文|野马财经 刘钦文

编辑|李白玉

“yishiyiyou”“yiriweishi，zhongshenweifu”，yiweihaodelaoshibujinnenggourangxueshengzaizhuanyezhishishangyousuojingjin，yenengchengweiqirenshengdaolu、zhiyedaolushangdezhiyinren。

chuangtouquanzuijinjiuguaqileyizhen“daoshi+xuesheng”deqiangqianglianhemoshifengchao。qizhongxianggangkejidaxuejiaoshoulizexiangbeichengwei“chuangyejiaofu”，qichangniantouzixuesheng，yishoufuhualedajiang、liqunzidonghua、yunjingzhinengdengduojiakejidujiaoshouqiye。rujin，lizexiangzijiheliangweiyourenyiqichuangbandegongsigugaokejigufenyouxiangongsi（xiacheng“gugaokeji”），yezouxiangipoqiechenggongguohui，jijiangshouhuozijidediyijiashangshigongsi。

年入3亿，市占率低

gugaokejidebeihoulibukaisanweijiaoshou，lizexiang、gaobingqianghewuhong。

lizexiang、gaobingqiangfenbiechushengyu1961nianhe1951nian，zaonianfumeiliuxue，junbiyeyujialifuniyadaxuebokelaifenxiao，weidianjigongchengyujisuanjiboshi，wuhongbiyeyuxianjiaotongdaxue，zhangqicongshigongyezidonghuayijiyundongkongzhilingyudeyanjiuyujiaoxuegongzuo。sanrenyu1992nian-1996nianjian，luxujinruxianggangkejidaxuegongzuo。

1999nian，sanrenxieshougongtongchuangbangugaokeji，yinyanjiuzidongkongzhi、dianzigongchengdenglingyuyiyouduonian，qichuangyefangxiangyeyuzhixiangguan。

gugaokejidezhuyingyewubaokuoweizhuangbeizhizaoshangshengchanxianjinyundongkongzhixitong。yundongkongzhishizhiduijixieyundongbujian（jixiejigou）deguiji、weizi、weizhi、sudu、jiasududengjinxingshishikongzhi，shiqianzhaoyuqideyundongcanshujinxingyundong。yicilaizhizaogengyouxu、gaoxiao、gaosu、jingmi、wendinghekekaodexianjingongyezhuangbei。

gugaokejidekehujibaokuodazujiguang、bozhongjinggong、xinyichang、lianyingjiguang、adazhineng、nantongzhenkang、guangdongkejie、yaweigufen、cixinggufendengguoneigaoduanzhuangbeizhizaoxingyelongtouqiye，yebaokuozhongduozhuanjingtexin“xiaojuren”zhuangbeizhizaoqiye。

《zhaogushu》xianshi，tongguotigongyundongkongzhihexinbujianlei、yundongkongzhixitonglei、yundongkongzhizhengjileichanpinjifuwu，gugaokeji2020nian-2022nianshixianyingshou2.83yiyuan、3.38yiyuanhe3.48yiyuan，jinglirunfenbiewei2738.83wanyuan、6419.77wanyuanhe5221.25wanyuan。

图源：《招股书》

buguo，gugaokejidejingyingguimozaixingyeneichuyuzhongxiashuiping。yuguoneitongxingyeshangshigongsixiangbi，2021nianyingshoupingjunwei21.11yiyuanzuoyou，guimujinglirunwei3.84yiyuanzuoyou。

图源：《招股书》

gugaokejiyezai《zhaogushu》zhongchengren，congxiaoshouguimojiaodu，gongsiyundongkongzhiqishichangzongtizhanyoulvbugao。sifuqudongqilingyu，guoneichangshangjinzaizhongdiduanshichangzhanbijiaogao，ribenpinpaizhanjuguoneiyueyibandeshichangfene，oumeipinpaizhuyaojujiaogaoduanshichangjibufenzhongduanshichang。

图源：《招股书》

ciwai，gugaokejidejinglirunzhongyoubushao“shuifen”。2020nian-2022nian，gugaokejihuodedezhengfubuzhuzhandangqijinglirundebilifenbiewei49.31%、17.47%he19.3%，shuishouyouhuizhanlirunzongede53.3%、27.3%he23.91%。liangzhexiangjia，zhandaolejinglirunde102.61%、44.77%he43.21%。

家人、客户、联想共享资本盛宴

《zhaogushu》xianshi，lizexiang、gaobingqianghewuhongsanrenhejikongzhigongsi32.3%degufenbiaojuequan，sanfangjinyibutongguoqianshuyizhixingdongxieyi，chengweigongtongshijikongzhiren。

gugaokejideshangshiguoshi，baokuosanweijiaoshoujijiaren、kehu、lianxiangdengyejiangyigonggongxiang。

《zhaogushu》xianshi，gugaokejideduoweigudongweisanweijiaoshoudejinqinshu。gudongwuxiweiwuhongzhinv，zhijiechigu0.17%；gudongshenzhenqingshuiwandeshijikongzhirenlizuheweilizexiangzhixiongzhang，lizuhe、liaofengyingfufujianjiechigu0.92%；gudonghechuangrunfengzhiyouxianhehuorenlishanweiwuhongzhidixi，jianjiechigu1.51%。

tuyuan：gugaokeji ciwai，gugaokejidediyidakehuguangdongkejieyequxianrugu。shuangfangzi2010niankaishihezuo，guangdongkejiezhuyingyewuweigaosushukongdiaoxianjidengshukongshebeideshengchan、yanfahexiaoshou，qixiayoukehubaokuo3cdianzishengchanchangshang、geleimojujiagongqiyedeng，jingyingguimozai5-10yiyuanzhijian。

《zhaogushu》xianshi，2020nian-2022nian，guangdongkejiejunweigugaokejidediyidakehu，xiaoshouzhanbifenbiewei7.7%、5.57%he6.35%。shijikongzhirenweitianshaohua，rujinguangdongkejieyetashangleipozhengcheng，2023nian4yue，zhongxinjiantouzuoweifudaojigouduiguangdongkejiewanchengsanqifudao。

tianshaohuazhizitianjiajiezezaizaoqirugulegugaokejidekonggugudongxiangganggugao，2021nian3yuejingdiaozheng，gaiweiaomenmingjiezhijiechigugugaokeji，chigubili7.85%，weidisidagudong。

2021nian5yue，linghuijishi、hechuangrunfeng、hubeilianxiang、shunxirenhedeng4jiaqiyeyishourangxingshirugugugaokeji，zhuanrangjiagewei6.87yuan/gu，qizhonghubeilianxiangchigu882.54wangu，chigu2.45%，weidishidagudong。

ciwai，gugaokejiyetouzilebushaoqiye。

《zhaogushu》xianshi，gugaokejiweiraozhinengzhizaolingyu，leijitouzi20jiacangugongsi，qizhong12jiayougugaokejiheshijikongzhiren、dongjiangaojiqiqinshugongtongtouzi，baokuowuweichuangxin、zhangjiangyanjiuyuan、zhongqinggurun、zhangshayanjiuyuan、namizhineng、lidejiqirendeng。

buguo12jiatouziqiyezhong，muqian8jiadejinglirunrengranweifu。jiezhi2022nian12yue31ri，gugaokejizhangqiguquantouziheqitaquanyigongjutouziqimoyuefenbiewei9238.65wanyuanhe3251.64wanyuan。2022niandujinglirunweifudecangugongsi，duiyingdezhangqiguquantouziqimoyuewei2713.99wanyuan，zhanbiwei29.38%。

背靠腾讯、红杉等，两位教授已投出多家IPO

sanweishijikongzhirenchulehegugaokejiyitongtouziwai，gengduoderengyizishentouziweizhu，lizexiang、gaobingqiangzaitouzijiegengshi“dingdingyouming”。

lizexiangzuichumingdetouzianlifeidajiangmoshu。2003nian，dajiangchuangshirenwangtaojinruxianggangkejidaxuedushu，cengliangcixuanxiulelizexiangdeyundongkongzhikecheng，2005nian，chengweilizexiangdeyanjiusheng。2006nian，wangtaozailizexiangzhichixia，lashangdangnianyiqizuobiyeketideliangweitongxue，zaishenzhenshichengliledajiangchuangxingongsi。

danchuangyechuqi，dajiangyinweiguquanwenti、guanlifenggedengyuanyin，yuangongfenfenlizhi，zuihoujinshengyimingchuna。yushi，lizexianglianhehagongdaboshidaoshishengzhuxiaoruijidajiangtoule100wan。tongshi，qiafenghagongdashenzhenyanjiuyuandiyipixueshengbiye，lizexiangdongyuanhenduoxueshengjiarudajiang。

jiezhimuqian，dajiangzaiquanqiuminyongwurenjishichangzhanjuchao80%deshichangfene，hurunbaifuwangxianshi，dajiangzaiquanqiudujiaoshoubangzhong，paimingdi20，guzhidadao1250yiyuan。

图源：胡润百富网 大疆只是李泽湘众多投资案例之一。

2014nian，lizexiang、gaobingqiangliangrenyuzhangjiangshangxueyuanfuyuanzhangganjiejiaoshouyiqi，chuangbanxbot parkjijin(yuanxianggangqingshuiwanchuangyejijin)，zhenduijiqirenjizhinengyingjianxiangguanlingyutouzi。

jiezhimuqian，gaijijinyijingfuhualechaoguo60jiajiqiren、zhinengyingjianchuangyegongsi，fugaigongye、nongye、iot&zhinengjiaju&xiaofeipinyijijiaoyu、huanbao、dajiankangdenglingyu。baokuoliqunzidonghua、cuitaozidonghua、yidongkeji、hairouchuangxin、hutaokeji、yunjingzhineng、songlingjiqirendeng。

图源：IT桔子

qizhongyunjing2022nianyi14.5%deshizhanlvpaimingzhongguosaodijisaidaoqiansan，gudongbaokuogaoling、hongshan、yuanma、mingshi、tengxun、zijietiaodongdengzhongduomingxingjigou，muqianguzhichaoguobaiyi。hairouchuangxintouzifangbaokuohongshanzibenzhongguo、jinriziben、lianxiangzhixingdeng，guzhichao20yimeiyuan。

2016nian，lizexiangyouyuhongshanzibenshennanpeng、xianggangdaxuechenguanhuajiaoshougongtongfaqichenglixianggangxkejijijin。lishitouziqiyechaoguo37jia，yitouchusiteweiheecoflowzhenghaoliangjiadujiaoshougongsi。

2022nian8yue，qingshuiwanerqichengli，chulizexiang、gaobingqiangheganjiewai，tengxun、hongshanzhongguodengcanyuchuzi，zhucezibenda5.36yiyuan。

xiangjiaolizexiang“dajiangjiaofu”、“kechuangjiesaodiseng”dengzhimingtouxian，gaobingqianglvexiandidiao，dantouzidongzuoyiyangbushao，chujiqirenlingyuwai，gaobingqianghaishifenguanzhuxinpianlingyu。

2000nian，gaobingqiangyulianxiangjituanchuangbanrenzhiyilvtanping，yitongchengliaokefengxiantouzigongsi，zhiliyubandaotichanye。liangluncanyutouziyichewang，2010nian11yue17ri，yichewangdengluniujiaosuo。2020nian，siyouhuatuishi。

gaobingqiangzijizetouchuleanfangcislongtousitewei、wuxiantongxunshepinxinpiangongsibotongjichengdeng。

siteweichuangshirenxuchencengshuo，gaobingqiangjiaoshoushisiteweideguiren。bujintigongzijinzhicheng，haiweiqiqianxiandaqiao，jieshaotaijidiandaigong。2022nian5yue20ri，siteweizaikechuangbanchenggongqiaozhongshangshi，jiezhi2023nian7yue30ri，gongsishizhidadao182yiyuan。

gaobingqiangtuidongxia，botongjichengchuangshirenzhangpengfeiduocihuiguokaocha，shenrulejieguoneibandaotichanyefazhanqingkuang。2005nian，zhangpengfeijuedinghuiguochuangye。2019nian，botongjichengzaishangjiaosuozhubanchenggongshangshi，dangtiangaobingqiangxianshenqiaozhongyishi。jiezhi2023nian7yue30ri，zongshizhidadao43yiyuan。muqian，gaobingqiangyiranzaibotongjichengdanrendongshiyizhi。

liangweijiaoshou“taolimantianxia”beihou，shikejichengguozhuanhuadelangchaozhengzailailin，“qiangtoujiaoshou”zaizibenquanchengweihuorehuati。yuelaiyueduodedaxuejiaoshou、kexuejiamen，shouwojishuziyuanzoushangipozhilu，danxiangcongshiyanshizouxiangshichang，rengyouxuduonantidaijie。

zhongguancunkexuechenggongsizongjinglizhupingcengbiaoshi，“jishunenglishikejiqiyechuangyedehuchenghe，danchuangyezheyeyaozuo‘jianfa’——bixuliqingchanpindingweiheshangyemoshi，diaoyanbingmingqueweilaizhugongshichangdeyouxiaokongjianheduishounengli，zaiyouxianziyuantiaojianneijujiaozhuyaofazhanfangxiang。gongsiyunyingzhong，hexintuanduijiandehubuxinghewendingxing、shichangrongzinengliyeshijiweizhongyaodeshengcunnengli。”

niduidaxuejiaoshoumenchuangyezenmekan？huanyingxiafangliuyantaolun。