Source Code Capital's 2025: Do the Right Thing, Do Things Right

The past year has been filled with noise, but Source Code Capital chose to dive deeper — putting down stronger roots:

• We remain committed to creating lasting, real value. We invested RMB 4.3 billion across critical tracks including AI infrastructure, AI applications, Embodied Artificial Intelligence, hard tech, and globalized consumer brands — doubling down on both long-standing partners and new allies that represent China's foundational innovation strength.

• We accompanied six MaHui portfolio companies to successful listings on the STAR Market, Hong Kong Stock Exchange, and US markets — from Biren Technology, "Hong Kong's first GPU IPO," to Woan Robotics, "the first embodied home robotics IPO" — watching hard tech seeds bear world-class fruit.

• We raised a $600 million growth fund with a 25-year lifespan, anchored by long-termism and patience, demonstrating our conviction in the China market and our commitment to founders. The independent launch of Source Code Rhythm represents our bold experiment in evolving our investment approach.

• We delivered over 500 hands-on service engagements, walking alongside more than 100 companies through cycle volatility; through 14 online and offline gatherings, we created spaces where founders could gain knowledge and find warmth in each other.

In fluctuating cycles, activity isn't just numbers on a spreadsheet — it's the certainty we map onto the physical world in every uncertain moment. In the year ahead, Source Code Capital will hold its coordinates steady, continue to double down, and set out with conviction alongside innovators determined to change the world.