Core Viewpoint - Qunhe Technology has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 399 million yuan, a year-on-year increase of 9%, and turned a profit with an adjusted net profit of 17.83 million yuan [1]. - Revenue is projected to grow from 601 million yuan in 2022 to 664 million yuan in 2023, and further to 755 million yuan in 2024, driven by increased subscription revenue from major clients and an expanded customer base [1]. - The company reported net losses of 704 million yuan in 2022, 646 million yuan in 2023, and 513 million yuan in 2024 [1]. - Gross margins are expected to improve from 72.7% in 2022 to 82.1% in the first half of 2025 [1]. Business Strategy and Product Development - Qunhe Technology, founded in 2011, is transitioning to become a "space intelligence infrastructure provider" and has launched the Aholo space intelligence open platform and the new product LuxReal [3][4]. - The Aholo platform integrates core 3D capabilities and offers foundational capabilities such as space reconstruction, generation, understanding, and editing, allowing users to create high-fidelity 3D spaces from various inputs [4]. - The company has announced a strategic partnership with Huace Film & TV, focusing on virtual film set generation and film scene reconstruction [4]. New Product Launches - LuxReal, a new AI 3D content creation tool, utilizes the self-developed AI 3D generation model Lux3D and combines image and video generation models to efficiently create creative video content [6]. - LuxReal aims to enhance the practicality of AI-generated videos in sectors such as e-commerce, industrial design, and gaming, and is set to begin global internal testing in December [6].

Core Viewpoint - Qunhe Technology, the first IPO company among the "Six Little Dragons of Hangzhou," has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" [1]. Financial Performance - In the first half of 2025, the company expects to achieve revenue of 399 million yuan, a year-on-year increase of 9%, and a net profit of 17.83 million yuan [1]. - Revenue is projected to grow from 601 million yuan in 2022 to 664 million yuan in 2023, and further to 755 million yuan in 2024, driven by increased subscription revenue from major clients and an expanding customer base [1]. - Net profit is expected to improve from losses of 704 million yuan in 2022, 646 million yuan in 2023, to 513 million yuan in 2024 [1]. - Gross margins are forecasted to rise from 72.7% in 2022 to 82.1% in the first half of 2025 [1]. Business Strategy and Product Development - Founded in 2011, Qunhe Technology is a provider of space design software, including "Cool Home," the overseas platform "Coohom," and the "SpatialVerse" platform [3]. - The company announced a strategic transformation to become a "space intelligence infrastructure provider" and launched the new space intelligence open platform Aholo and the product LuxReal [3]. - The Aholo platform integrates core 3D capabilities and is designed for various industries, allowing users to create high-fidelity 3D spaces using multi-modal inputs [3]. - The company emphasizes that space intelligence is the future direction of AI, and technology openness is a significant initiative [4]. Strategic Partnerships - Qunhe Technology has formed a strategic partnership with Huace Film & TV, a leading company in the A-share film industry, to collaborate on virtual film set generation and film scene reconstruction [4]. New Product Launches - The LuxReal product, based on the self-developed AI 3D generation model Lux3D, combines image and video generation models to create innovative video content efficiently [6]. - LuxReal aims to enhance the practicality of AI-generated videos in sectors such as e-commerce, industrial design, and gaming [6]. - The global internal testing for LuxReal has begun, with a formal launch expected in mid-December this year [6].

Core Insights - The company, Qunke Technology, is transitioning to become a "space intelligence infrastructure provider" and has launched a new open platform called Aholo and a new product named LuxReal [1][2] Group 1: Strategic Shift - Qunke Technology announced its strategic shift at the 2025 Cool+ Conference, focusing on providing practical space intelligence capabilities rather than just home decoration [1] - The CEO emphasized the company's goal to be a "water seller" in the three-dimensional space domain, indicating a broader vision beyond initial offerings [1] Group 2: Aholo Platform - The Aholo platform integrates Qunke's core 3D capabilities and is currently in internal testing, allowing users to create high-fidelity holographic 3D spaces using various input methods [2] - The platform targets multiple industries, including space design, XR, short films, cultural heritage protection, industrial digital twins, and robotic simulation training [2] - Qunke Technology has formed a strategic partnership with Huace Film & TV, a leading company in the A-share film industry, to collaborate on virtual film production and scene reconstruction [2] Group 3: LuxReal Product - LuxReal, a new AI content creation tool, was introduced, utilizing Qunke's self-developed AI 3D generation model Lux3D to efficiently produce creative video content [3] - The product aims to enhance the practicality of AI-generated videos in sectors such as e-commerce, industrial design, and gaming [3] - LuxReal is set to begin global internal testing in mid-December [3] Group 4: Financial Performance - In the first half of 2025, Qunke Technology reported revenue of 399 million yuan, a 9% year-on-year increase, and achieved a net profit of 17.83 million yuan [4] - The company's revenue is projected to grow from 601 million yuan in 2022 to 755 million yuan in 2024, driven by increased subscription revenue from major clients [4] - Despite previous losses, the company is on a path to profitability, with net losses decreasing from 704 million yuan in 2022 to 513 million yuan in 2024 [4] Group 5: Investment Background - Since its establishment, Qunke Technology has attracted investments from several prominent firms, including IDG Capital, GGV Capital, and Hillhouse Capital [5]