“杭州六小龙”首家，群核科技通过港交所聆讯

Core Viewpoint - Manycore Tech Inc. is progressing towards its IPO on the Hong Kong Stock Exchange, potentially becoming the first global company in the space intelligence sector, and is the first among the "Hangzhou Six Dragons" to reach this milestone [2][3]. Company Overview - Manycore Tech Inc. is a leading player in China's space design software market, holding a market share of 23.2% as of 2024 [4]. - The company has shown significant financial improvement, with a revenue of approximately 829 million yuan in 2025 and a gross margin of 82.2% [3][4]. - The company transitioned from a loss to a profit in 2025, achieving an adjusted net profit of 57.127 million yuan [3]. Financial Performance - In 2025, Manycore Tech's enterprise customer subscription revenue reached 669 million yuan, a year-on-year increase of 6.61%, while individual customer subscription revenue was 125 million yuan, growing by 15.92% [4]. - Professional service revenue was reported at 25.207 million yuan, reflecting a year-on-year growth of 34.04% [4]. Research and Development - The company invested over 1 billion yuan in R&D from 2023 to 2025, leading to the launch of the Spatial Language Model (SpatialLM) and Spatial Generation Model (SpatialGen) in 2025 [4]. - Manycore Tech has developed a business ecosystem that includes spatial editing tools, spatial data, and large spatial models, enhancing its capabilities in three-dimensional space creation and intelligence [4]. Founding Team - The founding team of Manycore Tech has a strong academic background in computer science from prestigious universities and extensive experience in leading global tech companies [5]. - Key members include Huang Xiaohuang (Chairman), Chen Hang (CEO), and Zhu Hao (CTO), who have previously worked at NVIDIA, Microsoft, and Amazon [5]. Capital Structure - Prior to the IPO, Manycore Tech completed 11 rounds of financing, with major institutional shareholders including IDG Capital (12.89%), Hillhouse Capital (12.60%), GGV Capital (11.52%), and Shunwei Capital (9.75%) [5].