2025 年营收同比增 59%，视觉与语音业务合计占比 85%，快手跃升为 国内第二大客户；定制化业务占比升至 68%，带动综合毛利率由 64% 降至 50%的自然均值。 公司主动放弃毛利低于 15%的低阶项目，聚焦阿里、Apple 等头部客户 的中高阶定制需求；2026 年语音业务将受益于"拟人化交互"趋势下 的多语种与情感韵律需求。 具身智能数据被列为"一号工程"，已在北京建成百台机器人规模采集 场；预计 2026 年该业务贡献 3,000 万-5,000 万元订单，并向菲律宾 及印尼基地扩张。 海外菲律宾基地运行超预期，核心服务 TikTok 与 Temu；中长期策略 通过东南亚基地承接北美大额定制订单，以规避合规风险并利用英语及 成本优势。 "研发交付"类业务（如可信数据空间）2025 年占比约 8%，2026 年 收入目标 1 亿元；该板块通过平台化交付及后续高质量数据集处理，将 有效拉升整体毛利率。 公司维持 2024-2028 年收入复合增长率 40%-50%的目标；2026 年经 营重心为收入扩张与毛利率回稳至 50%以上，净利润受折旧与股份支付 影响维持稳步增长。 Q&A 从视觉、语音、文本 ...

Group 1 - The core viewpoint of the news is that Mifeng Technology has completed several hundred million yuan in seed and angel round financing, with Junpu Intelligent Manufacturing Co., Ltd. participating as an industrial investor to enhance the data infrastructure in the field of embodied intelligence [1] - Junpu Intelligent emphasizes that this strategic investment is a key move in the embodied intelligence sector, addressing the bottleneck of high-quality data supply as the industry enters a critical phase of scaled development [1] - Mifeng Technology is becoming a rare data service hub in the industry due to its leading capabilities in data collection, simulation verification, and large-scale delivery [1] Group 2 - The Ningbo Embodied Intelligent Robot Innovation Center, established in October 2025 with support from the Ningbo municipal government and Junpu Intelligent, focuses on the secondary development of embodied intelligent robots and transforming cutting-edge technology into industrial solutions [3] - The center aims to optimize the adaptability, precision control, and flexible production capabilities of embodied intelligent robots by deeply analyzing industrial economic demands and constructing comprehensive advantages from various aspects [3] - Junpu Intelligent aims to create a high-value data ecosystem for embodied intelligence through a complete data operation system and advanced data collection tools, facilitating efficient collection, standardized processing, and intelligent management of both real and synthetic data [3][5] Group 3 - The innovation center is driven by data operations, establishing a full lifecycle system covering data collection, cleaning, labeling, uploading, and synthetic data management to provide high-precision and high-consistency data infrastructure [5] - Junpu Intelligent will promote deep collaboration between Mifeng Technology and the Ningbo Embodied Intelligent Robot Innovation Center, leveraging its extensive experience in intelligent equipment and industrial automation to accelerate data collection and validation in real industrial scenarios [5] - The future focus will be on accelerating the transition from technology research and development to large-scale application of embodied intelligence in real industrial settings [5]

据IPO早知道消息，具身智能数据平台觅蜂科技（Maniformer）日前完成数亿元种子轮与天使轮融 资，本轮融资由红杉中国领投，鼎晖VGC、BV百度风投、云锋基金、慕华科创等顶级资本跟投，均 普智能、灵初智能等产业机构同步参与。 此次融资将重点用于技术研发、产能扩充与全球化布局，以及构建全球顶尖数据质量管理体系及数据 联盟，助力觅蜂科技夯实具身智能数据基础设施核心定位，破解行业数据发展瓶颈，推动产业规模化 落地。 数据是具身智能 "大小脑" 演进的核心，也是现阶段产业发展的最大瓶颈。据测算，2026 年行业高 质量有效数据缺口超 500 万小时，数据供给能力不足已成为制约产业发展的关键因素。 作为专注于具身智能数据服务的平台型企业，觅蜂科技以"解决具身时代的数据困境"为使命，布局 从真机、无本体到仿真的全类型数据范式，一站式提供全链路数据服务。 凭借硬核技术壁垒与成熟 的工程化落地能力，觅蜂科技已形成显著的行业竞争优势：其全栈技术，真机数据一致性、数据仿真 验证精度均处于行业前列，同时也是目前行业内唯一有望实现高质量数据规模化交付的企业。 同时，为破解行业数据孤岛问题，觅蜂科技通过建立数据联盟，赋能行业各个节 ...

Group 1 - Maniformer, a data platform under Zhiyuan Robotics, announced the completion of several hundred million yuan in seed and angel round financing, led by Sequoia China with participation from other investors [1][3] - The funds will be primarily allocated towards three areas: technology research and development, global expansion, and the establishment of a data quality management system and data alliance [3] - Maniformer focuses on data services in the embodied intelligence sector, providing comprehensive data solutions that cover various data paradigms, with a projected data gap of over 5 million hours in the high-quality effective data needed for the industry by 2026 [3][4] Group 2 - The company was established in February 2026 with a registered capital of 5 million yuan, primarily owned by Zhiyuan Innovation (Shanghai) Technology Co., Ltd., and aims to address industry pain points such as data silos by forming a data alliance [3][4] - The core team consists of members from autonomous driving, automotive companies, AI laboratories, and internet firms, covering multiple fields including data, models, and simulation [3] - Maniformer is one of several subsidiaries recently incubated by Zhiyuan Robotics, which has also launched other brands and platforms in the robotics sector [4]

数据是具身智能"大小脑"演进的核心，也是现阶段产业发展的最大瓶颈。据测算，2026年行业高质量有 效数据缺口超500万小时，数据供给能力不足已成为制约产业发展的关键因素。 校对王菲 作为专注于具身智能数据服务的平台型企业，觅蜂科技其全栈技术，真机数据一致性、数据仿真验证精 度均处于行业前列。 晓风 近日，具身智能数据平台觅蜂科技(Maniformer)宣布完成数亿元种子轮与天使轮融资，本轮融资由红杉 中国领投，鼎晖VGC、BV百度风投、云锋基金、慕华科创等顶级资本跟投，均普智能、灵初智能等产 业机构同步参与。此次融资将重点用于技术研发、产能扩充与全球化布局，以及构建全球顶尖数据质量 管理体系及数据联盟，助力觅蜂科技夯实具身智能数据基础设施核心定位，破解行业数据发展瓶颈，推 动产业规模化落地。 值得关注的是，觅蜂科技核心团队成员来自海内外顶尖的自动驾驶、整车企业、人工智能实验室及互联 网大厂，覆盖数据、模型、仿真、解决方案等多个领域，为技术研发与服务交付提供人才支撑。商业化 布局方面，觅蜂科技已与全球多家科技、互联网巨头企业达成深度合作。 ...

Core Insights - Maniformer, a platform for embodied intelligence data under Zhiyuan Robotics, has completed several hundred million yuan in seed and angel round financing, led by Sequoia China with participation from top investors including Dinghui VGC, BV Baidu Ventures, Yunfeng Capital, and Muhua Innovation [1][2] Financing Details - The financing will focus on technology research and development, capacity expansion, and global layout, as well as building a top-tier global data quality management system and data alliance [2] - This funding aims to strengthen Maniformer's core positioning in embodied intelligence data infrastructure, addressing industry data development bottlenecks and promoting large-scale implementation [2] Company Mission and Services - Maniformer is dedicated to solving data challenges in the embodied era, offering a comprehensive range of data services from real machines, non-embodiment to simulation [2] - The company provides end-to-end data services, positioning itself as a platform enterprise specializing in embodied intelligence data services [2]

Group 1 - Institutional research activity has increased significantly in 2023, with over 700 listed companies receiving institutional visits from January 1 to February 5 [1] - Key sectors attracting institutional attention include computer, machinery, pharmaceuticals, and electronics, with companies like Daikin Heavy Industries, Beijing Haitai Ruisheng Technology, and Henan Xiangyu Medical Equipment hosting over 200 institutional visits [1] - Emerging technologies such as AI computing infrastructure, brain-computer interface technology commercialization, and global energy transition are focal points for institutional investors [1] Group 2 - Daikin Heavy Industries is the first listed company in China's wind power tower industry, with a strong market share in the German offshore wind sector and successful project delivery [2] - The company has secured a local service base at the port of Cuxhaven in Germany and has completed its market layout in Poland, with local installation and inspection experience [2] - The focus of institutional research on computer, pharmaceuticals, and electronics sectors reflects a transition from conceptual phases to performance realization in emerging technologies [2]