Is Kujiale (Manycore Tech) profitable in 2026?

No. Manycore Tech, which owns Kujiale, reported FY2025 revenue of RMB 820 million (up 8.6% year over year) but an overall net loss of RMB 428 million, despite a small operating profit of RMB 18.6 million, per its April 2026 HKEX IPO disclosures.

Did Kujiale's parent company go public?

Yes. Manycore Tech Inc., which owns Kujiale, listed on the Hong Kong Stock Exchange under ticker 00068 on April 17, 2026, raising about HK$1.22 billion and seeing shares surge 140 to 171% on debut.

Could AI replace Kujiale's core design software?

Kujiale's original workflow of 2D to 3D rendering and furniture placement is increasingly commoditized by generative AI tools. The company is countering by pivoting to spatial intelligence infrastructure (SpatialVerse, Aholo) for embodied AI, though this pivot has zero disclosed revenue as of July 2026.

Who is Kujiale's biggest competitor?

In its core China spatial design market, Kujiale holds roughly 23.2% share (Frost & Sullivan, 2024). In its new spatial intelligence infrastructure push, it faces NVIDIA, whose Omniverse and Cosmos world model platforms have already shipped and compete directly with Kujiale's Aholo and SpatialVerse products.

What is Kujiale's flagship product and who owns it?

Kujiale (also styled KuSpace) is the flagship cloud-based 3D interior design platform of Manycore Tech Inc., a Hangzhou, China company founded in November 2011, now publicly traded on HKEX under ticker 00068 since April 17, 2026.

How much money has Kujiale raised and what is it worth?

Manycore Tech raised roughly $312 to 334 million across 6+ private rounds from investors including IDG Capital, Hillhouse, and Coatue, reaching a roughly $2 billion valuation around its 2020 Series E, before its April 2026 IPO pushed market cap above HK$36 billion.

China · China

Kujiale

Kujiale (Manycore Tech) runs China's top interior design software with 8M designers on its platform.

Losing its protection

Assessed 29 July 2026 · Evidence as of 29 July 2026

The structural protection is eroding.

On the recordSince 29 July 2026 · Checkable from Q3-Q4 2026 · Every call on the record Checkpoint: First 2-3 quarterly earnings as a public company, checking for disclosed SpatialVerse/Aholo/SpatialTwin revenue

The call

Kujiale leads a real design software market in China but is now asking investors to price a robotics-AI pivot that has not yet booked any named revenue.

Kujiale makes software that helps interior designers in China create 3D room layouts and visualizations. It has a strong position today with 8 million designers using it, but artificial intelligence tools can now do the same rendering and furniture placement work automatically, which threatens its core business. The company is trying to rebuild itself as a platform for AI robots and digital twins instead, but this is unproven and puts it directly against NVIDIA, which has already released similar products to the market. The real test will come in the next year or two when investors see whether Kujiale actually makes money from these new AI products or remains just a research project with nice demos.

Why

AI pressure: NVIDIA Omniverse/Cosmos. NVIDIA already ships world-model and digital-twin tools that compete directly with Kujiale's new spatial-AI pitch. Could AI do the core job? Only partly.

Bigger players: Autodesk. Autodesk dominates global CAD/BIM but has largely stayed out of China's SMB design software market so far. Could a giant copy it? Probably.

What protects it. 23.2% share of China's spatial design market, 40,000 brand integrations, and 8 million designers already inside the workflow.

What would change this call

Q3/Q4 2026 earnings show SpatialVerse/Aholo/SpatialTwin as a disclosed revenue line with named customers. Confirms the spatial-intelligence pivot is generating real commercial traction, not just demos.
Core design-software revenue growth rate for FY2026 compared to the 8.6% FY2025 rate. Shows whether the legacy SaaS business is stabilizing or decelerating under AI commoditization.
NVIDIA Omniverse/Cosmos or a Chinese lab (DeepSeek, MiniMax) announces a competing spatial-infra product targeting embodied-AI/robotics clients in Asia. Would show Kujiale's new market is being contested before it gains footing.

Key numbers

FY2025 revenue RMB 820M, up 8.6% YoY (2025-12-31)
Net loss RMB 428M despite RMB 18.6M operating profit (2025-12-31)
23.2% share of China spatial design software market (2024-12-31)

Named risks

Core rendering and layout workflow increasingly commoditized by generic generative AI tools. Severity: high
Spatial intelligence pivot (SpatialVerse, Aholo, SpatialTwin) has zero disclosed revenue as of July 2026. Severity: high
Continued net losses (RMB 428M in FY2025) despite thin operating profit could pressure post-IPO valuation. Severity: medium
NVIDIA and Google DeepMind already shipping competing world-model and digital-twin infrastructure. Severity: high
Post-IPO stock highly volatile, tied to broader Hong Kong AI-IPO sector sentiment rather than fundamentals. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
NVIDIA (Omniverse/Cosmos)	losing to	NVIDIA shipped Omniverse digital twins and Cosmos world foundation models before Kujiale's Aholo/SpatialVerse gained any disclosed revenue, as of 2026-07
Google DeepMind (Genie)	losing to	DeepMind shipped its Genie 3 world model in August 2025, ahead of Kujiale's still-unmonetized spatial intelligence products
Autodesk	contesting	Autodesk has not targeted China's SMB design segment where Kujiale holds 23.2% share (2024), but is structurally capable of entering
Houzz	contesting	Houzz (~$4B valuation) competes as a US-based interior design software peer to Kujiale's Coohom international product

Questions people ask

Is Kujiale (Manycore Tech) profitable in 2026?: No. Manycore Tech, which owns Kujiale, reported FY2025 revenue of RMB 820 million (up 8.6% year over year) but an overall net loss of RMB 428 million, despite a small operating profit of RMB 18.6 million, per its April 2026 HKEX IPO disclosures.
Did Kujiale's parent company go public?: Yes. Manycore Tech Inc., which owns Kujiale, listed on the Hong Kong Stock Exchange under ticker 00068 on April 17, 2026, raising about HK$1.22 billion and seeing shares surge 140 to 171% on debut.
Could AI replace Kujiale's core design software?: Kujiale's original workflow of 2D to 3D rendering and furniture placement is increasingly commoditized by generative AI tools. The company is countering by pivoting to spatial intelligence infrastructure (SpatialVerse, Aholo) for embodied AI, though this pivot has zero disclosed revenue as of July 2026.
Who is Kujiale's biggest competitor?: In its core China spatial design market, Kujiale holds roughly 23.2% share (Frost & Sullivan, 2024). In its new spatial intelligence infrastructure push, it faces NVIDIA, whose Omniverse and Cosmos world model platforms have already shipped and compete directly with Kujiale's Aholo and SpatialVerse products.
What is Kujiale's flagship product and who owns it?: Kujiale (also styled KuSpace) is the flagship cloud-based 3D interior design platform of Manycore Tech Inc., a Hangzhou, China company founded in November 2011, now publicly traded on HKEX under ticker 00068 since April 17, 2026.
How much money has Kujiale raised and what is it worth?: Manycore Tech raised roughly $312 to 334 million across 6+ private rounds from investors including IDG Capital, Hillhouse, and Coatue, reaching a roughly $2 billion valuation around its 2020 Series E, before its April 2026 IPO pushed market cap above HK$36 billion.

Timeline

2026-07-02Manycore announces three papers accepted to ECCV 2026 on physical AI infrastructure, including a Unitree G1 robot test
2026-04-17Manycore Tech lists on HKEX under ticker 00068, shares surge 140 to 171% on debut
2026-04-16IPO prices at HK$7.62/share, oversubscribed about 1,591x in Hong Kong retail tranche, raising about HK$1.22 billion
2025-12-01Launches Aholo spatial-intelligence developer platform and LuxReal AI video tool at 2025 Cool+ Conference
2025-11-05Launches SpatialTwin, a cloud-native industrial AI digital-twin platform
2025-02-14Refiles for Hong Kong IPO after earlier Nasdaq attempt
2024-11-01Launches SpatialVerse spatial-intelligence platform anchored by InteriorNet dataset
2023-02-01Formally withdraws 2021 Nasdaq IPO attempt amid Beijing regulatory crackdown
2020-12-31Reaches roughly $2 billion valuation around Series E funding round
2019-10-25Achieves unicorn status after Series D+ round led by Hillhouse, exceeding $1 billion valuation

Revision history

29 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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