At the Start of Spring, All Things Renew — Vital Monthly

Vital Monthly is Oasis Capital's monthly update column.

It tracks the progress unfolding at our portfolio companies and at Oasis — the rhythm, structure, and trends behind it all.

Enjoy

MiniMax | Successful Hong Kong IPO! Multimodal Capabilities Break New Ground

On January 9, Oasis portfolio company MiniMax (Xiyu Technology) successfully listed in Hong Kong, becoming the fastest AI company globally to go from founding to IPO — just four years. MiniMax's stock code on the Hong Kong Stock Exchange is 0100.HK, with an issue price of HK$165. It opened at HK$235.4 on its first day, up 42.6% from the issue price. To date, MiniMax's market cap has surpassed HK$200 billion at its peak.

On the technology front, MiniMax continues to deepen its multimodal model iterations. MiniMax Music 2.5 achieves paragraph-level precision control and physics-grade fidelity, unlocking authentic expression in AI music for structural complexity and vocal texture — bringing Grammy-caliber creation within reach for the first time.

Meanwhile, MiniMax M2.1 is emerging as the core engine for intelligent agent workflows. The open-source assistant Clawdbot leverages M2.1 for efficient task execution and has rapidly gained traction among developers worldwide. Its high accuracy in tool calling at extremely low cost is seen as reshaping how humans interact with tools.

At month's end, MiniMax founder and CEO Junjie Yan attended and spoke at a symposium chaired by Premier Li Qiang as a representative of large AI model enterprises, receiving coverage on CCTV.

MiniMax's Hong Kong listing marks the moment Chinese AI companies achieved genuine pricing in global capital markets, validating its technology path centered on multimodal models. As it continues to evolve, MiniMax is also pushing AI from technological breakthrough toward large-scale deployment, laying the engineering foundation for a future of accessible, scalable, deployable AI infrastructure.

LimX Dynamics | Closes $200 Million Series B to Accelerate Humanoid Robot Commercialization

Following its global debut at CES, LimX Dynamics — which Oasis Capital led in its Pre-A round — announced the completion of a $200 million Series B funding round. The new investor lineup spans both industrial and international capital, signaling sustained global conviction in the humanoid robot supply chain.

Over the past two months, LimX Dynamics has successively unveiled the multi-form robot TRON 2 and the embodied intelligence operating system COSA, building a full-stack closed loop from hardware body to cerebellar model to Agentic OS. As reported by CNBC, it has already achieved real-unit deliveries of humanoid robots in the Middle East and North American markets, making it one of the earliest companies globally with mass production and delivery capabilities.

At this critical window of industrial validation, LimX Dynamics is breaking through technology narratives with product strength and systems engineering capability, pushing Chinese embodied intelligence to the front lines of global deployment.

Spirit AI | From National Certification to Global #1, Model Performance Validated on Two Fronts

In January, Spirit AI achieved a "dual breakthrough" in embodied intelligence.

On one front, Spirit AI's self-developed model Spirit v1 passed the "Trusted AI — Embodied Intelligence Benchmark Test (EAI Bench)" led by CAICT, achieving scores above 90 across all six core metrics in the flexible object manipulation "folding clothes" test, becoming one of the first embodied intelligence models to pass national-level evaluation. This validates its engineering readiness in perception understanding, motion planning, and environmental adaptation.

On the other front, the upgraded Spirit v1.5 claimed the top spot on the authoritative international platform RoboChallenge, surpassing the international benchmark Pi 0.5 in overall capability and leading in task success rate, execution stability, and instruction understanding — becoming the first Chinese team to win with a self-developed model.

From national standard certification to international leaderboard first place, the Spirit series has demonstrated stable generalization capabilities in real-world scenarios, laying groundwork for the next phase of industrial application.

Boly Technology | Wins National First Prize for Innovation; Brand Collaboration "Blu Box" Goes Viral as Phenomenal Consumer Product

In early January, Boly Technology's self-developed "Ultra-High-Speed Photocurable Production-Ready Additive Manufacturing Technology" project was awarded First Prize in the "2025 Employee Technology Innovation Achievement" by the China Association of Staff and Workers' Technical Innovation, representing another authoritative national recognition of its core technological capabilities. This achievement not only significantly increases 3D printing speed but also strikes a balance between precision, material performance, and stability, providing a critical path for additive manufacturing to move toward batch production.

At the same time, Boly Technology has achieved complete technology-to-consumer deployment through brand collaboration. The 3D-printed lattice neck pillow it developed for Blu Box went viral in a video by Bilibili creator Shi Pin Dao (with tens of millions of followers) through "hardcore science popularization + scenario-based testing," selling out within one hour of launch.

From national awards to consumer hits, Boly Technology is broadening the deployment dimensions of hard tech with end-to-end 3D printing solutions, becoming a key interface force for advanced manufacturing to reach everyday consumer use.

Lxson | Hosts Global Launch at CES, Introduces New Brand "Zeroth Intelligence"

In January, Oasis portfolio company Lxson brought its new brand "Zeroth Intelligence" to CES 2026 for the first time, officially releasing multiple embodied intelligence products covering home service, mobile assistance, indoor inspection, and other scenarios.

The full-size humanoid robot Jupiter, small home robot A1, and tracked robot W1 showcased at the event all run on Zeroth's self-developed training platform, with multimodal understanding and scenario adaptation capabilities. As a product matrix built for real-life scenarios, Zeroth does not aim to replace humans but to reconstruct the underlying logic of "human-robot collaboration," emphasizing capability evolution and behavioral understanding through long-term interaction.

From product form to brand essence, Zeroth is pushing embodied intelligence from proof-of-concept toward genuinely deployable home products.

Speediance | Draws Wide Attention at CES, Wins Multiple International Awards

At CES 2026, two products from Speediance's SPEENDIANCE brand each won "Best of CES 2026" awards from international media: the home intelligent training device Gym Monster 2 was selected for The Wearable's annual list (a vertical media outlet for wearables and health devices), drawing broad attention from fitness tech communities in Europe and America; the portable AI fitness device Gym Nano was named Best of the Year by Computer Bild, a top European consumer electronics media outlet, receiving high recognition for innovation and practicality in intelligent hardware.

These two honors not only reflect Speediance's product capabilities in intelligent training scenarios but also lay a solid brand foundation for its continued global market expansion.

Oasis Ecosystem | Multiple Portfolio Companies Exhibit at CES

In January, multiple Oasis portfolio companies brought their products to CES in the United States, demonstrating systematic breakthroughs by Chinese tech enterprises in frontier directions including embodied intelligence, advanced manufacturing, and human-machine collaboration.

LimX Dynamics showcased its new humanoid robot TRON 2's platform scalability; Lxson's embodied intelligence brand Zeroth hosted a global launch on-site, bringing multi-form robots for home scenarios; Inxbot exhibited three key products including a full-joint force feedback dexterous hand, planetary joint module, and universal hot-swappable battery module; Hypershell's world's first consumer-grade exoskeleton received wide acclaim; and SPEENDIANCE Speediance presented multi-dimensional displays of the all-in-one home gym Gym Monster 2 and smart fitness bike VeloNix.

With multiple companies simultaneously taking the global stage, a new generation of Chinese intelligent hardware enterprises is participating in the reconstruction of the global tech landscape with clearer technology paths and more pragmatic product rhythms.

Attention | Conversation with Tianchen Zhao of Tsinghua University: When Models Learn to Look Only at What Matters

For this edition of our Attention interview series, we invited the team of Tianchen Zhao from Tsinghua University. They recently proposed a novel visual model architecture, PAROAttention: Pattern-Aware ReOrdering for Efficient Sparse and Quantized Attention in Visual Generation Models, breakthroughly incorporating the locality patterns of images into attention mechanism design.

The model demonstrates leading performance across multiple mainstream visual tasks while significantly reducing training and inference costs. This research provides key insights for building more efficient perceptual systems more aligned with physical world patterns, and points toward important directions for future more efficient visual perception systems.

Signal & Noise | Jinjian Zhang: In the AI Era, Live as Yourself

This month we compiled a new conversation with "42 Chapters" for our "Signal & Noise" podcast column. Oasis Capital founding partner Jinjian Zhang, through an in-depth dialogue with Kai Qu, presents the judgment behind MiniMax's IPO and ongoing reflections on compute, agency, and human-centered value in AI investing.

This episode is both a three-year retrospective and a proactive proposal about the future. In an era of accelerating AI development, "live as yourself" is not merely encouragement — it is a necessary strategy. Through this conversation, Oasis hopes to offer what we see as more authentic, clearer signals for those navigating technological transformation.

Oasis Honors

Recognized with multiple awards including China Venture Capital Research Institute's "2025 Top 10 Emerging Early-Stage Investors in China," Qimingpian's "2025 Best Early-Stage Investment Firms Active List TOP50," and "2025 Best Investor in China."

The world changes endlessly, noise overloads. Oasis Capital will continue to uphold its "top-down" research methodology, combined with ecosystem entrepreneur experience, to consistently deliver signal for enterprises over the long term.

We focus on social transformation driven by artificial intelligence and frontier technology, in areas including robotics, artificial intelligence, and advanced manufacturing, making long-term investments in the most vital entrepreneurs.

In vitality we invest.