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 company, Qunke Technology, is transitioning to become a "space intelligence infrastructure provider" and has launched a new open platform called Aholo and a new product named LuxReal [1][2] Group 1: Strategic Shift - Qunke Technology announced its strategic shift at the 2025 Cool+ Conference, focusing on providing practical space intelligence capabilities rather than just home decoration [1] - The CEO emphasized the company's goal to be a "water seller" in the three-dimensional space domain, indicating a broader vision beyond initial offerings [1] Group 2: Aholo Platform - The Aholo platform integrates Qunke's core 3D capabilities and is currently in internal testing, allowing users to create high-fidelity holographic 3D spaces using various input methods [2] - The platform targets multiple industries, including space design, XR, short films, cultural heritage protection, industrial digital twins, and robotic simulation training [2] - Qunke Technology has formed a strategic partnership with Huace Film & TV, a leading company in the A-share film industry, to collaborate on virtual film production and scene reconstruction [2] Group 3: LuxReal Product - LuxReal, a new AI content creation tool, was introduced, utilizing Qunke's self-developed AI 3D generation model Lux3D to efficiently produce creative video content [3] - The product aims to enhance the practicality of AI-generated videos in sectors such as e-commerce, industrial design, and gaming [3] - LuxReal is set to begin global internal testing in mid-December [3] Group 4: Financial Performance - In the first half of 2025, Qunke Technology reported revenue of 399 million yuan, a 9% year-on-year increase, and achieved a net profit of 17.83 million yuan [4] - The company's revenue is projected to grow from 601 million yuan in 2022 to 755 million yuan in 2024, driven by increased subscription revenue from major clients [4] - Despite previous losses, the company is on a path to profitability, with net losses decreasing from 704 million yuan in 2022 to 513 million yuan in 2024 [4] Group 5: Investment Background - Since its establishment, Qunke Technology has attracted investments from several prominent firms, including IDG Capital, GGV Capital, and Hillhouse Capital [5]

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].

Core Insights - The article discusses the launch of SpatialTwin, a cloud-native industrial AI digital twin platform by Qunhe Technology, which was introduced at the 2025 World Internet Conference and recognized as one of the top ten debut achievements [3][5]. Group 1: Product Overview - SpatialTwin is the world's first cloud-native digital twin platform designed for industrial embodied intelligence, capable of real-time simulation of dynamic industrial environments and supporting large-scale operations of intelligent agents [5]. - The platform integrates Qunhe's self-developed spatial large model with digital twin, AI, and real-time rendering technologies, creating a comprehensive service system that covers factory design, simulation verification, smart operation, and training for embodied robots [5][7]. Group 2: Technological Innovations - SpatialTwin's key innovation lies in its cloud-native architecture, which allows for "zero deployment," enabling on-demand access to high-density simulation computing power and facilitating seamless information sharing among all participants [5][7]. - The platform supports the integration of heterogeneous data sources and can quickly reconstruct 3D scenes, providing a more adaptable industrial space for human-machine collaboration in the era of embodied intelligence [7]. Group 3: Operational Efficiency - Unlike traditional digital twin technologies that focus on monitoring and analysis, SpatialTwin allows factory operators to monitor equipment and robot statuses in real-time, accurately predict production trends, and simulate real operational processes, significantly reducing trial-and-error costs during actual production [7][8]. Group 4: Strategic Partnerships - Qunhe Technology has signed strategic cooperation agreements with Hangcha Group and Stande Robotics to deepen collaboration in the field of industrial embodied intelligence [8][9]. - The partnership with Hangcha Group aims to enhance smart logistics solutions, reducing factory design cycles from one week to two hours, showcasing significant efficiency improvements [9]. - The collaboration with Stande Robotics focuses on integrating their intelligent collaborative systems with SpatialTwin, promoting the large-scale application of industrial embodied intelligence [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 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].