各位同事,投资者,大家晚上好,我是中心剑头,今天由我来做这个国内外专业大模型的发展情况的一个梳理,实际上 当我们去看大模型的时候我们其实往往去更多的关注于云测大模型比如说最近两天繁的比较多的比如说OpenAI的新模型包括以前的我们说谷歌的G-mini这些云测的这种大模型实际上当各个厂商在拼命卷这种云测大模型的时候其实大家也会发现端测AI其实也成 也成为这个国家的一个发力点核心就在于其实几个点第一点就是 端侧的一些硬件包括我们说的一些芯片尤其是里面的NPU的一个提升不管从苹果的A18芯片还是说高通的骁龙8G38G4这种芯片实际上它里面集成的不仅仅是传统的我们说CPUGPU它里面更多的是这种NPU的一个效率的提升包括PC的一些 这个ARM架构的这种芯片啊实际上硬件端啊芯片端的这样的一个提升给端侧啊实际上提供了一个土壤啊包括我们说整个端侧领域包括了手机包括了呃我们说PC啊甚至说现在各种各样的 呃眼镜啊甚至各种各样的AI玩具啊实际上里面所能够承载的整个专策呃AI的这种市场啊越来越庞大啊同时呢我们也能看到呃AI它整个大模型也好它是快速的往前发展那实际上大家会会发现它发展的一个趋势就是说哎我去往更更 多维的这种数据集我们 ...

Core Viewpoint - The company adopts a dual-driven product strategy focusing on wireless communication modules and IoT solutions, aiming to create differentiated and innovative core competitive advantages in the market [2]. Group 1: Product Strategy - The company develops customized solutions in vertical industries, including smart modules, high-performance modules, smart cockpits, FWA, and IoT, to enhance its competitive edge [2]. - The company has extensive experience in product development and industry application in the smart module and solution field, with ongoing investments in high-performance modules and generative AI applications [2]. - The company offers module products with heterogeneous computing power ranging from 0.2T to 48T, supporting large model deployment and operation at the edge, adaptable to various communication methods like 5G, Wi-Fi, and Gigabit Ethernet [2]. Group 2: R&D Investment - In 2024, the company's R&D investment is projected to be 256 million yuan, accounting for 8.69% of its revenue, reflecting a strong commitment to enhancing product and technology competitiveness [3]. - The company focuses its R&D efforts on high-performance module applications, 4G/5G smart cockpit modules, automotive-grade 5G+V2X modules, cockpit computing modules, and edge large model deployment and optimization [3]. Group 3: Corporate Actions - The company submitted its application for the issuance of overseas listed shares (H shares) to the China Securities Regulatory Commission, which has been accepted, indicating plans for listing on the Hong Kong Stock Exchange [4]. - The company approved a stock option and restricted stock incentive plan, granting 500,000 restricted shares at a price of 22.84 yuan per share and 500,000 stock options at an exercise price of 45.67 yuan per option to eligible participants [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company adopts a dual-driven product strategy focusing on wireless communication modules and IoT solutions, which creates a competitive advantage through customized solutions for various vertical industries [1]. - The company is committed to high R&D investment, with an allocation of 256 million yuan for 2024, representing 8.69% of revenue, aimed at enhancing product and technological competitiveness [2]. - The company has submitted its application for overseas listing (H shares) to the China Securities Regulatory Commission, indicating plans for expansion and increased market presence [2]. - The company has implemented an incentive plan granting stock options and restricted stocks to key personnel, which may enhance employee motivation and align interests with shareholders [3]. - The forecast for the company's net profit has been revised upwards for 2025 and 2026, with expected profits of 182 million yuan and 267 million yuan respectively, reflecting a strong growth trajectory driven by AI applications and product iterations [3]. Financial Summary - The company’s revenue is projected to grow from 2,147 million yuan in 2023 to 5,556 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.79% [4][7]. - The net profit is expected to increase significantly from 65 million yuan in 2023 to 357 million yuan in 2027, indicating a robust growth rate [4][7]. - The company’s earnings per share (EPS) is forecasted to rise from 0.25 yuan in 2023 to 1.36 yuan in 2027, reflecting improved profitability [4][7]. - The price-to-earnings (P/E) ratio is projected to decrease from 187 in 2023 to 34 in 2027, suggesting a more attractive valuation over time [4][10]. Key Financial Metrics - The gross margin is expected to stabilize around 17.5% to 18.8% from 2025 to 2027, indicating a focus on maintaining profitability despite competitive pressures [9]. - The return on equity (ROE) is projected to improve from 4.4% in 2023 to 15.8% in 2027, reflecting enhanced efficiency in generating profits from equity [9]. - The company’s total assets are anticipated to grow from 2,145 million yuan in 2023 to 3,696 million yuan in 2027, indicating a strengthening balance sheet [8].

Core Viewpoint - The consumer goods replacement policy has significantly boosted consumption, with a total sales amount of 1.1 trillion yuan driven by the policy, alongside 175 million subsidies issued to consumers [1] Group 1: Market Performance - The domestic smartphone market has shown a mild recovery, with smartphone shipments reaching 94.7 million units in the first four months of the year, a year-on-year increase of 3.5%, and 5G smartphones accounting for 85.5% of total shipments [1][2] - The average replacement cycle for smartphones has extended from 18 months to approximately 40 months, indicating a release window for previously accumulated upgrade demand [2] Group 2: Factors Driving Growth - The national subsidy policy for smartphones, which provides up to 500 yuan for devices priced below 6,000 yuan, has stimulated consumer upgrades, especially during the peak shopping season around the Spring Festival [2] - Innovations in AI technology and the introduction of new physical forms, such as foldable and ultra-thin screens, have attracted consumers seeking differentiated experiences [2][3] Group 3: Competitive Landscape - The market is increasingly concentrated among the top five brands, with a notable shift towards mid-to-high-end products, reflecting a trend of consumption upgrading [1][3] - Domestic smartphone manufacturers are actively innovating in AI, imaging, and battery technology, aiming to capture market share and enhance user experience [3][4] Group 4: Future Outlook - The integration of AI technology into smartphones is expected to enhance user experience across various applications, including voice interaction and personalized services [3] - The high-end market dynamics may shift as domestic brands rapidly develop, potentially narrowing the competitive gap with Apple, which currently leads in the high-end segment [3]

Core Insights - The article discusses the challenges and advancements in deploying large models on edge devices, emphasizing the need for optimization in architecture, systems, and algorithms to meet the high demands of mobile, automotive, and IoT applications [1][3][4] Group 1: Engineering Challenges - Edge devices face significant resource limitations in terms of computing power and bandwidth compared to cloud environments, necessitating low-bit quantization of models for deployment [3][4] - The rapid evolution of large models complicates commercial deployment, as updates and improvements can lag on edge devices due to user-driven update mechanisms [4][5] - The current state of large models is still in a "technology accumulation" phase, with future deployment contingent on advancements in edge computing capabilities and model stability [4][14] Group 2: Performance Optimization - The team developed a self-researched inference framework achieving over 180 tokens/s in real-time inference, utilizing strategies like dynamic input support and speculative decoding to enhance performance [1][6][7] - Techniques such as low-bit quantization and instruction-level optimizations are employed to maximize efficiency on resource-constrained devices [7][12] - The framework supports a shared base model architecture, allowing multiple business applications to utilize a single model while maintaining performance through LoRA modules [10][11] Group 3: Future Directions - Future breakthroughs in edge model deployment are expected to hinge on hardware advancements and the evolution of model architectures, such as Linear Attention, which could alleviate resource constraints [14][16][17] - The emergence of next-generation chips designed for large models is anticipated to significantly enhance the capabilities of edge devices [15][17] - The exploration of new model architectures that reduce memory usage while maintaining performance is crucial, especially for applications requiring long context inputs [16][17]

Core Insights - The company, Mianbi Intelligent, has completed a new round of financing amounting to several hundred million yuan, led by Hongtai Fund, Guozhong Capital, Qingkong Jinxin, and Moutai Fund, marking it as one of the fastest-growing companies in the domestic large model financing sector [2][3] - CEO Li Dahai emphasized the need for advanced judgment on technology and market to empower the large model industry, aiming to provide sufficient supply for industry acceleration [2][4] Financing Overview - **April 2024**: Led by Chunhua Venture Capital, with participation from Beijing AI Industry Investment Fund and Zhihu, aimed at accelerating edge-side large model development and exploring applications in smart cockpits [3] - **December 2024**: Led by Longxin Venture Capital and others, focusing on deepening collaboration with chip manufacturers like Qualcomm and MediaTek to adapt edge models for automotive and mobile devices [3] - **May 2025**: The latest round led by Hongtai Fund and others, intended to build "edge brain" technology barriers and promote large-scale applications across various industries, particularly in smart cockpit mass production and vertical AI tool development [4] Competitive Advantage - Mianbi Intelligent focuses on "knowledge density" instead of merely increasing model parameters, aiming to develop high-efficiency large models that offer better performance, lower costs, reduced power consumption, and faster speeds under the same parameter conditions [4] - The MiniCPM series has achieved edge-side GPT-4o level capabilities, with over 10 million downloads and a 75% reduction in inference costs through model compression technology [4] Industry Applications - The company has launched its first edge-side multimodal model, MiniCPM-o 2.6, which features several industry-first capabilities [5] - Mianbi Intelligent's edge model advantages align well with smart cockpit scenarios, collaborating with major automotive companies like Changan Automobile, SAIC Volkswagen, and Great Wall Motors to produce multiple mass-production models [5] - The first model equipped with the edge-side model, MAZDA EZ-60, was launched in April, enabling fully localized voice, visual, and vehicle control interactions [5][6] - Ongoing collaborations with Qualcomm, Intel, and MediaTek are aimed at promoting the implementation of native intelligent cockpits [6]

Group 1 - The core viewpoint of the article highlights the recent funding rounds completed by the Chinese AI startup, Mianbi Intelligent, which focuses on edge large model development, indicating strong investor confidence and growth potential in the AI sector [1][2] - Mianbi Intelligent has successfully completed three rounds of financing since 2024, with significant investments from various funds, which will help establish a robust technological and product barrier for their efficient large model technology [1] - The company aims to accelerate industry empowerment and ecological expansion, promoting the large model's application across various sectors [1] Group 2 - In early 2025, the global AI competition has intensified, with Mianbi Intelligent leading the way in developing high-efficiency large models that offer better performance, lower costs, and reduced power consumption [2] - The launch of Mianbi's first edge full-modal model, MiniCPM-o 2.6, showcases its innovative capabilities, including real-time audio-visual processing and natural language generation, positioning it at the forefront of the industry [2] - The MiniCPM series has achieved over 10 million downloads across all platforms, reflecting its popularity and effectiveness in the market [2]

Group 1: Company Overview - The company, Mianbi Intelligent, has completed a new round of financing amounting to several hundred million yuan, with investments from Hongtai Fund, Guozhong Capital, Qingkong Jinxin, and Moutai Fund [1] - Mianbi Intelligent was founded in August 2022 and is incubated by Tsinghua University's NLP laboratory, with co-founder Liu Zhiyuan serving as the chief scientist [1] - Since 2024, Mianbi Intelligent has completed three rounds of financing, with the last round also being several hundred million yuan [1] Group 2: Market Strategy - Mianbi Intelligent adopts a "small to big" strategy, focusing on low-cost, relatively small parameter models to achieve high efficiency, which has gained recognition in the industry [2] - The company is one of the early adopters of the "edge large model" strategy, which refers to AI models that run locally on devices like smartphones and PCs, independent of cloud servers [2] - The edge large model is expected to accelerate penetration into the industry by 2025, with multi-modal interaction scenarios maturing and widespread applications in consumer electronics [3] Group 3: Commercialization Progress - Mianbi Intelligent's edge large model platform, MiniCPM series, has surpassed 10 million downloads [5] - The company launched its first edge full-modal model, MiniCPM-o 2.6, with a parameter scale of only 8 billion, capable of image understanding and multi-modal real-time interaction [5] - Mianbi Intelligent has made significant strides in the automotive sector, with the first mass-produced model featuring its edge model, the Changan Mazda MAZDA EZ-60, hitting the market [6] Group 4: Industry Impact - The edge AI market in China is projected to grow to approximately 1.9 trillion yuan by 2028, driven by explosive demand for intelligent and real-time capabilities in edge devices [4] - The deployment of AI large models on the edge addresses issues related to network latency, privacy, and computing costs, unlocking the computational potential of devices [4] - Mianbi Intelligent has also ventured into vertical fields such as law and education, assisting in the development of AI systems for judicial processes and educational support [6]

Group 1 - Beijing Mianbi Intelligent Technology Co., Ltd. has completed a new round of financing amounting to several hundred million yuan, with investments from Hongtai Fund, Guozhong Capital, Qingkong Jinxin, and Moutai Fund [1] - Since 2024, the company has successfully completed three rounds of financing, which will further strengthen its foundation for high-efficiency large model technology, product barriers, and accelerate industry empowerment and ecological expansion [1] - The global AI competition is intensifying in 2025, with innovation paths characterized by "high efficiency and low consumption" leading the global AI transformation [1] Group 2 - In January 2025, Mianbi Intelligent launched its first end-side full-modal model "MiniCPM-o 2.6," achieving real-time interaction with an 8B scale and introducing features like "continuous watching, real-time listening, and natural speaking" [2] - The MiniCPM series has achieved over 10 million downloads across all platforms, recognized for its high efficiency and low cost, and has been compared to ChatGPT and GPT-4V [2] Group 3 - Mianbi Intelligent is rapidly advancing its commercial layout and business around high-efficiency large models and end-side AI, exemplified by the launch of the "MiniCPM Super Assistant cpmGO," the world's first pure end-side intelligent assistant for vehicles [3] - The first mass-produced model equipped with the end-side model, the Changan Mazda MAZDA EZ-60, made its global debut in April 2025, marking a new phase in the commercialization of end-side large models in the automotive cockpit sector [3] - The company has established deep collaborations with leading automotive manufacturers and tech giants like Qualcomm and Intel to promote the widespread implementation of native intelligent cockpits [3]

Group 1: Financing and Investment - Recently, Mianbi Intelligence successfully completed a new round of financing amounting to several hundred million yuan, led by Hongtai Fund, Guozhong Capital, Qingkong Jinxin, and Moutai Fund [1] - Since 2024, Mianbi Intelligence has maintained a steady financing pace, completing three rounds of financing, with significant investments from various venture capital firms [1] - Mianbi Intelligence and Zhipu AI are among the few companies that have successfully secured continuous financing amidst a challenging environment for large model companies [1] Group 2: Commercialization in Automotive Sector - Mianbi Intelligence is accelerating its commercialization process, particularly in the automotive industry, with the launch of the "Little Steel Cannon Super Assistant cpmGO," the world's first pure edge-side intelligent assistant for vehicles [2] - The debut of the MAZDA EZ-60, equipped with Mianbi's edge-side model, marks a new phase in the commercialization of edge-side large models in automotive cockpits [2] - The company has established partnerships with leading automotive manufacturers such as Changan Automobile, SAIC Volkswagen, and Great Wall Motors to promote large-scale deployment of edge-native intelligent cockpits [2] Group 3: Expansion into Vertical Industries - Mianbi Intelligence is also making strides in vertical sectors such as law and education, contributing to the development of national-level legal AI infrastructure [3] - The company has assisted in the launch of a judicial vertical large model that has supported over 291,000 cases and generated 11,600 draft documents since its trial run in January 2024 [3] - In education, Mianbi has partnered with Tsinghua University to introduce an AI learning assistant, aiming to create an automated classroom model with a student graduation rate exceeding 40% [3] Group 4: Technological Advancements - Mianbi Intelligence's edge-side model capabilities are continuously evolving, with the MiniCPM series gaining widespread recognition [4] - The MiniCPM-o 2.6 model features 8 billion parameters and supports innovative functionalities such as real-time interaction, achieving international leadership in image understanding and speech processing [4] - The MiniCPM series has surpassed 10 million downloads, establishing itself as a technical benchmark for edge-side large models globally [4]