2026年1月26日，行业领先的通用大模型创业公司阶跃星辰（StepFun）正式宣布完成超50亿元人民币B+轮融资，一举创下过去12个月中国大模型领域单 笔最高融资纪录。同日，人工智能领域领军人物印奇出任公司董事长，与现有核心管理团队携手，全面加速"基础大模型+AI+终端"双轮战略落地，为国 产大模型商业化竞争注入强音。 本次B+轮融资阵容堪称豪华，汇聚了"国资引导+产业资本+头部创投"的多元力量。上国投先导基金、国寿股权、浦东创投、徐汇资本等国资及产业投资 人强势入局，厦门国贸、华勤技术等产业方深度参与，腾讯、启明、五源等老股东则持续加码跟投，彰显了资本市场对阶跃星辰技术实力与商业化路径的 高度认可。 据介绍，本轮超50亿元融资将重点投入基础模型研发，聚焦全球顶尖基座模型的技术攻坚，同时加速"AI+终端"战略的场景落地与生态拓展。在大模型行 业从"百模大战"迈入"头部对决"的关键阶段，这笔创纪录的融资不仅为阶跃星辰提供了充足的资金储备，更构建起覆盖资本、产业、技术的协同生态，为 其在核心技术研发与商业化竞争中奠定优势。 与巨额融资同步落地的，是公司核心管理团队的重磅升级。人工智能领域知名创业者印奇正式出任阶 ...

2026.01. 26 本文字数：2844，阅读时长大约5分钟 作者 | 第一财经 肖逸思 莫一格 "smart精灵1号马年开运版还没卖完。"近日，上海一家smart门店的管理人员吴阳向第一财经记者表 示。这款车型在今年1月1日推出，号称限量1000辆，售价13.99万起，比普通版本的smart精灵1号门 槛价低1.5万元。 据吴阳介绍，之所以未售罄，主要是因为这款车型需要全额缴纳约1.2万元的汽车购置税，因为smart 公司操作失误，该车未被纳入2026年减免车辆购置税的新能源汽车车型目录。 即便如此，smart精灵1号马年开运版仍比普通版本优惠了近3000元，仍未售罄也体现了smart当下的 销售困境。 "这批精灵1号均在去年生产，以限量1000辆的形式进行清库处理，清库背后的根本原因还是smart去 年销量未达目标。"吴阳称，smart 2025年的销售目标最初定为12万辆，后下调至8万辆。 smart并未公开其年销量目标和具体销量数字。但上险量数据显示，2025年，smart品牌的零售销量合 计仅3万辆出头，月均销量不到2567辆，销量排名第66名，比排在第65名的长城欧拉还少3000余辆。 作为对比 ...

Core Insights - The event "Auto-First Annual Gala and 2025-2026 China Automotive Innovation Festival" highlights the significant transformation in the automotive industry, with a focus on the increasing dominance of Chinese brands and the shift towards intelligent and electric vehicles [1][3][35] Industry Overview - By 2025, China's automotive sales are projected to exceed 34 million units, with the penetration rate of new energy vehicles approaching 50%, indicating a pivotal moment for the industry [3] - The years 2026-2027 are anticipated to be critical for the industry, with leading companies showcasing their scale advantages and competition intensifying [3] Awards and Recognitions - The event recognized various segments, with Lynk & Co 900 winning "Luxury SUV of the Year" and Zeekr 9X awarded "Flagship SUV of the Year," reflecting the strong reputation of Chinese high-end electric brands [7] - SAIC Group was awarded "Car Company of the Year," while the Wuling Hongguang MINI EV was recognized as "National MPV of the Year," showcasing the diversity and innovation within the market [13][21] Market Trends - The penetration rate of new energy vehicles in China is expected to surpass 54% by 2025, with various technological routes such as plug-in hybrids, range extenders, and pure electric vehicles providing consumers with more choices [23] - Traditional joint venture and luxury brands are actively transforming, with models like the GAC Toyota Platinum 3X and Beijing Hyundai EO winning awards, demonstrating their adaptation to the trends of intelligence and electrification [25] Future Outlook - The automotive market in 2026 is described as a battleground for survival, where success will depend on a combination of technology, cost, and channel strength [35] - The industry is encouraged to focus on high-quality development, aiming to transition from being the largest in scale to being the strongest in capability on the global stage [35][36]

Core Viewpoint - The article discusses the current landscape of domestic AI companies, particularly focusing on the potential of the company "阶跃星辰" (Step O) in the AI and hardware integration space, highlighting its recent funding success and strategic positioning in the market [1][3][4]. Group 1: Company Overview - Currently, there are four notable domestic AI companies: 智谱 (Zhipu), Minimax, 月之暗面 (Moon's Dark Side), and 阶跃星辰 (Step O) [1]. - 阶跃星辰 has recently secured over 5 billion RMB in B+ round financing, marking the highest single financing record in the large model sector over the past 12 months [1][3]. - The company is perceived as a low-profile player, focusing on technology and industry rather than consumer-facing marketing [5]. Group 2: Investment Landscape - The investment landscape for 阶跃星辰 includes notable backers such as Tencent and Qiming Venture Partners, indicating strong support from both internet giants and professional financial investors [4]. - The funding round attracted a diverse range of investors, including industry leaders like 华勤技术 (Huaqin Technology) and state-owned enterprises, showcasing a blend of market-driven and state-backed investment [4]. Group 3: Industry Trends - The article emphasizes the shift towards "Physical AI," which integrates AI capabilities with physical hardware, as a significant trend in the industry [8][10]. - The focus on AI-enhanced hardware, particularly in smartphones and vehicles, is highlighted as a key area for growth, with predictions of substantial market expansion in AI-enabled devices [13][15]. Group 4: Business Model and Market Position - 阶跃星辰 aims to create a comprehensive AI + terminal solution, positioning itself similarly to Tesla's approach, targeting a multi-billion dollar market opportunity [7][15]. - The company has established partnerships with over 60% of domestic smartphone manufacturers, indicating a strong market presence and integration of its AI models into various devices [15][23]. - The business model is based on a combination of one-time engineering fees and API consumption, aligning incentives for both 阶跃星辰 and its partners to enhance user experience [23]. Group 5: Team and Leadership - 阶跃星辰's leadership team includes experienced professionals from major tech companies, enhancing its capability in AI and product development [24][27]. - The CEO, a former global vice president at Microsoft, brings significant expertise in natural language processing and product management, which is crucial for the company's growth [24]. - The team’s focus on Physical AI and deep integration with hardware sets 阶跃星辰 apart from other AI companies, positioning it as a leader in the domestic market [27][28].

传统豪华品牌的背书，在中国市场也无济于事了。 "smart精灵1号马年开运版还没卖完。"近日，上海一家smart门店的管理人员吴阳向第一财经记者表示。 这款车型在今年1月1日推出，号称限量1000辆，售价13.99万起，比普通版本的smart精灵1号门槛价低 1.5万元。 和中国市场众多造车新势力不同，smart可谓是含着金汤匙出生，由戴姆勒（梅赛德斯-奔驰母公司）与 瑞士手表公司Swatch在1994年共同创建，以生产小巧独特的双门微型车为特色，全球年销量最高达到15 万辆。 据吴阳介绍，之所以未售罄，主要是因为这款车型需要全额缴纳约1.2万元的汽车购置税，因为smart公 司操作失误，该车未被纳入2026年减免车辆购置税的新能源汽车车型目录。 即便如此，smart精灵1号马年开运版仍比普通版本优惠了近3000元，仍未售罄也体现了smart当下的销售 困境。 "这批精灵1号均在去年生产，以限量1000辆的形式进行清库处理，清库背后的根本原因还是smart去年 销量未达目标。"吴阳称，smart 2025年的销售目标最初定为12万辆，后下调至8万辆。 smart并未公开其年销量目标和具体销量数字。但上险量数据 ...

Core Insights - StepFun, a domestic AI large model company, announced the completion of over 5 billion RMB in financing, setting a record for the highest single financing in China's large model sector in the past 12 months [2] - The financing round included participation from various institutional investors and existing shareholders, with funds aimed at developing foundational models and accelerating the implementation of the AI + terminal strategy [2] - The company appointed Yin Qi as chairman, who has extensive experience in AI, to lead the overall strategic direction and technical development [2][3] Financing Details - The financing round raised over 5 billion RMB, marking a significant milestone in the Chinese AI large model industry [2] - Investors included Shanggong Investment, China Life Equity, Pudong Venture Capital, and others, alongside follow-on investments from Tencent and Qiming Venture Partners [2] Strategic Focus - StepFun aims to develop a top-tier foundational model and accelerate its AI + terminal strategy, focusing on commercializing AI applications in various sectors such as automotive, mobile, and wearable devices [2][3] - The company has released three generations of foundational models, with Step 3 achieving industry-leading inference efficiency [3] Management Team - The core management team consists of CEO Jiang Daxin, Chief Scientist Zhang Xiangyu, and CTO Zhu Yibo, alongside the newly appointed chairman Yin Qi [2][4] - Jiang Daxin, a former global vice president at Microsoft, brings expertise in natural language processing, while Zhang Xiangyu is a top AI algorithm scientist known for his work on ResNet [4] Market Position and Collaborations - StepFun has established deep collaborations with 60% of leading domestic smartphone brands, with model installations exceeding 42 million units and daily services reaching nearly 20 million users [3] - The company, in partnership with Qianli Technology and Geely, launched the AgentOS smart cockpit, with the Geely Galaxy M9 model achieving nearly 40,000 sales within three months of its launch [3] Leadership Transition - Yin Qi's appointment as chairman signifies a strategic shift for StepFun, moving from a focus on vertical AI applications in the automotive sector to a broader foundational AI model strategy [5]

（文/陈济深 编辑/张广凯） 观察者网获悉，阶跃星辰近期完成了超 50 亿人民币 B+ 轮融资。 阶跃星辰成立于2023年，创始人为前微软全球副总裁姜大昕，业内普遍将其与智谱、Minimax、月之暗 面、零一万物、百川智能并称为"大模型六小虎"。 值得注意的是，阶跃本次B+轮融资包含了上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁 溪基金、厦门国贸、华勤技术等产业投资人，腾讯、启明、五源等投资方，对这些机构而言，阶跃星辰 不仅是其在大模型赛道的关键落子，更被视为目前的最重仓押注。 在融资的同时，阶跃星辰也有重磅人事变动：千里科技董事长印奇出任阶跃星辰董事长，与CEO姜大 昕、首席科学家张祥雨（ResNet作者）、CTO朱亦博（前字节AI Infra负责人）形成新的管理团队掌舵 阶跃星辰。 印奇将同时出任千里科技和阶跃星辰董事长，同时掌管主营AI智能汽车的千里科技和主营大模型的阶 跃星辰。 这也意味着，印奇这位AI 1.0时代的标志性创业者，正式在AI 2.0时代亮出底牌。 一位AI老兵的"蓄谋已久" 印奇加入后，将与CEO姜大昕、首席科学家张祥雨、CTO朱亦博组成1+3的核心管理团队。 观察者网获悉，印 ...

Core Viewpoint - To become a luxury car brand, one must have the courage to offend mediocrity [14] Group 1: Company Overview - Zeekr showcased its full-size SUV Zeekr 9X and pure electric MPV Zeekr 009 at CES, attracting attention with their design and features [3][4] - The brand is backed by Geely and Volvo's technological foundation, emphasizing a global approach from its inception [5] - Zeekr has invested over 20 billion yuan in the SEA architecture, which supports multiple brands and enhances product iteration and scalability [5] Group 2: Technological Advancements - Zeekr has developed its own "Golden Brick Battery" and high-performance SiC four-motor drive system, indicating strong capabilities in core technologies [9] - The company has accumulated over 180 first technologies in the new energy sector and holds 2,528 core technology patents since its delivery began in October 2021 [10] - Significant R&D investments totaling over 22.7 billion yuan from 2021 to 2024 have positioned Zeekr to compete with leading new energy players [9] Group 3: Market Position and Strategy - Zeekr 001 has sold over 300,000 units, competing with luxury brands like BMW and Audi [13] - The Zeekr 009 has established a foothold in the high-end MPV market, despite initial design controversies [14] - The brand's luxury is derived from continuous exploration and innovation, as evidenced by its recent sales performance in the large SUV market [20] Group 4: Consumer Insights and Future Outlook - Younger consumers are increasingly drawn to innovative and tech-forward products, moving away from traditional brands [21] - The automotive industry is evolving, with Chinese companies like Zeekr creating unique products that integrate global talent and technology [21] - The challenges faced by Zeekr, including market education costs and competition, have ultimately contributed to its brand identity and technological growth [18]

Core Insights - Cao Cao Mobility aims to deploy 100,000 fully customized Robotaxis globally by 2030, positioning itself as a key player in the Robotaxi commercialization landscape [1][3] Group 1: Business Foundations - The first major advantage lies in the vehicle hardware capabilities, with customized models like Fengye 80V and Cao Cao 60 designed to reduce total cost of ownership (TCO) and improve operational efficiency, achieving over a 30% reduction in total ownership costs compared to typical electric ride-hailing vehicles, with a cost per kilometer as low as approximately 0.47 yuan [1][3] Group 2: Service System Integration - The second advantage is the integrated service system, with Cao Cao Mobility having established 448 battery swap stations and 133 authorized maintenance outlets, providing benefits such as a 60-second battery swap and reduced maintenance time and costs, which can be upgraded for future Robotaxi fleets [2][4] Group 3: Operational Network - The third advantage is the operational network, having expanded to 163 cities and completed over 1.9 billion rides in ten years, earning the title of "Best Service Reputation" in multiple independent surveys [2][4] - In the first half of 2025, Cao Cao Mobility reported revenue of 9.456 billion yuan, a year-on-year increase of 53.5%, with a gross margin of 8.4%, up 1.4 percentage points year-on-year [2][4] - The company achieved a net cash inflow from operating activities of 325 million yuan, a significant year-on-year increase of 164.6%, indicating enhanced self-sustainability [2][4] - Daily order volume reached 2.108 million, a 50.6% increase year-on-year, with an average order value (AOV) rising to 28.9 yuan, and average monthly active users at 38.1 million, up 57.4% year-on-year [2][4]

Core Insights - StepFun, a Shanghai-based AI startup, has completed a B+ round financing exceeding 5 billion RMB, with participation from various investment institutions and existing shareholders [1] - The funding will be used for foundational model development and to accelerate the implementation of the AI+ terminal strategy [1] - StepFun has announced the appointment of Yin Qi as the new chairman of the company [2] Company Strategy - StepFun's long-term strategic focus is on "foundational large models" and "AI+ terminal" [1] - The company has developed a core matrix of 1+2 in model research, focusing on language foundational models and multimodal models, achieving leading levels in these areas [1] - The company has released three generations of foundational models, with Step 3 achieving a new industry high in inference efficiency [1] Application and Market Penetration - StepFun is concentrating on the "AI+ terminal" strategy, successfully establishing commercial closed loops in key consumer scenarios such as automotive and mobile [2] - As of the end of 2025, the API call volume for its terminal intelligent applications has grown nearly 170% over three consecutive quarters [2] - The company has deep partnerships with 60% of leading domestic smartphone brands, with over 42 million units installed and daily services reaching nearly 20 million users [2] Automotive Sector - In the automotive sector, StepFun has collaborated with Qianli Technology and Geely to launch the first end-to-end voice model in the AgentOS smart cockpit [2] - The Geely Silver River M9, equipped with this technology, has sold nearly 40,000 units within three months of its launch and is expanding into overseas markets [2] - The company anticipates that over one million vehicles will be equipped with its large models this year [2]