清科创业2025中期报告
2 4 6 7 15 C1 ZHANG Min 22 YE DaqingZHANG Min PO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands 4012101–2109 YE DaqingZHANG Min 24840 YE DaqingZHANG Min 261 97914 1617 1945 www.zero2ipo.cn Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands •DeepSeek20256 3037AI50 •20256 303.6 • • 2025 20246 3072.222.7%202555.8(1)(2) 20246 3054.510.3%202548.9 20246 3017.761.0%20256.920246 3024.5%202512.4% 20246 3014.312.6%202512.520246 3050.5%202541.9% 20246 309.460.6%20253.720246 3039.0%202522.2% 20246 3020256.420246 3077.1%2025142.2% 20256 302.960.4%20246300.43.5% 20246 307.720.8%20256.1 20246 3025.93.9%202526.9 20246 307.146.5%20253.8 20246 307.874.4%20252.0 20256 300.520242.0 20246 307.694.7%202514.8202420256 3010.5%26.5% 202412 3120256 30761.6732.2 202412 3120256 30182.6171.8 20256 30182.5202412 31455.220256 30447.4 2025 20256 30 20256 30 202012 16 20256 30 20256 3080.04.77.522.85%20251 2220255 28 20256 30 20256 30 20256 30 202412 3124.0%20256 3023.5% 20256 30XV(a)XV78(b)352(c) (A) : (1)(i)JQ Brothers Ltd.(ii)35.0%20256 303,055,778(2)20256 305,718,800(3)MRJ Holdings Limited(4)HCShanghe Holdings Limited(5) (1)202563054.93%100% 20256 30XVXV78352 20256 30XV23336 (1)20256 305,718,800JQ Brothers Ltd. 20256 30336 202012 720235 1717 (1) (2) (3) 30,640,24010.24% (4) 1% (5) (6) (a)(b) (a) (b) (7) (8) 20235 17 20251 120256 3020256 3030,640,240 C1 C.2.1 C.2.1C.2.1 C3 20256 3013.51B(1) 20256 3025320246 30280202563050.9 202012 30386.966.0 20226 62022(a)50.0(b)202212202312202412(i)COVID–19(ii)(iii)2022 202411 292024(a)72.0(b)202412202612(i)(ii)(iii) 2024 202612 20256 302.01,530,800 20256 305,718,800 20256 30 C1YE DaqingZhang Min20256 3020256 30 241020256 30 13.2013.21 13.22 20257 220257 9145,20020256 30 25523434 2410 34 2025813 20256 30 20256 30 20256 30 20256 30 20256 30 1 221961320198 1PO Box 309,Ugland House, Grand Cayman, KY1-1104, Cayman Islands 20256 3020256 3020256 30 20258 13 2 34 202412 31 3 20251 1 •21 202412 31 4 (a) 202412 312025630 (b) (i) 4 (b) (i) TechStar Acquisition CorporationTechStarTechStar18B20226 153,750,000TechStar BB202212 23TechStar6,000,000 4 (b) (i) 20256 30202412 31 20256 30 20256 30TechStarB 4 (b) (i) 20256 30 (ii) ••• (iii) TechStarB 4 (b) (iii) TechStarBTechStar 5 202412 3120256 30 6 6 202520246 30 15 11 (a) 202520246 30 (b) 202520246 30 12 202520246 30 13 8 202563020241231 14 (a) 13 14 (b) 15 16 20211223 17 20256 30202412 31 17 9 18 20 20256 30202412 31 22 TechStarTechStar 23 16 24 20256 30202412 31 25 202520246 3012,860,0006,000,000 27 (a) 27 (b) (c) 27 (d) 28 29 20257 220257 9180,696158,789145,200
