鲜啤福鹿家将成为蜜雪集团的非全资附属公司。 据IPO早知道消息，蜜雪冰城股份有限公司（以下简称"蜜雪集团"）于10月1日发布公告称，其已在 9月30日盘后与鲜啤福鹿家达成投资及股权转让协议——以约2.97亿元人民币的价格获得鲜啤福鹿 家53%的股权。 上述投资及股权转让完成后，鲜啤福鹿家将成为蜜雪集团的非全资附属公司，其财务业绩将并入蜜雪 集团的财务业绩。 蜜雪集团在公告中指出，其自创立以来始终坚持"高质平价"的价值主张，在保持亲民价格的同时持 续提供各品类的高质量产品。而鲜啤福鹿家的现打鲜啤产品亦凭藉"优质原料、严选工艺、口感新 鲜、现打现饮、口味多元"的产品力和平价定位，成功立足大众市场并具有较好的发展潜力。 完成投 资后，蜜雪集团的产品品类将从现制果饮、茶饮、冰淇淋和咖啡延伸至现打鲜啤，进一步满足消费者 对高质平价产品的共同需求，践行"让全球每个人享受高质平价的美味"的使命。 这里不妨补充一下鲜啤福鹿家—— 成立于2021年的鲜啤福鹿家主要为消费者提供每500mL单价约6 至10元的现打鲜啤产品，涵盖经典款鲜啤以及果啤、茶啤、奶啤等创新款鲜啤，截至2025年8月31 日已在中国28个省、自治区和直辖市拥 ...

Core Viewpoint - Shanghai Senyi Medical Technology Co., Ltd. (Senyi Intelligent) is set to go public on the Hong Kong Stock Exchange, positioning itself as a leading AI medical solution provider in China and globally [1][2]. Company Overview - Established in 2016, Senyi Intelligent is recognized as the largest hospital AI medical solution provider in China and the fourth largest globally, based on projected 2024 revenue [2]. - The company serves over 800 clients, including more than 750 hospitals and over 400 large hospitals, showcasing its extensive reach in the healthcare sector [2]. Product Offerings - Senyi Intelligent is the only company in the global AI medical industry that offers solutions across L1 to L4 levels, enhancing operational efficiency and decision-making in healthcare [4]. - L1 solutions focus on data intelligence, L2 solutions provide AI-assisted decision support, L3 solutions involve autonomous planning and execution, and L4 solutions are aimed at high-level autonomous intelligence [4]. Market Potential - The global AI medical solutions market is projected to grow from 40 billion yuan in 2024 to 90.6 billion yuan by 2030, with China's market expected to expand from 16.4 billion yuan to 35.3 billion yuan during the same period [5][6]. - By 2030, the global L3 AI medical solutions market is anticipated to reach 10.8 billion yuan, while China's market is expected to hit 7 billion yuan [6][7]. Financial Performance - Senyi Intelligent's revenue has shown consistent growth, with figures of 144 million yuan in 2022, 239 million yuan in 2023, and a projected 292 million yuan in 2024. The revenue for the first half of 2025 increased by 23.3% year-on-year to 112 million yuan [8]. - The company's gross margin has improved from 26.9% in 2022 to 38.9% in the first half of 2025, indicating enhanced profitability [9]. Funding and IPO Plans - Senyi Intelligent has completed nine rounds of financing, with a valuation of 2.66 billion yuan following its last round in July 2024 [10]. - The funds raised from the IPO will primarily be allocated to R&D, product enhancement, commercialization efforts, and potential acquisitions [10].

已成功转型为一家兼具创新深度与商业广度的全链条、平台型生物科技企业。 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， 天境生物（ TJ Biopharma） 日前 完成近 6亿元人民币C2轮融资。本轮融资 由中金资本 旗下基金 领投，沂景资本、东方富海、之科基金、椿灵投资、新毅投资等机构跟投，老 股东和达投资、清松资本、屹远投资及钱塘城发亦持续加码， 华兴 资本担任财务顾问。 自 2024年初完成战略重组以来， 天境生物 已成功转型为一家兼具创新深度与商业广度的全链条、 平台型生物科技企业。通过 "即将上市产品商业化+ 创新产品对外授权（BD）+CDMO服务"的多元 化收入模式，天境生物有效平衡了创新研发的投入与风险，构筑了稳健的商业基本盘。 重组至今，天境生物已高效达成多项关键里程碑，充分展现了卓越的运营与执行能力。重要进展包 括： • 与法国赛诺菲公司就尤莱利单抗大中华区权益达成总价值约 17亿元人民币的战略合作； • 成功递交两款产品的上市申请，包括依坦生长激素 α以及菲泽妥单抗（多发性骨髓瘤适应症）； • 与美国渤健公司合作，在中国启动 ...

Core Viewpoint - The opening of the first open-body intelligent experience center by Zhiyuan Robotics in Wuxi marks a significant step in integrating embodied intelligence technology into cultural tourism, creating a new commercial operation model for the C-end market [3][9]. Group 1: Experience Center Launch - Zhiyuan Robotics opened its first open-body intelligent experience center on September 30 in Wuxi, focusing on humanoid robots and immersive interactions [3]. - The center is the first of its kind aimed at C-end consumers, representing a shift from laboratory technology to commercial application in cultural tourism [3]. Group 2: Interactive Features - The center features a robot manager named "Liang Yuan" and various humanoid robots that provide diverse interactive experiences for visitors [5]. - A dynamic scene operation mechanism is established to maintain long-term consumer attraction, with monthly updates to robot skills and seasonal optimization of performances [7]. Group 3: Target Audience and Operations - The center operates a dual model with daytime shows targeting families and general tourists, while nighttime events transform into a "tech-themed Livehouse" to attract younger consumers [7]. - This approach aims to create a new cultural tourism landmark in Wuxi, enhancing the city's night economy [7]. Group 4: Strategic Partnerships and Future Plans - Wuxi Liangxi Cultural Tourism Development Group emphasizes the need for innovative business models to activate quality cultural tourism resources and will support the experience center with resources and services [9]. - Zhiyuan Robotics plans to continuously iterate on robot skills and experiences based on operational feedback, aiming to develop a replicable C-end operation model that integrates local cultural resources [9].

Core Viewpoint - The article discusses the significant advancements in domestic AI models and chips, particularly focusing on the release of the GLM-4.6 model by Zhiyu, which showcases enhanced capabilities in coding and other AI applications, marking a new phase of collaboration between domestic large models and chips [2][5]. Group 1: Model Advancements - Zhiyu officially released and open-sourced the new generation large model GLM-4.6 on September 30, achieving substantial improvements in core capabilities such as Agentic Coding [2]. - In public benchmark tests and real programming tasks, GLM-4.6's code generation ability has fully aligned with Claude Sonnet 4, making it the strongest coding model in China [5]. - The model has undergone comprehensive upgrades in long context processing, reasoning ability, information retrieval, text generation, and intelligent applications, surpassing the performance of DeepSeek-V3.2-Exp [5]. Group 2: Chip Integration - GLM-4.6 has been deployed on leading domestic AI chips from Cambrian using FP8+Int4 mixed-precision inference, marking the first production of an FP8+Int4 model-chip integrated solution on domestic chips [7]. - This solution significantly reduces inference costs while maintaining model accuracy, providing a feasible path for local operation of large models on domestic chips [7]. - The adaptation of GLM-4.6 by Cambrian and Moore Threads indicates that domestic GPUs are now capable of iterating in sync with cutting-edge large models, accelerating the construction of a self-controlled AI technology ecosystem [7]. Group 3: Future Implications - The combination of the domestically developed GLM series large models and domestic chips is expected to continuously drive dual optimization of performance and efficiency in model training and inference [7]. - This collaboration aims to build a more open, controllable, and efficient artificial intelligence infrastructure, releasing broader social and industrial value through the Zhiyu MaaS platform [7].

Core Viewpoint - Hesai Technology (NASDAQ: HSAI; HKEX: 2525) will deepen its partnership with Xiaomi Auto as a core strategic supplier from 2026 to 2027, continuing to provide support and services [2] Group 1: Partnership and Business Growth - Xiaomi is not only a significant business partner for Hesai but also an important shareholder, having led a $374 million Series D funding round in 2021, which bolstered Hesai's R&D and market expansion [2] - Since Xiaomi Auto's market entry, Hesai has been its exclusive partner for LiDAR technology, contributing to the successful launches of models like SU7 and YU7, enhancing the commercialization of smart driving technology [2] - Hesai has established itself as a leading player in the global LiDAR industry, with products widely used in advanced driver-assistance systems (ADAS) for passenger and commercial vehicles, autonomous vehicles, and various intelligent robotic applications [2] Group 2: Market Penetration and Client Base - In the ADAS sector, Hesai's LiDAR has become a standard for safety, securing mass production contracts for over 120 models from 24 major manufacturers, with deliveries planned from 2025 to 2027 [3] - Key clients include top-tier automotive manufacturers such as a leading European OEM, a global electric vehicle sales champion, and several prominent Chinese brands [3] Group 3: Robotics Sector Expansion - The robotics sector is experiencing explosive growth, with Hesai positioning itself in this emerging market [4] - In the lawnmower robot segment, Hesai's JT series achieved over 100,000 units delivered within five months, setting a global record [4] - Collaborations in various robotic applications include partnerships with companies like Yushu Technology for robotic dogs and multiple firms in mobile/commercial robotics [4] Group 4: Financial Performance - In 2024, Hesai achieved revenue of 2.08 billion yuan, with a compound annual growth rate of 42.3% from 2021 to 2024 [5] - The company has seen its annual delivery volume double for four consecutive years, becoming the first and only publicly listed LiDAR company to achieve profitability and positive cash flow for the entire year [5] - The co-founder and chief scientist of Hesai emphasized the role of AI in the upcoming fourth industrial revolution, indicating the company's commitment to providing new core technologies and products for this era [5]

Core Viewpoint - Luoshi Robotics is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its comprehensive self-developed technology platform to enhance its market position in the robotics industry [2]. Company Overview - Established in 2014, Luoshi Robotics has developed a complete ecosystem for robotics applications, including industrial robots, collaborative robots, and embodied intelligent robots [2]. - The company has launched 10 series of 27 industrial robot products with payload capacities ranging from 4 kg to 220 kg and working radii from 475 mm to 2,705 mm [3]. - Luoshi Robotics is the only company in China capable of mass-producing both industrial and collaborative robots, ranking third among domestic manufacturers and seventh globally in multi-joint robot sales as of 2024 [3]. Product Offerings - The company offers three series of 15 collaborative robot products with payload capacities from 3 kg to 45 kg and working radii from 705 mm to 2,246 mm [3]. - Six models of embodied intelligent robots have been introduced, featuring comprehensive data perception and AI technology for various applications [3]. Market Presence - Luoshi Robotics has provided robotic solutions to over 1,000 clients across approximately 40 countries, including major companies like Xiaomi and Valeo [4]. - The company has established partnerships with leading firms in various sectors, including consumer electronics and automotive manufacturing [4]. Service Network - To enhance customer support, Luoshi Robotics has built a global service network with five spare parts warehouses and 18 service points in China, along with seven core parts warehouses and 16 service points worldwide [5]. - The company offers free technical training and 24/7 online support to minimize downtime and ensure efficient operations [5]. Financial Performance - Revenue figures for Luoshi Robotics are projected to grow from 153 million RMB in 2022 to 325 million RMB in 2024, with a significant increase of over 50% in the first half of 2024 compared to the same period in 2023 [5]. - The gross profit margin has improved from 7.0% in 2022 to 22.3% in the first half of 2024 [6]. Funding and Future Plans - Luoshi Robotics has completed 10 rounds of financing, with a pre-IPO valuation of 5.295 billion RMB [7]. - The funds raised from the IPO will be used to enhance R&D capabilities, expand the global sales network, improve production efficiency, and support strategic investments [7].

Core Viewpoint - CHANDO Global Holdings Limited is preparing for an IPO on the Hong Kong Stock Exchange, with a pre-IPO valuation exceeding 7.1 billion RMB, aiming to enhance its market presence and operational capabilities [3][7]. Company Overview - Founded in 2001, CHANDO has become the third-largest domestic cosmetics group in China, offering a comprehensive range of products across five main brands, including its flagship brand CHANDO [3][4]. - As of June 30, 2025, CHANDO's main brands provide a total of 522 SKUs, with the flagship brand accounting for a significant portion of the group's revenue [4][5]. Financial Performance - Revenue figures for CHANDO from 2022 to 2024 are 4.292 billion RMB, 4.442 billion RMB, and 4.601 billion RMB, respectively. In the first half of 2025, revenue increased from 2.301 billion RMB in 2024 to 2.448 billion RMB [7]. - Adjusted net profits for the same period were 139 million RMB, 313 million RMB, and 203 million RMB, with the first half of 2025 showing an increase from 186 million RMB in 2024 to 219 million RMB [7]. Market Position and Brand Recognition - CHANDO is recognized as the second-largest domestic cosmetics brand in China based on retail sales for 2024 and has maintained a top-two position for 12 consecutive years [4][5]. - The brand leads in consumer recognition, purchase frequency, and repurchase intention among surveyed domestic cosmetics brands [4]. Digital and Operational Strategy - CHANDO has established a comprehensive digital operation model, leveraging a unique inventory system to enhance supply chain, inventory, production, sales, and consumer data analysis [5]. - As of June 30, 2025, CHANDO has over 3.77 million registered members, with a repurchase rate of approximately 32.4%, surpassing the industry average [5]. Sales Channels and Expansion - The company has a robust presence across major e-commerce platforms in China and has established over 62,700 retail points nationwide, including various retail formats [6]. - CHANDO is also expanding its international market presence, with products now available in North America and Southeast Asia [6][7]. IPO Fund Utilization - The net proceeds from the IPO will be primarily used to enhance direct-to-consumer (DTC) capabilities, improve online and offline sales network synergy, invest in R&D, and expand overseas market operations [8].

从收入构成来看， AI医疗服务已成为 微医控股 核心增长引擎 —— 2022年至2024年 ，微医控股 AI医疗服务收入分别为6.28亿元、10.24亿元 和 48.06亿元 ； 今年上半年，微医控股 AI医疗服务 收入 从 2024年同期的 14.4亿元 增加 97.3% 至 28.41亿元 。而 在营收占比上， 今年上半年 AI 医疗服务占总营收 的比例已从 2024年同期的 79.2%进一步攀升至92.2% 。 今年上半年，微医控股AI医疗服务的收入占比进一步攀升至92.2%。 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， 微医控股有限公司 （以下简称 " 微医控股 "）于2025年9月29日更新招股 书，继续推进港交所主板上市进程，招银国际和华泰国际担任联席保荐人。 成立于 2004年的 微医控股 旗下现拥有 AI医疗服务 和 线上线下医疗服务 两大业务板块。 根据弗 若斯特沙利文的资料，按 2024年收入 计算 ，微医控股在中国数字健康服务市场（不包括药品销 售）及 AI医疗健康解决方案市场均排名第一。 根据最新版本的招股书披露，微 ...

Core Viewpoint - The article highlights significant advancements in two leading Chinese large model companies, DeepSeek and Zhiyu, with new model releases expected to enhance their capabilities and market position [2][3]. Group 1: DeepSeek Developments - DeepSeek announced the upload of its new model, DeepSeek-V3.2, to the HuggingFace community platform on September 29 [2]. - The previous version, DeepSeek-V3.1, released in August, introduced a mixed inference architecture that supports both thinking and non-thinking modes, improved thinking efficiency, and enhanced agent capabilities through post-training optimization [3]. Group 2: Zhiyu Developments - Zhiyu is set to release its new model, GLM-4.6, with some users already able to access it via API [2]. - The flagship model GLM-4.5, launched in July, integrates reasoning, coding, and agent capabilities into a single model to meet complex application needs [3]. - In August, Zhiyu also released the GLM-4.5V, a high-performance open-source visual reasoning model with a total of 106 billion parameters and 12 billion active parameters [3].