Qiming Venture Partners Weekly | Portfolio News and Updates Vol. 32, 2025

Editor's Note: The "Qiming Weekly" column is published regularly every week, rounding up financing news and development updates from Qiming Venture Partners' portfolio companies.

In the wave of technology and innovation, every step entrepreneurs take deserves to be recorded. Qiming Venture Partners will continue to accelerate and empower entrepreneurs, and we invite you to join us in marking the milestone moments of our portfolio companies.

Major Partnerships

01/

Infini Capital and UBTECH Enter Strategic Partnership

Recently, Qiming Venture Partners portfolio company UBTECH (09880.HK) formally signed a $1 billion strategic partnership agreement with Infini Capital. The collaboration will focus on two areas: capital support and industrial synergy.

Under the agreement, Infini Capital's high-tech fund will provide UBTECH with a total of $1 billion in strategic financing credit, including participation in placements, convertible bond subscriptions, and cash drawing rights — notably granting UBTECH a rapid financing channel for up to $1 billion in cash drawing rights when needed, which will significantly enhance UBTECH's capacity for major industrial layout.

In addition, leveraging their respective strengths, the two parties have reached multiple industrial strategic cooperation agreements: they will jointly invest in the upstream and downstream industrial chain of humanoid robots to help UBTECH build an ecosystem; Infini Capital will draw on its previously invested AI and robotics companies to help UBTECH develop more capable, lower-cost humanoid robots; and they will assist UBTECH in expanding into the Middle East market by establishing a joint venture there, with plans to build a mega-factory, R&D center, and regional headquarters in the Middle East, jointly advancing Chinese humanoid robots on the global stage.

02/

Ford Bronco Sport Equipped with Hesai Technology LiDAR Debuts at Chengdu International Auto Show

The Ford Bronco Sport, recently unveiled at the Chengdu International Auto Show, is equipped with over 30 sensors including LiDAR from Qiming Venture Partners portfolio company Hesai Technology (NASDAQ: HSAI). It supports both highway NOA (Navigate on Autopilot) and urban NOA, applicable to highway self-driving and urban commuting scenarios.

Going forward, Hesai Technology will continue to deepen its partnership with the Ford brand, bringing more outstanding and exciting outdoor lifestyle experiences to consumers in China and worldwide.

03/

Transwarp Technology Enters Strategic Partnership with HKBN Enterprise Solutions

Recently, Qiming Venture Partners portfolio company Transwarp Technology (688031.SH) entered a strategic partnership with HKBN Enterprise Solutions, becoming the first network operator in Hong Kong to formally sell Transwarp's one-stop data and AI solutions. Transwarp Technology has also joined HKBN's Innovation and Technology Ecosystem Alliance (iTEA) to jointly promote digital and intelligent transformation among Hong Kong enterprises.

This partnership will provide Greater Bay Area enterprises with leading data and AI technology solutions, including: ArgoDB, a unified multi-model database that effectively integrates data from various sources and formats with real-time analytics capabilities, solving enterprise data fragmentation and management challenges; the Sophon AI platform, which supports one-stop AI development from data preparation and knowledge integration to model deployment through machine learning and large-scale model management, accelerating enterprise AI adoption; a knowledge platform that leverages large model technology to integrate enterprise data, supporting intelligent Q&A, knowledge retrieval, and automated document generation to enhance team collaboration efficiency; and a data cloud platform that flexibly delivers data and AI services through cloud-native technology, supporting hybrid cloud architecture to meet enterprises' dual needs for rapid deployment and security compliance.

04/

Houmo AI's Houmo Manjie® M50 Chip Completes Deep Adaptation with Kylin Operating System V11

Recently, Qiming Venture Partners portfolio company Houmo AI announced that its Houmo Manjie® M50 chip has completed deep adaptation with Kylin Operating System V11.

The two parties have achieved notable results in edge intelligent computing with their AI-powered solutions for document writing, meeting assistance, and code writing/intelligent office applications. The AI document writing solution supports batch upload of multiple documents and intelligent generation of standardized documents, with full-process private deployment ensuring data security. The AI meeting assistant solution enables real-time voice transcription, speaker identification, multi-language real-time translation, and local data processing, safeguarding information privacy. The AI code writing/intelligent office solution covers full-scenario R&D and office needs, featuring high cost-performance and out-of-the-box deployment, providing secure and trustworthy support for industry digital transformation.

05/

Deepwise Future and Leica Biosystems Enter Strategic Partnership

At the 30th National Pathology Academic Conference and 14th China Pathology Annual Meeting, Qiming Venture Partners portfolio company Deepwise Future entered a strategic partnership with Leica Biosystems.

The two parties will focus on comprehensive digital and intelligent pathology workflow construction, driving deep integration of pathology equipment with artificial intelligence to jointly lead the pathology industry toward a new future of efficiency, precision, and intelligent development. This partnership not only responds to the overall requirements of the "China Precision Medicine Initiative," but also aims to advance the field of precision cancer medicine in China and comprehensively improve cancer diagnosis and treatment standards.

06/

Shulan Health Partners with Shukun Technology and Huazhuo Technology to Build a New Benchmark for AI-Powered Future Hospitals

At the 2025 Digital Medicine and Health Conference (DMHC), three Qiming Venture Partners portfolio companies — Shulan Health, Shukun Technology, and Huazhuo Technology — formally signed a strategic partnership agreement. Centered on the theme of "Joining Hands to Build the Next Generation of AI-Native Hospitals," this tripartite cooperation aims to integrate the resources and technological strengths of all three parties to jointly enhance healthcare service quality and efficiency, and drive the digital and intelligent transformation of the medical industry.

The three parties will focus on long-term, in-depth collaboration across three major areas: healthcare IT, medical AI, and medical imaging. Beyond advancing deep integration in AI-powered digital diagnosis and treatment system development, smart healthcare service platform construction, and related applications, they will also explore jointly building a SaaS-based cloud imaging public service platform.

07/

Sinovision Partners with Multiple Universities to Build a New Industry-Academia-Research Ecosystem

Recently, Qiming Venture Partners portfolio company Sinovision established deep partnerships with Zhejiang University, Yangzhou University, Northwest A&F University, and other institutions.

In its collaborations with Zhejiang University and Yangzhou University, Sinovision is supporting cutting-edge research that enabled China's first multi-site joint cardiac scans in animals. The partners used Sinovision's PetcareCT 128, equipped with RTF deep learning algorithms, which automatically corrects motion artifacts and intelligently captures optimal phases — delivering high-definition imaging even with abnormal heart rhythms like premature beats, providing strong technical support for cardiovascular disease research in animals.

The College of Veterinary Medicine at Northwest A&F University has actively introduced Sinovision's Petcare CT equipment, using this as an opportunity to improve its veterinary imaging talent development system and deepen industry-academia-research collaboration. The college conducts research around animal disease prevention and control and human health protection, and Petcare CT's high technical specifications provide critical support for the college's bid to achieve "Double First-Class" status.

R&D Progress

01/

Gan & Lee Pharmaceuticals' Innovative Dual Insulin Analog GZR101 Injection: Preclinical Research Published in International Academic Journal

Recently, Qiming Venture Partners portfolio company Gan & Lee Pharmaceuticals (603087.SH) announced that preclinical research results for its self-developed Class 1 innovative drug, the dual insulin analog GZR101 injection, have been formally published in an authoritative pharmacology journal.

Preclinical results showed that GZR101 injection has favorable pharmacokinetic (PK) and pharmacodynamic (PD) characteristics. In Type 1 diabetes (T1DM) and Type 2 diabetes (T2DM) animal models, it demonstrated superior glucose-lowering efficacy compared to the currently only globally marketed comparable product, insulin degludec/insulin aspart injection (Ryzodeg®), laying a scientific foundation for further clinical studies in diabetic patients.

02/

Bioray Laboratories' Universal CAR-T Cell Product CTD402 Receives FDA Rare Pediatric Disease Designation

Recently, Qiming Venture Partners portfolio company Bioray Laboratories announced that the U.S. Food and Drug Administration (FDA) has granted Rare Pediatric Disease Designation (RPDD) to its investigational universal CAR-T cell product CTD402 for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia and lymphoblastic lymphoma (R/R T-ALL/LBL).

CTD402 is a CD7-targeting UCAR-T cell therapy product derived from healthy donors for the treatment of T-ALL/LBL and other T-lineage hematological malignancies. Through genetic modification, the product avoids fratricide, graft-versus-host disease (GvHD), and host-versus-graft rejection (HvG) while enhancing anti-tumor activity. CTD402 enables single-batch production for multi-patient use, providing an "off-the-shelf" solution for patients requiring CAR-T cell therapy.

Product Launches

01/

StepFun Releases End-to-End Voice Large Model Step-Audio 2 mini

Recently, Qiming Venture Partners portfolio company StepFun officially released Step-Audio 2 mini, its most powerful open-source end-to-end voice large model, which achieved SOTA (State-of-The-Art) results on multiple international benchmark datasets. At the technical level, Step-Audio 2 mini adopts a true end-to-end multimodal architecture that unifies speech understanding, audio reasoning, and generation in a single model — delivering lower latency, faster output, and more precise understanding of paralinguistic information, non-human sounds, and other speech elements, significantly improving the efficiency and intelligence ceiling of voice human-computer interaction. Step-Audio 2 mini is now available for download and hands-on experience on GitHub, Hugging Face, and other platforms.

According to evaluations, this model delivers outstanding performance in audio understanding, speech recognition, cross-lingual translation, emotion and paralanguage parsing, and other tasks. Its comprehensive performance surpasses all open-source end-to-end voice models including Qwen-Omni and Moonshot AI-Audio, and exceeds GPT-4o-audio on most tasks.

As voice interaction becomes the primary mode of human-computer interaction, intelligent terminal devices place higher demands on voice models' IQ and EQ. Step-Audio 2 mini is the first to introduce audio reasoning capabilities, enabling fine-grained understanding, reasoning, and natural response to paralinguistic and non-speech signals such as emotion, tone, and music — allowing AI to understand the "subtext" in human communication. At the same time, the model is the first to support voice-native Tool Calling capabilities, enabling operations such as web search, effectively addressing model hallucination issues and giving voice models the same powerful knowledge reserves and reasoning capabilities as text models.

02/

Infinigence AI, Tsinghua University, and Beijing Zhongguancun Academy Jointly Launch Large-Scale Reinforcement Learning Framework RLinf

Recently, Qiming Venture Partners portfolio company Infinigence AI, in collaboration with Tsinghua University and Beijing Zhongguancun Academy, introduced RLinf — a flexible, scalable large-scale reinforcement learning framework for Embodied Artificial Intelligence.

The "inf" in RLinf represents not only "infrastructure" for Reinforcement Learning (RL), but also "infinite scaling," reflecting the framework's extremely flexible system design philosophy. RLinf's system can be abstracted into six layers: user layer (unified programming interface), task layer (multi-backend integration), execution layer (flexible execution modes), scheduling layer (automated scheduling), communication layer (adaptive communication), and hardware layer (heterogeneous hardware). Compared to the separated execution modes of other frameworks, RLinf's proposed hybrid execution mode achieves over 120% system speedup in Embodied Artificial Intelligence training scenarios, with VLA model improvements of 40%-60%. Meanwhile, RLinf's highly flexible, scalable design enables rapid application to other tasks — its trained 1.5B and 7B mathematical reasoning large models achieved SOTA on the AIME24, AIME25, and GPQA-diamond datasets.

03/

Berry Genomics' NovaSeq™ 6000Dx-CN-BG Gene Sequencer Receives Medical Device Registration Certificate

Recently, Qiming Venture Partners portfolio company Berry Genomics (000710.SZ) officially received Class III medical device registration approval (National Medical Products Administration Registration No. 20253221734) from China's National Medical Products Administration (NMPA) for its NovaSeq™ 6000Dx-CN-BG gene sequencer. This milestone marks a breakthrough in Berry Genomics' full-industry-chain layout for gene sequencing, and demonstrates substantial progress for domestic sequencing platforms in core performance and clinical applications.

The newly approved NovaSeq™ 6000Dx-CN-BG sequencer, combined with the GENOisi™ intelligent agent, will significantly enhance service capabilities and efficiency at grassroots medical institutions in complex genetic testing scenarios such as newborn disease screening and genetic disorder diagnosis, injecting strong momentum into the technological upgrade of clinical genetic testing and the development of precision medicine in China.

Technology

01/

WeRide Releases Single-Stack End-to-End ADAS Solution

Mass Production Expected in 2025

Recently, Qiming Venture Partners portfolio company WeRide (NASDAQ: WRD) officially launched its single-stack end-to-end advanced driver-assistance solution developed in partnership with Bosch — "WePilot AiDrive" — just six months after the two companies' two-stack end-to-end solution entered mass production. WePilot AiDrive has completed core function verification and is expected to enter mass production in 2025, helping propel the global ADAS industry toward more intelligent, efficient, and universally accessible large-scale deployment.

WeRide's WePilot AiDrive balances safety, comfort, and efficiency across all types of complex road conditions. It capably handles dense traffic with decisive and accurate lane changes, unplanned detours through construction zones, unprotected intersection turns, mixed pedestrian-vehicle avoidance, large-curvature bends, instant following and starting from standstill, and complex interactions with pedestrians, oncoming vehicles, and roadside obstacles in narrow urban village roads.

02/

WeRide Partners with Shenzhen Bus Group

to Launch B888 Autonomous Bus Route

Recently, Qiming Venture Partners portfolio company WeRide (NASDAQ: WRD) announced its partnership with Shenzhen Bus Group to officially launch Shenzhen's first L4 autonomous bus operation route — B888 (hereinafter "B888 New Route") — in Luohu District. This is also Shenzhen's first autonomous minibus project operating in a bustling downtown area.

As Shenzhen's first L4 autonomous bus route passing through a busy CBD, the B888 New Route faces an extremely complex traffic environment. Achieving safe and efficient operation amid dense motor vehicle, non-motor vehicle, and pedestrian traffic represents a high-caliber demonstration of WeRide's autonomous driving technology. The WeRide Robobus integrates more than 20 sensors including LiDAR and high-definition cameras, enabling 360-degree coverage with perception range up to 200 meters. It can accurately identify lane markings and traffic signs, precisely detect traffic light states, handle special scenarios such as occluded, flickering, or newly added traffic lights, and strictly obey traffic regulations.

03/

Galaxy Universal Releases Embodied Foundation Model and Open-Source Synthetic Dataset

At the 2025 International Big Data Expo, Qiming Venture Partners portfolio company Galaxy Universal released a high-quality synthetic dataset-driven embodied foundation model and open-source synthetic dataset. Through self-developed simulation data technology, Galaxy Universal is accelerating the development of embodied intelligence foundation models and the commercial application of humanoid robots. To jointly promote the value release of high-quality datasets and drive their construction and application, the company is actively contributing industry-level efforts.

He Wang, assistant professor at Peking University and founder and CTO of Galaxy Universal, was invited to deliver a speech and announced on behalf of Galaxy Universal the open-source release of DexonomySim — the world's first large-scale synthetic dataset for dexterous hand functional grasping. These national-level achievements and the data open-source release not only showcase Galaxy Universal's frontier exploration and industry leadership in embodied intelligence, but also mark its research outcomes ascending to become important demonstrative practice.

04/

Jiangling Technology Completes Shipment of Third-Generation OCD Metrology System OM80

Recently, Qiming Venture Partners portfolio company Jiangling Technology announced the completion of shipment for its third-generation Optical Critical Dimension (OCD) metrology system, the OM80.

The OM80 is China's most advanced domestic OCD metrology equipment. Powered by a dual-engine architecture of "full-band (190-1700nm) Full Mueller Matrix + EXSTRUCT® AI Model," it enables ultimate OCD metrology for the most advanced semiconductor processes, successfully addressing measurement challenges in high-end memory processes such as ultra-high-density 3D structures. The OM80 demonstrates higher precision and stronger stability, injecting new momentum into high-end memory processes.

05/

DeepWay Launches Intelligent Platooning Cargo Tests and Operations with Forward-Designed New Energy Heavy Trucks

Recently, Qiming Venture Partners portfolio company DeepWay partnered with Guangxi Gewu Smart Technology Co., Ltd. and Guangxi Chaokupao Logistics Co., Ltd. to complete Guangxi's first intelligent platooning cargo test and operation, successfully completing full-route platoon transport on the Shangsi–Fangchenggang highway section and safely arriving at the destination for delivery.

Unlike the model of "traditional OEM vehicles + autonomous driving company platooning technology," DeepWay is also the industry's first company to conduct intelligent platooning tests and operations on its own forward-designed mass-production vehicles. More breakthrough still, DeepWay broke from the testing approach where companies source their own cargo and routes, deploying platooning tests and operations in customers' real transport scenarios for the first time, with all transport tasks derived from customers' daily business needs.

Awards & Recognition

01/

Multiple Qiming Venture Partners Portfolio Companies Selected for 2024-2025 China Technology Industry Investment Rankings

Recently, Jazzyear released its 2024-2025 China Technology Industry Investment Rankings, an awards program recognizing outstanding investment institutions, investors, and science and technology enterprises that have made significant contributions to China's technology industry development.

Qiming Venture Partners portfolio companies StepFun, Shengshu Technology, Infinigence AI, Tashi Zhihang, Galaxy Universal, SINICUE Industrial, BioLink, Jieti Medical, Shize Biotech, Ze'an Biopharmaceutical, and Lattice Power were selected for the Most Investable Enterprises list.

02/

Multiple Qiming Venture Partners Portfolio Companies Named to 2025

9th Annual Healthcare Investment Excellence Awards

Recently, HaoYue Capital officially released the 2025 9th Annual Healthcare Investment Excellence Awards. Since its inaugural edition in 2017, the Healthcare Investment Excellence Awards have served as an important barometer for assessing enterprise market value and institutional brand influence in the healthcare investment industry, honoring investment institutions, investors, and healthcare enterprises with outstanding annual performance and distinguished contributions.

This year's awards include categories for investment institutions and enterprises. Among Qiming Venture Partners portfolio companies, TichemBio was named Best Innovative Pharmaceutical Enterprise, while Dingke Medical, Jieti Medical, Jingyu Medical, RuiNing Biotech, and Wushuang Medical were recognized as Best Innovative Medical Device Enterprises. LaNova Medicines was also selected for the Healthcare Product BD Collaboration list.

03/

WeRide Named to 2025

Wealth China Tech 50

Recently, the 2025 Wealth China Tech 50 was unveiled. The list seeks out companies born in China that are shaping the world — their success lies not only in specific technologies and products, but in the innovative spirit and global vision they represent. Qiming Venture Partners portfolio company WeRide (NASDAQ: WRD) was named to the list.

Wealth (Chinese edition) noted that autonomous driving technology has reached a critical stage, and WeRide is accelerating forward. It is the only technology company in the world whose products hold autonomous driving permits in six countries: China, the United States, the UAE, Singapore, France, and Saudi Arabia. The company currently conducts autonomous driving R&D, testing, and operations in 30 cities across 10 countries. In October 2024, WeRide listed on Nasdaq, becoming the "world's first general-purpose autonomous driving stock" and the "world's first Robotaxi stock." WeRide's technology applications span smart mobility, smart logistics, and smart sanitation, having entered the commercial operations phase. With extensive practical experience at home and abroad, the company has established strategic partnerships with multiple global top-tier OEMs and Tier 1 suppliers.

04/

GenEdit Selected for Forbes Asia

100 To Watch 2025

Recently, Forbes Asia officially released the Forbes Asia 100 To Watch 2025 list, with Qiming Venture Partners portfolio company GenEdit recognized as a representative biotechnology enterprise.

The 2025 list focuses on nearly a thousand candidate enterprises across 16 countries and regions in Asia, spanning ten cutting-edge sectors including biotechnology, artificial intelligence, and new energy. Final selections were made through comprehensive evaluation of regional and industry influence, business model innovation, technological breakthroughs, revenue growth, and fundraising capabilities. The list serves not only as a barometer for Asia-Pacific's entrepreneurial ecosystem but is regarded as an important global reference for technology and business trends due to its track record of identifying unicorns and industry trends.

Past Highlights

Qiming Weekly | Qiming Venture Partners Portfolio Company Financing and Updates Vol. 31, 2025 Qiming Honors | Qiming Venture Partners and Multiple Portfolio Companies Named to 2024-2025 China Technology Industry Investment Rankings

Qiming Honors | Qiming Venture Partners and Principal Shuo Mao Named to 2025 H1 Pioneer Rankings

Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early and growth-stage companies in Technology and Healthcare.

To date, Qiming Venture Partners has invested in over 580 high-growth innovative enterprises, of which more than 210 have listed on the New York Stock Exchange, Nasdaq, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.

Many Qiming Venture Partners portfolio companies have grown into the most influential companies in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), UBTECH (09880.HK), WeRide (NASDAQ: WRD), Insta360 (688775.SH), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ: ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ: SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), Berry Genomics (000710.SZ), SinoCellTech (688520.SH), Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.