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ˋˋ2023╚㎼璇䪫☋╃䫌鰑낊⻔騫煝䫟⼴ 氯㲳⩱䌑⮱㢽☭&CEO䑳┞氯2023.8.22 ⺈┱┯⺈ 俚澚䰕20閗23閤璇䪫䫌鰑 㑀吙笡 氯缂㲳俚儘勑疿匡㑀㠁吙✇笡⹿气 假䕱楒 騫璇俠䪫䓛䫌⛻鰑假䕱楒 ⺈┱┯⺈ 7342亿元3638起2930亿元1326个 ⻎嬠┬ꮴ -23.5% -37.5%-42.0% -32.6% ⻎嬠┬ꮴ 假2Ⳬ02㕈3䌑ꓭH閕1埛 䫌2鰑02◜3䌑⚂H俚1ꓪ 2023䌑H1 䫌鰑閕埛 ⻎嬠┬ꮴ 2023䌑H1 ꃹ⮃俚ꓪ ⻎嬠┬ꮴ 㜜峜騜僻勔䫟⼴䨿䭰㕈ꓭ╭锢⻼┞绣䉗㐙溸僃劻艧勶䫌鰑㕈ꓭյVCյPE俚䰕匡徏庣璇յ氯㲳⩱䌑冝䍍2023䌑 䫌鰑勨卐 ꭄⷳ騫煝 2023䌑6-7劓 ⪸┞峜绣璇䉗䪫㐙뀖溸㔔 䫌⹴鰑♨䙰┪漳 502⚌ 鿛⺈ 璇䪫䫌鰑㏍嵤鉿溸咈廷婞㐃䛨撬鿛⺈☭宑䉕㕈ꓭⷑ嬠䱹ꂀ▟䧯耘⩧㕈ꓭꁉ罔 耘⩧ⷑ嬠☭宑䉕ⷑ嬠 䖎䈣䩠⩴䲞迀䩠⩴ 2㕈0ꓭ23閕假埛Ⳬ 11% 89% 32% 68% 2㕈0ꓭ22閕㲾埛ꓪ 㜜峜騜僻2023假Ⳬ㕈ꓭ閕埛儱2023䌑䉂缋Ⳬ鰑㴟䧯溸㕈ꓭ閕埛䙰ꓪ2022㲾ꓪ㕈ꓭ閕埛儱2022䌑⹴♨⯼溸㕈ꓭ閕埛䙰ꓪ俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 鿛⺈ 2023䌑勨뀔卐駉䌐┬㐭ꮴ㕈┩ꓭ䧯硅槏閕埛 2023䌑뀔勨駉卐┬䌐ꮴ㐭㎃䫌䧯鰑뀉潨俚 2023䌑뀔勨駉卐┬䌐ꮴ㐭㎃䫌䧯鰑閕埛 -32.7% ⶿⛻☳⩧ -37.0% ⶿⛻╗ -36.8% ⶿⛻☳⩧ 110 7414 8.9 14.1 2023䌑E2022䌑 2023䌑E2022䌑 2023䌑E2022䌑 23 俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 稝㒘⺈ 稝㒘1☋╃䫌鰑㒘稝㒘2鯯ⲏ䫌鰑㒘 侓瞬 ⪫⺶岖槏獘⚷鯰⚈楒㘷气䘒气䘒⚴⛘鰨ꇔ鉿╃ 䪫勘 ☋⿣/劚ⲏ䉗㐙⯼冎/䧯ꪍ愗ⲇ ガ╃埛䑑硅槏㎑ꭶ 9.1% 7.3% 5.3% 4.3% 3.9% 3.5% 13.6% 13.4% 13.4% 13.2% 12.8% 硅槏㎑ꭶ䉗㐙⯼冎/䧯ꪍ愗ⲇ ガ╃埛䑑 䪫勘 ☋⿣/劚ⲏ鰨ꇔ鉿╃楒㘷气䘒 侓瞬獘⚷鯰⚈气䘒⚴⛘ ⪫⺶岖槏 6.1% 6.1% 5.4% 4.8% 3.0% 14.5% 13.5% 12.5% 11.8% 11.8% 10.4% ♨⻔侓瞬峜朽ꓨ䑜侓╬瞬╭յES♨G劚յⲏ气㎼䘒㵶⚴䧹⛘汻յ䙎鰨假ꇔ⪺鉿☋╃╃瞏╬⪸做ꨴ 锢筷⪾劔鿲둛溸䬲ガ䑜鰑㺲䙎 ♨鰑鯯侅ⲏ漩䫌鰑峜╬ꓨ╭䉗㐙ꄽ⯼ꁩ冎둛/䧯낊ꪍꯟ愗둛ⲇ㎈յ䫟硅溸槏做㎑䑑ꭶ裯յ⺆ガ䫌╃埛ꯟ䑑䫌յ鰑䪫㺲勘䙎յ☋⿣/劚ⲏ瞏⪸ꨴ锢筷⪾劔鿲둛溸낊 㜜峜騜僻勨卐稝㒘⮦⮕儱㕈◟㸉11뀉䫌鰑⬑瞬⪸ꨴ锢筷䐷㺥臔稝⮕卥䕒⮃稝㒘⮦⮕䌔ꂛ┞婢寛⺆嬓╗⬑瞬锢筷㸉⻄稝㒘溸㎌㲳鿬衠焘ꮔ♈脯燛㴼⻄䫌⬑锢筷㸉┯⻎䫌鰑稝㒘溸䔕⿱瓨䍳俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 稝㒘⺈ 2022䌑䫌鰑勨卐稝㒘⮕䉘2023䌑䫌鰑勨卐稝㒘⮕䉘 ⸯID匡G䫌⚕A╃鿝鄌鰑绞勾B鿝둛殧C鿝⻓䭢㐃ⵌ⚕☓╃┪鄌嶯鰑䑜㸍㕈ꓭ溸勨卐A鿝䭢䧯ꌬ傱ꨧ侓䍠㕈ꓭ溸B鿝䭢ꧢ꯷揼⺬侓 侓瞬㸍⻔㒘 23% 27% 50% ☋╃䫌鰑㒘 59% +9% ESG㸍⻔㒘 PLG㸍⻔㒘 50% 鯯ⲏ䫌鰑㒘 41% -9% 俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 䍠㕈ꓭ溸C鿝 LP⺈ 2023䌑LP⮃鰑☭缏卐⮕䉘⹴⪼⺈䋀䍳 84.1% 72.7% 68.2% 2022䌑 18.2% 鰑ꓭ匡徏 侓䍠㕈ꓭ⻼㝠㎼⚕宑觝⚕╃䫌鰑脢 鱪둛⬥⡽╗☭䫌鰑脢 鰑硅駉⮦ 6.5% 2023䌑 45.7% 73.9% 63.0% ⺈䋀䍳 -21.0% -22.5% -11.7% 1.2% 15.9% 20.5% 㜾鰑6.5% ꧼ鉿4.3% 宑觝⚕╃䫌鰑脢溸⮃鰑嬠❛ -16.1% ╗☭䫌鰑 -9.4% 13.6% 6.8% 獘⟛㕈ꓭ ⟛ꯟ鰑ꓭ 2.2% 2.2% ┬20ꮴ%鱪ꁩ -11.5% -4.6% 㜜峜騜僻LP⮃鰑☭缏卐ⷑ嬠䭰錻騫煝勨卐溸⮃鰑ⷑ嬠⯼┩⻐溸LP╚⻼婟稝ꄑ뀉溸勨卐ⷑ䙰勨卐俚ꓪ溸嬠❛俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 鰨ꇔ⺈ ╭䫌鰨ꇔ⺈ 燖㎃⚂㺂㺂溸♇䫌╬鰑䫌性鰑劔ꓨ┯掾⻎瓨2䍳0溸23ꮴ䌑⛽ⷑ嬠ꂀ80%⪼♑ 2023䌑╭䫌鰨ꇔ 2冝0茤23╬䌑搑全ꬾ䫌鰨┩ꇔ脢♨ⷑ冝嬠茤性⯜ꂀꅐ◩յ䧯蛚曩/⶯㸍✅⹴☭䈰 䫌鰑㙨䋀鿲둛鰨ꇔ 㝕包俚倣䰕瞏յ䫌气鰑朮㙨䪫䋀勘鿲յ㝕冝茤儱⯜勨ꅐ卐յꓨ宭掾茤⪸յ峜⥈做茤⻔յ假 74% 72% 37% 20232022 26%22% 冝茤⯜ꅐ蛚曩/⶯㸍✅ ☭䈰冝茤䈰╃◧臅羱 勨㊮☭ 假包倣 28% 26% 24% 48% 做⻔ 1.4%1.4% 1.9%1.8%㓻䉗⩧㴔㴺 6.5%潸⪸ 4.1%⥈茤假包倣冝䢘 9.1%7.6%冝茤⯜ꅐ宭茤徏 㝕俚䰕气䪫朮勘 48% 46% 俚⮱㲼䟩◧ⶖ臅泈羱 -4.3%-4.3% 41% 44%48% 7%30% 蔦Ⲙ뎴뎬 ガ╃薨㝙气朮䪫勘 22% 冝茤 -10.2% 侷芍 冝茤 -7.5%-8.3%-8.5%-8.7%朮臅 蔦 ガ薨╃㝙 -5.3% 䈰╃☭䈰 ◧臅羱冝茤 뎬 뎴 做⻔ ┬ 20% 15% 硬件层基础层平台层应用层安全层 ⥈茤15% 㜜峜騜僻䫌鰑㙨䋀╬2023鰨ꇔ⪸峜ⷑ嬠┱2022鰨ꇔ⪸峜ⷑ嬠溸䈽⡽⺪♨⹹儙勨卐㸉鰨ꇔꓨ閗瓨䍳溸⺈䝠⬔俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 吙溸⺈ •䌐㐭⛓⡽螅㎭♈2022䌑溸9.3☳┬ꮴ⯒4☳⩧ 2023䌑䫌鰑吙溸⢟㟲┱2022䌑䝠⬔㸉嬠 •⶿姍뀉潨鄌鰑뀭䍳♈1.2☳⩧┬ꮴ⯒0.67☳⩧ •⢟㟲⚕╃䧯皒僓ꭊ氮2022䌑溸䌐㐭3䌑┬ꮴ⯒䌐㐭2䌑 •⚕╃䌐㐭ꓤ侒艧勶♈7.1%┬ꮴ⯒6.5% 2023䌑⶿姍䫌鰑䙰뀭 㒘䫌鰑뀭䍳僻兇둛◟鯯ⲏ䫌鰑㒘 •♈潨═䫌㝕鰑稝뀭㒘䍳溸╬7䫌4鰑00勨┧卐⩧⶿뀉鯯潨ⲏ䌐䫌㐭鰑䫌㒘鰑⮯뀭╬䍳57匡00澚┧⩧☋ն╃氮䫌婟鰑⺪㒘閒䌐㐭☋嬓╃╗䫌뀉鰑 4.0 9.3 20232022 23 0.67 1.2 6.5% 7.1% 7400┧ 5700┧ ⛓⡽螅㎭☳⩧䧯皒僓ꭊ䌑⶿姍鄌鰑䙰뀭☳⩧ꓤ侒艧勶⚌뀭% 分╃䫌鰑㒘鯯ⲏ䫌鰑㒘 俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 吙溸⺈ 2023䌑璇䪫䫌鰑勨卐溸䫌鰑吙溸⢟㟲 ⛓⡽⢟㟲 ⚕╃䧯皒僓ꭊ⢟㟲 ⶿姍䫌鰑뀭䍳 ⶿姍艧勶⚌뀭 䫌鰑鿝姍⢟㟲 1000┧♨⫐ 1000┧-<3000┧ 3000┧-<5000┧ 8.7% 10.9% 6.5% 假䧯皒⚕╃1䌑♨⫐ 1-<2䌑 8.7% 10.9% 19.6% 3000┧♨⫐ 3000┧-<5000┧ 28.3% 32.6% 1%♨⫐ 1%-<3% 3%-<5% 2.2% 8.7% 26.1% 璀㲳鿝㝙❈鿝A鿝 32.6% 52.2% 69.6% 5000┧-<1☳ 1-<2☳ 2-<3☳ 3-<5☳ 5-<10☳ 15-<20☳ 4.3% 10.9% 8.7% 8.7% 17.4% 15.2% 2-<3䌑 3-<4䌑 4-<5䌑 5-<6䌑 6-<7䌑 4.3% 2.2% 10.9% 21.7% 19.6% 5000┧-<1☳ 1☳-<2☳ 2☳-<5☳ 4.3% 17.4% 15.2% 5%-<7% 7%-<10% 10%-<12% 12%-<15% 15%-<20% 2.2% 6.5% 17.4% 19.6% 15.2% B鿝C鿝C⹴♨⻑Pre-IPO 㴼㙨 17.4% 6.5% 6.5% 6.5% 47.8% 20-<30☳ 40-<50☳ 2.2% 6.5% 7-<8䌑 2.2% 10☳♨┪ 2.2% 30%♨┪ 2.2% 䌔鯺8.7% ⛓⡽劅⺇䫌鰑勨卐姐ꁹ 0⛓.5-⡽1☳⢟⩧㟲⾕㝕3䋀-5┬☳ꮴ⩧溸 ⚕♨╃2-䧯3䌑皒╬僓╭ꭊ ⶿3姍0䫌00鰑-5뀭00䍳0㝃┧겐ⶔ╚ꭊ㐃 ⶿姍3䫌%鰑-5艧%勶╬⚌╭뀭♨ B鿝⹴⢟♨㟲⯼鿝╬姍勨卐 俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 侅漩埛䑑 2022䌑侅漩匡徏卐䧯 2023䌑侅漩匡徏卐䧯 ⺈䋀䍳 分╃䫌鰑㒘 鯯ⲏ䫌鰑㒘 뀉潨䫌鰑侅漩 㕈ꓭ硅槏鰆䫌鰑☆儅鰆 ⪼♑ 2.3% 2.3% 34.1% 61.4% 뀉潨䫌鰑侅漩 㕈ꓭ硅槏鰆䫌鰑☆儅鰆 4.3% 56.5% 34.8% -4.9% +0.7% +2.1% 3.7% 37.0% 51.9% 10.5% 5.3% 0.0% 84.2% 分╃䬲ガ4.3%+4.3%7.4% ♨2뀉0潨22䫌䌑鰑侅侅漩漩匡╬徏全 分╃䬲ガ劚ⲏ侅⪝䧯╬假溸侅漩掾┻㙨䋀兇詇 㕈┻ꓭ分硅╃槏䬲鰆ガ儱劚全ⲏ锢侅侅漩⪝儱匡杅徏虝 侅漩匡徏♨뀉潨䫌鰑侅漩╬全 㜜峜騜僻⺈䋀䍳╬2023䌑ⷑ嬠⭀⹜2022䌑ⷑ嬠溸㙨ꪍ䋀䍳⺪♨⹹儙┯⻎侅漩稝㒘ⷑ䙰侅⪝溸缏卐⺈䝠⬔俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 ꃹ⮃ 㘷⫐IPO A艧┪䉗♇儱╭锢ꃹ⮃做䑑 ꃹ⮃做䑑⢟㟲ꃹ⮃㎈䫟⠩俚 52% 7.1 27.5 ꓨ掾鰨ꇔ溸䫌鰑㎈䫟⠩俚 ⶷駖鿛駑 ⚕╃㎈鯺눥┪䉗俠✅侅鯺 17% 15% 24% 39% 2.2 2.1 4.4 10.4 17.317.2 11.2 뀔駉뀉䌐潨㐭俚ꃹ⮃ 5╗ 9.89.6 6.2 뀔駉㎈䌐䫟㐭椚ꃹ⮃ 5.6⠩ 뀔駉ꓭ䌐뀭㐭┬ꃹꮴ⮃ -26% 耘艧┪䉗9% ⪼♑㘷㜾IPO4% 1.7 2.0 气朮䪫勘假包倣 5.65.05.04.03.23.0 ⥈茤⛽/傱♣焺蔦Ⲙ뎴뎬☭䈰冝茤⶯㸍✅冝茤⯜ꅐ楒㘷岖槏鴚㘷氲ガ㝕俚䰕勨㊮☭宭茤徏 㜜峜騜僻ꃹ⮃做䑑⢟㟲儱錻騫煝勨卐溸ꃹ⮃做䑑⯼┩⻐╚⻼婟稝ꄑ뀉溸勨卐俚ꓪⷑ䙰勨卐俚ꓪ溸嬠❛俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 ☋╃䫌鰑 䫌鰑勨卐稝㒘 ⪮䧯䫌鰑勨卐㺲◟分╃䫌鰑㒘 䫌⬑呦䖦锢筷 侓瞬յESGյ气䘒✅笡儱䫌⬑呦䖦锢筷 鿞燖⚂䫌鰑䉘㹾 鿞⚂燖⚂溻䫌儱分╃䫌鰑㒘溸ꓨ锢杅掾 ⺢䫌燖⚂, ꓨ掾䫌鰑鰨ꇔTop10 AIյ蛚曩յ冝茤⯜ꅐ儱ꓨ掾鰨ꇔ ☭䈰冝茤 66.7% ☋╃5䫌9%鰑㒘 1侓3.6瞬%⪫1⺶3.4岖%槏獘1⚷3.4鯰%⚈楒1㘷3.2气%䘒气1䘒2.8⚴%⛘ ⺢䫌鿞⚂,18.5% 3.7% 鿞燖溻䫌,77.8% 蛚曩/⶯㸍✅冝茤⯜ꅐ䈰╃◧臅羱 勨㊮☭假包倣ガ╃薨㝙蔦Ⲙ뎴뎬 5G+ 37.0% 33.3% 33.3% 25.9% 22.2% 18.5% 59.3% 51.9% 俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 鯯ⲏ䫌鰑 䫌鰑勨卐稝㒘 ㎃䧯䫌鰑勨卐㺲◟鯯ⲏ䫌鰑㒘 䫌⬑呦䖦锢筷 硅槏㎑ꭶյ分䉗⿣㐙儱⯼䫌冎⬑յ呦ガ䖦╃锢埛筷䑑յ䪫勘⾕ 鿞燖⚂䫌鰑䉘㹾 ⺢劔2䧯勨卐鿞鿞⚂燖䧶溻燖䫌⚂▇⪨┞䧯勨卐⚷➆ꓨ ꓨ掾䫌鰑鰨ꇔTop10 冝茤⯜ꅐ⥈յ茤蛚儱曩ꓨյ掾蔦鰨Ⲙꇔ뎴뎬⾕ 鯯ⲏ4䫌1%鰑㒘 硅1槏4.5㎑%ꭶ 1䪫1.8勘% 䉗1㐙3.5⯼%冎ガ1╃2.5埛%䑑 分1⿣1.8劚%ⲏ 鿞燖溻䫌,21.1% ⺢䫌鿞⚂,36.8% ⺢䫌燖⚂,42.1% 冝茤⯜ꅐ蛚曩/⶯㸍✅蔦Ⲙ뎴뎬 ⥈茤冝茤朮臅 ☭䈰冝茤䈰╃◧臅羱 勨㊮☭宭茤徏潸⪸ 21.1% 21.1% 21.1% 15.8% 15.8% 15.8% 15.8% 31.6% 42.1% 俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝 假䊬䘒 ☋╃䫌鰑埛䑑 峜䫌ꓨ鰑侓埛瞬䑑㸍⻔յ☋╃气䘒✅笡⾕䬲ガ䑜鰑劚ⲏ溸☋╃ 鯯ⲏ䫌鰑埛䑑 峜埛ꓨ䑑䪫勘⮱假յ☋⿣⮱假⾕⚕╃䧯ꪍ愗ⲇ溸鯯ⲏ䫌鰑 12.8% 9.1% 7.3% 5.3% 3.5% 3.9% 硅槏㎑ꭶ䪫勘分⿣劚ⲏガ╃埛䑑气䘒⚴⛘鰨ꇔ鉿╃ 4.8% 11.8% 11.8%