智能制造/人工智能参投数量“断层领先”，1/3 IPO企业曾获CVC支持丨2025H1中国企业创投CVC发展报告

Core Insights - The article discusses the trends and statistics of China's Corporate Venture Capital (CVC) landscape in the first half of 2025, highlighting a decline in new fund registrations and investment activity, while also noting a recovery in the second quarter [5][7][11]. Group 1: Fund Registration and Scale - In H1 2025, 84 new CVC funds were registered, a year-on-year decrease of 20%, with a total fund size of 451.1 billion RMB, down 51.41% year-on-year [5][7]. - The second quarter saw a recovery with 46 new funds registered, a year-on-year increase of 21.05%, and a total fund size of 306.74 billion RMB, up 7.58% year-on-year [7][9]. Group 2: Investment Activity - A total of 224 CVCs participated in 406 investment events in H1 2025, representing a year-on-year decline of 42.33% [11]. - The disclosed total financing amount was 726.92 billion RMB, down 15.82% year-on-year [11]. Group 3: Investment Focus - The primary sectors attracting CVC investments were intelligent manufacturing and artificial intelligence, with 114 and 108 investment events respectively, indicating a significant lead over other sectors [13]. - Other sectors with notable investment activity included healthcare, automotive, materials, and enterprise services [13]. Group 4: Geographic Distribution - CVC investments were concentrated in Guangdong, Beijing, Shanghai, Jiangsu, and Zhejiang, accounting for 77.34% of total investment events [15]. - Guangdong led with 18 new funds, followed by Zhejiang with 14, together representing 38.1% of new fund registrations [9]. Group 5: Large Investment Events - CVCs participated in 17 large investment events (single round financing of 100 million USD or more), making up 31.48% of the total large investment events in the primary market [17]. - The second quarter of 2025 saw CVC participation in large investment events reach 55%, the highest proportion since 2024 [17]. Group 6: IPO Participation - In H1 2025, 137 Chinese companies completed IPOs, with 46 supported by CVCs, resulting in a CVC penetration rate of 33.58% [21]. - Notable companies included 恒瑞医药 and 蜜雪冰城, both with market capitalizations exceeding 100 billion RMB [22]. Group 7: M&A Activity - CVCs participated in 63 M&A events as buyers, primarily in traditional industries, energy, and enterprise services [23]. - As sellers, CVCs were involved in 39 M&A events, with the energy sector leading in transaction volume [25].