130亿美团龙珠王兴的风口捕手

21世纪经济报道06-06 07:00

美团，已成风口上的投资猎手。　　6月1日，管理层披露，单单一笔智谱，当季就带来76亿元公允价值变动收益；当天，其重仓的宇树又成功过会。　　在王兴的运筹下，美团龙珠已和战投部一道，成为其产业投资的两驾马车之一。　　5月上旬，美团龙珠领投月之暗面的新一轮融资，总额高达约20亿美元。　　其在2023年领投过一轮。彼时，月之暗面估值约6亿美元，最新一轮估值则高达200亿美元。　　押注月之暗面，是美团龙珠“...

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href=http://finance.eastmoney.com/a/202606063762341239.html><strong>21世纪经济报道</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美团，已成风口上的投资猎手。　　6月1日，管理层披露，单单一笔智谱，当季就带来76亿元公允价值变动收益；当天，其重仓的宇树又成功过会。　　在王兴的运筹下，美团龙珠已和战投部一道，成为其产业投资的两驾马车之一。　　5月上旬，美团龙珠领投月之暗面的新一轮融资，总额高达约20亿美元。　　其在2023年领投过一轮。彼时，月之暗面估值约6亿美元，最新一轮估值则高达200亿美元。　　押注月之暗面，是美团龙珠“...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202606063762341239.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0823039010.USD","symbol_name":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) 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catcher","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HMTD.SI":0.6,"MPNGY":1.94,"03690":1.94,"METmain":0.6},"content_text":"美团，已成风口上的投资猎手。　　6月1日，管理层披露，单单一笔智谱，当季就带来76亿元公允价值变动收益；当天，其重仓的宇树又成功过会。　　在王兴的运筹下，美团龙珠已和战投部一道，成为其产业投资的两驾马车之一。　　5月上旬，美团龙珠领投月之暗面的新一轮融资，总额高达约20亿美元。　　其在2023年领投过一轮。彼时，月之暗面估值约6亿美元，最新一轮估值则高达200亿美元。　　押注月之暗面，是美团龙珠“时代品类”方法论在AI周期中的一次重仓落子，从中也能管窥王兴个人投资逻辑的迭代。 　　两度领投　　王兴和美团龙珠，能两次重押月之暗面，没有半分偶然。　　2023年春节前，美团龙珠的AI投资团队就频繁提到杨植麟，讨论是否要支持其出来创业。　　在投资推进过程中，龙珠团队与月之暗面的联合创始人有过接触，并把对AI大模型领域的理解发给对方，甚至还帮月之暗面招过人。　　2023年5月，月之暗面接近完成天使轮融资时，美团龙珠合伙人王新宇第一次见到杨植麟本人。　　那次交流后，美团龙珠迅速推进投资，当年7月，就成为月之暗面A1轮融资的领投方。　　王新宇后来总结，敢于早期下注，主要是因为杨植麟团队对大模型本质的理解，“非常第一性原理”，而且团队人才密度高，创始人具备真诚度和技术前瞻性。　　如今，投资人更关注，模型能否落地应用场景，将Token消耗转化为真实收入。　　杨植麟团队开始调整方向，从泛化产品尝试转向coding和Agent，从大规模投放转向模型能力建设，从闭源走向开源，并在订阅和API收入上取得阶段性进展。　　王新宇在接受采访时透露，月之暗面的年度经常性收入，在2026年3月初突破1亿美元，4月超2亿美元，付费订阅与API调用均加速增长。　　对投资人来说，Kimi的看点，正从用户增长和产品声量转向三个现实问题：模型能力能否持续领先，Agent产品能否被用户真正使用，订阅和API收入能否继续增长。　　在杨植麟团队完成技术、产品和商业化的阶段性验证后，龙珠选择再次下注。　　对美团龙珠而言，月之暗面不只是“头部大模型创业公司”，更是一家可能在AI生产力工具和Agent时代占据重要位置的企业。　　重仓头部　　今年初，美团龙珠的累计管理规模，已超130亿元人民币。　　最初，其带有鲜明的消费产业底色。　　2017年，美团点评宣布发起设立美团点评产业基金，由美团点评作为基石投资人，专注于大消费领域项目的投资。后来，基金更名为龙珠资本。　　2018年，其投资喜茶；2019年，重注领投古茗；2020年，成为蜜雪冰城IPO前唯一一轮外部融资的领投方之一。　　此外，Manner咖啡、认养一头牛、薛记炒货等消费企业，也被纳入其投资版图。　　在这些项目中，美团龙珠展现出鲜明风格：聚焦大赛道，重仓头部公司，长期陪伴企业成长。　　茶饮赛道是最典型的样本。　　龙珠并非只投一家茶饮品牌，而是基于价格带、市场容量、连锁化能力和消费者代际变化，分别押注喜茶、古茗和蜜雪冰城。　　理想汽车，则成为美团龙珠从消费走向科技的关键转折点。　　2019年，美团龙珠在理想汽车C轮融资中投了1500万美元，王兴个人出资2.85亿美元。多年后，理想汽车创始人李想在一个采访中哽咽，称王兴是自己创业路上“最大的贵人”。　　2020年7月，理想汽车登陆纳斯达克，成为美团龙珠收获的首个IPO项目。　　“理想汽车是我们基金在消费与科技十字路口上的第一笔投资。”王新宇总结道。　　在美团龙珠的投资框架里，消费和科技并不截然分开。好的科技产品，最终会服务于消费者；而真正改变消费者生活方式的品类，往往会成为技术和产业交汇处的新机会。　　2021年，龙珠组建科技投资团队，主攻电动化和智能化，关注AI、机器人、半导体、EV、新能源、新材料等方向。　　AI成为美团龙珠的重仓方向，正是因为它符合“时代品类”的定义。　　王新宇曾表示，龙珠追求的是“处于非共识阶段的、下一个伟大的企业”，希望尽可能早地去追求可能是未来最有价值的公司。在这样的逻辑中，月之暗面进入龙珠视野。　　目前，龙珠的科技投资版图清晰：　　AI大模型领域有月之暗面，具身智能和机器人领域有宇树科技、银河通用、星海图、自变量、地瓜机器人等，半导体和硬科技领域则包括清纯半导体、灵明光子等项目。　　代际变迁　　从喜茶到理想汽车，从宇树科技到月之暗面，美团龙珠延续的并不是某个行业标签，而是一套相对稳定的方法：　　在代际变化中，寻找足够大的品类、足够强的创业者，并在关键拐点重仓支持。　　美团龙珠的定位是市场化VC，美团也通过战投体系进行投资，两者并不完全等同。在很多科技项目中，外界会关注其与美团业务之间的潜在协同。　　从这个角度看，月之暗面对于美团生态的想象空间，可期的至少有三层：　　第一是消费决策入口，第二是商家AI Agent，第三是服务业效率提升。这也解释了，为什么美团龙珠在AI之外，持续重仓具身智能和机器人。　　王新宇公开提过，下一个时代的答案之一是具身智能，另一个是新的AI驱动硬件终端。　　龙珠在宇树科技、银河通用、星海图、自变量等项目上的布局，或可理解为，押注AI从数字世界进入物理世界。　　喜茶、古茗、蜜雪冰城、Manner、薛记炒货等项目，构成了它最早被市场认知的名片。而理想汽车、月之暗面、宇树科技等项目，则让外界看到另一条更清晰的科技投资主线。　　美团龙珠也涉足医疗方向，例如智冉医疗、安领科生物等。这说明，它的边界仍在继续打开。　　美团龙珠正在走出一条带有产业背景的独立创投机构成长之路：从产业资本起步，逐步跳出产业公司的业务半径，在更大的技术和产业周期中寻找机会。　　对龙珠而言，重要的不是给自己贴上消费、科技或产业资本的标签，而是在每一次时代切换中，尽早识别出那个能够定义未来的品类和企业。　　消费时代如此，EV时代如此，AI和具身智能时代亦如此。（文章来源：21世纪经济报道）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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130亿美团龙珠 王兴的风口捕手

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130亿美团龙珠王兴的风口捕手