Semi-annual Report on New Consumption Investment and Financing in 2025: From Over 10 Billion in Half a Year to Less Than 3 Billion, Who Is Still Investing in "New" Consumption?

Consumers, especially the young, are increasingly concerned about "experience". This not only has a profound impact on the consumer market but also influences the direction of the investment market.

As Tang Zhimin, a partner at Tiantu Capital, said, in the past, their investments in brands mainly aimed to meet consumers' functional needs. However, the current consumption trend is gradually shifting towards higher - level needs such as a sense of security and self - actualization.

"As investors, we are used to analyzing problems from a logical perspective, using deduction or induction. We have always been paying attention to Maslow's hierarchy of needs theory, and in investment practice, we have also clearly noticed the evolution of consumer demand." Tang Zhimin pointed out: "Take the early investment in Zhou Hei Ya as an example. At that time, it mainly met consumers' functional needs; now, the consumption trend is gradually shifting towards higher - level needs such as a sense of security and self - actualization, and emotional value plays a key role in it. In fact, it is an embodiment of social needs and self - perception."

An obvious consensus is that the investment logic for investment projects, especially consumer projects, has undergone a fundamental change.

During the boom of new consumption in previous years, capital generally took "traffic - driven growth" as the core logic, seizing market share through high valuations and rapid expansion. After 2023, capital began to return to the "long - term value" orientation, paying more attention to the repurchase rate, supply - chain efficiency, and profit model of brands. The "pseudo - innovation" stories that could only rely on capital infusion have lost their effectiveness. Since 2024, currently and in the future, perhaps only those projects with core capabilities in technology - driven, sustainability, supply - chain resilience, and policy adaptability will be favored by capital.

According to incomplete statistics from iBrandi, from January to June 2025, a total of 44 new - consumption - related projects announced the completion of financing, with a total financing amount of nearly 2.8 billion RMB, among which 12 cases did not disclose the specific amount. (Get the complete picture of new - consumption investment and financing from January to June 2025 at the end of the article)

Even in the two years when new consumption was in a slump, neither the number of projects nor the disclosed amount was as low as this.

For example, in the first half of 2024, these two figures were 104 and 406.8 million respectively; from January to June 2023, these two figures were 170 and 1.2958 billion. As for the still - booming 2022, a total of 366 projects were announced to have completed financing from January to June, with a financing amount of over 25 billion RMB.

From over one billion in half a year to less than 300 million, in 2025, who is still investing in "new" consumption? And which projects can still be favored by capital?

01

Overview of new - consumption investment and financing from January to June 2025

Specifically, regarding the investment and financing related to new consumption from January to June 2025, 8, 4, 7, 6, 8, and 12 financing cases were announced respectively from January to June, with the amounts being approximately 300 million, 280 million, 90 million, 205 million, 1.1 billion, 800 million, and 797 million RMB.

Looking at the whole half - year, the largest disclosed financing amount was from Tsingtao Brewery's 665 - million - RMB acquisition of Jimo Rice Wine.

From January to June 2025, a total of 10 new - consumption - related projects announced the completion of over - one - billion - RMB financing. The characteristics of these large - scale projects are also very obvious: intelligence and strong hard power.

For example, in addition to Tsingtao Brewery's acquisition of Jimo Rice Wine, "Zhidai Technology", a high - tech biotechnology enterprise focusing on the research and development of low - burden fat substitutes, completed a Series A financing of over one billion RMB. "Feixiong Leading" is also an industrial Internet digital trading platform for imported frozen products.

In addition, among the three large - scale financings in the pet category, "Pet Talk" is an ecological interactive community based on AI - empowered pet smart hardware. After being labeled with "AI" and intelligence, this fund will be mainly used for the content generation, R & D, and commercialization of community short dramas and short videos. "Aiyi" focuses on the pet medical field. There are also three other cases that occurred in the smart - living - related track.

02

Overview of new - consumption investment and financing categories from January to June 2025

Specifically, in terms of categories, food and beverages still account for a large proportion.

For food, 16 project financings were announced, with a disclosed amount of approximately 683 million RMB. Among these 16 projects, 8 were related to the supply chain or "innovative food", accounting for half of the total. For example, "Methuselah", a large - scale medical nutrition technology enterprise integrating R & D, production, and sales; "Yierbaite", a R & D supplier of raw fructooligosaccharides and galactooligosaccharides; and "Qianhai Yueshi", a vertical service provider in the Chinese cold - chain industry.

In the beverage sector, the financing enthusiasm was even lower than the listing enthusiasm. From January to June 2025, 5 financings were announced in the beverage industry. In addition to Tsingtao Brewery's acquisition of Jimo Rice Wine, two cases were announced for new tea drinks and coffee respectively.

Among them, it is worth noting that "Algebraist" announced the completion of a tens - of - millions - RMB Series B financing after several years.

During the wave of domestic specialty coffee a few years ago, Algebraist was also one of them. Algebraist was established in 2015 and completed four rounds of financing successively from 2019 to 2022. However, with the acceleration and involution of the coffee market, Manner has experienced several ups and downs but now has over 2000 stores, Seesaw has withdrawn from the market, and M Stand adheres to its previous specialty and high - end model and has achieved profitability.

What has Algebraist been doing in these years with few news disclosures?

The changing consumption environment has changed many things. The ups and downs have also made Dai Yi, the founder of Algebraist, "see through" some things: "I don't envy others opening fast - food stores anymore. Ensuring the survival of my company and having a positive monthly balance sheet is a more essential thing."

This financing is also not a "life - saving fund". Since the third quarter of 2024, Algebraist has achieved positive monthly financial profits and cash flow, and its performance has been increasing month by month. The purpose of this round of financing is mainly for product and brand development, which is an icing - on - the - cake fund.

Compared with Manner, Luckin, and Cotti, which are in the spotlight, as a specialty coffee brand, with the lesson of Seesaw, Algebraist's development has been very "stable" in recent years.

In March 2024, it announced the recruitment of business partners. Currently, the number of new stores opened by Algebraist per month is approximately stable at 8 - 10, and the total number of stores is about 150+. "At present, from the perspective of consumers and the overall consumption psychology, there is no significant turnaround in the industry, and we need to operate the brand more steadily."

Perhaps for specialty coffee brands, a small - but - beautiful model with a steady and slow pace in China is the way to survive.

From January to June 2025, 5 beauty and personal - care projects announced the completion of financing. Among them, "AromeManpo" announced the completion of two rounds of tens - of - millions - RMB financing successively, and "RED CHAMBER" obtained the only over - one - billion - RMB financing in the beauty and personal - care field.

Recommended reading: Exclusive interview with RED CHAMBER: Subverting tradition, why can "pure beauty" make young people pay for "safety paranoia"? | Global New Trends ②

The pet economy is also an area that we need to focus on. Compared with the previous projects mainly related to food, clothing, housing, and transportation, the 5 financings of about 370 million RMB announced in the first half of 2025 are committed to making pets live better, rather than just surviving.

"Aiyi" completed a over - one - billion - RMB Series C+ financing. It is committed to researching, registering, and producing pet vaccines of international - first - class quality, aiming to solve the long - standing problems of scarce varieties and strain matching in the domestic pet vaccine market. "Tianchong Biology" is also an innovative enterprise focusing on the pet health field.

"Pet Talk" is an ecological interactive community based on AI - empowered pet smart hardware. After being labeled with "AI" and intelligence, this fund will be mainly used for the content generation, R & D, and commercialization of community short dramas and short videos.

The last project was founded by Hou Yi, the former CEO of Hema. His "Pet - Fresh" completed a 25 - million - US - dollar angel - round financing.

On February 22, 2025, the first national store of Pet - Fresh opened for a trial operation at the Haisu Cultural Square in Changning District, Shanghai. In the 200 - square - meter store, there are multiple functional areas mainly including a "pet supplies area, fresh - food production area, and social interaction area".

While retaining traditional products such as pet dry food, wet food, cat treats, and canned food to meet consumers' basic needs, Pet - Fresh conducts all - category innovation in pet food, with "freshness" as the core. It has launched freshly - made and freshly - sold fresh food, refrigerated fresh food, staple pastries, and innovative baked pastries, and there are also over 300 bulk snacks on display for selection.

At the same time, Pet - Fresh will also gradually layout three types of stores: pet - friendly stores, mall stores, and community stores.

It not only provides more natural and healthy pet fresh food to meet the trend of consumption upgrading but also creates a social space for people and pets through the integration of online and offline channels, creating a composite scenario of shopping and experience. With