轻工纺服行业周报（20260302-20260308）：群核科技招股书梳理：以方寸之屏，筑万象天地

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by over 5% compared to the benchmark index in the next 3-6 months [68]. Core Insights - The global space design software market is projected to grow from 192 billion yuan in 2024 to 317 billion yuan by 2029, with a CAGR of 10.5%. The domestic market is expected to increase from 33 billion yuan to 66 billion yuan during the same period, corresponding to a CAGR of 14.9% [12][19]. - The Chinese space design software market is highly concentrated, with the top three companies holding a market share of 56.2%. Group Core Technology (群核科技) is the market leader with a share of 23.2% [22][23]. - Group Core Technology is a leading provider of cloud-native space design software in China, with applications across residential, commercial, and industrial projects. Its products, including Cool Home (酷家乐) and its overseas version Coohom, serve over 200 countries and regions, making it the largest space design platform globally [25][26]. Industry Overview Industry Scale - The demand for digital design solutions is driving a new growth cycle in the space design software market, with the global market expected to reach 901.4 billion yuan by 2029, growing from 419.9 billion yuan in 2024, reflecting a CAGR of 16.5%. The Chinese market is anticipated to grow from 75 billion yuan to 173 billion yuan, with a CAGR of 18.2% [8][12]. Industry Structure - The space design software market in China is characterized by high concentration, with core competitiveness relying on model capabilities and material library reserves. The market is evolving rapidly, and market share is expected to consolidate around leading companies [22][19]. Company Insights - Group Core Technology has established a business flywheel around space intelligence technology, integrating space editing tools, space data, and large models. The company is positioned to benefit from the ongoing digital transformation across various industries [25][26]. - The company's revenue is projected to reach 820 million yuan in 2025, reflecting an 8.6% year-on-year growth. The company is also expected to achieve a positive adjusted net profit of 60 million yuan in the same year [27][30].