将投中网设为"星标⭐"，第一时间收获最新推送 GP的商业模式还能够成立吗？ 作者丨陶辉东 来源丨 投中网 不知道各位是否有这种感觉：现在的一级市场，大家的账算的越来越细了。投资机构与创业公司之间如此，GP与LP之间也是 如此。 在不久前的"投中十问"上，这一点就表现的非常明显。从2020年开始，投中网每年都会在年度投资峰会的主论坛之外，专门邀 请行业一线GP和LP机构展开"投中十问"闭门研讨会。不同于主论坛话题集中在宏观和中观的大趋势，"投中十问"话题总是非 常微观和接地气。 大家都在说，中国一级市场正进入一个大变局时代。一些过去不言自明的原则，现在需要大声标榜。与此同时，还有一些原本 约定俗成的行规，则正在遭到挑战。 当然，这也与当前的退出难息息相关。如果基金DPI都有三五倍，谁会在乎一两个点的管理费？但市场低谷期，往往也是最好 的筑基期。管理费看似是个小问题，实则牵一发而动全身，对中国的GP与LP之间的关系影响深远。这样看来，细算账不失为 一件好事，这说明各方在博弈建立适应中国一级市场逻辑的新规则，无论是LP还是GP。 参与本次"投中十问"的嘉宾有： 1. 黄成 - 广州金控基金 董事长 2. 季薇 - ...

以下文章来源于东四十条资本 ，作者蒲凡 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 苏超很好精彩，十万加的重要性也显然易见。 作者丨蒲凡 来源丨东四十条资本 "苏超"真太火了。 散装大省比赛起来，"没有假球，全是世仇"，朋友圈、微信群、短视频里时不时就能刷到比赛集锦以 及场外球迷的各种行为艺术：比如江苏某地的吾悦广场就挂出了一块广告牌，写着"端午来江苏，旅 游请自助"，因为"内战期间，不接外宾"；又或是南通和南京争"谁是江苏真正的南哥"；以及最不想 整活但却被整出最多活儿的常州、吊州、巾州、丨州…… 国内最大的足球社区懂球帝，还专门为苏超开设了积分榜和战报专栏，在导航栏里放在欧洲五大联赛 之前。A股足球相关题材，比如金陵体育、共创草坪全线爆发，甚至连南京旅游都收获了涨停。 好不热闹。 作为一名前足球编辑，我自然混迹了不少球迷群，但奇怪的是聊苏超的只有缪缪几条至几十条记录， 群里的"真球迷"们，关注"吴艳妮"远比"苏超"要多，活跃度高些的群随便一搜动辄大几百条，而且就 算是聊足球，最近的话题基本围 ...

以下文章来源于显微故事 ，作者显微故事编辑部 显微故事 . 大时代下，每一个小人物都值得被看到。 将投中网设为"星标⭐"，第一时间收获最新推送 坊间流传着"只要沾上了Labubu元素，根本不愁卖"的说法。 讲述者丨常宁宁 来源丨显微故事 你还没有拥有属于自己的labubu吗？ 在当下"健忘"的互联网浪潮中，倘若要问近几个月来谁能稳坐顶流之位，那答案大概率会指向 Labubu。 这一由泡泡玛特携手香港艺术家龙家升共同打造的虚构角色盲盒，其形象灵感源自精灵概念。 因为角色拥有着 9 颗极具标志性的牙齿、露出"贱贱"的表情，加上天性善良的设计，在女星Lisa的"带货下"，以巨大的反差萌成功捕获了无数人 的心。 它的火爆程度堪称现象级： 2024 年 7 月，泰国旅游局郑重授予 LABUBU "神奇泰国体验官" 的称号； 在英国，黄牛为了争抢 Labubu 盲盒不惜大打出手，场面一度失控，致使泡泡玛特不得不暂停其在英国的销售业务； 在今年四月发行的第三代 labubu，更是在全球范围内陷入断货危机，"一娃难求" 成为常态，各国都有"排长龙"的消息传来…… 嗅到商机的中国玩具商也乘势出击，推出了"祖国版Labubu"盲 ...

以下文章来源于Tech星球 ，作者翟元元 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 将投中网设为"星标⭐"，第一时间收获最新推送 加盟AI洗头机，真能半年赚百万？ 作者丨翟元元 来源丨Tech星球 "北上广深"等一线城市，正在掀起一股AI洗头热。 所谓"AI洗头"，就是在AI洗头吧或理发店等消费场景，智能设备AI洗头机取代人工，从洗发到烘 干，只要按一下按钮，便可以为消费者提供一条龙式智能化洗头服务。 AI洗头的价格各地不一，商家们为了引流，通常会将单次活动价格设置为5元、9.9元，比普通理发 店一次动辄二三十元的洗吹团购价格至少便宜一半。洗头基础之上的溢价服务，则会设置更高的收费 标准，19.9元、39.9元不等。 AI洗头火爆，吸引了众多掘金者入场。一位AI洗头机厂家告诉Tech星球，一台洗头机29800元，他们 大概为30多个品牌提供洗头机设备，那些品牌商不仅自己开店，也开放加盟。有些不收取加盟费， 有些加盟费则收取29800元。粗略统计，目前他们服务的不同品牌不同门店，在全国范围内大概有 300多家门店。有品牌门店生意很火，一个月可以做到营业额13万元，一个月就实现回本。 这场以A ...

Core Viewpoint - Nvidia's recent investment in quantum computing, particularly in PsiQuantum, signifies a strategic move to enhance its position in the rapidly evolving quantum technology landscape, aiming to integrate quantum capabilities with its existing GPU architecture [4][5][11]. Group 1: Nvidia's Quantum Computing Strategy - Nvidia's CEO Jensen Huang initially projected a 20-year timeline for practical quantum computers but later retracted this statement, acknowledging a misjudgment and announcing the establishment of a quantum research center [4][10]. - The company is engaging in late-stage investment negotiations with PsiQuantum, participating in a $750 million funding round led by BlackRock, which would elevate PsiQuantum's post-investment valuation to $6 billion [5][9]. - This investment aligns with Nvidia's strategy of leveraging small investments for high leverage in the potential trillion-dollar quantum market [16]. Group 2: PsiQuantum Overview - Founded in 2016, PsiQuantum has become the highest-valued quantum startup, with a valuation exceeding $3 billion in 2021 and potentially reaching $6 billion with the latest funding [6][9]. - The founding team, primarily from the University of Bristol, has a strong background in quantum research, focusing on scalable, fault-tolerant quantum computing using photonic technology [7][8]. - PsiQuantum's approach aims to transition laboratory technology into mass-produced products, setting it apart from other quantum startups [8][10]. Group 3: Market Dynamics and Competition - The global quantum computing market is currently dominated by superconducting technology, which accounts for 62% of the hardware market, while PsiQuantum's photonic approach represents a unique alternative [18]. - The quantum computing sector is experiencing significant growth, with the Chinese market projected to reach 11.56 billion yuan by 2025, growing at an annual rate exceeding 30% [19][20]. - Major tech companies like IBM, Google, and Microsoft are also heavily investing in quantum computing, indicating a competitive landscape where Nvidia must innovate to maintain its market position [12][13]. Group 4: Government Support and Future Prospects - PsiQuantum has established strong relationships with various governments, securing funding for quantum projects, including a $940 million investment from the Australian government for deploying commercial quantum computers by 2029 [10][15]. - The Chinese government has recognized quantum technology as a core area for development, with multiple provinces outlining support for quantum initiatives in their 2025 work reports [20][21]. - The ongoing competition between photonic and superconducting technologies will be crucial for the future of quantum computing, with companies needing to balance technological breakthroughs with practical applications [21].

以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问： http://finance.ifeng.com/ 将投中网设为"星标⭐"，第一时间收获最新推送 中国足球这次杀疯了。 来源丨凤凰网财经 "都说江苏是一盘散沙，现在盘也没了，只剩下沙了。" 最近，江苏人的生活被一场足球联赛彻底 "搅乱"！ 平日里就忙着 "内斗"的"十三太保"，直接将明争暗斗的戏码搬上了绿茵场。"江苏城市足球联赛"，这个被戏称为 "苏超" 的赛事，没有假球，只有"世仇"，堪称足球界的《甄嬛传》。 徐州和宿迁的对决，由于一个是刘邦故里，一个是项羽故里，被戏称为 "楚汉争霸 2.0"，踢个球都像在重演鸿门宴。 淮安和连云港的比赛，被戏称为 "齐天大圣内战"—— 一个是吴承恩的故乡，手握《西游记》正版 IP；一个坐拥花果山， 是实打实的 "大圣故里"。 …… 就连官方都下场整活，一本正经调侃："比赛第一，友谊第十四！" 这话搁别的地方是玩笑，在江苏那就是 "官方认证" 的赛事宗旨。 01 比赛第一，友谊第十四 第一个想出苏超联赛的人，真是天才 ...

将投中网设为"星标⭐"，第一时间收获最新推送 中关村科学城科技成长基金的包容性和开放度又深了一层。 作者丨张雪 来源丨 投中网 近日，一则公示让资本市场的目光再次聚集到了海淀。 该公示显示，中关村科学城科技成长基金拟出资五家子基金，这五家子基金的合作机构分别为国科投资、美团龙珠、启明创 投、砺思资本和无限基金（SEE FUND）。 这是继今年1月份后，中关村科学城科技成长基金的又一出资动作，细看这次机构的选择，不仅有互联网基因的机构代表美团 龙珠，有启明和砺思这样深耕AI的机构，还有代表着高校和科研院所源头的机构国科投资和SEE FUND。 可见，中关村科学城科技成长基金的包容性和开放度又深了一层。 一举落五子，机构矩阵再扩容 不断地下注加码，背后是海淀建设具有全球影响力的人工智能产业高地的决心。 2024年，随着科技产业竞争的加剧，海淀区设立了50亿元的第二期成长基金，将中关村科学城科技成长基金的规模扩展到了 100亿，投资范围也拓展至覆盖人工智能的全产业布局。 今年2月，在"2025海淀区经济社会高质量发展大会"上，海淀区政府投资基金迎来再度扩容。中关村科学城科技成长三期基金 重磅发布，规模100亿元，科 ...

Core Viewpoint - The article discusses the rising popularity of silkworms among families with children born after 2010, highlighting their role as educational tools and emotional companions, thus driving a new business trend in sustainable consumption and the "pet economy" [4][5][6]. Summary by Sections Section 1: Market Growth - In 2023, sales of "children's silkworm kits" on an e-commerce platform increased by 327% year-on-year, while related topics on short video platforms garnered over 860 million views [4][5]. Section 2: Educational Value - Silkworms serve as a practical educational tool in elementary science classes, allowing children to observe the life cycle from egg to moth, which enhances their understanding of biology through hands-on experience [9][10]. Section 3: Emotional Connection - Silkworms fulfill the emotional needs of children for companionship and healing, especially in urban settings where nature exposure is limited. The low cost and ease of care make silkworms an attractive option for families [10][11]. Section 4: Business Opportunities - The silkworm business is being redefined as it becomes a standard assignment for elementary students. Entrepreneurs like Ye Yuanting have capitalized on this trend by selling silkworms and mulberry leaves online, transforming a traditional agricultural business into a modern educational product supplier [14][19]. Section 5: Challenges in the Industry - The silkworm business faces significant challenges, including high mortality rates during shipping and the need for optimal temperature control. Ye Yuanting's company has developed specialized packaging to improve survival rates during transport [15][18]. Section 6: Competitive Landscape - The market is becoming increasingly competitive, with some sellers engaging in price wars. Ye Yuanting has chosen to focus on innovation rather than competing on price, collaborating with universities to develop unique silkworm breeds and leveraging social media for marketing [21][22].

Core Viewpoint - The Chinese hotel industry is experiencing a "tale of two cities" with significant performance disparities among the four major groups: Huazhu, Jinjiang, Shoulu, and Atour, despite the overall market growth [3][8]. Group 1: Performance Overview of Major Hotel Groups - Huazhu Group leads with a revenue of 5.4 billion yuan and a net profit of 890 million yuan in Q1 2025, but its revenue growth has slowed to 2.2% [4][10]. - Atour Group, with 1,727 hotels, is the only group to achieve significant revenue and profit growth, with a revenue increase of 29.8% and a net profit increase of 32.3% in Q1 2025 [5][10]. - Jinjiang Group and Shoulu Group are struggling, with Jinjiang's revenue down 8.25% and net profit down 81.03%, while Shoulu's revenue decreased by 4.34% [4][10]. Group 2: Market Dynamics and Strategies - The hotel industry is facing a "volume increase, price decrease" scenario, with all major players experiencing pressure on occupancy rates and room prices [7][8]. - Huazhu maintains operational efficiency through high occupancy rates, while Atour focuses on retail growth, which has increased its retail revenue share to 30.3% [22][27]. - Jinjiang and Shoulu are attempting to pivot towards membership growth and high-end offerings, but their efforts have yet to yield significant results [7][36]. Group 3: Retail Strategies - Atour has successfully integrated retail into its business model, with retail revenue growing by 66.5% to 694 million yuan in Q1 2025, despite a 61.7% increase in sales expenses [27][28]. - Huazhu has also ventured into retail but remains cautious, with its retail initiatives not yet significantly impacting overall revenue [30][32]. - The competition in the retail space is intensifying, with Atour's approach focusing on online sales channels [24][25]. Group 4: Challenges for Jinjiang and Shoulu - Jinjiang's core mid-to-low-end hotel segment continues to decline, with Q1 2025 revenue down 8.72% [37][40]. - Shoulu's revenue also decreased by 4.34% in Q1 2025, with its membership strategies facing similar challenges in conversion efficiency [44][47]. - Both companies are struggling to effectively leverage their large membership bases to drive revenue growth [48]. Conclusion - The hotel industry is at a critical juncture, with Huazhu and Atour adopting distinct strategies to navigate the challenges of growth and profitability [50]. - The ability to balance expansion with operational quality will be crucial for all players moving forward [50].

Core Viewpoint - OpenAI is set to acquire AI hardware company io for nearly $6.5 billion, marking its largest acquisition to date, significantly higher than the previously rumored $500 million valuation [2][3]. Group 1: Acquisition Details - The acquisition of io, founded by former Apple Chief Design Officer Jony Ive, is expected to be completed soon, allowing early investors to exit [2][7]. - The valuation of io skyrocketed from an initial estimate of $500 million to $6.5 billion within a month, indicating OpenAI's strong commitment to this acquisition [2][3]. - If the deal goes through, it will surpass OpenAI's previous record acquisition of Windsurf at $3 billion [3]. Group 2: Company Background - io was established just a year ago and has already reached a valuation of $6.5 billion, largely due to the star power of its founding team [5]. - Jony Ive, who has a significant legacy at Apple, is known for designing iconic products like the iPhone and iPad, and his influence is expected to drive innovation at io [5][6]. - OpenAI's CEO Sam Altman has expressed admiration for Steve Jobs and has a close relationship with Ive, which has facilitated their collaboration on new product designs [6]. Group 3: Future Product Expectations - io's first product is anticipated to be a new type of AI device that aims to free users from traditional screen limitations, with a planned release in 2026 [9]. - Altman has described this upcoming product as a potential "third core device" for users, following the MacBook and iPhone, with a projected market value increase of up to $1 trillion [9]. Group 4: Strategic Industry Positioning - OpenAI has been actively expanding its hardware and AI application business, including restructuring its robotics department and acquiring teams from other tech companies [10]. - The competitive landscape is intensifying, with other major players like Google and Meta also venturing into hardware, indicating a trend where hardware support is crucial for the success of large AI models [11].