俞浩，加入"买壳"大军。 来源：猎云精选，文/王非 12月9日，食品饮料金属包装头部企业嘉美包装发布关于筹划控制权变更事项停牌的公告，宣告即将易主。一周后，买方浮出水面——追觅创始人俞浩控制 的逐越鸿智，涉及交易总对价约22.82亿元。 连续停牌5个交易日后，12月17日复牌的嘉美包装，迄今已连续两次开盘即涨停，目前报5.52元/股，总市值52.74亿元。按照停牌前4.56元/股计算，嘉美包装 总市值约43.57亿元。 1987年出生的追觅创始人俞浩，不仅是国内最早的创客空间——"天空工场"的创立者，更是中国最早的四旋翼，三旋翼飞行器的开发者，18 岁凭借物理奥 数竞赛成绩被保送至清华大学，攻读航空航天专业，主攻飞行器研发，还拿到了波音公司的赞助。 值得一提的是，"天空工场"后来便成了追觅的雏形。2015年，俞浩开始进军智能清洁领域，"想做一个服务于千家万户的全球顶级科技公司——用科技来解 放人们的双手，让人们可以多做创造性的事情。" 2017年12月，追觅正式成立，并入选小米生态链企业，为小米代工生产吸尘器、米家扫地机器人。凭借这一层关系，次年，小米集团领投追觅的天使轮融 资，随即在后面的四轮融资中，都出现 ...

Core Viewpoint - The rise of Corporate Venture Capital (CVC) is significantly impacting the investment landscape, focusing on industry empowerment while facing various challenges in execution and strategy [2][5][20]. Group 1: CVC Overview and Development - The annual China Private Equity Annual Conference highlights the growing influence of CVC in the investment ecosystem, with over a thousand participants from various sectors [2]. - CVCs are increasingly recognized as vital players in the investment landscape, with a focus on both financial returns and strategic industry support [5][12]. Group 2: CVC Strategies and Missions - Different CVCs have varying missions; for instance, Huasheng Fund aims for profitability while also supporting its parent company, SANY Group, in strategic transformations [6][8]. - CVCs like Shangqi Capital focus on the automotive industry, emphasizing the importance of collaboration and resource sharing within the supply chain to enhance efficiency and innovation [9][10]. Group 3: Investment Focus and Trends - Investment trends indicate a shift towards hard technology and biomedicine, with CVCs diversifying their portfolios to include emerging sectors like AI and renewable energy [4][10]. - The automotive sector is undergoing significant transformation, with CVCs adapting to the competitive landscape by investing in new technologies and startups that align with industry trends [9][10]. Group 4: Challenges and Solutions - CVCs face challenges in quantifying the value of their empowerment efforts, particularly in sectors like automotive semiconductors, where integration into existing supply chains is complex [20][21]. - The need for CVCs to develop strong internal communication and management skills is emphasized, as they must bridge the gap between innovative startups and established industry players [21][22]. Group 5: Future Directions - The future of CVCs involves a focus on long-term investment strategies, with an emphasis on patience and the ability to navigate the complexities of the manufacturing process [22][23]. - CVCs are expected to adopt more flexible investment decision-making processes to better support early-stage projects, balancing financial returns with strategic industry insights [23][24].

最近，消费企业正在扎堆做 LP。 母基金研究中心统计了近期较有代表性的出资事件： 我们观察到，这些消费企业做 LP，出资的基金有个共性偏好特点：不仅关注与自身相关的上 下游产业链中的优秀企业股权，还往往关注与高科技领域相关或结合的优质标的，如大数据、 人工智能等企业，分享硬科技企业成长的红利。 当前，一级市场的格局正在发生变化， CVC正在崛起。 11月8日消息，2 0 2 5年世界互联网大会乌镇峰会期间，中国社会科学院大学教授、国务院原副 秘书长江小涓分享中指出，"近年来，科创资金逐渐会更多的来自于产业投资 ， 传统 VC的相 对地位在下降的时候，CVC企业科创资金反而在大量的入场 。 " 江小涓分享中指出，近年来，阿里、腾讯、蚂蚁这三大平台的投资已经远远超出传统的头部 VC机构，同时在创业投资中也会有更多的战略投资和耐心资本。 "因为它（企业）有能力知道技术成功的可能性如何，对创投环境的依赖也和传统创投不一 样。"江小涓表示。在她看来，传统VC基本上是财务投资者，它们最后的出路是要退出获利， 但大企业的创业投资，虽然有财务目的，但也会考虑整体创新，考虑产业链需要什么技术。 母基金研究中心关注到， "创而优 ...

将投中网设为"星标⭐"，第一时间收获最新推送 " 未来五年，将是CVC价值凸显的黄金期。 " 整理丨 王满华 来源丨 投中网 11月27日，在"第19届中国投资年会·有限合伙人峰会"上，芯联资本创始合伙人袁锋发表题 为"CVC的黄金十年：从赋能到共创"的主题演讲。 以下为现场演讲实录，由投中网进行整理： 感谢大会的邀请。今年是中国创投行业二十年，我本人做CVC也七年了，我觉得往前看五年和往后 看五年，对CVC来说是一个"黄金十年"。 "CVC"这个概念近年来被频繁提及，我也积累了一些心得，在此与各位交流。接下来，我将围绕两 个"五年"展开：上半场是过去五年，下半场是未来五年。 供应链投资是CVC上半场的"入场券" 是必须做好的事 过去五年，中国硬科技行业经历了百年一遇的大变革，汽车行业尤为典型。2020年，整个新能源汽 车的渗透率尚不足5%，而今天这个数字已经到了50%。 半导体行业更是如此。半导体本身是全球化程度高、产业周期长、壁垒极强的行业，长期以来，是少 数全球巨头在主导。例如，全球前十大企业占据了汽车芯片市场约70%，这是一个门槛高且集中度 高的行业。 然而在过去五年，中国半导体产业也实现了快速发展。 ...

Core Viewpoint - The establishment of "Xilian Capital" marks a significant milestone in China's semiconductor industry, indicating a shift towards a more mature stage characterized by deep domestic substitution, mergers, and innovation [3][4][19]. Group 1: Industry Development - The semiconductor industry in China is evolving rapidly, with "Xilian Integrated" becoming a model enterprise, ranking as the world's tenth largest dedicated wafer foundry and leading in silicon carbide business in Asia [3]. - The establishment of the Science and Technology Innovation Board (STAR Market) is crucial for the growth of the semiconductor sector, facilitating smoother IPO processes and attracting investments [4][19]. - The rise of "Xilian Capital" signals that the speed of China's semiconductor industry growth is exceeding expectations, transitioning from an era of internal competition to one of collaboration and innovation [3][4]. Group 2: Investment Strategy - "Xilian Capital" aims to raise a primary fund of over 1.5 billion yuan, focusing on upstream semiconductor sectors such as equipment, materials, and design companies, as well as downstream fields like AI and robotics [5][6]. - The fund's investor lineup includes major industry players and market-oriented funds, indicating a highly market-oriented structure that enhances collaboration and resource sharing [6][7]. - The investment strategy emphasizes building a long-term "friend circle" among investors to create sustainable value and a closed-loop investment ecosystem [7][10]. Group 3: Market Opportunities - Despite concerns about market saturation, the semiconductor sector in China still presents numerous investment opportunities due to low domestic substitution rates and the need for self-sufficiency [19][20]. - The focus on high-value, differentiated products is essential to meet the increasing demand for quality and efficiency in the semiconductor industry [19][20]. - The collaboration between "Xilian Capital" and leading companies aims to address critical challenges in the industry, such as the development of key technologies and components [26][27]. Group 4: Future Goals - The long-term goal of "Xilian Capital" is to establish a competitive ecosystem for power and analog chips in China, enabling the country to lead in global semiconductor innovation [48][50]. - The strategy includes fostering deep cooperation with top enterprises to solve critical issues and enhance the overall competitiveness of the semiconductor industry [26][27]. - The emphasis on creating a collaborative ecosystem reflects the understanding that competition in the semiconductor field is increasingly about ecosystem strength rather than isolated success [49][50].

Core Viewpoint - Corporate Venture Capital (CVC) represents not only an evolution in investment models but also a new paradigm for future industrial competition [4][5]. Group 1: CVC Advantages - CVC is more focused, has rich ecological resource integration capabilities, and offers diversified exit channels, such as mergers and acquisitions, compared to traditional Venture Capital (VC) [7]. - CVC can drive upstream and downstream integration of the industrial chain and facilitate large-scale mergers within the same industry, achieving deep reconstruction of industrial value [8]. - CVC serves as a "technology radar" and "trend sensor" for parent companies, allowing them to stay updated on industry dynamics and technological trends through investments in promising startups [10]. Group 2: Evolution of Investment Strategies - The investment landscape has shifted from comprehensive funds to industry-specific funds, with a focus on sectors like healthcare, chips, and new energy since 2015 [11]. - The transition from cross-industry investment to focused niche markets has occurred rapidly, with a timeline of approximately 15 years for industry segmentation and only 8 years for niche focus [11]. Group 3: Challenges Facing CVC - CVC faces challenges such as rigid decision-making mechanisms and insufficient incentives, which can hinder its effectiveness [15][16]. - The success of CVC is heavily influenced by the mindset and openness of corporate leaders, as outdated thinking can limit the potential of CVC initiatives [18]. Group 4: VC Strategies - VC firms need to clarify their industry focus and stage expertise, as a broad investment approach may lack the necessary specialization [19]. - Market-oriented VC should focus on early-stage and innovative investments, while state-owned VC should attract and support later-stage projects to promote a positive investment cycle [22].

Core Insights - Corporate Venture Capital (CVC) is increasingly becoming a significant force in reshaping China's technology investment landscape, transitioning from a supplementary role in corporate innovation strategies to a key engine connecting capital, technology, and ecosystems [2][4] - As of mid-2025, 72.5% of China's 506 unicorns have received investments from CVCs, indicating their critical role in fostering new ventures [2] - In 2024, CVCs participated in 1,027 investment events, accounting for 13.8% of total investments in the primary market, with over half of the newly minted 20 unicorns backed by CVCs [2] Group 1: CVC's Role in Innovation - CVCs are becoming essential tools for large enterprises to overcome the "innovator's dilemma," allowing them to embrace disruptive technologies and business models that do not fit existing organizational processes [4] - By establishing independent strategic investment platforms, CVCs enable companies to connect with external innovations while minimizing internal friction [4][5] - The transformation of CVC departments from mere trend followers to strategic hubs for building second growth curves is evident, as they actively seek to enhance industry chain control and lead in emerging sectors [5] Group 2: Systematic Collaboration and Ecosystem Building - CVCs are shifting from "strong chain supplementation" to "systematic collaboration," focusing on resource integration and ecosystem co-construction [6] - Investment logic is evolving from merely filling gaps in the industry chain to actively controlling and building chains, with many CVCs engaging in joint ventures and early-stage incubation [6][7] - CVCs are enhancing their ecosystem empowerment capabilities by establishing mother funds and collaborating with local state-owned assets, thereby accelerating local ecosystem development [6][7] Group 3: Blurring Lines Between CVC and Traditional VC - The boundaries between CVCs and traditional financial VCs are increasingly merging, with CVCs adopting more market-oriented and diversified characteristics [8][9] - Only 20% of surveyed CVCs use solely their parent company's funds for investments, while 80% employ fund models, indicating a shift towards external fundraising [9] - CVCs are demonstrating a dual focus on strategic and financial goals, balancing collaborative value with return efficiency, which distinguishes them from traditional VCs [10]

Core Viewpoint - The article discusses the structural changes in the private equity industry, highlighting a trend towards "head dominance" and "state-owned capital leadership" in the contributions of industrial LPs by 2025. It notes a significant reduction in the contribution scale of listed companies, which are shifting to a "small and diversified" strategy to mitigate risks [5][9]. Group 1: Characteristics and Changes of Industrial LP Contributions - The long-tail characteristics of industrial LP contributions are decreasing, while the head effect is increasing, indicating a shift towards larger, more strategic investments. Contributions exceeding 100 million yuan are becoming more common, reflecting a new trend of capital concentration and strategic focus [7][9]. - Listed companies are experiencing a significant reduction in contribution scale, with amounts dropping nearly two-thirds compared to the same period last year. This decline is particularly pronounced among state-owned enterprises, indicating a sensitivity to changes in policy and market environments [9]. Group 2: Contribution Models and Overall Strategy - Different categories of industrial LPs exhibit distinct investment preferences and objectives. For instance, listed companies focus on strategic development, while non-listed companies prioritize financial returns [11]. - Industrial capital is adopting a dual strategy of offense and defense, focusing on upgrading core businesses and exploring new technologies and emerging fields. Private equity funds play a crucial role in this process by reducing uncertainties and accelerating the commercialization of innovations [12]. Group 3: Investment Preferences of Active Industrial LPs - Active industrial LPs show a strong preference for the information technology sector, with over 60% of their investments directed towards it. The manufacturing and electronic information sectors follow closely, each exceeding 50% in investment preference [19]. Group 4: Blurring Lines Between LP and GP - Corporate Venture Capital (CVC) can function as both LP and GP, providing significant advantages. As a GP, CVC enhances LP value through deep integration with parent company ecosystems, offering order collaboration and technological support [21]. - When acting as an LP, CVC strengthens the credibility of funds, helping GPs attract long-term capital and providing critical industry insights, especially in complex fields like hard technology [22]. Group 5: Future Development and Unicorns - Emerging unicorns are shifting from traditional financing and listing paths to a "new dual-drive" model centered on "financing + investment." This approach leverages ample cash reserves to build investment platforms and actively engage in ecosystem development through CVC [26]. Group 6: Active Industrial LPs Overview - A list of active industrial LPs over the past three years includes various companies across sectors such as healthcare and information technology, indicating a diverse landscape of investment activity [26][27].

Core Viewpoint - Recent activities by major companies like Tencent and Alibaba in becoming Limited Partners (LPs) in various investment funds highlight the increasing importance of Corporate Venture Capital (CVC) in the private equity landscape [7][14]. Group 1: Tencent's Investment Activities - Tencent has made significant investments as an LP, including a recent contribution of 100 million yuan to Chengdu Longzhu Equity Investment Fund, acquiring a 4.34% stake [1][2]. - In July, Tencent also participated in the Shanghai Chenlan Enterprise Management Partnership, further expanding its LP footprint [3]. - Earlier in April, Tencent invested 200 million yuan in the Shanghai Xingze Chuanhe Venture Capital Partnership, becoming the largest LP with a 66.66% stake [4]. Group 2: Alibaba's Investment Activities - Alibaba has also re-entered the LP space, contributing 30 million yuan to the "Infinite Sailing Haihe (Tianjin) Venture Capital Partnership," marking its first LP investment since 2018 [6]. Group 3: Trends in the LP Market - The trend of companies acting as LPs is becoming prominent, with 174 companies in the A-share market announcing the establishment of industry funds this year [14]. - The rise of CVCs is reshaping the investment landscape, with many traditional and new economy companies leveraging CVCs for strategic investments [14][15]. Group 4: Investment Strategies and Motivations - Companies are increasingly forming industry funds to enhance their investment capabilities, optimize asset structures, and mitigate risks associated with direct investments [15]. - The "chain master + fund" model is gaining traction, where leading companies in the supply chain collaborate with funds to drive investment [16]. Group 5: Future Outlook - The diversification of LP sources is a notable trend, with expectations that CVCs will continue to play a significant role in the VC/PE market, contributing to high-quality industrial development [17]. - The upcoming 2025 China Mother Fund Summit will further explore these trends and the evolving role of CVCs in the investment ecosystem [19].

Core Insights - Corporate Venture Capital (CVC) is increasingly becoming a key player in reshaping China's technology investment landscape, transitioning from a supplementary role to a critical engine connecting capital, technology, and ecosystems [1][3][10] - As of now, 72.5% of China's 506 unicorn companies have received investments from CVCs, highlighting their significant impact on the growth of these companies [1] - In 2024, CVCs participated in 1,027 investment events, accounting for 13.8% of total investments in the primary market, with over half of the newly created unicorns backed by CVCs [1] CVC's Role in Innovation - CVCs are becoming essential for large enterprises to overcome the "innovator's dilemma," allowing them to embrace early-stage, disruptive technologies that may not fit existing business models [3][10] - By establishing independent strategic investment platforms, CVCs enable companies to connect with external innovations while minimizing internal friction [3][6] Investment Strategies and Trends - CVCs are evolving from a conservative model to a more market-oriented approach, with 80% of surveyed CVCs using external fundraising methods [8] - The investment cycle has accelerated, with over 90% of projects completing the process from initiation to closure within six months, indicating improved decision-making and resource mobilization [8][9] - CVCs are increasingly balancing strategic and financial goals, with nearly half of the institutions emphasizing both collaborative value and return efficiency [9] Ecosystem Collaboration - CVCs are shifting from merely filling gaps in the supply chain to fostering systemic collaboration, integrating resources to build sustainable technology and resource networks [6][7] - The establishment of research institutes and specialized committees by CVCs enhances their ability to assess cutting-edge technologies and improve resource integration [7] Long-term Vision and Market Position - CVCs are focusing on "long-termism + scenario empowerment" to navigate market fluctuations, ensuring that investments align closely with corporate strategies [4][9] - The unique value of CVCs lies not only in financial support but also in providing industry resources, user scenarios, and technological collaboration to accelerate the commercialization of innovative projects [9][10]