内容概要：近年来，各行各业数字化转型日益加速，建筑设计、室内设计、家装等众多下游企业都在积 极寻求通过空间设计软件来提升设计效率与效果，此外，随着技术不断演变升级，催生出广告、游戏、 媒体等新兴应用场景，为空间设计软件行业发展带来新的增长点，据统计，2024年我国空间设计软件行 业市场规模（按收入计）达3.4亿元，同比增长13.33%。 二、行业进入壁垒 由于开发先进技术的复杂性及专业化要求，空间设计软件行业有重大的技术壁垒，高速3D渲染技术需 要一种复杂的混合并行计算方法，结合GPU的优势提升图像质量和处理速度，人工智能应用程序（如自 动化室内设计系统及环境理解引擎）的集成进一步提高了技术的复杂性。此外，鉴于推动创新及保持技 术领先地位所需的专业技能及专业知识，空间设计软件行业有明显的人才壁垒，对此类人才的竞争非常 激烈，因为拥有这些技能的专业人士在多个科技行业（包括软件开发、AI研究和计算图形学）均备受 追捧。 上市企业：中望软件（688083）、广联达（002410）、品茗科技（688109）、明源云（00909.HK） 相关企业：杭州群核信息技术有限公司、欧特克软件（中国）有限公司、广东三维家信息科技 ...

每经记者｜叶晓丹 每经编辑｜文多 "广东一家卖宠物围栏的客户，靠两名客服用我们（的工具）60天生成了1200张营销图，这可能是他们过往1~2年的量。"群核科技首席执行官（CEO）陈航 介绍说。 9月26日，在第四届全球数贸会上，作为"杭州六小龙"之一的群核科技重点展示了采用3D AI（三维人工智能）技术的"酷家乐电商棚拍"解决方案。通过3D AI技术，曾让跨境商家头疼的"效率难题"正被逐一破解。 从AI翻译、AI视频生成到3D AI棚拍，AI应用正在渗透中国跨境电商行业。陈航认为，中国制造的硬实力叠加我国AI集群、数字贸易技术的高速发展，中企 出海仍有一轮红利期。 那么，人工智能能为中国企业带来哪些赋能？中企出海的长潮与大浪重塑了怎样的科技生态？基于上述问题，《每日经济新闻》记者（以下简称NBD）在 数贸会期间对话了群核科技CEO陈航。 群核科技CEO陈航 图片来源：企业提供 "视觉物料"是跨境贸易的第一语言 NBD：目前公司如何把AI技术应用在跨境电商等数字贸易领域？ 陈航：群核科技是全球最大的空间设计平台，我们致力于用3D AI塑造视觉真实、结构化真实的世界。这些技术以往主要被我们应用在家装、连锁商业、文 ...

Core Viewpoint - The article discusses various garden design software, highlighting their features, ease of use, and suitability for different user needs, emphasizing that the best software depends on individual requirements rather than a universal "best" option [1][18]. Group 1: Software Overview - **Tuboos 3D Garden Cloud Design Platform**: An online tool that simplifies garden design by allowing users to upload a reference image to generate a 3D model quickly. It features over 530,000 pre-made 3D models and offers a "time machine" function to simulate seasonal changes [3][4]. - **3D MAX**: A detailed modeling software ideal for intricate designs, capable of creating realistic plant environments and complex terrains. However, it has a steep learning curve, requiring 2-4 weeks for basic modeling and up to 5 months for advanced features [6]. - **CoolJia**: Initially focused on interior design, it has expanded to outdoor design. It offers a user-friendly interface and quick setup for garden designs, with a learning time of 1-2 days for basic functions [8]. - **SketchUp**: Known for its simplicity and flexibility, it allows users to create 3D models easily. It supports various plugins and has a moderate learning curve of 1-3 days for basic use [10]. - **Three-Dimensional Home**: Utilizes AI to generate design suggestions based on user inputs. It streamlines the design process from concept to construction, with a learning time of 1-2 days for basic functions [12][13]. - **Lumion**: A rendering software that enhances existing models with realistic effects. It requires a modeling software for use and has a moderate learning curve of 1-3 days for basic rendering [15]. - **AutoCAD**: A standard tool for engineering drawings, suitable for precise garden design. It has a steep learning curve, requiring 2-3 weeks for basic functions and up to 2 months for advanced features [16]. Group 2: Learning Curve and Suitability - **Tuboos 3D Garden Cloud Design Platform**: Easy to learn, with basic operations achievable in half a day, making it suitable for beginners [3][4]. - **3D MAX**: Challenging for beginners, requiring significant time investment to master, making it suitable for experienced designers [6]. - **CoolJia**: Very easy to learn, with basic garden design achievable in 1-2 days, ideal for quick projects [8]. - **SketchUp**: Moderate difficulty, with basic modeling learned in 1-3 days, suitable for creative users [10]. - **Three-Dimensional Home**: Simple to use, with basic design functions learned in 1-2 days, suitable for teams and quick projects [12][13]. - **Lumion**: Moderate learning curve, with basic rendering learned in 1-3 days, suitable for enhancing designs [15]. - **AutoCAD**: Difficult for beginners, requiring extensive time to learn, best suited for professional teams working on large projects [16]. Group 3: Recommendations - For quick and easy garden design, Tuboos 3D Garden Cloud Design Platform is recommended. For detailed work, 3D MAX or AutoCAD is suitable. For creative freedom and appealing visuals, SketchUp combined with Lumion is ideal. For team collaboration from design to construction, Three-Dimensional Home is appropriate [18].

Core Viewpoint - The company, Qunhe Technology, has submitted an updated prospectus to the Hong Kong Stock Exchange after the first one became invalid. The company reported a revenue of 399 million yuan in the first half of 2025, a year-on-year increase of 9%, and achieved adjusted net profit, but faces high redemption liabilities and reduced spending on sales, marketing, and R&D [1][3][8]. Revenue and Profitability - In the first half of 2025, Qunhe Technology's revenue reached 399 million yuan, reflecting a 9% increase compared to the previous year, which is a decline from the growth rates of 10.5% and 13.8% in 2023 and 2024 respectively [3][6]. - The company's revenue structure remains heavily reliant on subscription services, with 97.7% of revenue coming from software subscriptions, up from 90.6% in 2022 [3][4]. - The adjusted net profit for the first half of 2025 was 17.825 million yuan, a significant turnaround from a net loss of 73.196 million yuan in the same period last year [6]. Cost Management - Sales and marketing expenses decreased from 171 million yuan in the first half of 2024 to 136 million yuan in the first half of 2025, alongside a reduction in the sales team from 615 to 501 employees [8][9]. - R&D expenses also saw a reduction of 16.8%, dropping to 150 million yuan in the first half of 2025, primarily due to optimization of R&D personnel [8]. Product Development and Market Strategy - Qunhe Technology launched two new spatial open-source models, SpatialLM 1.5 and SpatialGen, aimed at enhancing AI video generation capabilities [6][7]. - The company plans to use the funds raised from the IPO for international expansion, product launches, and to enhance existing product functionalities, targeting markets in South Korea, Southeast Asia, India, the US, and Japan [8][9]. Industry Context - The company operates in a challenging environment, with clients in the real estate and construction sectors facing significant pressures, which may impact demand for AI-driven design solutions [9].

Core Viewpoint - The company, Qunhe Technology, has submitted an updated prospectus to the Hong Kong Stock Exchange after the first one became invalid. The updated financials show a revenue of 399 million yuan for the first half of 2025, a 9% year-on-year increase, and a return to adjusted profitability, but with significant reductions in sales, marketing, and R&D expenses, alongside a high redemption liability of 4 billion yuan [1][4][10]. Revenue Structure - The revenue structure remains heavily reliant on subscription services, with 97.7% of total revenue coming from software subscriptions in the first half of 2025, up from 90.6% in 2022 [4][5]. - The company provides professional services to enterprise clients, contributing only 2.3% to total revenue in the second quarter of 2025 [6][10]. Financial Performance - Qunhe Technology achieved an adjusted net profit of 17.825 million yuan in the first half of 2025, a significant turnaround from an adjusted net loss of 73.196 million yuan in the same period last year [7]. - The company had previously reported adjusted net losses of 338 million yuan, 242 million yuan, and 70.049 million yuan from 2022 to 2024 [7]. Cost Management - Sales and marketing expenses decreased from 171 million yuan in the first half of 2024 to 136 million yuan in the first half of 2025, with a reduction in sales personnel from 615 to 501 [10]. - R&D expenses also saw a reduction of 16.8%, from 180 million yuan in the first half of 2024 to 150 million yuan in the first half of 2025 [10]. Future Plans - The company plans to use the funds raised from the IPO for international expansion, product launches, and enhancing existing product functionalities, particularly focusing on AIGC and geometric modeling [10]. - Qunhe Technology aims to establish a sales team of approximately 250 people and allocate around 20 million yuan for marketing activities over the next 3-5 years [10]. Product Development - Recently, Qunhe Technology launched two new spatial open-source models, SpatialLM 1.5 and SpatialGen, aimed at enhancing AI-generated content capabilities [7]. - The company is also planning to release a 3D technology-based AI video generation product in 2025 to address current limitations in AI video generation [7][9].

Core Viewpoint - The article discusses the emergence of "world models" in AI, highlighting the release of Genie 3 by Google DeepMind and the advancements in 3D spatial models by Qunke Technology, which aim to address the challenges of spatial consistency in AI-generated environments [2][8]. Group 1: Types of World Models - There are two main types of world models: video models like Sora and Genie 3, which simulate the physical world using 2D image sequences, and large-scale 3D models that focus on reconstructing 3D scenes [4][5]. - Video models struggle with maintaining spatial consistency due to their reliance on 2D images, while 3D models face challenges in creating comprehensive spatial content from multiple angles [6][8]. Group 2: Qunke Technology's Innovations - Qunke Technology introduced the first 3D indoor scene cognition and generation model, SpatialGen, which addresses spatial consistency issues by generating a navigable 3D space that supports any viewpoint switching [8][10]. - SpatialLM 1.5, a spatial language model, allows users to generate interactive 3D scenes through natural language commands, significantly enhancing usability for non-experts [10][11]. Group 3: Technical Foundations - SpatialGen utilizes a multi-view diffusion and 3D Gaussian reconstruction technology to ensure that lighting and texture remain consistent across different viewpoints [14][15]. - The models are built on a foundation of extensive 3D spatial data, with Qunke's tools generating structured 3D data that includes physical parameters and spatial relationships [16][18]. Group 4: Market Opportunities and Challenges - The current state of spatial models is likened to early versions of GPT, indicating that while they have foundational capabilities, they are not yet universally applicable [20]. - The demand for AI-generated short films presents a significant opportunity, as these models can improve scene coherence and production efficiency, addressing common issues in traditional AI tools [21][22]. Group 5: Future Directions - Qunke Technology is developing an AI video generation product that integrates 3D capabilities to further enhance spatial consistency in generated content [24]. - The company aims to bridge the gap between virtual and real-world applications, particularly in robotics, by providing structured 3D data that can be used for training [41].

Core Viewpoint - Manycore Technology's IPO is seen as a critical lifeline for the company, which has been struggling with high debt and negative cash flow, despite recent efforts to cut costs and achieve profitability [2][5]. Group 1: Financial Performance and Debt Situation - Manycore Technology has accumulated a redemption liability of nearly 4 billion yuan, which constitutes 86.97% of its current liabilities as of June 2025 [8]. - The company reported a total net loss of 2.26 billion yuan in the first half of 2025, contributing to a cumulative net loss of 20.89 billion yuan since 2022 [10]. - As of June 2025, the company's total assets were 547 million yuan, with total liabilities reaching 665 million yuan, resulting in a debt-to-asset ratio of 121.56%, indicating a risk of insolvency [8][9]. Group 2: Revenue and Customer Base - Manycore Technology's revenue has shown growth, with reported revenues of 6.01 billion yuan, 6.64 billion yuan, 7.55 billion yuan, and 3.99 billion yuan over the reporting period [10]. - The company primarily serves clients in the real estate sector, which is currently facing a downturn, impacting its revenue potential [13]. - The average subscription revenue per enterprise customer has declined from 14,826 yuan to 14,016 yuan over the reporting period, indicating a decrease in customer spending [14]. Group 3: Cost Management and Future Plans - The company has significantly reduced its R&D expenses from 4.38 billion yuan in 2022 to 1.5 billion yuan in 2025, with R&D expense ratios decreasing from 72.9% to 37.5% [11][12]. - Manycore plans to use IPO proceeds to expand its international presence, enhance product features, and invest in marketing and technology infrastructure [1][12]. - The company aims to establish a dedicated sales team of approximately 250 personnel and invest in additional servers and data centers to support its growth strategy [12]. Group 4: Investment and Financing History - Since its inception, Manycore has completed 11 rounds of financing, raising a total of approximately 2.95 billion USD (about 21.13 billion yuan) [3][4]. - The company's share price has increased 145 times since its first round of financing, reflecting significant investor interest in its early stages [3]. - Manycore's CFO, Shen Bei, has played a crucial role in the company's financing and investment planning, with a notable salary that is several times higher than that of the founders [5].

Core Viewpoint - Qunhe Technology aims to accelerate global spatial intelligence technology through open-source initiatives, showcasing its latest spatial models, SpatialLM 1.5 and SpatialGen, at its first Tech Day event [3][4]. Group 1: Spatial Models - Qunhe Technology has introduced SpatialLM 1.5, a spatial language model that allows users to generate structured scene scripts and layouts through natural language interactions, addressing limitations of traditional language models in understanding spatial relationships [4][6]. - SpatialGen, a multi-view image generation model, focuses on generating images with temporal and spatial consistency based on text descriptions and 3D layouts, enabling immersive experiences in generated 3D environments [7][8]. Group 2: Open Source Strategy - The company has been implementing an open-source strategy since 2018, gradually releasing its data and algorithm capabilities to foster innovation in spatial intelligence technology [4][10]. - Qunhe Technology's spatial intelligence ecosystem consists of a "space editing tool - spatial synthesis data - spatial large model" framework, which enhances data accumulation and model training through widespread tool application [4]. Group 3: Data and Model Performance - As of June 30, 2025, Qunhe Technology possesses over 441 million 3D models and more than 500 million structured 3D spatial scenes, which significantly contribute to the training and performance of its spatial models [4]. - The previous version, SpatialLM 1.0, quickly gained popularity on the Hugging Face trends list after its open-source release, demonstrating the effectiveness of the open-source model [6]. Group 4: AI Video Generation - The company is developing an AI video generation product that integrates 3D capabilities, aiming to address the challenges of temporal consistency in current AI-generated videos [10]. - Existing AI video creation often suffers from issues like object displacement and spatial logic confusion due to a lack of understanding of 3D structures, which Qunhe Technology seeks to overcome with its new model [10].

Core Insights - The core focus of the news is the launch of two advanced models by Qunhe Technology, namely SpatialLM 1.5 and SpatialGen, aimed at enhancing 3D scene understanding and generation, as well as addressing challenges in AI video consistency [1][2][3]. Group 1: SpatialLM 1.5 - SpatialLM 1.5 is a spatial language model that allows users to generate interactive 3D scenes through a dialogue system, overcoming limitations of traditional models in understanding physical geometry and spatial relationships [2]. - The model can produce scenes with physically accurate structured information, enabling rapid generation of diverse scenarios for applications like robot path planning and obstacle avoidance, thus addressing data scarcity in robot training [2]. - A demonstration showcased the model's ability to understand commands and autonomously plan optimal action paths in complex environments, highlighting its potential in practical applications [2]. Group 2: SpatialGen - SpatialGen is a multi-view image generation model based on a diffusion model architecture, capable of creating temporally consistent multi-view images from text descriptions and 3D layouts [3]. - The model ensures that the same object maintains accurate spatial properties and physical relationships across different views, enhancing the realism of generated scenes [3]. - Qunhe Technology plans to release a 3D-integrated AI video generation product by the end of the year, aiming to address current limitations in AI-generated video consistency [3]. Group 3: Open Source Strategy - Qunhe Technology emphasizes the importance of open-source initiatives to maximize the value of its technology and contribute to the growth of the spatial intelligence sector [4]. - The company has developed a "space editing tool-space synthesis data-space large model" ecosystem, leveraging data to accelerate model training and improve user experience [4]. - As of June 30, the company has amassed over 441 million 3D models and more than 500 million structured 3D spatial scenes, showcasing its extensive data resources [4]. Group 4: Future Developments - The two models, SpatialLM 1.5 and SpatialGen, will be gradually open-sourced on platforms like HuggingFace, GitHub, and Modao Community, making them accessible to global developers [5].

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and China, highlighting key companies and their financial performance as they prepare for public listings. Group 1: Xiaoe Inc. (小鹅通) - Xiaoe Inc. submitted its prospectus to the Hong Kong Stock Exchange on August 22, 2025, aiming for a main board listing, with CICC as the sole sponsor [3] - Founded in 2015, Xiaoe Inc. specializes in private domain operations, offering a SaaS solution that integrates e-commerce, digital marketing, and CRM into a unified system [3] - According to a report by ZhiShi Consulting, Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on 2024 revenue, and is the fastest-growing among the top five private domain operation solution providers from 2022 to 2024 [4] - Xiaoe Inc.'s revenue for 2022, 2023, and 2024 was 299 million, 415 million, and 521 million yuan respectively, with a compound annual growth rate of 32.0%. In the first half of this year, revenue increased by 26.4% year-on-year to 306 million yuan [4] - The gross profit margins for Xiaoe Inc. from 2022 to 2024 were 54.3%, 72.3%, and 74.8%, with a margin of 75.5% in the first half of this year. The company achieved profitability in 2024 with an adjusted net profit of 66 million yuan and a net profit margin of 12.7% [5] Group 2: Manycore Tech Inc. (群核科技) - Manycore Tech Inc. updated its prospectus on August 22, 2025, continuing its IPO process on the Hong Kong Stock Exchange, with JPMorgan and CCB International as joint sponsors [7] - Established in 2011, Manycore Tech offers cloud-native space design software and AI solutions for indoor environments, focusing on a "space intelligence" strategy [7] - In the first half of this year, Manycore Tech's revenue reached 400 million yuan, with a gross profit margin of 82.1%, an increase of nearly 10 percentage points from 2022 [7] - The company achieved profitability in the first half of this year, with an adjusted net profit of 17.83 million yuan and a net profit margin of 4.5% [8] Group 3: Yimutian Inc. (一亩田) - Yimutian Inc. officially listed on NASDAQ under the ticker "YMT" on August 19, 2025, becoming the first Chinese agricultural internet company to go public [11] - The company issued 4.522 million American Depositary Shares (ADS) at an offering price of $4.1 per share, potentially raising up to $22 million [11] - Founded in 2011, Yimutian has evolved into a comprehensive digital agriculture enterprise, serving over 56 million users and recognized as the largest agricultural B2B platform in mainland China based on 2024 revenue [11]