Qiming Weekly | Qiming Venture Partners Portfolio News and Updates Vol. 43, 2025
Staying with you through the milestone moments of Qiming Venture Partners' portfolio companies
Editor's Note: The "Qiming Weekly" column publishes regularly every week, rounding up funding news and development updates from Qiming Venture Partners' portfolio companies.
In the wave of technology and innovation, every step entrepreneurs take is worth recording. Qiming Venture Partners will continue to accelerate and empower founders, and we invite you to join us in marking the milestone moments of our portfolio companies.
Funding News
01/ Yanshengchao Closes Hundreds of Millions of RMB in Series A Funding
Recently, Yanshengchao successfully completed a Series A funding round of hundreds of millions of RMB, with continued support from Qiming Venture Partners. The proceeds will primarily support clinical development of its core pipeline asset YSC001, preclinical development of YSC002, early validation work for YSC003/YSC004, and further expansion of the company's international strategic footprint, deepening business development partnerships with top multinational pharmaceutical companies.
Founded in 2022, Yanshengchao is built upon the original research of Professor Qi Hai at Tsinghua University School of Medicine in the field of humoral immunity, focusing on first-in-class (FIC) targets. The company is dedicated to addressing core challenges and highly unmet clinical needs in the treatment of autoimmune and inflammatory diseases, including insufficient drug efficacy, high relapse rates, significant side effects, limited applicable patient populations, and dependence on long-term medication.
Both of Yanshengchao's core pipeline assets demonstrate first-in-class potential: YSC001 achieves a balance of efficacy and safety through precise targeting of pathogenic immune cell populations, while YSC002 targets upstream signals in chronic inflammation, with the potential to overcome limitations of existing therapies.
Professor Qi Hai, Scientific Founder of Yanshengchao, said: "We are delighted to have earned recognition from multinational pharmaceutical companies and top-tier investment institutions, which represents the industry's full endorsement of our original mechanisms. Traditional therapies are like 'carpet bombing,' whereas what we are developing is a 'precision-guided' approach. We stand at the dawn of a paradigm shift in immunological therapeutics. Currently, autoimmune disease treatment remains dominated by 'immune suppression,' carrying enormous infection risks. Our vision is to reshape industry standards — moving from 'immune suppression' toward 'immune balance.' Our unique technology platform aims to 'educate' rather than 'eliminate' immune cells, restoring the body's self-tolerance. This funding will be our 'fuel,' helping us transform this ambitious scientific vision into the reality of next-generation therapeutics."
Dr. Wang Yifeng, Co-founder and CEO of Yanshengchao, said: "We are deeply grateful to Sanofi, Cathay Capital, Qiming Venture Partners, Guokai Technology Venture Investment, and other new and existing investors for their recognition and strong support of Yanshengchao. This funding round is a critical milestone in the company's development, greatly expanding our international perspective, accelerating our standardization process, and injecting strong momentum into our R&D efforts. We look forward to working with Sanofi and our shareholders, both new and longstanding, to advance the development of our core pipeline with full force, striving to bring innovative therapies originating from China to patients worldwide as soon as possible."
Kan Chen, Partner at Qiming Venture Partners and Co-Head of Healthcare Innovation, said: "Yanshengchao has demonstrated exceptional potential in source innovation. Its distinctive R&D strategy and solid, profound scientific foundation not only build core technological moats but also promise to bring new breakthroughs to the industry landscape of autoimmune disease treatment. As a long-term investment partner deeply rooted in healthcare innovation, Qiming Venture Partners will continue to steadfastly support the company's development, helping its innovative outcomes benefit broader patient populations."
02/ Sanegene Bio Completes Over $110 Million in Series B Funding
Recently, Sanegene Bio, a clinical-stage biotechnology company focused on developing innovative RNAi therapeutics, announced the completion of a Series B funding round of over $110 million, with continued support from Qiming Venture Partners. The proceeds will be used to advance clinical-stage pipelines into registration studies and accelerate development of multiple therapeutic pipeline candidates through the company's globally leading RNAi drug R&D platform — including the LEAD™ (Ligand and Enhancer Assisted Delivery) extrahepatic delivery platform.
Since its founding in 2021, Sanegene Bio has leveraged its proprietary RNAi drug R&D platform to develop first-in-class/best-in-class RNAi therapeutics targeting both liver and extrahepatic tissues. Based on this platform, the company has built a diversified product pipeline spanning autoimmune diseases, cardiovascular diseases, metabolic diseases, and obesity, with multiple candidates already in clinical stages. The successful completion of this Series B funding will strongly advance clinical development and global deployment of the company's existing and planned pipelines, and help the company continue achieving new breakthroughs in the RNAi field.
Dr. Wang Weimin, Founder and CEO of Sanegene Bio, said: "The completion of our Series B funding is an important milestone in the company's development. We are honored to have received support from multiple world-class investment institutions, which reflects not only trust and recognition in our R&D capabilities and corporate vision but also injects critical resources for our long-term growth. Sanegene Bio remains committed to broadening the boundaries of RNAi technology through continuous innovation, thereby addressing unmet clinical needs globally. Going forward, the company will fully advance late-stage global clinical development of our pipeline drugs, while leveraging the LEAD™ platform to drive more transformative candidate drugs into clinical stages."
Major Partnership
DeepWay Reaches Direct-Sales Strategic Consensus with Leading Philippine Logistics Enterprise
Recently, Lin Facai, General Manager of DeepWay International, a Qiming Venture Partners portfolio company, held strategic discussions with representatives of a leading Philippine logistics company at headquarters. During the meeting, both parties reached consensus on DeepWay pure electric heavy-duty trucks entering the Philippine market through a direct-sales model. This marks another important strategic move for DeepWay International in the Southeast Asian market following its product launch in Malaysia, laying core groundwork for the brand's deep cultivation of the new energy freight market in Southeast Asia.
The Philippine partner in these discussions is a benchmark enterprise in the local new energy commercial vehicle sector, possessing not only an operations network covering the country's major logistics hubs but also extensive experience in electric truck promotion, application, and localized operations and maintenance services. As a "mainstay" of the Philippine freight market, this company has long paid close attention to technological iteration in new energy heavy-duty trucks. Its proactive outreach to DeepWay International reflects recognition of the company's technical advantages in intelligent new energy heavy-duty trucks and global service capabilities.
During the discussions, both parties conducted in-depth exchanges on Philippine freight market demands and implementation pathways for the direct-sales model. Tailored to the characteristics of the Philippines — with its numerous islands and vigorous demand for intercity transport and port logistics — DeepWay International will prioritize deployment of pure electric heavy-duty trucks adapted to local scenarios. These vehicles feature high-range battery systems and intelligent assisted driving functions that can effectively meet operational demands for long-distance freight and complex road conditions in the Philippines. Meanwhile, both parties clarified that cooperation will proceed under a "headquarters direct sales + local services" model: DeepWay International will be responsible for product supply and technical support, while the Philippine logistics company will handle localized operations, maintenance, and end-customer engagement, forming an efficient and synergistic market expansion system.
R&D Progress
01/ Abbisko Therapeutics Announces Phase II Clinical Preliminary Results for Oral PD-L1 Inhibitor ABSK043 in Combination with EGFR Inhibitor Furmonertinib for NSCLC
Recently, Qiming Venture Partners portfolio company Abbisko Therapeutics (02256.HK) announced positive preliminary results from the dose-escalation phase of its Phase II clinical study (ABSK043-202) evaluating the combination of its investigational oral small-molecule PD-L1 inhibitor ABSK043 with furmonertinib, a third-generation EGFR-TKI from Shanghai Allist Pharmaceuticals, for the treatment of non-small cell lung cancer (NSCLC), presented at ESMO Asia 2025. Data showed that the "targeted-plus-immunotherapy" combination demonstrated favorable safety and tolerability. Based on this strong safety profile, regulators approved the initiation of a first-line treatment study in treatment-naïve EGFR-mutant, PD-L1-positive NSCLC patients.
At ESMO Asia 2025, Professor Shun Lu of Shanghai Chest Hospital, affiliated with Shanghai Jiao Tong University School of Medicine, presented the ongoing Phase II study (ABSK043-202) dose-escalation results in poster form. The study consists of dose-escalation and dose-expansion cohorts. The dose-escalation phase enrolled 21 EGFR-mutant, PD-L1-positive, previously treated advanced NSCLC patients, of whom 17 had received prior third-generation EGFR-TKI therapy.
Results showed that ABSK043 combined with furmonertinib exhibited manageable safety and good tolerability. As of the data cutoff, no dose-limiting toxicities or interstitial lung disease (ILD) were observed. The most common treatment-emergent adverse events (TEAEs) were Grade 1–2; no Grade 4 or 5 TEAEs were reported.
The combination also demonstrated promising anti-tumor activity. Per RECIST v1.1 criteria, the disease control rate (DCR) reached 71%, with target lesion reduction observed in 14 patients. Among five patients who achieved partial response (PR), four had previously received third-generation EGFR-TKI treatment. As of the data cutoff, median duration of response (DOR) had not been reached.
The dose-escalation findings indicate that ABSK043 plus furmonertinib offers not only controllable safety and good tolerability, but also encouraging preliminary anti-tumor activity. This fully oral "targeted-plus-immunotherapy" strategy may overcome the safety bottlenecks that have limited previous combinations of targeted and immunotherapy approaches. These positive results lay a solid foundation for the ongoing dose-expansion phase — evaluating ABSK043 plus furmonertinib as first-line therapy for treatment-naïve EGFR-mutant, PD-L1-positive NSCLC patients.
02/
Zai Lab Secures Renewals for Three Products in China's National Reimbursement Drug List
Recently, Qiming Venture Partners portfolio company Zai Lab (NASDAQ: ZLAB, 09688.HK) announced that the following drugs and indications have been successfully renewed in the 2025 edition of China's National Reimbursement Drug List (NRDL), published by the National Healthcare Security Administration: Vyvgart® (efgartigimod alfa injection) for the treatment of anti-acetylcholine receptor (AChR) antibody-positive generalized myasthenia gravis (gMG) in adults; Nuzyra® (omadacycline) oral formulation for the treatment of adult patients with community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI); and Zejula® (niraparib) for maintenance treatment of adult patients with platinum-sensitive recurrent ovarian cancer and first-line ovarian cancer.
Zhu Tong, Chief Commercial Officer of Zai Lab Greater China, stated: "This successful renewal reflects the state's continued recognition of the clinical value of Vyvgart®, Nuzyra®, and Zejula®. With six products now included in the NRDL, we remain committed to responding to national efforts to reduce the disease burden on patients, ensuring broad access to high-quality, affordable innovative medicines. We thank the National Healthcare Security Administration for supporting the high-quality development of China's innovative pharmaceutical industry through its ongoing efforts to bring more new and effective drugs into the reimbursement system. Zai Lab will continue to improve accessibility and affordability, bringing innovative treatments to patients in need as quickly as possible."
Product Launches
01/
Insta360 Launches Antigravity A1, the World's First Panoramic Drone
Recently, Antigravity, co-incubated by Qiming Venture Partners portfolio company Insta360 (688775.SH) and a third-party partner, officially released the Antigravity A1 — the world's first panoramic drone.
As the first drone to integrate 360° panoramic imaging, immersive flight perspective, and motion-based control within a single system, the Antigravity A1 represents more than just the debut of an innovative tech product — it heralds the arrival of an entirely new "panoramic immersive flight" paradigm. For the first time, users can enter the sky intuitively and control perspective with their bodies, transforming the drone from a screen-controlled aircraft into an immersive spatial experience that fundamentally changes both how flying feels and how content is created.
Since its unveiling, the Antigravity A1 has rapidly garnered global recognition. Breakthroughs in flight mechanics, imaging capability, and immersive experience have earned it multiple top industry honors, including the CES 2026 Best of Innovation Award, TIME magazine's Best Inventions of 2025, the Good Design Award 2025, and the Red Dot Design Award, along with 20 media awards at IFA 2025.
02/
Hesai Technology Unveils Self-Developed RISC-V LiDAR SoC Fermi C500
Recently, Qiming Venture Partners portfolio company Hesai Technology (NASDAQ: HSAI, 02525.HK), a global leader in LiDAR, held its 2025 Technology Open Day at Hesai's Maxwell Global R&D and Intelligent Manufacturing Center in Shanghai. Dr. Kai Sun, Hesai co-founder and chief scientist, delivered a keynote titled "LiDAR's Trade-off: Raising the Ceiling or Protecting the Floor," unveiling the Fermi C500 — a high-performance intelligent LiDAR control chip based on the RISC-V architecture — alongside the world's only "photon isolation" safety technology and the refreshed 256-line ATX LiDAR. The photon isolation technology has now been deployed across Hesai's entire ATX and ETX main LiDAR product lines, delivering industry-surpassing safety and reliability with physically absolute "zero false positives."
The Fermi C500, Hesai's dedicated high-performance intelligent LiDAR control chip, completes the final piece of the company's fourth-generation full-stack self-developed chip platform. Built on the independently controllable RISC-V architecture, it ensures supply chain security and autonomous technology iteration. The single chip integrates MCU, FPGA, and ADC — making it the world's first LiDAR-dedicated control chip to achieve dual certification for both functional safety and cybersecurity on a single die, meeting the stringent reliability and information security demands of automotive applications from the hardware level. It is also the world's first LiDAR-dedicated control chip with a built-in Intelligent Point-cloud Engine (IPE), integrating 256-core waveform processing units for intelligent environmental noise filtering under complex weather conditions, providing all-weather high-precision perception for autonomous driving.
Additionally, Hesai unveiled a major update to its ATX LiDAR: the refreshed ATX, a 256-line SiPM LiDAR powered by the Fermi C500 chip. The ATX is Hesai's compact long-range LiDAR designed to meet safety requirements for L2-level intelligent connected vehicle combined driver assistance systems. With exceptional long-range detection capabilities, it identifies potential hazards earlier, significantly enhancing vehicle active safety. The ATX entered large-scale mass production in Q1 2025 and has cumulatively delivered nearly one million units to date, making it the most widely adopted standard safety component in mass-production vehicles in 2025.
Technical Strength
01/
Jieti Medical Unveils Two Core Innovations at 2025 Brain-Computer Interface Conference
Recently, the 2025 Brain-Computer Interface Conference, themed "Brain Connects the World, Intelligence Converges in Shanghai," grandly opened at the "Brain Intelligence Hub" future industry cluster in Shanghai. Jieti Medical, a Qiming Venture Partners portfolio company and one of the frontier enterprises in brain-computer interfaces, formally introduced two new BCI achievements at the launch event: a closed-loop ultra-low-damage deep brain neural stimulation system (hereinafter referred to as the "deep brain stimulation system") and a wireless high-throughput minimally invasive brain-computer interface system (WRS02), kicking off the conference's achievements presentation with a compelling start. Meanwhile, the deep brain stimulation system won first prize in the 2025 National Disruptive Technology Innovation Competition's Brain-Computer System Championship, drawing significant attention from the judging panel.
Going forward, Jieti Medical will continue to deepen its full-chain technology deployment in implantable brain-computer interfaces, accelerate the clinical translation and application validation of new products, and is committed to bringing BCI technology into genuine clinical use. Together with partners, the company will help advance the high-quality development of China's brain-computer interface technology.
02/
WeRide's One-Stage End-to-End ADAS Solution Takes Top Honors at China Intelligent Driving Competition
Recently, at the Taizhou round of the China Intelligent Driving Competition hosted by D1EV.com, the Exeed Sterra ES — jointly enabled by Qiming Venture Partners portfolio company WeRide (NASDAQ: WRD, 00800.HK), a global leader in autonomous driving technology, and top-tier Tier 1 supplier Bosch — clinched the championship. It became the only competing vehicle to achieve "zero disengagement" and also scored highest overall, leading the runner-up by nearly 10 points.
Under the triple pressure of the "longest" course to date, the "strictest" rules, and a field packed with "star" competitors, the Sterra ES's first-place finish carried even greater weight — it had to maintain stable performance across more complex road scenarios and longer continuous operation, while proving its real capabilities under a "zero-tolerance" disengagement penalty system.
This result was no fluke, but the product of WeRide's dedicated R&D and relentless refinement. WePilot 3.0 represents a comprehensive leap forward in WeRide's one-stage end-to-end AI large model, system integration capabilities, and deep hardware-software synergy. Across China, Germany, France, and other countries, WePilot 3.0 has demonstrated highly human-like performance that has earned strong praise from customers and numerous media outlets.
Currently, WePilot 3.0 has reached mass production on the Exeed Sterra ES and ET models. Moving forward, it will also come pre-installed as software to serve additional mass-production vehicles from OEMs including Chery and GAC Group, allowing global consumers to enjoy more reliable and efficient L2-level advanced driver assistance features at more accessible prices.
03/
Mech-Mind Debuts at Tokyo iREX 2025
Recently, the world's premier robotics event — the International Robot Exhibition (iREX 2025) — opened as scheduled at Tokyo Big Sight. This year's exhibition, themed "Sustainable Societies Through Robotics," focused on human-robot coexistence and collaboration, exploring the diverse application prospects of cutting-edge robotics technology in human social life. Nearly 700 companies from around the world gathered to showcase the most advanced robotics achievements, including humanoid robots and embodied artificial intelligence.
Qiming Venture Partners portfolio company Mech-Mind made its fourth appearance on the iREX stage, with an on-site exhibition area of 360 square meters — making it one of the Chinese companies with the largest display scale, most products shown, and richest application demonstrations. At the exhibition, Mech-Mind unveiled its full embodied intelligence "eyes-brain-hands" stack, and for the first time publicly displayed multiple heavyweight new "eyes-brain-hands" products including a self-developed high-performance intelligent 2D camera and an explosion-proof dedicated 3D camera.
Through nearly twenty embodied intelligence application units — including humanoid robots autonomously picking goods, dual-arm robots autonomously folding clothes, robots autonomously feeding/assembling parts, and AI quality inspection — Mech-Mind gave visitors a comprehensive demonstration of general-purpose robots' "eyes-brain-hands" deployment strength in industrial scenarios such as automotive, construction machinery, and lithium batteries, as well as their application capabilities in diversified home and service scenarios. Meanwhile, Mech-Mind also conducted extensive ecosystem partnership demonstrations with more than ten collaborators, further exploring additional application possibilities for embodied intelligent robots.
04/
MacroHepa Medical's 6.3Fr Flexible Ureteroscope Appears on Five Major International Stages
Recently, Qiming Venture Partners portfolio company MacroHepa Medical brought its 6.3Fr flexible ureteroscope to five major international stages in succession — the Arab Association of Urology (AAU) Annual Congress, the Mexican Urological Association (SMU) Annual Meeting, the Malaysian Urological Conference (MUC), the International Congress of Endourology (ICE), and the Endourology Masterclass at Cambridge — continuously expanding its global influence in minimally invasive urology through the dual-engine drive of academic leadership and clinical practice.
From Cambridge to Mexico, MacroHepa Medical's five-stop consecutive presence has further solidified the brand position of its 6.3Fr ultra-slim flexible ureteroscope in the global minimally invasive urology field. Going forward, MacroHepa Medical will continue to be innovation-driven and clinically centered, letting "smaller scopes" create "greater possibilities" and helping urologists worldwide explore the path of ultimate minimally invasive care.
Corporate Honors
01/
Over 20 Qiming Venture Partners Portfolio Companies Win 30 Awards in Zero2IPO's 2025 VENTURE50
Recently, the results of the 2025 VENTURE50 awards, organized by Zero2IPO and PEDaily, were officially announced. This year's edition continued the Fengyun 50 and Xinya 50 categories, alongside three industry verticals: artificial intelligence, hard tech, and life sciences. Fengyun 50 companies are unlisted enterprises at Series B or later, or founded before 2022; Xinya 50 companies are unlisted enterprises at Series B or earlier, founded after 2022. The AI 50, Hard Tech 50, and Life Sciences 50 recognize high-growth enterprises with outstanding performance in their respective industries in 2025.
Qiming Venture Partners portfolio companies Galaxy Universal, Zhipu AI, Mech-Mind Robotics, Minghui Medical, Cornerstone Robotics, Wutiong Medical, Insilico Medicine, Tashi Zhihang, Infinigence AI, Aixin Yuanzhi, Houmo AI, Mifei Technology, Biren Technology, Zenitar, Tingsheng Technology, Shize Biotech, Wutiong Medical, Tianchen Biotech, Tupu Medical, Xiyuan Anjian, and Yijielike won a total of 30 awards.
02/
Shukun Technology Wins First Prize of Beijing Science and Technology Progress Award
Recently, the list of 2024 Beijing Science and Technology Awards was officially announced. The project "Data and Knowledge-Driven Intelligent Diagnosis and Treatment Key Technologies and Industrial Application," jointly completed by Qiming Venture Partners portfolio company Shukun Technology together with the Chinese PLA General Hospital, National University of Defense Technology, and Beijing Jiaotong University, won the first prize of the Beijing Science and Technology Progress Award.
This award represents not only official recognition of Shukun Technology's technological innovation, but also marks the comprehensive maturity of its self-developed "Shukunkun" multimodal medical health large model — from technological breakthrough to industrial落地 — maintaining its position at the industry's top tier.
As the AI-native enterprise responsible for technical breakthroughs in the project, Shukun Technology focused on the core challenges of multimodal oncology, applying "Shukunkun" large model technology to specific diseases and specialties. The company developed a full-process AI system covering intelligent screening and assessment, precise assisted diagnosis, intelligent preoperative planning, intraoperative navigation and positioning, surgical robotics, and dynamic monitoring management for multiple tumor types — becoming the "intelligent brain" driving leaps in specialized research and clinical capabilities.
03/
Unisound CEO Huang Wei Receives 2025 EY Entrepreneur Of The Year Award
Recently, the EY Entrepreneur Of The Year 2025 — often called the "Oscars of the business world" — announced its winners. Dr. Huang Wei, CEO of Qiming Venture Partners portfolio company Unisound (09678.HK), received the 2025 EY Entrepreneur Of The Year Award in Technology for his breakthrough contributions to the industrialization of artificial general intelligence (AGI), outstanding corporate leadership, and forward-looking strategic vision. As the award marks its twentieth anniversary across Greater China, this honor recognizes not only Huang's personal dedication to AI but also pays collective tribute to a new generation of Chinese tech entrepreneurs who are "empowering industrial upgrading through new quality productive forces."
At a critical juncture when large language model technology is driving global transformation, Huang's prescient strategic vision enabled him to accurately anticipate industry trends and steer Unisound toward the "professional-grade large model" track. The company's self-developed "Shanhai Large Model" has demonstrated comprehensive and leading capabilities: it not only ranks firmly in the global top tier in general capability benchmarks such as OpenCompass, SuperClue, and MMMU, but also consistently places first globally in specialized medical evaluations including MedQA, CCKS, and MedBench — fully reflecting its exceptional general technical proficiency and deep domain adaptability. In June 2025, Unisound successfully listed on the Hong Kong Stock Exchange, becoming the "first AGI stock." This strong market validation powerfully confirms its sustainable development path of "solid general capabilities, leading professional domains, and pragmatic technology deployment."
Past Highlights
Qiming Weekly | Qiming Venture Partners Portfolio Updates Vol. 42, 2025
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 companies, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. Over 80 portfolio companies have become recognized unicorns or super-unicorns.
Many Qiming Venture Partners portfolio companies have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ:HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ:WRD, 00800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), 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), Sinocelltech (688520.SH), Hope Medicine, Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.