7个月5个人工智能IPO，启明创投：投资AI是未来二十年中国投资最大的确定性

Core Viewpoint - The article emphasizes that the wave of artificial intelligence (AI) is transforming industries globally, with early-stage investments playing a crucial role in this transition. It highlights the success of Qiming Venture Partners in the AI sector, marking a significant return on investment after over a decade of strategic positioning [2][4]. Investment Achievements - Qiming Venture Partners has invested over 12 billion RMB in more than 100 projects in the AI sector since 2013, including nearly 30 companies at the intersection of healthcare and AI [4]. - The firm has successfully captured key opportunities in various AI domains, including speech recognition and autonomous driving, with notable investments in companies like Yunzhisheng and WeRide [4][6]. IPO Success - In a short span from late 2025 to early 2026, Qiming Venture Partners celebrated three IPOs in the AI field, including Yunzhisheng and Biran Technology, marking a concentrated harvest period after years of investment [2][6]. - The firm has been a significant early investor in companies like Biran Technology, which became the first GPU stock on the Hong Kong Stock Exchange, and Zhipu AI, which saw its market value soar to over 100 billion HKD shortly after its IPO [6][7]. Investment Philosophy - Qiming Venture Partners operates on a clear investment philosophy of being "half a step fast," allowing them to identify and invest in technologies before they become mainstream [11][12]. - The firm believes that the most valuable investment opportunities exist between the technological breakthrough point and the market explosion point, requiring a deep understanding of both technology and market dynamics [11][12]. Future Outlook - The firm maintains a strong belief that AI will be the largest certainty in investment over the next 20 years, asserting that the current discussions around an "AI bubble" do not reflect the reality of the Chinese AI market [14][15]. - Qiming Venture Partners is shifting its focus towards application layers in AI, anticipating a surge in native applications and super platforms that will significantly impact various industries, particularly healthcare [15].