Keys Room
SCIENCE: A NEW GOLDEN AGE
Turning science fiction into reality
In one field after another, his genius and determination have made science fiction into reality.
G Club (Glacier Club) Professional · Low-key · Lively · Disciplined
Glacier KP · G CLUB
Physical AI & Intelligent Manufacturing GroupGlacier Double12 Hard-Tech Innovation Festival
Select rigorously for certainty. Embrace the new paradigm.
Welcoming the great age of AI/SI and interstellar space
Glacier is a fact, not just a company. The joy of innovation comes from sharing it together.
庚辛，是事实，不只是公司。科创的快乐，来自大家一起分享交流。
The world has many trade shows, but only one CES. There will be many innovation festivals on 12.12, and Glacier’s aims to be a CES for hard tech: an expo built for real results.
世界上有很多展会，但只有一个 CES。12.12 会有很多科创节，庚辛的科创节想做成科创版的 CES：一场讲实效的展会。
- Rise with the nation's momentum. Share the nation's dream.
- Squeeze out the bubble. Select for certainty. Embrace the new paradigm.
- Every task on a list. Every loop closed. A named lead for every team. Performance judged on the front line.
- Right heart, right mind. Blessings follow.
- Care, patience, love, unity, tolerance.
- Eat what you hunt.
- The long war cannot be rushed. The decisive war cannot be delayed.
- Stay grounded. Stay human. Stay humble.
- Take charge of your own fate. Push the limits of growth.
- The world is the totality of facts, not of things. — Wittgenstein
- We supply the ammunition. Investors pull the trigger themselves.
- Lead by example. Create for others.
- Train the sword with full focus. Nothing beats speed.
October 2026 · Industry research & observations
It is short of projects that make people believe in fairy tales again.
In the second half of the year, only two ends of the market remain:the earliest round, and the most certain round.
Physical AI & Intelligent Manufacturing Group · 7 projects: yard robot, service robot, home embodied robot, embodied brain, dexterous manipulation, embodied data and compute, smart RV.
RESEARCH
2026.10
Glacier Double12 Hard-Tech Innovation Festival
Quality Engineering
1212 sets no transaction-value target. Glacier strictly limits the number of new projects it takes on, to protect service quality. Transaction value and project count are two different constraints. We assess our work by post-investment satisfaction, founder satisfaction, project returns and the extent of our own capital commitment. Quality is the standard by which we judge and position ourselves, and whether we exceed expectations matters. Everyone owns quality engineering.
KEYS is the capital-market parallel computing platform and programming model from the Pyramid Institute. Defined by the whole Glacier team and continually upgraded, it organises price bands, transaction structures, timing and the Golden Window into relationships that can be executed and tested. We hope it will become the CUDA of capital markets.
Nurturing all things, bringing goodwill across the seas.
PHYSICAL AI / EMBODIED INTELLIGENCE
Physical AI & Intelligent Manufacturing Group
Closing 12.12 · Into Christmas
Embodied brains, sensing and data, linking home, commercial and yard robots; and electric smart RVs opening up outdoor living scenarios worldwide.
Our view of this groupThe first wave of embodied-AI excitement is receding; the second will be more practical. Orders, overseas revenue, deliveries and cash flow are replacing demo videos. Companies with solid results are scarce; the links that make core components and actually ship carry less froth.
How we chooseReal orders and global revenue; a leading position in a specific scenario; production lines and deliveries that stand up to inspection.
One robot for all four seasons in the yardAll-season yard robot
Yard robot · Global Select for certainty · Embrace the new paradigmALL-SEASON MODULAR YARD ROBOT
A snow-clearing and all-season modular yard robot.
A high barrier to entry. One shared chassis that switches between snow-clearing, mowing, leaf-blowing and other modules by season.
- Growth: a compound growth rate of 300% over the past three years, with 15,000 units delivered to date.
- Revenue: all revenue comes from overseas markets.
- Capacity needed: expected to exceed 150,000 units over the next three years.
The ByteDance of the robotics industryGlobal service robots
Embodied · Global Select for certainty · Embrace the new paradigmThe founder is one of the industry's best product managers. Relentlessly focused, and has paid the tuition that had to be paid.
SERVICE & EMBODIED ROBOTICS
The ballast in a portfolio.
Technology spreads far faster than commercialisation lands. The company uses organisation and channels to roll new technology out into scenarios where demand already exists.
- Market: a 43% share of the overseas market, first in Europe, the US and Japan; overtook peers with ten years' head start in three years in cleaning and two in industrial.
- Operations: a 50% gross margin, 80% of revenue from overseas, and profitable once embodied-AI investment is excluded.
Consumer embodied robots for the homeConsumer-grade home embodied robot
Embodied · 2C Select for certainty · Embrace the new paradigmCONSUMER EMBODIED
Founded by a professor at a top university research institute.
A field where every bullet is expensive.
“Consumer embodied robots for the home are a very hard field: the tolerance for error is very low, each company may get only one or two product generations to prove itself, and every bullet is expensive. If our allocation to this field only buys two bullets, I would hand both to this founder to pull the trigger.” — a senior investor
- University incubation: incubated by a top university research institute, building consumer-grade embodied robots for the home.
A generalising brain for embodied intelligenceA generalising brain for embodied intelligence
Embodied · PHYSICAL AGI Select for certainty · Embrace the new paradigm“Representation gives the prior for interpolation + online reasoning gives the ability to extrapolate = generalisation.”
A “generalising brain” that pre-trains perception, decision and action as separate modules and fuses them with a world model for online reasoning.
“All generalisation comes from representation”; “RL is a first-class citizen of pre-training”. The ceiling depends on quality; generalisation depends on diversity.
The goal: “Like a new hire on the factory floor. Show it a handful of times, hand it a manual, and it can start work.”
- Team: the founder previously led autonomous driving at a top company as chief scientist and CTO; the co-founder is a university researcher with a long record in human motion capture, who argues for modular design plus large-scale reinforcement learning.
- Engineering validation: validated at the level of autonomous driving; completed driverless heavy-truck operations on public roads, with no safety driver on board and no remote control.
- Efficiency: the driving model was trained by reinforcement learning on 15,000 hours of data and outputs wheel torque and steering angle directly; simulation runs at tens of thousands of times real time.
The physical base of embodied intelligenceDexterous manipulation platform · from training to productisation
Dexterous manipulation · Platform Select for certainty · Embrace the new paradigm“Create value first, define the standard, then create truly massive volume”; “the biggest customer placed the biggest order”.
TACTILE-ENHANCED WORLD MODELS · BEYOND TOUCH
A dexterous manipulation platform that supports the whole journey from training to productisation. Light-based tactile sensing and physical alignment are the platform's sensing base. The core silicon-photonics chip and the highly biomimetic materials are developed in-house.
All of the world's top five embodied-AI companies are customers; the solution is already running on customer production lines, 24 hours a day, at a faster cycle time than human workers.
- Product: 240,000 tactile sensing points per square centimetre, 8 ms response, more than 5 million presses; 10 mm thick, with 3 mm the target for the next generation.
Selling shovels to embodied AIEmbodied data and compute services
Embodied · Data and compute Select for certainty · Embrace the new paradigmDATA & COMPUTE
Supplies data and compute to several of the world's largest humanoid-robot companies.
Profitable less than six months after founding, with more than half of revenue from overseas.
Leading companies in the supply chain have become shareholders.
Electric smart RVElectric smart RV · going global
Smart electric RV · Going global Select for certainty · Embrace the new paradigmPOLICY × ORDERS × GLOBAL
Strong policy support + a full order book + outdoor scenarios worldwide.
A veteran product lead in consumer hardware exports starts again, entering high-end off-grid living in North America with a smart electric RV.
- Policy: the State Council explicitly encourages RV consumption and supports the development of new-energy RVs.
- Orders: a full order book, with revenue realised as deliveries are made.
GLACIER · FISCAL YEAR III
Glacier Fiscal Year III calendar, 2026 (7 Oct 2026 – 30 Jan 2027)
Four months: October, November and December 2026, and January 2027. The season starts on 7 October, closes on 12 December (the Glacier Double12 Hard-Tech Innovation Festival, or Glacier 1212 Festival for short) and ends on 30 January.
Key dates
- 10.1–10.7National Day holiday(Thursday 1 Oct to Wednesday 7 Oct, 7 days)
- 10.7Start of Glacier Fiscal Year IIIThe last day of the National Day holiday.
- Today
- 10.10Make-up workday(Saturday)
- 12.121212 Closing Day · Glacier 1212 Festival · 12:12No transaction-value target.
- 12.25Christmas
- 2027.1.1New Year's Day(Friday)
- 2027.1.30End of Glacier Fiscal Year III
Holiday source: General Office of the State Council, Notice on the 2026 Public Holiday Arrangements (4 November 2025, full text at Xinhua) ↗.
