群核科技继续冲刺「全球空间智能第一股」：上半年已扭亏为盈，毛利率超82%

Core Viewpoint - Manycore Tech Inc. (Hangzhou Qunhe Information Technology Co., Ltd.) is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" and the first among the "Hangzhou Six Little Dragons" to complete an IPO [3][5]. Group 1: Business Overview - Established in 2011, Manycore Tech has developed cloud-native space design software "Coohom" and the next-generation space intelligence platform "SpatialVerse," applicable in both real and virtual environments [3]. - The company has upgraded its "space intelligence" strategy, focusing on three core areas: space editing tools, space data, and space large models, creating a positive feedback loop [5]. Group 2: Financial Performance - In the first half of this year, Manycore Tech achieved revenue of 400 million yuan, with a gross margin of 82.1%, an increase of nearly 10 percentage points from 72.7% in 2022 [5]. - The company turned a profit with an adjusted net profit of 17.83 million yuan and an adjusted net profit margin of 4.5% [5]. Group 3: Research and Development - Manycore Tech has invested over 1.3 billion yuan in R&D from 2022 to 2024, with a reduction in absolute R&D spending in the first half of this year due to improved efficiency from AI technology [6]. - The company is the largest space design platform globally, holding a 23.2% market share in China as of 2024, an increase from 2023 [6]. Group 4: Customer Base and Data Assets - As of June 30, 2025, Manycore Tech has served 432,897 individual customers and 46,984 enterprise customers, processing millions of renderings and billions of API calls daily [7]. - The company has accumulated over 441 million 3D models and more than 500 million structured 3D spatial scenes, which enhance its algorithm capabilities and applications in various fields [7]. Group 5: Strategic Partnerships and Future Outlook - Manycore Tech's SpatialVerse platform has partnered with several domestic embodied intelligence companies, positioning itself to provide high-fidelity virtual datasets for AI models and robotics [8]. - The company has open-sourced the SpatialLM model for 3D environment understanding and the InteriorGS dataset, achieving recognition in the global open-source community [9]. Group 6: Funding and IPO Plans - Manycore Tech has received investments from notable firms such as IDG Capital and Hillhouse Capital, with these investors holding over 10% of the company prior to the IPO [12]. - The net proceeds from the IPO will be used for international expansion, enhancing product functionality, domestic marketing, and investment in core technologies [12].