作者丨欧雪 目前，竹马创新的产品规划分为两步。第一代产品代号"Pebble"，定位专业级3DGS相机，目标用户为 海外家居设计师、空间设计师、视频制作者、独立游戏开发者。 相比传统工业级设备（均价5万元以上、需专业人员操作），Pebble定位消费级硬件价格，操作简单， 无需高性能电脑，可实时预览效果。产品专注室内场景，结构设计小巧便携。 第二代产品将面向普通消费者，定位为"空间记忆相机"——用户可记录家庭聚会、旅行场景等，生成任 意视角回放的三维记忆。张吉向硬氪展示了一段Demo：今年冬奥会上首次用3DGS技术实现运动员360 度任意视角的转播动画。 对于公司的发展路径，张吉有着清晰规划：短期全力推进首代产品Pebble研发量产，从专业设计师群体 切入建立种子用户社群；中期向欧美主流市场拓展，产品线从专业级向消费级延伸，目标将3DGS相机 做到"普通相机的价格"；长期构建"硬件+软件+社区"业务闭环，围绕3DGS技术打造用户社区，形成生 态壁垒。 "我们想做的不是一款硬件产品，而是一个新的内容品类。"张吉说。 编辑丨袁斯来 硬氪获悉，三维重建与空间智能公司——杭州竹马创新科技有限公司（下称"竹马创新"）近日完 ...

Group 1 - The company, Jintanglang (002081.SZ), confirmed that it has not established a strategic partnership with Qunhe Technology as of March 5 [2]

Group 1 - The core point of the article is that Qunhe Technology is on the verge of becoming the first global space intelligence stock, with a solid financial foundation and a transition from traditional SaaS to AI-driven space intelligence services [1][3][8] - The latest prospectus indicates that by 2025, the company's revenue is projected to reach 820 million yuan, with a gross margin of 82.2%, showcasing a clean software model primarily based on subscriptions [3] - The adjusted net profit is expected to reach 57.1 million yuan in 2025, marking a significant turnaround from losses, indicating operational leverage is at play [3] Group 2 - There are financial figures in the prospectus that may confuse investors, such as the reported loss of 428 million yuan in 2025, which is largely due to the fair value changes of convertible redeemable preferred shares, not reflecting actual cash flow [4] - The company has a net current liability of over 4 billion yuan, which is closely related to the preferred shares and represents a temporary financing structure rather than operational debt pressure [4] - Qunhe Technology aims to transition from vertical SaaS to a foundational service provider in space intelligence, leveraging its extensive 3D data assets for AI applications [5] Group 3 - The company holds a leading market share of 23.2% in the Chinese space design software market, but faces competition from other players, which poses a risk of being replaced if hardware manufacturers choose to develop in-house solutions [7] - The balance between growth and investment is crucial, as the company plans to reduce R&D spending due to AI efficiency, which may help short-term profitability but requires ongoing technological leadership [7] - The company is undergoing an identity transformation from a space software provider to a foundational data platform for AI, with its core assets remaining intact while expanding application scenarios [8]

Core Viewpoint - Manycore Technology's IPO process has entered a critical phase following the issuance of the filing notice, with financial projections indicating a shift towards profitability by 2025, but concerns remain regarding its reliance on subscription revenue and lack of diversification [1][3]. Financial Performance - Revenue is projected to grow from 664 million yuan in 2023 to 820 million yuan in 2025, with a gross margin increase from 76.8% to 82.2% [1][7]. - The adjusted net loss is expected to turn positive in 2025, achieving a profit of 57.127 million yuan [1][7]. - Subscription revenue constitutes 96.9% of total revenue, highlighting the company's heavy reliance on this model [5][6]. Cost Management - Research and development (R&D) expenses are decreasing, with the proportion of R&D spending dropping from 58.9% in 2023 to 35.5% in 2025 [1][6]. - Sales and marketing expenses also declined from 356 million yuan in 2023 to 274 million yuan in 2025, indicating a shift towards efficiency [7][8]. Customer Base - The number of enterprise customers is projected to grow from 41,070 in 2023 to 47,416 in 2025, with enterprise customers contributing 81.6% of total revenue [5][6]. Product Development - Manycore Technology has launched several key products prior to its IPO, including the 3D cloud design platform and AI-generated content products, which are crucial for its market positioning [4][5]. Market Position and Challenges - The company faces challenges in diversifying its revenue streams, as its current model may hit a ceiling in a saturated market [6][8]. - Concerns have been raised about the sustainability of its high valuation narrative given its reliance on subscription revenue and the potential risks associated with market saturation [1][6].

Core Viewpoint - Manycore Tech Inc. (群核科技) is approaching a critical phase in its IPO process following the issuance of a registration notice, with financial projections indicating a shift towards profitability by 2025, but concerns remain regarding its reliance on subscription revenue and lack of diversification [2][3][4]. Financial Performance - Revenue is projected to grow from 664 million yuan in 2023 to 820 million yuan in 2025, with a gross margin increase from 76.8% to 82.2% [2][7]. - The adjusted net loss is expected to turn positive in 2025, achieving a profit of 57.127 million yuan [2][7]. - Subscription revenue constitutes 96.9% of total revenue, with professional services contributing only 3.1% [4][5]. Cost Management - Research and development (R&D) expenses are decreasing, from 58.9% of revenue in 2023 to 35.5% in 2025, indicating a shift in operational strategy [2][4]. - Sales and marketing expenses have also declined from 356 million yuan in 2023 to 274 million yuan in 2025 [7]. - The overall increase in gross margin is attributed to optimized resource utilization and reduced operational costs [7]. Market Position and Strategy - The company has a strong dependency on subscription fees, which raises concerns about its ability to diversify and sustain growth in a saturated market [5][6]. - Manycore Tech has introduced several key products prior to its IPO, including the 3D cloud design platform and AI-generated content solutions, but faces challenges in expanding its revenue streams [3][4]. Recruitment and Workforce - Despite a reduction in R&D and sales personnel, the company continues to recruit in technical, operational, and business roles, indicating ongoing growth initiatives [8]. - The reduction in workforce may impact future product development and customer service capabilities, raising concerns about long-term revenue sustainability [8]. Debt and Financial Risks - The company's redeemable debt is projected to increase from 3.287 billion yuan in 2023 to 4.092 billion yuan in 2025, which may heighten liquidity pressures and financial risks [8].

Group 1: IPO Developments in the Home Furnishing Industry - Ruimai Technology has officially initiated its IPO process on the Beijing Stock Exchange as of February 24, 2026, by completing the counseling registration with the Jiangsu Securities Regulatory Bureau [1] - Qunhe Technology, recognized as one of the "Six Little Dragons of Hangzhou," has made significant progress towards its IPO on the Hong Kong Stock Exchange, having received approval for overseas issuance from the China Securities Regulatory Commission in mid-February [1][6] Group 2: Real Estate Policy Changes in Shanghai - Shanghai has introduced the "Shanghai Seven Measures" real estate policy aimed at better meeting the housing needs of residents, effective from February 26, 2026 [6] - Key optimizations in the purchasing policy include reducing the social security or tax payment requirement for non-Shanghai residents from "3 years" to "1 year," allowing additional purchases under certain conditions, and enabling long-term residents with a Shanghai residence permit to buy a home without proof of social security or tax payments [9] Group 3: Market Performance and Trends - On the first trading day of the Year of the Horse, major A-share indices experienced gains, with the Shanghai Composite Index rising by 0.87% to close at 4117.41 points, supported by favorable policies and increased market liquidity [10][12] - The National Building Materials Home Furnishing Market Index (BHI) for January 2026 was reported at 103.84, reflecting a month-on-month decline of 3.65 points and a year-on-year decrease of 7.34 points, indicating a stable market opening despite seasonal factors [17][18] Group 4: Industry Expansion and Consumer Trends - Skyworth Group has established a wholly-owned subsidiary, Skyworth Bathroom Technology (Guangdong) Co., Ltd., with an investment of 5 million yuan, marking its entry into the bathroom and related manufacturing sectors [22] - The home furnishing industry is witnessing a shift in consumer preferences from merely having a home to desiring quality living spaces, with a focus on aesthetic expression and emotional well-being [26]

Core Viewpoint - The competition in artificial intelligence is extending from text and image generation to understanding the physical world, particularly evident in the home decoration industry, with AI technology significantly empowering the space design software sector [1] Group 1: Company Overview - Qunhe Technology, the parent company of CoolJia, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" if successful [1] - Qunhe Technology holds a 23.2% market share in China's space design software market, making it the largest provider according to Frost & Sullivan [1] - The company has expanded into embodied AI training and e-commerce product displays, targeting a broader general design and visualization software market [1] Group 2: Financial Performance - Qunhe Technology's revenue is projected to increase from 664 million RMB in 2023 to 755 million RMB in 2024, and further to 820 million RMB in 2025, representing growth rates of 13.8% and 8.6% respectively [4] - Subscription revenue from major clients is expected to rise from 257 million RMB in 2023 to 311 million RMB in 2024, and to 363 million RMB in 2025, driven by strong customer retention and high renewal rates [4] - Despite revenue growth, the company has reported net losses of 646 million RMB, 513 million RMB, and 428 million RMB from 2023 to 2025, totaling 1.587 billion RMB in cumulative losses [4] Group 3: Market Position and Strategy - The space design software market in China is projected to reach 6.6 billion RMB by 2029, with a compound annual growth rate of 14.9%, driven by cloud software and AI-assisted design [6] - The broader space intelligence market is expected to exceed 300 billion RMB by 2025, indicating significant growth potential in various sectors such as smart cities and transportation [6] - Qunhe Technology aims to transition from a "3D space software provider" to a "space intelligence service provider," positioning itself as a foundational technology provider in the AI era [6] Group 4: Product Development and Future Outlook - The company plans to launch several new products in 2025, including an AI intelligent design platform and a cloud-native industrial AI twin platform, to enhance its competitive edge [7] - However, the current scale of these new business initiatives is small, with revenue from the SpatialVerse solution generating only 5.2 million RMB from 16 clients, compared to total annual revenue exceeding 800 million RMB [7] - Qunhe Technology's IPO is seen as a critical opportunity to address its historical challenges of profitability and high debt while leveraging its strong market position and future growth narrative [7]

Core Viewpoint - The competition in artificial intelligence is expanding from text and image generation to understanding the physical world, particularly in the home decoration industry, where AI technology significantly enhances the space design software sector [1] Group 1: Company Overview - Qunhe Technology, the parent company of CoolJia, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" if successful [1] - Qunhe Technology holds a 23.2% market share in China's space design software market, making it the largest provider according to Frost & Sullivan [1] - The company has expanded into embodied AI training and e-commerce product displays, targeting a broader market in general design and visualization software [1] Group 2: Financial Performance - Qunhe Technology's revenue is projected to grow from 664 million RMB in 2023 to 755 million RMB in 2024, and further to 820 million RMB in 2025, driven by increased subscription revenue from major clients [4] - Despite revenue growth, the company faces significant net losses, projected at 646 million RMB in 2023, 513 million RMB in 2024, and 428 million RMB in 2025, totaling 1.587 billion RMB over three years [5] - The company has been operating at a loss due to high investments in product development, technology support, and marketing, with cumulative R&D expenditures exceeding 1 billion RMB from 2023 to 2025 [5] Group 3: Market Potential - The Chinese space design software market is expected to reach 6.6 billion RMB by 2029, with a compound annual growth rate of 14.9%, driven by cloud software and AI-assisted design [7] - The broader space intelligence market in China is projected to exceed 300 billion RMB by 2025, indicating significant growth potential across various sectors [7] - Qunhe Technology aims to transition from a "3D space software provider" to a "space intelligence service provider," positioning itself as a foundational technology provider in the AI era [7] Group 4: Product Development and Strategy - The company plans to launch several new products in 2025, including an AI intelligent design platform and various spatial models, to enhance its competitive edge [8] - However, the new business segments currently generate minimal revenue, with only 5.2 million RMB from the SpatialVerse solution in 2025, compared to total revenues exceeding 800 million RMB [8] - The IPO is seen as a crucial step for the company to address its historical challenges of profitability and high debt while leveraging its existing business and future growth narrative [8]

Core Viewpoint - Manycore Tech Inc. has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to become the first company among Hangzhou's "Six Little Dragons" to go public and potentially the "global leader in spatial intelligence" [1]. Financial Performance - The company is projected to achieve a revenue of 820 million RMB in 2025, with a gross margin increasing to 82.2% [1][4]. - Adjusted net profit is expected to reach 57.1 million RMB, marking a turnaround from previous losses [1]. - Despite accounting losses of 646 million RMB in 2023, 513 million RMB in 2024, and 428 million RMB in 2025, adjusted net profit shows positive growth due to the success of its core products [4][8]. Market Position - Manycore Tech holds a 23.2% market share in China's spatial design software market as of 2024, making it a market leader [7]. - The company's clientele spans the entire spatial design industry, including designers, interior design firms, furniture manufacturers, real estate developers, and building materials suppliers [7]. Product and Technology - The core platform "CoolJia" utilizes cloud-native architecture and AI technology, enabling rapid 3D design, instant rendering, and BIM capabilities [8]. - The international version "Coohom" offers localized solutions, while the professional service "SpatialVerse" focuses on 3D composite datasets [8]. Industry Outlook - The Chinese spatial design software market is expected to reach 6.6 billion RMB by 2029, with a compound annual growth rate (CAGR) of 18.9% for cloud software, significantly outpacing traditional software [8]. - The listing application coincides with a critical period of digital transformation in the home furnishing industry, highlighting the increasing importance of spatial design software [20].

Group 1 - The core focus of the article is that Manycore Tech Inc. (群核科技) has submitted its application for an IPO on the Hong Kong Stock Exchange for the third time, aiming to become the "global leader in spatial intelligence" [1][3] - Manycore Tech was established in November 2011 and has developed products such as CoolJiaLe, Coohom, and the Spatial Verse platform [3] - The company previously attempted to go public in the US in 2021 and submitted its IPO applications in February and August 2025, which later became invalid after six months [3] Group 2 - The IPO application for Manycore Tech has been approved by the China Securities Regulatory Commission (CSRC) [3] - On February 14, the CSRC disclosed the notice regarding Manycore Tech's overseas issuance and listing [3]