早期融资占比 67%，“投早投小”做到了吗？

Core Insights - The Chinese primary market in 2025 exhibits a distinct "dumbbell" structure, characterized by active early-stage investments and substantial strategic investments, while growth-stage financing faces significant pressure [2][3]. Early-Stage Investments - Early-stage investments (seed, angel, A rounds) are the main source of market vitality, with 6,054 transactions in 2025, accounting for 66.8% of total market activity, marking a five-year high [7][8]. - Despite the high transaction volume, early-stage companies received only about one-quarter of the total market funding, reflecting the high-risk, small-scale nature of these investments [7][8]. Strategic Investments - Strategic investments dominate in terms of funding volume, capturing nearly half of the market share, with their monetary share rising from 29% in 2021 to 52.1% in 2024, and stabilizing at 43.7% in 2025 [6][10]. - In 2025, strategic investments accounted for only 11.76% of transaction numbers (1,065 deals) but attracted 359.12 billion yuan, driven by state-owned and industrial capital focusing on industry integration and national strategies [10][11]. Growth and Late-Stage Financing Challenges - The "middle ground" of growth and late-stage financing is experiencing significant contraction, with growth-stage investment share dropping from 32.6% in 2021 to 19.6% in 2025, and late-stage investment share halving from 16.3% to 7.9% [11][12]. - The decline in the middle ground is also linked to changing enterprise needs, as companies at a certain scale prefer strategic investors who can provide orders and application scenarios rather than purely financial returns [12][13]. Implications for Market Participants - Entrepreneurs face the challenge of bridging the "financing gap" from early to late stages, necessitating early planning for commercialization and alignment with industrial capital and national strategies to secure essential support during growth [17]. - The Chinese primary market is transitioning from chaotic growth to a more structured and strategically oriented phase, with addressing the financing gap being a key issue for future market participants [18].