Spring Awakens All Things, Growth Is in Full Swing | Vital Monthly

Vital Monthly is a monthly update column from Oasis Capital.

It tracks developments across portfolio companies and Oasis, capturing the rhythm, structure, and trends behind the headlines.

Enjoy

MiniMax | First Post-IPO Financial Disclosure: M2.7 Model Achieves Self-Evolution

On March 2, MiniMax released its first financial disclosure since going public. In 2025, total revenue reached $79 million, up 159% year-over-year, with AI-native product revenue at $53 million (up 143%) and open platform revenue at $26 million (up 198%). The company has now accumulated over 236 million users globally, with enterprise clients spanning more than 200 countries and regions, as commercial capabilities and cost structures stabilize.

Mid-month, the company released M2.7, a new model trained with model-involved autonomous iteration, with the M2.5 to M2.7 update completed in just 35 days. The new model demonstrates strong performance in building Agent Harness, calling multi-agent systems, skills, and memory systems, participating in optimization across reinforcement learning, evaluation, and engineering scaffolding to form a "generate-evaluate-correct" closed loop. In internal practice, the model iterated continuously for over 100 rounds, with evaluation results improving by approximately 30%.

In terms of capabilities, M2.7 scored 56.22% on SWE-Pro, approaching current top-tier model levels, while maintaining stable performance in end-to-end project delivery and complex system comprehension tests; in real production environments, it has reduced certain failure recovery times to the minute level. Its multi-round editing and complex task delivery capabilities in office scenarios have also significantly improved.

VAST | Closes $50 Million Series A to Advance World Model R&D

AI 3D foundation model company VAST announced the completion of a $50 million Series A round, co-led by Alibaba and Hengxu Capital, with participation from multiple industry investors and strategic investors. Funds will primarily go toward talent acquisition, algorithm iteration, and data accumulation for world model development.

Building on its existing Tripo H series, the company launched the new-architecture Tripo P series, reconstructing the 3D generation paradigm from the ground up to produce professional-quality 3D assets in 2 seconds — an improvement of multiple orders of magnitude over existing solutions. Meanwhile, VAST is heavily investing in UGC platform ecosystem development: Tripo Studio has accumulated over 6.5 million creators, generated nearly 100 million 3D models, and reached over 90,000 developers, with integration into mainstream 3D tools and engines.

Currently, leveraging its accumulated 3D data, model capabilities, and engineering systems, VAST expects to release its first world model product soon. The company continues advancing toward integration of "generation capability + platform distribution + world model."

AeroBand | Closes Nearly RMB 100 Million Series A to Accelerate Smart Instrument Products and Global Expansion

AeroBand announced the completion of a nearly RMB 100 million Series A round, with Oasis Capital participating in this round. Funds will primarily be used for core smart instrument technology R&D, next-generation product matrix expansion, and global market and channel development, further advancing the company's scaled growth in consumer smart instruments.

The company has long focused on "lowering the barrier to instruments," using self-developed sensors, acoustics, and audio synthesis systems to digitally reconstruct traditional instruments such as guitars and drum kits, forming an integrated hardware-software product system. AeroBand has already established a certain scale foundation. Since its core product launch in 2024, it has cumulatively served hundreds of thousands of users, with over 1.4 million hours of user engagement; as of 2025, the brand's global exposure has reached nearly 2 billion, covering over 200 countries and regions. A global operations system around content, marketing, and channels is gradually taking shape.

Yixi Biotechnology | World's Largest Self-Built HMO Factory Nears Production; Core Product Receives Food Production License

Yixi Biotechnology's self-developed human milk oligosaccharide (HMOs) core product lacto-N-neotetraose (LNnT) has passed review by the National Health Commission of the People's Republic of China and obtained a Food Production License, completing a critical milestone from R&D to compliant production.

At the same time, through its self-developed AEGIS™ platform and AquaSolo all-aqueous purification technology, the company has broken overseas technology monopolies, covering a complete product system of multiple high-purity HMO monomers including 2'-FL and LNnT. The world's largest HMO factory built by the company will officially begin production in 2026, with annual capacity of up to 3,500 tons. Once capacity comes online, the company will have stable supply capabilities for the global market in advanced biomanufacturing, entering scaled production.

Spirit AI | Strategic Partnership with JD.com to Advance Embodied Intelligence in Retail Scenarios

Spirit AI and JD.com Group signed a strategic partnership agreement, under which both parties will collaborate from 2026–2029 around product customization, technology coordination, scenario opening, and joint marketing to drive scaled application of embodied intelligence in retail systems.

The first deployed scenario features Moz robots performing coffee-making tasks at JD MALL stores. Both parties plan to extend embodied intelligence to multiple retail scenarios including pharmacy sorting and dispensing, store guidance, equipment inspection, and cleaning. During remote high-precision operations, robots will simultaneously collect multimodal perception, motion trajectory, and force feedback data for model training and optimization, forming a closed loop of "technical capability — real scenario — data feedback," embedding high-cost physical world data collection into business processes to improve data quality and acquisition efficiency, supporting model generalization capabilities.

LimX Dynamics | Robots Participate in Taobao "Red Night," Featured in VOGUE Magazine

On March 26, LimX Dynamics' humanoid robots Luna and Oli participated in Taobao's "Red Night" event, receiving the "Cyber Fashion Pioneer Robot of the Year" award and appearing on the cover of VOGUE.

The two robots are positioned for general-purpose and entertainment scenarios respectively: Oli is a full-size humanoid robot with multi-degree-of-freedom movement and multimodal interaction capabilities; Luna further strengthens motion control and expressiveness, capable of completing complex movements and stage presentations. This appearance focused primarily on visual expression and content presentation.

Wuyun Innovation | Launches Agent Computer, Exploring Computing Device Form Factors for Intelligent Agents

Wuyun Innovation (Zettlab) plans to launch Agent Computer, a new generation of dedicated computing devices designed for AI Agents, expected for release in the first half of this year.

The company previously launched an AI NAS product, completing a closed loop of "store — find — use" for multimodal data, validating edge-side retrieval and hardware mass production capabilities. Building on this, Agent Computer further shifts from storage devices to computing devices. Compared to traditional PC systems centered on GUI, this product adopts a design logic centered on data interfaces and command invocation, reducing dependence on graphical interfaces and manual operations so that agents can directly call data and execute tasks. Running locally, the device helps alleviate current agent concerns around privacy, security, and stability.

Qingmao Intelligence | Invited to Boao Forum for Asia, Participates in Youth Entrepreneurs Roundtable

Qingmao Intelligence founder and CEO Chao-yu Guan was invited to the "Youth Entrepreneurs Roundtable" at the Boao Forum for Asia Annual Conference 2026, joining political, business, and academic representatives from multiple countries to discuss innovation and technology development topics.

In his remarks, Guan shared entrepreneurial perspectives on AI infrastructure practice in the new environment of intelligence and globalization, proposing to lower technology barriers through open-source tools and industrial collaboration to drive AI adoption across more industries. Currently, the company is advancing its heterogeneous inference engine MLGuider and open-source toolchain on the technology side, while pushing AI private deployment solutions overseas on the product side.

Infinigence AI | Appears at Zhongguancun Forum, Proposes "Token Factory" Infrastructure Path

Infinigence AI co-founder and CEO Lixue Xia appeared at the AI Open Source Frontier Forum at the Zhongguancun Forum, participating in dialogue and sharing perspectives on the agent wave and evolution of AI infrastructure.

The company noted that AI is shifting from "conversation" to "task execution," directly driving exponential growth in token demand. Its platform token call volume has grown approximately 10x since early 2026, with a trend of doubling every two weeks, as the industry enters a new phase centered on inference.

In response to this shift, Infinigence AI proposed the "Token Factory" infrastructure path, improving compute utilization efficiency through integrated software-hardware scheduling across multiple chip types and compute clusters. It currently serves model vendors including Moonshot AI and Zhipu AI, building capabilities in heterogeneous compute scheduling and deployment, pushing AI infrastructure toward greater efficiency and sustainability.

Oasis Ecosystem | Multiple Companies Appear at AWE

At AWE 2026 (Appliance & Electronics World Expo), Oasis portfolio companies including Yuan Dian Intelligence and Boli Technology showcased their latest advances in embodied intelligence and new manufacturing. As one of the world's three major home appliance and consumer electronics exhibitions, AWE is becoming an important window for AI technology landing in consumer scenarios.

Yuan Dian Intelligence displayed robot products for home scenarios, advancing practical applications of embodied intelligence in home and personal contexts through multimodal perception, motion control, and task execution capabilities.

Boli Technology's PollyFab focused on demonstrating 3D printing applications for consumers, covering footwear, home goods, and light industrial products, and announced a partnership with JD.com Group to launch a self-operated flagship store,打通 "production — sales — consumption"链路. Its self-developed HALS ultra-high-speed 3D printing technology achieves order-of-magnitude improvements in speed and material performance, making scaled production feasible for 3D printing beyond small-batch customization.

Signal and Noise | Special Season: North Slope Project

The podcast Signal and Noise is entering a special season: "North Slope Project."

The opening episode begins with a conversation between Oasis and Pu Fan, an editor at ChinaVenture. "North Slope" points toward a path of technological exploration with higher uncertainty and longer cycles. The series will focus on key questions and frontier changes in embodied intelligence, documenting the unwavering original intentions and drive for action of scientists and researchers as they navigate continuous exploration and real-world constraints.

In this new season, we will continue in audio form, connecting heart-to-heart with our listeners, bearing witness to vitality.