1月15日，在第18届创业邦年会暨创业邦100未来独角兽大会上，红杉中国合伙人周逵获评为"2025 年度投资人"。该奖项每年仅授予一位投资人，旨在评选当年在投资领域具有突破性成就与行业影响 力的标杆人物。 入行25年，周逵穿越PC互联网、移动互联网、人工智能三个技术周期，在科技、消费和医疗健康三 大领域均取得了傲人业绩。从文思、达达、光环新网，到贝泰妮、新产业、奕瑞科技，再到小马智 行、地平线、摩尔线程等企业，均为他在种子轮 /A 轮阶段投资的典型案例。截至目前，由他主导投 资的 20 余家知名企业已成功登陆全球资本市场。最近两年，他有多个"代表作"进入收获期—— 中信里昂董事长李春波（左）和创业邦创始人兼CEO南立新（右）为周逵颁奖 小马智行创始人、CEO彭军和周逵相识于2015年的硅谷，他用三个词形容周逵：勤奋，两人经常在 半夜十二点电话会议； 接地气 ，观点和做事方式都能脚踏实地；有决断力，决策前想得清楚，决策 后坚决执行。 2019年，地平线主动进行战略调整，全力聚焦汽车领域，却引起外界一片质疑。周逵作为股东，给 了地平线创始人 、 CEO 余凯巨大的心理支持。余凯评价周逵，用少年般的好奇心了解创业者 ...

来源：环球网 【环球网报道 记者 陈全】1月26日，胡润研究院在上海发布《2025胡润未来独角兽：中国猎豹企业榜》 （Hurun Future Unicorns: China Cheetahs Index 2025），榜单列出了中国成立于2000年之后，五年内（即 到2030年底）最有可能达到独角兽级十亿美金估值的高成长性企业。本次榜单估值计算的截止日期为 2025年10月31日。据悉，胡润研究院自2017年起开始追踪记录独角兽企业，2019年、2020年分别新增了 对"未来独角兽：瞪羚企业"、"未来独角兽：猎豹企业"的追踪记录。 | | | | 中国猎豹企业行业分布TOP 10 | | | --- | --- | --- | --- | --- | | | 行业 | 猎豹数量 | 猎豹占比 | 排名前列的城市 | | 1- | 生物科技 | 50 (-4) | 16.4% | 上海(14)、杭州(8)、深圳(6)、苏州(6) | | 2- | 健康科技 | 49 (-2) | 16.1% | 上海(13)、苏州(8)、北京(8) | | 3- | 企业服务 | 41 (+2) | 13.4% | 北京(14 ...

Core Insights - The article emphasizes the emergence of "future unicorns," companies that are on the verge of significant growth and transformation, rather than focusing solely on established unicorns [2] - The "Entrepreneurship 100" list aims to identify businesses that will drive commercial change over the next 3-5 years, having supported 1,295 high-growth companies over 16 years, with 191 achieving unicorn status [2] - The 2025 list reveals a surge in AI companies, with a 52% year-on-year increase, and highlights that 70% of the listed companies have achieved global expansion [2] Group 1: Market Trends - The average valuation of the listed companies is 2.571 billion yuan, with 61% having completed five or more funding rounds [25] - 95% of the companies have initiated international expansion, with 72% entering the European market [21][22] - The AI sector has seen a significant increase, with 35 companies listed, marking a 52% growth from the previous year [16] Group 2: Commercialization and Financial Performance - 83% of the products from the listed companies have been launched, with 51% having completed the full cycle from listing to scaling [18] - 93% of the companies have started monetizing their products, with 50% experiencing rapid revenue growth [18] - The total historical financing for the listed companies amounts to 64.41 billion yuan, with an average of 5.5 funding rounds per company [25] Group 3: Investment Landscape - The proportion of companies in the A-round funding stage has increased to 40%, with 92 companies completing new funding rounds [27] - Shunxi Fund has emerged as the top investor, backing 15 companies, followed by several other prominent funds [27][29] - The distribution of valuations shows that 33 companies have valuations exceeding 3 billion yuan, with 4 nearing unicorn status at 6 billion yuan or more [25]

Core Insights - The article highlights the recent success of domestic semiconductor companies, particularly Muxi Co., which achieved a market value of 350 billion yuan, contributing to a combined market value of over 1.2 trillion yuan for three major companies in the sector [1] - A wave of innovation-driven companies is emerging in China, with 215 new companies listed on A-shares and Hong Kong stocks by December 17, 2025, of which 62% are in hard technology and 24% are AI-related [1] - The article emphasizes the shift in the entrepreneurial landscape, with a growing number of founders coming from scientific and research backgrounds, indicating a trend towards more specialized and capable entrepreneurs [3][4] Group 1: Entrepreneurial Landscape - The main driving force behind new unicorns is shifting from opportunity-driven to capability-intensive, with a notable increase in entrepreneurs with scientific backgrounds [3] - Founders with research experience are becoming key players, often combining technical expertise with business acumen, leading to a more professional and long-term approach to entrepreneurship [4] - Data shows that alumni from top universities like Tsinghua have founded a significant number of unicorns, indicating the importance of academic backgrounds in the current entrepreneurial ecosystem [3] Group 2: Global Perspective - The new generation of unicorns adopts a "Born Global" philosophy, with over 90% of companies planning to expand internationally, contrasting with previous strategies focused on domestic markets [6] - Companies like Airwallex and Geek+ have successfully established global operations from inception, leveraging international markets to enhance domestic growth [6][7] - The article notes that China's strong supply chain advantages provide a competitive edge in hardware sectors, allowing companies to thrive in global markets [7] Group 3: Investment Trends - The article outlines the significant financing activities of listed companies, with notable investments in firms like Airwallex and Galaxy General, reflecting strong market confidence in these emerging players [10][12] - The trend of unicorns achieving substantial valuations and successful funding rounds underscores the robust growth potential in the hard technology sector [10][12] - The upcoming Entrepreneur China Annual Conference aims to connect capital, enterprises, and innovators, highlighting the importance of collaboration in fostering the next wave of unicorns [13]

Core Viewpoint - The existence of "future unicorns" is crucial for driving industrial upgrades and enhancing the vitality of the innovation ecosystem, as they embody breakthroughs in cutting-edge technologies and new business models [2] Group 1: Future Unicorns - Future unicorns address pain points in traditional industries and explore new directions in emerging sectors, injecting iterative momentum into niche fields [2] - These companies exhibit high growth potential, creating a "magnet effect" that attracts capital, talent, and other innovative resources, fostering a virtuous cycle of growth for themselves and their upstream and downstream SMEs [2] - The "Chuangyebang 100" list has been dedicated to identifying these future unicorns for 16 years, focusing on the transformative business forces expected in the next 3-5 years [2][8] Group 2: Evaluation Criteria - The evaluation process for identifying future unicorns is based on a long-term growth logic, assessing factors such as the founding team's background, core product technology, commercialization progress, capital value, and growth speed [10] - The aim is to discover potential companies with long-term development resilience, linking them with essential resources during their growth phases [10] Group 3: Registration and Requirements - The registration for the "Chuangyebang 100" list is open for companies with valuations between 100 million and 1 billion USD, showcasing outstanding performance in technology, products, and commercialization [3][10] - Eligible companies must be independently registered in China, operationally sound, and have no significant negative news in the past three years [13][16]