VC投资人：苦熬三年，我终于拿到年终奖了

Core Insights - The investment landscape for VC firms has significantly improved in 2025, with many firms experiencing a "harvest season" after a challenging previous year [3][5][6] - Successful IPOs and high returns from investments in sectors like AI and commercial aerospace have revitalized investor confidence and led to substantial year-end bonuses [4][6][7] - The number of companies supported by VC/PE firms that successfully went public reached 164 in 2025, with over 900 investment institutions involved [6][7] Group 1: Investment Performance - Lee, a VC investment director, reported a turnaround in fortunes with a successful AI edge computing company leading to significant returns after two years of losses [3][5] - Notable companies like Moer Technology and Muxi Co. saw their valuations soar, with Moer Technology's market cap exceeding 280 billion yuan after a 425% surge on its IPO [7][10] - The overall sentiment among VC partners is optimistic, with many reporting nearly 100% success rates in their investments, particularly in the chip sector [6][7] Group 2: Market Dynamics - The resurgence in the VC market is attributed to a combination of successful IPOs and a favorable regulatory environment, particularly in the commercial aerospace sector [11][12] - Investment strategies are evolving, with a growing emphasis on aligning with national strategic goals and recognizing the value of projects that may not have been previously considered viable [13] - The influx of capital from high-net-worth individuals and institutional investors is evident, with many LPs actively seeking opportunities in trending sectors [7][12] Group 3: Future Outlook - The expectation for 2026 is positive, with predictions of continued strong performance driven by the interconnection of primary and secondary markets [7][10] - The current investment climate encourages a reassessment of what constitutes valuable projects, with a shift towards understanding the implications of national policies on market opportunities [13] - The narrative of a "visible hand" guiding market dynamics suggests that strategic investments aligned with government initiatives will be crucial for future success [12][13]