Mianbi Intelligence completes a new round of financing worth several hundred million yuan, Huaxing acts as the lead financial advisor | Huaxing transaction

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Recently, Mianbi Intelligence completed a new round of financing worth several hundred million yuan, led byShenzhen Capital Group (SCG)andHuichuan Industrial Investmentjointly led the investment,Daoh禾 Long-Term Investment, Guotai Junan Innovation Investment, and Wu Yuefeng Science and Innovationalso participated in the investment.Huaxing Securities, a subsidiary of Huaxing Capital Group, acted as the lead financial advisor.

Coinciding with the close of this round of financing, Mianbi Intelligence was officially awarded the title of 'China's Unicorn Enterprise of 2026' at the 'Global Unicorn Enterprise Conference' during the 2026 Zhongguancun Forum Annual Meeting. The dual confirmation of funding and accolades marks a significant milestone for Mianbi Intelligence in the on-device large model track—this not only represents a concentrated acknowledgment of three years of technological accumulation and commercial implementation but also serves as a new starting point for Mianbi Intelligence as it moves into its next phase.

SCG is one of the most representative national-level hard technology venture capital institutions in China, focusing long-term on strategically important technological infrastructure. The core rationale behind their investment in Mianbi Intelligence is clear: on-device large models are becoming an indispensable underlying support for the implementation of the national intelligent economy strategy. This year’s Government Work Report mentioned 'intelligent economy' for the first time, explicitly stating the promotion of 'a new generation of intelligent terminals and intelligent entities.' On-device AI is naturally suited to environments with limited computing power, low energy consumption, and strong privacy, providing fertile ground for domestic computing chips—a strategic space that cloud-based models struggle to cover. Mianbi Intelligence has established deep adaptation partnerships with several domestic chip manufacturers, accumulating years of engineering experience on mainstream chip platforms such as Qualcomm, MediaTek, and Kirin, positioning them at the forefront of on-device infrastructure development.

Relevant person in charge of SCGbelieves that Mianbi Intelligence’s continuous breakthroughs in on-device general foundational models align closely with the core requirements of terminal intelligence under the national intelligent economy strategy. In their view, continuously improving model intelligence density within computational constraints reflects the first principle of on-device AI, which is central to SCG’s recognition of Mianbi’s long-term value. Meanwhile, high-intelligence-density models can effectively reduce the computational power required for intelligent agent operations, significantly lowering the costs of deployment and invocation—an essential factor for the rapidly approaching intelligent agent economy. As every terminal and scenario may run multiple collaborating intelligent agents, higher model intelligence density lays a realistic foundation for the scalable explosion of the intelligent agent economy. This is also a key strategic dimension through which SCG holds a favorable view of Mianbi Intelligence.

Huin川 Industrial Investment is the CVC arm of Huin川 Technology (300124), the absolute leader in China’s smart manufacturing sector. Their participation in this round of investment indicates a clear strategic consensus on how on-device AI supports new industrialization and deeply integrates with the real economy.

Relevant person in charge of Huin川 Industrial InvestmentRepresentative stated: 'Inovance Technology is a leading enterprise in China’s industrial automation and robotics sectors, with industrial AI being a group-level strategic focus. Among the myriad industries Inovance serves, there are numerous scenarios that can be transformed and restructured using large-scale model technology. The MiniCPM series of models from Mianbi Intelligence aligns closely with Inovance's AI planning in terms of model capabilities, size, chip ecosystem, and engineering expertise. The company's approach, centered on the 'density principle,' to promote the implementation of large models in automotive, embodied intelligence, and smart hardware sectors, also resonates strongly with Inovance's industrial layout. Looking ahead, we anticipate that Mianbi's modeling capabilities will deeply integrate into Inovance’s general automation and embodied product lines, forming concrete collaborations with Inovance’s invested enterprises in high-reliability models and encrypted computing fields, jointly driving the closed-loop implementation and value creation of industrial AI.'

The continued follow-up by Daohe Long-term Investment, Guotai Junan Innovation Investment, Wuyuefeng Sci-Tech Innovation, and others further confirms the consistent long-term value recognition of Mianbi Intelligence by professional investment institutions.

Relevant person in charge of Guotai Junan Innovation InvestmentRepresentative stated: 'Mianbi Intelligence is one of the few key players in China that has maintained leadership in continuous iteration and scaled application of edge-side models. Looking forward, as the technical landscape of one-end multi-cloud accelerates, we remain optimistic about Mianbi Intelligence leveraging its robust native technological barriers and proven generalization capabilities across multiple end-use scenarios to lead the golden wave of commercial explosion for edge-side models, becoming the core engine and value hub in the edge-side AI field.'

Hu Xiao, Co-Head of Hard Tech at China Renaissance Securities, a subsidiary of China Renaissance GroupRepresentative stated: 'In the trend where model technology roadmaps for edge and cloud bases are gradually diverging, Mianbi Intelligence was the first to anchor and deeply cultivate 'edge-side intelligence,' becoming a leader in edge-side foundational models both domestically and internationally. The company’s proposed 'density principle' forms the basis of the industry theoretical framework, while its products have already achieved scaled commercial deployment in key scenarios such as smart vehicles and smartphones. Its latest release, the MiniCPM-o 4.5 full-duplex multimodal model, further demonstrates deep technological reserves in cutting-edge directions like embodied intelligence. Huaxing Securities is highly honored to assist the company in completing this round of financing. We believe that Mianbi Intelligence will continue to lead the democratization process of edge-side intelligence, creating core value for the intelligent upgrading of various industries.'

Supporting this round of financing are the solid achievements Mianbi Intelligence has made over the past three years in the edge-side track.

The 'density principle' practiced by Mianbi Intelligence—continuously increasing model knowledge density within limited computational power—has become an industry-recognized pathway for edge-side evolution. The cumulative download volume of the MiniCPM series open-source models on platforms like GitHub and Hugging Face has exceeded 24 million, achieving scaled deployment in areas such as automobiles, smartphones, AIPC, and smart homes. Models like the Changan Mazda EZ-60 and Geely Galaxy M9 have been mass-produced with the MiniCPM multimodal model integrated. Mianbi Intelligence has also established deep cooperation with several global leading mobile phone manufacturers, and more projects in terminal scenarios are continuously advancing. At this year's Zhongguancun Forum, the concentrated display of three products—the smart cockpit, EdgeClaw Box, and embodied service robot—represented the latest manifestation of this business blueprint.

Meanwhile, Mianbi Intelligence continues to expand the capability boundaries of edge-side AI. The newly released MiniCPM-o 4.5, the industry's first full-duplex multimodal large model, achieves synchronous interaction across voice, video, and text modalities with a streamlined 9-billion-parameter architecture, marking another breakthrough in the direction of 'enhancing intelligence density.' For the field of embodied intelligence, the combination of real-time multimodal perception and autonomous decision-making capabilities will provide a more natural and generalizable interaction base for the next generation of robotic brains—this is the next door that Mianbi Intelligence is opening.

Li Dahai, CEO of Mianbi IntelligenceRepresentatives stated: 'The long-distance race for AGI has entered its middle phase. Continuously improving intelligent density under computational constraints and truly implementing it in the physical world has been the direction that Mianbi has always adhered to, and has received the strongest support from Shenzhen Capital Group, Inovance Technology, and all investors in this round. Mianbi will continue to take the Density Principle as the primary guiding philosophy, adhere to open-sourcing, and enable every terminal to possess the capability towards AGI.'

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