近日，暗壳科技(深圳)有限公司(下称：暗壳科技/暗壳AI)宣布完成新一轮近千万融资，此次由福田引导 基金旗下子基金集福基金投资。 据暗壳科技CEO黄燕虹透露：本轮融资将用于加大暗壳AI技术研发投入以及产品迭代和生态建设，保 持产品在垂直领域的领先优势，同时加快推进暗壳AI全球化市场。与此同时，公司也借助此次政府投 资平台优势，优化股权结构与产业资源，全面提升行业地位和竞争优势。此前，暗壳科技已获得设计领 域上市公司矩阵股份的战略投资。 在当前资本市场趋于审慎的背景下，暗壳科技仍能逆势完成融资，充分体现了市场对其技术实力、产品 能力与商业模式的高度认可，其核心产品"暗壳AI"以AIGC技术重塑设计与营销，展现出巨大的行业潜 力。 01 从"矩阵股份"孵化到独立融资 2023年，全球住宅设计NO.1公司"矩阵股份"启动对暗壳AI的孵化，并在同年取得产品市场匹配度(PMF) 成熟验证，2024年暗壳AI正式上线。截至目前，暗壳AI合作已实现居住产业全覆盖，拥有超10万设计 师用户、合作全球超100家B端企业，超30万sku优选入库，获得数百万品牌合作订单。 暗壳AI本轮融资，其意义不仅在于获得资本层面的支持，更意味 ...

Core Insights - Dark Shell Technology (Shenzhen) Co., Ltd. has completed a new financing round of nearly 10 million, led by the Fuyuan Guidance Fund's sub-fund, Jifeng Fund [3][4] - The financing will enhance Dark Shell AI's technology R&D, product iteration, and ecosystem construction, aiming to maintain its leading position in vertical fields and accelerate global market expansion [4][8] - The successful financing reflects strong market recognition of Dark Shell AI's technological capabilities, product quality, and business model, especially in a cautious capital market environment [4][8] Company Development - Dark Shell AI was incubated by Matrix Holdings, a leading global residential design company, and achieved product-market fit in 2023, officially launching in 2024 [7] - The company has established a comprehensive collaboration in the residential industry, with over 100,000 designer users and partnerships with more than 100 B-end enterprises, accumulating millions of brand cooperation orders [7][16] Technology and Product Evolution - Dark Shell AI has evolved from a professional design AI tool (version 1.0) to a global design marketing empowerment platform (version 2.0), and now to a smart ecological collaborative platform for the home industry (version 3.0) [9] - The company has developed a proprietary aesthetic model and a latent visual-language model, enhancing its technical leadership and application value in the vertical AI field [10][12] Market Value and Solutions - Dark Shell AI provides significant benefits to both designers and enterprises, achieving a win-win ecosystem by drastically reducing design time from one week to one hour [12] - The company offers targeted solutions for home brands, including an ecological library and a brand enterprise library, enhancing marketing efficiency and reducing costs [13] Future Outlook - Dark Shell AI aims to build a new global home industry ecosystem, targeting a trillion-dollar market scale, and plans to establish a joint AIGC laboratory with Tencent Cloud [14][17] - The company has been recognized as a core member of the Shenzhen AI Industry Ecosystem Alliance and continues to participate in top domestic and international exhibitions, leading AI design innovation [15]

Core Viewpoint - Dark Shell Technology (Shenzhen) Co., Ltd. has successfully completed a new round of financing of nearly 10 million, led by the Fuyuan Guidance Fund's subsidiary, Jifeng Fund, to enhance its technology R&D and product iteration, while accelerating its global market expansion [3][4]. Group 1: Financing and Market Position - The recent financing reflects strong market recognition of Dark Shell AI's technological strength, product capability, and business model, especially in the context of a cautious capital market [3][4]. - Dark Shell AI has achieved full coverage in the residential industry, with over 100,000 designer users and partnerships with more than 100 B-end enterprises, accumulating over 300,000 SKUs and millions of brand cooperation orders [4]. Group 2: Product Evolution - Dark Shell AI has evolved from a professional-level design tool (version 1.0) to a global design marketing empowerment platform (version 2.0), and now to a smart ecological collaboration platform for the home industry (version 3.0) [8]. - The company has developed proprietary models and algorithms, such as the ARK・ART aesthetic model and the LVLM model, achieving industry-leading standards in professional aesthetic alignment and high-precision product placement [9]. Group 3: Value Proposition - Dark Shell AI significantly reduces the time required for space or product design from about one week to just one hour, enhancing efficiency and freeing designers' creativity [12]. - The platform offers targeted solutions for home brands, including the "Dark Shell AI Ecological Library" and "Brand Enterprise Library," which enhance value for both designers and brands [16][17]. Group 4: Future Outlook - Dark Shell AI aims to build a new global ecological system for the home industry, targeting a market scale of trillions, leveraging AIGC technology to become the preferred AI platform for global designers and brands [20]. - The company has established a strategic partnership with Tencent Cloud to explore AIGC applications in the real estate and residential industry, promoting digital transformation and ecological construction [20].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][5]. Core Viewpoints - The company is a leading player in the indoor creative design sector, focusing on interior decoration design, with a strong asset quality and cash flow performance [1][3]. - The company is expected to recover steadily in performance as the peak of real estate impairment has passed, with a projected net cash ratio of 407% by the end of 2024 [1][3]. - The integration of AI technologies is anticipated to enhance the company's business model and operational efficiency, potentially leading to significant growth in profitability [2][3]. Company Overview - The company, established in 2010, has evolved into a prominent brand in the interior design industry, recognized for its creative output and industry influence [15]. - Its main business segments include space design and soft decoration, primarily serving real estate developers, with a growing presence in public and commercial sectors [23][27]. Financial Analysis - The company experienced a revenue decline in 2022 and 2023 due to the downturn in the real estate sector, but is projected to stabilize in 2024 with revenues of 5.3 billion yuan [27][30]. - The net profit for 2024 is expected to be 340 million yuan, showing a significant reduction in the decline compared to previous years [27][30]. - The company maintains a strong cash position, with over 1.08 billion yuan in cash assets, representing 78% of its current assets, and a low interest-bearing debt ratio of 1.8% [38][39]. Industry Analysis - The indoor design industry is considered a post-cycle sector of real estate, with a projected market size of approximately 96.9 billion yuan in 2024, influenced by new construction data [48]. - The demand for interior design services is closely tied to the new housing market, which has seen a decline in new construction over the past five years [1][48].

Group 1: Investor Relations Activity - The company held an annual online performance briefing on May 13, 2025, with interactive communication with investors [2] - As of March 31, 2025, the number of shareholders is 11,792 [2] - The company is gradually utilizing raised funds according to the investment plan [2] Group 2: 2024 Performance Overview - Total assets at the end of 2024 were CNY 207,653.85 million, a year-on-year increase of 2.68% [4] - Net profit attributable to shareholders was CNY 3,369.83 million, a decrease of 0.75% compared to the previous year [4] - Operating cash flow net amount was CNY 13,706.81 million, down 10.34% year-on-year [4] Group 3: Business Strategy and Development - The company aims to solidify its core business and adapt to market changes to seize new opportunities [10] - Emphasis on scientific management of clients and risk control to mitigate potential credit risks [10] - Plans to enhance talent acquisition and training to address industry uncertainties [10] Group 4: Market Position and Competitive Advantage - The company has established long-term partnerships with leading real estate firms, including China Resources Land and China Vanke [5] - It has received multiple prestigious design awards, enhancing its brand influence in the industry [6] - The company is positioned in the top tier of the industry in terms of business scale [7] Group 5: Financial Returns and Dividends - The company plans to distribute a cash dividend of CNY 3.50 per 10 shares, totaling CNY 63,000,000 based on the total share capital of 180,000,000 shares as of December 31, 2024 [9] Group 6: Challenges and Market Conditions - The domestic real estate market remains sluggish, leading to increased competition and a decline in overall gross margin [8] - Rising customer expectations for design quality have extended service cycles and increased costs [8]