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 Viewpoint - Manycore Tech Inc. (群核科技) is on track to become the "first global space intelligence stock" and aims to be the first among the "Hangzhou Six Little Dragons" to complete its IPO [3]. Group 1: Company Overview - Founded in 2011, Manycore Tech Inc. owns the largest space design platform "CoolJia" and its overseas version "Coohom," along with the next-generation space intelligence solution platform "SpatialVerse" [3]. - The company is focusing on space intelligence, emphasizing three core areas: space editing tools, space data, and space large models, creating a positive feedback loop [4]. Group 2: Technological Advancements - In early 2025, Manycore Tech open-sourced the spatial language model "SpatialLM," ranking among the top three on the HuggingFace model trend list alongside Deepseek V3 and Tongyi Qianwen Qwen2.5-Omni [5]. - The introduction of 3D Gaussian technology into AI space training aims to enhance the realism and physical consistency of simulation environments, bridging the gap between simulation and reality (Sim2Real) [5]. Group 3: Financial Performance - In the first half of 2025, 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 [6]. - The company turned profitable in the first half of 2025, reporting an adjusted net profit of 17.83 million yuan and an adjusted net profit margin of 4.5% [6]. Group 4: Strategic Partnerships - Manycore Tech has established strategic partnerships with leading companies across various industries, including Zhiyuan Robotics, Galaxy General, and PICO, positioning itself in the key space intelligence sector [5].

从英伟达离职，回到中国创业，又反向杀入黄仁勋的腹地，没有投资人不喜欢这样的故事。 典型代表是摩尔线程创始人张建中，他曾任英伟达全球副总裁、大中华区总经理，在2020年创立摩尔线程，也被称作"中国版英伟达"。2025年12月，摩尔 线程登陆科创板，市值一度超过3000亿元。 另一个代表是群核科技创始人黄晓煌。在美国攻读硕士研究生期间，黄晓煌曾加入英伟达任软件工程师，参与了CUDA开发。2011年，他从硅谷回到杭 州，与同学创立群核科技，其打造的"酷家乐"是中国最大的空间设计平台。但群核科技IPO的故事，要更为曲折。 2021年4月，群核科技在纳斯达克申请上市。那时候，一起排队的中国公司有30多家。但到了下半年，风云突变，群核也无奈撤回申请。 到了2025年2月，群核科技向港交所递表，摩根大通、建银国际为联席保荐人，又正值"杭州六小龙"声名鹊起。结果6个月内，申请未获批，招股书失效。 2025年8月22日，群核再次向港交所提交上市申请，目前仍在排队中。 云启资本创始管理合伙人毛丞宇在IDG时，主导了群核的第一轮机构投资，后来又持续加注。"杭州六小龙"火了之后，有一次他跟黄晓煌感叹，"运气和 命运还是蛮奇妙的。如果 ...

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 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].

Core Insights - Qunhe Technology, one of the "Six Little Dragons" of Hangzhou, aims to become a "water seller" in spatial intelligence, focusing on providing foundational capabilities for the technology to accelerate its application in the real world [1] - The company is transitioning from a 3D software provider to a spatial intelligence infrastructure provider, expanding its mission to assist intelligent agents like embodied intelligence and AIGC [1] Group 1: Aholo Spatial Intelligence Open Platform - Qunhe Technology launched the Aholo spatial intelligence open platform, integrating 14 years of core capabilities in spatial reconstruction, generation, editing, and understanding [2] - The platform is currently in internal testing, allowing developers and enterprises to access capabilities via API or SDK to create high-fidelity 3D spaces [2] - A strategic partnership was formed with Huace Film & TV to enhance the application of spatial intelligence in film content creation and production [2] Group 2: LuxReal 3D AI Content Creation Tool - The LuxReal tool, based on Qunhe's AI 3D generation model Lux3D, aims to create the first 3D Agent system by integrating 3D rendering and video enhancement [3] - The tool addresses the current limitations of AI video generation, enhancing its applicability in e-commerce, industrial design, and gaming [3] - Global internal testing for LuxReal is set to begin in mid-December [3] Group 3: Collaborations and Innovations - Qunhe Technology is leveraging its spatial data advantages to collaborate with Motphys and Digua Robotics on innovative solutions for robot simulation training [4] - A partnership with XR platform PICO aims to create the largest interactive XR asset library, enhancing content production for developers and enterprises [5] - The company has upgraded its product matrix, including the launch of an AI design platform that significantly improves efficiency in space design [5] Group 4: Financial and Market Position - Qunhe Technology is progressing with its IPO on the Hong Kong Stock Exchange, aiming to become the first global spatial intelligence stock [5] - The company reported an adjusted net profit of 17.83 million yuan for the first half of 2025, indicating a turnaround from previous losses [5] - Qunhe has attracted investments from several prominent firms, including IDG Capital and Hillhouse Capital [5]

Core Viewpoint - Qunhe Technology aims to become a "water seller" in spatial intelligence, focusing on providing foundational capabilities to accelerate the application of technology in the three-dimensional world [3][5]. Group 1: Company Strategy and Vision - Qunhe Technology is transitioning from a 3D spatial software provider to a spatial intelligence infrastructure provider, expanding its mission to assist intelligent agents like embodied intelligence and AIGC [3]. - The company emphasizes the need for foundational technology providers to facilitate the transition of spatial intelligence from experimental technology to large-scale industrial applications [5]. Group 2: Product Launches and Collaborations - The Aholo Spatial Intelligence Open Platform was launched, integrating 14 years of core capabilities in spatial reconstruction, generation, editing, and understanding, and will gradually open these capabilities to empower broader industry applications [5]. - A strategic partnership was formed with Huace Film & TV to advance the application of spatial intelligence technology in film content creation and production [5]. Group 3: Technological Innovations - Qunhe Technology introduced LuxReal, a 3D AI content creation tool that combines AI 3D generation models with image and video generation, creating the industry's first 3D Agent system [6]. - The company is leveraging its spatial data advantages to enhance AI training in real-world applications, addressing challenges in robot simulation training through collaborations with Motphys and Digua Robotics [9]. Group 4: Market Position and Financial Outlook - Qunhe Technology aims to become the "first global stock in spatial intelligence" and has updated its prospectus to continue its listing process on the Hong Kong Stock Exchange, projecting a turnaround to profitability with an adjusted net profit of 17.83 million yuan in the first half of 2025 [10].