"China Unicorn Enterprise Development Report (2025)": China has 409 unicorn companies with a total valuation of US$1506.8 billion

According to reports, at the recently held Second Global Unicorn Enterprise Conference, the "China Unicorn Enterprise Development Report (2025)" was officially released. This authoritative report reveals the latest development trend of China's innovative enterprise group. The report data shows that China currently has 409 unicorn enterprises with a total valuation of US$1,506.8 billion.

From a global perspective, the number of Chinese unicorn companies accounts for nearly 30%, and the scale ranks second in the world after the United States. According to the internationally accepted definition, a unicorn company refers to an unlisted innovative company that has been established for no more than 10 years, has a valuation of more than US$1 billion, and has core technologies. From the perspective of industry distribution, these high-value companies are widely distributed in 12 key areas. Among them, the total valuations of companies in the three major fields of artificial intelligence, new consumption and retail, and integrated circuits ranked in the top three, reaching US$461.2 billion, US$203.9 billion, and US$192.5 billion, respectively.

It is worth noting that in terms of average valuation, the field of artificial intelligence leads with $7.561 billion, followed by e-commerce (6.185 billion) and new energy smart cars (5.431 billion). Currently, there are 18 "super unicorn" companies in China with a valuation of over $10 billion.

At the same time, another type of high-growth enterprise, gazelle enterprises, is increasingly attracting market attention. Although these enterprises are relatively small in scale, they show faster growth and stronger innovation capabilities. Unlike unicorn enterprises, gazelle enterprises have often passed the start-up period and are achieving extraordinary development through technological innovation and breakthroughs in business models.