2025消费IPO真相：熬够16.5年，才配敲钟

Group 1 - The consumer investment landscape in China has drastically changed, with the number of financing events dropping from 4,345 in 2016 to just 812 in 2025, indicating a cleansing of over 80% of false demands and PPT projects [4] - The number of IPOs is rebounding, increasing from 25 in 2024 to 38 in 2025, signaling a shift where the primary market is purging excess while the secondary market is identifying valuable opportunities [4] - The average age of companies going public in 2025 is 16.5 years, highlighting that only those with extensive industry experience and stable supply chains are able to secure IPOs [4][5] Group 2 - Investment is increasingly directed towards companies with high barriers to entry and essential needs, such as hard-tech consumer products, rather than purely marketing-driven DTC brands [5] - The pet industry is emerging as a significant sector, attracting investment in areas like pet CT and vaccine development, indicating a shift in consumer spending patterns [5] - Global expansion is a key trend, with 20% of funded projects having international attributes, emphasizing the importance of leveraging China's supply chain advantages in global markets [5][6] Group 3 - The current market environment favors companies with factories, technology, and overseas channels, which are considered scarce assets [6] - The era of relying on capital to sustain operations is over, and a focus on profitability from day one is essential for survival [5][6] - The lengthy wait for IPOs has filtered out truly valuable companies, marking a transition to an era that rewards craftsmanship, scientific innovation, and long-term thinking [7]