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 ...

榜单显示，中国在科技创新领域已跻身全球前列。 1月26日，胡润研究院发布《2025胡润未来独角兽：中国猎豹企业榜》，榜单列出了全球成立于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元估值的高成长性企业。 数据显示，胡润研究院在中国找到304家猎豹企业，其中，生物科技、健康科技、企业服务、半导体及人工智 能五大领域的企业合计占比超六成。 新增40家猎豹企业 33家"升级"退出 | | œ | 12 | | --- | --- | --- | | 15 | | | | 1 111 | | 1 | 2家升级为独角兽的企业包括总部位于杭州的机器人公司宇树科技，价值125亿元；总部位于扬州的新能源电池 关键材料研发与生产企业纳力科技，价值90亿元。 19家瞪羚企业包括总部位于深圳、专注于人形机器人研发的乐聚智能；总部位于上海、聚焦康复机器人与人形 机器人研发的傅利叶智能；总部位于杭州的新能源汽车与自动驾驶领域智能底盘系统方案商利氪；总部位于北 京的工业级无人机研发商云圣智能等。 从行业划分来看，304家猎豹企业中，生物科技（50家）和健康科技（49家）是胡润猎豹企业的核心赛道前两 位，其次是企 ...

Core Insights - The Chinese primary market is at a new crossroads, transitioning from dominance by dollar funds to a landscape filled with state-owned capital, reflecting a significant shift in investment dynamics over the past two decades [2][5] - The dialogue at the 18th Chuangyebang Annual Conference highlighted the confidence in the market, predicting that 2026 will be a year of unprecedented capital availability in China, termed "史无钱例" [4][10] - The evolution of entrepreneurs from grassroots innovators to highly educated individuals with strong technical backgrounds is emphasized, indicating a shift towards a more sophisticated entrepreneurial ecosystem [11][12] Market Dynamics - The investment landscape has changed dramatically, with state-owned capital now accounting for over 80% of the market, contrasting sharply with the earlier dominance of foreign venture capital [9] - Despite recent market downturns, there is optimism for recovery, with significant capital inflows expected in 2026, driven by government funds and social security investments [10][18] - The Hong Kong market is becoming increasingly important for Chinese companies, with a notable increase in listings and international capital participation [19][20] Entrepreneurial Evolution - The profile of Chinese entrepreneurs has shifted significantly, with a greater emphasis on technical expertise and international perspectives, moving away from the earlier focus on business models alone [12][13] - Today's entrepreneurs are often seasoned professionals with industry experience, reflecting a maturation of the entrepreneurial landscape [13][14] - Continuous learning and adaptability are now essential traits for entrepreneurs, as the pace of change in technology and market dynamics accelerates [14][15] Investment Strategies - The focus on deep technology and healthcare investments is highlighted as a long-term strategy, with a belief in the sustained growth potential of these sectors [16] - Entrepreneurs are encouraged to prioritize business growth and team development over early concerns about market listings, as the capital market is cyclical [20][24] - There is a call for entrepreneurs to seek opportunities in less crowded, non-consensus areas rather than following trends blindly, which can lead to more sustainable success [21][22]

Group 1 - The company, Chuangyue Heima, is focusing on a three-pronged approach of "model, computing power, and services" to build a support system that covers the entire lifecycle of AI applications for small and medium-sized enterprises (SMEs) [1] - The company aims to empower SMEs in multiple dimensions through this comprehensive support system [1] - In the commercial aerospace sector, the company is primarily supporting related technology enterprises through equity investments, indicating that this industry is still in its early development stage [1]

Group 1: Global Trends in "Gazelle" Companies - The report identifies 819 global "gazelle" companies, with 278 from China, indicating a significant presence in the market [2] - The average age of these companies is 9 years, with an average valuation of $700 million, showcasing rapid growth and innovation [4] - AI has become a dominant force, with 35% of "gazelle" companies driven by AI, reflecting its evolution from a niche sector to a foundational system across various industries [5] Group 2: Industry Insights - The top three industries for "gazelle" companies are biotechnology (119), fintech (87), and SaaS (77), with a notable shift in China's focus towards hard technology sectors like biotechnology and semiconductors [5] - The Long Triangle region, particularly Ningbo, has shown strong growth with 134 "gazelle" companies, benefiting from regional collaboration and industrial chain advantages [6] Group 3: Notable Companies in Ningbo - Ningbo's three notable companies—Wanyou Yili, Zhijia Technology, and Lanzhu—represent key advancements in AI, semiconductors, and industrial services, respectively [7][14] - Wanyou Yili focuses on XR chip development, addressing challenges in power consumption and performance for XR devices [8] - Zhijia Technology has achieved mass production of 1 million units and accumulated over 1 billion kilometers of real-world data, enhancing its position in the smart driving sector [10] - Lanzhu has developed an industrial operating system, empowering over 1,500 smart factories, and is recognized as a leader in industrial software [12] Group 4: Investment Landscape - Ningbo is experiencing a vibrant investment climate, with 171 pre-IPO financing events in 2025, averaging three funding rounds per week [15] - Emerging companies in AI and semiconductors, such as Jisuilian Optoelectronics, are positioned to capitalize on global trends in computing power infrastructure [15] - The focus on hard technology and future industries is evident in the city's strategic investments, indicating a strong commitment to innovation and growth [16]

Core Viewpoint - The article emphasizes the importance of internal evolution and self-reflection for companies to navigate through cycles of uncertainty and challenges in the business environment, particularly in the SaaS industry [2][5][16]. Group 1: Industry Insights - The SaaS industry has experienced rapid changes, with new concepts emerging every few years, leading to a sense of anxiety among companies as they struggle to adapt [6][7]. - The speaker reflects on the past decade, noting the shift from focusing on external factors to recognizing the need for internal evolution and adaptation to survive in a highly uncertain environment [6][9]. Group 2: Company Experience - The company faced a significant downturn in 2016, resulting in a drastic reduction of its workforce and a period of deep reflection on its core values and mission [7][11]. - The realization that the company's issues stemmed from losing sight of its original mission and customer focus led to a redefinition of its goals and values [8][12]. Group 3: Redefining Values - The company shifted its focus from merely being a large organization to becoming a "good company" that genuinely creates value for customers [11][12]. - A new mission was established, emphasizing customer success as the definition of the company's success, moving away from reliance on external capital [12][13]. Group 4: Growth and Sustainability - The company has maintained a compound annual growth rate of approximately 30% over recent years, even amidst external pressures, with a notable user renewal rate of 100% [17]. - The focus on sustainable and healthy growth, rather than short-term profitability, is highlighted as essential for long-term success [18]. Group 5: Organizational Culture - The importance of maintaining a strong organizational culture based on curiosity, action, discipline, and shared values is emphasized as crucial for navigating uncertainty [20][21]. - The company aims to foster a sense of mission and value among employees, ensuring that everyone feels connected to the company's goals and values [14][20].

Group 1 - The report from Galaxy Securities indicates that the expectation for a short-term interest rate cut by the Federal Reserve has decreased, and global geopolitical uncertainties are increasing, leading to a forecast of narrow fluctuations in the Hong Kong stock market [1] - The technology sector is highlighted as a long-term investment focus, benefiting from multiple positive factors such as price increases in the supply chain, domestic substitution, and accelerated AI applications [1] - The consumer sector is expected to continue benefiting from policy support, with future attention needed on the implementation of policies and improvements in consumer data [1] Group 2 - In the past week, the Hong Kong stock market showed strong performance, with the Hang Seng Index rising by 2.34%, the Hang Seng Tech Index by 2.37%, and the Hang Seng China Enterprises Index by 1.90% [2] - Among the primary industries, nine sectors increased while two decreased, with materials, consumer staples, and information technology leading the gains at 4.31%, 3.91%, and 3.60% respectively [2] - The average daily trading volume on the Hong Kong Stock Exchange was HKD 301.69 billion, an increase of HKD 28.58 billion from the previous week [2] Group 3 - As of January 16, 2026, the PE and PB ratios of the Hang Seng Index were 12.20 times and 1.24 times, respectively, reflecting increases of 0.44% and 0.52% from the previous week [3] - The risk premium for the Hang Seng Index is at 3.95%, which is significantly below the three-year rolling average, indicating a low-risk appetite among investors [3] - The premium index for the Hong Kong-Shanghai Stock Connect has decreased to 120.43, placing it at the 17th percentile level since 2014 [3]

Core Viewpoint - Tianjiu Shared is pursuing an IPO on the Hong Kong Stock Exchange, despite recent declines in revenue and key operational metrics in the first half of 2025, raising concerns about its reliance on fair value gains from financial assets for profit growth [1][8]. Group 1: Company Overview - Tianjiu Shared is positioned as a platform for enterprise resource sharing, aiming to accelerate the business development of innovative companies and assist traditional enterprises in their transformation [3]. - The company claims to be the largest enterprise resource sharing service provider in China based on revenue for the years 2022, 2023, and 2024 [3]. - As of June 30, 2025, Tianjiu Shared has provided business acceleration services to over 400 innovative companies and facilitated more than 10,000 collaborations between innovative and traditional enterprises [3]. Group 2: Financial Performance - Revenue for Tianjiu Shared from 2022 to 2025 is reported as follows: 811 million RMB in 2022, 1.491 billion RMB in 2023, 1.772 billion RMB in 2024, and 725 million RMB in the first half of 2025, with a compound annual growth rate of 47.9% from 2022 to 2024 [7]. - Despite the revenue growth, there was a significant decline of 37.8% in revenue in the first half of 2025 compared to the previous year [7]. - The net profit has shown a substantial increase, with figures of -178 million RMB in 2022, 621 million RMB in 2023, 1.315 billion RMB in 2024, and 2.508 billion RMB in the first half of 2025, resulting in a net profit margin of 346.1% in the first half of 2025 [8]. Group 3: Operational Metrics - Key operational metrics for Tianjiu Shared, such as new registered users, average monthly active users, and the number of collaborations facilitated, have all shown a year-on-year decline in the first half of 2025 [6]. - The company reported a total of 6.2 million registered users on its Tianjiu Boss Cloud platform as of the last feasible date [3]. - The number of roadshows conducted on the platform increased to over 22,000 in 2024, with significant advertising exposure [4]. Group 4: Profitability and Business Model - Tianjiu Shared's profit structure is heavily reliant on fair value gains from financial assets, with 103.5%, 97.6%, and 109.9% of profits in 2023, 2024, and the first half of 2025, respectively, coming from these gains [8][9]. - The company’s cash flow from operating activities has been negative across the reporting periods, indicating potential sustainability issues for its profit model [11]. - The fair value of financial assets increased significantly from 1.002 billion RMB at the end of 2022 to 6.56 billion RMB by mid-2025, primarily due to the rising valuations of its innovative enterprise clients [9]. Group 5: Ownership and Control - The actual controller of Tianjiu Shared is Lu Junqing, founder of the World Outstanding Chinese Business Association, who holds 39.75% of the voting rights through Tianjiu Shared Holdings [2][12]. - Tianjiu Shared Holdings has been a significant customer and supplier for Tianjiu Shared, contributing 25.5% to 9.2% of sales from 2022 to the first half of 2025 [13].

Core Insights - Company Qichacha has been recognized as one of the "Top 100 New Economic Unicorns" by Internet Weekly, alongside notable brands such as Douyin Group, Ant Group, DJI Innovation, and JD Technology [1][2] Group 1: Company Overview - Qichacha is a leading commercial big data platform in China, leveraging its strong data processing capabilities and extensive data resources to expand its application scenarios and lead the development trend of commercial big data [2][3] - The company provides specialized services for enterprise users, including precise customer acquisition, corporate strength modeling, due diligence, risk control, judicial investigation, public opinion monitoring, and supply chain management [3][4] Group 2: Market Position and Growth - Qichacha has maintained stable growth in various data aspects, with average monthly active users exceeding 80 million according to third-party data [4] - As of June 2025, Qichacha has established partnerships with numerous industry leaders, covering five major state-owned banks, twelve joint-stock commercial banks, over eighty insurance companies, more than fifty securities firms, two hundred law firms, and hundreds of Fortune 500 companies in China [4] Group 3: Industry Impact - The application range of commercial big data is expected to expand further, encompassing areas from supply chain management to market marketing, customer relationship maintenance, and product innovation design, driven by policies promoting the marketization and valuation of data elements [3] - Qichacha's data products are positioned to play a crucial role in creating a more open, shared, and efficient commercial data ecosystem [3]

Core Viewpoint - Tianjiu Shared Smart Enterprise Service Co., Ltd. (Tianjiu Qifu) is presenting a unique IPO that highlights a significant yet overlooked aspect of China's business landscape, aiming to bridge the gap between innovative startups and traditional enterprises [1][2]. Group 1: Business Logic and Market Dynamics - The current Chinese business environment is characterized by two anxious groups: innovative unicorns lacking distribution channels and traditional business owners with cash but facing transformation challenges [4][5]. - Tianjiu Qifu acts as a "super translator" and "trust guarantor," facilitating resource sharing between these two groups, thus addressing the supply-demand mismatch in the market [6][7]. Group 2: Revenue Model and Profitability - Tianjiu Qifu employs a unique "cash + equity" charging model, which contributes to its impressive net profit of over 2.5 billion yuan and a net profit margin exceeding 346% [1][8]. - The company operates more like an "industrial investment bank" or "incubator 2.0," earning service fees while also acquiring equity in high-potential innovative enterprises [9][10]. Group 3: Trust and Relationship Building - The company emphasizes the importance of building trust through face-to-face interactions, conducting over 22,000 roadshows and maintaining a team of over 1,800 service personnel [17][18]. - This approach creates a "trust economy," essential for B2B transactions, particularly in sectors requiring significant investment [18]. Group 4: Ambitions and Future Outlook - Tianjiu Qifu's model is ambitious, aiming to reshape the growth dynamics of Chinese enterprises by promoting resource sharing as a means of achieving rapid expansion [20][21]. - The company seeks to establish itself as a leader in the enterprise resource sharing service sector, reflecting the anxieties of traditional economic transformation and the aspirations of the innovative economy [21].