Venture(US:VEMLY) 3 6 Ke·2026-01-05 11:18Core Insights - The investment landscape in China's new economy is shifting from "gambling" to "calculation," indicating a more cautious approach by investment institutions as evidenced by a significant decline in average investment amounts [1][13]. Group 1: Investment Amount Trends - The average single investment amount in China's new economy primary market dropped to 0.91 billion yuan in 2025, a decrease of 0.26 billion yuan or 22.2% from 2024 [1][2]. - This marks the fifth consecutive year of decline, with the average amount falling from 1.65 billion yuan in 2021 to below 1 billion yuan in 2025, representing a total reduction of 44.8% [4][13]. - The median investment amount also reflects a concerning trend, with 2025's median at 0.2 billion yuan, indicating that half of the investment transactions were below this threshold, highlighting a disparity between average and median values [6][10]. Group 2: Changes in Investment Structure - The proportion of investments in the 10 million to 100 million yuan range increased from 47.3% in 2021 to 60.4% in 2025, with the number of investment events rising from 4,284 to 5,407 [7][9]. - Conversely, investments in the 100 million to 1 billion yuan range saw a significant decline from 36.4% to 21.5%, with the number of events dropping from 3,293 to 1,926 [7][9]. - Investments of 1 billion yuan and above plummeted from 2.6% to 1.1%, with the number of events decreasing from 239 to 102, a drop of 57.3% [7][9]. Group 3: Market Dynamics and Investment Strategies - The shift towards smaller, more frequent investments reflects a broader trend of investment institutions becoming more cautious due to increased market uncertainties and challenges in exit strategies [10][11]. - The rise in early-stage investments, particularly those below 1 million yuan, indicates a strategic pivot towards projects with potentially higher returns despite their associated risks [11][12]. - The phenomenon of financing rounds being split into multiple smaller rounds (e.g., A+, A++) has contributed to the increase in transaction volume, with total investment events rising from 7,078 to 9,058, largely due to this new financing strategy [12][13]. Group 4: Conclusion on Investment Sentiment - The data collectively suggests a clear transition in investment behavior, moving from high-stakes bets to more calculated, risk-averse strategies, marking the end of the "gambling era" and the beginning of a "calculation era" in investment practices [13][16]. - This shift is seen as a positive development for the investment ecosystem, promoting a healthier market environment where truly valuable projects can still attract capital based on performance and growth potential [16].