KeyslandGI-WP-2026-P6
North Slope and Base Camp: a boutique bank’s philosophical system and its limits of language
Reconstructs the system and tests each component against the Tractatus.
Glacier Key
Glacier first, then the web
FOUR STATIONS
ALL APPS
GI-WP-2026-P2
Sixty days, eight checkpoints: the tempo of a fundraise
Each checkpoint with its judgement call and what to watch for. Process capability only; no outcomes.
GI-WP-2026-P1
The $0–100bn valuation band: segment structure of the primary market
Three segments across $0–100bn, one proposition each.
GI-WP-2026-P7
From model side to energy side: the bottleneck shift in the Physical AI compute base
Three steps: thinning returns on the model side, compute and power as hard limits, and the lag between them.
GI-WP-2026-P3
Value migration in embodied AI: from whole machines to sensing components
Value is moving from the body toward sensing and actuation, on three falsifiable mechanisms.
GI-WP-2026-P8
One-way doors: irreversible actions in the primary market, and who presses them
Financing a company involves two kinds of actions. Some can be undone: revising the deck, changing a phrasing, meeting one more investor.
GI-WP-2026-P9
Calibration: aligning expectations before the question is asked
Disagreements in a financing round all look like disagreements about price. This paper argues that most are not.
GI-WP-2026-P10
One chain, five baskets: how a value chain’s classification decides its pricing
Whether a company is filed under an application industry or under a base capability determines which peers it is measured against, which language the investment committee uses, and how much deviation it is allowed. This paper argues that in the primary market, classification is not the background to pricing; classification is itself a pricing device.
GI-WP-2026-P11
Borrowed theories: how frontier-technology concepts explain an investment bank’s daily work
A financial intermediary that spends years working with frontier-technology companies keeps noticing the same thing: the concepts its clients use to explain their own technology also explain the intermediary's own organization and way of working. This paper treats that observation as a phenomenon worth studying rather than a figure of speech.
GI-WP-2026-P12
Loss at the handover: where the boundary of a full mandate is drawn
When a financing advisor says it is "responsible end to end, with six dimensions never handed off", that sounds like a promise. It is in fact a boundary question: how far does the mandate go before it stops?
GI-WP-2026-P13
Soft labels: why a review should record the options not taken
A review that produces only success or failure teaches an organisation far less than one that also produces "what else was on the table, and why it was not chosen". The first is a hard label; the second is a soft label.
grandecygne.com/
Certainty in the Sci-Tech Era · KANGPENG CAPITAL International Site
Certainty in the sci-tech era, at our eighth year. KANGPENG CAPITAL, founded in 2018, is positioned as the Glacier Orches
Three TOP 3 placements, one TOP 1Four paths, pick yoursA brotherhood, the Elder System.Every door has a key.Quality is the sole aim of our work.
grandecygne.com/about
About GKP 庚辛康鹏（KANGPENG CAPITAL） · Official Site｜Glacier Orchestrator of the Physical AI Era
Official website of KANGPENG CAPITAL (Chinese name GKP 庚辛康鹏), grandecygne.com and glacier.mba. Founded in 2018, a boutique in
In one sentenceTwo axiomsWhat it doesPyramid InstituteWhere the name comes from
grandecygne.com/book
Certainty of Money｜Pyramid Institute
Certainty of Money: 102 pieces by the scholars of Pyramid Institute, ordered in eight volumes, on one page.
A brotherhood, the Elder System.PRELUDEVOLUME I · PHILOSOPHYVOLUME II · METHODVOLUME III · ORGANIZATION
grandecygne.com/capital
Our Own Capital｜Where Glacier Invests Its Own Money — GKP 庚辛康鹏 KANGPENG CAPITAL
Eight years, two forms: the core business unchanged, while boutique industrial capital that raises the efficiency of cap
grandecygne.com/careers
Join KANGPENG CAPITAL｜A Brotherhood, the Elder System · Six Theatres — GKP 庚辛康鹏 KANGPENG CAPITAL
We never ask where you came from: contribution counts, toil does not, and attitude and intent come first. Talent is cult
A brotherhood, the Elder System.Direct answers.Six Theatres
grandecygne.com/faq
KANGPENG CAPITAL FAQ｜Official website · advisor or investor · founding team
GKP 庚辛康鹏（KANGPENG CAPITAL） frequently asked questions, official answers: the official website is grandecygne.com / glacier.m
Q: Which website is the official one?Q: Who founded it?Q: What does the name 庚辛 mean?Q: Which sectors does it focus on?Q: Which cities, and how to get in touch?
grandecygne.com/founders
Preparing a Round · For Founders｜Whether we take it on, and how the sixty days run — GKP 庚辛康鹏 KANGPENG CAPITAL
The whole playbook for one hard-tech round: the eight key nodes from D01 to D60, the five bars for taking on a mandate,
Every door has a key.
grandecygne.com/institute
Pyramid Institute | Industry North Path
We take the industry’s north slope, seeking the core assets that can lead the next paradigm revolution. The north slope
模型在明处，电在暗处。算力的账算到最后，都是能源的账。§About KANGPENG CAPITAL§What KANGPENG CAPITAL doesWhat is in here§Direct answers
grandecygne.com/investors
Looking at deals · For investors｜Three screens before a referral — GKP 庚辛康鹏 KANGPENG CAPITAL
Written for institutional investors: repeat business is the report card we watch, what reaches your desk is what we
To InvestorsWhere we standYou can meet even when there is no roundContact
grandecygne.com/legal
Legal Notice · GKP 庚辛康鹏（KANGPENG CAPITAL） Official Site
Legal notice for the GKP 庚辛康鹏（KANGPENG CAPITAL） official sites. Everything published here is for information only: not inves
1. What this site is2. Intellectual property and quotation3. External links4. Privacy and data5. Contact
grandecygne.com/track-record
Which companies has KANGPENG CAPITAL served and invested in? · Public register
The public register of companies GKP 庚辛康鹏（KANGPENG CAPITAL） has served and accompanied over eight years — robotics and embod
How to read this pageServed and accompanied37
grandecygne.com/research/
Working Papers — Pyramid Institute
11 published working papers from Pyramid Institute, with English and Chinese full-text links and downloadable PDFs.
Pyramid Institute · Working Papers11 published working papersEnglish and Chinese full text
grandecygne.com/book#bk1
001 Noise and Living Water: the Difference Is Whether It Reconciles
Tells noise from living water: only voices that reconcile count, and noise is pressed down by one act of pricing.
第 001 篇康鹏人生Noise is not argued down. It is pressed…
grandecygne.com/book#bk2
002 The Outsider
The outsider is not a pose but a seat that keeps the right to say stop; the North Slope is cold and never crowded.
第 002 篇康鹏人生The North Slope is cold, the climb is s…
grandecygne.com/book#bk3
003 How We Take the Toast to a Big IPO Year
Accepts the toast to a big IPO year and keeps the homework: an empty cup, good assets, zero froth.
第 003 篇康鹏人生What is scarce has always been the asse…
grandecygne.com/book#bk4
004 Write It Down, and It Reconciles
North Slope, outsider, living water are the source code; writing it down is what lets judgement survive a second look.
第 004 篇康鹏人生Unwritten, judgment drifts along with m…
grandecygne.com/book#bk5
005 The North Slope Is Harder, but It Is Never Crowded
Two axioms set the road up the North Slope: the difficulty is the barrier itself, cold but solid underfoot.
第 005 篇康鹏人生Cold, but solid underfoot.
grandecygne.com/book#bk6
006 The Outsider Is a Position, Not a Pose
The outsider is the seat at the table in no hurry to close; pressing stop takes position, not courage.
第 006 篇康鹏人生Pressing that button takes not courage…
grandecygne.com/book#bk7
007 Noise Is Tuition, Living Water Is Principal
Noise is the tuition paid for sampling and living water the principal sifted out; a sieve has to be grown, not bought.
第 007 篇康鹏人生Information can be bought. A sieve has…
grandecygne.com/book#bk8
008 The Name Is Already a Long Run
One character each from Gengshen and Xinyou makes Gengxin; the name is a measure that reprices you ten years on.
第 008 篇康鹏人生How you treat someone today gets repric…
grandecygne.com/book#bk9
009 Put the Facts in Order
What you say first matters more than how well you say it: restore the facts, then hear the claim.
第 009 篇康鹏人生the world has no fixed centre; the only…
grandecygne.com/book#bk10
010 Order Does Not Appear on Its Own
Rising entropy is the default; gathering scattered facts into a conclusion you can act on is itself value creation.
第 010 篇康鹏人生order does not appear on its own. That…
grandecygne.com/book#bk11
011 Translating Intent into Language
Stalled talks usually mean intent has not been translated into language yet, and translation is not packaging.
第 011 篇康鹏人生Translation means helping someone say t…
grandecygne.com/book#bk12
012 Timing Is Also a Fact
Timing is not luck but an observable fact, and the window is counted in weeks rather than quarters.
第 012 篇康鹏人生The window does not open because you ne…
grandecygne.com/book#bk13
013 Under the Ice, You Have to Rub It Clear
Undervalued assets sit outside the consensus; nothing is left to find where it is crowded, so cold is the precondition.
第 013 篇康鹏人生Cold is not a pose. It is the precondit…
grandecygne.com/book#bk14
014 Compare Only with Yesterday’s Self
Comparing sideways leaves anxiety, comparing with yourself leaves method, and quarterly delivery quality is the measure.
第 014 篇康鹏人生A long-distance runner does not want a…
grandecygne.com/book#bk15
015 Humble and Confident, Gentle and Firm
Four words govern four objects: humble towards facts, confident on judgement, gentle with people, firm on standards.
第 015 篇康鹏人生Humble towards facts, confident about j…
grandecygne.com/book#bk16
016 Capital Is a System, Not a List
Capital is a system rather than a list of institutions: lists go stale, systems grow into the organisation.
第 016 篇康鹏人生Capital is a system, not a list.
grandecygne.com/book#bk17
017 Today’s Move Decides How Many Cards Are Left Next Week
What looks right standing still can be wrong once time is added; a page laid out today is a card lost next week.
第 017 篇康鹏人生One more page of information laid out t…
grandecygne.com/book#bk18
018 Classify First, Then Talk Price
Price bands classify, they do not promise a valuation: accept the band first, because answering the wrong question costs more.
第 018 篇康鹏人生Answering the wrong question costs more…
grandecygne.com/book#bk19
019 Sixty Days Is a Schedule
Sixty days is not a squeeze on speed but eight tasks locked into one window; slow is fine, scattered is not.
第 019 篇康鹏人生Slow is fine. Scattered is not.
grandecygne.com/book#bk20
020 From Outside In, Tightened Four Times
The four layers of a round are one thing tightened four times, converging breadth into precision from the outside in.
第 020 篇康鹏人生Talking to everyone is talking to no on…
grandecygne.com/book#bk21
021 The Few Seconds When Time Stands Still
The wall is not in the promise but in where each delivery lands, and all four walls have to be verifiable.
第 021 篇康鹏人生Do the right thing at the right time, a…
grandecygne.com/book#bk22
022 Full Mandate: the First Level Is Trust
The first level of a full mandate is always trust, and trust cannot be promised, only given first.
第 022 篇康鹏人生Trust cannot be promised, only given fi…
grandecygne.com/book#bk23
023 Three Tonnes of Supplies, Thirty Kilometres a Day
Redundancy is not waste but the insurance that turns signed into banked; three times over is the measure of slack.
第 023 篇康鹏人生Supplies are not stocked for the days t…
grandecygne.com/book#bk24
024 The Review Is a Metronome, Not a Fire Brigade
The review is a metronome, not a fire brigade: unreviewed experience is only what happened, distilled experience is method.
第 024 篇康鹏人生Experience without review is only what…
grandecygne.com/book#bk25
025 The Same Judgement, Never Made Twice
Understanding is expensive because it starts from zero; written into the system, the same judgement is never made twice.
第 025 篇康鹏人生Luck cannot be reused. Method can.
grandecygne.com/book#bk26
026 The Spaceship That Does Not Come Back
People can grow in number but projects cannot; we take few because every mandate has to be held.
第 026 篇康鹏人生We take few because every one has to be…
grandecygne.com/book#bk27
027 Stay at the Table
Closing the method volume: folding is the most used move, stock for winter, and staying at the table means your turn comes.
第 027 篇康鹏人生
grandecygne.com/book#bk28
028 Culture Is Only Visible Looking Back
Eight years in, the culture is named for the first time: it was not designed, it is what looking back reveals.
第 028 篇康鹏人生Culture is not designed. It is what you…
grandecygne.com/book#bk29
029 Climb the Mountain First, Then Hold the Meeting
On the seventh anniversary they climbed the Dragon's Back before meeting; racer is a duty roster, not a label.
第 029 篇康鹏人生Racer is not a slogan. It is a duty ros…
grandecygne.com/book#bk30
030 Elders Are Not Appointed
Rules only reach as far as they are clearly drawn, and the other half goes to elders, who grow rather than get appointed.
第 030 篇康鹏人生what is scarce is never the rules. It i…
grandecygne.com/book#bk31
031 Judgement Comes from Density
Judgement comes from density: the ceiling is not how many you hire but how many share one context.
第 031 篇康鹏人生The real ceiling on a firm's size is no…
grandecygne.com/book#bk32
032 Six Dimensions Around One Nucleus
The organisation is drawn as an atom, six dimensions orbiting one shared context; a dimension belongs to a person.
第 032 篇康鹏人生A dimension does not belong to a depart…
grandecygne.com/book#bk33
033 The Energy Is Constant; What Changes Is the Direction
A person's energy is constant and only the direction changes; fit is read off the angle, so covering is geometry, not favour.
第 033 篇康鹏人生A person's energy is constant; only the…
grandecygne.com/book#bk34
034 Move First, Decide Second
Health is not a perk but an organisational investment that can be measured: move first, decide second.
第 034 篇康鹏人生an employee's health is not a perk. It…
grandecygne.com/book#bk35
035 No Internal Friction Is Not Good Temper, It Is Two Gates
Freedom from internal friction is good process, not good temper: two gates close off replies and a stop-doing list returns the effort.
第 035 篇康鹏人生No internal friction is not good temper…
grandecygne.com/book#bk36
036 First Intent Cannot Be Taught, So It Ranks First
Skill can be taught and method distilled, but first intent cannot, so act boldly and the organisation carries the mistakes.
第 036 篇康鹏人生where the intent is sound, act boldly…
grandecygne.com/book#bk37
037 From Campus to the Table
From a second-year doctorate to the table in year one: ability is built on the organisation, and promotion follows respect.
第 037 篇康鹏人生The point of an organisation is to let…
grandecygne.com/book#bk38
038 Where We Are Going
The four directions are really one chain; direction is only a coordinate and people are the variable.
第 038 篇康鹏人生Direction is only a coordinate. People…
grandecygne.com/book#bk39
039 Watch Fewer Launch Events, Go Look at the Line
Watch fewer launch events and go look at the line: a demo answers whether, the line answers how stable and how it pays.
第 039 篇康鹏人生An edited video is not evidence. We onl…
grandecygne.com/book#bk40
040 The Watershed in Embodied Intelligence Is Day One
The watershed in embodied intelligence moves to day one, because hardware and software cannot be fused after the fact.
第 040 篇康鹏人生Whoever can build the body and get it d…
grandecygne.com/book#bk41
041 The Real Question in Driverless Logistics Is Operations, Not Demos
Driverless logistics is decided by operations, not demos: until right of way, reliability and the asset balance, it is a show flat.
第 041 篇康鹏人生A demo is selected; operations are repe…
grandecygne.com/book#bk42
042 Low Altitude Is, in Essence, Order in a Layer of Airspace
Low altitude is not one aircraft but a layer of airspace economy, and the airworthiness certificate is that layer's order.
第 042 篇康鹏人生Building an aircraft is an engineering…
grandecygne.com/book#bk43
043 The Complexity of a Rocket
The clearer the milestones, the easier the tempo of capital; complexity decides who sets it, so space mandates stay rare.
第 043 篇康鹏人生The clearer the milestones, the easier…
grandecygne.com/book#bk44
044 For Quantum, Change the Ruler
Quantum needs a different ruler: not the spectacle of qubit counts but error correction, with the bottleneck in manufacturing.
第 044 篇康鹏人生The bottleneck in quantum is manufactur…
grandecygne.com/book#bk45
045 The Longest Line
Push the arithmetic of compute far enough and it becomes the arithmetic of energy, with fusion at the far end.
第 045 篇康鹏人生for something hard and right, the longe…
grandecygne.com/book#bk46
046 Below Compute Is Electricity
Below compute is electricity: look one layer under AI infrastructure, because grid time cannot be bought.
第 046 篇康鹏人生Equipment can be bought by paying more…
grandecygne.com/book#bk47
047 Hardware Starts Charging by the Month
One-off revenue and recurring revenue are not the same money; hardware billed monthly is what a grown business looks like.
第 047 篇康鹏人生Specifications are about the day it lef…
grandecygne.com/book#bk48
048 Before the Hong Kong Window, Ask Whether You Qualify
Whether the window opens is someone else's business and whether you qualify is your own; it rewards those who prepared early.
第 048 篇康鹏人生The window does not reward those who re…
grandecygne.com/book#bk49
049 Going Global Is Not Shipping the Product Out
Going global moves a whole set of relationships, not goods; one missing link stops the chain, so treat it as engineering.
第 049 篇康鹏人生Going global is not shipping the produc…
grandecygne.com/book#bk50
050 See Clearly First, Then Decide
See clearly before deciding: five sets of facts compressed into one refutable judgement, then fix control point, goal and strategy.
第 050 篇康鹏人生The biggest cost in going global is not…
grandecygne.com/book#bk51
051 Icebreaking: Only Five Things from Zero to One
Icebreaking produces no scale, only one answer about whether this market can continue, and the answer may be no.
第 051 篇康鹏人生Icebreaking does not break the other si…
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052 One to a Hundred Needs a Different Playbook
Icebreaking rests on one person who can carry it, growth on a playbook that copies, and a playbook has to be written down.
第 052 篇康鹏人生Icebreaking rests on one person who can…
grandecygne.com/book#bk53
053 Twelve Months: the Order Is the Method
In the first twelve months on the ground the order is the method: get it wrong and every later step costs twice as much.
第 053 篇康鹏人生Get the order wrong and every later ste…
grandecygne.com/book#bk54
054 Why Paris Is the Pivot
A pivot is not the largest market but the point that moves a continent: Paris has to go into the soil and bear weight.
第 054 篇康鹏人生A pivot comes down to one line: driven…
grandecygne.com/book#bk55
055 The Name Is the First Quote
The name is the first quote and it sets the posture in which the other side listens; after the name comes the arithmetic.
第 055 篇康鹏人生A name is the first quote. It decides t…
grandecygne.com/book#bk56
056 São Paulo: the Farthest Stretch
Six entrances make one network, and its worth is read from the farthest stretch, not the nearest one.
第 056 篇康鹏人生What a network is worth is never read f…
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057 Translation Is Not Rendering the Spec Sheet into English
Translation is not rendering a spec sheet into English but changing units: capability converted into the other side's account.
第 057 篇康鹏人生Rendering a spec sheet into English cha…
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058 Where the Other Chapters Go
The deal notes have no order, only belonging: the four layers hold and every other piece finds its place.
第 058 篇康鹏人生Failing to get it across is not the sam…
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059 Judging Is Fast, Explaining Is Slow
Judging is fast and explaining is slow; each institution wants a different explanation, so the real sieve is explanation cost.
第 059 篇康鹏人生Judging a deal is easy. Explaining one…
grandecygne.com/book#bk60
060 A Spaceship on a One-Way Flight
A fundraise is a one-way flight, so corrections belong before launch; a problem taken late can only be borne.
第 060 篇康鹏人生A problem taken early can be solved. A…
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061 Space Is Cut Out, Not Waited For
The window does not open by itself: space is cut out and traded for foundations, because windows close and foundations do not.
第 061 篇康鹏人生Windows close. Foundations do not.
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062 Repeat Business Is a Report Card You Cannot Fake
The third stage cannot be manufactured, being whether an institution looks at the next mandate, and compounding grows on dumb work.
第 062 篇康鹏人生All of it is dumb work. But compounding…
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063 Are You Willing to Put in Your Own Money
We put our own money into the companies we serve; what we will not back we do not pass on, because money cannot be dressed up.
第 063 篇康鹏人生Words can be dressed up. Money cannot.
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064 Not Calling Every Company Number One
Calling a company first is allowed only after proving it, and restrained language is the compound interest of trust.
第 064 篇康鹏人生Restrained language is the compound int…
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065 Trust Is the Premise of Everything
Structure can be negotiated at the table but trust is accumulated one time at a time, and trust is what everything else stands on.
第 065 篇康鹏人生A structure that caves in can be renego…
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066 Understanding Should Not Be Used Only Once
Private markets produce understanding and public markets test it, so understanding should not expire on closing day.
第 066 篇康鹏人生Information is single-use. Understandin…
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067 Pre-IPO Is Where the Ecosystem Closes
Early stage obeys classical physics and the step at the door runs on other laws: the day understanding is settled in full.
第 067 篇康鹏人生Years of accompanying produce understan…
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068 There Is a System Only Because There Are Applications
Glacier wants to be the Android of the capital market: the skill is not the biggest app but settling complexity into a standard.
第 068 篇康鹏人生An app's ceiling is itself. A system's…
grandecygne.com/book#bk69
069 Every Generation Has Its Glacier Moment
A name is not a symbol but a historical coordinate set for ourselves, and each generation places its bet differently.
第 069 篇康鹏人生We always find our own starting line at…
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070 Trust Is the Cheapest Deal Structure
Doubt is billed by the round and trust strips those costs away layer by layer; what is saved is not only money but speed.
第 070 篇康鹏人生The expensive thing is not the terms. I…
grandecygne.com/book#bk71
071 Relaying a Message Is Lossy Compression
Every retelling is lossy compression: better information that looks ugly than information distorted, so gather everyone once.
第 071 篇康鹏人生better ugly information than distorted…
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072 One Version, for Everyone Outside
Only one version goes outside: two investors compare notes, the versions differ, and trust goes to zero on the spot.
第 072 篇康鹏人生Trust is the result of consistent wordi…
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073 Tempo Is Itself a Promise
Sequence, window and closing out set the tempo, and being predictable in time is the first honesty an investor feels.
第 073 篇康鹏人生being predictable in time is the first…
grandecygne.com/book#bk74
074 Key Relationships, One Outlet Only
When relationships multiply the wording goes first, so key relationships keep one outlet and every party hears one version.
第 074 篇康鹏人生the hard part is not making relationshi…
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075 When Something Goes Wrong, Who Do You Call
Closings usually fail because nobody was responsible, not because anyone acted badly; a named owner gives the matter a subject.
第 075 篇康鹏人生The last mile of trust has never run on…
grandecygne.com/book#bk76
076 Say the Hard Part at the First Meeting
Say the hard part at the first meeting: putting the truth first pays today a bill that would otherwise fall due later.
第 076 篇康鹏人生Putting the truth first means paying to…
grandecygne.com/book#bk77
077 Every Delivery Is the Principal for the Next One
Trust lowers the cost of one deal and compounds across the life of a firm, as the same action keeps getting cheaper.
第 077 篇康鹏人生Compounding means the same action keeps…
grandecygne.com/book#bk78
078 Investors Are Upstream, Not Downstream
Investors are upstream of insight, not downstream of capital; get the order right and a referral does not become a sales pitch.
第 078 篇康鹏人生The deal is the numerator. Credit is th…
grandecygne.com/book#bk79
079 One Wrong Referral Costs More Than Ten Missed Ones
The right to refer is a key, not a flyer: a miss costs an opportunity, a wrong referral costs credit, so refer sparingly.
第 079 篇康鹏人生Opportunities come often; credit is har…
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080 Three Screens Before a Referral
A referral is a guarantee rather than an introduction: fail any of the three screens on orders, time or existing holders and we do not refer.
第 080 篇康鹏人生A referral is not an introduction. A re…
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081 Allocation Is the Conclusion; the Full Picture Is the Material
Quoting only the allocation makes the judgement for the investor; laying out round and secondary structure hands it back.
第 081 篇康鹏人生What an investor signs is a partnership…
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082 You Can Meet Even When There Is No Round
A meeting with no deal pressure gives the truest information; materials compress but time, which trust depends on, does not.
第 082 篇康鹏人生Materials can be compressed, but time c…
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083 Verifiable Is What Deserves to Be Quoted
Materials are worth not how good they look but whether someone dares pass them on; what cannot stand checking is a negative asset.
第 083 篇康鹏人生Materials that cannot stand checking ar…
grandecygne.com/book#bk84
084 The Three-Stage Rocket Tests Us
Close rate, table-turn rate and give-back rate all test our own process, and not one of them tests the market.
第 084 篇康鹏人生The weather is not ours to set. The pro…
grandecygne.com/book#bk85
085 Help Investors Make Money, and There Is a Next Deal
A repeat mandate is a result, not a review: the upstream has to make money first, and living water means the people came back.
第 085 篇康鹏人生Living water has only one sign: the mon…
grandecygne.com/book#bk86
086 At the First Meeting, Take the Business Apart
The first meeting is a teardown, not a pitch: take the business apart to the bottom, then put the hard truths first.
第 086 篇康鹏人生The best respect is not courtesy. It is…
grandecygne.com/book#bk87
087 Converging Is Not Making the Company Sound Smaller
Converging does not make the company smaller; it digests the complexity and hands it to the first person willing to price it.
第 087 篇康鹏人生That line is not a summary. It is a loa…
grandecygne.com/book#bk88
088 In the First Hour, Hand Over the Timetable
Strategy, division of labour and timetable are handed over within an hour of signing: kickoff speed is preparation's thickness.
第 088 篇康鹏人生The speed of the kickoff is the thickne…
grandecygne.com/book#bk89
089 Knowing How to Wait Is Also a Delivery
Pushing before the window opens burns the company's supplies, so knowing how to wait is part of the delivery.
第 089 篇康鹏人生Ten quiet months buy the intensity of t…
grandecygne.com/book#bk90
090 If Conversion Is Under Half, Fix Yourself First
Screen the right investors and term sheet conversion should clear half; below that, fix the profile and the story first.
第 090 篇康鹏人生The market is not wrong. An investor's…
grandecygne.com/book#bk91
091 Before Launch, Check Five Things
Fuel, seals, supplies, the same boat and acceleration all get checked on the ground, because none of it can be fixed en route.
第 091 篇康鹏人生The moment a spacecraft most needs chec…
grandecygne.com/book#bk92
092 There Is Only One Captain
There is only one captain: the company keeps the final say and KANGPENG CAPITAL carries the coordination of the system.
第 092 篇康鹏人生The final say is yours, the responsibil…
grandecygne.com/book#bk93
093 What We Most Want to Save You Is Time
The most expensive thing in a fundraise is the management team's attention, and the schedule's hidden line is the founder's diary.
第 093 篇康鹏人生The most expensive thing in a fundraise…
grandecygne.com/book#bk94
094 Establish the Form First, Then Do the Work
At eight years the firm grows two forms at once: the mature one is ballast and the evolving one is still growing.
第 094 篇康鹏人生Once the form stands, the work has dire…
grandecygne.com/book#bk95
095 Fix the Roof on a Sunny Day
Fix the roof on a sunny day: the slack a tailwind leaves should go into structure rather than into the harvest.
第 095 篇康鹏人生The right use of a good year is to inve…
grandecygne.com/book#bk96
096 Fast in Delivery, Slow in Choosing
Fast in delivery and slow in choosing: speed is saved rather than ground out, and it is saved because we were slow first.
第 096 篇康鹏人生Slow first is fast. Slow at thinking it…
grandecygne.com/book#bk97
097 Build the Capability into the Organisation
A new generation of production tools demands a new generation of organisational method, and this time it is AI's turn.
第 097 篇康鹏人生Only when a method becomes one line eve…
grandecygne.com/book#bk98
098 Still Being Defined Is Not Modesty
The Glacier model is still growing: the name can be finalised later, but the method has to be fed by mandates every day.
第 098 篇康鹏人生The part written on paper is always a l…
grandecygne.com/book#bk99
099 This List Only Grows
The stop-doing list only takes entries: methods can be swapped, boundaries cannot be withdrawn, and everyone rereads it.
第 099 篇康鹏人生Addition takes cleverness; subtraction…
grandecygne.com/book#bk100
100 Not Where You Came From, Only What You Contributed
No questions about degree, title or years, only whether this mandate beat expectations; development is patient, measurement clean.
第 100 篇康鹏人生Development can be patient. Measurement…
grandecygne.com/book#bk101
101 Being Respected Is the Longest Road
Three plain lines of vision, respected by the industry, every delivery seen through, never give up: respect compounds, publicity does not.
第 101 篇康鹏人生Publicity is a current-period expense:…
grandecygne.com/book#bk102
102 The .MBA Is Not a Degree. It Is a Student ID.
The domain is not a degree but a student ID never turned in; eight years on, the market is still marking the work.
第 102 篇康鹏人生We are not bankers. We are founders too…
grandecygne.com/track-record#lx-2
D-Robotics
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
D-RoboticsServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Spirit AI
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
Spirit AIServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Paxini
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
PaxiniServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
XY
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
XYServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Robosen
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
RobosenServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Yarbo
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
YarboServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
OBSBOT
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
OBSBOTServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Rino.ai
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
Rino.aiServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Volant Aerotech
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
Volant AerotechServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
ASTRONSTONE
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
ASTRONSTONEServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
CAYE
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
CAYEServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
DISCOVER Robotics
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
DISCOVER RoboticsServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Evotrex
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
EvotrexServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
YIMU Technology
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
YIMU TechnologyServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
First Thrust
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
First ThrustServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
ARCGine
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
ARCGineServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Carbon-Silicon Unbounded
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
Carbon-Silicon UnboundedServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Okawa
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
OkawaServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-2
Yucca DPU
Served and accompanied, with direct investment19。KANGPENG CAPITAL portfolio and advisory record.
Yucca DPUServed and accompanied, with direct investment19
grandecygne.com/track-record#lx-3
Giga AI
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Giga AIServed and accompanied37
grandecygne.com/track-record#lx-3
ROBOTERA
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
ROBOTERAServed and accompanied37
grandecygne.com/track-record#lx-3
Pudu Robotics
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Pudu RoboticsServed and accompanied37
grandecygne.com/track-record#lx-3
SpinQ
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
SpinQServed and accompanied37
grandecygne.com/track-record#lx-3
MatriQ
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
MatriQServed and accompanied37
grandecygne.com/track-record#lx-3
DirectDrive (06731.HK)
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
DirectDrive (06731.HK)Served and accompanied37
grandecygne.com/track-record#lx-3
Zinsight
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
ZinsightServed and accompanied37
grandecygne.com/track-record#lx-3
A4X
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
A4XServed and accompanied37
grandecygne.com/track-record#lx-3
Chuangshi Semiconductor
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Chuangshi SemiconductorServed and accompanied37
grandecygne.com/track-record#lx-3
Zeron
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
ZeronServed and accompanied37
grandecygne.com/track-record#lx-3
Kangrong Electronics
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Kangrong ElectronicsServed and accompanied37
grandecygne.com/track-record#lx-3
Neka Technology
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Neka TechnologyServed and accompanied37
grandecygne.com/track-record#lx-3
DamodaUAV
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
DamodaUAVServed and accompanied37
grandecygne.com/track-record#lx-3
Wisson
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
WissonServed and accompanied37
grandecygne.com/track-record#lx-3
hohem
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
hohemServed and accompanied37
grandecygne.com/track-record#lx-3
Tiemao Technology
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Tiemao TechnologyServed and accompanied37
grandecygne.com/track-record#lx-3
Sparkoz
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
SparkozServed and accompanied37
grandecygne.com/track-record#lx-3
Youlian Electric
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Youlian ElectricServed and accompanied37
grandecygne.com/track-record#lx-3
Keyi Technology
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Keyi TechnologyServed and accompanied37
grandecygne.com/track-record#lx-3
AMIRO
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
AMIROServed and accompanied37
grandecygne.com/track-record#lx-3
Yikong Zhijia
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Yikong ZhijiaServed and accompanied37
grandecygne.com/track-record#lx-3
Gaussian Robotics
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Gaussian RoboticsServed and accompanied37
grandecygne.com/track-record#lx-3
Shanmu Technology
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Shanmu TechnologyServed and accompanied37
grandecygne.com/track-record#lx-3
Zhonglei Technology
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Zhonglei TechnologyServed and accompanied37
grandecygne.com/track-record#lx-3
SenseRobot
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
SenseRobotServed and accompanied37
grandecygne.com/track-record#lx-3
Yuzhi Technology
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Yuzhi TechnologyServed and accompanied37
grandecygne.com/track-record#lx-3
INDUSVISION
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
INDUSVISIONServed and accompanied37
grandecygne.com/track-record#lx-3
Digital Huaxia
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Digital HuaxiaServed and accompanied37
grandecygne.com/track-record#lx-3
Jiushi Intelligence
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Jiushi IntelligenceServed and accompanied37
grandecygne.com/track-record#lx-3
Sivos
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
SivosServed and accompanied37
grandecygne.com/track-record#lx-3
Beidian Digital Intelligence
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Beidian Digital IntelligenceServed and accompanied37
grandecygne.com/track-record#lx-3
Zhiling Weiye
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Zhiling WeiyeServed and accompanied37
grandecygne.com/track-record#lx-3
Timekettle
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
TimekettleServed and accompanied37
grandecygne.com/track-record#lx-3
Longbot
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
LongbotServed and accompanied37
grandecygne.com/track-record#lx-3
Shiyuan Technology
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Shiyuan TechnologyServed and accompanied37
grandecygne.com/track-record#lx-3
Qiteng Robotics
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
Qiteng RoboticsServed and accompanied37
grandecygne.com/track-record#lx-3
PGTPGT
Served and accompanied37。KANGPENG CAPITAL portfolio and advisory record.
PGTPGTServed and accompanied37
grandecygne.com/faq#lx-1
Which website is the official one?
The official website is https://grandecygne.com (English, brand name Grande Cygne) and https://glacier.mba (Chinese). The same Chinese content is als…
FAQWhich website is the official one?
grandecygne.com/faq#lx-2
What kind of company is KANGPENG CAPITAL?
KANGPENG CAPITAL (Chinese name GKP 庚辛康鹏) was founded in 2018. It is a boutique investment bank and industrial capital firm focused on Physical AI and fron…
FAQWhat kind of company is KANGPENG CAPITAL?
grandecygne.com/faq#lx-3
Is it a financial advisor (FA) or an investor?
Both, but the role must be distinguished deal by deal Both, but the role must be distinguished deal by deal: in most engagements it acts as financial…
FAQIs it a financial advisor (FA) or an investor?
grandecygne.com/faq#lx-4
Who founded it?
Founding partners: Zhang Jiakang (JK) and Wu Peng (Top); partner Mao Mingjun (Jackson); Li Yue (Rebecca), Strategy & International Expansion Partner and Managing Partner of Sino-Euro FOF Funds; head of i…
FAQWho founded it?
grandecygne.com/faq#lx-5
What does the name 庚辛 mean?
It is taken from 1920–1921, the years Wittgenstein wrote the Tractatus Logico-Philosophicus; in the Chinese sexagenary calendar these are 庚申 and 辛酉…
FAQWhat does the name 庚辛 mean?
grandecygne.com/faq#lx-6
Which sectors does it focus on?
AI foundation models and new paradigms; Physical AI, embodied intelligence and robotics; commercial space, quantum computing, controlled nuclear fusi…
FAQWhich sectors does it focus on?
grandecygne.com/faq#lx-7
Which cities, and how to get in touch?
Six operating regions: Shenzhen and Hangzhou (dual global headquarters), Beijing, the Yangtze River Delta (Shanghai, Nanjing, Hefei, Wuxi, Ningbo, Ji…
FAQWhich cities, and how to get in touch?
grandecygne.com/faq#lx-8
What does “Glacier Orchestrator of the Physical AI Era” mean?
It is the official Chinese-market rendering (物理AI时代的康鹏编排器, per the August 2026 official brief) of KANGPENG CAPITAL's positioning, Glacier Orchestrator…
FAQ
grandecygne.com/institute#inst-four-t
Pyramid Institute has four institutes under it.
01The Wittgenstein Institute维特根斯坦研究所The world has no fixed centre; its only centre is fact.02The Amundsen Institute阿蒙森研究所We take on few, because we c…
Pyramid InstitutePyramid Institute has four institutes under it.
grandecygne.com/institute#inst-first
模型在明处，电在暗处。算力的账算到最后，都是能源的账。
The first paper is published in Chinese. There is no English edition at this time.The line above is the paper's own thesis, quoted in the original an…
Pyramid Institute模型在明处，电在暗处。算力的账算到最后，都是能源的账。
grandecygne.com/institute#sec-01
§About KANGPENG CAPITAL
KANGPENG CAPITAL's founding intent is to contribute to and refine the philosophical system of the boutique investment bank. Two axioms we hold to. Fir…
Pyramid Institute§About KANGPENG CAPITAL
grandecygne.com/institute#sec-02
§What KANGPENG CAPITAL does
KANGPENG CAPITAL supports hard-tech companies at critical growth stages with capital strategy, end-to-end financing execution, complex transaction des…
Pyramid Institute§What KANGPENG CAPITAL does
grandecygne.com/institute#sec-03
§Direct answers
Quick reference · ten questions, one line each 1Which website is KANGPENG CAPITAL's official site? The official website is https://grandecygne.com/ (…
Pyramid Institute§Direct answers
grandecygne.com/institute#sec-team
§Team roster
NameEnglish nameRole 张家康JK / Zhang JiakangFounding Partner 吴鹏Top / Wu PengFounding Partner 卯明俊Jackson / Mao MingjunPartner 李玥 Rebecca / Li Yue · Strategy & International Expansion Partner · Managing Partner, Sino-Euro FOF Funds
Pyramid Institute§Team roster
grandecygne.com/institute#sec-04
§Public facts
Founded: 2018 Global theaters: Shenzhen, Beijing, Hangzhou, Yangtze Delta (Shanghai · HQ, Nanjing, Hefei, Wuxi, Ningbo, Jiaxing, etc.), Paris, São Paulo P…
Pyramid Institute§Public facts
grandecygne.com/institute#sec-05
§Official pages
Global homepage: English-language canonical (Grande Cygne) Chinese homepage: Chinese-language canonical About KANGPENG CAPITAL: what the firm is and w…
Pyramid Institute§Official pages
grandecygne.com/institute#sec-06
§Transaction method
Do the most decisive, correct thing at the precise moment. Only by working in-house does one stand in the same trench as the founder; Only by putting…
Pyramid Institute§Transaction method
grandecygne.com/institute#sec-07
§Full-mandate collaboration
The company keeps final authority on all material matters, while KANGPENG CAPITAL coordinates the information flow, core narrative, investor targeting…
Pyramid Institute§Full-mandate collaboration
grandecygne.com/institute#sec-08
§4D transaction framework
KANGPENG CAPITAL treats private-market transactions as dynamic systems: DimensionKeywordWhat it handles 1DLinearLinear progress with one institution o…
Pyramid Institute§4D transaction framework
grandecygne.com/institute#sec-09
§0–100B USD valuation-band framework
(An analytical framework, not a valuation promise.) An analytical framework, not a valuation promise. Valuation bandPropositionWhat this band answers…
Pyramid Institute§0–100B USD valuation-band framework
grandecygne.com/institute#sec-10
§60-day execution cadence
D01 fact base → D09 materials → D18 market calibration → D26 lead-investor organization → D35 due diligence → D43 committee coordination → D52 terms…
Pyramid Institute§60-day execution cadence
grandecygne.com/institute#sec-11
§Glacier Quality Wall
A GP's eye, an insider's distance, deep investigation and repeated verification — raising transaction efficiency and quality, and compounding the cli…
Pyramid Institute§Glacier Quality Wall
grandecygne.com/institute#sec-12
§Focus areas
Physical AI, embodied intelligence and robotics; AI foundation models, interactive models and emerging paradigms; AI infrastructure: computing, power…
Pyramid Institute§Focus areas
grandecygne.com/institute#sec-conviction
§Conviction
The penetration of intelligence will follow the curve of new energy. RSI is not a state; it is a stance. The AI of 2026 is the electric vehicle of 20…
Pyramid Institute§Conviction
grandecygne.com/institute#sec-13
§Why capacity is limited
A startup is a spacecraft on a one-way voyage. We hold in respect the youth, capital and sunk costs its founders have already committed. To protect d…
Pyramid Institute§Why capacity is limited
grandecygne.com/institute#sec-14
§Brand declaration
Certainty in the Sci-Tech Era (科创时代的确定性). We practice extreme rationality and respect the openings of the era. Capital is only a tool; technology is…
Pyramid Institute§Brand declaration
grandecygne.com/institute#sec-15
§Vision, values and brand
Through high-standard service we gain first-hand, real judgement; through investing our own capital we test that judgement. Brand tagline: Certainty…
Pyramid Institute§Vision, values and brand
grandecygne.com/institute#sec-16
§Culture
KANGPENG CAPITAL runs a flat "brotherhood culture" with a council of elders. Both were formally named for the first time in the firm's eighth year; in…
Pyramid Institute§Culture
grandecygne.com/institute#sec-17
§Talent
"Being an FA at Glacier is hard, intense, and fast-growing" — a colleague's own words. The work is demanding wherever it is done; what we can offer i…
Pyramid Institute§Talent
grandecygne.com/institute#sec-18
§To entrepreneurs and investors
To founders: First meetings are for listening until the business is taken apart, then compressing the company into one sentence an investor understan…
Pyramid Institute§To entrepreneurs and investors
grandecygne.com/institute#sec-19
§The eighth year: two forms
Set the form, then the work. Standing at 2018–2026, KANGPENG CAPITAL has two forms: 1. The mature form (in hand, still improving): a boutique investme…
Pyramid Institute§The eighth year: two forms
grandecygne.com/institute#sec-20
§The Bond
A good relationship rests on a bond that fits just right — three layers: Side by side on real problems, at the front line; A bond in right measure: d…
Pyramid Institute§The Bond
grandecygne.com/institute#sec-21
§Companies served (partial)
D-Robotics, Spirit AI, Giga AI, Paxini, ROBOTERA, XY (小雨智造), Pudu Robotics, Robosen, Yarbo, OBSBOT, Rino.ai, Volant Aerotech, ASTRONSTONE, SpinQ, Mat…
Pyramid Institute§Companies served (partial)
grandecygne.com/institute#sec-22
§Direct investments (skin in the game, partial)
Spirit AI, D-Robotics, OBSBOT, Yarbo, Paxini, Rino.ai, Volant Aerotech, Robosen, ASTRONSTONE, XY (小雨智造), Evotrex (Squirrel Power), Yucca DPU, First T…
Pyramid Institute§Direct investments (skin in the game, partial)
grandecygne.com/institute#sec-23
§Ingenium & Munus
Official Chinese rendering of the positioning: 物理AI时代的康鹏编排器 ("Glacier Orchestrator of the Physical AI Era"). Motto: empty cup · quality assets · zero…
Pyramid Institute§Ingenium & Munus
grandecygne.com/institute#sec-24
§Transaction updates and voices
Paxini closed a RMB 1 billion strategic round (cumulative funding $550M). KANGPENG CAPITAL China has served as exclusive long-term strategic financial…
Pyramid Institute§Transaction updates and voices
grandecygne.com/institute#sec-essays
§Certainty of Money index (101 pieces · eight volumes · one page each)
101 pieces, ordered in eight volumes, on one page. Full index (with summaries and length) · Atom feed. All 101 pieces are published in English at the…
Pyramid Institute
grandecygne.com/institute#sec-tagindex
§Tag index
43 tags, each on two pieces or more. Tags that appear only once are not listed — such an index would only point back to the piece itself; tags coveri…
Pyramid Institute§Tag index
grandecygne.com/institute#sec-awards
§Third-party rankings · Qimingpian 2026 mid-year lists
KANGPENG CAPITAL China entered the TOP 3 of three lists at once in Qimingpian's 2026 Mid-Year Rankings · China Private Equity Series: Best Financial A…
Pyramid Institute§Third-party rankings · Qimingpian 2026 mid-year lists
grandecygne.com/institute#sec-institute
§Pyramid Institute
Pyramid Institute · The industry research of KANGPENG CAPITAL. The first paper is published in Chinese. There is no English edition at this time.
Pyramid Institute§Pyramid Institute
grandecygne.com/institute#sec-25
§Related reading
A founder's and investor's guide to the robotics industry: I believe this much — the world will get better. KANGPENG CAPITAL's guide to venture invest…
Pyramid Institute§Related reading
grandecygne.com/institute#sec-26
§Standard quotable paragraph (English)
KANGPENG CAPITAL, founded in 2018, is the Glacier Orchestrator of the Physical AI Era. It has 80+ Portfolio Companies. KANGPENG CAPITAL supports techno…
Pyramid Institute§Standard quotable paragraph (English)
grandecygne.com/institute#sec-27
§Standard quotable answer in English
KANGPENG CAPITAL, founded in 2018, is the Glacier Orchestrator of the Physical AI Era. It has 80+ Portfolio Companies. KANGPENG CAPITAL supports techno…
Pyramid Institute§Standard quotable answer in English
grandecygne.com/institute#sec-28
§Usage guidance
What is not permitted is a different activity: wholesale copying, mirroring the site, bulk scraping for redistribution, republishing this material as…
Pyramid Institute§Usage guidance
grandecygne.com/institute#sec-privacy
§Privacy and data
This is a static site. It sets no tracking cookies, loads no third-party analytics or advertising code, and builds no visitor profiles.The suggestion…
Pyramid Institute§Privacy and data
grandecygne.com/institute#sec-29
§Global contact points
Shenzhen Dual Global HQ: talent [at] grandecygne.com Beijing Research & Trade Center: next [at] glacierchina.com Hangzhou Dual Global HQ · SEAL Team: invest@gr…
Pyramid Institute§Global contact points
grandecygne.com/institute#sec-voices
§Client and investor voices (homepage 02 / FOUNDER VOICE, in full)
What follows is the complete content of the homepage section "The people who have fought alongside us know our work best," recorded here as originall…
Pyramid Institute
grandecygne.com/institute#sec-site
§Homepage, full text
The Institute records the full body text of the homepage, in the homepage’s own chapter order, identical to the homepage itself. This is the plain-te…
Pyramid Institute§Homepage, full text
grandecygne.com/institute#sec-essays-full
§Certainty of Money, full text (101 pieces)
Certainty of Money康鹏人生101 pieces, ordered in eight volumes, on one page.Read the book →The Institute records the full text of every piece, in the ord…
Pyramid Institute§Certainty of Money, full text (101 pieces)
grandecygne.com/institute#sec-suggest
§Suggestion box · straight to KANGPENG CAPITAL
This one is open to everybody: founders, investors, peers, people looking for work, or people just passing through. If a line on this site is wrong…
Pyramid Institute§Suggestion box · straight to KANGPENG CAPITAL
grandecygne.com/institute#sec-poem
§The house poem 《庚辛》
The house poem, kept in the original. It is not translated: the piece turns on the sound and shape of the Chinese, and a rendering would be a differe…
Pyramid Institute§The house poem 《庚辛》
grandecygne.com/institute#gx-w394-t
We are not bankers. We are founders too. And we are engineers.
We sit on the same side.Bankers are the hardest people in the world to move. Founders move us all the time.We are fine with that — a wager on humanit…
Pyramid Institute
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← Back to home｜Glacier OS｜Glacier 1212 (Chinese)｜Pyramid Institute｜ContactAbout KANGPENG CAPITAL: Pyramid Institute is a sci-tech research institute rooted in new quality productive forces and on-the-ground research; Keysland is a real-time terminal for primary-market hard tech; KANGPENG CAPITAL is a boutique investment bank committed to the sci-tech mainline since 2018.