群核科技已通过港交所聆讯，将成杭州六小龙第一股

Core Viewpoint - The company, Qunhe Technology, is on the verge of becoming the first publicly listed company in the "Hangzhou Six Dragons" group, with its IPO process advancing after successfully passing the Hong Kong Stock Exchange hearing [2]. Group 1: Company Overview - Qunhe Technology is driven by artificial intelligence technology and specialized GPU clusters, offering a cloud platform for design and visualization [2]. - The main product, Cool Home (酷家乐), is a space design software that allows users to quickly design and render projects using 3D models, significantly reducing design cycles through cloud rendering technology [2]. Group 2: Business Model - The company operates on a subscription model, initially attracting users with a free version of its product, which leads to a significant number of users upgrading to paid subscriptions [3]. - As of December 31, 2025, Qunhe Technology had 463,600 customers, generating 795 million yuan in subscription revenue, with enterprise clients contributing 669 million yuan from 47,000 clients [3]. Group 3: Financial Performance - Qunhe Technology has shown steady revenue growth, with revenues of 663 million yuan, 755 million yuan, and 820 million yuan from 2023 to 2025, achieving profitability for the first time in 2025 with an adjusted profit of 57.127 million yuan [4]. - The company's AI-related vertical solutions have experienced rapid growth, particularly with the launch of the 3D AI design tool "Cool Home E-commerce Studio," which saw a 123% revenue increase in 2025 [4]. Group 4: Market Expansion - Currently, the majority of Qunhe Technology's revenue comes from the domestic market, with overseas market revenue accounting for less than 10% during the reporting period [5]. - Post-IPO, the company plans to focus on international expansion, enhancing existing products, launching new features, and increasing brand awareness through domestic sales and marketing activities [5].