硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 市面上第一家将自研轴向磁通电机应用到机器人本体上的公司。 文 ｜ 彭丽 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业官网 硬氪获悉，专注于机器人平台及核心零部件自主研发的创新企业「璇玑动力」完成近亿元天使轮融资。「璇玑动力」成立于2024年，其创始人原是核心产品 线Inspire悟系列负责人。我们总结了本轮融资信息和该公司几大亮点： 以下文章来源于硬氪 ，作者彭丽 融资金额及投资机构 融资轮次： 天使轮 融资规模： 近亿元人民币 投资方： 御海资本、兰璞创投、步长家办 资金用途： 将用于目前已发布重载机器人、轻载机器人的量产，同时还在研发一款面向C端的消费级机器人，计划明年推出。 公司基本信息 成立时间： 2024年6月 注册地址： 深圳市宝安区 技术亮点：全栈自研高性能机器人本体及核心零部件，包括（轴向磁通(axial‑flux)电机+一体化关节模组+图传遥控系统）。轴向磁通结构使电机更加扁平、 体积更小，同时在单位体积/重量下能输出更高扭矩。璇玑动力自研的轴向磁通电机性能全行业领先，峰值扭矩达596N.m，扭矩密 ...

以下文章来源于投资界 ，作者王露 投资界 . 清科控股旗下创业与投资资讯平台 打包收购。 这笔收购筹划已久。 去年8月，玛氏发布公告称，以每股83.50美元的价格现金收购Kellanova，收购总价高达359亿美元（约合2534亿元人民币）。 直到今年12月，监管部门通过了这项收购案。根据条款，交易完成之日，Kellanova从纽交所退市，目前公司总市值约为290.3亿美元（约合2045亿元人民 币）。 对于国内消费者而言，品客薯片是Kellanova最为人熟知的品牌，却来源于一笔收购。 文 ｜ 王露 来源｜ 投资界（ ID： pedaily2012） 封面来源 ｜ pexels 尘埃落定。 本周，食品巨头玛氏（Mars）宣布完成对品客薯片母公司Kellanova的收购，总价约359亿美元（约合2534亿元人民币），一举成为今年全球食品业最大收购 案。 这意味着，你熟悉的德芙和品客薯片成了一家人。买方玛氏，拥有德芙、箭牌、士力架等品牌；卖方在国内最为知名的品牌是品客薯片和家乐氏麦片。 诞生于1968年，品客薯片是世界上首款罐装薯片品牌，曾因小龙虾、凡士林味、盲盒口味等网红怪味薯片风靡社交媒体。这一次玛氏豪掷千 ...

窄播 . 关于商业的认知和乐趣。 以下文章来源于窄播 ，作者窄播 从人头涌动到频频关店。 文 ｜ 麻花（北京） 来源｜ 窄播 （ID：exact-interaction） 封面来源 ｜ pexels 一家购物中心可以容纳下多少家面包店？5个？10个？现在看来，这个数字可能太少了。 网红品牌云集的北京朝阳合生汇目前一共有23家烘焙店，其中包括总是在排队的B&C黄油与面包、UH祐禾、石头先生的烤炉和JOJO丹麦下午茶。而人流量 极高的上海龙之梦，眼下同时开着17家烘焙店，离它500米范围内，还有同样不缺客流的DRUNK BAKER和gluglu。 有业内人士将2024年看作是现制烘焙的元年，因为不少新兴连锁品牌都是在这一年开始大规模的全国连锁化和品牌化。人均消费在30元-40元的HOT CRUSH趁热集合、石头先生的烤炉、祐禾、RollING BEANS手作瑞士卷都从这一年开始大举开店，消费者一边喊着「月薪两万买不起面包」，一边仍然蜂 拥而至排在了店门口。 但紧接着，又有餐饮从业者将2025年总结为烘焙的内卷元年，因为狂飙一年后，烘焙的潮水正在逐渐褪去，行业也进入了优胜劣汰阶段：曾经需要靠黄牛才 能买上的Roll ...

不只是争夺零售空间， 更是中国高端消费的逻辑更迭。 封面来源 ｜ 视觉中国 传统顶奢撤场，专业运动补位 商业的变迁从不遮掩，头部玩家的动作就是市场风向标。 从2024年下半年开始，除开爱马仕以外，顶奢在国内不乏关店的动作。去年10月，LV关闭了位于沈阳卓展购物中心的门店，DIOR也撤离了大连时代广场； 今年2月，Gucci接连关闭上海新世界大丸百货和芮欧百货门店也接连引发市场的热议。 无法否认的是，当下一些传统顶奢品牌已经调整了在中国内地市场的拓店步伐。部分品牌位于城市核心地段的动作，往往先于业绩财报释放的信号，也更直 观地揭示出奢侈品行业的承压状态。 但与此同时，也能看到，高端运动品牌在核心商圈的跑步进场。 打造全球旗舰店， 迪桑特的「线下组合拳」 当消费者的价值判断发生转向，品牌也必须同步给出新的价值主张。 过去一年，一些专业运动品牌非但没有放慢节奏，反而在一线城市的核心商圈中加码旗舰店、提升门店规格，逐步成为顶级商业地标的新主角。 从商业层来看，高频使用带来的复购率、围绕运动场景展开的多季节产品结构，以及由专业社群构成的用户黏性，让这些专业运动品牌在整个奢侈品行业增 长明显放缓的时期，展现出不同于奢侈品 ...

以下文章来源于智能涌现 ，作者邓咏仪 智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 腾讯内部已形成共识： 必须拥有不能拖后腿的自研模型能力。 2024年，大模型招聘市场里最慷慨的玩家是字节跳动，但到了今年，名单上加上了腾讯。 据The Information近期报道，腾讯正在高价抢夺字节跳动的AI团队，在过去数月里，以加倍薪资积极挖角字节旗下的顶尖AI人才。 " 智能涌现 " 和接近腾讯的人士了解到的情况是，今年腾讯的校招可以说是不惜成本——对于中意的人才，腾讯出价高50%是基准线，最高可以达到2倍薪 资挖人。 顶尖人才的变动，往往反映一家公司对这件事的急迫程度。腾讯不仅抢应届毕业生，更是瞄准了全球范围内的顶尖大模型人才。 文 ｜ 邓咏仪 编辑 ｜ 苏建勋 杨轩 来源｜ 智能涌现（ID：AIEmergence） 封面来源 ｜ AI 生成 " 智能涌现 " 独家获悉，腾讯近期完成了一次组织调整，正式新成立AI Infra部、AI Data部、数据计算平台部。 12月17日下午发布的内部公告中，腾讯表示，Vinces Yao将出任"CEO/总裁办公室"首席AI科学家，向腾讯总裁刘炽平汇报；他同时 ...

Core Insights - The article discusses the emergence of AI companionship applications, highlighting the significant investment and interest in this sector, particularly in the context of user engagement and emotional connection [4][6]. - The founder of "Infinite Valley," Cai Mao, aims to create a product that transcends traditional chatbot functionalities, focusing on enhancing users' lives through personalized AI companionship [7][9]. Company Overview - "Infinite Valley" was founded by Cai Mao after her departure from Bilibili, securing over $10 million in funding from investors like ZhenFund and IDG Capital, with a current valuation nearing $70 million [6]. - The team consists of over 50 members, primarily from the previous "Cat Ear FM" team, ensuring a strong foundation for product development [6][31]. Product Features - The product allows users to interact with a virtual male character named "Lu," focusing on building intimate relationships while also offering practical features like schedule management and habit formation [6][7]. - Cai Mao emphasizes that "Infinite Valley" is not a game but an app designed to integrate into users' lives, providing proactive services based on user data [7][15]. Market Positioning - Cai Mao differentiates "Infinite Valley" from existing AI companionship products by focusing on personalized, proactive interactions rather than passive chatbot responses [14][15]. - The product aims to occupy a unique market position by combining high-quality content with user-driven experiences, targeting a demographic of women aged 15 to 50 [35][36]. User Engagement - Initial testing data shows a retention rate of over 80%, with users averaging 160 chat interactions and over 60 minutes of usage on the first day [9]. - The design philosophy centers on creating a visual and emotional connection with users, which is particularly appealing to female audiences [17][18]. Business Model - The monetization strategy involves content-based payments and IP development, similar to models used in gaming and audio platforms, rather than relying on superficial paywalls [26][27]. - The goal is to create a platform that evolves with user preferences, allowing for a unique blend of public IP and personalized experiences [28][29]. Future Outlook - Cai Mao believes that the AI companionship sector represents a significant opportunity, with the potential for long-term user engagement and emotional support [33][34]. - The company aims to establish a strong brand presence and user loyalty by leveraging its unique approach to AI interactions and community building [21][22].

Core Viewpoint - The approval of L3-level conditional autonomous driving vehicles marks a significant step towards the commercialization of autonomous driving in China, transitioning from testing to official road use under specific conditions [8][9][10]. Group 1: Approval Details - The Ministry of Industry and Information Technology (MIIT) has approved two L3-level autonomous vehicles: Changan SC7000AAARBEV and BAIC Alpha S6, allowing them to operate under specific conditions in designated areas of Chongqing and Beijing [5][6][16]. - The Changan vehicle can achieve autonomous driving at speeds up to 50 km/h in congested traffic and on specific roads in Chongqing, while the BAIC vehicle can operate at speeds up to 80 km/h on certain highways in Beijing [17][19]. Group 2: Significance of Approval - This approval signifies the transition of autonomous vehicles into a "certified era," indicating that L3-level vehicles are now recognized for their operational capabilities under real-world conditions [8][12]. - The distinction between "product approval" and "testing licenses" is crucial, as the former indicates a higher level of regulatory recognition and the ability to operate on public roads [10][11][12]. Group 3: Future Implications - The approval is part of a gradual process that began with policy discussions in 2022, leading to the current stage where L3 and L4 vehicles can be tested under specific conditions [26][28]. - The industry anticipates a rapid increase in L3 vehicle approvals, with many companies setting 2026 as a target for widespread deployment of L3 autonomous driving technology [30][31][32].

Core Viewpoint - The article discusses the current challenges and dynamics within the Chinese restaurant industry, particularly focusing on the "middle ground" segment of chain restaurants that are facing criticism for their use of pre-prepared dishes while trying to maintain a balance between cost and quality [4][32]. Group 1: Industry Dynamics - The restaurant industry is experiencing a divide, with some brands like Lao Xiang Ji and Da Mi Xian benefiting from their low-cost offerings, while others, similar to Xi Bei, are facing backlash for perceived quality issues related to pre-prepared meals [4][5][6]. - The "middle ground" segment of restaurants typically has a customer price point around 100 yuan and operates approximately 500 locations, which has become a focal point for criticism [8][34]. - The operational model of these middle-ground restaurants often combines elements of both low-cost and high-end dining, attempting to leverage the benefits of both segments [16][17]. Group 2: Business Models - Low-cost restaurants like Lao Xiang Ji focus on standardization and rapid expansion through franchising, with low menu prices and high turnover rates, often exceeding 1,000 locations [9][10]. - High-end restaurants, represented by brands like Xin Rong Ji, maintain a small number of locations with high price points, emphasizing quality and direct control over food preparation [13][15]. - The middle-ground restaurants, such as Hai Di Lao, have successfully integrated supply chain management and standardized processes to achieve significant market valuations while maintaining a balance between quality and cost [16][17]. Group 3: Market Trends - The rapid growth of commercial real estate in 2014 provided a favorable environment for chain restaurants, with the average share of dining in shopping centers surpassing 25% for the first time [26][27]. - The period from 2016 to 2018 saw significant growth for brands like Tai Er, with a compound annual growth rate of 182.3%, highlighting the potential for expansion in the restaurant sector [30]. - However, the industry is now facing challenges, with many middle-ground restaurants experiencing stagnation in customer traffic and pricing power, leading to a decline in average spending per customer [32][44]. Group 4: Consumer Behavior - Consumer expectations for quality and freshness in dining experiences are high, particularly in the context of pre-prepared meals, which can lead to dissatisfaction when prices do not align with perceived value [50][51]. - The psychological price point for mid-range dining appears to be a barrier, as consumers react negatively to perceived overpricing, especially when pre-prepared dishes are involved [46][48].

Core Viewpoint - The luxury car market in China is undergoing a transformation where traditional brand prestige is being replaced by a focus on intelligent experiences and user value, marking a shift from "symbolic consumption" to "meaningful consumption" [5][8][10]. Group 1: Market Dynamics - The luxury car market is now characterized by a competition driven by technological advancements, with traditional luxury brands struggling to keep up as consumers prioritize smart features over brand heritage [3][4][10]. - The sales performance of domestic brands, particularly the Xiangjie S9 and S9T, indicates a significant shift in consumer preferences, as these models topped the sales charts for mid-to-large electric vehicles priced above 300,000 yuan [4][15]. - The emergence of intelligent driving capabilities and advanced user experiences is redefining what constitutes "new luxury" in the automotive sector [18][20]. Group 2: Consumer Behavior - Consumers are increasingly unwilling to compromise on experience for brand prestige, leading to a reevaluation of luxury car value propositions [10][20]. - A significant portion of Xiangjie S9's user base consists of individuals transitioning from traditional luxury brands, highlighting a demand for enhanced experiences and emotional connections [20][33]. - The shift towards a lifestyle brand approach, where vehicles are seen as "life partners" rather than mere transportation, reflects changing consumer expectations [21][33]. Group 3: Competitive Strategy - Xiangjie has adopted a comprehensive strategy that emphasizes technological superiority, user experience, and emotional engagement, moving beyond mere product features [15][33]. - The establishment of a dedicated sales and service network, primarily composed of former dealers from traditional luxury brands, indicates a strategic shift in market positioning [25][26]. - The collaboration between Xiangjie and Huawei aims to leverage advanced technology and manufacturing expertise, enhancing the brand's competitive edge in the luxury segment [27][29][32]. Group 4: Future Outlook - The luxury car market is transitioning towards a model where competition is based on the entire ecosystem, including technology, user relationships, and service experiences [33][34]. - The successful market penetration of Xiangjie signifies a broader trend where Chinese brands are becoming key players in defining new luxury standards, moving from followers to leaders in the automotive industry [33].

Core Viewpoint - The listing of "Yujian Xiaomian" on the Hong Kong Stock Exchange has reignited market interest in the chain noodle restaurant sector, but its high valuation and subsequent stock price drop raise questions about the industry's growth potential and capital market sentiment [5][6][17]. Industry Overview - The Chinese noodle restaurant market is projected to reach a total transaction value of 510 billion yuan by 2029, with a compound annual growth rate of 10.9% from 2025 to 2029 [5]. - The number of noodle restaurant outlets in China is expected to exceed 660,000 by May 2025, indicating significant market competition [5]. Capital Market Sentiment - The enthusiasm for noodle restaurants has waned significantly since 2021, when major brands experienced a surge in financing activity, with 24 financing events and over 4 billion yuan raised [8][12]. - The recent listing of "Yujian Xiaomian" saw its stock price drop nearly 29% on the first day, reflecting a broader skepticism in the capital market regarding high valuations in the noodle restaurant sector [5][17]. Competitive Landscape - The industry can be categorized into three tiers: - The first tier includes "Hefuliao" (577 stores), "Yujian Xiaomian" (465 stores), and "Wuye Banmian" (670 stores), each targeting different market segments [16]. - The second tier consists of brands like "Majiyong" and "Zhanglala," which are facing growth challenges due to market saturation [16]. - The third tier comprises regional brands and individual stores that lack national expansion capabilities [16]. Financial Performance - "Yujian Xiaomian" reported a loss of 35.97 million yuan in 2022, with projected profits of 45.91 million yuan and 60.70 million yuan for 2023 and 2024, respectively, indicating a struggle for profitability [20]. - "Hefuliao" has experienced revenue fluctuations, with figures dropping from 17.32 billion yuan in 2021 to 14.56 billion yuan in 2022, alongside increasing net losses [20]. Strategic Responses - Brands are attempting to counteract growth challenges through price reductions and franchise expansions. "Hefuliao" has successfully lowered prices by 20-30%, resulting in a return to profitability [29]. - The franchise model is being adopted by several brands, including "Yujian Xiaomian," which has seen a compound annual growth rate of 66.2% in franchise revenue from 2022 to 2024 [30]. Market Challenges - The high pricing strategy of many noodle restaurants is misaligned with consumer perceptions, leading to decreased demand. The average consumer spending is around 30 yuan, but many offerings are perceived as not providing value for money [24]. - The industry faces significant challenges from rising consumer price sensitivity, increased competition, and a shift in dining preferences towards more affordable options [24][35].