专访盛景嘉成创始合伙人刘昊飞：以AI RaaS，打通科技创业“最后一公里”

Core Insights - The core argument of the article emphasizes that investment institutions' competitive advantage lies not only in identifying quality projects but also in building an entrepreneurial ecosystem that aligns with industrial development [2] Group 1: Company Overview - Shengjing Jiacheng, a representative private equity investment institution in China, has focused on technology innovation investment since its establishment in 2011, managing over 13 billion RMB by October 2025 and supporting over 2,500 quality new economy enterprises [3][4] - The company has developed a unique Corporate Incubator (CIC) model and an AI RaaS (Result as a Service) business model to provide comprehensive support to invested companies, enhancing their innovation capabilities [4][12] Group 2: Investment Strategy - The investment strategy of Shengjing emphasizes early-stage, technology-driven projects, avoiding leading investments during market peaks to mitigate irrational pricing risks [6][10] - The firm has maintained a focus on long-term value driven by technology, adapting its investment framework based on market cycles and technological advancements [5][6] Group 3: Market Insights - Shengjing's approach to investment is informed by a deep understanding of market cycles, recognizing opportunities during market downturns when quality assets may be undervalued [5][6] - The company has aligned its investment focus with the launch of the Sci-Tech Innovation Board in 2019, which supports key sectors that match its strategic direction [7] Group 4: AI RaaS Model - The AI RaaS model introduced by Shengjing aims to shift the focus from merely providing tools to delivering quantifiable results, addressing the deeper needs of enterprises for end-to-end solutions [12][13] - This model has shown disruptive potential, as evidenced by successful case studies like KoBold Metals, which utilizes AI to redefine traditional industry profit pools [13][14] Group 5: Financial Innovations - Shengjing recently issued a 200 million RMB Sci-Tech bond to enhance its long-term investment logic, aiming to support seed and early-stage technology enterprises in sectors like AI and semiconductors [15] - The bond issuance is part of a broader strategy to create a sustainable financial ecosystem that fosters innovation and supports the growth of hard technology companies [15][16]