杉域资本：2025《智能制造GP图谱》发布

Core Viewpoint - The article emphasizes the significant impact of smart manufacturing on traditional manufacturing, highlighting its role as a driving force for industrial transformation and the increasing investment interest from domestic and international VC/PE institutions in this sector [3][7]. Financing Overview - In 2024, the smart manufacturing industry experienced a total of 314 financing events, with 2 in seed to Pre-A rounds, 179 in A rounds, 110 in B-C rounds, and 23 in D-Pre-IPO rounds. The industry is entering a phase where "hard power" competition is crucial, focusing on capacity efficiency, supply chain management, and profitability [7]. Regional Analysis - Financing events were concentrated in specific regions: Jiangsu (74), Guangdong (72), Zhejiang (42), Shanghai (41), and Beijing (34). The Yangtze River Delta accounted for 53% of the total, while the Pearl River Delta and Beijing-Tianjin-Hebei regions accounted for 24% and 13%, respectively. This reflects a distribution pattern of "East strong, West weak" in China's smart manufacturing landscape [9]. Project Segmentation - The smart manufacturing sector saw 142 financing events in smart equipment, 136 in intelligent production, 31 in communication technology and smart software, and 5 in energy-saving technology. Investment is primarily directed towards smart equipment and intelligent production lines to enhance manufacturing capacity and facilitate continuous product innovation [10]. GP Selection Process - The first screening identified 30 GP institutions from 2,025 investment firms involved in smart manufacturing, focusing on those with significant investment activity in the sector. The second screening further narrowed it down to 16 institutions that are highly specialized in smart manufacturing [14][20]. GP Background - Most GPs in the smart manufacturing sector are privately funded, with 21 being fully privately funded, 5 from industrial backgrounds, 3 mixed, and 1 from a research institution. This indicates a strong presence of private capital in the industry [18][19]. Investment Focus - The investment focus is primarily on the growth stage, with GPs concentrating on B-C rounds. Analysis of the past three years shows that these GPs are predominantly engaged in growth-stage investments [24]. Performance Metrics - Key performance indicators for GPs include lead investment rates, independent investment rates, follow-up rates, and IPO counts. These metrics are essential for assessing the investment capabilities and success rates of GPs in the smart manufacturing sector [26][28][34]. Conclusion - The report aims to assist LPs in understanding the active GPs in the smart manufacturing industry, enabling them to identify capable investment institutions and compare their positions within the sector. It also provides insights for GPs to evaluate their standing relative to peers [38].