Core Viewpoint - Manycore Tech Inc. (群核科技) is making a renewed attempt to go public in Hong Kong after its IPO application lapsed, aiming to become the first of the "Hangzhou Six Dragons" to achieve an IPO and to secure the title of "the world's first space intelligence stock" [1] Financial Performance - The company reported a significant turnaround in its financial performance, achieving an adjusted net profit of 17.83 million RMB in the first half of 2025, compared to losses of 704 million RMB in 2022, 646 million RMB in 2023, and 422 million RMB in the first three quarters of 2024 [2] - The gross profit margin has shown a consistent upward trend, increasing from 72.7% in 2022 to 82.1% in the first half of 2025 [4] Revenue Growth - Revenue figures indicate a steady growth trajectory, with revenues of 601 million RMB in 2022 and 664 million RMB in 2023, marking a year-on-year increase of 10.5%. The revenue for the first three quarters of 2024 rose by 13.8% to 553 million RMB [5] - The updated prospectus highlights that revenue for the first half of 2025 reached 400 million RMB, with a notable 188% year-on-year growth in e-commerce AI solutions [5] Market Position - Manycore Tech holds a market share of approximately 23.2% in the Chinese space design software market as of 2024, up from 22.2% in 2023 [6] - The company is recognized as the largest space design platform globally based on average monthly active users (MAU), with around 2.7 million MAUs as of mid-2025 [6] Competitive Landscape - The domestic space design software market is highly competitive, with companies like Autodesk and Zhongwang Software posing significant challenges. Manycore Tech's international revenue contribution remains relatively low, accounting for 11.3%, 6.0%, and 7.4% of total revenue in 2022, 2023, and the first nine months of 2024, respectively [7] - Analysts suggest that while Manycore Tech has a solid foundation in technology and market presence, it needs to optimize its profit model, explore new business scenarios, and accelerate its overseas market expansion to gain recognition in the capital markets [7]

Company Overview - Manycore Tech Inc. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan and CCB International as joint sponsors [1] - The company is a leading provider of cloud-native space design software, utilizing AI technology and GPU clusters to enhance design experiences [1] Market Position - Manycore Tech is the largest space design software provider in China, holding approximately 23.2% market share, with the industry valued at RMB 3.3 billion in 2024 and projected to reach RMB 6.6 billion by 2029, reflecting a CAGR of 14.9% [1] - The global space design software market is expected to grow from RMB 19.2 billion in 2024 to RMB 31.7 billion by 2029 [1] Product Matrix - The flagship product, CoolJia, is a cloud-native space design software aimed at the Chinese market, featuring a library of over 441.4 million 3D models and design elements [2] - Coohom, launched in 2018, targets international markets including South Korea, Southeast Asia, India, the US, and Japan [2] - The company also offers professional services such as modeling, technical configuration, and customer training [2] - The SpatialVerse platform, set to launch in 2024, aims to provide next-generation AI solutions for indoor environments [2] User Engagement and Financial Performance - Manycore Tech employs a freemium marketing model and product-led growth strategy, achieving an average of approximately 2.7 million monthly active users as of June 30, 2025 [3] - The company processed millions of renderings and billions of API calls daily, serving over 432,897 individual customers by June 30, 2025 [3] - Financially, the company reported revenues of approximately RMB 601 million, RMB 664 million, RMB 755 million, and RMB 399 million for the fiscal years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [3]

Core Viewpoint - Manycore Tech Inc. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the world's first publicly listed company in the space intelligence sector, with a projected adjusted net profit of 17.83 million yuan by mid-2025 [1] Group 1: Company Overview - Manycore Tech has evolved from a space editing tool provider to the largest space design platform globally, accumulating over 441 million 3D models and more than 500 million structured 3D spatial scenes as of June 30, 2025 [1] - The company has attracted investments from notable firms including IDG Capital, GGV Capital, and Hillhouse Capital among others [1] Group 2: Financial Performance - Manycore Tech reported a revenue of 400 million yuan in the first half of this year, serving over 433,000 individual customers and 47,000 enterprise customers, with net revenue retention rates of 101.6% for enterprise clients, 110.0% for large clients, and 92.3% for individual clients [2] - The company's operating costs have decreased from 164 million yuan in 2022 to 154 million yuan in 2023, and further to 144 million yuan in 2024, with operating costs dropping to 71.5 million yuan in the first half of 2025, resulting in a gross margin of 82.1% [2] Group 3: AI Business Growth - Manycore Tech's AI-related vertical solutions are experiencing rapid growth, with its e-commerce AI solution, "Cool Home E-commerce Studio," achieving a revenue increase of 188% year-on-year in the first half of this year [3] - The company generated approximately 1.1 billion design images using AI in the first half of this year, focusing on empowering space design and cross-border e-commerce marketing [3] Group 4: Ecosystem Development - The SpatialVerse platform, developed by Manycore Tech, leverages its extensive structured spatial data to create realistic synthetic datasets for training AI models, enhancing the capabilities of intelligent robots and AR/VR systems [4] - Manycore Tech has established partnerships with companies in the embodied intelligence sector, including Zhiyuan Robotics and Galaxy General [4] Group 5: Open Source Initiatives - In March, Manycore Tech open-sourced its spatial language model, SpatialLM, which ranked among the top three on the Hugging Face trends list, enabling the generation of physically accurate 3D scene layouts from video inputs [5] - The company also released the 3D Gaussian semantic dataset, InteriorGS, which topped the Hugging Face trends list, marking a significant advancement in AI spatial training [5]

Core Viewpoint - Manycore Tech Inc. has submitted an application for listing on the Hong Kong Stock Exchange, with JPMorgan and CCB International as joint sponsors [1] Company Overview - Manycore is a leading provider of cloud-native space design software, widely used in various business scenarios including residential, office, retail, and commercial projects. The software leverages AI technology and dedicated GPU clusters to create engaging designs with real-time immersive visual effects [3] - The company targets the space design software market and is the largest provider in China, holding approximately 23.2% market share as of 2024. The market value of China's space design software industry is projected to reach RMB 3.3 billion in 2024, with an expected growth to RMB 6.6 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.9% [3] Product Matrix - Manycore's flagship product, CoolJia, is a cloud-native space design software primarily aimed at the Chinese market. Users can quickly start new designs using drag-and-drop 3D models and experience realistic rendering in real-time. As of June 30, 2025, the database includes over 441.4 million 3D models and design elements, with approximately 61.6 million publicly accessible [4] - Coohom, launched in 2018, is designed for international users, targeting markets in South Korea, Southeast Asia, India, the United States, and Japan [4] - The company also offers professional services to enterprise clients, including modeling services, technical configuration, and customer training. The SpatialVerse platform, set to launch in 2024, aims to provide next-generation spatial intelligence solutions, enhancing AI development in indoor environments [4] Financial Performance - Manycore has adopted a freemium marketing model and product-led growth strategy, gaining popularity among designers. As of June 30, 2025, the average monthly active users reached approximately 2.7 million. The software processes millions of renderings and billions of API calls daily [5] - Financially, Manycore reported revenues of approximately RMB 601 million, RMB 664 million, RMB 755 million, and RMB 399 million for the fiscal years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The corresponding losses were approximately RMB 704 million, RMB 646 million, RMB 513 million, and RMB 226 million [6][9]

Core Viewpoint - Manycore Tech Inc. has submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan and CCB International acting as joint sponsors [1]. Company Overview - Manycore is a leading provider of cloud-native space design software, widely used in various business scenarios including residential, office, retail, and commercial projects. The software leverages AI technology and GPU clusters to create engaging designs with real-time immersive visual effects [3]. - The company targets the space design software market and is the largest provider in China, holding approximately 23.2% market share as of 2024. The market value of China's space design software industry is projected to reach RMB 3.3 billion in 2024, with an expected growth to RMB 6.6 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.9% [3]. Product Matrix - Manycore's flagship product, Coolhome, is a cloud-native space design software primarily aimed at the Chinese market. Users can quickly start new designs using drag-and-drop 3D models and achieve realistic rendering in real-time. As of June 30, 2025, the product's database includes over 441.4 million 3D models and design elements, with approximately 61.6 million publicly accessible [4]. - The company also offers professional services to enterprise clients, including modeling services, technical configuration, and customer training. The SpatialVerse platform, set to launch in 2024, aims to provide next-generation space intelligence solutions, enhancing AI development in indoor environments [4]. Market Strategy - Manycore has adopted a freemium marketing model and a product-led growth strategy, gaining popularity among designers. As of June 30, 2025, the average monthly active users reached approximately 2.7 million [5]. - The software processes millions of renderings and billions of API calls daily, serving over 432,897 individual clients by June 30, 2025 [6]. Financial Performance - Manycore's revenue for the fiscal years ending December 31 for 2022, 2023, and 2024 was approximately RMB 601 million, RMB 664 million, and RMB 755 million, respectively. For the six months ending June 30, 2025, the revenue was about RMB 399 million. The company reported losses of RMB 704 million, RMB 646 million, RMB 513 million, and RMB 226 million for the respective periods [6][9].

Core Insights - Manycore Tech Inc. aims to become the "first global space intelligence stock" as it updates its prospectus on August 22 [1] - The company is backed by joint sponsors Morgan Stanley and Jianyin International [1] Financial Performance - Manycore Tech is projected to turn a profit in the first half of 2025, achieving an adjusted net profit of 17.83 million yuan [1] Strategic Development - The company has upgraded its space intelligence strategy, focusing on three core areas: "space editing tools, space data, and space large models" [1] - Manycore Tech is building a "space intelligence" flywheel system to enhance its operational efficiency and market position [1]

Group 1 - Manycore Tech Inc. is advancing its listing process on the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" [1] - The company has updated its prospectus as of August 22, with Morgan Stanley and Jianyin International serving as joint sponsors [1] - Manycore Tech is projected to achieve profitability in the first half of 2025, with an adjusted net profit of 17.83 million yuan [1]

Group 1 - Manycore Tech Inc. (群核科技) has reported significant performance improvement in the first half of the year, achieving a net profit of 17.83 million yuan and a gross margin of 82.1% [1] - According to Frost & Sullivan, Manycore Tech is the largest provider of spatial design software in China, holding approximately 23.2% market share based on projected 2024 revenue [1] - The company's AI-related vertical solutions have shown impressive growth, with e-commerce AI solutions increasing by 188% year-on-year in the first half of the year [1] Group 2 - Manycore Tech has recently upgraded its "Spatial Intelligence" flywheel strategy, focusing on three core areas: spatial editing tools, spatial data, and spatial large models, which promote each other to create a positive feedback loop [2] - The company has accumulated a vast amount of physically accurate spatial data, owning over 441 million 3D models and more than 500 million structured 3D spatial scenes as of June 30, 2025 [2] - The data drives continuous iteration of large model algorithms, which in turn enhances the tools, leading to widespread applications in 3D spatial design, e-commerce 3D AI design, industrial digital twins, and agent training [2]

Group 1: Core Insights - The "Hangzhou Six Little Dragons" are emerging as a focal point in the capital market, showcasing strong capabilities in cutting-edge technologies such as artificial intelligence, robotics, and brain-computer interfaces [1] - Qunhe Technology, the first among the "Hangzhou Six Little Dragons" to pursue an IPO, submitted its prospectus to the Hong Kong Stock Exchange on February 14, but it automatically lapsed on August 14 due to not completing the listing process within the six-month validity period [3] - Despite impressive gross margins of 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first three quarters of 2024 respectively, Qunhe Technology remains in a loss-making position with adjusted net losses of 338 million, 242 million, and 93.61 million yuan [3] Group 2: Investment Trends - Investment institutions are increasingly focused on the "Hangzhou Six Little Dragons," with Qiangna Technology reportedly negotiating an IPO pre-financing of approximately 100 million USD at a valuation exceeding 1.3 billion USD [5] - Yushutech has initiated its A-share IPO process, signing a counseling agreement with CITIC Securities on July 7, with plans for a comprehensive evaluation of listing conditions by October [4] - The influx of venture capital not only provides essential funding for these companies but also brings valuable industry resources and management experience, reflecting the growth potential of the Hangzhou tech industry [5] Group 3: Government Support - Government-guided funds play a crucial role in nurturing tech enterprises, with many newly established funds having a duration of over 10 years, some even extending to 20 years, which supports a more patient capital approach [6] - The Shenzhen Futian guiding fund has set a benchmark by extending the duration of its managed sub-funds by 2 years, demonstrating a commitment to long-term investment strategies [6]

8月14日，群核科技于2月14日递交的港股招股书自动失效。据悉，港交所IPO流程规定，企业递交的招 股书有效期为6个月。若未在6个月规定期限内完成上市聆讯或上市流程，招股书将自动失效，失效后企 业可更新数据后重新提交申请。 校对：杨立林 除群核科技外，"杭州六小龙"的宇树科技、强脑科技、云深处等企业，也频频与资本市场发生交集。 今年7月18日，证监会网站披露了宇树科技的上市辅导备案文件，文件显示宇树科技于今年7月7日与中 信证券签署辅导协议，启动A股IPO进程。按计划，中信证券将在7月至9月对接受辅导人员进行集中授 课，最早将于今年10月上市条件综合评估，并协助公司准备IPO申请文件。 此外，本月有消息传出强脑科技正以超13亿美元的估值，洽谈约1亿美元的IPO前融资，但未获公司确 认。7月，云深处宣布完成近5亿元人民币的新一轮融资。 业内人士指出，"杭州六小龙"在资本市场的积极布局，不仅是企业自身发展的战略选择，也反映了杭州 科技产业的蓬勃生机与强大潜力。随着它们在资本市场的不断深耕，有望吸引更多的资金、人才和技术 汇聚，形成良性循环，推动杭州乃至全国科技产业迈向新的高度。 群核科技成立于2011年，是一家以 ...