59 Finanzierungen, 11 Unternehmen gehen auf den Weg zur Börsengänge. Trotz des Zollsturms strömen weiterhin zahlreiche Kapitalmittel in den Sektor des Auslandsmarkteintritts von Marken.
In 2025, it was undoubtedly a turbulent year for enterprises going global: many overseas countries initiated tax - increase campaigns, the tax - exemption system for small - value parcels to the US came to an end, and business compliance policies tightened rapidly...
A much - debated question is whether the industry can still maintain its growth momentum in the face of these headwinds?
Judging solely from the trade volume, it should be said that despite the fierce shocks, the industry still showed resilience:
According to the statistics of the General Administration of Customs, in the first half of 2025, China's total goods trade exports reached 13 trillion yuan, a year - on - year increase of 7.2%. Among them, the cross - border e - commerce export volume reached 1.03 trillion yuan, a year - on - year increase of 4.7%. Although this growth rate was narrower than the 10.5% increase in the same period last year, it still maintained a relatively stable positive growth trend.
The financing situation is another important indicator for judging the industry's trend: According to incomplete statistics, as of September this year, Chinese - backed brands going global had completed 59 financing events. In contrast, in the first three quarters of last year, there were approximately 47 financing events involving brands going global.
Overall, in the field of brands going global, the continuous turmoil in overseas markets, especially in the US as the "epicenter", does not seem to have dampened the enthusiasm of the capital market. The investment intensity has further increased compared to last year, and the investment is more focused on high - quality enterprises that are rooted in popular innovation tracks, occupy a considerable market share, and have their product forms and business models fully verified by the market.
In addition, some observers also analyzed that the recent positive factors from the US fiscal side cannot be ignored. In mid - September, the Federal Reserve's interest - rate cut was finalized, and the target range of the federal funds rate is expected to be significantly lowered.
As the most important target market for brands going global, a series of interest - rate cut policies in the US have enabled local residents to regain the "consumption leverage", significantly reducing their short - term capital usage costs and increasing the share of household disposable income. This has substantially enhanced the market purchasing power and also boosted the sales expectations of the retail industry.
In this regard, the "interest - rate cut boom" will provide a necessary buffer and compensation mechanism for the increasingly strict overseas customs clearance policies and frequently increasing tariff policies, consolidating the strategic resilience of the track for brands going global.
Facing the capital situation that is still advancing steadily despite the turmoil, we attempt to find answers to the following questions from the investment and financing cases of brands going global in the first three quarters of 2025:
- What kind of financing pattern has been formed for brands going global in 2025?
- Which sub - industries are the areas where capital is concentrated?
- What characteristics of projects are more favored by investors?
A Large Number of Billion - Level Financing Projects, and Leading Enterprises are Rushing to Go Public
According to incomplete statistics by Yibang Power, in the first three quarters of 2025, including various sub - tracks (traditional fast - moving consumer goods/durable goods enterprises, innovative technology product enterprises, large cross - border sellers, etc.), there were at least 59 financing events in the field of brands going global, involving 55 enterprises going global.
Divided by financing time, there were 10 financing events in the first quarter, 23 in the second quarter, and 26 in the third quarter, showing an overall fluctuating upward trend in the industry. September was the peak period for investment and financing, with 13 financing events occurring within one month.
In terms of financing scale, the financing in the first three quarters of this year was mainly in the million/ten - million - level and billion - level. Among them, there were 24 million/ten - million - level financing events and 14 billion - level financing events. Leading enterprises gathered a large amount of funds, including some leading enterprises in the track that received bets from industry - related parties or successfully went public through IPO.
Among the non - IPO financing projects, the top ten enterprises with the largest financing scale are:
POSITEC - $250 million, Nothing - $200 million, Aiper - 1 billion yuan, Beatbot - 1 billion yuan, Narwel - $100 million, VITURE - $100 million, LEAPTIC - hundreds of millions of yuan, Deep Robotics - 500 million yuan, Yarbo - conservatively estimated to exceed 400 million yuan, Lxson - 400 million yuan.
Their financing scales are all above 400 million yuan. Compared with the "top ten in the financing list" in the same period last year, which had an entry threshold of 200 million yuan and a top - ranked amount of 1 billion yuan, this year's "top ten" not only saw a significant increase in the total financing amount, but the top - ranked amount reached as high as $250 million (approximately 1.833 billion yuan).
In terms of financing rounds, start - up and growth - stage enterprises are still the main targets of hot money.
Specifically, there were a total of 16 seed rounds/angel rounds/angel + rounds, 16 Pre - A rounds/A rounds/A + rounds, 7 B rounds/B + rounds, 5 C rounds/C + rounds, 2 financing rounds at other higher levels, 2 strategic financings, 9 projects in the IPO process, and 2 successful IPOs. Among them, the financing events of growth - stage enterprises (Pre - A rounds, A rounds, B rounds, and C rounds) accounted for approximately 50%.
Many emerging brands have received capital favor in the angel or seed rounds.
For example, Lxson, Meraki, Woting Technology, OMOWAY, Sky Motor, etc. Their involved sub - tracks cover a wide range, from traditional categories such as coffee machines and power tools to emerging categories such as embodied robots and E - bikes, showing a highly diversified investment trend.
In the later financing rounds, leading players that have captured a stable share in their sub - tracks, such as Rayneo and Narwel, dominate.
Among the enterprises going through the IPO process, they can be roughly divided into three camps:
Manufacturer leaders with strong supply chains and also engaged in OEM business, represented by Softcare and Lexin Outdoor;
Technological innovation enterprises represented by Insta360, Roborock, and CREALITY;
Enterprises in the field of trendy toy IP going global, represented by BLOKEES, Kayou, and TOPTOY.
It is worth noting that among the enterprises that completed financing in the first three quarters of this year, 6 also received investment in the same period last year. Frequent investment means that the capital market is continuously increasing its bets on a small number of "top students" that show high growth potential and certainty.
These 6 enterprises are: Beatbot, Yarbo, Rayneo, INMO, Tezeus, and Aiper.
Generally speaking, the financing activities in the field of brands going global in the first three quarters of 2025 were quite satisfactory, showing a high degree of activity and industry agglomeration effect as a whole. And investors are more likely to offer olive branches to growth - stage companies with reliable brand assets or start - up enterprises targeting popular product concepts.
Hot Money is Pouring into Four Sub - Tracks, which are Most Favored by Investors
Although the enterprises going global that received investment in the first three quarters covered many different industries, looking at the overall financing situation, Yibang Power found that brands in some specific fields were highly favored by capital, becoming prominent financing high - points in the track of brands going global.
▎General Robotics
As the most explosive investment theme in 2024, the general robotics track still strongly led the wave of brands going global in 2025.
Among the 59 brands going global that received financing in this statistics, as many as 21 enterprises focused on this field, with a particularly prominent proportion. It is particularly worth noting that many of these brands are very young - nearly half of them are start - up enterprises established within the past 4 years. Some enterprises have even obtained large - scale financing before achieving mass - production models, truly "born with a golden spoon in their mouths".
Specifically, in the financing cluster of general robotics, according to the technical level and application direction, it can be roughly divided into three camps: "professional robots" focusing on B - end needs, commercial applications, and scientific, educational, and industrial scenarios; "household robots" suitable for pool, yard, and indoor cleaning tasks; "companion robots" that meet the needs of entertainment, emotional value, and spiritual healing.
Among all the players, currently, the "household robots" that have found mature application scenarios and a large high - demand customer group are the most "money - attracting". In fact, among the general robotics category enterprises going global, the top four enterprises with the largest financing amounts this year all come from this sub - track, absorbing a total of more than 4 billion yuan in funds.
Among them, POSITEC's intelligent lawn mower ranks first in the global omnichannel market share; Aiper is currently the brand with the largest shipment volume of pool robots in China and ranks second in the global pool robot industry in terms of market share; Beatbot focuses on high - price - range pool robot products, with an online market share of over 90% for high - end models above $3000; and Yarbo is known as "the world's first consumer - grade snow - sweeping robot company to achieve commercialization".
Behind this is the rigid demand jointly created by the booming "yard economy" in the European and American markets and high labor costs. Coupled with the fact that traditional products driven by fuel/hybrid power are gradually entering the elimination period, the replacement demand continues to grow, creating opportunities for Chinese enterprises with mature supply chains to quickly occupy the market.
Another notable sub - direction is the "companion AI robots" being developed by Robopoet, Ropet, Shouhua Technology, etc.
Although the funds attracted by these start - up enterprises are limited, the relevant financing trends clearly reflect the investment community's prediction: in the current situation where AI technology is becoming more and more popular, the "emotional value" track that can meet human deep - seated emotional needs may become the next commercial explosion point. In addition, AI companion robots are also expected to ride on the wave of the "trendy toy craze" as a certain "future form" of the latter.
▎AI/AR Glasses
For a long time, AI/AR glasses have been a popular investment direction in the track of brands going global.
As two similar but different product concepts, the biggest difference between AI glasses and AR glasses lies in their core functions:
The core of AI glasses is the "intelligent assistant", which focuses on enhancing personal efficiency and perception through functions such as voice interaction, real - time translation, and information prompt. Its functions can exist independently of vision; the core of AR glasses is "visual enhancement", which must overlay virtual information onto the real world through lenses to achieve immersive interaction.
Relevant data shows that in 2025, the global shipment volume of AR glasses is expected to be approximately 600,000 units. From 2028, the year - on - year growth rate will significantly increase, reaching 32.1 million units by 2030. Another institution analyzed that the shipment volume of AR glasses in the first half of this year increased by 50% year - on - year, mainly driven by the new product releases of leading manufacturers Xreal and RayNeo. At the same time, the AI glasses market has also entered a stage of rapid growth. This year, its global shipment volume will surge by 158% to 5.1 million units.
In the financing events counted in this statistics, 8 were from this category, including 7 related to AR glasses and 2 related to AI glasses.
On this track, Raybird Technology may be the most active heavy - weight player in terms of financing this year.
Counterpoint data shows that in the second quarter of 2025, Rayneo, a Chinese AR manufacturer, topped the global AR market for the first time with a 39% market share. Behind this remarkable growth, this "AR dark horse" indeed has a huge demand for funds: in 2024, it received two rounds of investment totaling 500 million yuan; this year, it has received three more rounds of financing, becoming one of the brands going global that received the most investment during this period.
The frequent financing of leading enterprises reflects the increasingly fierce competition in the AR glasses track.
Competition in performance, configuration, R & D, and new product launch frequency has turned this industry into a "money - burning hole" highly dependent on capital support. On the other hand, the sudden rise of the AI glasses category has forced these leading enterprises that have just established a foothold in the AR field to get involved, participating in a new round of category battles. The continuously rising R & D investment and supply - chain costs are prompting enterprises such as Rayneo and INMO to actively seek cooperation with investors.
▎Electric Mobility Vehicles
Electric mobility vehicles (including E - bikes, electric motorcycles, electric scooters, etc.) have been a popular track for brands going global in the past few years.
Driven by the rapidly catalyzed outdoor demand during the pandemic and environmental protection policy subsidies in many overseas countries, this category once attracted a large amount of capital, and many start - up enterprises emerged during this period.
However, since 2023, with the pre - overdrawn overseas market, the withdrawal of subsidies, and high inventory, market demand has rapidly declined. At the same time, the "price war" caused by homogeneous competition has seriously eroded enterprise profits. The aggressive expansion strategy adopted in the early stage to seize the market has turned into huge operating pressure when encountering the "cold wave" of the market, causing representative enterprises such as Niu Technologies to fall into the dilemma of "increasing revenue but not profit" or even financial losses.
In 2025