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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┱┯⺈俚䰕閗閤澚2023璇䪫䫌鰑㑀吙笡氯㲳儘疿㑀吙笡缂俚勑匡㠁✇⹿气假䕱楒騫俠䓛⛻璇䪫䫌鰑假䕱楒 ⺈┱┯⺈ 2023䌑H1假Ⳬ㕈ꓭ閕埛⻎嬠┬ꮴ-23.5%2023䌑H1䫌鰑◜⚂俚ꓪ⻎嬠┬ꮴ2023䌑H1䫌鰑閕埛⻎嬠┬ꮴ-37.5%-42.0%2023䌑H1ꃹ⮃俚ꓪ⻎嬠┬ꮴ-32.6%俚䰕匡徏庣璇յ氯㲳⩱䌑冝䍍2023䌑㜜峜騜僻勔䫟广䨿䭰㕈ꓭ╭锢⻼┞绣䉗㐙溸僃劻艧勶䫌鰑㕈ꓭյVCյPE7342亿元3638起2930亿元1326个 502⚌䫌鰑䙰漳⹴♨┪⪸峜璇䪫뀖㔔┞绣䉗㐙溸䫌鰑勨卐2023䌑6-7劓ꭄⷳ騫煝 鿛⺈䖎䈣䩠::=䲞迀䩠::=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32%11%68%89%耘⩧ⷑ嬠☭宑䉕ⷑ嬠2022㲾ꓪ㕈ꓭ閕埛2023假Ⳬ㕈ꓭ閕埛俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝㜜峜騜僻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 鿛⺈2023䌑勨卐䌐㐭䫌鰑뀉潨俚뀔駉┬ꮴ㎃䧯2023䌑勨卐䌐㐭䫌鰑閕埛뀔駉┬ꮴ㎃䧯14 23 2023䌑E2022䌑-37.0%8.9 14.1 2023䌑E2022䌑-36.8%2023䌑勨卐䌐㐭㕈ꓭ硅槏閕埛뀔駉┬ꮴ┩䧯741102023䌑E2022䌑-32.7%俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝⶿⛻☳⩧⶿⛻╗⶿⛻☳⩧ 13.6%13.4%13.4%13.2%12.8%9.1%7.3%5.3%4.3%3.9%3.5%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稝㒘1☋╃䫌鰑㒘稝㒘2鯯ⲏ䫌鰑㒘14.5%13.5%12.5%11.8%11.8%10.4%6.1%6.1%5.4%4.8%3.0%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⚴⛘⪫⺶岖槏稝㒘⺈俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝♨侓瞬朽䑜╬╭♨劚ⲏ㎼㵶䧹汻䙎假⪺☋╃╬做⻔峜ꓨ侓瞬յESGյ气䘒⚴⛘յ鰨ꇔ鉿╃瞏⪸ꨴ锢筷⪾劔鿲둛溸䬲ガ䑜鰑㺲䙎♨鯯ⲏ䫌鰑╬╭ꄽꁩ둛낊ꯟ둛㎈䫟溸做䑑裯⺆䫌鰑侅漩峜ꓨ䉗㐙⯼冎/䧯ꪍ愗ⲇյ硅槏㎑ꭶյガ╃埛䑑յ䪫勘յ☋⿣/劚ⲏ瞏⪸ꨴ锢筷⪾劔鿲둛溸낊ꯟ䫌鰑㺲䙎㜜峜騜僻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 50%27%23%PLG㸍⻔㒘ESG㸍⻔㒘侓瞬㸍⻔㒘2022䌑䫌鰑勨卐稝㒘⮕䉘59%41%☋╃䫌鰑㒘鯯ⲏ䫌鰑㒘2023䌑䫌鰑勨卐稝㒘⮕䉘50%+9%-9%稝㒘⺈俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝ⸯ匡⚕╃鄌鰑IDG䫌A鿝绞勾B鿝둛殧C鿝⻓㐃⚕╃鄌鰑䭢ⵌ☓┪嶯䑜㸍㕈ꓭ溸勨卐A鿝䭢䧯ꌬ傱ꨧ侓䍠㕈ꓭ溸B鿝䭢ꧢ꯷揼⺬侓䍠㕈ꓭ溸C鿝 宑觝⚕╃䫌鰑脢谷╗☭䫌鰑脢溸⮃鰑嬠❛┬ꮴ鱪ꁩ20%73.9%63.0%45.7%6.5%6.5%4.3%2.2%2.2%2023䌑LP⮃鰑☭缏卐⮕䉘⹴⪼⺈䋀䍳72.7%84.1%68.2%18.2%15.9%20.5%13.6%6.8%2022䌑侓䍠㕈ꓭ⻼㝠㎼⚕宑觝⚕╃䫌鰑脢鱪둛⬥⡽╗☭䫌鰑脢鰑硅駉⮦㜾鰑ꧼ鉿獘⟛㕈ꓭ⟛ꯟ鰑ꓭ2023䌑鰑ꓭ匡徏1.2%-21.0%-22.5%-11.7%-9.4%-16.1%-11.5%-4.6%⺈䋀䍳俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝LP⺈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❛ 鰨ꇔ⺈48%48%46%28%26%24%22%20%15%15%冝茤⯜ꅐ蛚曩/⶯㸍✅☭䈰冝茤䈰╃◧臅羱勨㊮☭假包倣蔦Ⲙ뎴뎬ガ╃薨㝙气朮䪫勘⥈茤╭䫌鰨ꇔ⺈2023䌑╭䫌鰨ꇔ74%37%26%22%7%72%41%44%48%30%硬件层基础层平台层应用层安全层20232022燖⚂㺂♇╬䫌鰑ꓨ掾2023䌑ⷑ嬠ꂀ80%⪼♑㎃㺂溸䫌鰑性劔┯⻎瓨䍳溸ꮴ⛽2023䌑全䫌鰨ꇔ♨冝茤⯜ꅐյ蛚曩/⶯㸍✅⹴☭䈰冝茤╬搑ꬾ┩脢ⷑ嬠性ꂀ◩䧯俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝㙨ꪍ做⻔┬ꮴ做⻔9.1%7.6%6.5%4.1%1.9%1.8%1.4%1.4%-4.3%-4.3%-5.3%-7.5%-8.3%-8.5%-8.7%-10.2%假包倣宭茤徏潸⪸冝茤⯜ꅐ气朮䪫勘㝕俚䰕⥈茤俚㲼⮱䟩冝䢘㓻䉗⩧㴔㴺◧臅羱ⶖ泈ガ╃薨㝙蔦Ⲙ뎴뎬䈰╃◧臅羱☭䈰冝茤冝茤侷芍冝茤朮臅䫌鰑㙨䋀鿲둛鰨ꇔ㝕俚䰕յ气朮䪫勘յ冝茤⯜ꅐյ宭茤յ⥈茤յ假包倣瞏䫌鰑㙨䋀鿲㝕儱勨卐ꓨ掾⪸峜做⻔㜜峜騜僻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⬔ 吙溸⺈4.0 2 0.676.5%9.33 1.27.1%⛓⡽螅㎭☳⩧䧯皒僓ꭊ䌑⶿姍鄌鰑䙰뀭☳⩧ꓤ侒艧勶⚌뀭%20232022分╃䫌鰑㒘鯯ⲏ䫌鰑㒘5700┧7400┧•䌐㐭⛓⡽螅㎭♈2022䌑溸9.3☳┬ꮴ⯒4☳⩧•⢟㟲⚕╃䧯皒僓ꭊ氮2022䌑溸䌐㐭3䌑┬ꮴ⯒䌐㐭2䌑•⶿姍뀉潨鄌鰑뀭䍳♈1.2☳⩧┬ꮴ⯒0.67☳⩧•⚕╃䌐㐭ꓤ侒艧勶♈7.1%┬ꮴ⯒6.5%俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝2023䌑䫌鰑吙溸⢟㟲┱2022䌑䝠⬔㸉嬠2023䌑⶿姍䫌鰑䙰뀭•♈═㝕稝㒘溸䫌鰑勨卐⶿뀉潨䌐㐭䫌鰑뀭䍳匡澚☋╃䫌鰑㒘䌐㐭嬓╗뀉潨䫌鰑뀭䍳╬7400┧⩧鯯ⲏ䫌鰑㒘⮯╬5700┧⩧ն氮婟⺪閒☋╃䫌鰑㒘䫌鰑뀭䍳僻兇둛◟鯯ⲏ䫌鰑㒘 吙溸⺈俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝⛓⡽⢟㟲⚕╃䧯皒僓ꭊ⢟㟲8.7%10.9%6.5%17.4%10.9%8.7%15.2%8.7%4.3%6.5%2.2%1000┧♨⫐1000┧-<3000┧3000┧-<5000┧5000┧-<1☳1-<2☳2-<3☳3-<5☳5-<10☳15-<20☳20-<30☳40-<50☳8.7%10.9%19.6%21.7%19.6%10.9%4.3%2.2%2.2%假䧯皒⚕╃1䌑♨⫐1-<2䌑2-<3䌑3-<4䌑4-<5䌑5-<6䌑6-<7䌑7-<8䌑28.3%32.6%17.4%15.2%4.3%2.2%3000┧♨⫐3000┧-<5000┧5000┧-<1☳1☳-<2☳2☳-<5☳10☳♨┪2.2%8.7%26.1%17.4%19.6%15.2%2.2%6.5%2.2%1%♨⫐1%-<3%3%-<5%5%-<7%7%-<10%10%-<12%12%-<15%15%-<20%30%♨┪⶿姍䫌鰑뀭䍳⶿姍艧勶⚌뀭⛓⡽⢟㟲㝕䋀┬ꮴ0.5-1☳⩧谷3-5☳⩧溸⛓⡽劅⺇䫌鰑勨卐姐ꁹ⚕╃䧯皒僓ꭊ♨2-3䌑╬╭⶿姍䫌鰑뀭䍳㝃겐╚㐃3000-5000┧ⶔꭊ⶿姍䫌鰑艧勶⚌뀭♨3%-5%╬╭32.6%52.2%69.6%47.8%17.4%6.5%6.5%6.5%8.7%璀㲳鿝㝙❈鿝A鿝B鿝C鿝C⹴♨⻑Pre-IPO㴼㙨䌔鯺䫌鰑鿝姍⢟㟲B鿝⹴♨⯼╬勨卐⢟㟲鿝姍2023䌑璇䪫䫌鰑勨卐溸䫌鰑吙溸⢟㟲 56.5%34.8%4.3%4.3%뀉潨䫌鰑侅漩㕈ꓭ硅槏鰆䫌鰑☆儅鰆分╃䬲ガ61.4%34.1%2.3%2.3%뀉潨䫌鰑侅漩㕈ꓭ硅槏鰆䫌鰑☆儅鰆⪼♑37.0%51.9%3.7%7.4%84.2%10.5%5.3%0.0%侅漩埛䑑俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝2022䌑侅漩匡徏卐䧯分╃䫌鰑㒘2023䌑侅漩匡徏卐䧯鯯ⲏ䫌鰑㒘-4.9%+2.1%+4.3%⺈䋀䍳㜜峜騜僻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⬔+0.7%㕈ꓭ硅槏鰆儱全锢侅⪝匡徏┻分╃䬲ガ劚ⲏ侅漩儱杅虝侅漩匡徏♨뀉潨䫌鰑侅漩╬全分╃䬲ガ劚ⲏ侅⪝䧯╬假溸侅漩掾┻㙨䋀兇詇2022䌑侅漩匡徏♨뀉潨䫌鰑侅漩╬全 ꃹ⮃俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝52%39%24%17%15%9%4%㘷⫐IPO⶷駖鿛駑⚕╃㎈鯺눥┪䉗俠✅侅鯺耘艧┪䉗⪼♑㘷㜾IPOA艧┪䉗♇儱╭锢ꃹ⮃做䑑27.5 17.3 17.2 11.2 9.8 9.6 6.2 5.6 5.0 5.0 4.0 3.2 3.0 气朮䪫勘假包倣⥈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ꓨ掾鰨ꇔ溸䫌鰑㎈䫟⠩俚뀔駉䌐㐭ꃹ⮃뀉潨俚5╗뀔駉䌐㐭ꃹ⮃㎈䫟椚5.6⠩뀔駉䌐㐭ꃹ⮃ꓭ뀭┬ꮴ-26%7.1 4.4 2.2 2.1 10.4 1.7 2.0 ꃹ⮃做䑑⢟㟲ꃹ⮃㎈䫟⠩俚㜜峜騜僻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❛ ☋╃䫌鰑俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝侓瞬յESGյ气䘒✅笡儱䫌⬑呦䖦锢筷侓瞬13.6%⪫⺶岖槏13.4%楒㘷气䘒13.2%獘⚷鯰⚈13.4%气䘒⚴⛘12.8%鿞燖⚂䫌鰑䉘㹾鿞燖溻䫌, 77.8%⺢䫌鿞⚂, 18.5%⺢䫌燖⚂, 3.7%66.7%59.3%51.9%37.0%33.3%33.3%25.9%22.2%18.5%☭䈰冝茤蛚曩/⶯㸍✅冝茤⯜ꅐ䈰╃◧臅羱勨㊮☭假包倣ガ╃薨㝙蔦Ⲙ뎴뎬5G+䫌⬑呦䖦锢筷ꓨ掾䫌鰑鰨ꇔTop10䫌鰑勨卐稝㒘59%☋╃䫌鰑㒘鿞⚂燖⚂溻䫌儱分╃䫌鰑㒘溸ꓨ锢杅掾⪮䧯䫌鰑勨卐㺲◟分╃䫌鰑㒘AIյ蛚曩յ冝茤⯜ꅐ儱ꓨ掾鰨ꇔ 鯯ⲏ䫌鰑俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝硅槏㎑ꭶ14.5%䉗㐙⯼冎13.5%䪫勘11.8%ガ╃埛䑑12.5%分⿣劚ⲏ11.8%鿞燖⚂䫌鰑䉘㹾⺢䫌燖⚂, 42.1%⺢䫌鿞⚂, 36.8%鿞燖溻䫌, 21.1%42.1%31.6%21.1%21.1%21.1%15.8%15.8%15.8%15.8%冝茤⯜ꅐ蛚曩/⶯㸍✅蔦Ⲙ뎴뎬⥈茤冝茤朮臅☭䈰冝茤䈰╃◧臅羱勨㊮☭宭茤徏潸⪸䫌⬑呦䖦锢筷ꓨ掾䫌鰑鰨ꇔTop10䫌鰑勨卐稝㒘41%鯯ⲏ䫌鰑㒘硅槏㎑ꭶյ䉗㐙⯼冎յガ╃埛䑑յ䪫勘谷分⿣儱䫌⬑呦䖦锢筷⺢劔2䧯勨卐鿞燖溻䫌⪨䧯勨卐⚷➆ꓨ鿞⚂䧶燖⚂▇┞㎃䧯䫌鰑勨卐㺲◟鯯ⲏ䫌鰑㒘冝茤⯜ꅐյ蛚曩յ蔦Ⲙ뎴뎬谷⥈茤儱ꓨ掾鰨ꇔ 假䊬䘒峜ꓨ侓瞬㸍⻔յ☋╃气䘒✅笡谷䬲ガ䑜鰑劚ⲏ溸☋╃䫌鰑埛䑑峜ꓨ䪫勘⮱假յ☋⿣⮱假谷⚕╃䧯ꪍ愗ⲇ溸鯯ⲏ䫌鰑埛䑑☋╃䫌鰑埛䑑鯯ⲏ䫌鰑埛䑑3.5%7.3%5.3%3.9%12.8%9.1%4.3%13.6%13.2%13.4%13.4%14.5%11.8%11.8%12.5%4.8%10.4%13.5%6.1%6.1%3.0%5.4%俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝硅槏㎑ꭶ䪫勘分⿣劚ⲏガ╃埛䑑气䘒⚴⛘鰨ꇔ鉿╃䉗㐙⯼冎侓瞬楒㘷气䘒⪫⺶岖槏獘⚷鯰⚈ 91 90 88 87 87 86 81 81 80 79 79 91 87 84 89 87 84 75 74 71 80 78 8.2%1.4%0.6%-2.9%5.9%2.1%-3.3%5.5%6.4%3.5%-5.7%2.6%-3.2%-3.2%-2.2%3.9%8.3%-7.8%-7.7%-2.0%-1.0%-1.3%☋╃䫌鰑㒘ꓨ锢瓨䍳鯯ⲏ䫌鰑㒘ꓨ锢瓨䍳☋╃䫌鰑㒘⺈䋀䍳鯯ⲏ䫌鰑㒘⺈䋀䍳䉗㐙⯼冎獘⚷鯰⚈☋⿣/劚ⲏ楒㘷气䘒气䘒⚴⛘ガ╃埛䑑䪫勘鰨ꇔ鉿╃硅槏㎑ꭶ侓瞬⪫⺶岖槏2023䌑═稝勨卐溸䫌鰑⬑瞬锢筷ꓨ锢瓨䍳⹴⪼⺈䋀䍳俚䰕匡徏氯㲳⩱䌑冝䍍N=5022023䌑6-7劓䫌鰑勨卐ꭄⷳ騫煝㜜峜騜僻ꓨ锢瓨䍳儱䫌鰑☭谷䫌鰑勨卐㸉䫌鰑⬑瞬呦䖦锢筷溸ꓨ锢䙎ꂛ鉿溸䩤⮕怮⮕╬100⮕