Core Insights - The primary focus of the article is the significant changes in the primary market driven by artificial intelligence (AI) technologies, with a notable concentration of capital towards leading projects and companies like OpenAI, xAI, and Anthropic, which collectively raised substantial investments in 2025 [1][15]. Investment Trends - In 2025, the domestic primary market saw 5,599 companies complete 6,343 investment events, marking year-on-year growth of 2.6% and 7.5% respectively, while total disclosed investment reached approximately 440.1 billion yuan, a decline of 20.5% compared to 2024 [1][15]. - AI remained the dominant theme in investments, with 788 companies receiving 1,015 investments totaling 65.6 billion yuan, compared to 478 companies and 39.2 billion yuan in 2024 [1][15]. - The "Matthew Effect" in the foundational model sector became evident, with a noticeable cooling in the market; AI model companies completed 22 investments totaling 9.4 billion yuan, down 8.3% and 52.9% from 2024 [1][16]. Major Players and Funding - In 2025, five major model companies secured multiple rounds of financing, accounting for 3.3% of the total number of AI companies with multiple rounds; "Zhiyu AI" led with five rounds and a total funding of 3 billion yuan [2][16]. - The number of companies receiving single-round financing exceeding 1 billion yuan decreased, with only three companies achieving this in 2025, compared to more in 2024 [3][17]. Investment Stages and Amounts - The highest disclosed investment amount in the C round reached 5.8 billion yuan, primarily driven by "Moon Shadow" and "MiniMax," which together accounted for 98.3% of the C round total [5][19]. - B round investments saw the most significant declines, with a 60% drop in the number of events and a 96.7% drop in amounts compared to 2024 [5][19]. Regional Investment Insights - Beijing emerged as the leading region for investments in major model companies, with 9 companies completing 14 investments totaling approximately 7.15 billion yuan in 2025, although this was a decrease from 19.1 billion yuan in 2024 [8][22]. - Shanghai experienced the fastest growth in investment events and amounts, with increases of 200% and 195% respectively [8][22]. Exit Strategies - Several major model companies approached the capital markets, with "Yunzhisheng" successfully listing on the Hong Kong Stock Exchange, and both "Zhiyu AI" and "MiniMax" passing hearings for their listings [14][28]. - The acquisition of the general AI agent "ManusAI" by Meta for several billion dollars indicates a potential new competitive landscape in AI for 2026 [15][28].
2025一级市场回顾 | 基础大模型进入“冷静期” 智谱、MiniMax争上市 月之暗面再融5亿美元