Rongbao · June | Gaotu Techedu Marks 6th Anniversary by "Redefining the Large Live-Streaming Class Model," YITU's Leo Zhu Publishes Signed Op-Ed in *People's Daily*

About Rongbao: Rongbao is a monthly digest that curates noteworthy updates and insights from Gaorong Ventures and its portfolio companies.

Each issue spotlights ten items — covering not just major funding news and milestones, but also emerging trends, fresh innovations, and new perspectives.

In the spirit of Gaorong's vision to "create" a better life, we believe every step of innovation unlocks boundless possibilities.

Online Education · Gaotu Techedu's 6th Anniversary: Relentless Progress in Pursuit of Educational Excellence

On June 9, Gaotu Techedu (NYSE: GSX) hosted the "Gaotu Open Class: Redefining the Large Live-Streaming Class," marking the company's sixth anniversary.

Founded in 2014, Gaotu Techedu went public on the New York Stock Exchange on June 6, 2019, becoming the first Chinese K12 online education company to list in the U.S. and currently the world's highest-valued publicly traded online education company. At the event, founder, chairman, and CEO Larry Chen stated that the large live-streaming class model is fundamentally about "large-class instruction, small-class service, personalized experience" — with the ultimate goal that "students and parents feel like they're receiving one-on-one, personalized attention." Gaotu is advancing three major innovations in the large live-streaming class space: technological innovation, pedagogical innovation, and conceptual innovation. Going forward, the company will increase investment in technology while continuously energizing the organization through structural innovation, incentive innovation, and cultural innovation. The company also unveiled its "Baijia Literacy Courses" for the first time, aiming to provide sustained curricular resources for primary and secondary students nationwide to enhance their comprehensive qualities and enable well-rounded development.

AI · YITU Founder Leo Zhu's Op-Ed in People's Daily: AI Illuminates New Infrastructure

Recently, People's Daily published an op-ed by YITU founder Dr. Leo Zhu titled "Seizing the Commanding Heights of AI Development," offering a ten-year outlook on industry evolution.

Dr. Zhu wrote that as AI enters a new phase of development, algorithms, data, computing power, transmission, and storage constitute the multiple elements of new infrastructure, nurturing new momentum for innovation. The coming decade will be the "post-Moore's era" of AI computing power, with low-level perceptual intelligence leaping toward high-level decision intelligence and cross-disciplinary AI breakthroughs accelerating. "Over the past five years, AI has surpassed humans in multiple dimensions," Zhu noted. "Facial recognition proved machines can perform basic visual perception tasks tens of thousands of times better than humans. As real-world computing power and data accumulate exponentially, AI will break through to high-level intelligence characterized by high uncertainty, multi-task fusion, and complex reasoning — achieving major leaps in vision, hearing, comprehension, planning, and control." He added that "the boundaries of AI will be broken and its scope further expanded, bringing deep integration and superposition of multi-dimensional technologies across application scenarios to produce more disruptive AI experiences. In healthcare, for example, we may move from the era of big medical data to the era of big medical intelligence — shifting from emphasizing sheer volume of data to emphasizing high value density of data, with intelligent technology truly participating at depth."

Decision Intelligence · Qiyuan AI Defeats Chinese StarCraft Champion, Agents Inspire Human Exploration of the Unknown

On June 21, at the Qiyuan StarCraft AI Top Pro Player Challenge, Qiyuan AI's "StarCraft Commander" defeated national champion Huang Huiming (TooDming) and three-time Gold Finals champion Li Peinan (Time) with two 2-0 sweeps. This marked the first time a Chinese StarCraft AI has beaten top domestic pros in open competition. During the matches, Qiyuan demonstrated diverse tactical strategies, including tactics never before seen in human professional play.

The Qiyuan team stated, "The StarCraft Commander's performance exceeded our expectations. We believe that in the coming years, general AI technologies represented by deep reinforcement learning will continue to develop exponentially." Following the matches, DeepMind's AlphaStar team sent congratulations to Qiyuan World and initiated discussions on technological innovation. To achieve near-top-tier performance with just 1% of the computing power, Qiyuan World made deep optimizations at both engineering and algorithm levels. On the engineering side, its proprietary integrated "data generation-transmission-consumption" computing framework improved intelligent agent training data throughput by more than 10x compared to traditional ML frameworks and open-source software in standard ATARI benchmarks. On the algorithm side, its self-developed few-shot learning algorithm enabled training human-intermediate-level agents with just thousands of game sessions. Following its victory over top pros, Qiyuan's intelligent agent training cloud platform made its debut. Currently, Qiyuan's "Intelligent Agent Training Cloud" has been widely adopted by dozens of commercial organizations and institutions nationwide, spanning digital entertainment, public technology, and robotics.

Smart Parking · AIPARK Closes RMB 300 Million Series C Led by Gaorong Ventures

In June, smart parking leader AIPARK announced the completion of a RMB 300 million Series C financing, led by Gaorong Ventures with participation from Changshang Kunzhong and Zhongguancun Science City Innovation Fund. Gaorong Ventures had previously invested in AIPARK in 2017. Founded in 2015, AIPARK pioneered high-position video parking management technology globally, ushering in the 5.0 era of smart parking through AI. Its "AI+IoT+DT"-powered city-level smart parking solution, AIPARK City, has been commercially deployed in major cities, making it the world's largest-scale enterprise in terms of practical AI deployment in urban traffic scenarios.

Additionally, the AIpark City platform is delivering diversified value to urban managers, connecting city parking data through an "internet+AI" model to enable visualized parking information management while meeting both administrative and citizen parking needs. To date, AIPARK's city-level smart parking projects have been commercially deployed in Beijing, Shanghai, Guangzhou, Shenzhen, Fuzhou, Chengdu, Xining, Shijiazhuang, Handan, Zhangjiakou, Bozhou, Tangshan, and other cities.

Industrial Upgrading · Kunzhan Technology Closes Over $20 Million First Round Led by Gaorong Ventures

On June 9, Kunzhan Technology announced the completion of a first-round financing exceeding $20 million, led by Gaorong Ventures. Founded by Dr. Min Wanli (Shanjing), Kunzhan Technology positions itself as an industrial intelligence solution provider, focusing on digital transformation and intelligent upgrading solutions for traditional, long-standing industries.

Kunzhan's core team comprises global elites focused on technological innovation and industrial practice, supplemented by domestic technology experts from BAT. The core team has served over 100 enterprise clients across 8 industries, accumulating multi-industry 0-to-1 digital transformation and intelligent upgrading solutions, distilling cross-industry generalizable methodologies, and innovatively launching Kunzhan's self-developed, self-architected industrial intelligence operating system. Even across different industries, flexible core functional modules can be developed on this architecture to address industry-specific pain points and meet transformation needs. Since its founding, Kunzhan's business has covered retail, manufacturing, and other industries, serving diverse client types including central SOEs and publicly listed private companies, comprehensively driving enterprise digital transformation and intelligent upgrading across smart manufacturing, intelligent supply chain, smart stores, and internal intelligent management.

Logistics Robotics · Geek+ Announces Over $200 Million Series C, World's #1 AMR Market Share

In June, Geek+ announced that following its over $150 million Series C1 in June 2019 led by GGV Capital and D1 with participation from Warburg Pincus, the company completed its Series C2 in early 2020 led by Yunhui Capital with participation from Hongwei Capital and Vertex Growth Fund — bringing total Series C (C1+C2) proceeds to over $200 million. Gaorong Ventures co-led Geek+'s Series A and participated in its A+ round.

Founded in 2015, Geek+ is currently the industry's only full-category logistics robotics company providing full-scenario solutions, leveraging leading AI and robotics technology to build efficient, flexible, and reliable logistics robotics solutions that help global enterprises improve efficiency and achieve intelligent, flexible logistics and supply chain transformation.

In commercial deployment, Geek+ has deployed over 10,000 AMR robots globally with sales, operations, and service capabilities spanning 20 countries and regions, serving nearly 300 global brands including Nike, Decathlon, Walmart, Toyota, Suning, and DHL — including nearly 40 Fortune 500 companies — leading the industry in commercial scale. A report by global market research firm Interact Analysis shows Geek+ ranks #1 worldwide in AMR market share.

Shared Mobility · Hellobike Fully Integrates BeiDou Positioning Across Bike Fleet

On June 23, China successfully launched the final satellite of the BeiDou-3 global system, completing its worldwide constellation deployment. That same day, Hellobike announced that its shared bikes in over 360 cities nationwide had been fully integrated with BeiDou positioning services, becoming a national-level application comprehensively using BeiDou positioning. This marks the first large-scale application of BeiDou positioning in shared mobility, helping shared bikes organically integrate into urban public transportation ecosystems. Hellobike's big data center receives hundreds of millions of positioning signals from its bikes daily. Each Hellobike smart lock contains a BeiDou positioning device that receives satellite signals and transmits vehicle location data to Hellobike's data center. By collecting this positioning information, Hellobike understands every bike's real-time location and movement trajectory, forming big data analytics. Based on this, Hellobike can forecast riding demand in advance and send intelligent dispatch instructions to its ground operations teams, delivering a more efficient riding experience. Additionally, the comprehensive BeiDou high-precision positioning integration helps optimize parking order on municipal roads, addressing shared bike parking disorder.

New Brands · Perfect Diary Opens 100th Store, Accelerating New Retail Expansion

On June 24, Perfect Diary opened its 100th store in Shanghai. "From 1 to 100, spanning 22 provinces and autonomous regions and 47 cities nationwide, Perfect Diary achieved this in just 17 months." As of end-April, Perfect Diary had surpassed 25 million followers across all online platforms. The company stated it will continue practicing its "Beauty Without Limits" brand philosophy, accelerating new retail expansion to reach more consumers, creating free and unconstrained beauty experience spaces for young Chinese women, making beauty truly accessible.

Feng Qiyao, president of Yatsen E-Commerce's new retail division (Perfect Diary's parent company), explained that the company is building a data middle platform to drive standardization of online and offline business data and unification of omnichannel membership data, enabling better purchase and after-sales service experiences. Stores are also becoming increasingly intelligent, featuring smart screen terminals that integrate virtual try-on, product information, intelligent recommendations, promotions, and online-to-offline membership traffic — creating richly scenarized, complete-experience, free and unconstrained beauty destinations.

Recognition · Gaorong Ventures Wins ChinaVenture 2019 Best Foreign VC Firm TOP10 and Other Honors

In June, the ChinaVenture 2019 annual rankings were released, with Gaorong Ventures receiving honors including "China's Best Foreign Venture Capital Institution TOP10," "China's Best Internet/Mobile Internet Sector Investment Institution TOP20," and "China's Best Education & Training Sector Investment Institution TOP10." Gaorong Ventures founding partner Michael Mao was named to "Qiming Technology 2020 China's Best AI Investment Hunter TOP10," and Gaorong Ventures partner Rui Han was named to "Cyzone 2020 40 Under 40 Investors."

Ronghui · Capital Markets Masterclass: The Direction, Challenges, and Opportunities of Chinese Concept Stocks

In June, Gaorong Ventures partnered with Tsinghua University's PBC School of Finance Global Entrepreneur Leadership Program to present "Building Internal Strength — Capital Markets Masterclass." Yang Qinghong, master's advisor at PBC and veteran Wall Street investor, drew on over a decade of frontline investment experience and deep insights to share the history, current state, and future direction of Chinese concept stocks, latest changes in U.S. equity markets, and opportunities for startups. Since March, the "Building Internal Strength" series of online interactive salons has invited multiple industry experts to host seven sessions on practical topics including strategic choices, organizational management, tech team building, growth, and traffic. Click to review "Ronghui Practical Sharing."