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]

Core Insights - Jiyue Xingchen has successfully completed a B+ round financing exceeding 5 billion RMB, setting a record for the largest single financing in China's large model sector in the past 12 months [1] - The company, founded in Shanghai in 2023, has released over 30 large models and is recognized as a leader in multimodal AI [1] - The appointment of AI leader Yin Qi as chairman is expected to enhance the company's competitive edge in the large model market [1] Financing and Investment Landscape - The financing round is notable as it includes a diverse range of investors, such as state-owned funds, industry capital, and strategic investment institutions, indicating a shift in investment patterns in the AI sector [3][4] - In 2025, the total disclosed investment in AI model companies was 9.416 billion RMB, showing a decline compared to 2024, with only three companies securing over 1 billion RMB in single-round financing [2] - The trend indicates a "Matthew Effect" where funding is increasingly concentrated among leading firms, with Jiyue Xingchen's financing being a rare exception in a cooling investment environment [2] Company Strategy and Team - Jiyue Xingchen's core team, led by Yin Qi and other top talents, combines strategic leadership with advanced technical expertise, positioning the company for success in the competitive landscape [5][7] - The company emphasizes the importance of self-sustaining business models, as evidenced by the successful IPOs of peers like MiniMax and Zhipu AI [3] - The strategic focus on "AI + terminal" aims to create a unique synergy between AI models and physical devices, enhancing market penetration and user engagement [15][17] Technological Advancements - Jiyue Xingchen has developed a comprehensive base model matrix, including the Step 3 model, which is capable of complex reasoning and multimodal interactions [9][11] - The company is recognized for its significant investment in AI infrastructure, which is crucial for the development and deployment of AI applications [8] - The integration of AI with physical devices, such as smartphones and vehicles, is expected to create new business opportunities and enhance user experiences [15][17] Market Position and Future Outlook - Jiyue Xingchen has established partnerships with major smartphone brands, achieving significant model installation and user engagement metrics [17] - The company is poised to capitalize on the emerging "physical AI" trend, which emphasizes the integration of AI with real-world applications and interactions [14][15] - As the AI industry evolves, Jiyue Xingchen's focus on innovative commercial pathways and technology-driven solutions positions it well for future growth [13][18]

Group 1 - The core point of the article is that Jumpshare has completed a B+ round financing of over 5 billion RMB, setting a record for the largest single financing in China's large model sector in the past 12 months [1] - The financing round included participation from various institutional investors such as the State Investment Fund, China Life Equity, and others, with existing shareholders like Tencent and Qiming further investing [1] - Jumpshare announced that Yin Qi has officially taken over as the chairman of the company, responsible for overall strategic direction and technological development [1][2] Group 2 - The core management team now includes CEO Jiang Daxin, Chief Scientist Zhang Xiangyu, and CTO Zhu Yibo, indicating a strong leadership structure [2] - Jumpshare has achieved world-leading levels in language models, multimodal models, and edge-cloud collaborative models, leveraging unique algorithmic and system capabilities [2] - The company is accelerating the construction of an "AI + terminal" commercialization system, focusing on applications in automotive, mobile, wearable devices, and embodied robotics [2][3] Group 3 - Yin Qi, who also serves as the chairman of Qianli Technology, has extensive practical experience in the integration of artificial intelligence and automotive scenarios [4] - Jumpshare and Qianli Technology plan to deepen their collaboration to advance the implementation of the "AI + terminal" strategy [4]

两年多长成一只超级独角兽，阶跃星辰成长速度惊人；而在过去一个月，智谱AI、Mi n iMa x排队上市，双双缔造千亿市值，我们正 在亲历着中国波澜壮阔的AI时代。 分水岭。 作者/刘博 AI圈依旧震撼。 投资界获悉，阶跃星辰正式 完成超5 0亿人民币B+轮融资， 一举刷新过去1 2个月中国大模型赛道单笔最高融资纪录 。参与机构包括 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、五源等老股东 进一步跟投。 外界可能不知道，2 0 2 3年阶跃星辰成立于上海，至今已发布超3 0款大模型，被外界视为"多模态卷王"。同样在今天， 公司迎来一位 AI领军人物挂帅——印奇 ，现千里科技董事长 ，正式出任阶跃星辰董事长。他将带领阶跃星辰打响大模型突围赛的第一枪。 创 投 圈 一 个 普 遍 观 点 是 ， 随 着 过 去 一 年 De e p S e e k 迅 速 爆 红 ， 投 资 人 意 识 到 基 础 大 模 型 尚 未 到 达 天 花 板 上 限 ， 赛 道 开 始 进 入 慢 性 淘 汰，这时候需要的是押注优质标的。 那么，何为优质标的？眼下投资人最看重 ...

新浪科技讯 1月26日上午消息，阶跃星辰今日宣布完成超50亿元B+轮融资，参与机构包括上国投先导基 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，五源等老股东进一步跟投。 同日，阶跃宣布印奇出任公司董事长，负责公司战略节奏与技术方向的制定。 责任编辑：宋雅芳 新浪科技讯 1月26日上午消息，阶跃星辰今日宣布完成超50亿元B+轮融资，参与机构包括上国投先导基 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，五源等老股东进一步跟投。 据悉，本轮融资将用于基础模型研发，打造全球顶尖基座模型，加速Al+终端战略落地。 据悉，本轮融资将用于基础模型研发，打造全球顶尖基座模型，加速Al+终端战略落地。 同日，阶跃宣布印奇出任公司董事长，负责公司战略节奏与技术方向的制定。 责任编辑：宋雅芳 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 阶跃星辰（StepFun）完成超50亿元B+轮融资，创下过去12个月中国大模型赛道单笔最高融资纪录。参 投机构包括上国投先导基金、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、五源等老股东进一步跟投。 风险提示及免责条款 ...

Core Insights - StepFun, a Shanghai-based AI startup, has completed a B+ round financing exceeding 5 billion RMB, setting a record for the largest single financing in China's large model sector in the past 12 months [1] Financing Details - The financing round was backed by various institutional investors, including State Investment Fund, China Life Equity, Pudong Venture Capital, Xuhui Capital, Wuxi Liangxi Fund, Xiamen International Trade, and Huqin Technology, along with follow-on investments from existing shareholders like Tencent and Qiming Venture Partners [1] - The funds raised will be utilized for foundational model research and development, aiming to create a world-class base model and accelerate the implementation of the AI + terminal strategy [1] Leadership Changes - On the same day, StepFun announced the appointment of Yin Qi as the new chairman, who will be responsible for setting the company's strategic direction and technological focus [1]

上海大模型创业公司阶跃星辰（StepFun）完成超50亿人民币B+轮融资，一举刷新过去12个月中国大模 型赛道单笔最高融资纪录。参与机构包括上国投先导基金、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、五源等老股东进一步跟投。本轮融资将用于基 础模型研发，打造全球顶尖基座模型，加速AI+终端战略落地。 ...

Core Viewpoint - Company Huqin Technology (603296.SH) continues to experience strong growth in its operating performance, aiming for a revenue target of 170 billion to 171.5 billion yuan in 2025, representing a year-on-year increase of 54.7% to 56.1% [1][3] Group 1: Financial Performance - For 2025, Huqin Technology expects a net profit attributable to shareholders of 4 billion to 4.05 billion yuan, a year-on-year increase of 36.7% to 38.4% [1][3] - The company has set a long-term goal of achieving a fivefold revenue increase over ten years, targeting 510 billion yuan by 2033 [1][6] - In the first three quarters of 2025, the company reported revenues of 128.88 billion yuan and a net profit of 3.099 billion yuan, both exceeding the total for 2024, with year-on-year growth of 69.56% and 51.17% respectively [4] Group 2: Strategic Initiatives - Huqin Technology's growth is supported by its "3+N+3" smart product platform strategy and global industrial layout, which enhances its service capabilities across various sectors [9] - The company has established itself as a leading global smart product platform, serving over 100 countries and regions, and providing billions of smart products to consumers [2][8] - The strategic focus includes emerging areas such as robotics, automotive electronics, and software, with a commitment to R&D investment, which has seen a consistent increase from 3.617 billion yuan in 2021 to 4.620 billion yuan in the first three quarters of 2025 [9]

Core Viewpoint - In 2025, AI computing power is expected to drive core assets in the market, with optical modules leading the high-demand sector due to a combination of industrial necessity, explosive performance, and solid barriers, indicating a growth potential that resonates with industry trends and corporate competitiveness [1] Group 1: Company Performance - In the first three quarters of 2025, the company reported a revenue growth of 69.6% year-on-year, with net profit attributable to shareholders increasing by 51.2% [1] - The company has achieved over 100 billion in annual revenue, positioning itself as a platform enterprise with a comprehensive AI layout across multiple business sectors [1] - The high-performance computing segment accounted for 60.3% of revenue in the first half of 2025, benefiting from the demand for AI PCs and servers [5] Group 2: Business Structure - The business structure includes high-performance computing (60.3% of revenue), smart terminals (31.9%), and emerging businesses like automotive electronics and AIoT (5.1%), which create new growth curves [5] - The smart terminal segment is the fastest-growing, with a revenue of 450 billion in the first three quarters, reflecting an 84.4% year-on-year increase [7] - The automotive electronics segment achieved over 1 billion in revenue for the first time in 2025, with significant breakthroughs in smart cockpit and intelligent driving domains [8] Group 3: Competitive Advantages - The company has established a competitive moat through technology, customer relationships, production capacity, and capital, enabling it to navigate industry cycles effectively [9] - The company has a unique vertical integration model with a self-sufficiency rate of approximately 45% in structural components, leading to shorter R&D cycles compared to the industry average [10] - R&D investment exceeded 4 billion in the first three quarters of 2025, with a workforce of 17,000 and over 12,000 patents covering key areas like AI algorithms and automotive-grade technology [11] Group 4: Market Position and Future Outlook - The company serves a matrix of global top brands, including eight of the top ten smartphone brands and four of the top five PC brands, with a diversified customer base reducing reliance on major clients [12] - The dual-circulation network of domestic and overseas production bases supports high-end product mass production, with a projected 30% increase in overall capacity by 2026 [12] - The company is planning an IPO in Hong Kong in 2025, which is expected to optimize shareholder structure and broaden financing channels [12][13]