Core Insights - The article highlights the growing concentration of innovation in Shanghai's artificial intelligence (AI) sector, particularly through platforms like "Mosu Space" which hosts over 100 AI-related startups [1][4] - The integration of AI technology into various industries is emphasized, showcasing the importance of practical applications and user engagement in driving the value of AI [2][3] Group 1: AI Innovation and Collaboration - "Mosu Space" serves as a hub for AI entrepreneurs, featuring numerous events and discussions focused on cutting-edge topics such as multimodal models and data innovation [1][2] - Regular events like "AI Geek Night" facilitate knowledge sharing between industry experts and researchers, fostering collaboration and practical insights [1][2] Group 2: AI Product Development and Application - The facility includes an AI product experience center with over 200 AI technology products, allowing users to interact with innovations like smart rings and AI guitars [3] - Shanghai's humanoid robot sector is rapidly advancing, with companies like Zhiyuan Robotics achieving significant milestones, including the production of their 1000th general-purpose robot [4] Group 3: Talent and Industry Growth - Shanghai is home to approximately 250,000 AI professionals, contributing to a vibrant ecosystem of innovative companies and young talent [4] - The integration of AI and robotics is driving advancements in technology and enhancing the capabilities of the component supply chain [4]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expectation that the stock will outperform the market index by 5%-15% over the next six months [7]. Core Views - The company achieved total revenue of 128.43 billion yuan in Q1 2025, representing a year-on-year growth of 20.61%. The net profit attributable to shareholders was 12.42 billion yuan, up 38.02% year-on-year, and the net profit after deducting non-recurring gains and losses was 12.75 billion yuan, also up 38.03% year-on-year, aligning with expectations [1]. - The company is actively expanding its global production capacity and investing in its own brand development to mitigate trade risks. It operates in over 200 countries, with a low revenue share from the U.S. It has 22 R&D centers and 23 major manufacturing bases across multiple continents [5][6]. - The company is advancing its digital intelligence strategy, focusing on the application of large models and Agent technology. It has developed a language model for the home appliance sector, enhancing user interaction and control across various smart products [5]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin decreased by 1.87 percentage points to 25.45%, while the net profit margin increased by 1.45 percentage points to 9.97%, primarily due to a reduction in expense ratios [5]. - The company forecasts revenue for 2025 to be 443.97 billion yuan, with net profit expected to reach 43.02 billion yuan, translating to an earnings per share (EPS) of 5.61 yuan, corresponding to a price-to-earnings (PE) ratio of 13 times [6]. Strategic Initiatives - The company is committed to its four strategic pillars: technological leadership, direct user engagement, digital intelligence, and global expansion. It aims to enhance its R&D capabilities and maintain a leading position in the industry [5].

Core Viewpoint - Company achieved significant growth across various business lines in Q1 2025, with all segments exceeding 20% year-on-year growth, particularly in smart IoT and automotive sectors [2][3]. Financial Performance - In 2024, the company reported a net profit of approximately 256 million yuan, a year-on-year increase of about 25.18%. For Q1 2025, the net profit was approximately 51.18 million yuan, showing a slight increase of 0.48% year-on-year [3][10]. - The company's Q1 2025 revenue reached approximately 665 million yuan, reflecting a year-on-year growth of 26.36% [10]. Business Segments - The smart IoT sector saw substantial growth, with significant contributions from leading brand clients in smart robotics, where quarterly shipments and revenue exceeded the total for 2024 [2]. - In the automotive sector, the company experienced notable growth in ADAS and perception chips due to increased market penetration [2]. - The smart security segment has solidified its market position with a comprehensive product lineup [2]. Research and Development - The company invested approximately 602 million yuan in R&D for 2024, a year-on-year increase of about 21.95%, with an R&D investment rate of approximately 25.59% [4]. - For Q1 2025, R&D investment was about 168 million yuan, up 19.8% year-on-year, with an R&D investment rate of approximately 25.24% [4]. Market Strategy - The company is focusing on long-term growth through strategic investments in cutting-edge IP technologies, including high-performance computing and low-power sensors, targeting sectors like smart robotics and smart eyewear [3][4]. - The company has established a global sales strategy, with over half of its sales coming from international markets [5]. Future Outlook - The company is actively evaluating potential investments or acquisitions to enhance its R&D capabilities and product offerings [6]. - The industry is expected to see advancements in AI SoC chips, with increasing demand for efficient, low-power solutions across various applications, including smart security and automotive sectors [8][9].

·何立峰：增强人民币资产全球配置中心、风险管理中心地位 ·国家发展改革委、商务部、市场监管总局发布《关于开展市场准入壁垒清理整治行动促进全国统一大市场建设的通知》，全面清理和整改违规设置市场准 入壁垒的各类不合理规定和做法，通报一批具有典型意义的违规案例，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即入"落地生根，营造 公平的市场准入环境，为坚持和落实"两个毫不动摇"、构建全国统一大市场提供有力支撑。（新华财经） ·29日消息，近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品以旧换新。 下一步，国家发展改革委将充分发挥"两新"部际协调机制作用，强化统筹推进和跟踪调度，督促各地各有关部门加快已拨资金审核兑付，切实减轻企业垫资 压力，确保真金白银优惠直达消费者，推动消费品以旧换新政策发挥更大效果。（新华财经） ·据中国人民银行网站4月29日消息，3月份，债券市场共发行各类债券87356.6亿元，其中国债发行12786.3亿元，地方政府债券发行9788.0亿元，金融债券发 行10226.4亿元，公司信用类债券发行13335.2亿元，信 ...

Core Insights - The company achieved a total revenue of 165.42 billion yuan in 2024, representing a year-on-year growth of 6.71%, while net profit reached 8.06 billion yuan, up 31.70% year-on-year [6][8][11]. Financial Performance - In Q1 2025, the company reported a revenue of 38.58 billion yuan, an increase of 11.06% year-on-year, and a net profit of 4.75 billion yuan, which is a 59.43% year-on-year increase [7][11]. - The company's cash flow from operations surged over tenfold year-on-year [2]. Brand Strategy - The dual-brand strategy has proven effective, with both brands contributing significantly to revenue, with the Kewos brand generating 80.82 billion yuan and the Tineco brand achieving a revenue growth rate of 10.87% [2][11][28]. - The company has invested 8.85 billion yuan in R&D in 2024, with R&D personnel accounting for 18.4% of the workforce [2][22]. Market Expansion - The global cleaning appliance market reached a retail value of 20 billion USD in 2024, with a year-on-year growth of 8% [27]. - The company has seen significant growth in the European market, with revenues increasing by 51.6% for Kewos and 64.0% for Tineco [28][32]. Product Innovation - The company launched several successful products in 2024, including the T30, T50, and X8 series of robotic vacuum cleaners, which have performed well in the market [16][19]. - Tineco introduced innovative products targeting specific consumer needs, such as the 180° lying flat smart washing machine and lightweight models for small homes [17][19]. Cost Management - The company has implemented effective cost management strategies, resulting in a 3.53% reduction in marketing expenses and improved overall gross margin to 46.52%, an increase of 1.94 percentage points year-on-year [11][12][24]. Future Outlook - The company plans to continue increasing R&D investments and expanding its product lines, particularly in high-end markets and new categories [25][34].

Group 1: Business Performance - In Q1 2025, all business lines achieved over 20% year-on-year growth, with significant contributions from smart IoT and automotive sectors [2] - For the full year 2024, the company reported a net profit of approximately CNY 256 million, a year-on-year increase of about 25.18% [3] - Q1 2025 net profit was approximately CNY 51.18 million, reflecting a year-on-year growth of about 0.48% [3] Group 2: Product Development and Market Strategy - The company has launched the SSC309QL SoC chip for AI glasses, with expected shipments in the second half of 2025 [3] - In the humanoid robot sector, the company achieved over threefold growth in both shipment volume and revenue in 2024 compared to 2023 [4] - The company is focusing on advanced IP technologies, including high-performance chips for various applications such as smart robots and smart glasses [5] Group 3: Research and Development Investment - In 2024, R&D investment was approximately CNY 602 million, a year-on-year increase of about 21.95%, with an R&D investment rate of approximately 25.59% [6] - Q1 2025 R&D investment was about CNY 168 million, reflecting a year-on-year increase of approximately 19.8% [6] Group 4: Market Position and Future Outlook - The company has established a global sales strategy, with over half of sales coming from overseas markets [7] - The company aims to become a leading SoC chip supplier in the smart robot industry within the next two to three years [5] - The future development of AI SoC chips is expected to focus on higher efficiency, lower power consumption, and smaller sizes to meet growing smart device demands [11]

本文由华东师范大学和小红书联合完成，共同第一作者是华东师范大学在读硕士、小红书 NLP 团队实习生黄文轩和翟子杰，通讯作者是小红书 NLP 团队负责人 曹绍升，以及华东师范大学林绍辉研究员。 多模态大模型（MLLMs）在视觉理解与推理等领域取得了显著成就。然而，随着解码（decoding）阶段不断生成新的 token，推理过程的计算复杂度和 GPU 显存 占用逐渐增加，这导致了多模态大模型推理效率的降低。现有的方法通过减少预填充（prefill）阶段的视觉 token 冗余来实现推理加速。遗憾的是，这种在预填充 阶段实现的视觉 token 稀疏化所带来的加速优势，在解码阶段会逐渐减弱。当解码输出的文本 token 数量增多时，这些方法仍然会遇到性能瓶颈。 为了解决上述问题，团队创新性地提出了一个全新的动态视觉 - 文本上下文稀疏化推理加速框架 ——Dynamic-LLaVA。该框架针对多模态大模型在不同推理模式 下（包括预填充阶段以及有无 KV Cache 的解码阶段），设计了定制化的稀疏化推理方案，以实现多模态大模型的高效推理。实验结果表明，Dynamic-LLaVA 在 几乎不损失视觉理解和生成能力的前提 ...

人类在解答几何问题时，首先会识别所需的几何原理并通过灵活应用它们来推导出答案。 然而，目前的评测方法多集中于最终答案的正确性或简单地对每个推理步骤进行打分，而 忽视了推理过程中的关键因素：几何原理的识别和 应用 。 尽管有研究发现模型的对几何图的感知能力不足限制了其后续推理，但实验发现，几何原理与图像中几何元素的正确对应及应用，是多模态大 模型推理的另一大瓶颈。 为填补这一空白，GeoSense出现了，为在复杂视觉场景中的推理能力提升提供了新的方向。 GeoSense团队 投稿 量子位 | 公众号 QbitAI 多模态大模型几何解题哪家强？ 首个从几何原理视角出发，全面评估多模态大模型几何解题能力的双语综合基准来了！ GeoSense ，系统评测多模态大模型在几何原理识别和应用中的表现，评测基准的数据和评测代码均已开源。 其背后团队来自 淘天集团算法技术-未来生活实验室团队。 5层知识架构+1789道几何问题 GeoSense旨在系统评估多模态大模型识别和应用几何原理来解决几何问题的能力。 该基准建立了包含定义、定理和公式等几何原理的5层知识架构，覆盖平面几何和立体几何，支持中英双语；精心构建并人工详细标注了 ...

Core Insights - Baidu's founder, Li Yanhong, emphasized that DeepSeek is not a panacea and highlighted its current limitations, particularly in processing multimedia content [2][3] - DeepSeek achieved significant success by becoming the fastest application to surpass 30 million daily active users and topping the App Store charts in multiple regions, including the US [2] - The AI industry is witnessing a trend towards multimodal models, which are expected to become standard in future foundational models [6] Industry Overview - The training costs for mainstream large models in China typically range from tens of millions to hundreds of millions of dollars, with major players like Baidu, Alibaba, and Tencent investing over $200 million [4] - Startups like Kimi and DeepSeek have managed to reduce training costs to between $30 million and $60 million through technological optimizations [4] - Revenue from multimodal large models in China is concentrated among leading companies, with Alibaba Cloud generating over 110 billion yuan, accounting for about 15% of its group revenue [5] Application Insights - Li Yanhong stressed the importance of applications over models and chips, asserting that the true value lies in the applications that utilize these technologies [6] - Despite DeepSeek's shortcomings, the focus remains on finding the right scenarios and models to create lasting applications [6]

Group 1 - The company reported a research and development investment of 188.97 million yuan, a year-on-year increase of 3%, and added 90 new patents, strengthening its technological moat [1] - The company launched a "multimodal large model technology and application R&D project" to prepare for future product development and implementation [1] - The self-developed visual large model Unicom outperformed OpenAI's CLIP and Google's SigLIP in academic evaluations, with results published at the ECCV 2024 conference [1] Group 2 - The company has established six key technology directions in the field of computer vision, including multimodal large model technology and 3D stereo vision technology [2] - The company is integrating AI technology with end products, developing new generation intelligent hardware such as AI PCs and unmanned computing equipment [2] - The company plans to increase investment in AI technology R&D, focusing on vertical fields to develop controllable multimodal large models and complex AIGC systems [2]