting the importance of sound quality, battery life, noise cancellation, comfort, and design, alongside AI functionalities [8]. - The success of the AI headphones is attributed to their high-end hardware quality and practical AI features, making them essential tools for professionals like lawyers and journalists [8][9]. Group 3: Data as a Competitive Advantage - Future Intelligent's CTO, Wang Song, points out that the true competitive edge lies in the accumulation of unique data from vertical scenarios rather than open-source algorithms [10][12]. - The company has optimized various technical aspects to enhance data transmission in meeting scenarios, leading to a deeper understanding of user interaction habits and voice data transmission patterns [10][12]. - The "one brain, multiple terminals" strategy aims to create a comprehensive intelligent ecosystem for office scenarios, allowing for seamless integration of data and task management [10][13]. Group 4: Market Positioning and Future Outlook - Future Intelligent's approach of leveraging hardware as a unique entry point to accumulate proprietary data is seen as crucial for competing against larger players in the AI hardware space [8][9]. - The company believes that the ability to close the data-task loop in vertical scenarios will transform the benefits of large models into long-term returns [13].

Core Viewpoint - Beijing Yimiao Shenzhou Biopharmaceutical Co., Ltd. is advancing its IPO process on the Sci-Tech Innovation Board, having signed a counseling agreement with CITIC Securities on July 23 this year [2]. Company Overview - Founded in 2015, Yimiao Shenzhou focuses on innovative drug development using original research gene cell therapy for major diseases such as cancer and autoimmune diseases [2]. - The company has developed a one-stop platform for gene cell drug research and industrialization, with 7 clinical trial approvals in China and 1 in the United States for CAR-T new drugs [2]. Product Pipeline - The research pipeline includes treatments for hematological tumors such as lymphoma, leukemia, and myeloma, as well as solid tumors like liver cancer, gastric cancer, colorectal cancer, and melanoma [2]. - The CAR-T product IM19 targets relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL) and has submitted a New Drug Application (NDA) in China, which has been accepted [3]. - IM96 is the only CAR-T candidate drug globally that has received clinical trial approval in both China and the United States, specifically targeting GUCY2C [4]. Market Position - IM19's innovative CAR molecular design and production process provide more specific therapeutic effects, significantly improving survival time and quality of life for r/r DLBCL patients, thus filling a market gap for domestically developed CAR-T therapies in China [3]. - IM96 has been approved for treating colorectal cancer in China, marking it as the first CAR-T candidate for this indication in the country [4]. Financing and Investment - Yimiao Shenzhou has completed a total of 10 financing rounds since its establishment, with investors including Foothill Ventures, Tsinghua x-lab, and several other venture capital firms and funds [4].

Core Viewpoint - Blue Arrow Aerospace is set to become the first commercial aerospace company listed on the Sci-Tech Innovation Board, with plans to launch its reusable Zhuque-3 rocket in the second half of this year [2][4]. Group 1: Company Overview - Blue Arrow Aerospace, established in 2015, focuses on developing a full industrial chain centered around medium and large liquid oxygen-methane launch vehicles, providing high-cost performance and reliable aerospace transportation services globally [2]. - As the first private launch vehicle company in China to achieve successful orbit with a self-developed liquid engine, Blue Arrow Aerospace has established a complete industrial chain delivery capability [3]. Group 2: Technological Advancements - The Zhuque-2 rocket successfully entered orbit in July 2023, marking China's mastery of key technologies for liquid oxygen-methane launch vehicles and becoming the first liquid rocket in China's commercial aerospace sector to enter mass production and commercial use [3]. - The Zhuque-3 rocket, with a takeoff weight of approximately 570 tons and a length of about 66 meters, has completed significant testing, including the largest and most automated ground hot test in China to date [4]. - The 100th Tianque series liquid oxygen-methane rocket engine was officially launched in April 2023, indicating a transition from single-unit breakthroughs to batch production in China's private commercial aerospace sector [4].

Core Insights - Lekker Sports has surpassed 2000 stores nationwide, becoming the first gym brand in China to achieve this milestone [2][4] - The company is narrowing the scale gap with international brands like Anytime Fitness and Planet Fitness, which have over 5000 and 2700 stores respectively [6] - Lekker's innovative business model, including 24-hour access, monthly payment options, and digital operations, has driven rapid user acceptance and expansion since its establishment in 2015 [6][10] Brand Matrix - Lekker has launched a multi-scenario brand matrix, with its core brand being the "National Gym" Lekker Fitness, and several sub-brands catering to various fitness needs [8] - The sub-brands include high-standard personal training centers (FEELINGME), large gyms (RECORE), specialized fitness centers (LOVEFITT), yoga studios (YOGA POD), and community training spaces (FitTribe) [8] - This strategic move aims to address the increasingly segmented user demands in the fitness market [8] Digital Infrastructure - The foundation for Lekker's multi-brand operation is its "industrial middle platform," which includes a digital system, standardized coach training, and a validated store partner model [10] - The company positions itself as an "industrial internet company," leveraging digitalization for precise supply-demand matching and standardized service delivery [10] - User data and feedback are continuously utilized to optimize service quality, contributing to Lekker's growth [10] Consumer Demographics - The primary consumer demographic for Lekker's fitness memberships is individuals aged 25-35, accounting for 56.8% of total personal training spending [10] - The fastest-growing segment is the Z generation (under 25), with personal training consumption increasing by 35.7% year-on-year, indicating a vibrant growth trend in China's fitness industry [10]