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2025一级市场回顾 | 中金资本：携手国资设大型基金投中6个独角兽、收获15个IPO

Xin Lang Cai Jing· 2026-01-09 05:57

Group 1 - In 2025, the global primary market is undergoing significant changes driven by disruptive technologies led by artificial intelligence, which is concentrating capital towards a few leading projects, while geopolitical factors are reshaping capital flows and security boundaries, giving rise to new investment themes in defense technology, aerospace, and quantum computing [1][19] - From January 1 to December 31, 2025, there were 112 new registered private equity and venture capital fund managers in China, remaining roughly flat year-on-year, while 662 fund managers were deregistered, a decrease of 28.7% [1][19] - The number of newly registered private equity investment funds reached 1,696, a year-on-year increase of 12.2%, with significant growth concentrated in the second quarter and after August [1][19] - The number of newly registered venture capital funds was 3,208, marking a year-on-year increase of 22.4%, with continuous positive growth starting from March [1][19] Group 2 - In 2025, a total of 12 funds in China raised over 3 billion yuan, with a total fundraising amount of 55.806 billion yuan [1][19] - Eight institutions raised funds more than twice during the year, including Kangqiao Capital, Jiayu Capital, CICC Capital, and others [1][19] - The domestic primary market saw 5,599 companies complete 6,343 investment events, representing year-on-year growth of 2.6% and 7.5%, respectively, while the total disclosed investment amount reached 440.099 billion yuan, a decrease of 20.5% compared to 2024 [2][21] - Eleven investment institutions participated in over 40 events, a year-on-year increase of 37.5% [2][21] Group 3 - CICC Capital participated in 55 investment events in 2025, although this number has decreased compared to previous years [2][6] - The investment pace was cautious in the first and second quarters, with only 7 events completed in each, but became more optimistic in the second half of the year, completing 18 and 23 events in the third and fourth quarters, respectively [6][25] - CICC Capital's investments were primarily in the range of 100 million yuan and below, with 57.6% of events falling within this category [8][27] - The majority of CICC Capital's investments were in the growth stage, with A and B rounds each accounting for 27.3% of the total investment events [10][29] Group 4 - Approximately 32.7% of the projects invested by CICC Capital were in artificial intelligence, with a strong focus on intelligent robotics [12][31] - The key investment regions for CICC Capital were Shanghai, Beijing, and Jiangsu, aligning with its investment preferences in healthcare, artificial intelligence, and advanced manufacturing [14][33] - CICC Capital invested in six unicorn companies in 2025, including "Galaxy General Robotics" and "Yinhang Biotechnology" [16][35] - CICC Capital had 15 IPO projects during the statistical period, with 11 listed on the Hong Kong Stock Exchange and 2 on the Sci-Tech Innovation Board [16][35]