Rooting Deeper, Moving Forward | Vital Monthly

Vital Monthly is Oasis Capital's monthly update column.

It documents the progress unfolding across our portfolio companies and Oasis itself, capturing the rhythm, structure, and trends behind the headlines.

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MiniMax | Hong Kong IPO Imminent, Subscription Period Completed

Model M2.1 Released, Outperforming Gemini 3 Pro

Oasis portfolio company MiniMax (0100.HK), a large language model startup, will list in Hong Kong on January 9, with its IPO subscription period now closed. The offering recorded over HK$253.3 billion in margin financing, with the public tranche oversubscribed by 1,209 times.

In December, MiniMax released model M2.1, shifting its capability focus from "cost-effectiveness and openness" toward practical usability for complex real-world tasks. On multiple core benchmarks, M2.1's overall performance now approaches top-tier closed-source models, with particularly strong stability and scalability in AI coding and agentic continuous workflows. The model achieved systematic leaps across Rust, Java, Golang, C++, and other language ecosystems, while establishing clear advantages in full-stack web/app development, compound instruction-constrained execution, and agent tool generalization. Around the same time, MiniMax open-sourced the VIBE engineering benchmark, directly addressing the critical question of whether models can build runnable applications from scratch. At year-end, MiniMax released a five-minute narrative short film produced using its multimodal capabilities — including video model Hailuo 02, speech model Speech 2.6, and Music 2.0 — demonstrating notable progress in complex motion and instruction following.

LimX Dynamics | Premier Li Qiang's Guangzhou Inspection Tour, Founder Dr. Zhang Wei Delivers Key Briefing

"One Body, Three Forms" Robot TRON 2 Officially Launched

From January 3 to 5, Member of the Politburo Standing Committee and Premier of the State Council Sam Li inspected Guangdong, watching a live demonstration of LimX Dynamics' robots in Shenzhen.

Image source: CCTV-1 Xinwen Lianbo

LimX Dynamics founder Dr. Zhang Wei presented to Premier Li the full-size humanoid robot Oli's real-time perception-based dynamic stair-climbing capabilities, demonstrating the engineering progress of "brain-cerebellum-body" integration in real-world environments. The dynamic demonstration of the multi-form robot TRON illustrated its application potential in inspection, logistics, and other practical scenarios.

At the end of December, LimX Dynamics officially released TRON 2, its next-generation multi-form embodied robot. Built on a "one body, three forms" universal base architecture, it provides a one-stop development platform for VLA research, mobile manipulation, and whole-body motion control, with pre-orders opening at RMB 49,800.

LimX Dynamics is accelerating the transition of embodied intelligence from research validation toward replicable, scalable real-world applications through standardized hardware and modular architecture.

Borey Technology | Multiple Products Selected for National Quality List, Industrial Capabilities Featured on CCTV

This month, five Borey Technology products were selected for the 2025 China Additive Manufacturing Quality Product List, organized jointly by the China Additive Manufacturing Industry Alliance and the National Additive Manufacturing Product Quality Inspection and Testing Center (Jiangsu), covering materials, equipment, and solutions. Selected products include multiple self-developed photosensitive resin materials, the stereolithography equipment TAPS200, and a scalable 3D printing manufacturing solution for footwear — systematically demonstrating Borey's complete capabilities from material systems and core equipment to mass production processes.

In early December, CCTV News Channel visited Borey Technology's Suzhou factory for an in-depth report, highlighting its engineering progress in ultra-high-speed printing of robotic "muscles," AI-customized printing, and high-performance materials — further validating the company's technical maturity and industrial execution capabilities.

Encos | Capital Commitment, Product Expansion, and International Presence Advance in Parallel

Encos completed a new funding round of nearly RMB 200 million,with Oasis significantly increasing its follow-on investment. This marks Encos's third capital injection from top-tier institutions within the year, further solidifying its leading position in embodied intelligence core components.

On the product front, the company released the ENCOS dexterous hand, featuring an ultra-compact biomimetic structure with 20 active degrees of freedom, combined with full-joint force feedback and high-real-time EtherCAT interfaces — significantly expanding the end-effector capabilities of humanoid robots in fine manipulation, data collection, and large model training.

In mid-December, Encos appeared at iREX 2025, the Tokyo International Robot Exhibition, showcasing its self-developed joint modules, dexterous hands, and intelligent batteries, while engaging in technical exchanges and partnership discussions with multiple international robotics manufacturers. With annual joint module shipments exceeding 100,000 units and overseas partnerships advancing, Encos is accelerating its evolution toward a global embodied intelligence hardware infrastructure company.

Lxson | Launches Brand Zeroth, Exploring New Form Factors for Home Embodied Intelligence

Lxson officially launched its embodied intelligence brand Zeroth, simultaneously introducing multiple home robot products for overseas markets. Led by the tracked robot W1 and small humanoid robot M1, Zeroth enters from real home environments, emphasizing robots' mobility in complex spaces, load capacity, and sustained interaction potential rather than single-function replacement.

The brand launch debuted at CES in the United States on January 6, with comprehensive product demonstrations and promotion. The pricing and form factors clearly target the premium consumer-grade embodied intelligence exploration segment. Centered on the brand theme of "Mirror," Zeroth attempts to establish continuous mapping between humans, spaces, and intelligent systems, pushing robots from tools toward embodied intelligent presences that can coexist long-term — offering new engineering pathways and product imagination for embodied intelligence in home scenarios.

Spirit AI | Embodied Intelligence Scales in Manufacturing, Industrial Value Continues to Emerge

Spirit AI's humanoid embodied intelligence robot "Xiaomo" has achieved scaled operation on the new energy power battery PACK production line at CATL's Zhongzhou base, becoming the world's first demonstration production line where humanoid embodied intelligence robots stably participate in mass manufacturing.

In high-risk, high-flexibility processes such as high-voltage testing, "Xiaomo" achieved over 99% insertion success rates through end-to-end VLA models, significantly improving consistency and safety — validating the engineering feasibility of embodied intelligence in complex manufacturing scenarios.

At the end of December, Spirit AI was invited to the People's Daily Financial Forum, where founder and CEO Fengtao Han shared frontline practical experience in the "New Drivers of Technological Self-Reliance" AI roundtable, emphasizing the importance of synergy between general embodied models and China's manufacturing system.

Infinigence AI | Launches Enterprise Agent Service Platform, Driving Scalable Creative Output

Infinigence AI successfully hosted the 2025 INFINI DAY Agent Ecosystem Forum in Hangzhou, officially launching its enterprise-grade agent service platform — systematically advancing its long-term accumulation in computing power, models, and engineering toward scalable agent deployment. The platform addresses common enterprise pain points including unstable performance, operational reliability, and cost control, providing a complete service path from agent customization and optimization to deployment hosting and commercialization.

Built on underlying AI infrastructure and Agentic Infra components, Infinigence AI significantly lowers the barrier to building and operating agents through templated capabilities, Day0 model adaptation, and hardware-software co-optimization — establishing engineering advantages in stability, efficiency, and scalability.

Shanji Technology | Completes Nearly RMB 100 Million Series A+ Round, Accelerating AI Glasses Scale-Up

At the end of December, portfolio company Shanji Technology completed a Series A+ round of nearly RMB 100 million, co-led by Planck Ventures, Skyworks Venture Fund, and local industrial capital. Proceeds will primarily fund flexible customization production lines for next-generation AI glasses, R&D of active AI memory-related computing systems, and overseas market expansion.

On the product front, Shanji's new-generation AI glasses feature systematic upgrades in active AI capabilities, optical display, and hardware structure. The company introduced a multimodal AI memory engine and its self-developed Loom OS, enhancing all-day information recording and retrieval, while bringing the form factor closer to everyday wear through novel optical solutions and lightweight structural design. Leveraging the sustained cash generation from its mature 3C energy storage business, Shanji projects that new AI glasses shipments will exceed 100,000 units within one year of launch, pushing AI glasses from early-adopter novelty toward more certain consumer-scale markets.

Qingmao Intelligence | Day0 Adaptation of openPangu-R-72B, Accelerating Enterprise AI Adoption

Qingmao Intelligence completed Day0 adaptation of the domestic large model openPangu-R-72B, achieving deployable, runnable status simultaneous with the model's release. This model excels in long-chain reasoning and complex information retrieval tasks, employing an MoE architecture trained on Ascend computing power that achieves strong balance between efficiency and performance. Leveraging its technical characteristics, Qingmao Intelligence achieved significant inference acceleration on the Ascend 300I Duo platform through expert load balancing optimization and operator fusion solutions, integrating the adaptation results into high-performance all-in-one machines to form a full-stack domestic solution covering "model-hardware-scenario."

Oasis Ecosystem | Oasis Brings 7 Portfolio Companies to Abu Dhabi BRIDGE Summit 2025

From December 8–10, Oasis served as a Global Innovation Partner of this year's summit, bringing 7 ecosystem companies — MiniMax, LimX Dynamics, VAST, Hypershell, Lxson, Speediance, and others — to BRIDGE Summit 2025 in Abu Dhabi. During the summit, multiple portfolio companies engaged in in-depth exchanges and collaboration with international government agencies, enterprises, and universities, covering AI models, spatial content, embodied robotics, and consumer-grade intelligent hardware. Chinese technology companies are evolving from supply chain and market roles toward technology and product definers in the global innovation system.

Attention | Conversation with Peking University's Jingyang Yuan on Sparse Attention Mechanisms That 10× Model Speed

In the latest Attention conversation, we spoke with Jingyang Yuan, a PhD candidate in Peking University's Computer Science Department, for an in-depth analysis of Native Sparse Attention: Hardware-Aligned and Natively Sparse Attention — co-authored with Wenfeng Liang and awarded Best Paper at ACL 2025.

NSA proposes three sparse pathways: compression, selection, and sliding window, achieving end-to-end architectural optimization through sparse training strategies with up to 9× acceleration on 64k long-context tasks. This structure not only addresses current GPU bandwidth bottlenecks but demonstrates that in the post-training era, structural innovation is gradually replacing scale expansion as the main evolutionary path for models.

The approach proposed by NSA provides concrete methodology and engineering pathways for future exploration of efficient large model architectures.

Signal and Noise | Conversation with Brain Researcher, Westlake University Assistant Professor Ding Liu

For December's Signal and Noise, we invited domestic brain researcher, Harvard University postdoctoral fellow, and Westlake University Assistant Professor Dr. Ding Liu.

As a highly evolved species, humanity is entering an unprecedented phase: silicon-based systems and carbon-based life are accelerating on the same timeline, while the iteration speed of technological capabilities has clearly outpaced the update rhythm of human physiological and cognitive "hardware." Attention, emotion, and instinct — mechanisms that once sustained human long-term survival — are now under sustained pressure in high-density computing and automated environments.

In our conversation with Professor Liu, we started from neuroscience to discuss how instinct and emotion function in today's technological environment, and to collectively understand how humans can participate in judgment, make choices, and coexist with technology as artificial intelligence continues to advance.

Oasis Honors

Named to ChinaVenture's "2025 China Top 50 Best Early-Stage Investors," IPO Zao Zhi Dao's "2025 Best Embodied Intelligence Investment Institution," TMTpost Pioneer List's "2025 Top 20 Early-Stage Investment Institutions," and other awards.

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

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

Championing Vitality.