Core Viewpoint - The IPO application of Qunhe Technology has officially lapsed due to the expiration of the six-month validity period, requiring the company to prepare new listing materials [1][2]. Company Overview - Qunhe Technology, established in 2011, focuses on spatial design software and utilizes AI technology along with specialized graphics processing unit clusters to create a physically accurate world simulator [1]. - The company is recognized as the largest spatial design platform globally based on average monthly active users in 2023 and holds approximately 22.2% market share in China by revenue, leading the industry [1]. Financial Performance - Qunhe Technology operates on a subscription model, with revenue increasing from 601 million yuan in 2022 to 664 million yuan in 2023, reflecting a growth of 10.5% [1]. - For the first nine months of 2024, the company reported revenue of 553 million yuan, a year-on-year increase of 13.8% compared to the same period in 2023 [1]. - The gross profit margins were 72.7% in 2022 and improved to 76.8% in 2023 [1]. - The annual loss decreased from 704 million yuan in 2022 to 646 million yuan in 2023, marking an 8.2% reduction [1]. Product Portfolio - Qunhe Technology's product offerings include the spatial design software KuJiaLe and its overseas version Coohom, along with a virtual environment training platform for AI-generated content, embodied AI, augmented reality/virtual reality, and robotics [1]. Market Context - Qunhe Technology is part of the "Hangzhou Six Little Dragons," a group of innovative tech companies from Hangzhou, Zhejiang, showcasing strong innovation capabilities in their respective fields [2]. - The lapse of the IPO application indicates that Qunhe Technology must re-submit an updated prospectus if it intends to pursue listing again [2].

人民财讯8月14日电，8月14日，据港交所披露，Manycore Tech Inc.(简称：群核科技)于2025年2月14日 向港交所递交的招股书满6个月，于2025年8月14日失效，递表时摩根大通、建银国际为联席保荐人。 ...

Group 1 - The core viewpoint of the article is that Manycore Tech Inc. (群核科技) has submitted a prospectus for its Hong Kong IPO, which has now expired after six months [1] - Manycore Tech Inc. is described as a rapidly growing and disruptive design and visualization cloud platform driven by artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters [1] - The platform enables businesses of various sizes to create engaging designs and brings them to life through instant and immersive visual effects [1] Group 2 - Designs created on the platform can be transformed into producible drawings, facilitating automated and accurate production processes [1] - The company's platform features an open architecture that allows seamless data interoperability, continuous platform upgrades, and scalability, presenting significant potential for widespread applications across various vertical industries [1]

Group 1 - The company, Qunhe Technology, submitted its prospectus to the Hong Kong Stock Exchange on February 14, 2025, which will expire six months later on August 14, 2025 [1] - JPMorgan and CCB International are the joint sponsors for the company's IPO [1]

Group 1 - Manycore Tech Inc. (referred to as "the company") submitted its Hong Kong IPO prospectus on February 14, which became invalid after six months on August 14, with JPMorgan and CCB International as joint sponsors [1] - The company is a rapidly growing and disruptive design and visualization cloud platform driven by artificial intelligence (AI) technology and dedicated graphics processing unit (GPU) clusters [2] - The platform enables businesses of various sizes to create engaging designs and brings them to life through instant and immersive visual effects, with designs that can be converted into producible drawings for automated and accurate production processes [2] - The company's open architecture allows for seamless data interoperability, continuous platform upgrades, and scalability, presenting significant potential for widespread applications across various vertical industries [2]

Group 1 - The core point of the news is that Qunke Technology's open-source dataset InteriorGS has topped the global AI open-source community HuggingFace trends, highlighting the growing importance of high-quality training data in the field of embodied intelligence [1][2] - The InteriorGS dataset consists of 1,000 Gaussian scenes, covering over 80 types of environments and more than 554,000 object labels across 755 categories, each with 3D bounding boxes and semantic annotations [1] - The other dataset, InteriorAgent, is specifically designed for the IROS 2025 "Peach Garden" robotics learning challenge, aiming to bridge the gap between simulation and real-world applications [2] Group 2 - Qunke Technology has been focusing on spatial intelligent services in indoor environments and previously released the world's largest indoor spatial deep learning dataset, InteriorNet, in 2018, which contains 130 million spatial data points [2] - The recent advancements in AI from Chinese companies, including Qunke Technology, reflect the rapid development of China's digital economy and its emergence as a global leader in AI technology [2] - The datasets and models developed by Chinese companies are seen as foundational for their role in the global AI landscape, driven by complex scenarios and diverse demands [2]

Group 1 - The core point of the news is that Qunhe Technology's open-source dataset InteriorGS has topped the global AI open-source community HuggingFace trend list, highlighting the increasing importance of high-quality training data in the field of embodied intelligence [1] - The InteriorGS dataset is the first to introduce 3D Gaussian technology into AI spatial training, combining realistic and semantic capabilities, making it the world's first large-scale 3D dataset suitable for intelligent agents' free movement [1] - InteriorGS consists of 1,000 Gaussian scenes, covering over 80 types of environments and more than 554,000 object labels across 755 categories, with each object accompanied by 3D bounding boxes and semantic annotations [1] Group 2 - Another dataset from Qunhe Technology, InteriorAgent, is specifically designed for the IROS 2025 "Peach Garden" and real-world robotics learning challenge, aiming to bridge the gap between simulation and reality in embodied intelligence technology [2] - The IROS competition, co-organized by Qunhe Technology and the University of Adelaide, has started registration and will hold an award ceremony on October 20 at the IROS conference [2] - Qunhe Technology has been focused on spatial intelligent services in indoor scenes, having released the world's largest indoor spatial deep learning dataset, InteriorNet, in 2018, which contains 130 million spatial data points [2]

Core Insights - The core viewpoint of the article is that Qunke Technology is driving a technological revolution by utilizing Gaussian expressions to replace pixels, enabling immersive experiences in recorded spaces [1] Group 1: Product Development - Qunke Technology has launched the InteriorGS dataset, which includes 1,000 3D Gaussian semantic scenes covering over 80 types of indoor environments, aimed at enhancing spatial perception for robots and AI entities [1] - The dataset allows for the transformation of temporal and spatial records into accessible virtual spaces, enabling robots to interact and observe within these environments [1][2] Group 2: Technological Impact - The 3D Gaussian semantic dataset serves as a "virtual school" for robots, facilitating learning in spatial understanding, object recognition, and action decision-making through continuous interaction with virtual environments [2] - The integration of semantic information allows robots to understand the functional attributes of objects, significantly reducing the costs associated with downstream intelligent development [2] Group 3: Challenges and Solutions - There exists a "reality gap" in the collection and use of virtual data, which Qunke Technology addresses through a dual approach: enhancing simulation accuracy via computational power and algorithm iteration, and collaborating with academia and downstream enterprises to explore "virtual-real fusion" training strategies [3] - Qunke Technology positions itself as a "virtual textbook author" for robots, creating high-fidelity virtual scenes for cost-effective and efficient training, which can then be applied to physical devices by downstream teams [3]

Group 1 - The core viewpoint of the news is the launch of the InteriorGS dataset by Qunke Technology, which will be showcased at the 2025 World Artificial Intelligence Conference, featuring 1,000 3D Gaussian semantic scenes covering over 80 types of indoor environments [1][3] - The 3D Gaussian splatting technology has gained traction in fields such as cultural heritage preservation and spatial design, with previous applications including the restoration of a 60-year-old photo studio in Hangzhou [3] - The InteriorGS dataset is the first to introduce 3D Gaussian technology into AI spatial training, and it is available for global developers to download on platforms like HuggingFace and GitHub [3] Group 2 - Qunke Technology has established a new path for training data generation through "3D Gaussian reconstruction + spatial large models + physical simulation," allowing users to input videos or images for rapid scene reconstruction [3] - The SpatialVerse platform, developed by Qunke Technology, aims to become the "ImageNet" of the spatial intelligence field, providing a "digital dojo" for AIGC, XR, and embodied intelligence [3] - The SpatialLM model, which was open-sourced in March, has gained popularity, reaching the top three on the Hugging Face trends list, and has formed partnerships with several embodied intelligence companies [4]

Core Viewpoint - The company, Qunhe Technology, is facing significant challenges as it attempts to go public in Hong Kong, with ongoing losses, high debt levels, and a declining customer loyalty impacting its growth prospects [1][16]. Group 1: Company Overview - Qunhe Technology, established in 2011, is a leading space design platform leveraging AI technology and GPU clusters, with products including "CoolJia" and "Coohom" [2][5]. - The company submitted its IPO application in February 2023, but the China Securities Regulatory Commission (CSRC) has requested additional data regarding compliance issues, particularly concerning data security and corporate governance [2][4]. Group 2: Financial Performance - Qunhe Technology reported revenues of RMB 600.6 million, RMB 663.5 million, and RMB 552.9 million for the years 2022, 2023, and the first nine months of 2024, respectively, with a year-on-year growth of 10.48% in 2023 [7][10]. - Despite being the largest space design software provider with a market share of 22.2%, the company has struggled with profitability, posting net losses of RMB 703.7 million, RMB 646.1 million, and RMB 489.5 million during the same periods [8][10]. Group 3: Cost Structure - The company has a high cost structure, with R&D expenses accounting for 72.9%, 58.9%, and 47.6% of revenue in the respective years, while sales and marketing expenses also remain significant [10][11]. - The operating loss has been substantial, with operating losses of RMB 402.1 million, RMB 294.0 million, and RMB 128.4 million reported for the same periods [8][10]. Group 4: Customer Dynamics - Over 90% of Qunhe Technology's revenue comes from subscription fees and technical service fees, heavily reliant on enterprise clients [11][12]. - The number of enterprise clients increased from 33,058 in 2022 to 41,070 in 2023, but the average subscription revenue per client has decreased, indicating a decline in customer loyalty [12][13]. Group 5: Debt and Liquidity - The company's debt levels are concerning, with a debt-to-asset ratio of approximately 754.4% as of September 30, 2024, and total liabilities increasing significantly [14][15]. - Cash flow issues are evident, with operating cash flow decreasing to RMB 165 million and cash and cash equivalents dropping by 45.2% [15][16].