Three Companies Named to "2025 China Sci-Tech Innovation Companies List" | Xinxing PORTFOLIO

On December 10, 2025, the "2025 China Tech Innovators List" was officially released by Cailianshe and China Star Market. Heart Capital portfolio companies Xpeng AeroHT, MinoSpace, and Starlight Fusion were recognized for their outstanding performance in their respective sectors, earning spots in the "Low-Altitude Economy," "Commercial Aerospace," and "New Energy" categories. Rooted in China, Heart Capital is committed to identifying long-term investment opportunities during non-consensus cycles. In frontier technology directions including artificial intelligence, the team maintains a full-stack ecosystem approach: at the infrastructure layer, it has invested in general-purpose GPU chip designer MetaX and full-stack compute chip Xi Wang Sunrise to solidify the compute foundation, while also making forward-looking bets on controlled nuclear fusion company Starlight Fusion — this year's list honoree — to provide ultimate energy security for AI compute. Beyond this, Heart Capital's investment map extends to the model layer and application layer, aiming to comprehensively capture industrial transformation opportunities from underlying energy and compute power through to end-user applications.

In the aerospace sector, the team made early investments in liquid oxygen methane rocket company LandSpace, as well as this year's recognized companies MinoSpace and Xpeng AeroHT. Notably, MinoSpace, as a leading commercial aerospace enterprise, completed its IPO guidance filing with the Beijing Securities Regulatory Bureau in September this year, entering its capital market sprint phase; Xpeng AeroHT's flying car mass production factory also recently began trial production and successfully rolled out its first "Land Aircraft Carrier" vehicle, marking the completion of the world's first flying car mass production line. Earlier in its history, the Heart Capital team led the Series A investment in the world's largest digital freight platform Full Truck Alliance and smart electric vehicle company Xpeng Motors. From new energy and new transportation to today's commercial aerospace and low-altitude economy, Heart Capital has consistently stayed attuned to the pulse of industrial evolution, precisely capturing the defining opportunities of the future.

Looking ahead, Heart Capital will continue its mission of doing Chinese tech investment with heart, embracing the posture of "patient capital" to accompany Chinese entrepreneurs through cycles and onto the world stage.

Leveraging the deep industry insights of Cailianshe and China Star Market, the 2025 China Tech Innovators selection focuses on ten core sectors: artificial intelligence, semiconductors, embodied intelligence, innovative healthcare, new materials, new energy, commercial aerospace, low-altitude economy, smart equipment, and tech-driven consumer. Through multi-dimensional evaluation of technological leadership, commercialization progress, and capital market recognition, it ultimately identifies benchmark enterprises representing China's technological innovation strength.

Founded in 2022, Heart Capital is a China-based early-stage venture capital fund focused on technology and digitalization. The Heart Capital team is primarily composed of Yan Han, founding partner of Lightspeed China, core investors, a chief financial officer, and senior investors with deep industry backgrounds. The team's past investments include Series A investments in Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), as well as FinVolution (NYSE: FINV), RoboSense (02498.HK), Baichuan, Manbang Cold Chain, Fan Deng Reading, World Logistics, MinoSpace, LandSpace, Lanhu, Starfield, and others. Rooted in China with a global outlook, Heart Capital is dedicated to finding genuine value in non-consensus moments. The firm respects the value of "people" and champions the potential of "heart," looking forward to accompanying more young Chinese entrepreneurs in strengthening China and reaching the world.