Group 1 - The essence of technology is to empower people, and upgrading cognition is the prerequisite for seizing opportunities [1] - The author has written a total of 7 books this year, marking a significant milestone in their writing career [3][4] - The focus of the books is on understanding the underlying logic of AI, practical applications, and insights into various industries [6][11][25][34] Group 2 - "DeepSeek: Understanding the Underlying Logic of the AI Era" addresses the commercial logic behind AI technologies, aiming to provide a framework for entrepreneurs and investors [7][8][9] - "DeepSeek Usage Guide: Practical Applications Across All Professions" has sold 100,000 copies in its first month, emphasizing practical scenarios for various roles [12][13][15] - "A Book to Learn Manus: Practical Guide to AI Agents" targets non-technical users, helping them automate repetitive tasks and improve efficiency [20][22][24] Group 3 - "Humanoid Robots: Technology, Industry, and Future Society" explores the potential impact of humanoid robots on labor markets and industries, providing a comprehensive view of the field [25][32][33] - "Investing in People" shifts the focus from technology to the importance of human factors in investment success, sharing real case studies [34][36][39] - "Stablecoins: Technological Revolution and Financial New Future" highlights the efficiency of stablecoins in cross-border payments, challenging misconceptions about cryptocurrencies [40][41] Group 4 - "New Geeks: The New Round of Global Technological Revolution and China's Innovation Logic" analyzes the characteristics of Chinese innovation in the context of AI and other technologies, providing insights for various stakeholders [42][43][44] - The author plans to focus on human-centric themes in future works, emphasizing the importance of communication and creativity in the AI era [45][49]

Core Viewpoint - The essence of investment is to bet on future value, and the analysis of the company's losses should consider whether the funds have been transformed into valuable resources rather than simply being "burned" [1][4]. Group 1: Financial Analysis - In the first half of 2025, the company's R&D expenses amounted to 1.59 billion RMB, with 1.145 billion RMB (71.8%) allocated to cloud services and hardware purchases, a significant increase from 17.3% in 2022 [8][9]. - The company has accumulated R&D investments of approximately 4 billion RMB (around 600 million USD) over the years, producing competitive models that align with international standards [20]. - The company has achieved a gross profit margin of around 50%, indicating potential for profitability as revenue scales up [42]. Group 2: Resource Allocation and Strategy - The company is systematically converting funds into computing power resources, which are essential for AI model training [10][11]. - The strategy includes a dual approach: expanding API services for developers while also providing localized deployment services for enterprise clients, balancing scale and profitability [35]. - The company has adapted its models to over 40 domestic chip types, indicating a proactive strategy in diversifying computing resources [24][26]. Group 3: Industry Context and Competitive Landscape - The industry is currently in a "arms race" phase, where significant upfront investments are necessary to secure a competitive position [45]. - Different technical routes correspond to different business scenarios; the company focuses on stability and comprehensive support for localized deployments, which require substantial initial investment [32][34]. - The competitive landscape is evolving, with other companies demonstrating lower-cost model training, which pressures the industry to optimize resource utilization [30][31]. Group 4: Future Outlook - Predictions indicate that the cost of computing power will decline, driven by rapid iterations of domestic AI chips and ongoing algorithm optimizations [37][39]. - The company is expected to see a gradual reduction in R&D expense ratios over the next two to three years, enhancing investment efficiency [42]. - Investors are looking at the long-term potential, betting on the company's ability to become a leading player in the AI model sector within three to five years [48].

"生意不是比谁钱多，是比谁活得久。"——《繁花》宝总 开篇：深夜突袭！MiniMax携招股书与智谱"打擂台" 前天晚上十点多，我正准备睡觉，突然手机被微信消息轰炸——好几个券商的朋友同时给我发来MiniMax发招股书的消息。 我一看时间，又是晚上十点半，这不就是跟智谱"打擂台"吗？ 前两天我刚解读完智谱的招股书，那个视频播放量直接炸了，连好几家券商的分析师都跑来加我。 看来大家对这波AI公司扎堆上市是真的感兴趣啊！ ▲ 戳蓝 色字关注我们！ 那今天咱们就趁热打铁，快速拆解一下MiniMax这份刚出炉的招股书。 | 【編纂]的[編纂]數目 : [編纂](掲音] | | | | --- | --- | --- | | 行使與否而定) | | | | 编纂 數目 | .. | [编纂](可予重新分配) | | 编纂 數目 | .. | [編纂](可予更新分配及 | | 視乎[編纂]行使與否而定) | | | | 最高[編纂] : | | 每股[編纂]港元,另加1% | | | | 經紀佣金、0.0027%SFC交易徵費、 | | | | 0.00565% 膨交所交易 壹及0.00015% | | | | 會財局交易 ...

Core Viewpoint - The article discusses the competition among AI large models in China, highlighting three different reports that claim different companies as the "first" in the industry based on varying criteria [2][30]. Group 1: Different "Firsts" Based on Metrics - The first report from Zhipu's prospectus claims that iFlytek is the first in terms of revenue, with over 500 million RMB projected for 2024 [6][8]. - The second report from IDC states that ByteDance's Doubao holds a 49.2% market share based on token usage, indicating it has the largest user base [10][12]. - The third report from A16Z and OpenRouter identifies DeepSeek as the global leader in open-source models, with 14.37 trillion tokens used, significantly higher than its competitors [15][18]. Group 2: Analysis of Business Strategies - iFlytek's ranking reflects its strong commercial capabilities and long-standing relationships in the government and enterprise sectors, focusing on B2B sales [19]. - ByteDance's Doubao leverages its massive user base from popular apps like Douyin and Toutiao, adopting a low-price strategy to capture market share [20]. - DeepSeek's appeal lies in its open-source nature and strong performance, particularly among global developers, although its monetization strategy is still under development [21]. Group 3: Implications for Job Seekers, Entrepreneurs, and Investors - For job seekers, the article emphasizes the importance of aligning personal skills with the respective business models of these companies [25]. - Entrepreneurs are advised to choose AI tools based on specific business needs rather than solely on market rankings [26]. - Investors should focus on the business models and monetization capabilities of these companies, as many are still struggling to achieve profitability despite high market shares [28]. Group 4: Future Directions in AI - The article suggests that the competition among these companies represents three distinct paths in the AI industry: the government-focused route (iFlytek), the user base-driven route (ByteDance), and the technology-driven route (DeepSeek) [27]. - It highlights the potential for multiple "firsts" to coexist in the market, similar to the current landscape of e-commerce in China [31]. - The article concludes that the ongoing competition signifies a significant shift in the global AI landscape, with Chinese companies gaining recognition and influence [33][34].

Core Viewpoint - The article highlights the recognition of Dr. Du Yu, the director of the Unknown Artificial Intelligence Research Institute, as an "Outstanding Author" for 2025 by the China Science and Technology Publishing House, emphasizing the institute's contributions to cutting-edge technology research [1][8]. Group 1: Award and Recognition - Dr. Du Yu received the "Outstanding Author" award for his significant contributions in the field of humanoid robotics, which reflects both his personal academic influence and the institute's achievements in advanced technology research [1][8]. - The award serves as a validation of the research institute's efforts in integrating academia and industry, marking a notable achievement in their development path [1]. Group 2: Book Overview - The awarded work, "Humanoid Robots: Technology, Industry, and Future Society," is a comprehensive publication that systematically outlines the development of humanoid robotics, focusing on technology dissection, industry analysis, and social foresight [3][4]. - The book addresses key technical challenges in humanoid robotics, such as motion control, perception systems, decision algorithms, and AI model adaptation, making complex concepts accessible to a broad audience [3]. - It provides an in-depth analysis of the global humanoid robotics industry chain, covering critical components, manufacturing, system integration, and application scenarios, offering valuable insights for industry practitioners [3]. Group 3: Societal Impact - The book also explores the potential societal impacts of widespread humanoid robot adoption, including changes to employment structures, ethical considerations, and legal frameworks, advocating for a "technology for good" development philosophy [4]. - Since its release in 2025, the book has gained significant recognition in the tech and industry sectors, becoming a recommended reading in various academic institutions and achieving high sales and positive reviews [4]. Group 4: Publisher Background - The China Science and Technology Publishing House, a leading national authority in scientific publishing, has established a comprehensive publishing system across various fields, collaborating with top research institutions and experts [6]. - The publisher aims to promote scientific knowledge and innovation, producing both high-value academic works and accessible popular science literature [6]. Group 5: Future Directions - The Unknown Artificial Intelligence Research Institute plans to continue its focus on advancing technology and industry integration, particularly in AI and humanoid robotics, aiming to produce more academically rigorous and practically valuable research outcomes [8].

▲ 戳蓝 色字关注我们！ 一万年太久，只争朝夕。——毛泽东 昨天睡觉前万德给我推送了智谱AI的招股书，这可是全球"大模型第一股"啊。 于是我硬是把招股书读完了才睡觉——AI圈终于有人把底裤晾出来了。 你们知道吗？这份招股书，跟我之前看过的所有科技公司招股书都不一样。 别的公司都在讲故事、画大饼，智谱这份，简直就是一本"中国AI公司生存指南"。 你可能会说，这不就是互联网公司的常规操作吗？烧钱换市场嘛。 但问题来了——年初DeepSeek发布，人家用2000多张GPU、花不到600万美元就训练出了对标GPT-4o的模型。 今天我就跟大家扒一扒，这里面藏着哪些你在别处看不到的秘密。 一、扎眼数字：每赚1块，烧掉7块 先说几个数字，你们感受一下。 智谱2022年收入5700多万，2023年1个多亿，2024年3个多亿——三年时间，收入翻了5倍多，年复合增长率130%。 听起来很牛对吧？ 但你再看另一个数字：2024年收入3亿多，亏损接近20亿。 什么概念？就是你每赚1块钱,要烧掉将近7块钱。 这就像开了个奶茶店，卖一杯奶茶赚10块，但房租、人工、原料加起来要花70块。 而智谱这20亿亏损，大头都砸在算力和研发上了。 ...

Core Viewpoint - The article highlights the recognition of the Unseen AI Research Institute as the "Best Creative Partner" by the renowned publishing organization Blue Lion, marking a significant milestone in their collaboration and acknowledging their achievements in quality knowledge content creation [2][3]. Collaboration and Achievements - The partnership between the Unseen AI Research Institute, Blue Lion, and Zhejiang University Press has deepened, focusing on global technological revolutions and financial innovations [3][5]. - Over the past year, the collaboration has produced two significant works: "New Geeks: The New Round of Global Technological Revolution and China's Innovation Logic" and "New Monetary Order: How Stablecoins Reshape the Global Financial System and Wealth Logic" [5]. - "New Geeks" analyzes the evolution of the "geek spirit" in the context of the new technological revolution, while "New Monetary Order" explores the impact of stablecoins on the global financial system and wealth distribution [5]. Future Directions - The recognition as the "Best Creative Partner" serves as a strong foundation for future collaborations, with plans to continue producing high-quality works in areas such as artificial intelligence, digital economy, and green technology [6]. - The Unseen AI Research Institute aims to transform cutting-edge research findings into accessible knowledge content, contributing to the dissemination of quality knowledge and enhancing societal understanding [6].

Group 1 - The high valuation of Muxi is driven by a combination of technology, team expertise, market timing, and policy catalysts, rather than being coincidental [35] - The "Four Dragons of Domestic GPU" each have distinct strategies, indicating that competition is not merely homogeneous [25][32] - The recent wave of AI company IPOs signifies a shift in the industry from "storytelling" to "result verification" [33] - Current conditions present both opportunities and risks; stakeholders should understand the underlying logic of valuations and avoid being swayed by emotions [34] Group 2 - Muxi's market capitalization reached 332 billion, with a significant first-day price increase, reflecting investor enthusiasm [6][34] - The team behind Muxi, including founder Chen Weiliang and co-founders Peng Li and Yang Jian, possesses extensive experience in GPU design, which is crucial for the company's success [13][17] - The U.S. chip export restrictions have created a pressing demand for domestic GPU solutions, leading to a surge in orders for Muxi [22][23] Group 3 - The four domestic GPU companies—Muxi, Moer, Birran, and Suiruan—each focus on different market segments and technological approaches, akin to various martial arts styles [25][32] - The investment strategy of top-tier firms like Sequoia emphasizes "certainty" over mere potential, focusing on the team's track record rather than just the technology [28][29] - The current landscape of AI infrastructure investment reflects a growing recognition of the importance of foundational technologies over application-level innovations [33]

Core Viewpoint - The article argues that the AI industry is experiencing a significant accounting distortion and potential bubble, similar to past financial crises, driven by inflated valuations, unsustainable business models, and questionable accounting practices [6][10][130]. Group 1: Market Reactions and Financial Signals - Following Nvidia's earnings report, the stock plummeted, and Bitcoin's value dropped from a historical high of $126,000 to $89,000, resulting in a global cryptocurrency market loss of $420 billion in a single day [3][4]. - Nvidia's accounts receivable reached $33.4 billion, indicating a concerning increase in the time taken to collect payments, with the Days Sales Outstanding (DSO) rising to 53.3 days, compared to the historical average of 46 days [16][19]. - The inventory of Nvidia surged by 32% from $15 billion to $19.8 billion, contradicting claims of high demand and supply constraints, suggesting either overproduction or customers unable to pay [28][29]. Group 2: Accounting Practices and Profitability - Nvidia's accounting practices allow for a significant underreporting of depreciation on AI infrastructure, leading to an estimated $176 billion in inflated profits by 2028 due to a discrepancy in depreciation rates [14][15]. - The company's cash conversion rate is only 75.1%, indicating that 25% of reported profits are not translating into actual cash flow, raising concerns about the sustainability of its financial health [35][36]. - Nvidia's stock buyback strategy, amounting to $9.5 billion, raises questions about prioritizing shareholder value over operational health, especially when cash flow is constrained [38][39]. Group 3: Industry-Wide Implications - The AI sector is characterized by a cycle of financing where companies invest in each other, creating a façade of revenue without real external cash flow, leading to inflated valuations [42][47]. - Major players like Microsoft and Oracle are also implicated in similar financing structures, raising concerns about the overall health of the AI ecosystem [50][51]. - Historical parallels are drawn to past financial collapses, such as Enron and WorldCom, highlighting the risks of inflated accounting practices and unsustainable business models in the current AI landscape [68][71]. Group 4: Future Outlook and Risks - The article predicts a rapid market correction, potentially more severe than the 2008 financial crisis, driven by the interconnectedness of AI companies and their reliance on inflated valuations [91][106]. - The potential for a significant drop in AI company valuations, estimated between 50% to 70%, could trigger a chain reaction affecting the broader market, particularly in cryptocurrency [98][100]. - The article emphasizes the need for a market correction to eliminate speculative investments and allow for the emergence of sustainable business models in the AI sector [110][139].

Core Viewpoint - The article discusses the volatility and illusion of wealth in the AI industry, emphasizing that perceived losses in market value are often just numerical illusions rather than actual wealth being transferred or lost [2][3][4]. Group 1: Market Dynamics and Illusions - The AI industry experienced a dramatic rise and fall in valuations, with companies like SenseTime and Cambricon losing significant market value as the hype around AI waned [2][3]. - The concept of "wealth" in the market is described as a collective illusion, where perceived losses are merely a return to reality rather than actual money disappearing [3][4]. - The valuation mechanisms in the market are compared to AI's propensity for "hallucination," where both can create misleading perceptions based on limited data [6][8]. Group 2: Valuation Mechanisms - The article illustrates how market valuations can fluctuate dramatically based on limited trading activity, leading to significant changes in perceived wealth without any actual change in the underlying assets [9][10]. - It highlights that the majority of stocks remain untraded, yet their valuations are influenced by the prices of a small fraction of shares that do trade [26][28]. - The phenomenon of "mark-to-market" accounting is discussed, where the value of all shares is adjusted based on the price of a few traded shares, leading to widespread valuation changes [10][12]. Group 3: Wealth Creation and Destruction - Wealth is described as not being conserved like physical entities; it can be created or destroyed based on market perceptions and valuations [8][17]. - The article emphasizes that the disappearance of wealth during market corrections is not due to funds being withdrawn but rather a change in collective valuation consensus [28][39]. - The example of a fictional AI chip company illustrates how market sentiment can lead to rapid valuation changes, demonstrating the volatility inherent in the AI sector [9][10][12]. Group 4: Insights on Investment Behavior - Investors are cautioned to be aware of the speculative nature of AI stocks, where hype can lead to inflated valuations that do not reflect true company performance [70][71]. - The article advises distinguishing between the technological value of AI and the market's speculative valuations, which can often diverge significantly [71][72]. - It encourages a rational approach to understanding market fluctuations, recognizing that wealth is not solely defined by stock prices but also by skills and knowledge [73][74]. Group 5: Broader Economic Implications - The article draws parallels between the AI market and the real estate market, illustrating how perceived value can change without any physical alterations to the assets themselves [54][60]. - It discusses the broader economic impact of wealth disappearance, particularly in the context of consumer behavior and economic growth [61][62]. - The phenomenon of wealth illusion is further exemplified through the cryptocurrency market, where valuations can be even more volatile and disconnected from tangible assets [63][64].