以下文章来源于网易数读 ，作者网易数读 网易数读 . 网易旗下栏目，用数据说话。 主办方亏麻了。 作者 I 叶榆北 来源 I 网易数读 （ID：datablog163） 提到雅思，多少"留子"恨得咬牙切齿。花两千多考试、八千多上直播课，却还是卡在 6 .5 分的地狱循环里，只能一次次重考。 最近包括考研名师周思成，都加入了"连考大军"，十天内四场雅思，只为用四张 8.5 分成绩单打脸网友对自己成绩造假的质疑。 不少"考鸭"纷纷自嘲，原来不是系统压分，是自己水平确实不够。就在考生刷分刷到破产的同时，遥远的大不列颠传来雅思主办方要 破产的消息。 据《卫报》披露，雅思考试主办方之一的英国文化协会（Britis h Coun c il）正陷入严重财政危机，其 CEO 警告如果政府不采取行动 挽救，英国文化中心将在十年内"消失" [ 1]。 "雅思破产"， 中国考生第一个不同意 在绝大多数中国考生眼里，说雅思主办方要破产了，估计是没人会愿意买账的： "这可是动辄 2000+ 雅思考试报名费啊，有人爱马仕铅笔都攒了好几根，怎么还会撑不下去？这我真不信。" 坊间也最爱调侃，雅思考试才是世界知名奢侈品牌，纯正英国血统、分店遍 ...

Core Viewpoint - The high-end maternity care brand Saint Bella has been approved to initiate its IPO process in Hong Kong, aiming to issue up to 192 million shares, positioning itself as a luxury service provider in the maternity care sector [2][11]. Company Overview - Founded by Xiang Hua, a graduate of Oxford University, Saint Bella was established in 2017 to fill a market gap for high-end maternity centers as younger generations enter parenthood [4][6]. - The company operates a unique model combining maternity care with high-end hotel services, which has allowed it to scale effectively while minimizing capital expenditure [6][10]. Business Model and Services - Saint Bella defines itself as a comprehensive family care brand group, with its main business segment being maternity centers, accounting for over 80% of its revenue [12]. - The company has expanded its service offerings to include family care services and women's health functional foods, with a network of approximately 70 high-end maternity centers across over 20 cities [12][18]. Financial Performance - From 2021 to 2023, Saint Bella's revenue grew from 259 million RMB to 560 million RMB, reflecting a 116% increase, primarily driven by the expansion of its maternity center network [14][15]. - Despite revenue growth, the company has faced significant losses, totaling 1.25 billion RMB over the reported periods, with losses increasing each year due to high operational costs, particularly in rent and staffing [15][17]. Market Context - The maternity care market in China is experiencing a shift, with a decline in newborn numbers from over 15 million in 2018 to approximately 9 million projected for 2024. However, demand for high-end services among middle and upper-class women is on the rise [20][21]. - The penetration rate of family care services in China has increased from 6.9% in 2018 to 16.2% in 2023, indicating significant growth potential in the maternity care segment [21]. Competitive Landscape - Saint Bella is not alone in the market; competitors like Aidi Palace have also adopted similar high-end, asset-light business models and have successfully gone public [20][21]. - The market remains fragmented, with the top five maternity centers holding only about 10% market share, suggesting opportunities for growth and consolidation [21].

涉及总金额3 9 8 . 9 3亿元人民币。 作者 | 私募通 来源 | 决策投资圈 （ID：PEDATAMAX） 清科创业（0 1 9 4 5 .HK）旗下私募通统计：截至本周五下午，募资、投资、上市和并购共 1 5 3 起 事 件 ， 涉 及 总 金 额 3 9 8 .9 3 亿 人 民 币 。 从 交 易 金 额 来 看 ， 本 周 金 额 较 大 事 件 是 ： 2 0 25年5月1 4日，航天时代电子技术股份有限公司对北京航天时代光电科技有限公司进 行增资，出资金额是1 7 . 7 2亿人民币。从交易事件地域分布看，目前主要分布在浙江省、 江苏省和广东省，占比为浙江省19.6%，江苏省1 5 . 7%，广东省1 4 . 4%。 01 本周募资情况 本周新登记股权投资基金管理人共计0家，取消备案登记6家，全年截至目前累计股权投 资基金管理人数量为3 3家。本周新增备案基金数量为65只，规模总计250.82亿元，本周 备 案 基 金 募 资 最 多 的 为 海 南 平 泰 横 海 私 募 股 权 投 资 基 金 合 伙 企 业 （ 有 限 合 伙 ） ， 募 集 3 3 .01 亿 人 民 币 。 全 ...

Group 1 - The establishment of a "National Venture Capital Guiding Fund" aims to support the growth of technology-based enterprises and strategic emerging industries, with a focus on areas like artificial intelligence and quantum technology, potentially attracting nearly 1 trillion yuan in local and social capital over a 20-year period [2] - Shenzhen has launched a semiconductor and integrated circuit investment fund with a total scale of 5 billion yuan, marking a new starting point for the region's investment in this sector [3] - Huzhou has announced a 300 billion yuan industrial mother fund, alongside the signing of 106 projects with a total investment of 691.2 million yuan, covering various sectors including new energy vehicles and biomedicine [4] Group 2 - Qingdao has initiated a 100 billion yuan fund focused on intelligent robotics, aiming to establish itself as a key innovation and manufacturing center in northern China [5] - The establishment of the LAV Fund VII by Eli Lilly Asia has successfully attracted a diverse range of institutional investors, indicating strong interest in life sciences investments [6][7] - Vipshop has set up a new investment fund with a capital contribution of 1.01 billion yuan, focusing on overseas market investments and acquisitions [8] Group 3 - The Foshan New Momentum Industry Fund has completed its first fundraising round, with a total scale of 200 billion yuan and an initial size of 40 billion yuan, focusing on direct investments and specialized funds [9] - A new fund named Beijing Baoshichengyuan has been established with a total contribution of 13 billion yuan, involving major insurance and asset management companies [10] - The establishment of the China-Central Asia Economic Cooperation Fund aims to enhance investment cooperation between Chinese enterprises and those in Central Asia, focusing on livelihood projects and green economy investments [11] Group 4 - The Nanning Hengbang Angel Fund has been established with a total scale of 3.13 million yuan, focusing on early-stage investments in technology enterprises [12][13] - A merger fund has been launched in Xiamen, aiming to support strategic acquisitions in health technology sectors [14] - The Xi'an Agricultural Investment Kunchen Fund has been registered with a total scale of 2 billion yuan, focusing on investments in agricultural technology [15] Group 5 - The Guangzhou AIC Fund has been established with a total scale of 10 billion yuan, targeting strategic emerging industries such as new materials and semiconductors [16] - The Guangzhou Health Investment Fund has completed its registration with a scale of 1 billion yuan, focusing on high-end medical devices and biomedicine [17] - The establishment of the Chaoyang Hydrogen Energy Fund, with a contribution of 5 billion yuan, aims to invest in key areas of the hydrogen energy industry [19] Group 6 - The Southeast University Alumni Fund has been launched with a total scale of 5 billion yuan, focusing on technology transfer and innovation [20] - The Changjiang Intelligent Manufacturing Fund has been registered with a target scale of 30 billion yuan, focusing on high-end equipment manufacturing and new energy vehicles [21] - The Hunan Solid-State Battery Industry Fund has been established with an initial scale of 2 billion yuan, focusing on the solid-state battery sector [22] Group 7 - The Suzhou Agricultural Innovation Fund has been registered with a total scale of 20 billion yuan, focusing on high-end agricultural technology [23] - The Tonghao Fund Company has been officially established, focusing on private equity and venture capital management [24] - The Anhui New Energy and Environmental Protection Industry Fund has been established with a total scale of 120 billion yuan, focusing on new energy and environmental protection projects [25] Group 8 - The Nantong Future Industry Angel Investment Fund has been set up with a scale of 5 billion yuan, focusing on strategic emerging industries [26] - The Jingmen Government Investment Guidance Fund aims to enhance investment in the local industrial system [27] - The Hainan Investment Fund has been established to support economic structure adjustments and industrial upgrades in the region [28][29] Group 9 - The Sichuan University Technology Transfer Fund aims to promote the application of scientific research results from universities and research institutions [31] - The Shaoxing City Industrial Fund has been established to support emerging and traditional industries [32] - The Fujian Provincial Merger Fund has been set up with a scale of 100 billion yuan to support mergers and acquisitions in technology enterprises [33]

来源 | 深圳商报 "潦草的生活，精致的朋友圈"，时下年轻人的这句自嘲，是他们记录和分享生活的强烈 需求的写照，这给曾经沉寂的相机市场带来新的增长契机。 售价数千至上万元的专业相机不是每个人都能消费得起，数百元的国产数码相机就成为 不少"要出片"的年轻人，尤其是学生群体的选择。 近两年，一批深圳相机商家积极转型，背靠深圳及周边完善的产业链，通过拼多多打造 自 主 品 牌 。 它 们 有 的 曾 为 国 际 大 牌 贴 牌 加 工 ， 有 的 是 个 体 创 业 者 ， 但 都 只 用 了 几 年 时 间，以年销售额数千万元在拼多多脱颖而出。 虽 然 此 前 大 多 没 有 经 验 品 牌 的 经 验 ， 但 他 们 通 过 更 有 质 价 比 的 商 品 切 入 数 码 相 机 更 细 分、更垂直的赛道，完成品牌化的第一步。得益于拼多多门槛低、扶持力度大，他们深 入捕捉市场机会，持续投入创新，不断挑战更高客单价、更高技术含量的产品，让国产 品牌有机会站上与国际大牌同台竞争的舞台。 年轻人记录生活分享的需求，让深圳商家数码相机产品在拼多多上大卖。本组照片/陈振豪 展昭 "差评和吐槽是最真实的产品经理" 当社交平 ...

开始洗牌。 作者 I 吴琼 报道 I 投资界PEdaily 回到故事的开始。 李畅在博客中回忆，创业的想法源自父亲——一家创业孵化器的负责人。少年时期，李畅就见证了不少项目从实验室走向市场，从两 人团队发展成为估值数十亿的公司，在心中埋下了创业的种子。 后来，李畅前往香港科技大学求学。2 015年，在攻读电气与计算机工程硕士学位期间，他加入李泽湘教授领导的产业孵化平台。2016 年，他参与共同成立云鲸智能，后者前不久完成1亿美元融资，是眼下炙手可热的扫地机器人独角兽。 后来离开云鲸，李畅依旧活跃在机器人领域。他观察到，割草机器人行业与扫地机器人的早期阶段类似，都面临诸多问题，比如路径 规划不合理、边缘修剪效果不佳、基本割草功能不尽如人意等。于是202 2年，他集结一支来自大疆、云鲸、OPPO等知名硬件大厂的 团队，创办森合创新。 起初的两年里，李畅一直在带领团队进行用户研究及研发。期间，国内智能割草机创业潮兴起，涌现出大批初创公司，外部压力不断 加大，"我面临着融资和在激烈的市场中摸索的双重挑战。"好在20 23年初，森合创新获多家知名机构及个人投资者近亿元的天使轮融 资。 2024年6月，森合创新在众筹平台 ...

以下文章来源于正解局 ，作者正解局 正解局 . 解读产业，发现价值。产业/城市/企业。 "边关+海港"双重优势。 作者 | 正解局 来源 | 正解局 （ID：zhengjieclub） 5月12日，中美发布《中美日内瓦经贸会谈联合声明》，双方会谈取得实质性进展，同 意大幅降低双边关税水平。 中美早日恢复外贸，不仅符合两国的利益，也符合全球期待。 中美关税博弈能够这么快取得实质性进展，与中国顶住压力、选择硬刚密不可分。 中国敢于硬碰硬，背后是外贸的强大韧性。 数据显示，今年一季度，我国货物贸易进出口10.3万亿元，同比增长1.3%。前4个月， 我国货物贸易进出口总值14.14万亿元，增长2.4%。 平稳开局，实属不易。 一季度，防城港外贸进出口总额360.1亿元，同比增长58.9%。 出口额144.4亿元，更是暴增429.1%！ 这座人口才100多万的小城，出口杀疯了。 在2年前，防城港的外贸，就步入了"高速公路"。 2023年，进出口总额突破1000亿元，同比增长27.9%，成为广西第三个外贸千亿元规 模设区市。 2024年，进出口总额达1282.1亿元，同比增长28.6%，首次突破1200亿元大关。 防城港 ...

Core Viewpoint - The article discusses the IPO of Green Tea Group Limited, highlighting its journey from a popular restaurant brand to a publicly listed company, while also addressing the challenges it faces in a changing market landscape [3][11][12]. Company Overview - Green Tea Group, founded in 2008 by a couple from Zhejiang, has grown to nearly 500 restaurants across China, becoming a pioneer in the "new Chinese fusion dining" sector [5][10][13]. - The company has positioned itself as a casual dining brand, ranking third in terms of restaurant count and fourth in revenue among Chinese casual dining brands [13]. IPO Details - The IPO was priced at HKD 7.19 per share, with a market capitalization of approximately HKD 4.7 billion at opening [3]. - The IPO attracted significant interest, with a subscription rate of 282 times for the public offering, raising a total of USD 87.33 million [11]. Financial Performance - Green Tea's revenue has shown growth from RMB 2.375 billion in 2022 to an expected RMB 3.838 billion in 2024, with net profits increasing from RMB 0.17 billion to RMB 3.5 billion over the same period [13][14]. - The average customer spending is around RMB 60, with a menu offering 50 to 80 dishes per restaurant [13]. Market Challenges - The company has experienced a decline in key performance metrics, such as daily customer traffic and table turnover rates, indicating a shift in consumer preferences and increased competition in the dining sector [15][16]. - The average daily customer count dropped from 809 in 2018 to 516 in 2023, a decrease of 36.2% [15]. Future Plans - Green Tea aims to expand its restaurant count to nearly 1,200 by 2027, with a focus on opening locations in lower-tier cities to leverage cost advantages [16]. - The company has also launched a sub-brand, "Wangjianglou," to innovate its menu offerings and plans to expand internationally [16].

欢迎加入投资界读者群 打造全国创业投资高地。 作者 I 吴琼 报道 I 投资界前哨 四川发力了。 以下文章来源于投资界前哨 ，作者吴琼 投资界前哨 . 做投资界最新动态的瞭望者 主动参与出资；防止重复投资和无序竞争。鼓励各级国资加大配资力度， 单一国资对创 业投资基金的出资比例可提高至70% ，特殊情况下允许国资、财政出资部分先行设立运 行。 投资端，四川高校、科研机构众多，相关部门将通过挖掘推送重点项目、打造线上对接 平台、建立线下对接机制等措施，加大机构项目对接，促进资本赋能实体经济，支持科 技成果转化和创新创业。 针对国资"不敢投"难题，四川致力于松绑创业投资基金考核，营造敢投愿投氛围。 一方 面 ， 完 善 风 险 容 忍 与 容 错 免 责 机 制 。 政 府 引 导 基 金 和 国 资 基 金 投 资 损 失 容 忍 率 最 高 60% ， 对 于 投 资 种 子 期 企 业 或 未 来 产 业 的 基 金 ， 可 进 一 步 提 高 至 80%； 单 个 企 业 （ 项 目）最高允许100%亏损。 值得一提的是，去年7月，成都高新区已经率先有类似尝试。本次措施则进一步提出，不 简单以单个项目或单 ...

Core Viewpoint - Jiangsu province is experiencing a significant surge in IPOs, reflecting a broader trend of industrial upgrading and innovation in the region [2][14]. Group 1: Company Overview - Hanbang Technology Co., Ltd. officially listed on the Sci-Tech Innovation Board with an initial price of 22.77 yuan per share, opening with a 115% increase, resulting in a market capitalization exceeding 4.3 billion yuan [2]. - The company was founded in 1998 and specializes in chromatography technology, which is essential for the pharmaceutical industry [3][5]. - Hanbang Technology has developed a dynamic axial compression column, breaking the long-standing foreign monopoly in chromatography technology [5]. Group 2: Financial Performance - Hanbang Technology's revenue for 2022, 2023, and 2024 is projected to be 480 million yuan, 610 million yuan, and 690 million yuan respectively, with a compound annual growth rate of 19.75% [6]. - The company's net profit for the same years is expected to be 38.56 million yuan, 51.50 million yuan, and 79.34 million yuan respectively [6]. - The company has achieved a market share of approximately 12.7% in the production-grade liquid chromatography equipment market, ranking second among domestic brands [5]. Group 3: Market Expansion - Hanbang Technology's international business has shown rapid growth, with overseas revenue increasing from 2.94 million yuan in 2022 to 17.87 million yuan in 2024, representing a growing share of total revenue [8]. - The company has expanded its customer base beyond pharmaceuticals to include sectors such as petrochemicals, rare earths, health products, and food materials [8]. Group 4: Investment and Support - Hanbang Technology has received support from multiple venture capital and private equity firms, completing at least eight rounds of financing, with notable investors including Sequoia China and Huada Gene [9][10]. - The company was valued at 3.6 billion yuan prior to its IPO, with the founder holding 38.58% of the shares [9]. Group 5: Industry Context - Jiangsu province has surpassed 700 listed companies, accounting for nearly one-eighth of the total in China, indicating a robust environment for IPOs and industrial growth [14][15]. - The province is home to five trillion-yuan cities and has the highest number of national-level specialized "little giant" enterprises, showcasing its manufacturing prowess [15][16].