凤凰网财经讯 6月28-29日，"2025中国企业出海高峰论坛"在深圳举行，本次论坛由凤凰网主办，雪花高端系列品牌-醴首席赞助合作，中国企业出海全球化 理事会联合主办，以"为开放的世界"为主题，旨在全球产业链深度重构之际，为中国企业搭建思想碰撞、资源对接、规则对话的高端平台，系统性破解出海 难题，共探生态共赢转型路径。 在DeepSeek爆火之后，作为"杭州六小龙"之一的群核科技也受到外界关注。在论坛现场，群核科技联合创始人兼CEO陈航表示，在跨境电商蓬勃发展的今 天，产品视觉呈现已成为影响销量的关键因素。亚马逊数据显示，高质量的图片能使点击率提高30%。 为此，群核科技打造了包含海量虚拟影棚的智能系统，支持圣诞节等各类主题风格的实时渲染。该技术不仅将传统拍摄效率提升数十倍，还通过AI建模解 决了真人模特成本高、版权风险等问题。 陈航特别强调，在AI时代，中国企业应该保持技术自信。群核科技的空间理解模型SpatialLM此前曾与DeepSeek-V3、通义千问Qwen2.5-Omni一起登上全球 最大的开源社区HuggingFace全球趋势榜前三。 群核科技联合创始人兼CEO 陈航 陈航分享了一个典型案例：广 ...

回顾全周，港股IPO市场持续火热，多家企业成功上市或开启招股流程。智能控制部件制造商三花智控23日正式登陆香港交易及 结算所有限公司(港交所)，吸引众多投资者关注。 6月26日，港交所上演"一日三鸣锣"的热闹景象。周六福、圣贝拉、颖通控股3家消费领域企业同日在港交所挂牌上市。此外， 拨康视云、富卫集团两家公司也于当周开启招股。 2025年，尽管全球经济不确定性加剧，港股市场却逆势上扬，迎来IPO"井喷期"。安永数据显示，香港今年上半年IPO募资额同 比暴涨711%，这其中，不少新上市公司来自科技行业。 与众多A股上市公司冲刺"A+H"相呼应， "硬科技"企业成为港股IPO的新引擎。据不完全统计，今年以来，包括空间智能企业群 核科技、酒店服务机器人企业云迹科技、营销决策AI龙头深演智能、RISC-V芯片龙头奕斯伟、机器人控制器龙头仙工智能以及 智能机器人公司乐动机器人等在内的近20家科技企业正在冲刺港交所。 港股逆势上扬，IPO井喷 6月27日当周，港股三大指数集体上扬。截至27日收盘，当周恒生指数累计上涨3.2%，报收24284.15点；恒生科技指数涨 4.06%，报5341.43点；国企指数涨2.76%，报 ...

星标 ★ IPO日报 精彩文章第一时间推送 以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 今年以来，港股市场正迎来空前热度，记者注意到AI公司正掀起港股上市潮。 4月30日，特斯联更新招股书冲击港股IPO，并且公司升级"空间智能"战略，明确AIoT领域大模型、 基础设施及智能体三大业务线；6月12日，AI解决方案提供商云知声通过港股IPO聆讯；此前，还有群 核科技2月14日向港交所递交招股书，这家以AI和GPU技术驱动的空间智能企业，也是"杭州六小 龙"中的首个拟IPO企业。 同时，在自动驾驶细分赛道，有希迪智驾、驭势科技计划赴港上市；在AI机器人细分赛道，竞争显得 更加激烈，已经有酒店机器人头部公司云迹科技、视觉感知机器人公司乐动机器人、扫地机器人公司 石头科技、AI具身机器人独角兽卧安机器人等，密集递表港交所。 21世纪经济报道记者根据公开资料整理 "今年以来，DeepSeek的标志性崛起，带动了资本对于中国科技公司的价值重估，也为港股带来了新 的机遇和窗口期。同时，叠加18C等港股政策红利，让AI公司等大量科技公司纷纷选择赴港IPO。" ...

Core Insights - The report shifts focus from demand to supply in the AI 2.0 landscape, analyzing various companies like SenseTime, Black Sesame Intelligence, Qunhe Technology, and others, highlighting their different strategies and challenges in achieving profitability and sustainable growth [1][2][3]. Group 1: SenseTime - SenseTime has transitioned from a government-focused AI 1.0 company to a more diversified AI 2.0 entity, with a significant shift towards generative AI, achieving a revenue of 3.772 billion yuan in 2024, marking a 10.75% year-on-year growth [5][10]. - The company's revenue structure has evolved, with traditional AI contributing only 30% of total revenue by 2024, while generative AI has surged to 63.7% of total revenue, growing by 103.1% year-on-year [7][10]. - Despite revenue growth, SenseTime faces challenges such as declining gross margins, which fell from 70.6% in 2020 to 42.9% in 2024, and cumulative losses of 46.4 billion yuan over five years [16][20]. Group 2: Black Sesame Intelligence - Black Sesame Intelligence focuses on providing cost-effective smart automotive chips and solutions, with 92.4% of its 2024 revenue (4.38 billion yuan) coming from automotive products [27][32]. - The company has improved its gross margin significantly, achieving a gross profit of 195 million yuan in 2024, up 153% year-on-year, with a gross margin of 41.14% [36]. - However, high R&D costs have led to continued losses, with an adjusted net loss of 1.304 billion yuan in 2024, remaining stable compared to the previous year [39]. Group 3: Yingshi Network - Yingshi Network, a subsidiary of Hikvision, has upgraded its business model to focus on AI and IoT, achieving a revenue of 5.442 billion yuan in 2024, a 12.41% increase [45]. - The company’s core product remains smart home cameras, which contributed 54% of total revenue, but growth in this segment has plateaued [46]. - Yingshi's cloud platform services have seen significant growth, nearly doubling from 5.38 billion yuan in 2021 to 10.52 billion yuan in 2024, with a gross margin of 76% [49][50]. Group 4: Qunhe Technology - Qunhe Technology, known for its space design software, reported a revenue of 664 million yuan in 2023, with a 10.48% year-on-year growth [66]. - The company has established itself as a leading provider in the space design software market, holding a 22.2% market share [79]. - Despite revenue growth, Qunhe Technology continues to operate at a loss, with an adjusted loss of 94 million yuan in Q3 2024 [78]. Group 5: Innovation Qizhi - Innovation Qizhi focuses on AI solutions for the manufacturing sector, achieving a revenue of 1.222 billion yuan in 2024, a 30.21% decline year-on-year [85]. - The company has maintained strict cost control, with total operating expenses at 66.3% of revenue, but still reported a loss of 117 million yuan in 2024 [90][94]. - The decline in revenue is attributed to challenges in the manufacturing and financial services sectors, which are critical to its business model [87].

同时，在自动驾驶细分赛道，有希迪智驾、驭势科技计划赴港上市；在AI机器人细分赛道， 竞争显得更加激烈，已经有酒店机器人头部公司云迹科技、视觉感知机器人公司乐动机器人、 扫地机器人公司石头科技、AI具身机器人独角兽卧安机器人等，密集递表港交所。 作 者丨申俊涵 编 辑丨林坤 图 源丨AI 今年以来，港股市场正迎来空前热度，记者注意到AI公司正掀起港股上市潮。 4月30日，特斯联更新招股书冲击港股IPO，并且公司升级"空间智能"战略，明确AIoT领域大 模型、基础设施及智能体三大业务线；6月12日，AI解决方案提供商云知声通过港股IPO聆 讯；此前，还有群核科技2月14日向港交所递交招股书，这家以AI和GPU技术驱动的空间智能 企业，也是"杭州六小龙"中的首个拟IPO企业。 （21世纪经济报道记者根据公开资料整理） "今年以来，DeepSeek的标志性崛起，带动了资本对于中国科技公司的价值重估，也为港股带 来了新的机遇和窗口期。同时，叠加18C等港股政策红利，让AI公司等大量科技公司纷纷选择 赴港IPO。"一位长期关注港股市场的创投机构合伙人对21世纪经济报道说。 从AI行业侧来看，最近几年，在ChatGPT、D ...

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, driven by a surge in AI companies seeking IPOs, with significant policy support and improved liquidity attracting these firms to the market [1][3][4]. Group 1: AI Companies Going Public - Several AI companies, including Teslin, CloudWalk, and others, are actively pursuing IPOs in Hong Kong, indicating a trend towards increased market participation from the AI sector [1][2][4]. - The emergence of DeepSeek has led to a reevaluation of the value of Chinese tech companies, creating new opportunities for AI firms in the Hong Kong market [1][3]. - The introduction of new listing rules, particularly sections 18A and 18C, has made it easier for biotech and specialized tech companies to go public, with 18C allowing for a focus on R&D and technology barriers rather than traditional profit requirements [3][4]. Group 2: Market Conditions and Opportunities - The liquidity in the Hong Kong market has significantly improved since the beginning of the year, boosting confidence among investors and encouraging startups to list [3][4]. - The performance of consumer stocks has shown signs of recovery, with notable companies like Bubble Mart and Mixue Ice Cream gaining attention, which may also reflect positively on the broader market [3]. - AI companies are increasingly recognized for their potential, with significant market interest in firms like Horizon Robotics and Yujing Technology, which have seen their valuations rise dramatically post-IPO [3][6]. Group 3: Financial Performance and Growth - Teslin is projected to be the largest AI IPO in Hong Kong this year, with a valuation exceeding 20 billion RMB and a compound annual growth rate of 58% in revenue from 2022 to 2024 [6][7]. - Other AI companies, such as CloudWalk and Yujing Technology, have also reported substantial valuations, with CloudWalk nearing 9 billion RMB and Yujing Technology at 7.3 billion RMB prior to their IPOs [7][8]. - The R&D investment by Teslin is significant, with a team of 363 researchers making up over 52% of its workforce, reflecting the company's commitment to innovation and technology development [8][9].

多功能AI+爬壁机器人在垂直90度的墙壁上如履平地；全骨科手术机器人现场"秀肌肉"；"杭州六小 龙"强脑科技、宇树科技、群核科技"组团"参展；北京机器人马拉松冠亚军"选手"——天工2.0和 N2，"入职"全球最多工厂的Walker S1等人形机器人将集中亮相…… 第二十七届中国北京国际科技产业博览会（简称"北京科博会"）将于5月8日至5月11日在北京国家会议 中心举办。5月7日，新京报记者提前探营北京科博会会场，目睹各参展企业带到现场将在科博会上首发 首展的高科技产品。 记者从北京市贸促会了解到，本届北京科博会主题为"科技引领 创享未来"，展览总面积约5万平方米， 展期4天，800余家中外企业和机构参展。今年科博会现场有600余项首发首创的展品，分布在六大专题 展区，包括信息科技、智能制造、医药健康、绿色双碳、数字经济和区域创新，聚焦前沿科技、新兴产 业和未来产业领域，深化国际科技开放合作，推动科技创新和产业创新深度融合。 北京机器人马拉松冠亚军"选手"将亮相 爬壁机器人现场表演爬墙 在奥克福(北京)机器人科技有限公司的展台上，一款多功能AI+爬壁机器人引起了大家的注意。它的外 形像一台低小型的坦克，拖着一个 ...

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 Insights - Manycore Tech Inc. (referred to as "群核科技") is planning to go public in Hong Kong, marking a significant step towards becoming the "global leader in spatial intelligence" [2][5] - The company is part of the "Hangzhou Six Little Dragons," a group of emerging tech firms, and is the first among them to initiate the IPO process [2][5] Company Overview - 群核科技 specializes in artificial intelligence technology and GPU-driven design and visualization cloud platforms, with its main products being the spatial design software "酷家乐" and its overseas version "Coohom" [2] - The current chairman, 黄晓煌, co-founded the company in 2011 after working at NVIDIA, and the company has grown to become the largest spatial design platform globally based on average monthly active users in 2023 [4] Financial Performance - The company operates on a subscription model, with revenues of 601 million yuan, 664 million yuan, and 552 million yuan for the years 2022, 2023, and the first three quarters of 2024, respectively, indicating stable growth [4] - Adjusted net losses have decreased from 338 million yuan in 2022 to 94 million yuan in the first three quarters of 2024, reflecting improved financial health [4] IPO Process and Regulatory Requirements - The China Securities Regulatory Commission (CSRC) has requested additional documentation regarding the company's equity structure and compliance with foreign investment regulations as part of the IPO process [2][3] - Specific inquiries include the pricing basis and compliance of the 2022 acquisition of the domestic operating entity, as well as the company's data protection measures and compliance with telecommunications regulations [3][4]

资金及现金流状况：资金紧张，现金流缩水 近日，酷家乐母公司群核科技正式向美国证券交易委员会递交F-1招股书，计划以"KOOL"为证券代码 在纳斯达克挂牌上市，若成功上市，将成为"全球3D云设计第一股"。这一消息在行业内引发广泛关 注，本文将基于招股书内容，深入剖析群核科技的财务业绩、业务线经营、资金及现金流状况、上下游 关系，同时对比行业内竞争对手，探讨行业发展情况及潜在风险。 财务业绩表现：增长与亏损并存 群核科技近年营收呈现稳健增长趋势。2022年和2023年，营收分别为6.01亿元和6.64亿元，同比增长 10.5%。2024年前三季度营收达5.53亿元。毛利率方面，保持较高水平且逐年递增，2022—2024年前三 季度，毛利率分别为72.7%、76.8%和80.4%。然而，公司一直处于亏损状态，2022—2024年前三季度， 净亏损分别为7.04亿元、6.46亿元和4.22亿元。亏损原因主要是公司为推动业务快速及长期增长，在产 品开发、技术支持及产品营销方面投入大量资金。例如，2023年收入为6.64亿元时，营销费用竟高达 3.56亿元，占比53.7%；2022年营销费用占比也达53.4%。 各业务线 ...