一季度125家CVC出手，招商局创投活跃度居首；美团龙珠等4家CVC各收获两个IPO丨2025Q1中国企业创投CVC发展报告

Core Viewpoint - In Q1 2025, China's Corporate Venture Capital (CVC) sector experienced a significant decline in both the number of newly registered funds and the total fund size, indicating a challenging investment environment [2][3]. Fund Overview - In Q1 2025, 43 new CVC funds were registered, representing a year-on-year decrease of 35.82% and a quarter-on-quarter decrease of 30.65%. The total fund size was 17.988 billion yuan, down 72.03% year-on-year and 53.57% quarter-on-quarter [3]. - The majority of new funds were concentrated in Zhejiang and Guangdong, with Zhejiang leading with 12 funds, accounting for 27.91% of the total [5]. Investment Overview - A total of 125 CVCs participated in 175 investment events in Q1 2025, marking a year-on-year decline of 55.47% and a quarter-on-quarter decline of 20.81%. The disclosed total financing amount was 24.385 billion yuan, down 56.37% year-on-year and 69.73% quarter-on-quarter [7]. - The most active sectors for CVC investments were artificial intelligence and smart manufacturing, each with 46 financing events, followed by healthcare, materials, and enterprise services [9]. Regional Investment Focus - CVC investments were heavily concentrated in five regions: Guangdong, Jiangsu, Beijing, Shanghai, and Zhejiang, which accounted for 80.23% of all financing events [11]. Participation in Large Financing Events - CVCs participated in 5 large financing events (each over 100 million USD), representing 16.67% of the total large financing events in the primary investment market, the lowest proportion since 2024 [13]. - The sectors involved in these large financing events included artificial intelligence, enterprise services, smart manufacturing, materials, and blockchain [14]. IPO Participation - In Q1 2025, 64 Chinese companies completed IPOs, with 16 of them supported by CVCs, resulting in a CVC penetration rate of 25.4% [17]. - Notable IPOs included Mixue Ice City, which had a market value of nearly 150 billion yuan at the end of Q1 [18]. M&A Activity - CVCs were involved in 38 M&A events as buyers, with the healthcare sector leading with 7 events, followed by energy and enterprise services [19]. - As sellers, CVCs participated in 27 M&A events, with the energy sector also leading in terms of transaction value, totaling 634.67 billion yuan [21].