时代需要更多的突围者的前赴后继，创新才能行而不辍。 在不久前，第一财经牵头承接了上海市发改委"十五五"规划"百家访谈、万家调研"的独角兽企业访谈课题。而推出"对话独角兽企业"的调研，本身也是第一 财经2025年度重要计划之一。在过去数十年的报道和研究中，我们始终把产业发展和企业需求放在重要的关注主线上。在今年这样承上启下的关键节点，从 规划编制的角度再去观察独角兽企业，更有时代的意义——放到全局中定位他们的影响、在战略上去考虑他们的需求。 策划推进独角兽企业的调研，对于财经媒体来说是件常态的工作。第一财经不止于报道财经新闻，我们通过多年的研发和积累，已经构筑了一整套观察解读 中国企业的数据指标和方法论，贯穿企业完整的生命周期和观察维度。就"独角兽"而言，他们身上的技术与模式颠覆创新、快速提升的估值，聚焦的资本市 场关注、对产业变革的极大推动，都值得记录、研究和传播。多年里，我们见证着一批又一批高成长性的企业崛起，走上更大的舞台。当然我们也看到过跌 宕，见证过消逝。 其实当我们再和这些企业回到彼时向外看，"独角兽"这三个字，一定不是他们生命周期里的终极发展目标，它更像是一个发展阶段。极端来说，"独角兽"们 更是 ...

Core Insights - The term "unicorn enterprises" refers to companies established within the last 10 years, valued over $1 billion, and possessing unique core technologies and competitive advantages. The Chinese government has expressed support for the development of these enterprises in its 2025 work report [1][28] - As of 2024, China has 372 unicorn enterprises, accounting for nearly 40% of the global total, with significant concentration in Beijing, Guangdong, Shanghai, and Jiangsu [3][29] - The report indicates that unicorn enterprises are increasingly emerging in new consumption sectors, driven by policies that enhance the consumption environment and stimulate market potential [17][25] Industry Overview - Unicorn enterprises are primarily concentrated in high-tech sectors such as artificial intelligence, autonomous driving, and clean energy, with over 70% of them belonging to these fields [16][30] - The commercial aerospace sector has seen rapid growth, exemplified by companies like Xinghe Power, which has achieved significant milestones in rocket launches and satellite deployments [5][13] - The new consumption sector is characterized by innovative business models that leverage digital and intelligent technologies to enhance consumer experiences [27][28] Financial Performance - Xinghe Power has raised nearly 5 billion RMB and is valued at 16 billion RMB, reflecting the rapid growth supported by national policies [13] - The total valuation of China's unicorn enterprises in the new consumption and retail sector reaches approximately $203.9 billion, with 66 companies in this category [27] Challenges and Future Directions - Despite the growth, unicorn enterprises face challenges such as high technology trial costs and a lack of patient capital, which could hinder their development [28][35] - The Chinese government plans to establish a nurturing system for unicorn enterprises, focusing on enhancing development efficiency and financial support [36]

Core Insights - The report indicates that in 2024, China will have 53 new unicorn companies, accounting for nearly 40% of the global total, showing significant growth [1][3] - As of 2024, there are 1,212 unicorn companies globally, with China holding over 370, representing nearly 30% of the global market [3] - The majority of China's unicorns are concentrated in key sectors such as artificial intelligence, autonomous driving, smart connected vehicles, new energy vehicles, and life sciences, with over two-thirds in cutting-edge technology fields [3][5] Distribution and Concentration - Unicorn companies in China are distributed across 22 provinces, with Beijing (75), Guangdong (64), Shanghai (59), and Jiangsu (49) being the top regions [5] - Beijing's status as a political and economic center contributes to its position as the core hub for unicorn companies [5] Growth and Challenges - China's unicorn companies are transitioning from quantity growth to quality enhancement, facing challenges such as the withdrawal of US capital, lack of patient capital, difficulties in venture capital exits, and obstacles to public listings [7] - Despite these challenges, the total number of unicorns remains stable, indicating resilience and the continuous emergence of new unicorns [7] - Future strategies include addressing capital structure imbalances and long commercialization cycles, while seizing opportunities in AI and green technology revolutions [7] Government Support - The Ministry of Industry and Information Technology plans to collaborate with relevant departments to establish a nurturing system for unicorn companies, focusing on discovery mechanisms, enhancing development efficiency, strengthening financial support, and creating a favorable development environment [7]

Core Viewpoint - The article emphasizes the importance of unicorn companies in driving innovation and economic growth in Henan, highlighting the need for collaboration between established enterprises and emerging unicorns to foster a robust innovation ecosystem [6][10][18]. Group 1: Unicorn Companies in Henan - The only unicorn company from Henan listed in the "2025 Global Unicorn Company List" is Super Fusion, indicating a scarcity of unicorns in a province with significant economic potential [6][9]. - The article mentions that while traditional giants like Mijia Ice City and Pan Donglai have gained recognition, the presence of unicorns in Henan remains limited, which contrasts sharply with the province's economic scale [6][12]. - The report states that as of 2024, there are 1,212 unicorn companies globally, with a total valuation exceeding $3.6 trillion, and China added 53 new unicorns, primarily in hard technology sectors [9]. Group 2: Characteristics and Importance of Unicorns - Unicorn companies are defined as innovative enterprises with a valuation exceeding $1 billion, established within the last ten years, and are crucial indicators of a region's innovation capacity [7][8]. - The article highlights that unicorns are characterized by rapid growth, scarcity, and high investor interest, serving as a benchmark for measuring innovation ecosystems [7][8]. - The success of unicorns like Douyin and SHEIN illustrates their role as key drivers of economic development and innovation in various sectors [8]. Group 3: Policy and Support for Unicorn Development - The Chinese government has recognized the significance of unicorns, integrating their support into national strategies, as seen in recent policy documents [9][18]. - The article discusses the establishment of a nurturing ecosystem for unicorns in Zhengzhou, which includes a comprehensive support system for technology-driven enterprises [15][16]. - The local government aims to attract more unicorn companies to Zhengzhou, leveraging its industrial base and innovation capabilities to foster a conducive environment for growth [15][16]. Group 4: Future Prospects and Recommendations - The article suggests that for Henan to transition from a large economy to a strong one, it must cultivate a vibrant community of unicorns alongside established enterprises [6][10]. - It emphasizes the need for collaboration between traditional industries and emerging unicorns to create a synergistic effect that enhances innovation and competitiveness [14][17]. - The article concludes that nurturing unicorns is essential for redefining the economic landscape of Henan, urging a shift towards a more integrated and innovative industrial ecosystem [10][18].

Group 1 - The core viewpoint of the news is that Muxi Integrated Circuit (Shanghai) Co., Ltd. has completed its initial public offering (IPO) guidance work, indicating its readiness for listing and compliance with regulatory requirements [1] - Muxi Integrated has established a comprehensive governance structure, accounting practices, and internal control systems, demonstrating a strong understanding of the capital market and legal obligations [1] - The company was founded in September 2020 in Shanghai and has established subsidiaries and R&D centers in multiple cities, with a team experienced in high-performance GPU product development [1] Group 2 - Muxi Integrated is developing a full-stack GPU chip product line, including the Xisi® N series for intelligent computing inference, the Xiyun® C series for general computing, and the Xicai® G series for graphics rendering, all designed to meet high efficiency and versatility requirements [2] - The company has undergone significant financing since its establishment, with the latest round completed in August 2024, involving various state-owned and market enterprise investors [2] - According to Hurun Research Institute's 2024 Global Unicorn List, Muxi Integrated is valued at 10 billion yuan, positioning it among other chip unicorns with varying valuations [2] Group 3 - The actual controller of Muxi Integrated is Chen Weiliang, who directly holds approximately 9.6% of the company's shares and has indirect control over an additional 39.38% through partnerships [3]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, indicating a significant step towards raising capital for its operations in high-end general-purpose processors and supporting chip development [2]. Financial Performance - Revenue projections for Zhaoxin Integrated from 2022 to 2024 are as follows: 340 million yuan, 555 million yuan, and 889 million yuan respectively [2]. - Net profit (attributable to the parent company) for the same period is projected to be -727 million yuan, -676 million yuan, and -951 million yuan respectively [2]. - The total assets of the company as of December 31, 2024, are projected to be approximately 5.54 billion yuan, with total liabilities leading to a debt ratio of 36.04% [3]. Market Position - Zhaoxin Integrated has established a leading market position in the domestic desktop PC market, with its CPUs being the most widely used in products from major manufacturers such as Lenovo and Unisoc [2]. - According to the Hurun Research Institute, Zhaoxin Integrated is valued at 18.5 billion yuan, ranking it among the global unicorns [4]. Corporate Governance - The board of directors consists of nine members, with Ye Jun serving as the chairman [6]. - The company’s actual controller is the Shanghai State-owned Assets Supervision and Administration Commission, which oversees state-owned assets in Shanghai [4]. Management Team - Du Mengmeng serves as the board secretary, bringing experience from legal and investment banking backgrounds [7].

Group 1 - The core viewpoint of the report is that technological innovation is a key driver for future development across countries and regions, with China emerging strongly in the global unicorn landscape, holding nearly 30% of the market share with over 370 unicorns [1] - As of 2024, the total number of unicorns globally is projected to be 1,212, with 135 new unicorns expected to emerge, including 37 super unicorns valued over $10 billion, and a total valuation of $36,189 billion for all unicorns, averaging $29.9 billion each [1] - The distribution of new unicorns in 2024 will span 17 countries and regions, primarily in China and the United States, with 60 new unicorns in the U.S. and 53 in China, focusing on hard tech sectors like integrated circuits, clean energy, and artificial intelligence, which account for over 40% of the global total [1] Group 2 - In terms of capital structure, Chinese unicorns are showing a new trend of financing led by RMB and state-owned capital, with RMB financing accounting for 74.3% in a pressured capital environment, supported by state-owned enterprises through corporate venture capital (CVC) [1] - Chinese unicorns are experiencing a surge in international PCT patent applications, particularly in cloud services, power batteries, and clean energy sectors, with companies like Super Fusion achieving over 50% compound annual growth rate in overseas markets for their liquid cooling server technology and AI computing optimization [2]

超聚变连续3年入选独角兽企业榜单。图为位于中原科技城的超聚变研发中心及总部基地。受访者供图 时隔一年，独角兽企业在郑州又"聚首"。 6月19日，郑州国际会展中心迎来了2025独角兽企业创新发展大会。这也是独角兽企业创新发展大会连续第二 年在郑州举办。100余家全球独角兽、潜在独角兽企业代表以及50余家金融投资机构代表、200余家河南本土 高成长企业代表等齐聚一堂，共同探讨新质生产力的发展路径与创新合作机遇。 独角兽企业，被誉为新经济发展的"风向标"，一般指成立时间不超过10年，获得过私募投资，估值超过10亿 美元，且具备独有核心技术、独特竞争优势和市场潜力的未上市公司。 当前，新一轮科技革命浪潮奔涌，全球经济结构加速重塑，独角兽企业作为新质生产力的先锋力量，正以创 新为桨，划开新领域新赛道的壮阔蓝海。 河南有行动 选好赛道，多方聚力，独角兽企业、潜在独角兽企业正从河南跑出。 近年来，河南高度重视创新型企业发展，不断完善独角兽企业培育政策，构建了"科技型中小企业—高新技术 企业—雏鹰企业—瞪羚企业—独角兽企业—上市企业"全链条梯次培育体系。郑州市精心制订梯次培育计划， 为重点企业精准赋能，营造了一个"引得来、留 ...

Group 1 - The "Future Unicorn Enterprise Financing Roadshow" was held in Zhengzhou, attracting high-potential companies and investment institutions to discuss cooperation and development [1][3] - Zhengzhou is recognized as a national central city with a solid industrial foundation and significant technological innovation advantages, aiming to become an "open city," "industrial city," and "science and technology innovation city" [3] - The event featured 13 high-growth companies and over 30 investment institutions, focusing on sectors such as semiconductor materials, artificial intelligence, and new energy storage [3][5] Group 2 - Companies showcased their strengths, including Henan Dongwei Electronic Materials Co., a semiconductor solution provider with clients like TSMC, and Shanghai Hydrogen Maple Energy Technology Co., which leads in magnesium-based solid-state hydrogen storage technology [5][7] - Other notable companies included Hangzhou Huicui Intelligent Technology Co., which provides a machine vision platform, and Henan Zhongke Qingneng Technology Co., which is constructing hydrogen liquefaction equipment [5] - The event concluded with an invitation from Zhengzhou to unicorn enterprises to establish roots in the city, fostering a community of innovation and shared opportunities [8]

Core Viewpoint - Canva, one of Australia's most successful startups, is preparing to test its AUD 49 billion (approximately USD 32 billion) valuation through a highly anticipated equity transfer transaction, likely representing its last round of private share sales before going public [1][3]. Group 1: Equity Transfer and Valuation - Canva's co-founders are discussing an internal share transfer plan with a few key shareholders, aiming to provide a platform for early employees to sell some shares before Christmas this year [3]. - The transaction is still in preliminary stages, with the scale yet to be determined and broader shareholders not yet informed [3]. - Last year, Canva engaged Goldman Sachs and Morgan Stanley to facilitate a share transfer for early shareholders and employees, which totaled USD 1.6 billion at a valuation of USD 26 billion, significantly lower than its pre-rate hike peak of USD 40 billion [3][4]. Group 2: Future IPO and Market Position - In October of last year, Canva showcased a valuation of USD 32 billion based on an undisclosed share transfer, which did not raise new capital [4]. - The co-founders are expected to push for a sale at a valuation higher than USD 32 billion, likely marking the last round of financing as a private company before an anticipated IPO in the U.S. by 2026 [4]. - Canva's potential IPO would align it with another Australian software success, Atlassian, which went public on NASDAQ ten years ago [4]. Group 3: Strategic Growth and Acquisitions - Canva has expanded its product line through strategic acquisitions, including the purchase of London-based data visualization platform Flourish, Austrian background removal tool company Kaleido, and product display generation tool Smartmockups [5]. - The company made its largest acquisition to date by purchasing UK software company Serif for USD 1 billion, whose Affinity products directly compete with Adobe's photo editing software [5]. - Initially, Canva grew organically by providing better tools for small businesses and professional designers compared to traditional software like Adobe [5].