Core Insights - The 2025 World Internet Conference in Wuzhen is scheduled from November 6 to 9, featuring discussions among leaders from "Hangzhou Six Little Dragons" companies [1] - Huang Xiaohuang, co-founder and chairman of Qunhe Technology, expressed high expectations for the event, emphasizing the importance of dialogue on the future development of the industry over the next 3-5 years [1] - This year marks a deeper participation for the companies involved, with Qunhe Technology setting up two exhibition booths and launching a new product, SpatialTwin, at the conference [1] Company Participation - Qunhe Technology has previously attended the World Internet Conference but is participating more extensively this year [1] - The company is looking forward to increased exposure for its new products and more interaction with peers in the fields of physical AI and embodied intelligence [1] Industry Trends - The dialogue at the conference aims to explore the future trends and development directions within the embodied intelligence and physical AI sectors [1]

Core Insights - The article discusses the application of 3D AI technology in cross-border e-commerce, highlighting its potential to solve efficiency issues faced by businesses in this sector [1][3][4] - The CEO of Qunhe Technology emphasizes the ongoing opportunities for Chinese companies to expand internationally, driven by advancements in AI and digital trade technologies [1][5] Group 1: AI Technology Application - Qunhe Technology has developed a "Cool Home E-commerce Studio" solution using 3D AI, which allows for the rapid generation of marketing materials, significantly improving efficiency compared to traditional methods [1][3] - The company aims to address the high costs and low efficiency associated with offline photo shoots by providing virtual studios and real-time rendering capabilities, enabling designers to create a set of materials in just 15 to 30 minutes [3][4] Group 2: Market Opportunities - The demand for suitable imagery for overseas markets is increasing as Chinese products continue to expand internationally, creating a need for 3D virtualization to effectively showcase products [4][5] - The combination of strong manufacturing capabilities and rapid advancements in digital trade is expected to create a new wave of opportunities for Chinese companies in the global market [5][6] Group 3: SaaS and Commercialization - Qunhe Technology's SaaS product, "Cool Home," has achieved a subscription scale close to 1 billion, indicating a successful business model that can be replicated across different markets [4][5] - The CEO notes that while different countries have varying purchasing power and attitudes towards software tools, the core focus should remain on delivering valuable products and services [4][5]

Core Insights - The fourth Global Digital Trade Expo took place in Hangzhou from September 25 to 29, showcasing the "Cool Home E-commerce Shooting" solution by Qunhe Technology, aimed at e-commerce and cross-border e-commerce sectors [1] - Qunhe Technology leverages 3D AI technology to address efficiency challenges in cross-border e-commerce, allowing for rapid generation of high-quality visual content without the need for physical setups [1][3] Company Overview - Qunhe Technology is recognized as the largest spatial design platform globally, expanding its AI capabilities into various industries including home furnishings, chain retail, and cultural exhibitions [1] - The company has developed the "Cool Home E-commerce Shooting" tool, which can produce marketing images and videos in 15-30 minutes, significantly enhancing efficiency and reducing costs for cross-border e-commerce businesses [1][3] Industry Impact - Cross-border e-commerce companies can achieve higher quality and efficiency in visual material output at half the cost, with one Guangdong-based pet fence company producing 1,200 images in 60 days using only two designers, a task that previously took 1-2 years [3] - In 2024, e-commerce businesses have already generated over 30 million marketing images using the "Cool Home E-commerce Shooting" tool, indicating its widespread adoption [3] Technological Advancements - Qunhe Technology's proprietary rendering engine enables real-time rendering and photorealistic quality, replicating over 99% of physical materials, ensuring authenticity in product displays [5] - The AI capabilities of the tool lower the entry barrier for users, allowing graphic designers to become proficient after just two hours of training, and even customer service representatives can produce high-quality outputs [5] Future Plans - Qunhe Technology plans to provide AI transformation services to 10,000 merchants in Yiwu's small commodity market over the next year, showcasing a new paradigm of "technology + small commodities" for international trade [3]

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]

Core Insights - The strategic partnership between Yiwu Small Commodity 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 local merchants [2][3] Group 1: Partnership Overview - The partnership is described as a deep resonance between a "global trade hub" and a "digital technology pioneer" [1] - The initiative emphasizes a commitment to transforming traditional commerce through technological empowerment [1] Group 2: Implementation Strategy - The collaboration will systematically develop three key areas: creating a digital exhibition hall, empowering merchants with AI tools, and deepening technical cooperation [1] - The Yiwu Global Digital Trade Center is set to open in October, featuring various functional areas to support new business models and supply chain services [3] Group 3: Merchant Support and Technology Application - Qunhe Technology aims to provide comprehensive support for merchants, addressing their challenges in digital transformation [2] - The introduction of the 3D AI virtual shooting tool "Kujiale E-commerce Studio" is expected to enhance efficiency and reduce costs for cross-border e-commerce [2]

Core Insights - The main misunderstanding about Qunke Technology is that it is merely a "home SaaS company," while over 80% of its revenue comes from its home design software, CoolJia [1] - Qunke has accumulated losses of 2.089 billion yuan from 2022 to the first half of 2025, raising concerns about its financial viability [1] - The company's unique approach involves heavy investment in technology and self-built computing clusters, which contributes to its losses [1] - The founding team, with backgrounds from tech giants like NVIDIA and Google, prioritizes technological advancement over immediate profitability [1][2] Company Overview - Qunke Technology is described as a provider of spatial intelligence services [5] - The company aims to apply 3D rendering and computing technology across various industries, with a current focus on home decoration [2] Business Strategy - Qunke's strategy is likened to "finding nails with a hammer," emphasizing the importance of having the right technology before identifying market needs [2][7] - The company has successfully reduced the rendering time for design outputs from several hours to just 10 seconds, addressing significant inefficiencies in the home decoration industry [30][31] - Qunke's future plans include expanding into advertising design, e-commerce, and robotics training [2] Market Position - Despite the downturn in the real estate market, Qunke believes there are still significant opportunities in home renovation and design, particularly as consumer demands evolve [32] - The company has launched an AI-powered design platform that has already generated over 16 million yuan in orders within three months [32] Product Development - Qunke focuses on standardized products rather than customized services to enhance overall user experience and maintain cost efficiency [33] - The company has developed a 3D AI design tool for e-commerce, which aims to meet the growing demand for high-quality visual content in cross-border marketing [34] Future Goals - Qunke aims to become a global provider of spatial intelligence services, enhance its technological capabilities, and expand its market presence internationally [38]

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].