每经记者｜叶晓丹 每经编辑｜文多 "广东一家卖宠物围栏的客户，靠两名客服用我们（的工具）60天生成了1200张营销图，这可能是他们过往1~2年的量。"群核科技首席执行官（CEO）陈航 介绍说。 9月26日，在第四届全球数贸会上，作为"杭州六小龙"之一的群核科技重点展示了采用3D AI（三维人工智能）技术的"酷家乐电商棚拍"解决方案。通过3D AI技术，曾让跨境商家头疼的"效率难题"正被逐一破解。 从AI翻译、AI视频生成到3D AI棚拍，AI应用正在渗透中国跨境电商行业。陈航认为，中国制造的硬实力叠加我国AI集群、数字贸易技术的高速发展，中企 出海仍有一轮红利期。 那么，人工智能能为中国企业带来哪些赋能？中企出海的长潮与大浪重塑了怎样的科技生态？基于上述问题，《每日经济新闻》记者（以下简称NBD）在 数贸会期间对话了群核科技CEO陈航。 群核科技CEO陈航 图片来源：企业提供 "视觉物料"是跨境贸易的第一语言 NBD：目前公司如何把AI技术应用在跨境电商等数字贸易领域？ 陈航：群核科技是全球最大的空间设计平台，我们致力于用3D AI塑造视觉真实、结构化真实的世界。这些技术以往主要被我们应用在家装、连锁商业、文 ...

9 月 25 日至 29 日，第四届全球数字贸易博览会在杭州启幕，"杭州六小龙" 之一的群核科技，带着面向电商与跨境电商的 "酷家乐电商棚拍" 解决方案全新 亮相 —— 无需搭建实体棚，万圣节、圣诞节风格大片一键生成；不用拆棚换景，一天能出 30 套产品方案；线上即可生成逼真外籍模特、猫狗形象。这些曾 让跨境商家头疼的"效率难题"，正被 3D AI 技术逐一破解。 在2024 年，电商企业已利用酷家乐电商棚拍生成电商营销图超 3000 万张。目前酷家乐电商棚拍已与遨森、傲基等数百家跨境企业达成合作，北美制冰领域 头部企业宁波"灏米"借助工具单任务节省 3-4 天，16 位设计师月均出图超 5000 张，单套产品图产出周期从 2-3 天压缩至数小时，人效提升超 50%，直接缓 解了产品线扩展带来的视觉产出滞后问题。而在义乌小商品市场，酷家乐电商棚拍未来一年将计划为一万家商家提供AI转型服务，商户们在3D AI工具的加 持下，正在打造不同国家和地域的全新商品场景展示，成为 "科技 + 小商品" 出海新范式的典型案例。 韩国逛展嘉宾现场体验 这些成果的背后，是群核科技在空间智能领域的技术沉淀。其自研的群核启真渲染引 ...

Core Insights - The strategic partnership between Xiaogoods City and Qunhe Technology aims to create a "new engine for overseas expansion" through a digital ecosystem [1][2] - The collaboration focuses on integrating AI technology into small commodity trade, addressing the digital transformation needs of merchants in Yiwu [2][3] Group 1: Partnership Overview - The partnership is described as a deep resonance between a global trade hub and a digital technology pioneer, emphasizing a commitment to transforming traditional commerce through technology [1] - The collaboration will systematically develop an "AI + small commodity trade" innovation foundation through three main aspects: creating a digital exhibition hall, empowering merchants with AI tools, and deepening technical cooperation [1] Group 2: Merchant Support and Technology Application - Qunhe Technology aims to provide comprehensive support for merchants, addressing the challenges they face in digital transformation due to a lack of tools and skills [2] - The goal is to serve 10,000 merchants and establish a replicable model of "AI + small commodity trade" that can be expanded to other trade clusters across China [2] Group 3: Future Developments - The Yiwu Global Digital Trade Center is set to open in October 2023, featuring various functional areas to support new business models and supply chain services [3] - Xiaogoods City plans to promote the application of AI technologies within the Global Digital Trade Center, responding to market demands and exploring new paradigms in digital trade [3]

9月10日，被誉为"世界超市"的小商品城（600415）与"杭州六小龙"之一的群核科技正式达成战略合作 并举行签约仪式，双方将共建"出海新引擎"数字化生态。 "此次签约，是'全球商贸枢纽'与'数字技术先锋'的深度共振。"小商品城副总经理龚骋昊在签约仪式上 表示，"我们坚守的不仅是'买全球、卖全球'的格局，更是'向新而行、向智而变'的决心——让传统商贸 在技术赋能中焕发新生，是我们不变的追求。" 此次合作将系统性地从三个方面展开，构建"AI+小商品贸易"的创新基础：一是以义乌全球数贸中心为 载体，搭建场景化数字展厅，打造群核棚拍数字科技服务义乌市场的窗口；二是技术工具赋能，以AI 夯实商贸转型基础，以低门槛、高效能的数字工具降低商家数贸门槛和成本；三是开展相关技术深度合 作与产业赋能计划，推动其在商贸领域的技术应用不断深化和拓展。 根据计划，义乌全球数贸中心将于今年10月开业。该中心由市场、商务写字楼、商业街区、公寓、数字 大脑5大功能板块构成，打造集聚众多新业态新模式贸易主体和供应链服务主体的新型数字市场。 未来，小商品城将以开放共生的姿态推动各家AI科技应用在全球数贸中心落地，赋能六代市场的迭 代，以创新实 ...

群核科技董事长黄晓煌说，对群核最大的误解是认为他们是"家居SaaS公司"。目前，作为"杭州六小龙"之一的群核，80%以上的收入来自一款名为酷家乐的 家居设计软件。这也不难理解，为什么外界对群核最大的质疑之一是其成立十余年，依然亏损的财务状况——根据招股书数据，从2022年至2025年上半年， 群核累计亏损20.89亿元。 如果把群核定义为一家"家居SaaS公司"，这的确是一家"前景不明"的公司——主营业务受困于地产行业下行，新增长曲线尚未形成，也没有稳定持续的盈利 能力。但相比三维家等"家居SaaS公司"，群核的特殊之处在于，重资产做技术投入，自建算力集群、自己训练模型，这也成为它亏损的主要来源。 要理解群核，首先要理解创始团队的心态。群核创始团队并非来自家居行业，而是来自英伟达、谷歌、亚马逊等科技公司，工程师基因让他们觉得推动技术 发展，比赚钱更重要。 黄晓煌的创业思路深受英伟达影响，他总结为"拿着锤子找钉子"。在不同阶段，因涉及领域的不同，英伟达曾一度被视为游戏、汽车等行业的公司，如今又 被视作最成功的人工智能公司之一。其中不变的是芯片和计算技术。 群核和英伟达拿着同样一把叫"GPU"的锤子，最终是想让3 ...

Core Insights - AIGC technology is evolving from text and image generation to more complex 3D space and video domains, facing challenges in understanding physical world structures and maintaining temporal consistency in video creation [2][6] - Spatial intelligence is identified as a crucial bridge for AI to transition from the digital to the physical world, requiring AI to learn the "language" of space [2][9] Model Developments - The newly released models, SpatialLM 1.5 and SpatialGen, address the challenges of 3D scene generation and video creation, with SpatialLM 1.5 focusing on structured generation through "spatial language" and SpatialGen ensuring spatial coherence across multiple perspectives [3][4] - SpatialLM 1.5 encodes spatial relationships as "language," allowing for end-to-end generation of 3D scenes based on user input, producing structured scripts with physical parameters [4][5] Data and Training - The scarcity of high-quality 3D data is a significant bottleneck for spatial intelligence development, with over 4.41 billion 3D models and 500 million structured 3D scenes available by mid-2025 [5] - The company leverages its platform, CoolJia, to accumulate data that enhances the training of spatial understanding and generation models, creating a feedback loop between tools, data, and models [5] Video Generation Innovations - Current AI video generation tools struggle with spatial logic due to their reliance on 2D image sequences, leading to issues like object distortion and inconsistency [6][7] - SpatialGen overcomes these limitations by using a 3D Gaussian scene as an intermediary, allowing for the generation of images from any perspective while maintaining object consistency across frames [6][7] Market Strategy and Ecosystem - The company emphasizes open-sourcing its models and data to foster collaboration and innovation in the spatial intelligence market, aiming to expand the ecosystem rather than monopolize it [9][10] - The open-source strategy has garnered international attention, with the company releasing the world's first 3D Gaussian dataset, which has implications for various industries, including autonomous driving [9][10] Differentiation and Future Directions - The company's focus on interactive functional scenes differentiates it from other models that may lack spatial consistency, positioning it for industrial applications [10][11] - By providing a new path for industrial software development, the company aims to create "AI-native" design tools that bypass traditional complex geometric algorithms [11]

Core Insights - The company, Qunke Technology, launched its latest spatial models, SpatialLM 1.5 and SpatialGen, during the first Tech Day on August 25, emphasizing an open-source strategy to engage global developers [1][4] - SpatialLM 1.5 is designed to understand and generate spatial language, enabling the creation of structured 3D scene scripts based on user text inputs, showcasing its potential in robotics [1][2] - SpatialGen focuses on generating multi-view images with temporal consistency, addressing current challenges in AI-generated video content [2][3] Group 1: Model Features - SpatialLM 1.5 utilizes a large language model to learn a new "spatial language," allowing it to describe spatial structures and relationships in 3D scenes accurately [1] - The model can generate structured 3D scene scripts and assist in robot path planning and task execution, addressing the scarcity of interactive 3D data [2] - SpatialGen employs a diffusion model architecture to create multi-view images based on text and 3D layouts, maintaining spatial logic and consistency [2][3] Group 2: Strategic Vision - Qunke Technology's strategy revolves around a "space editing tool - space synthesis data - space large model" framework, creating a positive feedback loop to enhance model training and tool experience [3] - The company has accumulated over 441 million 3D models and 500 million structured 3D spatial scenes as of June 30, 2025, leveraging these assets for model development [3] - The open-source initiative, started in 2018, aims to collaborate with global developers to advance spatial model technology [3][4]

Core Viewpoint - The company, Qunhe Technology, has submitted an updated prospectus to the Hong Kong Stock Exchange after the first one became invalid. The company reported a revenue of 399 million yuan in the first half of 2025, a year-on-year increase of 9%, and achieved adjusted net profit, but faces high redemption liabilities and reduced spending on sales, marketing, and R&D [1][3][8]. Revenue and Profitability - In the first half of 2025, Qunhe Technology's revenue reached 399 million yuan, reflecting a 9% increase compared to the previous year, which is a decline from the growth rates of 10.5% and 13.8% in 2023 and 2024 respectively [3][6]. - The company's revenue structure remains heavily reliant on subscription services, with 97.7% of revenue coming from software subscriptions, up from 90.6% in 2022 [3][4]. - The adjusted net profit for the first half of 2025 was 17.825 million yuan, a significant turnaround from a net loss of 73.196 million yuan in the same period last year [6]. Cost Management - Sales and marketing expenses decreased from 171 million yuan in the first half of 2024 to 136 million yuan in the first half of 2025, alongside a reduction in the sales team from 615 to 501 employees [8][9]. - R&D expenses also saw a reduction of 16.8%, dropping to 150 million yuan in the first half of 2025, primarily due to optimization of R&D personnel [8]. Product Development and Market Strategy - Qunhe Technology launched two new spatial open-source models, SpatialLM 1.5 and SpatialGen, aimed at enhancing AI video generation capabilities [6][7]. - The company plans to use the funds raised from the IPO for international expansion, product launches, and to enhance existing product functionalities, targeting markets in South Korea, Southeast Asia, India, the US, and Japan [8][9]. Industry Context - The company operates in a challenging environment, with clients in the real estate and construction sectors facing significant pressures, which may impact demand for AI-driven design solutions [9].

Core Viewpoint - The company, Qunhe Technology, has submitted an updated prospectus to the Hong Kong Stock Exchange after the first one became invalid. The updated financials show a revenue of 399 million yuan for the first half of 2025, a 9% year-on-year increase, and a return to adjusted profitability, but with significant reductions in sales, marketing, and R&D expenses, alongside a high redemption liability of 4 billion yuan [1][4][10]. Revenue Structure - The revenue structure remains heavily reliant on subscription services, with 97.7% of total revenue coming from software subscriptions in the first half of 2025, up from 90.6% in 2022 [4][5]. - The company provides professional services to enterprise clients, contributing only 2.3% to total revenue in the second quarter of 2025 [6][10]. Financial Performance - Qunhe Technology achieved an adjusted net profit of 17.825 million yuan in the first half of 2025, a significant turnaround from an adjusted net loss of 73.196 million yuan in the same period last year [7]. - The company had previously reported adjusted net losses of 338 million yuan, 242 million yuan, and 70.049 million yuan from 2022 to 2024 [7]. Cost Management - Sales and marketing expenses decreased from 171 million yuan in the first half of 2024 to 136 million yuan in the first half of 2025, with a reduction in sales personnel from 615 to 501 [10]. - R&D expenses also saw a reduction of 16.8%, from 180 million yuan in the first half of 2024 to 150 million yuan in the first half of 2025 [10]. Future Plans - The company plans to use the funds raised from the IPO for international expansion, product launches, and enhancing existing product functionalities, particularly focusing on AIGC and geometric modeling [10]. - Qunhe Technology aims to establish a sales team of approximately 250 people and allocate around 20 million yuan for marketing activities over the next 3-5 years [10]. Product Development - Recently, Qunhe Technology launched two new spatial open-source models, SpatialLM 1.5 and SpatialGen, aimed at enhancing AI-generated content capabilities [7]. - The company is also planning to release a 3D technology-based AI video generation product in 2025 to address current limitations in AI video generation [7][9].

Core Viewpoint - Manycore Technology's IPO is seen as a critical lifeline for the company, which has been struggling with high debt and negative cash flow, despite recent efforts to cut costs and achieve profitability [2][5]. Group 1: Financial Performance and Debt Situation - Manycore Technology has accumulated a redemption liability of nearly 4 billion yuan, which constitutes 86.97% of its current liabilities as of June 2025 [8]. - The company reported a total net loss of 2.26 billion yuan in the first half of 2025, contributing to a cumulative net loss of 20.89 billion yuan since 2022 [10]. - As of June 2025, the company's total assets were 547 million yuan, with total liabilities reaching 665 million yuan, resulting in a debt-to-asset ratio of 121.56%, indicating a risk of insolvency [8][9]. Group 2: Revenue and Customer Base - Manycore Technology's revenue has shown growth, with reported revenues of 6.01 billion yuan, 6.64 billion yuan, 7.55 billion yuan, and 3.99 billion yuan over the reporting period [10]. - The company primarily serves clients in the real estate sector, which is currently facing a downturn, impacting its revenue potential [13]. - The average subscription revenue per enterprise customer has declined from 14,826 yuan to 14,016 yuan over the reporting period, indicating a decrease in customer spending [14]. Group 3: Cost Management and Future Plans - The company has significantly reduced its R&D expenses from 4.38 billion yuan in 2022 to 1.5 billion yuan in 2025, with R&D expense ratios decreasing from 72.9% to 37.5% [11][12]. - Manycore plans to use IPO proceeds to expand its international presence, enhance product features, and invest in marketing and technology infrastructure [1][12]. - The company aims to establish a dedicated sales team of approximately 250 personnel and invest in additional servers and data centers to support its growth strategy [12]. Group 4: Investment and Financing History - Since its inception, Manycore has completed 11 rounds of financing, raising a total of approximately 2.95 billion USD (about 21.13 billion yuan) [3][4]. - The company's share price has increased 145 times since its first round of financing, reflecting significant investor interest in its early stages [3]. - Manycore's CFO, Shen Bei, has played a crucial role in the company's financing and investment planning, with a notable salary that is several times higher than that of the founders [5].