8月22日，群核科技（Manycore）更新招股书，二次向联交所递交上市申请，由摩根大通、建银国际担任联席保荐人。 据招股书披露，群核科技拟将募集资金用于：实施公司的国际扩张策略；增强现有产品的功能，并推出新产品及/或功能，以满足现实世界空间及虚拟环境 的需求；支持公司的国内销售及市场推广活动，并提升公司的品牌知名度；投资公司的核心技术及基础设施；营运资金及一般企业用途。 不难看出，群核科技上市募资的主要目的是推动业务全球化扩张。但矛盾的是，近年来，群核科技大力推进裁员节流，研发费用率从2022年的72.9%锐减至 2024年的44.7%，并进一步降至2025年上半年的37.5%，同期销售费用率也从53.4%下滑至33.9%。 2025年上半年，群核科技经调整净利润终于实现扭亏为盈，不过经营现金流量净额依旧为负，2022年至今累计净流出5.49亿元。更为严峻的是，自2021年10 月的E+轮融资后，群核科技再未获得新的融资，资本市场似乎已对其失去兴趣。截至2025年6月底，赎回负债已接近40亿元。 出品：新浪财经上市公司研究院 作者：君 上市融资，对群核科技而言不是锦上添花，而是救命稻草。 接近40亿赎回负债 ...

Core Viewpoint - The parent company of CoolJia, Qunhe Technology, has submitted an F-1 prospectus to the U.S. Securities and Exchange Commission, planning to list on NASDAQ under the ticker "KOOL," potentially becoming the "first global 3D cloud design stock" [1] Financial Performance - Qunhe Technology has shown steady revenue growth, with revenues of 601 million yuan in 2022 and 664 million yuan in 2023, representing a year-on-year increase of 10.5%. The revenue for the first three quarters of 2024 reached 553 million yuan [2] - The gross margin has remained high and increased year-on-year, with gross margins of 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first three quarters of 2024, respectively [2] - The company has been operating at a loss, with net losses of 704 million yuan, 646 million yuan, and 422 million yuan for 2022, 2023, and the first three quarters of 2024, respectively. The losses are attributed to significant investments in product development, technical support, and marketing [2] Business Line Operations - Qunhe Technology operates on a subscription model, with enterprise clients contributing the majority of subscription revenue. Subscription revenues from enterprise clients were 490 million yuan, 563 million yuan, and 464 million yuan for the respective periods, accounting for 90.1%, 87.0%, and 85.4% of total subscription revenue [3] - The average subscription revenue per enterprise client has shown a declining trend, with figures of 14,800 yuan, 13,700 yuan, and 13,600 yuan for the respective periods [3] - Subscription revenue from individual clients has been increasing, with revenues of 53.8 million yuan, 84.3 million yuan, and 79.2 million yuan for the respective periods, representing 9.9%, 13%, and 14.6% of total subscription revenue [3] Funding and Cash Flow - Qunhe Technology is experiencing tight funding conditions, with negative cash flow from operating activities of -412 million yuan, -214 million yuan, and -164 million yuan for the respective periods [4] - The company's cash and cash equivalents totaled over 400 million yuan as of the first nine months of 2024. However, cash flow has significantly decreased, from 577 million yuan in 2022 to only 200 million yuan in the first nine months of 2024, a reduction of more than half compared to the previous year [4] Upstream and Downstream Relationships - The primary clients of Qunhe Technology are from the home decoration and furniture industries, which are heavily influenced by the real estate sector. The downturn in the real estate market has led to reduced investment willingness from property developers, impacting the home decoration and furniture industries [5] - Revenue growth has slowed, with a growth rate of 25.2% in 2020 compared to 10.5% and 13.8% in 2023 and the first three quarters of 2024, respectively [5] - The current low real estate market conditions, with developers cutting back on land acquisition and design companies facing payment difficulties, may pose challenges for Qunhe Technology's future operations [5]