Core Viewpoint - Qunhe Technology has updated its IPO prospectus for the Hong Kong market, revealing financial data for the full year of 2024 and the first half of 2025, indicating a path towards profitability in the near future while still facing overall losses in 2025 [1][2][3]. Financial Performance - For the full year of 2024, Qunhe Technology expects revenue of 755 million yuan and a net adjusted loss of 70.05 million yuan. In the first half of 2025, revenue is projected at 399 million yuan with an adjusted net profit of 17.825 million yuan [4]. - Historical revenue figures show 601 million yuan in 2022, 664 million yuan in 2023, and 553 million yuan for the first three quarters of 2024. Adjusted net losses were 338 million yuan in 2022, 242 million yuan in 2023, and 93.611 million yuan in 2024 [4]. - The company has shown a decreasing trend in adjusted net losses over the years, achieving profitability in the first half of 2025 [4]. Business Model and Growth - Qunhe Technology operates as a cloud-native space design software provider, with key products including domestic software KuJiaLe and international software Coohom. As of June 2025, the company serves over 433,000 individual customers and 47,000 enterprise customers [6]. - The company reported net revenue retention rates of 101.6% for enterprise customers, 110.0% for large customers, and 92.3% for individual customers [6]. - Gross margins are projected at 80.9% for 2024 and 82.1% for the first half of 2025, with historical margins of 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first three quarters of 2024, respectively [6]. Investment and Future Outlook - Despite the positive growth trajectory, Qunhe Technology anticipates a net loss for the full year of 2025 due to continued investments in product upgrades and market penetration [7]. - The company has reduced R&D expenses from 438 million yuan in 2022 to 391 million yuan in 2023, and further to 337 million yuan in 2024, indicating a focus on optimizing R&D efficiency through AI technology [9][10]. - AI-related vertical solutions have shown significant growth, with e-commerce AI solution revenues increasing by 188% in the first half of 2025 [11]. Risks and Challenges - The integration of AI technology into Qunhe Technology's software may expose the company to potential intellectual property claims and regulatory compliance costs [12][13].

Core Viewpoint - Qunhe Technology has updated its IPO prospectus for the Hong Kong market, revealing financial data for the full year of 2024 and the first half of 2025, indicating a path towards profitability in 2025 despite expected losses for the full year [2][3][4]. Financial Performance - For the full year of 2024, Qunhe Technology's revenue is projected to be 755 million RMB, with an adjusted net loss of 70.05 million RMB. In the first half of 2025, revenue is expected to be 399 million RMB, with an adjusted net profit of 17.825 million RMB [5][6]. - Historical revenue figures show that in 2022, 2023, and the first three quarters of 2024, Qunhe Technology's revenues were 601 million RMB, 664 million RMB, and 553 million RMB, respectively, with adjusted net losses of 338 million RMB, 242 million RMB, and 93.61 million RMB [6][7]. Business Growth and Profitability - The company has shown a decreasing trend in adjusted net losses over recent years and is expected to achieve profitability in the first half of 2025 [7]. - Qunhe Technology anticipates benefiting from economies of scale as its business continues to grow, which is expected to positively impact long-term profitability [8]. Product and Market Position - Qunhe Technology is a cloud-native spatial design software provider, with key products including the domestic software KuJiaLe and the international platform Coohom. As of June 2025, the company serves over 433,000 individual customers and 47,000 enterprise customers [9]. - The company reported net revenue retention rates of 101.6% for enterprise customers, 110.0% for large customers, and 92.3% for individual customers [9]. Gross Margin - The gross margins for 2024 and the first half of 2025 are projected to be 80.9% and 82.1%, respectively. Historical gross margins for 2022, 2023, and the first three quarters of 2024 were 72.7%, 76.8%, and 80.4% [9]. Research and Development - Qunhe Technology has reduced its R&D expenses from 438 million RMB in 2022 to 391 million RMB in 2023, and further to 337 million RMB in 2024, indicating a focus on optimizing R&D personnel and leveraging AI technology to enhance efficiency [12][15]. - The company reported a significant growth of 188% in revenue from AI-related e-commerce solutions in the first half of 2025 [16]. Risks and Challenges - The integration of AI technology into Qunhe Technology's software may expose the company to potential infringement claims and higher regulatory compliance costs [11][17]. - Specific risks include potential copyright infringement related to AI-generated design content and challenges in ensuring compliance with third-party intellectual property rights [18].

Core Viewpoint - Manycore Tech Inc. (群核科技) is making a renewed attempt to go public in Hong Kong after its IPO application lapsed, aiming to become the first of the "Hangzhou Six Dragons" to achieve an IPO and to secure the title of "the world's first space intelligence stock" [1] Financial Performance - The company reported a significant turnaround in its financial performance, achieving an adjusted net profit of 17.83 million RMB in the first half of 2025, compared to losses of 704 million RMB in 2022, 646 million RMB in 2023, and 422 million RMB in the first three quarters of 2024 [2] - The gross profit margin has shown a consistent upward trend, increasing from 72.7% in 2022 to 82.1% in the first half of 2025 [4] Revenue Growth - Revenue figures indicate a steady growth trajectory, with revenues of 601 million RMB in 2022 and 664 million RMB in 2023, marking a year-on-year increase of 10.5%. The revenue for the first three quarters of 2024 rose by 13.8% to 553 million RMB [5] - The updated prospectus highlights that revenue for the first half of 2025 reached 400 million RMB, with a notable 188% year-on-year growth in e-commerce AI solutions [5] Market Position - Manycore Tech holds a market share of approximately 23.2% in the Chinese space design software market as of 2024, up from 22.2% in 2023 [6] - The company is recognized as the largest space design platform globally based on average monthly active users (MAU), with around 2.7 million MAUs as of mid-2025 [6] Competitive Landscape - The domestic space design software market is highly competitive, with companies like Autodesk and Zhongwang Software posing significant challenges. Manycore Tech's international revenue contribution remains relatively low, accounting for 11.3%, 6.0%, and 7.4% of total revenue in 2022, 2023, and the first nine months of 2024, respectively [7] - Analysts suggest that while Manycore Tech has a solid foundation in technology and market presence, it needs to optimize its profit model, explore new business scenarios, and accelerate its overseas market expansion to gain recognition in the capital markets [7]

事实上，不只是强脑科技，在近些年崛起的中国科创企业中，一直存在着一种反 资 本 的 叙 事 情 节 。 比 如 DeepSeek 创 始 人 梁 文 峰 公 开 表 示 拒 绝 融 资 和 盲 目 商 业 化，再比如全球无人机的领头企业大疆迟迟未上市，创始人汪滔表示自己"只想把 产品做好"。这种现象也引发了我们的一个思考——随着以"杭州六小龙"为代表 的 新 生 代 科 创 企 业 走 上 了 科 技 突 破 与 商 业 应 用 的 交 界 点 ， 它 们 如 何 在 " 扩 张"和"极客"之间找平衡？本文试图探讨这个问题。 " 在科创企业的发展过程中，或许唯有那些既能驾驭资本洪流、又不忘极客初心的企业，才配得上 ' 踏碎凌霄 ' 的终局。 " 文 / 巴九灵（微信公众号：吴晓波频道） 点击图片▲立即试听 编者按：4月初，小巴参访了"杭州六小龙"中的强脑科技。除了了解其在脑机接 口领域的先进技术和产品，在交流过程中，强脑科技创始人韩璧丞表明了一个招 聘理念——在人才招聘中的第一筛选标准是"极客"，即要精尖人才，同时在融资 上他也表明了自己谨慎的态度。这似乎意味着在爆火后这家公司仍然希望保持着 一种"小而精而美 ...

Core Viewpoint - The company "Qunke Technology" is preparing for its IPO, aiming to become the first publicly listed company in the space intelligence sector, leveraging its expertise in physical world simulation and embodied AI training [2][5]. Group 1: Company Background and Development - Founded in 2011 by Huang Xiaohuang, Qunke Technology has evolved from a space design software provider to a leader in space intelligence, showcasing its products at major tech events like NVIDIA's GTC [7][10]. - The company is recognized as the largest space design platform globally by active users and the largest software provider in China's space design industry by revenue in 2023 [5][17]. - Qunke Technology's flagship product, "Cool Home," has become a leading space design software in China, benefiting from the real estate boom and advanced GPU technology [11][13]. Group 2: Technological Innovations and Collaborations - The company has made significant advancements in AI and synthetic data, enhancing its software capabilities and expanding into embodied AI training [15][28]. - Qunke Technology has collaborated with notable clients in the humanoid robotics sector, including ZhiYuan Robotics, to develop training data solutions [5][17]. - The launch of the SpatialLM model, which enhances spatial understanding for robots, has positioned the company as a key player in the AI open-source community [20][24]. Group 3: Financial Performance and Market Position - As of September 30, 2024, Qunke Technology reported a total revenue of 553 million yuan, with a subscription income from enterprise clients exceeding 460 million yuan [33]. - The company has a substantial user base, with an average of 27 million active users monthly and over 45,000 enterprise clients contributing to more than 80% of its subscription revenue [33][34]. - The firm is focusing on expanding its market presence and enhancing its product offerings, particularly in the space intelligence domain, to drive future growth [34]. Group 4: Future Outlook and Strategic Goals - Qunke Technology plans to increase its investment in space intelligence research and development, aiming for breakthroughs that will support the growth of the embodied AI industry [34]. - The company is committed to open-source initiatives to foster collaboration across the industry, believing that this approach will lower barriers and enhance technological development [24][28].

Company Overview - Qunhe Technology, established in 2011, is a spatial intelligence company leveraging AI technology and GPU clusters, and is one of the "Six Little Dragons" of Hangzhou [2] - The company has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the "first global spatial intelligence stock" [2] Product Development - Qunhe Technology announced the open-source release of its self-developed spatial understanding model, SpatialLM, which can generate physically accurate 3D scene layouts from a video [1] - SpatialLM overcomes traditional language model limitations in understanding geometric and spatial relationships, enabling machines to possess spatial cognition and reasoning capabilities [1] - The model is designed to provide a foundational training framework for embodied intelligence and can be fine-tuned for specific scenarios, lowering the training threshold [1] Financial Performance - Qunhe Technology's revenue primarily comes from subscription income, which contributed 90.6% and 97.5% of total revenue in 2022 and 2023, respectively [3] - The company's total revenue for 2022 and 2023 was 601 million and 664 million CNY, with a year-on-year growth of 13.8% to 553 million CNY in the first three quarters of 2024 [3] - The gross profit margin has improved, reaching 72.7%, 76.8%, and 80.4% for 2022, 2023, and the first nine months of 2024, respectively [3] Losses and Future Outlook - Despite a gross margin of 80%, Qunhe Technology reported adjusted net losses of 338 million CNY and 242 million CNY for 2022 and 2023, with a reduced loss of 93.61 million CNY in the first three quarters of 2024, down 52.8% year-on-year [4] - The losses are attributed to high R&D expenses, increased sales and marketing costs, and significant changes in the book value of redeemable liabilities [4] - The company anticipates that operating expenses as a percentage of total revenue will decrease as it achieves economies of scale and improves operational efficiency [4] Market Position - Qunhe Technology's main products include "CoolJia" for the Chinese market and "Coohom" for international users, along with the next-generation spatial intelligence solution [3] - The company has shifted its focus from a previous plan to list on NASDAQ to pursuing an IPO in Hong Kong [2][3]