The "Hundred Models Battle" is reaching its climax, with few opportunities remaining for players to stay at the table. How can foundational model companies differentiate themselves in the competition? Shanghai-based AI unicorn StepStar has provided its own answer.

On January 26, StepStar officially announced that Yin Qi has assumed the role of Chairman of the company, responsible for setting the overall strategic pace and technological direction. It is noteworthy that Yin Qi also serves as Chairman of the A-share listed company Afari Technology.

A primary objective of their collaboration is to accelerate the implementation of the 'AI + Vehicle' strategy. The relationship between the two entities is that StepStar will focus on developing the intelligent "brain"—the AI Brain—while Afari Technology will concentrate on building the acting "body"—the terminal carrier.

As of the market close on the 26th, Afari Technology's stock price rose 4.35% to 12 yuan per share, giving the company a latest market capitalization of 53.4 billion yuan.

StepStar recently announced the completion of a B+ funding round exceeding 5 billion yuan, setting a new record for the single largest financing amount in China's large model sector over the past 12 months.

Participating institutions included industrial investors such as SITICO Pioneer Fund, China Life PE, Pudong Venture Capital, Xuhui Capital, Wuxi Liangxi Fund, Xiamen C&D, and Huaqin Technology. Existing shareholders like Tencent, Qiming Venture Partners, and 5Y Capital made further follow-on investments. This round of financing will be used for foundational model research and development, creating world-leading base models, and accelerating the implementation of the AI + Terminal strategy.

The company's long-term strategic choices are centered on 'foundational large models' and 'AI + Terminals'.

Currently, its model development has formed a 1+2 core matrix: on one hand, it continuously explores the upper limits of intelligence through steadfast investment in researching and developing large language foundational models. It has already released three generations of foundational models.

On the other hand, it is advancing in two key directions: full modality (including speech, image, etc.) and device-cloud integration, promoting the evolution of models from understanding the world to actively interacting with and exploring the physical world.

In December 2025, StepStar released the industry's first truly deployable open-source GUI model, supporting multi-terminal deployment on phones, vehicles, and computers through a device-cloud integrated solution.

On the application side, StepStar has rapidly established a commercial closed-loop in key consumer scenarios like automobiles and mobile phones, demonstrating a leading position. According to internal sources, as of the end of 2025, the API call volume for its terminal Agent had grown by nearly 170% for three consecutive quarters.

In the mobile phone sector, StepStar has established deep partnerships with 60% of leading domestic phone brands, covering flagship models from brands like OPPO, Honor, and ZTE. The model has been installed on over 42 million devices, serving nearly 20 million users daily.

In the automotive sector, it has formed deep collaborations with Afari Technology and Geely, jointly launching the industry's first AgentOS smart cockpit equipped with an end-to-end speech model. The mass-produced Geely Galaxy M9 model achieved sales of nearly 40,000 units within three months of its launch and has already entered overseas markets. It is projected that StepStar's large model will be deployed in over one million vehicles this year.

According to StepStar, Yin Qi will join CEO Jiang Daxin, Chief Scientist Zhang Xiangyu, and CTO Zhu Yibo to form the core management team. Yin Qi's appointment as Chairman is expected to provide stronger traction and certainty for StepStar as it enters its next phase of development.

Public information shows that Yin Qi, born in 1988 in Wuhu City, Anhui Province, is a graduate of the Tsinghua Yao Class and a seasoned entrepreneur. He is both a co-founder of Megvii, one of the former "AI Four Dragons," and the current helmsman of Afari Technology.

Regarding his motivation for taking on leadership at another large model company, Yin Qi clearly stated his初衷 in a recent public interview.

Yin Qi stated, "The entire AI industry is model-centric, so the hope is for StepStar to achieve better integration with existing related industries, including Afari. Assuming the chairmanship of StepStar at this juncture is driven by the desire to dedicate greater effort to supporting StepStar's development."

Afari Technology, formerly known as Lifan Technology, originated in 1992 and listed on the Shanghai Stock Exchange in 2010. In recent years, it has undergone a profound capital and strategic restructuring, transforming from a traditional manufacturer into an intelligent driving technology company.

In 2020, under the guidance of the Chongqing municipal government, it introduced investors including the Manjianghong Fund and Geely's industrial investment arm. In 2022, the company established a joint venture with Geely Auto called Ruilan Auto.

A critical turning point came in 2024 when Megvii Technology founder Yin Qi became a significant shareholder, alongside the recruitment of industry elites such as Wang Jun, former President of Huawei's Intelligent Automotive Solution BU. Subsequently, Mercedes-Benz Digital acquired a 3% stake in existing shares, further solidifying the company's capital and strategic foundation.

Against this backdrop, Afari Technology's business focus has shifted entirely towards智能化. On one hand, it established "Afari Zhijia" in partnership with Geely, Meich, and Lotus, releasing version 1.0 of an integrated hardware and software intelligent driving solution for the entire industry. On the other hand, its autonomous ride-hailing service (Robotaxi) has been strategically deployed in Chengdu.

In 2025, Afari Technology's vehicle sales increased by nearly 84% year-on-year, with revenue reaching 6.9 billion yuan in the first three quarters. To support future development, the company submitted an application for a Hong Kong IPO last year to further broaden its financing channels.

Yin Qi remarked, "Afari is fundamentally focused on the integration of AI and vehicles, and the vehicle is actually the largest terminal and赛道 within AI. Whether in intelligent driving, smart cockpits, or future Robotaxi domains, Afari's core business scenarios require a powerful brain and model for support, and that brain is essentially StepStar."