本报记者 梁傲男 基于产品平台带来的海量三维数据，群核科技持续在空间大模型的优势赛道发力，2025年推出了空间语言模型SpatialLM 及空间生成模型SpatialGen，结合空间认知与生成能力，帮助人工智能对物理世界的理解、推理和生成。其中，SpatialLM开源 后，迅速与DeepSeek、通义千问Qwen2.5-Omni共同登上全球最大AI开源社区HuggingFace趋势榜前三，受到全球技术圈广泛关 注。 目前群核科技已形成了"空间编辑工具—空间数据—空间大模型"的业务飞轮体系，从云原生空间设计软件提供商向空间智 能服务提供商进一步升级。群核科技业务范围也从辅助人类完成三维空间创作，进一步拓展至助力智能体提升三维环境智能化 水平。 业内普遍认为，AI正从文本、图像为主的平面交互，向三维空间场景延伸，空间智能正是这一趋势的核心。物理世界的数 字化将是AI与现实世界深度交互的重要底座。 3月29日，据港交所披露，空间智能独角兽公司Manycore Tech Inc.（以下简称"群核科技"）更新聆讯后资料集，标志着公 司已顺利通过港交所上市聆讯，港股IPO进程迈入最终冲刺阶段。本次IPO由摩根大通和建银国 ...

已形成"空间编辑工具-空间数据-空间大模型"三大核心布局。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Manycore Tech Inc.（以下简称"群核科技"）日前已通过港交所聆讯并于3月 29日披露通过聆讯后的资料集，摩根大通和建银国际担任联席保荐人。 这意味着，群核科技即将正式成为"全球空间智能第一股"，亦将成为"杭州六小龙"中首家完成IPO里 程碑的科技企业。 成立于2011年的群核科技现已从一家云原生空间设计软件提供商逐步向空间智能服务提供商升级， 形成了"空间编辑工具-空间数据-空间大模型"三大核心布局且彼此相互促进，构建了一个正向循环 的飞轮体系。 卡位物理AI风口，构建空间智能基础设施 目前，群核科技旗下拥有中国最大的空间设计平台「酷家乐」及其海外版「Coohom」等软件产 品 ， 以 及 面 向 室 内 环 境 AI 开 发 的 新 一 代 空 间 智 能 解 决 方 案 —— 群 核 空 间 智 能 平 台 「SpatialVerse」，产品既适用于现实空间，也适用于具身人工智能训练和电子商务产品展示等虚 拟环境。 Spa ...

Core Viewpoint - The competition in artificial intelligence is extending from text and image generation to understanding the physical world, particularly evident in the home decoration industry, with AI technology significantly empowering the space design software sector [1] Group 1: Company Overview - Qunhe Technology, the parent company of CoolJia, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" if successful [1] - Qunhe Technology holds a 23.2% market share in China's space design software market, making it the largest provider according to Frost & Sullivan [1] - The company has expanded into embodied AI training and e-commerce product displays, targeting a broader general design and visualization software market [1] Group 2: Financial Performance - Qunhe Technology's revenue is projected to increase from 664 million RMB in 2023 to 755 million RMB in 2024, and further to 820 million RMB in 2025, representing growth rates of 13.8% and 8.6% respectively [4] - Subscription revenue from major clients is expected to rise from 257 million RMB in 2023 to 311 million RMB in 2024, and to 363 million RMB in 2025, driven by strong customer retention and high renewal rates [4] - Despite revenue growth, the company has reported net losses of 646 million RMB, 513 million RMB, and 428 million RMB from 2023 to 2025, totaling 1.587 billion RMB in cumulative losses [4] Group 3: Market Position and Strategy - The space design software market in China is projected to reach 6.6 billion RMB by 2029, with a compound annual growth rate of 14.9%, driven by cloud software and AI-assisted design [6] - The broader space intelligence market is expected to exceed 300 billion RMB by 2025, indicating significant growth potential in various sectors such as smart cities and transportation [6] - Qunhe Technology aims to transition from a "3D space software provider" to a "space intelligence service provider," positioning itself as a foundational technology provider in the AI era [6] Group 4: Product Development and Future Outlook - The company plans to launch several new products in 2025, including an AI intelligent design platform and a cloud-native industrial AI twin platform, to enhance its competitive edge [7] - However, the current scale of these new business initiatives is small, with revenue from the SpatialVerse solution generating only 5.2 million RMB from 16 clients, compared to total annual revenue exceeding 800 million RMB [7] - Qunhe Technology's IPO is seen as a critical opportunity to address its historical challenges of profitability and high debt while leveraging its strong market position and future growth narrative [7]

Core Insights - The AI video generation sector is experiencing a commercial breakthrough, with companies like Kuaishou and MiniMax reporting significant revenue growth, while traditional large language models face challenges in monetization [1][7] - LuxReal, an AI video generation application by Qunhe Technology, aims to differentiate itself by targeting overseas e-commerce and short drama markets, leveraging a unique 3D modeling approach to enhance video consistency [1][4] Group 1: Revenue and Market Performance - Kuaishou's AI video application, Keling, generated over 250 million RMB in revenue in Q2 2025, prompting the company to raise its annual revenue forecast [7] - MiniMax's AI video application, Hailuo, generated $17 million (approximately 120 million RMB) in the first three quarters of 2025, accounting for 32.6% of its total revenue [7] - MiniMax's stock surged 109% on its listing day, with a market capitalization exceeding 100 billion HKD [8] Group 2: Technological Innovations - LuxReal's competitive advantage stems from Qunhe Technology's extensive dataset of 500 million 3D structured scenes and 440 million product models, which supports spatial consistency in video generation [2] - The current mainstream AI video generation models primarily utilize a combination of diffusion models and Transformers to enhance consistency, but they struggle with maintaining physical correctness in dynamic scenes [2][3] Group 3: Challenges and Market Dynamics - Despite the revenue growth, user retention remains a significant challenge, with Hailuo's user retention rates dropping drastically over time [9] - The industry is witnessing a shift towards B2B markets, as companies like Qunhe Technology focus on clients with higher payment willingness and stringent quality requirements [9]

Core Insights - The article discusses the increasing influence of AI technology and the role of spatial intelligence in various industries, highlighting the efforts of Qunkong Technology in integrating 3D data with AI capabilities for applications in design, digital twins, robotics training, and content creation [1][3]. Product Matrix Development - Qunkong Technology has accelerated the release of new products, including the 3D AI content creation tool LuxReal, aimed at e-commerce professionals and filmmakers, which efficiently generates video content while maintaining spatial consistency [2]. - The company introduced several platforms, such as SpatialVerse for interactive training data, SpatialTwin for industrial AI applications, and an AI design platform on Cool Home, which has launched an overseas version targeting markets in South Korea, Thailand, and Europe [2]. Strategic Vision - CEO Chen Hang emphasized the importance of data in AI applications, noting the scarcity of real data in the spatial intelligence field and the company's development of a data "flywheel" over the past 14 years [3]. - Chairman Huang Xiaohuang stated that the company is focusing on building core capabilities and is open to external collaborations, indicating a commitment to long-term growth across various sectors [3]. Industrial Scene Exploration - At the World Internet Conference, Qunkong Technology unveiled the SpatialTwin platform, which aims to enhance digital twin systems in factories as more intelligent robots are integrated [4]. - The platform is designed to utilize high-density simulation computing power and facilitate real-time collaboration among participants, improving operational efficiency and reducing costs in industrial settings [5]. Expansion into Embodied Intelligence Market - Qunkong Technology is broadening its business scope from spatial design to content creation and embodied intelligence, positioning itself as a provider of spatial intelligence infrastructure [6]. - Collaborations with companies like Moxianfei and Digua Robot aim to innovate robot simulation training solutions, addressing the challenges posed by diverse hardware and data formats in the industry [6]. Future of Training Data - Huang Xiaohuang noted that some clients currently use a 9:1 ratio of simulation data to real data, with expectations that the reliance on digital training will increase as technology evolves [7]. - The company believes that spatial intelligence is crucial for the future development of the robotics industry, enabling robots to understand and operate effectively in the physical world [7].

Group 1 - The article discusses the challenges faced by the "Hangzhou Six Little Dragons," a group of prominent ToB unicorns in the SaaS industry, as they navigate the intersection of SaaS growth plateau and the excitement surrounding AI models by 2025 [2][3] - The Chinese SaaS industry is experiencing structural difficulties, including low willingness to pay, high customization demands, and growth saturation, as highlighted by the CEO of Qunke Technology, who questions the profitability of adding AI to an already unprofitable software sector [3][4] - The limitations of general AI models in understanding the physical world are emphasized, with a metaphor illustrating that current AI cannot accurately depict real-world objects, such as a watch, due to its reliance on internet data rather than physical mechanics [4][5] Group 2 - Qunke Technology aims to address the shortcomings of general models by utilizing its extensive database of 500 million 3D structured scene data to transition AI from "guessing the world" to "calculating the world" [5][6] - The company has launched LuxReal, a video generation tool that incorporates real physical attributes into its 3D models, ensuring that the generated videos adhere to physical laws, thus transforming AI video from a toy into a commercial tool [6][7] - Qunke Technology's broader ambition is to become a "water seller" in the robot era, with plans to shift from traditional subscription models to a hybrid model that includes "subscription + token/computing power" as robots will increasingly utilize their scene data for training [7][8] Group 3 - The chairman of Qunke Technology envisions a future where robots will play a significant role in daily life, suggesting that to achieve a high standard of living, reliance on robots will be essential, as they will need to perform physical tasks in the real world [9]

Core Viewpoint - Qunhe Technology has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 399 million yuan, a year-on-year increase of 9%, and turned a profit with an adjusted net profit of 17.83 million yuan [1]. - Revenue is projected to grow from 601 million yuan in 2022 to 664 million yuan in 2023, and further to 755 million yuan in 2024, driven by increased subscription revenue from major clients and an expanded customer base [1]. - The company reported net losses of 704 million yuan in 2022, 646 million yuan in 2023, and 513 million yuan in 2024 [1]. - Gross margins are expected to improve from 72.7% in 2022 to 82.1% in the first half of 2025 [1]. Business Strategy and Product Development - Qunhe Technology, founded in 2011, is transitioning to become a "space intelligence infrastructure provider" and has launched the Aholo space intelligence open platform and the new product LuxReal [3][4]. - The Aholo platform integrates core 3D capabilities and offers foundational capabilities such as space reconstruction, generation, understanding, and editing, allowing users to create high-fidelity 3D spaces from various inputs [4]. - The company has announced a strategic partnership with Huace Film & TV, focusing on virtual film set generation and film scene reconstruction [4]. New Product Launches - LuxReal, a new AI 3D content creation tool, utilizes the self-developed AI 3D generation model Lux3D and combines image and video generation models to efficiently create creative video content [6]. - LuxReal aims to enhance the practicality of AI-generated videos in sectors such as e-commerce, industrial design, and gaming, and is set to begin global internal testing in December [6].

Core Viewpoint - Qunhe Technology, the first IPO company among the "Six Little Dragons of Hangzhou," has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the "first global space intelligence stock" [1]. Financial Performance - In the first half of 2025, the company expects to achieve revenue of 399 million yuan, a year-on-year increase of 9%, and a net profit of 17.83 million yuan [1]. - Revenue is projected to grow from 601 million yuan in 2022 to 664 million yuan in 2023, and further to 755 million yuan in 2024, driven by increased subscription revenue from major clients and an expanding customer base [1]. - Net profit is expected to improve from losses of 704 million yuan in 2022, 646 million yuan in 2023, to 513 million yuan in 2024 [1]. - Gross margins are forecasted to rise from 72.7% in 2022 to 82.1% in the first half of 2025 [1]. Business Strategy and Product Development - Founded in 2011, Qunhe Technology is a provider of space design software, including "Cool Home," the overseas platform "Coohom," and the "SpatialVerse" platform [3]. - The company announced a strategic transformation to become a "space intelligence infrastructure provider" and launched the new space intelligence open platform Aholo and the product LuxReal [3]. - The Aholo platform integrates core 3D capabilities and is designed for various industries, allowing users to create high-fidelity 3D spaces using multi-modal inputs [3]. - The company emphasizes that space intelligence is the future direction of AI, and technology openness is a significant initiative [4]. Strategic Partnerships - Qunhe Technology has formed a strategic partnership with Huace Film & TV, a leading company in the A-share film industry, to collaborate on virtual film set generation and film scene reconstruction [4]. New Product Launches - The LuxReal product, based on the self-developed AI 3D generation model Lux3D, combines image and video generation models to create innovative video content efficiently [6]. - LuxReal aims to enhance the practicality of AI-generated videos in sectors such as e-commerce, industrial design, and gaming [6]. - The global internal testing for LuxReal has begun, with a formal launch expected in mid-December this year [6].

Core Insights - The article emphasizes the rapid development of artificial intelligence (AI) technology, presenting significant opportunities in the market [3]. Group 1: AI Developments and Company Initiatives - Qunhe Technology announced the launch of the Aholo Space Intelligence Open Platform, integrating 14 years of core capabilities in space reconstruction, generation, editing, and understanding [5]. - Wells Fargo's CEO Charlie Scharf highlighted that AI has the potential to significantly improve efficiency, with engineers' coding efficiency increasing by 30%-35% due to generative AI tools [6]. - Meta Platforms is reportedly delaying the release of its new AI model, codenamed "Avocado," to the first quarter of 2026 to ensure a successful launch [10]. Group 2: Market Trends and Investment Insights - Howard Marks from Oaktree Capital expressed concerns about the unpredictable demand for AI technology, labeling current investor behavior as speculative [7]. - Global funds are increasingly targeting Chinese tech stocks as a new battlefield for AI investments, with international capital recognizing China's unique industrial foundation and growth potential [8]. - Microsoft announced a new $23 billion investment plan in AI, primarily focused on India, marking its largest investment in Asia [14]. Group 3: Regulatory and Competitive Landscape - NVIDIA's H200 AI chip exports to China will face U.S. security reviews and complex approval processes, raising concerns about the implications for U.S. competitiveness in AI computing [11]. - The formation of the AI Agents Foundation (AAIF) by major companies aims to establish open-source technical standards for AI agents, ensuring that development is not dominated by any single company [13].

Core Viewpoint - Qunhe Technology is systematically opening its underlying spatial intelligence capabilities to accelerate the application of technology across various industries, transitioning from a 3D software provider to a spatial intelligence infrastructure provider [3][5]. Group 1: Aholo Spatial Intelligence Open Platform - The Aholo platform integrates 14 years of core capabilities in spatial reconstruction, generation, editing, and understanding, and will gradually open these as underlying models and tools for broader industry applications [5]. - The platform is currently in internal testing, allowing developers and enterprises to access capabilities via API or SDK, enabling the rapid construction of high-fidelity holographic 3D spaces [7]. - A strategic partnership was formed with Huace Film & TV to enhance the application of spatial intelligence technology in film content creation, aiming to improve production efficiency and artistic expression [7]. Group 2: LuxReal 3D AI Content Creation Tool - LuxReal, a 3D AI content creation tool developed by a young team at Qunhe, aims to enhance the "spatial consistency" of AI-generated videos [9][11]. - The tool utilizes Qunhe's self-developed AI 3D generation model, Lux3D, to create a 3D Agent system that ensures temporal and spatial consistency in video content generation [11]. - LuxReal addresses common issues in existing AI video generation technologies, such as object displacement and spatial logic confusion, thereby enhancing the usability of AI-generated videos in various fields [11]. Group 3: Spatial Intelligence Applications - Qunhe Technology has introduced 3D Gaussian technology into AI spatial training, significantly improving the realism and physical consistency of simulation environments [13]. - Collaborations with companies like Motphys and Digua Robotics aim to innovate robot simulation training solutions, addressing challenges in scene generalization and training efficiency [13]. - A partnership with PICO aims to create the world's largest interactive XR asset library, leveraging Qunhe's spatial data sets to support XR content production [13]. Group 4: Product Matrix Upgrades - Over the past year, Qunhe Technology has upgraded its product matrix to achieve deeper AI integration, exemplified by the launch of an AI intelligent design platform by CoolJia, which enhances design efficiency by 100 times [14]. - Collaborations with various embodied intelligence companies aim to expand the capabilities of the SpatialVerse platform, exploring new human-machine collaboration models in industrial settings [14].