找钢网集团同时也是B2B行业对AI的研发投入规模最大的企业之一。 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，在日前举办的"智赋百业·慧入千行"——首届"AI+传统产业"实践应用发展论坛上， 找钢 网集团创始人 、董事长兼CEO王东指出， 人工智能走向产业深水区并不缺概念和技术，真正稀缺的是"能长期跑得通的应用路径"。 作为扎根钢铁这一高度复杂传统产业的产业互联网平台，找钢网自2012年成立以来，始终围绕交易全流程构建生产性服务体系。依托十余年沉淀的产业 数据，已将AI能力以智能体（AI Agent）形态嵌入交易、物流、金融及内部管理等关键场景，推动产业效率与协同能力的系统性提升，探索人工智能在 传统产业中的可持续应用模式。 在王东看来，中国是全球AI最大的应用市场，尤其在B端远比美国市场更大。当找钢这样的企业开始运用大模型后，一方面能推动更多传统行业积极应 用AI，另一方面也能促进大模型厂商的能力提升，从而形成这个产业的正向循环发展。 不过，王东亦坦言，任何一项新技术在B端爆发会比C端爆发晚三年左右的时间。"B端面向的是企业家，企业家都要观察 ...

Core Viewpoint - Banmu Huatian is positioned to become the leading domestic personal care brand in Hong Kong's stock market, with a comprehensive product range and strong market presence in body, hair, and facial care categories [2][3]. Company Overview - Founded in 2010, Banmu Huatian has evolved from a single star product to a full-category brand in skin and personal care, achieving leading positions in multiple categories within the Chinese market [3]. - As of 2024, Banmu Huatian is the top domestic brand for body lotion, body scrub, and facial cleansing mousse based on retail sales [3]. Product Development - The company has successfully launched key products such as body scrubs and body lotions, with cumulative sales of approximately 37.7 million bottles for body scrubs and 56.9 million bottles for body lotions by September 30, 2025 [5]. - The whitening body lotion has sold around 8 million bottles since its launch [5]. - Banmu Huatian has expanded its product lines into hair and facial care, with hair care revenue growing by 496.1% year-on-year in the first three quarters of 2025 [5]. Sales Channels - The company has transitioned from a single online channel to a comprehensive omnichannel strategy, utilizing platforms like Tmall, Douyin, and JD for brand building and customer engagement [6]. - As of September 30, 2025, Banmu Huatian has 17 million registered online members [6]. Financial Performance - Banmu Huatian's revenue reached 1.199 billion yuan in 2023 and is projected to grow to 1.499 billion yuan in 2024, reflecting a year-on-year increase of 25% [10]. - In the first three quarters of 2025, revenue surged by 76.7% to 1.895 billion yuan compared to the same period in 2024, with adjusted net profit increasing by 197.2% to 148 million yuan [10]. Research and Development - The company invested 28.6 million yuan and 32 million yuan in R&D in 2023 and 2024, respectively, with a 25.91% increase in R&D spending in the first three quarters of 2025 [9]. - Banmu Huatian has established a comprehensive R&D system, focusing on raw material development, technology transfer, and product efficacy verification [8]. Future Plans - The funds raised from the IPO will be allocated to channel development, product marketing, enhancing R&D capabilities, building a diverse global talent pool, and improving digital infrastructure [11].

拉曼流式细胞仪等高端装备为全球首创。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，近日，青岛星赛生物科技有限公司（下称"星赛生物"）宣布完成近亿元人民币新 一轮融资。本轮融资由中科育成投资、浙商资本、山东财金资本共同投资，凯乘资本担任独家财务顾 问。本轮融资将围绕"技术深度融合、智能生态构建、全球市场拓展"三大战略方向，全面推动星赛 生物从"关键技术突破与产品化"阶段迈向"仪器人工智能化、产业生态系统化、应用全球联网化"的 新征程。 星赛生物作为活体单细胞代谢功能分析分选解决方案的全球领先企业，以自主创新的"元拉曼组技 术"为核心，成功打造代谢功能靶向性的活体单细胞"代谢体检"高端仪器产品矩阵，包括高通量拉曼 流式细胞分选仪、拉曼微流单细胞分选仪、数字化克隆挑选仪、单细胞微液滴分选仪等，构建起从科 研到工业应用的系统性、一体化解决方案。这些广泛适用于微生物、植物、动物和人体细胞的原创装 备，不仅实现了对目标代谢功能单细胞的"可检、可选、可养、可用"，更已经在合成生物学、工业 发酵、环境治理、农田保护、功能食品、精准营养、疾控及人体细胞药物开发等应用领域展现出 ...

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting several companies that have submitted their prospectuses for listing on the Hong Kong Stock Exchange. Group 1: Yuanji Food - Yuanji Food Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese fast-food enterprise globally and the largest dumpling and wonton company in China, focusing on "handmade, freshly wrapped and cooked" products [3] - As of September 30, 2025, Yuanji Food operated 4,266 stores across China and Southeast Asia, with a GMV of 47.72 billion yuan in 2023 and 62.47 billion yuan in 2024, representing a year-on-year growth of 30.9% [4] Group 2: Qian Dama - Qian Dama International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [6] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and has pioneered the "discount day clearance" sales model, becoming the absolute leader in the community fresh food retail market in South China [6] - As of September 30, 2025, Qian Dama had 2,938 community stores across 14 provinces, with a GMV of 148 billion yuan in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [10] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [10] - In the first three quarters of 2025, Big Pizza achieved a GMV of 17 billion yuan, ranking first among domestic pizza restaurants [10] Group 4: Zeling Bio - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [14] - Founded in 2019, Zeling Bio focuses on developing innovative small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [14] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase 3 clinical trials [14] Group 5: Jia Yin Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with Jianyin International as the sole sponsor [18] - Founded in 2019, Jia Yin Bio specializes in gene therapy and oligonucleotide drugs, with a focus on developing a diverse and scalable product pipeline [18] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [19] Group 6: Yu Yan Tang - Harbin Yu Yan Tang Traditional Chinese Medicine Clinic Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [21] - Established in 2018, Yu Yan Tang provides a full lifecycle of TCM medical services, operating a network of 48 licensed medical institutions in northern China [21] - The company ranked fifth among private chain TCM service providers in China by total revenue in 2024, with a customer repurchase rate of 81.1% in the first three quarters of 2025 [22] Group 7: Lao Xiang Ji - LXJ International Holdings Limited updated its prospectus to continue the listing process on the Hong Kong Stock Exchange, with CICC and Guotai Junan as joint sponsors [24] - Founded in 2003, Lao Xiang Ji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [24] - The company reported revenues of 45.28 billion yuan in 2022, 56.51 billion yuan in 2023, and 62.88 billion yuan in 2024, with a 10.9% increase in revenue in the first eight months of 2025 [26]

至2030年计划在全球范围内上市超过20款产品。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，1月16日，复宏汉霖（2696.HK）发布公告，公司已获得中国证监会出具的境内未上市股份"全流 通"备案通知书。公司就约1.826亿股非上市股份转换为H股并全流通上市的备案已完成，该备案自出具之日起12个月内有 效。此次H股全流通将有助于提升公司股份流动性，优化股权结构。 同时，在15日落幕的第44届摩根大通医疗健康年会上，复宏汉霖披露了全球化2.0阶段战略及2026年核心产品临床里程碑 计划。 复宏汉霖执行董事兼首席执行官朱俊博士表示，复宏汉霖已有10款产品在全球多个国家和地区获批上市，覆盖60个市场。 预计到2030年，公司计划在全球范围内上市超过20款产品，其中在美国和欧洲上市产品有望超过15款。未来5年，公司将 依托生物类似药提供的稳定现金流，反哺创新研发，推动包括ADC、多特异性抗体、T细胞衔接器（TCE）等差异化分子 走向全球，构建可持续的国际化增长模式。 展望2026年的里程碑，公司核心产品汉斯状®（斯鲁利单抗，欧洲商品名：Hetronifly®）目前 ...

Core Viewpoint - Harbin Yuyantang Traditional Chinese Medicine Clinic Group Co., Ltd. (Yuyantang) is set to list on the Hong Kong Stock Exchange, aiming to expand its traditional Chinese medicine services through a fully integrated treatment model and a self-built network of licensed medical institutions [3][5]. Group 1: Company Overview - Yuyantang was established in 2018 and operates a network of 48 self-built licensed medical institutions in Northern China, ensuring standardized operations and consistent care quality [5]. - The company ranks fifth among private chain TCM service providers in China by total revenue and first in revenue from traditional Chinese medicine preparations [5]. - Yuyantang has a high customer loyalty rate, with a repurchase rate of 81.1% in the first three quarters of 2025 [5]. Group 2: Service Model and Offerings - The company follows a "one person, one prescription" principle, offering personalized TCM preparations, including decoctions, pills, powders, and ointments, enhancing patient compliance [6]. - Yuyantang has developed proprietary in-house formulations based on clinical experience, which are integral to its chronic disease management processes [6]. Group 3: Workforce and Innovation - As of January 6, 2026, Yuyantang employs 292 full-time medical professionals and has a research committee of 98 experts, driving innovation and improving patient care standards [7]. - The TCM service market in China is projected to grow from 659.9 billion yuan in 2019 to 1,020.16 billion yuan by 2024, with a compound annual growth rate of 10.1% expected until 2029 [7]. Group 4: Future Development Plans - Yuyantang plans to expand its geographic footprint in provinces like Shandong, Hebei, Henan, and Tianjin, focusing on self-built and self-operated models to enhance market penetration [8]. - The company aims to digitally transform its production facilities and strengthen its service and product value through standardized TCM services and backend product collaboration [8]. Group 5: Financial Performance - Yuyantang's revenue for 2023 and 2024 is projected at 150 million yuan and 215 million yuan, respectively, reflecting a year-on-year growth of 43.5% [8]. - For the first three quarters of 2025, revenue increased by 96.6% to 284 million yuan compared to the same period in 2024 [8]. - The adjusted net profit margins for 2023, 2024, and the first three quarters of 2025 are 13.7%, 12.6%, and 21.7%, respectively [9]. Group 6: IPO Fund Utilization - Approximately 33% of the IPO proceeds will be used to open new licensed medical institutions, while 24% will enhance production capacity [9]. - Other allocations include 10% for developing intelligent systems, 10% for brand enhancement, and 5% for optimizing TCM services, particularly in in-house formulations [9].

Core Viewpoint - The article discusses the launch of "Wanjiyizu," the first all-scenario robot rental ecological platform in China, aiming to create a global trading platform for robot usage rights, similar to "Didi" and "Taobao" in their respective fields [3][4]. Group 1: Platform Overview - Wanjiyizu connects supply (robot manufacturers, agents, idle equipment holders) and demand (commercial performances, social services, elderly care institutions, families, schools) through a shared economy model to address the industry's pain points of high asset procurement and usage barriers [4]. - The platform integrates AI intelligent matching, standardized operations, and ecological alliance empowerment to build a comprehensive robot rental service ecosystem [4]. Group 2: Market Insights - The global market for embodied intelligence is expected to exceed $400 billion by 2035, but current challenges include insufficient reliability, long adaptation training periods, and a lack of professional talent [5]. - Renting robots can effectively mitigate risks associated with rapid technological iterations, allowing users to select the most suitable robots for specific tasks without incurring high purchase costs [5][6]. Group 3: Business Model and Strategy - Wanjiyizu adopts a "Taobao mall model," allowing top robot manufacturers in China to open stores on the platform, thus optimizing resource allocation through AI technology [9]. - The platform aims to provide not only equipment rental but also comprehensive solutions, enhancing user experience and fostering a "holiday rental" consumption habit [9]. Group 4: Future Outlook - The CEO of Wanjiyizu, Cai Yi, envisions making robot services as accessible as utilities, with plans to become the absolute leader in the domestic robot rental market within two years and to initiate global expansion within three years [10]. - The rental model is expected to penetrate various scenarios, from artistic performances to industrial warehouses and home care, addressing privacy concerns through short-term rentals [6][10]. Group 5: Industry Dynamics - The rising labor costs and decreasing robot costs create a "scissors gap," driving the rental market's growth [11]. - The operational model of companies like Tingyuan Intelligent focuses on addressing industry pain points, ensuring quality delivery, and enhancing user experience compared to traditional purchase models [11].

Core Viewpoint - Big Pizza International Holdings Limited plans to expand its restaurant network significantly, aiming to open approximately 610 to 790 new stores over the next three years, reflecting a strong growth strategy in the competitive pizza market in China [2][4]. Expansion Plans - The company intends to open about 120 to 180 new stores in 2026, 220 to 280 in 2027, and 270 to 330 in 2028, totaling approximately 610 to 790 new stores [4]. Market Potential - The pizza restaurant market in first-tier cities in China is projected to grow from 14.9 billion yuan in 2024 to 26.1 billion yuan by 2029, at a compound annual growth rate (CAGR) of 11.8%. In second-tier and lower cities, the market is expected to increase from 18.8 billion yuan in 2024 to 36.7 billion yuan by 2029, with a CAGR of 14.3% [4]. Business Model - Big Pizza focuses on a buffet-style dining experience featuring a variety of pizzas and dishes, catering to the growing demand for diverse food options among Chinese consumers. This model aligns well with local dining culture, emphasizing shared meals and variety [4]. Pricing Strategy - The average customer spends no more than 79.99 yuan to enjoy over 100 dishes, including various pizzas and desserts, which aims to meet the needs of consumers in first-tier and new first-tier cities as well as second-tier and lower markets [5]. Product Innovation - Each restaurant offers approximately 130 to 140 SKUs, with over 20 pizza SKUs. The company introduces new product lines quarterly, with an annual product replacement rate of about 30%, ensuring the menu remains fresh and aligned with consumer preferences [5]. Sales Performance - Big Pizza ranked first among local pizza restaurants in China based on GMV for the first three quarters of 2025, and third overall among all pizza restaurants. It also leads in the buffet and Western casual dining segments [8]. Financial Growth - Revenue for 2023 and 2024 was 944 million yuan and 1.147 billion yuan, respectively, representing a year-on-year growth of 21.5%. For the first three quarters of 2025, revenue surged by 66.6% to 1.389 billion yuan compared to the same period in 2024 [9]. Profitability Metrics - The net profit margins for 2023, 2024, and the first three quarters of 2025 were 5.0%, 3.6%, and 3.7%, respectively. The company plans to use the proceeds from its IPO for strategic expansion, technology enhancement, brand building, and operational funding [10].

Core Viewpoint - The combination of "domestic chips + autonomous models" holds long-term value, as evidenced by the recent success of the GLM-Image model developed by Zhizhu and Huawei, which topped the Hugging Face platform's Trending list shortly after its release [2][4]. Group 1: Model Development and Performance - GLM-Image is the first state-of-the-art (SOTA) model fully trained on domestic chips, utilizing Huawei's Ascend Atlas 800T A2 devices and MindSpore AI framework, demonstrating the feasibility of training cutting-edge models on domestic infrastructure [4][6]. - The model's architecture features an innovative "autoregressive + diffusion encoder" hybrid structure, which effectively addresses challenges in generating knowledge-intensive content such as posters and educational graphics [6][10]. - GLM-Image achieved open-source SOTA levels in text rendering, with a Word Accuracy score of 0.9116 and a Normalized Edit Distance (NED) score of 0.9557, outperforming other models in generating accurate text in images [8][9]. Group 2: Market Impact and Recognition - Following the release of GLM-Image, Zhizhu's stock price surged over 16% in a single day, reflecting the market's recognition of the long-term value of the "domestic chips + autonomous models" combination [4]. - Since its listing on the Hong Kong Stock Exchange on January 8, Zhizhu's stock has increased by more than 100%, indicating strong investor confidence in its growth potential [4]. - CNBC highlighted that the development of GLM-Image challenges the narrative that advanced AI must rely on American chips, marking a significant shift in the global AI landscape [6]. Group 3: Industry Leadership and Future Prospects - Zhizhu has been a pioneer in promoting collaboration across the entire domestic AI industry chain, exemplified by the GLM-4.6 model's compatibility with domestic chips from Cambrian and Moore Threads, which significantly reduces inference costs while maintaining accuracy [10]. - The company's efforts position it as a leader in the global AI competition, driving the advancement of domestic AI technology on the world stage [10].

Core Viewpoint - Exegenesis Bio Inc. (嘉因生物) is focused on gene therapy and oligonucleotide drugs, with a strong emphasis on innovative delivery systems and a diverse product pipeline aimed at addressing significant unmet clinical needs in both rare and common diseases [2][4]. Company Overview - Exegenesis Bio Inc. was established in 2019 and has developed advanced delivery vector technologies, positioning itself as a leader in the biopharmaceutical industry [2]. - The company has submitted its IPO application to the Hong Kong Stock Exchange, with CCB International acting as the sole sponsor [2]. Product Pipeline - The company’s core candidate product, EXG001-307, is a promising gene therapy for Spinal Muscular Atrophy (SMA) type 1, expected to be a best-in-class treatment [4][5]. - Other key candidates include EXG102-031, targeting wet Age-related Macular Degeneration (wAMD), and EXG202, aimed at treating retinal neovascular diseases, including wAMD and Diabetic Macular Edema (DME) [4][5]. - EXG001-307 is noted for its single-dose administration and its ability to minimize expression in peripheral tissues, addressing safety concerns associated with current gene therapies [4]. Market Potential - The global market for SMA treatments is projected to grow from $4.6401 billion in 2024 to $5.9319 billion by 2030, and further to $9.4469 billion by 2035 [4]. - The market for retinal neovascular disease treatments is estimated to increase from $15.6 billion in 2024 to $29.5 billion by 2030, and to $55.8 billion by 2035 [5]. Investment and Funding - Exegenesis Bio has attracted investments from notable institutions such as Hillhouse Capital, Sequoia, and Temasek, among others [6]. - The net proceeds from the IPO are intended to fund the development of core products EXG001-307, EXG102-031, and EXG202, as well as to enhance technological capabilities and support general corporate purposes [6].