群核科技通过港交所聆讯，杭州六小龙迎首个IPO

Group 1 - Manycore, a space design software service provider and part of the "Hangzhou Six Dragons," has passed the hearing for its IPO and updated its prospectus, indicating it will become the "first stock in space intelligence" [1][2] - The latest prospectus reveals that Manycore expects revenue of 820 million yuan in 2025, an increase of 8.63% year-on-year, with a gross margin of 82.2%, up by 1.3 percentage points [1] - The company reported a loss of 428 million yuan for the year, but this marks a continuous narrowing of losses over three years, attributed to revenue growth outpacing cost increases [1] Group 2 - Manycore's adjusted net profit for 2025 is projected at 57.12 million yuan, a significant turnaround from a net loss of 70.04 million yuan the previous year, indicating a potential performance inflection point [1] - Subscription revenue is the primary income source, contributing 96.9% of total revenue, with enterprise clients accounting for 81.6% of subscription income [1][2] - The company’s main business revenue is predominantly from the domestic market, which constitutes 88.6% of total revenue, while overseas income accounts for 8.3%, primarily from South Korea, Southeast Asia, the United States, and India [2] Group 3 - The funds raised from the IPO will be used for international expansion, enhancing existing product features, launching new products, domestic sales and marketing, investing in core technologies and infrastructure, and general corporate purposes [2] - By the end of 2025, Manycore plans to expand its GPU cluster to 10,000 high-performance processors, handling an average of 12.8 million computing tasks daily, with an additional 1,800 servers expected to be added over the next three years [2] - Other companies in the "Hangzhou Six Dragons," such as Yushu Technology and Cloud Deep Technology, are also pursuing IPOs, indicating a trend of growth and interest in the sector [3]