比宇树、DeepSeek先上岸的前英伟达工程师，干出空间智能第一股？

凤凰网科技04-16

摘要：作为“杭州六小龙”之一，群核科技即将登陆港股，靠B端订阅跑出5700万的调整净利润后，成了比宇树科技还先上岸的那一个。凤凰网科技《风眼观察》出品作者｜路春锋编辑｜董雨晴比DeepSeek、宇树跑的都快过去两年，AI行业的主旋律只有一个：烧钱。无论是大模型公司，还是各类AI应用，几乎都停留在“用户增长”与“商业变现”之间的拉锯。当所有AI公司都在烧钱时，谁先找到了赚钱的路径？答案不是大模型公司...

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intelligence?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/6df0f6c09c6998f64a197e2d1711bf37","symbols_score_info":{"91183":1.95,"NVDB":0.6,"NVII":0.6,"NVDS.UK":0.6,"3NVD.UK":0.6,"NVDY":0.6,"MSFT":0.6,"GOOG":0.6,"NVDG":0.6,"NVDQ":0.6,"NVDS":0.6,"NVDO":0.6,"META":0.6,"TSLA":0.6,"NVDX":0.6,"AMZN":0.6,"NVDU":0.6,"NVDW":0.6,"NVD3.UK":0.6,"DIPS":0.6,"NVD":0.6,"SNVD.UK":0.6,"2NVD.UK":0.6,"NVIW.SI":0.6,"NVDL":0.6,"NVD2.UK":0.6,"ANV":0.6,"NVDD":0.6,"AAPL":0.6},"content_text":"摘要：作为“杭州六小龙”之一，群核科技即将登陆港股，靠B端订阅跑出5700万的调整净利润后，成了比宇树科技还先上岸的那一个。凤凰网科技《风眼观察》出品作者｜路春锋编辑｜董雨晴比DeepSeek、宇树跑的都快过去两年，AI行业的主旋律只有一个：烧钱。无论是大模型公司，还是各类AI应用，几乎都停留在“用户增长”与“商业变现”之间的拉锯。当所有AI公司都在烧钱时，谁先找到了赚钱的路径？答案不是大模型公司，也不是聊天机器人，而是一家看起来“最不像AI公司”的企业：群核科技。这家和DeepSeek、宇树科技并称“杭州六小龙”的公司，在历经了美股折戟、港股两度失效后，终于将在4月17日正式登陆港股。相比一众仍在亏损中的AI公司，它的财务表现显得有些“反常”：已经实现盈利，2025年经调整净利润约5712.7万元、毛利率达82.2%。其核心产品——酷家乐和Coohom，本质上是3D室内设计软件：基于云渲染技术，10秒生成高清效果图、5分钟输出整套装修方案及报价清单，直接将原本高度依赖人工经验的设计流程给标准化、自动化。当前，地产行业承压，家装需求下降，一大堆家装企业经营陷入困境。昔日的龙头“东易日盛”如今已资不抵债、曾颇受资本追捧的“住范儿”资金链断裂，公司停摆、家居卖场的绝对龙头“居然之家”在董事长汪林朋离世后风雨飘摇，但群核科技已在过去几年全力以赴“去地产化”。这种转型，首先体现在客户结构上。早期，其主要服务对象是装修公司和设计师，收入逻辑直接绑定“装修需求”。据招股书，近几年客户逐步扩展至家具品牌商、建材厂商、电商平台乃至跨境卖家。换句话说，它服务的对象，从“帮人装修房子的人”，转向了“需要卖商品的人”。对应的，使用场景也发生了变化。酷家乐/Coohom不再只是设计工具，而成为商品展示与转化工具：家具品牌可以用它快速生成不同风格的空间搭配图，电商商家可以批量生成高质量商品场景图，用于线上展示、广告投放甚至个性化推荐。这类能力，本质上是在替代传统摄影棚、建模团队和后期制作流程。图源｜酷家乐网站如果沿着这一路径继续演进，酷家乐的理想变现方式，不只是靠收软件订阅费，还可能向下延伸至按渲染次数、算力消耗、素材生成量等付费，或者向企业客户提供定制化解决方案收费。但从结果看，虽然使用场景已经外溢，但收入结构并没有同步改变。数据显示，群核科技目前仍高度依赖订阅收入：2023年～2025年，该部分占比连续三年超过96%；专业服务收入始终停留在千万元级别，难以形成有效补充。也就是说，它的能力确实从“服务装修”转向了“服务商品展示”，但商业模式并未发生根本切换，而是把原有的订阅模式，嫁接到了一个更大的需求场景里。为什么是群核科技先赚到钱？很多人会疑惑，在一众风头更盛的AI明星企业里，为什么偏偏是这家看上去更像“家装SaaS”的公司，率先跑出了盈利数据？你可能觉得做家装3D渲染没有壁垒，但真实情况是，群核有一批聪明的大脑。其官网信息显示，群核的创始团队成员毕业于浙江大学、清华大学、美国伊利诺伊大学厄巴纳-香槟分校（UIUC）等顶尖学府。在创立群核科技之前，联合创始人黄晓煌、陈航及朱皓曾就职于英伟达、微软、亚马逊以及美国国家超级计算应用中心等全球知名的企业和研究机构。黄晓煌曾深度参与英伟达CUDA软件研发，长期专注于计算机视图形学、高性能计算等前沿研究。2011年，其卖掉英伟达的股票回国创业，以至于后来总被圈里人问：“如果不卖掉英伟达股票，和现在创立群核科技的回报对比，哪个更值钱？”黄晓煌后来在朋友圈巧妙回应，他说，“我觉得，从GPU高性能计算到今天具身智能训练，创业一路受到Nvidia和老黄思想的影响是毕生财富，谈钱就没意思了。”只是群核在创立的最初时间里，一直苦于找不到合适应用场景，他们拿着锤子找钉子，这批工程师四处碰壁。直到酷家乐出现，在握住家装的硬性需求后，他们才有了稳定的收入。招股书显示，2023年～2025年，群核营收由6.64亿元增至8.2亿元，毛利率则由76.8%提升至82.2%。在此基础上，年内亏损逐步收窄，2025年原亏损2.07亿元，经调整后净利润为5712.7万元。图源｜群核科技4月9日递交的招股书群核能赚到钱，是它踩中了可落地、可付费的真实需求。酷家乐能为家居品牌、电商卖家、建材厂商等客户，提供方案设计与商品场景展示服务，本质是提升销售转化、降低拍摄与建模成本的工具型产品，客户付费意愿明确。虽然国内地产筑底，家装行业并不景气，但凭借“大客户的订阅收入贡献增加，以及客户群体的扩大”，收入在2024年的基础上增长了8.6%。招股书显示，来自大客户的订阅收入在2023年时约2.58亿元，2024年增长20.9%至3.11亿元，去年进一步增长16.6%至3.63亿元。“主要受强劲的客户留存率及高续约率推动，同时在加强销售及营销工作的支持下推出新功能，鼓励客户升级账户。”关于这部分收入增加的原因，群核解释道。另外，海外的家装市场的盈利空间也普遍优于国内，群核旗下的Coohom业务已覆盖韩国、东南亚、美国及印度等市场，根据招股书披露，2025年其海外市场合计贡献了约9%的营业收入。这在一定程度对冲了国内的行业压力，也让收入盘子更稳。但近几年房地产的潮落对群核仍旧是巨大的利空，一旦上市，群核面临着严峻的经营挑战，它该如何给投资者讲出新故事？2024年11月时，群核推出了空间智能训练平台SpatialVerse，为机器人提供合成训练数据。2025年年末，群核又推进了空间智能开放平台Aholo。种种动作不难看出，群核瞄准了英伟达关切的腹地，物理AI。相比于大语言模型有transformer这样的架构基础，火热的世界模型仍处于范式的探索期，也注定是一个需要大量聪明大脑共创的时期。这对于群核而言，属于极其难而正确的事情。之前，在AR\\VR热潮火热时，这个赛道曾是群核找到的新钉子，但行业很快也湮没，空间智能对当前的群核而言极度顺理成章，只是这一次，会有不一样的结果吗？","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"CCBot/2.0 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