今天稍微喝的多了一点点。 虽然我讨厌喝酒，但是我们的酒文化已经有千百年。有很多事，在酒桌上说，可能好过在会议室里说。 当一个人酒过三巡，感性战胜理性，他讲的很多东西，会更让听者共情，让听者更有记忆点。 尤其是，借着酒劲，有些话不方便在会议室说，但是可以酒桌上说。 今天席间聊到了胖东来。 从商业的角度，胖东来的一个过人之处是，把相当比例的利润给到员工。这是很多媒体报道过的。 第二个过人之处是，统计数据显示，他的 加价率 比其他商超低。 加价率低的意思是，胖东来和其他超市卖的同一类商品，价格如果一样，那么胖东来产品的成本更高。 成本更高，意味着更好的质量，更好的客户忠诚度，更高的复购率。 所以，用一个时髦一点的词来说， 胖东来可以看作一个庞大的私域运营商 。所有员工和客户，都是他 的私域用户。 以上是酒局上朋友讲的。做了几个月的公众号，我突然也对"私域"这个词有了更具象的理解。 那么，随着 00 后，以及 10 后逐渐步入职场，他们的个性化程度更高， ego 更强， 对应的，会不会需要企业创始人，也越来越有像胖东来一样的，"私域"运营能力？ 可能十年以后的创投行业，评价一个项目，不再仅仅是行业规模、技术壁垒，创始 ...

近日，无为福城股权投资母基金（以下简称"母基金"）发布征集子基金管理机构公告。 每日｜荐读 公告指出，子基金为科创类子基金的，支持科技创新，投早投小投长期投硬科技，重点支持高新技 术企业、科技型企业，支持中小企业、"专精特新"企业。科创类子基金投资于初创期企业的金额不 低于子基金投资额的70%。子基金为其他类型子基金，支持新能源汽车零部件、绿色食品、高端装 备制造、新一代信息技术等行业及其他未来发展产业。投资于上述行业的金额不低于子基金投资额 的70%。 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 来源：创谷资本 对接需求请扫码 此外，子基金投资于无为市注册企业的资金不低于母基金出资额的1.0-1.5倍。其中，注册地位于 无为市的子基金，返投比例不低于1.0-1.2倍，其中科创类子基金返投比例不低于1倍。产业类子基 金返投比例不低于1.2倍；注册地位于无为市以外的子基金，返投比例不低于1.5倍。 ...

6月11日，当上市的钟声在科创板敲响，影石创新（Insta360）这家成长于深圳的智能影像公司，迎来了 属于它的高光时刻——开盘大涨近三倍，市值一度冲破700亿，将"A股智能影像第一股"的名号稳稳地 攥在手中。 聚光灯下，创始人刘靖康——圈内人更习惯称他"JK"——成为中国又一位身价百亿的90后科技公司掌门 人。 面对外界涌来的祝贺与喧嚣，1991年出生的刘靖康却显得十分平静。在影石创新位于深圳的总部办公楼 内，刘靖康接受了南都湾财社记者采访，其反复提及的，是责任、承诺和对未来的审慎。 时间拨回至十多年前，这位来自广东梅州，在中山长大的年轻人，还是南京大学里一位声名鹊起的"技 术帝"。他曾因觉得好玩，通过分析新闻采访中电话按键音的频谱，"破译"了周鸿祎的手机号并成功拨 通，引得周鸿祎和李开复在微博上隔空"争抢"。但这位技术天才最终拒绝了所有大厂的橄榄枝，一头扎 进了"大学生创业"和"硬件创业"这两个公认的"地狱级"赛道。 他自己也承认，"消费电子是死得特别多的一种类型"。然而，近十年过去，刘靖康和他的影石 Insta360，却在尸横遍野的硬件战场上，杀出了一条另类的成功之路。 然而，对于这一切成就和上市后的狂 ...

Core Viewpoint - The successful listing of Yingshi Innovation on the Sci-Tech Innovation Board marks a significant milestone for the company, which has shown impressive growth in market share and financial performance since its establishment in 2015 [1] Company Overview - Yingshi Innovation, founded in 2015, specializes in panoramic cameras, holding the largest market share for six consecutive years, with a global market share of 67.2% in 2023 [1] - The company's total revenue is projected to grow from 159 million yuan in 2018 to 5.574 billion yuan in 2024, with a compound annual growth rate (CAGR) of 66.2% [1] - Net profit is expected to increase from less than 6.5 million yuan to 999.5 million yuan during the same period, with a CAGR of 106.6% [1] - Yingshi maintains a gross margin above 50% and a net margin around 20% over the past four years, significantly outperforming established competitors like GoPro [1] Investment and Financing History - Prior to its IPO, Yingshi completed six rounds of equity financing and three equity transfers, initially planning to list overseas [2] - The first round of investment in March 2015 included IDG Capital and Chuangyibang Angel Fund, with investments of 652,500 USD and 48,900 USD respectively [2] - Subsequent funding rounds saw participation from various investors, including significant contributions from companies like Xunlei and Suning [2][3] Investor Returns - Post-IPO, IDG Capital's shares are valued at approximately 8.489 billion yuan, yielding a return of 713.47 times its initial investment [4] - Other notable returns include 159.47 times for Qiming Venture Partners and 86.04 times for Xunlei [4] - The investment performance of other institutions also exceeded 50 times, with several achieving returns between 35 to 40 times [4][5]

Core Viewpoint - The article emphasizes the importance of hard technology companies in supporting national strategies and achieving high-level technological self-reliance, particularly for quality unprofitable enterprises that can transform with quality capital empowerment [1][2]. Group 1: Policy Support and Market Dynamics - The China Securities Regulatory Commission (CSRC) released the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on June 19, 2024, which supports unprofitable enterprises with key core technologies and significant market potential to go public [1][2]. - As of May 2025, the Sci-Tech Innovation Board has supported 54 unprofitable companies in their IPOs, covering emerging industries such as innovative pharmaceuticals, chip design, and artificial intelligence, with a total revenue of 174.48 billion yuan in 2024, a 24% year-on-year increase [1][5]. - The implementation of new regulations allows for different lock-up ratios or periods for offline investors in unprofitable companies, shifting the investment logic from short-term profit to long-term value [4]. Group 2: Financial Performance and Growth - In 2024, the 54 unprofitable companies on the Sci-Tech Innovation Board achieved a total revenue exceeding 170 billion yuan, with a 24% year-on-year growth, while their net losses decreased by 36% [5][10]. - Notable companies like SMIC and Kingsoft Office reported revenue and net profit growth of 21.2% and 24.3% respectively in 2024, showcasing significant development since their IPOs [5][10]. - The total R&D investment of the 54 unprofitable companies reached 45.944 billion yuan in 2024, marking a 5.86% increase, with a median R&D investment-to-revenue ratio of 37.74%, significantly higher than the board's median of 12.64% [6]. Group 3: Case Studies of Successful Companies - Baile Tianheng, a notable unprofitable company, has seen its stock price rise from 24.7 yuan at IPO to 338 yuan, demonstrating successful growth and a robust pipeline of innovative drugs [6][7]. - Tianyue Advanced, another unprofitable company, utilized its IPO proceeds to enhance its production capacity in silicon carbide semiconductor materials, showcasing effective capital market utilization for technological advancement [7][8]. Group 4: Future Outlook and Investor Engagement - Companies are focusing on sustainable profitability and balancing technological investments to enhance market value and investor confidence [11]. - The number of Sci-Tech themed ETFs has doubled since the release of the "Eight Measures," indicating growing investor interest and potential in the sector [10].

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market) has officially celebrated its 6th anniversary, emphasizing its focus on "hard technology" with over 60% of the 588 listed companies in integrated circuits, biomedicine, and high-end manufacturing [1] - The China Securities Regulatory Commission (CSRC) released eight measures to deepen the reform of the STAR Market, injecting vitality into its development [1] - M&A activities in the STAR Market are gaining momentum, with companies like Huahai Chengke pursuing significant acquisitions to break overseas technology monopolies and enhance their capabilities in high-end packaging materials [1] Group 2 - The semiconductor industry, characterized by high "hard technology" content, has seen a surge in M&A activities following the CSRC's revision of regulations to support resource optimization through mergers and acquisitions [2] - Notable transactions include Haiguang Information's acquisition of Zhongke Shuguang and Guokewi's acquisition of Zhongxin Ningbo, reflecting a trend of "strong-weak alliances" and a strategic move for Chinese hard technology firms to ascend the global value chain [2] - Huachuang Securities indicates that the integration of leading companies in the tech sector is accelerating, supported by multi-layered policy incentives aimed at enhancing core competitiveness through industry chain consolidation [2] Group 3 - The STAR Market Composite Index ETF closely tracks the performance of the STAR Market, while the Semiconductor Materials ETF selects leading companies in the equipment and materials sectors, covering critical processes like lithography and etching [3] - Key constituents such as Beifang Huachuang and Hu Silicon Industry are becoming central players in the upgrade of the hard technology industry through technological breakthroughs and M&A activities [3]

Group 1 - The Sichuan Provincial Achievement Transformation Investment Guidance Fund has officially launched with a total scale of 5 billion yuan, marking a significant step in the construction of Sichuan's innovation capital ecosystem [1][3] - The fund adopts a structure of "70% subsidiary fund + 30% direct investment," with a maximum duration of 12 years, aiming to provide financial support for technology enterprises throughout their lifecycle [3][4] - The fund has established seven subsidiary funds totaling 4.05 billion yuan, employing a layered strategy to support technology enterprises at different growth stages, from concept validation to industrialization [4] Group 2 - The fund focuses on early-stage investments in hard technology, aligning with the national strategy for technological self-reliance and targeting four strategic directions to support Sichuan's innovation development [3][4] - The fund plans to invest over 500 million yuan in 2025, with projects already initiated in various fields, including new materials and healthcare, to promote the industrialization of original innovative achievements [4] - Sichuan has over 2,000 technology achievements transformed annually and possesses a trillion-level electronic information and equipment manufacturing industry cluster, indicating a robust environment for innovation [4]

2019年6月13日，在第十一届陆家嘴论坛上，上海证券交易所科创板正式宣告开板。六年来，科创板以制度创新激发市场活力，以市场活力反哺科 技创新，成功探索出一条资本市场与科技产业深度融合的中国路径。 截至2025年6月12日，科创板上市公司数量达到588家，总市值超过6.8万亿元。其中，受益于多元包容的发行上市条件，科创板已有54家未盈利企业、8 家特殊股权架构企业、7家红筹企业、20家第五套标准上市企业，1家转板上市企业。 科创板公司均属于战略性新兴产业和高新技术产业，其中，新一代信息技术、生物医药、高端装备制造等战略性新兴产业公司占比超八成。 具体来看，集成电路领域公司总数达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及下游封装测试，形成上下游链条完 整、产业功能齐备的发展格局；生物医药领域上市公司总数113家，重点介入癌症、乙肝、丙肝、艾滋病等治疗领域；127家高端装备制造业公司齐聚科 创板，涵盖工业母机、工业机器人、激光加工、工业自动化控制系统等先进工艺装备，下游覆盖轨交、汽车、电力、航空、物流等国计民生重点领域， 构建起协同创新、产业集聚的发展格局。 据统计，六年来，科创 ...

2019年6月13日，在第十一届陆家嘴论坛上，上海证券交易所科创板正式宣告开板。六年来，科创板以制度创新激发市场活力，以市场活力反哺科 技创新，成功探索出一条资本市场与科技产业深度融合的中国路径。 截至2025年6月12日，科创板上市公司数量达到588家，总市值超过6.8万亿元。其中，受益于多元包容的发行上市条件，科创板已有54家未盈利企业、8 家特殊股权架构企业、7家红筹企业、20家第五套标准上市企业，1家转板上市企业。 科创板公司均属于战略性新兴产业和高新技术产业，其中，新一代信息技术、生物医药、高端装备制造等战略性新兴产业公司占比超八成。 具体来看，集成电路领域公司总数达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及下游封装测试，形成上下游链条完 整、产业功能齐备的发展格局；生物医药领域上市公司总数113家，重点介入癌症、乙肝、丙肝、艾滋病等治疗领域；127家高端装备制造业公司齐聚科 创板，涵盖工业母机、工业机器人、激光加工、工业自动化控制系统等先进工艺装备，下游覆盖轨交、汽车、电力、航空、物流等国计民生重点领域， 构建起协同创新、产业集聚的发展格局。 据统计，六年来，科创 ...

据统计，六年来，科创板公司IPO募集资金9232亿元，再融资募集资金1831亿元，合计超万亿元，科创 板成为资本市场服务新质生产力发展的排头兵。 2019年6月13日，在第十一届陆家嘴论坛上，上海证券交易所科创板正式宣告开板。六年来，科创板以 制度创新激发市场活力，以市场活力反哺科技创新，成功探索出一条资本市场与科技产业深度融合的中 国路径。 截至2025年6月12日，科创板上市公司数量达到588家，总市值超过6.8万亿元。其中，受益于多元包容 的发行上市条件，科创板已有54家未盈利企业、8家特殊股权架构企业、7家红筹企业、20家第五套标准 上市企业，1家转板上市企业。 科创板公司均属于战略性新兴产业和高新技术产业，其中，新一代信息技术、生物医药、高端装备制造 等战略性新兴产业公司占比超八成。 具体来看，集成电路领域公司总数达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、 中游晶圆代工及下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上市公 司总数113家，重点介入癌症、乙肝、丙肝、艾滋病等治疗领域；127家高端装备制造业公司齐聚科创 板，涵盖工业母机、工业机器人、激光加 ...