独角兽企业指成立时间10年左右，估值超过10亿美元，拥有独创性、颠覆性技术或难以复制商业模式的企业，是衡量一个国家或地区创新生态和经济发展活 力的重要标志。 中国发明协会独角兽创新分会会长 解树江：这几年，国家对独角兽企业的重视程度不断提高，今年又首次将"培育独角兽企业"纳入国家"十五五"规划建 议。同时，民营经济促进法以及科技、产业、金融相关政策的出台与深入实施，为独角兽企业技术突破、规模扩张与全球化发展提供全方位支撑。 目前，中国独角兽企业数量在先进制造、汽车科技、交通物流、生活服务和文旅传媒五大赛道均居全球首位。 2025全球独角兽企业500强榜单昨天（3日）发布。与2024年相比，独角兽企业整体估值大幅增长，中国在数量和估值占比上继续保持全球领先，并在多个重 点赛道领跑全球。 统计数据显示，2025年全球独角兽企业500强总估值达39.14万亿元，同比增长超30%，主要集中在美国与中国，中国共有150家企业入选。 从行业看，主要分布在金融科技、信息科技及先进制造等赛道。今年尤其突出的一点是人工智能赛道独角兽企业从20家增加到36家，涨幅达80%。其中，中 国人工智能独角兽企业从2家增加到9家，涨幅达3 ...

2025全球独角兽企业500强榜单昨天（3日）发布。与2024年相比，独角兽企业整体估值大幅增长，中国在数量和估值占比上继续保持全球领先，并在多个重 点赛道领跑全球。 目前，中国独角兽企业数量在先进制造、汽车科技、交通物流、生活服务和文旅传媒五大赛道均居全球首位。 独角兽企业指成立时间10年左右，估值超过10亿美元，拥有独创性、颠覆性技术或难以复制商业模式的企业，是衡量一个国家或地区创新生态和经济发展活 力的重要标志。 统计数据显示，2025年全球独角兽企业500强总估值达39.14万亿元，同比增长超30%，主要集中在美国与中国，中国共有150家企业入选。 从行业看，主要分布在金融科技、信息科技及先进制造等赛道。今年尤其突出的一点是人工智能赛道独角兽企业从20家增加到36家，涨幅达80%。其中，中 国人工智能独角兽企业从2家增加到9家，涨幅达350%。 中国发明协会独角兽创新分会会长 解树江：这几年，国家对独角兽企业的重视程度不断提高，今年又首次将"培育独角兽企业"纳入国家"十五五"规划建 议。同时，民营经济促进法以及科技、产业、金融相关政策的出台与深入实施，为独角兽企业技术突破、规模扩张与全球化发展提供全方 ...

Core Points - The "2025 Global Unicorn Enterprises Top 500 Conference" was held in Qingdao, focusing on promoting the development of unicorn companies and the private economy in China [2][6] - Huilong Yitong was recognized as a global unicorn after being a Chinese unicorn for seven consecutive years, highlighting its innovation and growth in the logistics sector [2][6] Company Overview - Huilong Yitong has achieved significant growth through continuous technological innovation, utilizing the Beidou vehicle networking system to create a nationwide intelligent transportation control network [4] - The company operates in over 22 provinces, with daily active transportation capacity exceeding 450,000 vehicles and vessels, growing at an annual rate of 30% [4] Industry Impact - The conference received extensive media coverage from major outlets, indicating a strong interest in the growth of unicorn companies and the logistics industry in China [6] - Huilong Yitong's recognition as a global unicorn reflects the robust development of China's smart logistics industry and the company's commitment to maintaining a reputation of zero defaults and negative reports since its establishment [6]

这些企业之所以能成为时代代表，靠的不是运气，而是长期愿景、持续创新、对行业趋势的深刻洞察， 以及 在逆境中仍能活下来、挺过去、再做大 的能力。 信锘也正走在同样的道路上。 信锘自成立至今已超过 15 个月，而企业核心团队与创始成员在金融行业深耕超过 20 年，经历过市场起 伏、金融周期、政策变革与无数行业挑战，始终以稳健、专业与远见推动事业向前。 信锘的成长轨迹，与今日世界级科技巨头的经历如出一辙—— 正如 英伟达（NVIDIA） 在漫长的行业低谷中坚持研发、逆势崛起；亦如 特斯拉（Tesla） 在全球质疑 声中不断突破极限、最终改写产业规则。 凭借团队 20 多年的专业积累、全球化布局策略，以及对金融科技赛道的深度理解，我们坚信： 在过去一年多的全球经济环境中，我们与合作伙伴一同经历挑战，也一同见证成长；在外部变化面前， 我们仍坚持强化合规体系、打磨业务结构、优化内部治理，这些都是迈向资本市场的必要准备。 如今，信锘已正式启动赴美筹备上市规划。 下一个在逆境中崛起、在国际舞台上站稳脚跟、具有潜力成为独角兽的企业——极有可能就是信锘。 信锘不仅要成长，更要像英伟达与特斯拉一样： 不畏市场周期、穿越行业寒冬，在 ...

以下文章来源于长江商学院 ，作者CKGSB 长江商学院 . 长江商学院以"为中国和世界培养一批具有全球视野、全球资源整合能力、全球价值对接能力及全球担 当，具备人文关怀和创新精神的世界级商业领袖"为己任，培养重视社会创新的经济上新生代迭代的力 量，为全球重大问题的解决贡献中国智慧和中国方案。 来源丨长江商学院 （ID： ckgsb ） 作者丨 滕斌圣、曹欣蓓 图源丨Midjourney 全球资本市场正经历结构性调整，宽松货币时代积累的估值泡沫加速出清，投资者对盈利模式和长期 价值的审视日益严格，"降价融资"成为常态，市场从狂热转向理性冷思考。 这一趋势深刻重塑独角兽企业生态：昔日依赖资本驱动的"ZIRPicorns" （零利率时代独角兽） 面临 资金链压力，"Papercorns" （纸面独角兽） 的估值缺乏流动性支撑，部分企业甚至陷入"僵尸化"困 境。 当估值泡沫破裂，独角兽企业靠什么活下去？中美独角兽在创新路径上有哪些显著差异？差异背后的 原因是什么？AI下半场，中国的独特优势又有哪些？ 今天和你分享长江商学院滕斌圣教授与曹欣蓓研究员在最新发表于《经济观察报》的署名文章，希望 对你有所启发。 滕 斌 圣 ...

Core Insights - The company, Haomo Zhixing Technology Co., Ltd., valued over $1 billion, has announced a sudden suspension of operations starting November 24, 2023, due to its current business situation [1][3] - Employees report that the company has not paid salaries for the past two months, and there has been no communication from management regarding compensation or future arrangements [1][3] - Speculations among employees suggest that the suspension may be linked to a failed investment agreement and potential lawsuits that have led to the freezing of company accounts [3] Company Background - Haomo Zhixing was established in 2019 and specializes in autonomous driving solutions [3] - The company has completed seven rounds of financing, with notable investors including Great Wall Motors, Shougang Fund, Hillhouse Capital, and Jiuzhi Capital, achieving a valuation exceeding $1 billion [3] - The last financing round was reported to occur in December 2024, and the actual controller of the company is Wei Jianjun, holding approximately 37% of the shares [3] Recent Developments - In October 2022, the company was reported to have postponed its IPO, which it later denied [3] - Following this, in November 2022, the company faced layoffs, which were described as normal organizational adjustments based on business development [3]

Core Insights - Professor Teng Bingsheng emphasizes the current characteristics of unicorn companies, which include rapid technological innovation, internationalization, and diversification, with artificial intelligence and smart manufacturing being key financing hotspots [5] Group 1: Research and Theoretical Framework - Professor Teng's research focuses on the survival status and development trends of unicorn companies under international circumstances, highlighting the importance of "patient capital" and "strategic ecological positioning" in overcoming economic challenges [5] - He is recognized as an authority in strategic alliances, analyzing the relationship between alliance termination and performance, and the impact of task complexity, national attributes, and experience on alliance success [5] Group 2: Practical Insights and Case Studies - The analysis of R&D alliance risk-sharing mechanisms in the biopharmaceutical industry reveals how companies can reduce innovation risks and expand market boundaries through collaboration [5] - Successful case studies, such as the collaboration between an international pharmaceutical company and a local Chinese firm, demonstrate how risk-sharing models can accelerate new drug launches [5] Group 3: Trends and Predictions - Based on research on the "unicorn ecosystem in the smart era," Professor Teng predicts that digital transformation will significantly reshape global supply chains, urging companies to adopt a three-step approach: scenario digitization, digital networking, and network intelligence [5] Group 4: Methodology and Decision-Making - The "Dark Horse Training Camp" model is presented as an innovative experience, emphasizing the need for entrepreneurs to identify disruptive technologies and build competitive barriers [5] - The importance of data-driven decision-making is highlighted, with examples illustrating how scientific analysis can uncover hidden patterns rather than relying solely on surface correlations [5] Group 5: International Perspective - The significance of "Glocalization" strategy is stressed, where companies must integrate local elements into their global strategies to meet diverse market demands [5] - Successful examples from brands like Miaokelando and OATLY in the Chinese market illustrate how international brands can achieve a win-win situation in brand and sales through strategic product selection and marketing [5]

从无锡江阴起步，一家明星独角兽正朝A股冲去。 故事的主角是盛合晶微，一家由中芯国际和长电科技在11年前出资成立，如今在全球集成电路晶圆级封 测领域颇有名气的企业。 在成立之初，无锡江阴政府便表态将全力支持盛合晶微的建设，此后也持续为其保驾护航。等到这家公 司上市前最后一轮融资时，当地国资更是拿出真金白银相助，最终成为他们的第一大股东。 放眼望去，无锡的IPO大军正排队上市。 两家头部公司之所以强强联合，是为了打造国内首条完整的12英寸先进集成电路制造本土产业链。当 时，中芯国际和长电科技的业务重心分别在前段晶圆制造和后段封装测试，同时准备让中芯长电聚焦中 段硅片加工。 这样的好处在于，将缩短芯片从前段到中段及后段工艺之间的运输周期，从而帮助芯片设计公司明显地 缩短市场反应时间，能够更好地服务于快速更新换代的移动终端市场，最终提升中国半导体产业的整体 水平。 于是，中芯长电从无锡江阴起步，开始发展12英寸凸块制造及配套晶圆芯片测试能力。扎根当地的背 后，他们除了能依托长电科技已有的制造基地和健全的配套设施，还在于无锡是我国集成电路产业的重 要集聚区。 在集成电路行业内，流传着这样一句话：中国半导体看江苏，江苏半 ...

Core Insights - Shenzhen has 42 unicorn companies in 2024, with a total valuation of $159.9 billion and an average valuation of $3.71 billion, marking a significant increase in unicorn numbers compared to other major cities in China [1][7] - The city has produced 13 new unicorns, accounting for 25% of the national total, making it the leading city in terms of new unicorns [1][7] - Shenzhen's unicorns are primarily concentrated in hard technology sectors, with 66.7% of them focusing on this area, showcasing strong innovation capabilities [3][9] Growth Factors - The rapid growth of unicorns in Shenzhen is attributed to a shift in policy from "single-point support" to "ecological empowerment," creating a comprehensive support system [4][10] - The "20+8" strategic emerging industry cluster policy has been pivotal in supporting sectors like integrated circuits, robotics, and clean energy, aligning with the distribution of unicorns in hard tech [4][10] - Shenzhen aims to cultivate 80 unicorns by 2027 through a multi-dimensional support system encompassing finance, talent, and innovation ecosystems [4][10] Innovation and Patents - Shenzhen unicorns hold an average of 141 authorized invention patents per company, significantly higher than Beijing (74) and Shanghai (81), indicating a robust innovation environment [3][9] - The city has a total of 151 invention applications per company, nearly double that of Beijing and Shanghai [3][9] Global Expansion - Over 80% of Shenzhen's unicorns are global companies, actively expanding into international markets through overseas factories and marketing networks [5][11] - Companies like XREAL and欣旺达动力 are seizing opportunities in the global market, with XREAL's AR device achieving significant overseas revenue [6][11] - The establishment of cross-border research environments and support for overseas technology acquisitions are facilitating this global expansion [6][11]

Core Viewpoint - The "China's Top 100 Future Unicorns" list aims to identify and accelerate the growth of potential unicorn companies in China over the next decade, serving as a significant indicator of innovation in the economy [3][5]. Group 1: Historical Performance - Over 16 years, the list has recognized 1,302 companies, with 130 achieving IPOs, 106 being acquired by larger firms, and 188 becoming industry-leading unicorns [4][6]. - The annual "Future Unicorn Conference" has become a key event for emerging unicorns, providing networking and investment opportunities [4]. Group 2: Notable Companies - The list includes several well-known companies that have reached significant market valuations, such as Xiaomi, Meituan, and NIO, which were among the first to be recognized [7][8]. - A selection of companies that have recently become unicorns includes New Stone Unmanned Vehicles, which raised over $600 million in its D round, and Galaxy General, which secured 1.1 billion RMB in its A+ round [10][11]. Group 3: Future Prospects - The ongoing search for high-growth companies valued between $100 million and $1 billion is emphasized, with a call for nominations for the 2025 list [13]. - The initiative aims to celebrate not just valuation but also the intrinsic value of these emerging leaders in the business landscape [13].