12月1日，探路者集团发布收购公告引发资本市场关注：以合计6.8亿元自有资金收购贝特莱与上海通途 各51%股权，将两家芯片细分赛道龙头收入麾下。此举标志着探路者在半导体及端侧AI领域的战略布局 正式落地，形成了"图→显→触→感"全链条的布局，彰显其深耕芯片核心技术、拓展高增长AI赛道的坚 定雄心。 生态闭环的成型直接体现在业绩预期上。根据承诺，两家标的2026-2028年累计净利合计达3亿元，若超 额完成，转让方可获最高20%的现金奖励，这种激励机制与探路者的战略目标高度绑定。结合行业增速 测算，随着生态协同发力，标的公司实际业绩有望突破承诺，为探路者贡献持续增量。 贝特莱的产品线包括触控芯片、生物识别（如指纹传感器）和专用MCU，广泛应用于智能手机、智能 穿戴和家居。这些与端侧AI结合，可增强安全性和交互性。贝特莱的指纹传感器（全国市场占有率第 一）可集成端侧AI模型，实现实时活体检测和多模态认证（如结合面部AI），支持手机的AI解锁。专 用MCU则提供低功耗计算，支持AI边缘推理，如在智能锁中运行小型模型进行行为预测。2025年，随 着AI代理普及，贝特莱可扩展到手机AI助手的安全模块，预计在安防/金融A ...

Core Insights - The 2025 VENTURE50 list includes two categories: "Fengyun 50" for companies established before 2022 and in Series B funding or later, and "Xinya 50" for companies established in 2022 or later and in Series B funding or earlier. The focus is on high-growth companies in artificial intelligence, hard technology, and life sciences [2][3] Group 1: Artificial Intelligence - AI companies dominate the 2025 VENTURE50 list, accounting for 49% of the selected firms. Key areas of interest include embodied intelligence, generative AI, and "AI + vertical scenarios," indicating a shift from technology validation to commercialization [2] - The AI industry is transitioning from a "model explosion period" to a "scene realization period," driven by policy support and market demand, creating a robust environment for high-quality development [2] Group 2: Geographic Distribution - The selected companies are primarily located in major cities like Shanghai, Beijing, and Shenzhen, which together account for 72% of the total, highlighting their role as core hubs for innovation and talent [3] - Emerging first-tier cities such as Suzhou and Hangzhou are becoming significant innovation sub-centers, while core cities in central and western China like Chongqing, Chengdu, and Wuhan are also represented, indicating a nationwide effort to foster a high-quality industrial ecosystem [3] Group 3: Company Highlights - Notable companies in the Fengyun 50 include: - Beidou Zhili (automotive intelligence and navigation) - Megatech (AI and automation technology) - Tianbing Technology (private liquid rocket developer) - Galaxy General Robotics (embodied multi-modal AI robots) - Minghui Pharmaceutical (innovative biopharmaceuticals in clinical stages) [3][5] - The Xinya 50 features companies such as: - Xizhi Technology (optical mixed computing supplier) - JBD (MicroLED display technology) - Yuanrong Qihang (general AI for the physical world) - Lingxin Intelligent (humanoid robot development) [5][10] Group 4: Hard Technology and Life Sciences - The hard technology sector includes companies focused on advanced storage solutions, AI-driven chips, and robotics, indicating a strong emphasis on innovation in these areas [7] - The life sciences sector features companies dedicated to innovative drug development, gene editing, and medical devices, showcasing the industry's commitment to addressing healthcare challenges [9][10]