About Gaorong Report

Giant Biogene, the "first collagen stock," listed on the Hong Kong Stock Exchange's main board; medical and robotics companies secured new funding; Double 11 boosted consumption; zero-carbon factories and energy storage stars accelerated progress toward carbon neutrality... This issue of the Gaorong Report reviews October milestones from Gaorong Ventures' portfolio.

Oct

News

#01

Giant Biogene Lists on Hong Kong Stock Exchange Main Board Becomes "First Collagen Stock"

On November 4, Giant Biogene (stock code: 02367.HK), a leader in China's professional skin care products industry based on bioactive ingredients, listed on the main board of the Hong Kong Stock Exchange, becoming the "first collagen stock." In October 2021, Giant Biogene completed its only funding round since inception, with Gaorong Ventures participating.

Giant Biogene is a pioneer and leader in China's recombinant collagen industry. Through years of accumulation, it has built a synthetic biology technology platform integrating interdisciplinary research in biotechnology, biochemistry, and bioengineering with years of industry expertise. Giant Biogene has developed 33 different types of recombinant collagen and successfully mass-produced them, in addition to independently developing and producing rare ginsenosides.

As of the listing, Giant Biogene's portfolio of professional skin care products and health supplements comprised 106 SKUs across eight major brands, including its two flagship brands Kefumei (Comfy) and Kelijin (Collgene). Kelijin and Kefumei ranked as the third and fourth best-selling brands in China's professional skin care products industry in 2021 by retail sales value.

China's efficacy skin care market reached 30.8 billion yuan in 2021. Giant Biogene was the country's second-largest professional skin care products company in 2021, and has been China's largest collagen professional skin care products company for three consecutive years since 2019. Read more

#02

Pulnovo Medical Closes New Tens-of-Millions USD Funding Round to Accelerate Global Strategy

Recently, Pulnovo Medical announced the completion of a new funding round of tens of millions of USD. Gaorong Ventures invested in Pulnovo Medical in 2021 and continued to increase its stake in this round.

Pulnovo Medical chose pulmonary arterial hypertension as its first area of unmet clinical need to address, with its proprietary interventional therapy PADN bringing entirely new treatment options and solutions to patients. In 2021, the PADN product received FDA Breakthrough Device designation in just 16 days, and in December 2021 completed all patient follow-ups for its PADN-NMPA registration clinical trial. Regarding PADN clinical trials, Pulnovo Medical successfully held a Pre-Submission meeting with the US FDA in July this year regarding the PADN global multicenter clinical trial, marking the company's formal entry into the FDA PMA (Premarket Approval) process.

Currently, the PADN global multicenter clinical study is also being actively advanced, laying a more solid clinical foundation for the global commercialization of leading device therapies and products in this field.

Relying on the integrated capabilities across the full value chain of "medical-engineering-research-production-commercialization," Pulnovo Medical has built an OTM (Operating Table to Market) platform for incubating innovative medical technologies and device products. In its long-term strategic planning, Pulnovo Medical's pipeline will also cover heart failure, hypertension, diabetes, and a series of other chronic diseases and related indications.

#03

Bizseer Closes Nearly 200 Million Yuan Series C Round, Launches Next-Generation Intelligent Operations Product Matrix

Recently, Bizseer announced the completion of a Series C round of nearly 200 million yuan. Gaorong Ventures led Bizseer's Series A+ round and participated in subsequent rounds.

Bizseer is a high-tech enterprise focused on AIOps product R&D and implementation, having built a "one data, three platforms" product system and launched a product matrix of "risk warning + problem discovery + fault location + operations data platform." Based on the intelligent operations data platform DataSeer, it achieves full coverage of risk warning, problem discovery, and fault location through the intelligent risk perception platform RiskSeer, intelligent incident management platform AlertSeer, and intelligent troubleshooting analysis platform TicketSeer, accelerating the commercialization of intelligent operations in China.

Currently, Bizseer's intelligent operations solutions have been deployed at dozens of industry-leading enterprise users, covering various business scenarios across banking, insurance, securities, telecom operators, energy, manufacturing, and internet industries, earning broad user recognition with a product repurchase rate approaching 100%. Read more

#04

Rvbust Raises Tens of Millions of Yuan in Series A+ to Accelerate Large-Scale Deployment of 3D Vision Products

Recently, Rvbust announced the completion of its latest Series A+ round of tens of millions of yuan. Gaorong Ventures invested in Rvbust's angel and Series A rounds.

Founded in 2018, Rvbust focuses on developing 3D vision products and intelligent hand-eye workstations, with significant advantages in 3D vision technology and robot motion planning technology, and received high-tech enterprise certification in 2021.

Rvbust has successively launched three major product lines: high-performance RVC industrial 3D cameras, VDA 3D visual displacement analyzers, and FLEX intelligent hand-eye workstations, which have been widely applied in automotive, consumer electronics, heavy industry, footwear and apparel, industrial inspection, logistics, and other fields, helping to comprehensively upgrade intelligent manufacturing in industry. Read more

Oct

By the Numbers

#01

Pinduoduo Launches 11.11 with Over 1,000 Brands to Continuously Boost Consumption

On October 20, Pinduoduo launched this year's 11.11 promotion, offering discounts of 50 yuan for every 300 yuan spent across millions of products with no upper limit, and partnered with over 1,000 brands including Xiaomi, Midea Group, Yili Group, China Mengniu Dairy Company Limited, TCL, and others to bring benefits to users during the promotion. Meanwhile, the billion-subsidy channel will also provide additional coupon packages for branded goods and agricultural products.

A Pinduoduo promotion project lead stated, "During this year's promotion, Pinduoduo will continue to adhere to its direct subsidy policy with no pre-sales and no final payments, providing consumers with a simple and affordable shopping experience."

"Judging from the first day of the promotion, this year's 11.11 consumption momentum exceeds last year's and this year's 618, further demonstrating the strong resilience of China's consumer market." The Pinduoduo promotion project lead stated that during the promotion period, Pinduoduo will partner with more brands and merchants to further unleash the consumption vitality of platform users and continuously drive consumption.

#02

Genki Forest Implements "Dual Carbon" Initiatives, 34 Energy Conservation and Consumption Reduction Projects Executed in 2022

To achieve green and low-carbon development, Genki Forest is actively promoting carbon neutrality in its own operations by 2025, low-carbon transformation across its value chain, and leading green consumption with zero-carbon products. Genki Forest's self-built factories introduced green and low-carbon concepts from the design stage, continuously improving energy efficiency during factory operations to reduce carbon emissions. At the same time, it increases clean energy usage and continuously reduces wastewater discharge, reducing carbon emissions through this "one increase, one decrease" approach.

Currently, Genki Forest's photovoltaic projects at its Anhui Factory Phase I, Tianjin Factory, and Guangdong Factory Phase I have an installed capacity of 10,540 kW, with estimated annual power generation exceeding 11 million kWh. Cumulative power generation has reached 9.85 million kWh, reducing carbon dioxide emissions by 7,066 tons — equivalent to planting nearly 700,000 trees that year. Through the establishment and operation of a zero-landfill solid waste system, solid waste generation at the source has been reduced by approximately 30%.

Additionally, Genki Forest's self-built factories have executed 34 energy conservation and consumption reduction projects in 2022, with electricity consumption per unit down 25% year-over-year, water consumption per unit down 10%, and steam consumption per unit down 15%.

#03

Innovusion's High-Performance LiDAR Enables Mass Production of Passenger Vehicles, Ranking First in Forward-Mounted LiDAR Market Share

Recently, NIO's mid-size intelligent electric coupe ET5 officially began customer deliveries — the third NIO model equipped as standard with Innovusion's LiDAR to achieve mass production delivery. With the smooth deliveries of the NIO ET7, ES7, and ET5, vehicles equipped with high-performance LiDAR are seeing large-scale application in daily travel.

Meanwhile, Innovusion has also recently completed a comprehensive upgrade of its production line and scaled expansion of capacity, ensuring efficient fulfillment of growing demand for high-performance LiDAR mass production.

Data from Gaogong Intelligent Automobile Research Institute shows that from January to July this year, the China market (excluding imports and exports) saw 32,500 passenger vehicles with front-mounted standard LiDAR delivered and insured, with Innovusion ranking first in forward-mounted LiDAR market share.

#04

Raysolve Announces Successful Lighting of 0.39-Inch Monolithic Full-Color Micro-LED Micro-Display

Recently, Raysolve announced the successful lighting of a 0.39-inch monolithic full-color Micro-LED micro-display chip, achieving a breakthrough in the product standardization process. The successful lighting of this chip represents an important milestone for monolithic full-color Micro-LED technology from concept to product, and will bring revolutionary breakthroughs to next-generation consumer AR glasses.

Raysolve innovatively employs quantum dot color conversion technology to achieve RGB primary colors on a single chip, thereby enabling full-color chip integration. Through its proprietary optical isolation structure, it effectively reduces RGB color light crosstalk, thereby achieving higher contrast and color saturation. At the same time, with lithography-based quantum dot technology, it can effectively solve the efficiency and brightness problems of native red light, producing a qualitative improvement in overall brightness of the full-color chip.

Furthermore, Raysolve's monolithic full-color Micro-LED micro-display technology features semiconductor process compatibility, enabling monolithic full-color Micro-LED micro-displays to be manufactured through standard and efficient semiconductor processes, thereby laying a solid foundation for mass production.

Oct

Horizon

#01

CCTV Reports on Energy Storage Rising Star "Flow Battery" — WeView's Zinc-Iron Flow Battery Demonstration Project in Shangrao, Jiangxi Featured

#02

CCTV Reports on "Compressed Air Energy Storage" Accelerating Deployment — China Energy Storage's 100MW Advanced Compressed Air Energy Storage Project Begins Power Generation

Oct

Recognition

Recently, Gaorong Ventures was named to Diyixinsheng's "Q3 2022 Most Active Investors by Sector — Top 10 Most Active Healthcare Investment Institutions" and EqualOcean's "2022 Top 10 Globalization/Going Global Investment Institutions."

Gaorong Ventures Director Xiaoyu Ma was named to EqualOcean's "2022 China Globalization Youth 30 Under 30," and Gaorong Ventures Director Feng Yuan was recognized by China Science and Technology Innovation Board Daily as "2022 Pioneer Investment Force."

Oct

Gaorong Gathering

On October 28, 36Kr and Gaorong Ventures brought innovative technology companies to visit BYD. BYD shared insights on intelligent connected product innovation and brand strategy vision, with special guest Professor Weiru Chen, Associate Professor of Strategy at China Europe International Business School (CEIBS), sharing how frontier technologies can help industries achieve mutual upgrading. Participating companies also jointly explored industrial ecosystem development, opening up a promising electrified future.