“六小龙”之群核科技扭亏背后：既要扩张又要节流

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].