Translated by Claude, edited by Sinocism.com

Source: Guiji Guancha Pro 硅基观察Pro (NetEase 网易号) | July 23, 2026

DeepSeek may be the most closely watched company in China's AI industry — bar none.

DeepSeek，可能是中国AI产业最受瞩目的公司，没有之一。

Just recently, DeepSeek completed its first round of external financing since its founding. The round raised more than 50 billion yuan (about US$7.4 billion) at a pre-money valuation of about 367.5 billion yuan (about US$54.3 billion).

就在不久前，DeepSeek刚刚完成了成立以来的首轮外部融资。本轮募资总额超500亿元人民币（约合74亿美元），投前估值约3675亿元（约543亿美元）。

Among the investors, DeepSeek founder Liang Wenfeng personally put in 20 billion yuan, Tencent 10 billion yuan, CATL 5 billion yuan, NetEase, JD.com, and IDG Capital 3 billion yuan each, and the National Artificial Intelligence Industry Investment Fund 1 billion yuan.

在投资方阵容中，DeepSeek创始人梁文锋个人出资200亿元，腾讯出资100亿元，宁德时代出资50亿元，网易、京东和IDG资本分别出资30亿元，国家人工智能产业投资基金出资10亿元。

This breaks the principle Liang Wenfeng once articulated of "no fundraising, no IPO, no commercialization." For an AI company that once placed extreme emphasis on research orientation, this is both a signal of a change in development stage and a sign that new challenges are arriving.

这打破了梁文锋提出的“不融资、不上市、不商业化”的原则。对于一家曾经极度强调研究导向的AI公司而言，这既是发展阶段变化的信号，也意味着新的挑战正在到来。

As large-model competition enters its next stage — with model iteration accelerating, computing investment expanding, and commercialization pressure mounting — how DeepSeek maintains technological breakthroughs while building a sustainable development model has become the focus of outside attention.

随着大模型竞争进入下一阶段，模型迭代速度加快，算力投入持续扩大，商业化压力不断提升，DeepSeek如何保持技术突破，同时建立可持续的发展模式，成为外界关注的焦点。

Recently, at an investor exchange, Liang Wenfeng systematically shared DeepSeek's organizational culture, open-source logic, technology roadmap, and judgments about the industry's future competitive landscape.

近期，在一场投资者交流会上，梁文锋系统分享了DeepSeek的组织文化、开源逻辑、技术路线以及对未来行业竞争格局的判断。

Compared with model startups and internet companies, the strongest impression Liang Wenfeng gives is that he is unconstrained by traditional internet businesses and ways of thinking — far fewer distractions, focused on pushing forward on AGI.

比起模型创业公司和互联网公司，梁文锋给人最大的感觉是，他没有传统互联网业务和思维的约束，少了很多杂念，专注在AGI这个事情上推进。

The following is the written transcript compiled by Guiji Zhineng from more than three hours of exchange, with only light editing.

以下为硅基智能根据3个多小时交流内容整理的文字实录，仅做部分编辑。

Vision Is How We Organize