2019年一季度二季度中国TMT报告.pdf

普华永道中天会计师事务所（特殊普通合伙）MoneyTreeTM中国TMT报告2019年一季度/二季度 b S MoneyTreeTMS TMTS / a 8 Y 2019 MB1 /=1d 2019 M Ma 2018 Ma 2017 M# 2016 M/ MS TMT #7gg b目录1. 22. TMT #7ggs 3TMTg98g1 3TMTg1 t 6TMT0g 8TMT n g1 12TMTg s 14TMTg us 183. TMT #7gg|s 19TMTg|1s 19TMTg| 20TMT0g|s 224. ZE#l 245. “ 25MoneyTreeTMS TMT22019 M M 7g g8bS6 v/ so5?p ta sKa =y Y gg - (v 7 M b lY/g g1GV i g 8 g t o bTMT s98 g Yg -1 (C/t b 11 H-B / O M (g-7 M b 2019 M Mv- “A h V a g 29 1 | B b TMTn g -/ MK n (g-9 /bBZ v-g “ g 4( g=b 6BZ 69 taS5 t9Pg Q_|F “ TC I b2019 M M 7 g K f g9-K t b 7 g -1/7 f gC 9 ?g-?h1r TMT98g- 63%b N V n E B f z/ f g “ b 2018 M/ M t 2019 M M TMT v0 S/g K7 #M g-G nbmSE g S/ B s 9 a ?a IC ! 9 a0#; !av a 9 b #M %shn p 7 S db a0 a MCg 5 s b . S5%a?S t /g/ b o TMT5 yS TMT5 概述1.2019 M M| ( “ g h g| n IPOi 6 IPO ,1 MS5 “ “? a g fh| 2019 M MSP S IPO 1b S73 g / g| | S/7 9| B IPO b69 bv/ 2019 M Mg g pb 7 “6 6)BZ 7 2019 M S E L v? h ni9F 5? 7b? 0av ua u? vg H ?Z9C + S7 SQ g8“ g gSbB“ 6O d 7g g 4 2019 M/ M gVC V b _ Z U 2019 M M TMT# v0 7 g g f | W f TMTg b Es = “ iB) YbTMT行业私募及创投投资分析2. 7g g 2018 Mv v 2019 M M ) b98g- 379.78a 1 h 42% 1 h 57% g / 9 93,592 1 h 13% 1 h 29%b TMTg9 1,649 98g9 46% 2018 M/ Mb TMT g-g 878 # g -148.96a 98g9- 39%b1?C1. TMTg9 V 2018 M 1 h 2019 M 6b98 g 1 2018/ M / 12% 1,649 b2. TMTg9- 2018 M 1/ t 1 2019 M M1/ 47% 1 / 59%bTMT行业投资与总体行业投资比较41 2018 M s ao5?p ta Y sEZF 4Fv b 2019 M Mg -C / -0C Pg=bg- 1/b Pg g8 - TMTg 11 7 S 6 1 C 9-h t b)eaag SEh na v 7ba S/7O S7 P 2019 M7g gh$/B 1 G | %M1 # S7VCb3MoneyTreeTMS TMTMoneyTreeTMS TMT4a Q1n19 Q2n19194.88 184.90g9-Q1n19vsQ4n18 Q2n19vsQ1n19-9% -5%Q1n19 Q2n191,816 1,776g9 Q1n19vsQ4n18 Q2n19vsQ1n1933% -2% #7g98g f 2019 MB198 #7gg9 1,816 g 9 -194.88a g9 1 2018 M 19F 33%g 9-1h 9%b2019 M=198 #7gg9 1,776 g 9 -184.90a g9 1 2019 MB1h 2%g 9 -1h 5%b #7g98g f 图 1：2016Q3-2019Q2总体行业投资与TMT行业投资金额比较 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219百万美元10,000020,00030,00040,00050,00060,000所有行业投资总额 TMT行业投资总额20,36627,74246,26530,10133,08032,50531,90955,67444,17721,44419,48818,49017,1097,91315,73223,07213,48020,47815,72420,53016,55411,4548,0036,893MoneyTreeTMS TMT 5Q1n19 Q2n19796 853g9 Q1n19vsQ4n18 Q2n19vsQ1n1934% 7% g9 a Q1n19 Q2n1980.03 68.93g9-Q1n19vsQ4n18 Q2n19vsQ1n19-30% -14% g9-TMT #7gg f 2019 MB1 TMTg- 80.03a 1 h 30%98 #7g1g9- 41%b 2019 M=1g-68.93a 1 2019 MB1h 14% 9 8 1 g 9- 37%b2019 MB1 TMTg 796 1 9 F 34% 98 #7g1g9 44% 2019 M=1 TMTg 853 1 2019 MB19F 7% 9 8 1 g 9 48%b #7g98g f Q1n1941%Q2n1937%Q1n1944%Q2n1948%图 2：2016Q3-2019Q2总体行业投资与TMT行业投资数量比较Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q2191,9273,7213,1743,1363,2993,0302,3982,6262,7571,3691,8161,7769275511,2271,3851,3351,1931,1509461,2905937968535001,0001,5002,0002,5003,0003,5004,000所有行业投资总量 TMT行业投资总量0MoneyTreeTMS TMT6B1g 9Fg-h B1 TMTg9- 2018 M 1/ 30%g 9 59F 34% g-g Yq (3g-1,790 B1M1h 48%bB 1 3 V a g 11 1 h 45% 3Vagg9-39.29a 1 TMTg9- 49%K 3 g- 15a 1 TMT9g- 19%g _ B EC2C0 b=1g g-1MB1t 1Mhl=1 TMTg- B11h 14%g 9 9F 7% g-g Yq (3g- 1,599 1h 11%b= 1 3 V a g 18 1 9 F64% 3Vagg9- 36.49a = 1 TMTg9-r 53%bK3g- 5.7a g_BE IT bTMT行业投资季度趋势17,10915,73223,07213,48020,47815,72420,53016,5548,0036,89305,00010,00015,00020,00025,000图 3：2016Q3-2019Q2TMT 行业投资季度趋势Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219百万美元 数量TMT投资金额 TMT投资数量9275511,2271,3851,3351,1931,1509461,29059379685303006009001,2001,5007,91311,4544 2018 M/ M7g9 2019 M M gG TMT8g-g t Cg-lg 6 b M (g-7 M 1 1 ( V 30%b M TMT3Vag h3Vag- TMTg9-1/ 50%b 2019 M M v- “ C g-/1y b2018 M3V Ea v “ 5“ g t #M g b 2019 M h| g=v-g “ | b7L57 M F o +pB Q M T$ nQ4#Bv F y L 5b Hhn4 Q 6)Y 0 = m B2B Mg 9 nb =m 2018 M 7g lal lh a S7 z d TMTg ? 6Bg- pb图 4：2016Q3-2019Q2 TMT 行业单笔过亿投资数量Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q21905101520253035403319363528292531342011187MoneyTreeTMS TMTMoneyTreeTMS TMT8TMT0 S/a #M aY . bS/2019 M Mg 1/ 4% 9 866 0K g9- 65.11a 1 h 12%G g9-K #M b (3g- 800 1/ 8%V M Kb3Vag 133 - TMT3Vag9-r 42% BE ?q g-r 5.8a 2019 M M S/3g-Kb #M 2019 M Mg 651 1/ 15%g 9 - 77.37a 1 h 55%b ( 3g- 1,189 1/ 46%b 3 V a g 153 - TMT3Vag9-r 57% B E 0 C2C g-r 15a 2019 M M3g-KbTMT子行业投资概况Y2019 M Mg g 9 17 1 6 6% g 9 - 1.03a V M Kb (3g- 608 1/ 13%b 2019 M MY3Vag b . 2019 M Mg 115 1 h 40%1 2017 M Mr M/g9- 5.44a 1 h 84%b (3g- 500 1/ 73%b 3 V a g 1 g - 2.33a B E 7 i / b2019 MB1 1133Va g #M 55% S / 45%b2019 M=1 1833Va g #M 50% S / 44% . 6%b互联网科技 通信 娱乐及传媒图 5：2016Q3-2019Q2 TMT子行业投资金额比较Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219百万美元05,00010,00015,00020,00025,00017,1097,91315,73223,07213,48020,47815,72420,53016,55411,4548,0036,893