烯牛数据：2024年中国创投市场数据报告

Market Overview - The Chinese venture capital market in 2024 experienced a historical low, with a total of 10,701 disclosed financing events, a year-on-year decrease of 32%. The total financing amount reached 534.4 billion yuan, down 19%, marking the lowest figures in nearly a decade [1][21]. - The market exhibited two significant characteristics: a decline in the proportion of dollar financing, which accounted for only 15% of the total, while RMB financing became the mainstay, with an average financing amount rising to 16.8 million yuan [1][24]. Information Disclosure Trends - A notable 63.1% of financing events were not publicly reported, indicating that "underwater financing" has become mainstream. Sectors such as artificial intelligence and consumer goods had relatively higher public financing disclosure rates [2][30]. Industry and Sector Analysis - Advanced manufacturing led the financing landscape, accounting for 30% of total financing, followed by healthcare and artificial intelligence at 15% and 5%, respectively. Strategic emerging industries made up over 93% of the total, with high-end equipment manufacturing and new materials seeing a doubling in their share [3]. - Emerging sectors like embodied intelligence, eVTOL aircraft, and commercial space saw financing numbers grow by over 30% year-on-year, while traditional sectors like innovative pharmaceuticals and semiconductor equipment faced significant declines. Although the number of financing events in artificial intelligence decreased by 11%, the financing amount increased by 8%, with large model-related projects becoming focal points [3]. Financing Stages and Urban Dynamics - The focus of financing has shifted towards early-stage projects, with early-stage financing accounting for 38.99% of total financing. The number of first-round financing events dropped to 4,865, representing only 45.46% of the total, indicating increased difficulty for new enterprises to secure funding [4]. - Shanghai surpassed Beijing for the first time in financing volume, recording 1,024 events, with Beijing and Shenzhen following closely. The Yangtze River Delta cities dominated the top 15 venture capital cities, showcasing distinct regional characteristics [4][5][6]. Institutional Dynamics - The number of active investment institutions decreased by 31% year-on-year, with leading institutions reducing their investment frequency by 45%. However, government-guided funds performed well, with 90% of institutions that registered over 10 funds being state-owned [7]. - The proportion of venture capital funds rose to 45.35%, with the average single fundraising amount increasing from 389 million yuan to 559 million yuan. Large-scale funds (over 1 billion yuan) accounted for 76.6% of total fundraising [8][9]. Exit Market - The IPO market cooled down significantly, with the number of A-share IPOs dropping by 68% to only 100 companies listed. However, the support rate from VC/PE remained stable at 67%, with the Sci-Tech Innovation Board support rate reaching 98.51% [10]. - The M&A market showed signs of recovery, with a 40% year-on-year increase in M&A events, driven by policy support for resource optimization through mergers and acquisitions [10]. Future Outlook - Despite being in a downturn, the 2024 market shows resilience in advanced manufacturing, artificial intelligence, and low-altitude economy sectors. Structural opportunities led by state-owned and industrial capital are emerging, with a focus on cutting-edge sectors like embodied intelligence and AIGC applications, which may drive future market recovery [11].