In 2025, Hurun Research Institute officially released the ‘Hurun China Cheetah Enterprises List 2025,’ aimed at identifying and recognizing privately held companies that have achieved rapid growth in a short period and demonstrate high potential for future expansion. Unlike the well-known ‘unicorns’ (private companies valued at over $1 billion), ‘cheetah enterprises’ are defined as companies founded within the last five years, with annual revenue growth exceeding 50%, and showing strong market competitiveness and innovation capabilities. This year’s list features 128 companies spanning cutting-edge sectors such as artificial intelligence, new energy, biotechnology, smart manufacturing, and green technology. Over 70% of these companies are headquartered in Beijing, Shanghai, Shenzhen, and Hangzhou, highlighting the competitive advantages of China’s top-tier cities in fostering innovation ecosystems and attracting capital. According to Hurun, cheetah enterprises represent a new engine driving China’s economic transformation—pushing technological boundaries and reshaping global supply chains. The release of this list provides investors, policymakers, and industry observers with valuable insights into the dynamics and trends of China’s fastest-growing private companies.
2025年，胡润研究院正式发布《2025中国猎豹企业榜》，旨在识别并表彰那些在短时间内实现高速增长、具备高成长潜力的非上市企业。与广为人知的‘独角兽’（估值超10亿美元）不同，‘猎豹企业’特指成立时间不超过5年、年营收增长率超过50%、且展现出强劲市场竞争力和创新能力的新兴公司。今年榜单共收录了128家企业，覆盖人工智能、新能源、生物医药、智能制造和绿色科技等前沿领域。其中，来自北京、上海、深圳和杭州的企业占比超过七成，凸显了一线城市在创新生态和资本支持方面的优势。胡润表示，‘猎豹企业’代表了中国经济转型中的新引擎，它们不仅推动技术突破，也在重塑全球产业链格局。榜单的发布有助于投资者、政策制定者和行业观察者更精准地把握中国高成长企业的动态与趋势。
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