0 ! !ę 2021-2022!"#$%&'()$*+SAAS+,-./0123&fl56(2789 :;<"=>#$z@BCDE2FGHIJKLMNOfi&QFGR%STU VWXfl!#Z[\]"^_`abcJdefgz@IPO2hijT"Z(g+fklm+nopfk3&Dqrs"LMNOtfluvfifkwx%&z%&[|78 ]~úÄÅÇÉ flÖ"Üáàâäãå(ëéè2êëíìî2NOïÄñóD.òôÜáöz@aõ 78z2úù"LMNOûüvfiz+†°782Ç¢£§É LMNO2•¶"Cz@ßZHI+®XIPOHI©,™´¨2HI"iÆØ›±DE 2%&xâ+¥µ´h2øà+789:2<˜"√Tºèz@æø2¿¡"=¬Ç*Æ؃¤+Pà›±2«»ï…í fi6 À´hÃÕ"FsDE%&2LMNO•¶Œœ"–—¥µ'“”‘’LMNO ÷&£QÿŸ⁄¤Pbã"o‹\]›2022LMNO•¶fl‡·‚í 1 !"Content !"#$03 !Q#$%&'()*+,-./01 23456,-7869:;<=>6,-0?6,-@A6BCDE?6DEFG %&'#$22 !Q#$%HIJ()*+,-./01 23456,-7869:;<=>6,-0?6,-@A6BCDE?6DEFG ()*#$40 !Q#$%KLM()*+,-./01 23456,-7869:;<=>6,-0?6,-@A6BCDE?6DEFG 2 !"#$ TECHNOLOGY !"#$%&'()* ⴲ媯 ○NO„‰|ÂÃ%MÊÁMCßuËÈÍ2ÎKÏÌiíÔ¢31%3&õÒÚËÈÍËÈÙı%MÊÁM"19%3&õÒÚËÈÍzˆ0aÊ2˜¯âL˘"˙˚ ¸Á´h˝˛"=ˇgNO„‰CßuHI2ÎK"˚#$ÿií ○ÒÚËÈÍ%|nop3&Ç&CÒÚ'¥Í%Å("IPO(3-6!ÉSAAS3&Ç&CÒÚ'¥Í%Ũ"IPO(4-7!í ○ßuËÈ)|*Ö+,#$z@ßuËÈ)'-.fi3.21%"*/+,#$z@ßuËÈ)'-.fi6.08%í ○ËÈÊ;|69%2*Ö+,#$z@ßuËÈÁMÍ0KÙı%MÊ"38%2*/+ ,#$z@ßuËÈ]¥ˆLÍ1˛'¥2.3Êí ⴲ-♳䋑媯 ○NO„‰|ÂÃ%MÊÁMÎK"˚4ı"0aʘ¯âL˘2ÎK"˚ÿàí ○ÒÚzˆ˜¯âL˘Í%|nop3&zˆ˜¯âL˘Í%Ç&C™´(1!"˙5 ¸Á•¶˝˛¢`ÿ(í ○&670|33%2*Ö#$z@™´(©8vIPO9fi:x&670í ○!;ËÈ)|*Ö+,#$z@!;ËÈ)'-.fi2%-3%"*/+,#$z@< =XIPO"!;ËÈ)>?4ıí 4 ○™´(ËÈK)|™´(ËÈK)'-.fi12.2%"˙˚¸Á´h•¶¢`ÿií ○NOaL|#$z@™´(NOaLMNÏfi14.6%"O'SAAS’PQR3&NOaLMNÏC20%STí ○ËÈÊ;|*Ö+,’*/+,#$z@ËÈÊ;3ÊfiLÊVW"˚ÿiíO'* /SAASz@™´(]¥ˆLÊ;Ç&fi'¥2.210%-20%í ♳䋑た媯 ○NO„‰|Xfl!VW#$%&´.@ABC"0aʘ¯âL˘2ÎK"˚DE 80%í ○!;ËÈ)|X3!8vIPO2nop3&2021!;ËÈ)'-.fi2.12%"LFj GáK"˚H&Iˆ˚J'-.fi5.37%"˙˚¸Á´h•¶˝˛¢`ÿií 5 #$%&\µÇ]º^122_'“#$z@"MNnop+SAAS+-./0’PQR`¢aZ%&1"O'7„- .bAIc˙d3&]27_"eØf'Z[CSAAS3&g'í #$z@2\µ3&g'"nop3&100%fi*Ö+,"SAAS3&44%fi*Ö+,"-./0’PQR3& h¢iZfi*/+,É jÒF™´Íkãl"77%23&¬õ2019!Tm8vÒF™´É jÒF™´Í´.XYãl"nop3&DE50noň´.2z@"˚5ií +,-. ™´(LMq,2Z[ 境外境内 86% 14% 94% 6% 44% 56% 100% 互联网SAAS智能硬件半导体 ÒF™´ÍkZ[ 2019BNOPQRQST 2019BUVPQRQST nopSAAS-./0PQR aZ%&Z[rs 半导体,27% 智能硬件,24% 互联网,34% SAAS,15% ÒF™´Í´.XY3Z[ 大于$100亿$50亿-$100亿(含) $10亿-$50亿(含)$10亿及以下 7„-.btuc˙d23&互联网SAAS智能硬件半导体 !1"#$SAASH&fi(/)*,-./012H&fi345678912,-.:;<H&fi=>?@ABC,- 6 !2"DEFGH78IJK!LM3DE.DNFGH78IJK!LM3DN.OPAQAHQ,- !3"RS78TU8V=RS78SWXYZ[RS78\SWUQ] '(/0 !"#$%&z()*+,-./01234 2019!(¨8vÒF™´2*Ö+,#$z@õ™´( *Ö+,2#$z@" ™´(ÁM„‰2ÎKvfiewíxVXfl! ¥µy*2zø"NO „‰2ÎK[$ƒňøí 2019!Tm8vIPO2 *Ö+,#$z@"õ ™´(˙˚¸Á8vIPO2z@[|]õ0KÙı%MÊÁM’˜ ¯L˘"O'¢53%2 3&C™´(~]0KÙı%MÊ2ÁMí VWNO„‰ûK2¤Äâÿi"˙˚¸Á8vIPO2z@"EÍÎKÂÃ%MÊÁM’0 aʘ¯âL˘2z@"˚4ı"2019!Tm8vIPO2*Ö+,# $z@'"Å¢27%2z@EÍÎK™ÇˇgNO„‰í ‰RÉÑÎKˇgNO „‰2z@"VWIPORÖ2\R’8v"ÁM2ËÈ"˚>?4ıí 0K2NO„‰1 2019年至今完成IPO的科技公司 2019年之前完成IPO的科技公司 78% 60%53% 30% 52% 43% 23% 4% 期权 -常规行权价 期权 -极低行权价 限制性股票 -0对价 限制性股票 -非0对价 EÍÎK=ˇgNO„‰23&"˚ 44% O'ÁMËÈ)"˚ 90% 41% IPO-3IPO-2IPO-1IPO-02021 27% !1"]^_$9BaQbOcQdefSAgBaQbRSghTijk9BaQblmRSUnh-ojk9BaQblmPRSUpqrWsXtHuvwxyzWsX[|E9]X~ÑÄ]9WsXpÅÇÉ$ÑÖÜáQâwäãfåç9éè*êëÜäíìéè9U *.î3Jïéè78Iâwñón|7ãfåç9òôp IPO-NHõRS78úNù.û78I9ùüp2021ùfi78\9ùü† !"#$%&z()*+5,-./01267 2019!Tm8vIPO2*Ö+,#$z@ÒÚËÈLMNOÍ38%23&~]0KÂà %MÊ2ÁM"á˚J˙a¸Á8vIPO2#$z@#$4ıb65%c"31%ÎKÙı %MÊ2ÁM"˙a¸Á8vIPO2#$z@#$ÿib18%cí jÒÚËÈ<à¨"0aÊ2˜¯âL˘2ÎKÏ<i"T™´¨22021!73%22019 !Tm8vIPO2#$z@ÎK0aÊ2˜¯âL˘í 2019!Tm8vIPO2*Ö+,#$z@jÒÚËÈT2021!1`0K2NO„‰ 100%80%60%40% 38%31% 20% 19% 0% ÁM-ÂÃ%MÊÁM-Ùı%MÊ ˜¯âL˘-0aʘ¯âL˘-Ü0aÊ 73% 53% 33% ÒÚËÈIPO-3IPO-2IPO-1IPO-02021 2019!Å(8vIPO2*Ö+,#$z@jÒÚËÈT2021!1`0K2NO„‰ 100% 80% 60% 40% 20% 0% 65% 18% 89% ÁM-ÂÃ%MÊ ˜¯âL˘-0aÊ ÁM-Ùı%MÊ ˜¯âL˘-Ü0aÊ 46% 11% ÒÚËÈIPO-3IPO-2IPO-1IPO-02021 !1"R°¢£Hõ78ú§•3ù78IR°Sj9¢£.IPO-NHõRS78úNù.û78I9ùüp 2021ùfi78\9ùü !"#$%&z()*5,-./01234 õ™´¨"*Ö+,#$z@2NO„‰~]fi´.Pà˙díg´.@⌜#$Í"ÂÃ%MÊ2ÁMÎKÏ5i"ÔVW´.@âŒõYä"´.XY5iÍ"˜¯âL ˘2ÎKÏÿií *Ö+,#$z@™´¨X5!`0K2NO„‰1bSãc *Ö+,#$z@™´¨X5!ËÈÍ%´.XY2'-."å-çnoňbTãc ËÈÍ%´.XYçnoňÁM-ÂÃ%MÊ ÁM-Ùı%Mʘ¯âL˘-0aÊ 100%300 80% 60% 250 40% 20% 200 0%150 -20% -40% 100 -60% 50 -80% -100% 2017 2018 2019 2020 - 2021 !1"¶78\ß®©]éèâw™BaQb-´0¨X".¶flØv±3ɱÜ$ !2"¢£T∂8V¥µ=¢£TéèQXY2/(¢£ùüLUQ]+¢£ùü£UQ]˙ !8#$%&z()*+,-./01234 */+,#$3&õ™´(0K2NO„‰1 出资入股期权-上市前行权期权-带过IPO限制性股票 16% 8% 6% 90% */+,2#$z@" 90%23&õ™´(i 0K]¥ˆL2NOéÄ"16%23&fiËÈ 2ÁMèC™´(êi8v%M"8%23& õ™´(ËÈÁMèäEIPOí <=XIPO"ÁMäEIPO2ËÈ"˚ÿàT12%í */+,#$z@jÒÚËÈTIPO(Ç!`0K2NO„‰Z[rs 100% ]¥ˆLÁM-™´(%MÁM-äEIPO˜¯âL˘ 80% 60% 40% 20% 0% ÒÚËÈIPO-3IPO-2IPO-1 !1"°s-78IWsHéèJflª¢£Qb°s.º¶„æ&ø378I¿¡¬åWsƒîfiI„«Q9ãfôÑp°s-»•IPOH78I¢£°s.… |»À78\Ws9ãfôцÅÇÉ$ÑÖÜáQâwäãfåç9éè*êëÜ78I¢£Qsãf9DN4ÃéèU*.î3Jïéè78Iâwñón|7ãfåç9òô 123456 %&z(9:;<=>?@ ˛a*Ö#$z@2îí"ÒÚËÈÍ%Ç&CÒÚ'¥Í%(¨í#$z@ÒÚËÈÍ%CIPO(5!STb'-.c"O'nop3&Ç&CIPO(4! fluËÈb'-.c"SAAS3&ËÈÍ%˙aIPOÍ%[¸"ËÈÍâ[âí *Ö+,#$z@ÒÚËÈÍ%îÒÚ'¥Í%12!;bïã˝."å -ç!c #$z@ÒÚËÈÍ%îÒF™´ñ2!;bËÈÍâ"ïã˝."å-ç!c 25分位50分位75分位 25分位50分位75分位 科技公司整体 互联网 SAAS 科技公司整体 (3) (1) 1 3 (8)(6)(4)(2) 0 互联网 SAAS 半导体 ÒÚ'¥Í% 智能硬件 ÒF™´ñ !1"¶DEFG4ÃéèŒ9œ„–—“fi¿”.‘’DEFG4Ãéè÷«œ@.™/012"A™: ;<"W-éè¶ÿ)¡ÖfiDNFG,-.œ@©]êŸ⁄Ø÷«œ@pR°œ„T∂fiR°œ„¤‹ú ° !"#$%&z(9:AB0CDFGHI0=>?@ *Ö+,#$z@zˆ0aʘ¯âL˘Í%2'-.óC™´(Dò1!"O'2019 !Å(8vIPO2nop3&zˆ0aʘ¯âL˘Í%[fi=(Énop3&zˆ0aʘ¯âL˘Íaû2z@´.XY'-.C72noňí *Ö+,#$3&ÒÚ0aʘ¯âL ˘ËÈÍ%îÒF™´ñ2!;bïã˝."å-ç!c *Ö+,#$3&ÒÚ0aʘ¯âL ˘ËÈÍ%aû2z@´.1XYbïã˝."å-çnoňc 25分位50分位75分位(7)(2)3 科技公司整体 互联网 SAAS 25分位50分位75分位 0100200300 科技公司整体 互联网 SAAS nop3&ÒÚ0aʘ¯âL˘ËÈÍ%îÒF™´ñ2!;bïã˝