在硬科技行业中，初创企业活下去靠现金流，活得好靠战略定力。但研发的长期投入与现金流的现实 压力会产生碰撞，创业者往往顾此失彼，难以找准平衡点。如何在确保生存的同时不丢失未来？这不 仅是技术或资本的问题，更是关乎创业者自身的节奏感、韧性与战略考验。 1月15日，在第18届创业邦年会暨创业邦100未来独角兽大会上， 普华永道中国科创与民营企业服 务主管合伙人张勤、追梦空天CEO蔡文宽、因时机器人创始人兼CEO蔡颖鹏、科塞尔医疗创始人兼 CEO胡清、京东政企业务成长型业务副总经理青春雷、国信医药首席执行官宋伟、纵苇科技联合创始 人兼COO许卓群、智平方联创、董事、副总裁张鹏 ，展开了一场深度圆桌对话。围绕"回归商业， 回归'现金流为王'"这一主题，嘉宾们探讨在长周期、高投入的创业路上，如何平衡研发与现金流、 如何实现降本增效。 以下为上述圆桌的对话实录，由创业邦整理。 在研发与现金流的平衡中 走稳长期主义的每一步 张勤： 让我们回到商业最核心、也最现实的问题——现金流。在当下，产业的共识愈发清晰：活下 去，并且健康地生长。今天我们邀请了多位高投入、高壁垒赛道的嘉宾。在开始之前，请各位简短介 绍一下自己的企业和情况。 ...

2025年，房山区坚持以习近平新时代中国特色社会主义思想为指导，深入学习贯彻党的二十大和二十届 历次全会精神，在市委市政府的坚强领导下，完整准确全面贯彻新发展理念，统筹灾后重建和经济社会 高质量发展，全区经济社会发展稳中有进、向新向好，"一区一城"新房山建设迈出坚实步伐。 锚定首都功能定位 服务保障发展大局 市委市政府赋予房山区"科教融合文化名区、新质智造产业新城"新定位，为房山区承载更多首都功能拓 展了新空间。2025年，房山区会同北京市发展和改革委员会编制《房山区促进绿色经济发展行动计划 （2025—2027年）》，明确了绿色发展具体任务。国土空间规划体系持续完善，11个乡镇国土空间规 划、34个街区控规获批。城南行动计划21项重点任务、47个重点项目顺利完成，实现投资157亿元。 灾后重建扎实推进。"三年全面提升"项目37个顺利完成、4个全面收尾。小清河蓄滞洪区主动防洪工程 主体完工，"五河十沟"整治提升工程完成190公里。跨村异址新建、地质灾害隐患治理等如期完工。108 新线高速实现首桥合龙、首隧贯通，国道108三期全面实施。 区域协同走深走实。2025年，房涿涞区域对接机制全面推进，累计签订合作协议 ...

2025年工业经济成绩单里，制造业数智化转型表现亮眼。 工业和信息化部数据显示，截至目前，我国已累计建成3.5万余家基础级、8200余家先进级、500余家卓 越级智能工厂，培育15家领航级智能工厂。 这份"高分答卷"并非一蹴而就，而是源于一以贯之的坚守。 回望过去。"十三五"规划纲要提出"促进制造业朝高端、智能、绿色、服务方向发展，培育制造业竞争 新优势"。"十四五"规划纲要提出要"深入实施智能制造和绿色制造工程"。 如今，制造强国战略深入实施，新一代信息技术与制造技术融合发展的成果已经超出预期。 展望未来，以创新为核心生产要素，以梯度培育强基础，以生态协同破壁垒，下一个十年，智能工厂将 带给我们更多惊喜。 （文章来源：人民日报） 智能工厂的核心价值，在于重构生产逻辑、激活产业动能。从汽车工厂实现多车型柔性混流生产，到石 化工厂依托数字孪生自主运行，再到光缆工厂攻克超大尺寸预制棒的极限制造工艺，高效率、高精度、 高柔性、高质量，领航级智能工厂在实践中不断探索制造新模式，为各自行业树立了转型标杆。 随着技术不断创新突破，智能制造演进的速度也在加快。数据显示，人工智能已渗透领航级智能工厂 70%以上的业务场景，沉 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002115 证券简称：三维通信 公告编号：2026-012 三维通信股份有限公司关于与专业投资机构共同投资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、与专业投资机构共同投资概况 近日，三维通信股份有限公司（以下简称"三维通信"或"公司"）与杭州九智投资管理有限公司（以下简 称"九智投资"）、韩华龙、杭州仑智股权投资合伙企业（有限合伙）（以下简称"仑智投资"）、岳智 （嘉兴）股权投资合伙企业（有限合伙）（以下简称"岳智投资"）、湖州昊智股权投资合伙企业（有限 合伙）（以下简称"昊智投资"）共5位合伙人签署《杭州渠智股权投资合伙企业（有限合伙）之合伙协 议》（以下简称"合伙协议"或"本协议"），共同投资杭州渠智股权投资合伙企业（有限合伙）（以下简 称"渠智基金"、"合伙基金"或"合伙企业"）。渠智基金总认缴出资额为人民币11,400万元，公司作为基 金的有限合伙人以自有资金认缴出资2,500万元。 （一）投资合伙基金的具体情况 1、基金名称：杭州渠智股权投资合伙企业（有限合伙） 公司按照 ...

转自：智通财经 【三维通信：共同投资设立合伙企业 投资于智能制造、航空航天、新能源等高新技术行业的非上市股 权】智通财经1月26日电，三维通信(002115.SZ)公告称，公司与杭州九智投资管理有限公司等共5位合 伙人签署合伙协议，共同投资杭州渠智股权投资合伙企业（有限合伙），公司作为有限合伙人认缴出资 2,500万元。合伙基金可投资于智能制造、航空航天、新能源等高新技术行业的非上市股权，并可以通 过投资或受让资产管理产品份额或合伙企业的有限合伙份额间接投资非上市股权标的。 ...

Investment Rating - The mechanical equipment industry is rated as "stronger than the market" [5][29]. Core Views - SpaceX is advancing its Starlink system upgrade and capacity enhancement, with plans to launch a second-generation Starlink system in 2027, aiming to reduce the cost per pound to below $100 [2]. - The capital preparation for SpaceX's IPO is underway, with an estimated valuation of approximately $800 billion [2]. - The PCB equipment sector is highlighted, with recommendations for companies such as Chipbond Technology (688630), Dongwei Technology (688700), and Dazhu CNC (301200) [2]. - The chip manufacturing and packaging technology is evolving towards thinner substrates and finer lines, with high-end PCBs transitioning to "packaging substrate" roles [3]. - The humanoid robot sector is recommended, focusing on core companies in the T-chain, with significant exposure expected from partnerships with major events [3]. - The controlled nuclear fusion sector is also recommended, with expectations of increased procurement and investment in related projects [4]. Summary by Sections Mechanical Equipment Industry - The mechanical equipment sector saw a weekly increase of 2.57%, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [5][6]. - The best-performing sub-sector was abrasives, with an increase of 8.58% [8]. Commercial Aerospace - Companies to watch include Yingliu Co., Ltd. (603308), Srey New Materials (688102), West Materials (002149), and Shanghai Hanxun (300762) [5]. PCB Equipment - Strong demand for high-end LDI equipment from Chipbond Technology, with high capacity utilization and ongoing deliveries to major clients [3]. - Dongwei Technology is making progress in the HDI and mSAP fields, with advanced plating needs expected to become a significant growth source [3]. Humanoid Robots - The upcoming mass production of Optimus V3 is anticipated to drive focus on core enterprises within the T-chain [3]. - Partnerships with major events are expected to catalyze growth in the robotics sector [3]. Controlled Nuclear Fusion - The BEST project is accelerating procurement, with a budget of 45 million yuan for superconducting wire materials [4]. - The annual procurement plan for fusion projects is expected to exceed 10 billion yuan, indicating strong order potential [4].

Core Viewpoint - The article emphasizes the need for a paradigm shift in manufacturing, moving from traditional automation to an "AI Intelligent Factory" model that enables machines to collaborate autonomously and think independently, addressing the inefficiencies caused by the "semi-automation trap" [1][2]. Group 1: Challenges in Traditional Manufacturing - As factories scale up, they face increased management burdens due to automation gaps and data silos, leading to a reliance on human decision-making despite localized efficiency improvements [2]. - The lack of AI-driven global collaboration exacerbates management inefficiencies as more automated devices are added [2]. Group 2: The Need for New Paradigms - Major manufacturing giants are urgently seeking unified command and decision-making efficiency, which is becoming a critical battleground for profit margins [3]. - The capital market is shifting focus from hardware and software integration to opportunities that define a new generation of production collaboration paradigms, particularly through decentralized AI decision-making [3]. Group 3: Phongqi Technology's Solutions - Phongqi Technology proposes an "AI Intelligent Factory" model, leveraging decentralized AI decision intelligence and a full-stack self-developed robotics product line, including AGV/AMR and embodied robots, to create a "Robotics as a Service" (RaaS) model [3][4]. - The company aims to build an intelligent neural system for super factories, including major energy and lithium battery corporations, enabling autonomous thinking and global collaboration [4]. Group 4: Redefining Manufacturing Roles - Phongqi redefines the role of AI in factories, introducing AI Agents as autonomous digital workers capable of perception, decision-making, execution, and learning, transforming factory collaboration from centralized command to group autonomy [9]. - This cognitive shift is essential for overcoming collaboration delays in manufacturing [9]. Group 5: Technological and Architectural Reconstruction - The "Industrial Operating System (OS)" serves as the foundation for Phongqi's intelligent life form, addressing key issues such as the transition from high-cost custom projects to sustainable evolution and the establishment of a distributed intelligence network [10]. - The OS framework supports a replicable business model through standardized platforms and modular model libraries, creating a "model economy" that enhances revenue predictability [10]. Group 6: Hardware and Business Logic Redefinition - Under the OS framework, all hardware is redefined as autonomous nodes within an intelligent neural network, facilitating decision-making transactions among intelligent agents [11]. - The RaaS model allows clients to subscribe to operational capabilities without purchasing assets, thus closing the loop from selling tools to selling productivity [11]. Group 7: Proven Success and Market Impact - Phongqi has successfully implemented over 2,000 projects globally, achieving a 100% repurchase rate from major clients, demonstrating the effectiveness of its integrated delivery system [34]. - The company has significantly improved production efficiency for clients in various industries, including lithium battery and energy sectors, showcasing its ability to deliver measurable financial results [39][40]. Group 8: Future Aspirations and Industry Positioning - Phongqi aims to redefine China's manufacturing competitiveness by becoming a provider of industrial infrastructure and collaborative rules in the era of AI-defined production methods [45]. - The company focuses on enhancing decision-making efficiency in manufacturing, addressing the industry's shift from scale competition to speed competition [46].

Core Insights - The collaboration between Softcom Power and Jinpan Technology has led to the launch of the "Softcom Tianxuan AIFactory Intelligent Manufacturing Solution" aimed at accelerating the transformation of the manufacturing industry through AI applications [1][2] - The AIFactory solution is designed to empower various sectors including retail, finance, manufacturing, healthcare, energy, and automotive [1] Group 1 - The AIFactory solution leverages the Softcom Tianxuan MaaS platform as a central component, functioning as an "AI flywheel engine" that drives intelligent scenarios across vertical industries [1] - Key innovations of the Tianxuan AutoAgent include language-level intelligent orchestration and fully decoupled distributed scheduling, enabling the decomposition of complex tasks into executable units for flexible deployment [1] - The Tianxuan Digital WorkMate platform allows enterprises to quickly build silicon-based labor platforms, encapsulating industry know-how into standardized, reusable digital employee matrices [1] Group 2 - The AIFactory solution is built on a secure, compliant, and autonomous technology foundation, offering customized product combinations and implementation paths tailored to the transformation needs of different industries and enterprise scales [2] - The partnership with Jinpan Technology represents a significant practical application of the AIFactory solution, providing a replicable benchmark for intelligent transformation in sectors like new energy and new infrastructure [2] - Softcom Power aims to continuously enhance its full-stack AI capabilities and deepen collaboration with industry partners to promote the AIFactory solution in more scenarios [2]

Core Viewpoint - The company, Shanghai Jingzhi Industrial Co., Ltd., is transitioning from a "machine stacking" phase to a "smart collaboration" phase in the context of China's manufacturing industry, with a focus on data-driven and system-coupled solutions. The capital market plays a crucial role in this transformation, and the company has submitted its listing application to the Hong Kong Stock Exchange [1]. Financial Performance - The company reported a revenue of 6.829 billion RMB for 2023 and 7.460 billion RMB for 2024, but the revenue for the first nine months of 2025 was 4.183 billion RMB, a decline of approximately 11.1% compared to 4.702 billion RMB in the same period of 2023, indicating potential market demand fluctuations or increased competition [2][3]. - The company's pre-tax profit for 2023 was 550 million RMB, but it plummeted to 84.79 million RMB in the first nine months of 2025, a drop of about 66% compared to the same period in 2024 [2][3]. - The gross profit margin for 2023 was 21.5%, which slightly improved to 22.2% in the first nine months of 2025, but the absolute gross profit decreased due to declining revenue [3]. Cost Structure and Profitability - The company faced significant pressure from rising operating expenses, particularly in R&D, which reached 300 million RMB in the first nine months of 2025, nearly matching the total for 2024. This represented an increase in the expense ratio from 4.7% in 2024 to 7.2% in 2025 [4]. - Administrative expenses surged by 41.3% to 558 million RMB in the first nine months of 2025 compared to 395 million RMB in the same period of 2024, indicating potential inefficiencies or increased costs related to IPO preparations [4]. - The combined ratio of R&D, administrative, and sales expenses to revenue rose sharply from approximately 16.0% in 2024 to about 23.5% in 2025, directly impacting net profit [4]. Revenue Composition and Growth Challenges - The company's core business, "advanced equipment solutions," which accounted for over 40% of revenue, saw a 22.7% decline in the first nine months of 2025, raising concerns about its reliability as a growth engine [7]. - New business segments like "communication thermal management" showed rapid growth but maintained low gross margins, indicating a cost-driven nature without reflecting the expected technological premium [8][9]. - The overall gross margin declined from 21.0% in 2024 to 19.9% in 2025, suggesting that the transition to solution-based offerings has not systematically improved pricing power or profitability [9]. Strategic Outlook - The company aims to enhance its image as a technology-driven, high-value solution provider by increasing the proportion of advanced equipment solutions and emphasizing end-to-end optimization [7]. - The funds raised from the IPO are intended for further investment in R&D to strengthen its smart and digital capabilities, supporting ongoing solution iterations and commercial expansion [7]. - However, the financial data indicates significant challenges in executing this strategic vision, with a notable gap between strategic aspirations and operational realities [10].

中化新网讯1月16日，茂名高新区举办2026年智能制造招商推介会。大陆智源、无限聚合、中科星图等6 家企业进行项目路演，辖区17家企业参会。路演企业聚焦工业机器人、具身智能控制、低空经济服务平 台等领域，现场展示了多项前沿技术与创新应用。 "今年是'十五五'开局之年，要加快培育高新区人工智能产业，进一步推动茂名高新区产业升级、战略 性新兴产业培育和未来产业发展。"茂名高新区党工委副书记、管委会主任梁小东介绍，依托千亿级绿 色石化产业集群优势，茂名高新区正加速推动"智能产业化"与"产业智能化"双向赋能。茂名高新区将立 足绿色石化、精细化工、钛锆新材料等产业，聚焦石化行业安全巡检、设备维护等领域，重点布局工业 机器人、智能生产线，鼓励区内企业与人工智能龙头企业合作，加快技术产品创新，开辟人工智能产业 发展新赛道。 梁小东透露，为筑牢产业发展根基，茂名高新区正加快中科(茂名)智能制造加速器、清研新材料加速基 地(二期)等创新载体建设，谋划推进共青湖创新中心，构建"政产学研金"高效对接平台。 ...