Core Viewpoint - Manycore Tech is pursuing an IPO in Hong Kong, aiming to become the "first global space intelligence stock," with significant investments in product upgrades expected to lead to substantial costs and losses in the short term, projecting a net loss in 2025 [1] Company Overview - Manycore Tech, one of the "Six Little Dragons of Hangzhou," provides cloud-native space design software, leveraging AI technology and specialized graphics processing unit clusters to assist designers and enterprises [3] - The company's main products include the domestic software KuJiaLe and the international software Coohom [3] - According to Frost & Sullivan, Manycore Tech holds a 23.2% market share in China's space design software market, which is projected to grow from 3.3 billion yuan in 2024 to 6.6 billion yuan by 2029, while the global market is expected to increase from 19.2 billion yuan in 2024 to 31.7 billion yuan by 2029 [3] Business Performance - Manycore Tech's losses have gradually improved, with net losses of 703.7 million yuan in 2022, 646.1 million yuan in 2023, 513.5 million yuan in 2024, and 226.1 million yuan in the first half of 2025 [6] - The company reported adjusted net losses of 337.5 million yuan in 2022, 241.9 million yuan in 2023, and 70 million yuan in 2024, with a net profit of 17.8 million yuan in the first half of 2025 [6] - Revenue has been on the rise, with figures of 600.6 million yuan in 2022, 663.5 million yuan in 2023, 754.8 million yuan in 2024, and 399.1 million yuan in the first half of 2025, reflecting a year-on-year growth of 9.4% in the first half of 2025 [6] Financial Metrics - The gross margin for Manycore Tech has improved, with rates of 72.7% in 2022, 76.8% in 2023, 80.9% in 2024, and 82.1% in the first half of 2025 [7] - Operating costs have decreased from 164 million yuan in 2022 to 154 million yuan in 2023, and further to 144 million yuan in 2024, with costs dropping to 71.5 million yuan in the first half of 2025 [7] - R&D and marketing expenses have been significant, with R&D expenses as a percentage of revenue at 72.9% in 2022, 58.9% in 2023, 44.7% in 2024, and 37.5% in the first half of 2025 [7] Emerging Business Drivers - Manycore Tech launched the 3D AI design tool "KuJiaLe E-commerce Studio" in 2023, which has led to a 188% year-on-year revenue growth in e-commerce AI solutions [9] - The company introduced the "AI Smart Design Platform" in March 2023, generating over 16 million yuan in orders within three months [9] - Manycore Tech's software utilized AI to generate approximately 1.1 billion design images in the first half of 2023, marking the initial commercialization of AI technology [9] Strategic Developments - The company has upgraded its "Space Intelligence" strategy, focusing on three core areas: space editing tools, space data, and space large models, to create a positive feedback loop [3] - Manycore Tech has opened its spatial language model, SpatialLM, which generates physically accurate 3D scene layouts from video, addressing limitations of traditional large language models [10] - The company has also released the 3D Gaussian semantic dataset, InteriorGS, and has secured investments from multiple venture capital firms [11]

8月22日，空间智能公司群核科技（Manycore Tech）更新赴港上市招股书，继续冲刺"全球空间智能第 一股"，摩根大通和建银国际为联席保荐人。今年2月14日，群核科技首次向港交所递交招股书。 群核科技在招股书中表示，由于持续投资于产品升级以支持更深层次的市场渗透，预计短期内将继续产 生大量成本及开支，2025年将录得净亏损。 拓展新市场 "杭州六小龙"之一的群核科技是云原生空间设计软件提供商，依托AI技术及专用图形处理单元集群，帮 助设计师和企业完成设计创作。公司主要产品包括针对国内市场的原生空间设计软件酷家乐，以及针对 国际用户的Coohom。 据弗若斯特沙利文数据，按2024年收入计，群核科技为中国最大空间设计软件提供商，占23.2%市场份 额。2024年中国该行业规模达33亿元，预计2029年将增至66亿元；全球市场2024年为192亿元，2029年 预计达317亿元。 目前，群核科技已拓展出覆盖现实空间及具身智能训练、电商展示等虚拟场景的多元解决方案，进军更 广阔的通用设计及可视化软件市场。招股书数据显示，2024年中国空间设计软件行业仅占该市场的 4.4%。 毛利率方面，2022年、2023年 ...

值得注意的是，该公司AI相关垂直解决方案增速较快。在电商方面，群核于2023年推出3D AI 设计工 具"酷家乐电商棚拍"，以虚拟摄影棚代替传统实地棚拍，帮助跨境电商企业降本增效。上半年，电商AI 解决方案营收同比增长188%。群核科技于3月推出"AI智能设计平台"，用AI赋能家居客户创建设计方 案。截至6月30日，据招股书披露数据推算，该部分3个月累计订单金额已超1600万元。 今年上半年，群核科技软件利用人工智能功能生成了约11亿张设计图片，重点赋能空间设计、跨境电商 营销等行业，已初步实现了AI技术的商业化运转。 8月22日，空间智能独角兽Manycore Tech Inc.（以下简称"群核科技"）更新招股书，继续推动在港交所 的上市进程，冲刺"全球空间智能第一股"，摩根大通和建银国际为联席保荐人。2025年上半年，群核科 技业绩提升显著，实现扭亏为盈，经调整净利润达1783万元。 此外，群核科技于近期升级"空间智能"飞轮战略。公司官网显示，公司聚焦空间智能，明确"空间编辑 工具—空间数据—空间大模型"三大核心布局，彼此相互促进，构建了一个正向循环的飞轮体系。 群核科技从酷家乐等空间编辑工具起步，已经成 ...

值得注意的是，群核科技AI相关垂直解决方案增速迅猛。在电商方面，公司2023年推出3D AI设计工 具"酷家乐电商棚拍"，以虚拟摄影棚代替传统实地棚拍，帮助跨境电商企业降本增效。今年上半年，电 商AI解决方案营收同比增长188%。群核科技3月推出"AI智能设计平台"，用AI赋能家居客户创建设计方 案。截至6月30日，据招股书披露数据推算，该部分3个月累计订单金额已超1600万元。 8月22日，空间智能独角兽Manycore Tech Inc.（以下简称"群核科技"）更新招股书，继续推动在港交所 的上市进程，冲刺"全球空间智能第一股"，摩根大通和建银国际为联席保荐人。招股书显示，2025年上 半年，群核科技实现扭亏为盈，经调整净利润为1783万元。 群核科技从酷家乐等空间编辑工具起步，已经成长为全球最大的空间设计平台。在这一过程中，该公司 沉淀了海量的物理正确的空间数据，截至2025年6月30日，拥有包含超过4.41亿个3D模型及超过5亿个结 构化3D空间场景。 成立至今，群核科技已获得包括IDG资本、纪源资本、顺为资本、云启资本、经纬创投、线性资本、 Hearst、Pavillion、高瓴创投、Coatue等 ...