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]

Core Viewpoint - Manycore Tech is pursuing an IPO in Hong Kong, aiming to become the "first stock in global spatial intelligence," with significant investments in product upgrades expected to lead to net losses in 2025 [1][2]. Market Expansion - Manycore Tech is a leading provider of cloud-native spatial design software in China, holding a 23.2% market share, with the industry projected to grow from 3.3 billion yuan in 2024 to 6.6 billion yuan by 2029 [2]. - The global market for spatial design software is expected to increase from 19.2 billion yuan in 2024 to 31.7 billion yuan by 2029 [2]. - The company has diversified its solutions to cover various virtual scenarios, including e-commerce displays and intelligent training [2]. - Manycore Tech's "Spatial Intelligence" strategy focuses on three core areas: spatial editing tools, spatial data, and spatial large models [2]. Financial Performance - Manycore Tech's losses have been gradually improving, with net losses of 703.7 million yuan in 2022, 646.1 million yuan in 2023, and projected losses of 513.5 million yuan in 2024 [4]. - The company reported revenues of 600.6 million yuan in 2022, 663.5 million yuan in 2023, and 754.8 million yuan in 2024, with a 9.4% year-on-year revenue growth in the first half of 2025 [4]. - The majority of subscription revenue comes from enterprise clients, contributing 90.1% in 2022 and decreasing to 84.4% in the first half of 2025 [4]. Profitability and Cost Management - The gross margin has improved from 72.7% in 2022 to 82.1% in the first half of 2025 [5]. - Operating costs have decreased from 164 million yuan in 2022 to 71.5 million yuan in the first half of 2025 [5]. - R&D expenses as a percentage of revenue have declined from 72.9% in 2022 to 37.5% in the first half of 2025, aided by AI technology [5]. Emerging Business Drivers - Manycore Tech launched a 3D AI design tool for e-commerce in 2023, resulting in a 188% year-on-year revenue growth for its e-commerce AI solutions [6]. - The company introduced the "AI Intelligent Design Platform," generating over 16 million yuan in orders within three months [6]. - Manycore Tech's AI capabilities have produced approximately 1.1 billion design images, facilitating commercialization in spatial design and e-commerce marketing [6]. - The company is collaborating with various enterprises in the embodied intelligence sector through its SpatialVerse platform [6]. Technological Advancements - Manycore Tech open-sourced its SpatialLM model, enabling the generation of physically accurate 3D scene layouts from video [7]. - The company also released the InteriorGS dataset, integrating 3D Gaussian data into AI spatial training [8].

Core Insights - Manycore Tech Inc. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the world's first publicly listed company focused on spatial intelligence, with significant backing from Morgan Stanley and Jianyin International [1] - The company reported a notable turnaround in performance, achieving an adjusted net profit of 17.83 million yuan in the first half of 2025 [1] - Manycore Tech has upgraded its "spatial intelligence" flywheel strategy, focusing on three core areas: spatial editing tools, spatial data, and spatial large models, which are interlinked to create a positive feedback loop [1] Financial Performance - For the first half of 2025, Manycore Tech achieved revenue of 400 million yuan, serving over 433,000 individual customers and 47,000 enterprise customers, with net revenue retention rates of 101.6% for enterprise clients, 110.0% for large clients, and 92.3% for individual clients [2] - The company has demonstrated scale efficiencies, with a significant reduction in operating costs from 164 million yuan in 2022 to 71.5 million yuan in the first half of 2025, resulting in a gross margin increase to 82.1% [2] AI Business Growth - Manycore Tech's AI-related vertical solutions are experiencing rapid growth, particularly in e-commerce, where the revenue from its 3D AI design tool "Cool Home E-commerce Studio" increased by 188% year-on-year [2] - The company generated approximately 1.1 billion design images using AI in the first half of the year, focusing on empowering industries such as spatial design and cross-border e-commerce marketing [3] Ecosystem Development - Manycore Tech's SpatialVerse platform is gaining attention for its ability to create highly realistic and physically accurate synthetic datasets, which are essential for AI applications in physical environments [4] - The company has established partnerships with various firms in the embodied intelligence sector, enhancing the capabilities of AI-generated content models and intelligent systems [4] Open Source Initiatives - In March, Manycore Tech open-sourced its spatial language model, SpatialLM, which has gained significant traction among developers, ranking among the top three on the Hugging Face trends list [5] - The company also released the 3D Gaussian semantic dataset, InteriorGS, which has been recognized for its innovative approach to AI spatial training, achieving the top position on the Hugging Face trends list in July [5]

Core Viewpoint - Manycore Tech Inc. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the world's first publicly listed company in the space intelligence sector, with a projected adjusted net profit of 17.83 million yuan by mid-2025 [1] Group 1: Company Overview - Manycore Tech has evolved from a space editing tool provider to the largest space design platform globally, accumulating over 441 million 3D models and more than 500 million structured 3D spatial scenes as of June 30, 2025 [1] - The company has attracted investments from notable firms including IDG Capital, GGV Capital, and Hillhouse Capital among others [1] Group 2: Financial Performance - Manycore Tech reported a revenue of 400 million yuan in the first half of this year, serving over 433,000 individual customers and 47,000 enterprise customers, with net revenue retention rates of 101.6% for enterprise clients, 110.0% for large clients, and 92.3% for individual clients [2] - The company's 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 operating costs dropping to 71.5 million yuan in the first half of 2025, resulting in a gross margin of 82.1% [2] Group 3: AI Business Growth - Manycore Tech's AI-related vertical solutions are experiencing rapid growth, with its e-commerce AI solution, "Cool Home E-commerce Studio," achieving a revenue increase of 188% year-on-year in the first half of this year [3] - The company generated approximately 1.1 billion design images using AI in the first half of this year, focusing on empowering space design and cross-border e-commerce marketing [3] Group 4: Ecosystem Development - The SpatialVerse platform, developed by Manycore Tech, leverages its extensive structured spatial data to create realistic synthetic datasets for training AI models, enhancing the capabilities of intelligent robots and AR/VR systems [4] - Manycore Tech has established partnerships with companies in the embodied intelligence sector, including Zhiyuan Robotics and Galaxy General [4] Group 5: Open Source Initiatives - In March, Manycore Tech open-sourced its spatial language model, SpatialLM, which ranked among the top three on the Hugging Face trends list, enabling the generation of physically accurate 3D scene layouts from video inputs [5] - The company also released the 3D Gaussian semantic dataset, InteriorGS, which topped the Hugging Face trends list, marking a significant advancement in AI spatial training [5]

Core Viewpoint - Manycore Tech Inc. (Hangzhou Qunhe Information Technology Co., Ltd.) is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" and the first among the "Hangzhou Six Little Dragons" to complete an IPO [3][5]. Group 1: Business Overview - Established in 2011, Manycore Tech has developed cloud-native space design software "Coohom" and the next-generation space intelligence platform "SpatialVerse," applicable in both real and virtual environments [3]. - The company has upgraded its "space intelligence" strategy, focusing on three core areas: space editing tools, space data, and space large models, creating a positive feedback loop [5]. Group 2: Financial Performance - In the first half of this year, Manycore Tech achieved revenue of 400 million yuan, with a gross margin of 82.1%, an increase of nearly 10 percentage points from 72.7% in 2022 [5]. - The company turned a profit with an adjusted net profit of 17.83 million yuan and an adjusted net profit margin of 4.5% [5]. Group 3: Research and Development - Manycore Tech has invested over 1.3 billion yuan in R&D from 2022 to 2024, with a reduction in absolute R&D spending in the first half of this year due to improved efficiency from AI technology [6]. - The company is the largest space design platform globally, holding a 23.2% market share in China as of 2024, an increase from 2023 [6]. Group 4: Customer Base and Data Assets - As of June 30, 2025, Manycore Tech has served 432,897 individual customers and 46,984 enterprise customers, processing millions of renderings and billions of API calls daily [7]. - The company has accumulated over 441 million 3D models and more than 500 million structured 3D spatial scenes, which enhance its algorithm capabilities and applications in various fields [7]. Group 5: Strategic Partnerships and Future Outlook - Manycore Tech's SpatialVerse platform has partnered with several domestic embodied intelligence companies, positioning itself to provide high-fidelity virtual datasets for AI models and robotics [8]. - The company has open-sourced the SpatialLM model for 3D environment understanding and the InteriorGS dataset, achieving recognition in the global open-source community [9]. Group 6: Funding and IPO Plans - Manycore Tech has received investments from notable firms such as IDG Capital and Hillhouse Capital, with these investors holding over 10% of the company prior to the IPO [12]. - The net proceeds from the IPO will be used for international expansion, enhancing product functionality, domestic marketing, and investment in core technologies [12].

Core Insights - The core viewpoint of the article is that Qunke Technology is driving a technological revolution by utilizing Gaussian expressions to replace pixels, enabling immersive experiences in recorded spaces [1] Group 1: Product Development - Qunke Technology has launched the InteriorGS dataset, which includes 1,000 3D Gaussian semantic scenes covering over 80 types of indoor environments, aimed at enhancing spatial perception for robots and AI entities [1] - The dataset allows for the transformation of temporal and spatial records into accessible virtual spaces, enabling robots to interact and observe within these environments [1][2] Group 2: Technological Impact - The 3D Gaussian semantic dataset serves as a "virtual school" for robots, facilitating learning in spatial understanding, object recognition, and action decision-making through continuous interaction with virtual environments [2] - The integration of semantic information allows robots to understand the functional attributes of objects, significantly reducing the costs associated with downstream intelligent development [2] Group 3: Challenges and Solutions - There exists a "reality gap" in the collection and use of virtual data, which Qunke Technology addresses through a dual approach: enhancing simulation accuracy via computational power and algorithm iteration, and collaborating with academia and downstream enterprises to explore "virtual-real fusion" training strategies [3] - Qunke Technology positions itself as a "virtual textbook author" for robots, creating high-fidelity virtual scenes for cost-effective and efficient training, which can then be applied to physical devices by downstream teams [3]

Core Viewpoint - The release of the InteriorGS dataset by Qunhe Technology aims to enhance spatial perception capabilities for robots and AI agents, marking a significant advancement in the field of AI training [2][5]. Group 1: InteriorGS Dataset - The InteriorGS dataset includes 1,000 3D Gaussian semantic scenes covering over 80 types of indoor environments, providing AI agents with a "spatial brain" to improve their environmental understanding and interaction capabilities [2][5]. - This dataset is claimed to be the world's first large-scale 3D dataset suitable for the free movement of intelligent agents [2][5]. Group 2: Technological Advancements - Qunhe Technology has successfully applied 3D Gaussian technology in various fields, including cultural heritage preservation and spatial design, with notable projects such as the digital restoration of a 60-year-old photo studio in Hangzhou [4][6]. - The InteriorGS dataset leverages the efficiency and cost advantages of 3D Gaussian technology in scene reconstruction, combined with the company's self-developed spatial large model capabilities, resulting in a dataset that balances realism and semantic understanding [5][6]. Group 3: Industry Impact and Collaboration - Qunhe Technology's SpatialVerse platform has accumulated a vast amount of interactive 3D data and a set of physical simulation tools, aiming to become the "ImageNet" of the spatial intelligence field, similar to how ImageNet propelled the explosion of computer vision [7]. - The company has formed partnerships with several embodied intelligence firms, including Zhiyuan Robotics and Galaxy General, indicating its growing influence in the industry [7]. Group 4: Future Directions - The company emphasizes the importance of the Sim2Real paradigm as the most efficient training method for embodied intelligence, aiming to promote a "real-virtual-real" framework in collaboration with industry players [8].

Core Viewpoint - The article discusses the launch of the InteriorGS dataset by Qunhe Technology, aimed at enhancing spatial perception capabilities for robots and AI agents, marking a significant advancement in AI training methodologies [2][4]. Group 1: InteriorGS Dataset - The InteriorGS dataset includes 1,000 3D Gaussian semantic scenes covering over 80 types of indoor environments, providing AI agents with a "spatial brain" to improve their environmental understanding and interaction capabilities [2][4]. - This dataset is claimed to be the world's first large-scale 3D dataset suitable for the free movement of intelligent agents [2][4]. Group 2: 3D Gaussian Technology - In recent years, 3D Gaussian technology has gained traction in fields such as cultural heritage preservation and spatial design due to its ability to "scan and reconstruct scenes" [3]. - Qunhe Technology engineers have utilized this technology to recreate a 60-year-old photo studio in Hangzhou, which has garnered significant attention [3]. Group 3: Training Data Generation Pathway - The dataset is part of a new training data generation pathway that combines 3D Gaussian reconstruction, spatial large model capabilities, and physical simulation [6]. - This process allows for rapid scene reconstruction from videos or images, enriching the data with semantic logic and simulating physical characteristics for intelligent agents to learn spatial understanding and interaction [6]. Group 4: Spatial Intelligence Platform - Qunhe Technology's SpatialVerse is positioned as a leading spatial intelligence training platform, having accumulated vast amounts of interactive 3D data and a suite of physical simulation tools [9]. - The goal of SpatialVerse is to become the "ImageNet" of the spatial intelligence field, similar to how ImageNet catalyzed the explosion of computer vision [9]. Group 5: Industry Collaboration - Qunhe Technology has formed partnerships with several embodied intelligence companies, including Zhiyuan Robotics and Galaxy General, to leverage its high-quality 3D scene data [9]. - The company aims to advance the "Sim2Real" paradigm, which is currently the most efficient training method for embodied intelligence, by collaborating with industry players [9].

Group 1 - The core viewpoint of the news is the launch of the InteriorGS dataset by Qunke Technology, which will be showcased at the 2025 World Artificial Intelligence Conference, featuring 1,000 3D Gaussian semantic scenes covering over 80 types of indoor environments [1][3] - The 3D Gaussian splatting technology has gained traction in fields such as cultural heritage preservation and spatial design, with previous applications including the restoration of a 60-year-old photo studio in Hangzhou [3] - The InteriorGS dataset is the first to introduce 3D Gaussian technology into AI spatial training, and it is available for global developers to download on platforms like HuggingFace and GitHub [3] Group 2 - Qunke Technology has established a new path for training data generation through "3D Gaussian reconstruction + spatial large models + physical simulation," allowing users to input videos or images for rapid scene reconstruction [3] - The SpatialVerse platform, developed by Qunke Technology, aims to become the "ImageNet" of the spatial intelligence field, providing a "digital dojo" for AIGC, XR, and embodied intelligence [3] - The SpatialLM model, which was open-sourced in March, has gained popularity, reaching the top three on the Hugging Face trends list, and has formed partnerships with several embodied intelligence companies [4]