Company Overview - Shenzhen Yueran Innovation Technology Co., Ltd. focuses on "AI + IP" emotional companion toys, with its first product BubblePal achieving over 100,000 units sold in its first month and a total of 200,000 units sold, recognized as "China's AI toy online sales leader" by iResearch [3] - The company has developed a multi-agent interaction system capable of long-term memory, emotional recognition, and character restoration, signing contracts with dozens of global leading IPs and incubating original characters [3] Financing Details - The company recently completed a Series A financing round of 200 million RMB, led by funds from CICC Capital, Sequoia China, Huashan Capital, and Joy Capital, with participation from 招银国际 and Brizan Ventures, and with Zhi Bian Capital acting as the exclusive financial advisor [2] Use of Funds - The funds will be used for: 1. Iterating a new generation of large models and multi-modal interaction modules to enhance emotional understanding in toys 2. Expanding the content library through "top IP licensing + artist co-creation" to localize versions for Europe and Southeast Asia 3. Building global online channels and offline experience stores to achieve a target of millions in annual sales [4] Investment Rationale - CICC Capital's Managing Director, Tong Xuanzai, stated that AI is reshaping consumer demand for emotional companionship, and Yueran's terminalization and IP integration have created a data flywheel barrier, with plans to leverage technology, consumer, and capital market resources for rapid globalization [5] Industry Insights - The recent joint release of digital cultural consumption promotion policies by the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism has led to swift responses from local cultural funds, indicating a strong industry momentum [6] - The participation of multiple leading institutions in the investment round reflects a professional commitment to the sector, with Yueran entering the vast but competitive companion economy market, necessitating continuous product iteration and compliance [6]