Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for nine companies, including Qunhe Technology, regarding their overseas listing applications [1][3] - Qunhe Technology is required to clarify its compliance with foreign exchange registration and investment procedures during its equity structure setup and reverse mergers [3] - The company submitted its listing application to the Hong Kong Stock Exchange on February 14, with JPMorgan and Jianyin International as joint sponsors [3] Group 2 - Qunhe Technology has shown revenue growth over the past two years, with revenue increasing from RMB 601.6 million in 2022 to RMB 663.5 million in 2023, representing a year-on-year growth of 10.5% [4] - For the first three quarters of 2024, the company's revenue reached RMB 552.9 million, up 13.8% from RMB 486 million in the same period of 2023 [4] - The total revenue from 2022 to the third quarter of 2024 amounts to RMB 1.818 billion [4] Group 3 - Despite the revenue growth, Qunhe Technology remains in a loss position, although net losses have been decreasing year by year [5] - The company's losses were RMB 704 million in 2022, RMB 646 million in 2023, and RMB 422 million in the first nine months of 2024 [5] - Adjusted net losses were RMB 338 million, RMB 242 million, and RMB 94 million for the respective periods [5] Group 4 - Qunhe Technology is recognized as one of the "Six Little Dragons" of Hangzhou, a group of influential new technology companies emerging in early 2025 [5] - The "Six Little Dragons" include notable companies such as Game Science and DeepSeek, with Qunhe Technology being one of the earliest to pursue a public listing [5]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for nine companies, including Qunhe Technology, regarding their overseas listing applications [1] - Qunhe Technology is required to clarify its compliance with foreign exchange registration, overseas investment, and foreign investment regulations during its equity structure setup and reverse mergers [1] - The company is also asked to provide details on the pricing basis, payment methods, payment terms, and compliance of its 2022 acquisition of Hangzhou Qunhe's equity, as well as tax declaration and payment status [1] Group 2 - Qunhe Technology is a rapidly growing disruptive design and visualization cloud platform driven by AI technology and dedicated GPU clusters [2] - The platform enables businesses of all sizes to create engaging designs with immersive visual effects, which can be converted into production drawings for automated and accurate manufacturing processes [2] - The company's open architecture allows seamless data interoperability, continuous platform upgrades, and scalability, presenting significant potential for various vertical industries [2] Group 3 - The company's business focus is on spatial design and visualization, targeting the spatial design software market [3] - According to Frost & Sullivan, Qunhe Technology is the largest spatial design platform globally by average monthly active users (MAU) in 2023 and the largest software provider in China's spatial design industry, holding approximately 22.2% market share by revenue [3]

Core Viewpoint - The parent company of CoolJia, Qunhe Technology, has submitted an F-1 prospectus to the U.S. Securities and Exchange Commission, planning to list on NASDAQ under the ticker "KOOL," potentially becoming the "first global 3D cloud design stock" [1] Financial Performance - Qunhe Technology has shown steady revenue growth, with revenues of 601 million yuan in 2022 and 664 million yuan in 2023, representing a year-on-year increase of 10.5%. The revenue for the first three quarters of 2024 reached 553 million yuan [2] - The gross margin has remained high and increased year-on-year, with gross margins of 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first three quarters of 2024, respectively [2] - The company has been operating at a loss, with net losses of 704 million yuan, 646 million yuan, and 422 million yuan for 2022, 2023, and the first three quarters of 2024, respectively. The losses are attributed to significant investments in product development, technical support, and marketing [2] Business Line Operations - Qunhe Technology operates on a subscription model, with enterprise clients contributing the majority of subscription revenue. Subscription revenues from enterprise clients were 490 million yuan, 563 million yuan, and 464 million yuan for the respective periods, accounting for 90.1%, 87.0%, and 85.4% of total subscription revenue [3] - The average subscription revenue per enterprise client has shown a declining trend, with figures of 14,800 yuan, 13,700 yuan, and 13,600 yuan for the respective periods [3] - Subscription revenue from individual clients has been increasing, with revenues of 53.8 million yuan, 84.3 million yuan, and 79.2 million yuan for the respective periods, representing 9.9%, 13%, and 14.6% of total subscription revenue [3] Funding and Cash Flow - Qunhe Technology is experiencing tight funding conditions, with negative cash flow from operating activities of -412 million yuan, -214 million yuan, and -164 million yuan for the respective periods [4] - The company's cash and cash equivalents totaled over 400 million yuan as of the first nine months of 2024. However, cash flow has significantly decreased, from 577 million yuan in 2022 to only 200 million yuan in the first nine months of 2024, a reduction of more than half compared to the previous year [4] Upstream and Downstream Relationships - The primary clients of Qunhe Technology are from the home decoration and furniture industries, which are heavily influenced by the real estate sector. The downturn in the real estate market has led to reduced investment willingness from property developers, impacting the home decoration and furniture industries [5] - Revenue growth has slowed, with a growth rate of 25.2% in 2020 compared to 10.5% and 13.8% in 2023 and the first three quarters of 2024, respectively [5] - The current low real estate market conditions, with developers cutting back on land acquisition and design companies facing payment difficulties, may pose challenges for Qunhe Technology's future operations [5]

Company Overview - Qunhe Technology, established in 2011, is a spatial intelligence company leveraging AI technology and GPU clusters, and is one of the "Six Little Dragons" of Hangzhou [2] - The company has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the "first global spatial intelligence stock" [2] Product Development - Qunhe Technology announced the open-source release of its self-developed spatial understanding model, SpatialLM, which can generate physically accurate 3D scene layouts from a video [1] - SpatialLM overcomes traditional language model limitations in understanding geometric and spatial relationships, enabling machines to possess spatial cognition and reasoning capabilities [1] - The model is designed to provide a foundational training framework for embodied intelligence and can be fine-tuned for specific scenarios, lowering the training threshold [1] Financial Performance - Qunhe Technology's revenue primarily comes from subscription income, which contributed 90.6% and 97.5% of total revenue in 2022 and 2023, respectively [3] - The company's total revenue for 2022 and 2023 was 601 million and 664 million CNY, with a year-on-year growth of 13.8% to 553 million CNY in the first three quarters of 2024 [3] - The gross profit margin has improved, reaching 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first nine months of 2024, respectively [3] Losses and Future Outlook - Despite a gross margin of 80%, Qunhe Technology reported adjusted net losses of 338 million CNY and 242 million CNY for 2022 and 2023, with a reduced loss of 93.61 million CNY in the first three quarters of 2024, down 52.8% year-on-year [4] - The losses are attributed to high R&D expenses, increased sales and marketing costs, and significant changes in the book value of redeemable liabilities [4] - The company anticipates that operating expenses as a percentage of total revenue will decrease as it achieves economies of scale and improves operational efficiency [4] Market Position - Qunhe Technology's main products include "CoolJia" for the Chinese market and "Coohom" for international users, along with the next-generation spatial intelligence solution [3] - The company has shifted its focus from a previous plan to list on NASDAQ to pursuing an IPO in Hong Kong [2][3]

Core Viewpoint - Manycore Tech Inc. (群核科技) is gaining significant attention as the first company among the "Hangzhou Six Little Dragons" to file for an IPO, focusing on AI and computing power in the spatial intelligence sector [1][4]. Company Overview - Founded in 2011 by alumni from the University of Illinois, the company has developed several products, including the space design platform CoolJia and the next-generation spatial intelligence solution SpatialVerse [2]. - The company has achieved significant milestones, such as launching its first product in 2013 and establishing a full-link empowerment path from design to production by 2016 [2]. Financial Performance - Manycore Tech has attracted investments from notable institutions, with its valuation increasing from over $1 billion in 2019 to over $2 billion by 2021 [3]. - Despite its high valuation, the company is currently operating at a loss, with losses of RMB 704 million, RMB 646 million, and RMB 422 million reported for 2022, 2023, and the first nine months of 2024, respectively [3]. Market Position - According to Frost & Sullivan, Manycore Tech is the largest space design platform globally by average monthly active users (MAU) in 2023 and holds a 22.2% market share in China's space design software market [3]. - The company aims to become the "first global space intelligence stock" through its leading position in the space design software sector and the potential growth driven by AI [3][4]. Technological Advancements - The core of Manycore Tech's SpatialVerse platform is its extensive dataset library, which enables realistic virtual simulations and AI training [6]. - The company has generated over 640 million images using AI capabilities in 2024, enhancing its ability to create synthetic virtual datasets for various applications [6]. Future Directions - Manycore Tech plans to invest in proprietary GPU clusters and explore new AI applications across various fields, including architecture and robotics [7]. - The company is focused on enhancing its synthetic virtual data engine to support the development of AI-generated content and training for embodied AI [7]. Industry Outlook - The spatial intelligence market is projected to grow significantly, with the Chinese market expected to reach RMB 157.2 billion and the global market RMB 819.5 billion by 2028 [8]. - Manycore Tech's open platform architecture allows for seamless data interoperability and scalability, presenting vast potential for various vertical industries [8]. Challenges and Considerations - The spatial intelligence industry faces challenges such as technological breakthroughs, market competition, and data compliance [9]. - Manycore Tech must balance technological iteration with commercialization efficiency to maintain its leading position in the spatial intelligence sector [9].

"杭州六小龙"之一的群核科技启动上市！ 2月14日，杭州群核信息技术有限公司的控股公司ManycoreTechInc.（以下简称"群核科技"）正式向港交 所递交上市申请，摩根大通、建银国际为联席保荐人。若此次成功登陆港交所，群核科技有望成为"全 球空间智能第一股"。 具体到产品层面，群核科技旗下包含空间设计软件酷家乐、海外版产品Coohom以及面向室内环境AI开 发的下一代空间智能解决方案群核空间智能平台（SpatialVerse）。 其中，酷家乐作为公司主打产品，被用于设计住宅、办公楼、零售连锁店及商业项目，同时扩展至电商 产品展示等一些新兴用途。截至2024年12月31日，酷家乐包含超3.62亿个3D模型及空间设计元素。除了 渲染引擎促进设计流程外，酷家乐可自动将详细设计数据转换为可用于生产的指令，然后直接交予制造 商进行生产。同时，群核科技推出配备插件功能酷空间，具有增强的建筑信息建模（BIM）功能，可基 于3D设计自动生成工程图纸、材料计算清单和成本计算表。 成立至今，群核科技已获得包括IDG资本、纪源资本、顺为资本、云启资本、经纬创投、线性资本、 Hearst、Pavillion、高瓴创投、Coat ...

群核科技向港交所提交上市申请 来源：证券时报·e公司 作者：李在山 2025-02-14 19:54 Aa 大号字 e公司 讯，据港交所披露，群核科技向港交所提交上市申请，联席保荐人为摩根大通、建银国际。 责任编辑： 许擎天梅 ...