群核科技更新招股书 2025年上半年扭亏为盈

Core Insights - Manycore Tech Inc. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the world's first publicly listed company focused on spatial intelligence, with significant backing from Morgan Stanley and Jianyin International [1] - The company reported a notable turnaround in performance, achieving an adjusted net profit of 17.83 million yuan in the first half of 2025 [1] - Manycore Tech has upgraded its "spatial intelligence" flywheel strategy, focusing on three core areas: spatial editing tools, spatial data, and spatial large models, which are interlinked to create a positive feedback loop [1] Financial Performance - For the first half of 2025, Manycore Tech achieved revenue of 400 million yuan, 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 has demonstrated scale efficiencies, with a significant reduction in operating costs from 164 million yuan in 2022 to 71.5 million yuan in the first half of 2025, resulting in a gross margin increase to 82.1% [2] AI Business Growth - Manycore Tech's AI-related vertical solutions are experiencing rapid growth, particularly in e-commerce, where the revenue from its 3D AI design tool "Cool Home E-commerce Studio" increased by 188% year-on-year [2] - The company generated approximately 1.1 billion design images using AI in the first half of the year, focusing on empowering industries such as spatial design and cross-border e-commerce marketing [3] Ecosystem Development - Manycore Tech's SpatialVerse platform is gaining attention for its ability to create highly realistic and physically accurate synthetic datasets, which are essential for AI applications in physical environments [4] - The company has established partnerships with various firms in the embodied intelligence sector, enhancing the capabilities of AI-generated content models and intelligent systems [4] Open Source Initiatives - In March, Manycore Tech open-sourced its spatial language model, SpatialLM, which has gained significant traction among developers, ranking among the top three on the Hugging Face trends list [5] - The company also released the 3D Gaussian semantic dataset, InteriorGS, which has been recognized for its innovative approach to AI spatial training, achieving the top position on the Hugging Face trends list in July [5]