投中网·2025-08-12 07:03Core Viewpoint - The CVC (Corporate Venture Capital) landscape is experiencing differentiation, with a significant decline in investment activity since 2021, indicating a shift in market dynamics and investor sentiment [4][20][23]. Group 1: CVC Investment Overview - A total of 574 CVCs have executed 16,310 investment events, with a cumulative investment amount of 1.16 trillion yuan [4][13]. - In 2024, CVC investments dropped to under 1,000 events, totaling 48.247 billion yuan, representing less than half of both the number and amount compared to 2021 [4][20]. - 375 CVCs, accounting for 65.3% of the total, have not made any investments this year, while 90 CVCs have ceased investing since 2021, making up 15.7% of the total [20][21]. Group 2: CVC Establishment Trends - The majority of the 574 CVCs were established after 2010, with a peak of 76 new CVCs in 2015, followed by 59 and 62 in the subsequent years [6][9]. - The establishment peak can be attributed to the maturation of the venture capital market and the "Double Innovation" policy, which created more investment opportunities [10][11]. - Since 2017, the establishment of new CVCs has declined rapidly, with only three new CVCs established in 2024 [11][12]. Group 3: Investment Peaks - The first investment peak occurred in 2018, with 1,565 investment events totaling 161.404 billion yuan, driven by internet giants like Tencent and Alibaba [16][17]. - The second peak was in 2021, with 2,106 investment events amounting to 124.638 billion yuan, showcasing a more diverse range of active CVCs, including those from the automotive and semiconductor sectors [17][18]. Group 4: Current Investment Activity - In 2023, CVCs executed 1,404 investment events totaling 99.697 billion yuan, with projections for 2024 indicating a continuation of this trend [20]. - The top 20 CVCs have maintained a steady investment frequency, with several institutions making over 20 investments in 2024 [22].