The 2025 list of "China's Best ESG Investment Institutions" is released.
As we approach the end of 2025, it marks a crucial milestone in the development of ESG in China.
Looking back on the past year, China's primary market has undergone a long - standing and profound transformation. If ESG was a mandatory requirement three years ago, in 2025, it has become a harsh threshold for survival. It is no longer just a politically correct imported concept, but a powerful anchor for domestic institutions to seek certainty and reshape value.
Just a month ago, the 14th Five - Year Plan (2026 - 2030) clearly defined ESG policies. It aims to promote a comprehensive shift of the economic and social sectors towards strict dual - control constraints on carbon emissions through institutional innovation, deepen the integration of the green standard system with international standards, and requires enterprises to strengthen the governance of technological ethics, safety, and resilience to ensure high - quality livelihood services under the goal of common prosperity. This indicates that ESG has become the underlying infrastructure of China's capital market. Specifically, for VC/PE investments, ESG is a strategic guarantee for achieving high - value returns, and it is also reshaping our future.
Observing domestic institutions in 2025, "patient capital" has become the mainstream narrative. VC/PE institutions are placing more emphasis on long - term social value and the role of strengthening and supplementing industrial chains. In the fundraising market, during the due diligence of GPs by LPs, especially insurance funds and social security funds, ESG has changed from an optional question to a mandatory one.
Domestic data shows that despite the overall slowdown of the market, the strategies and investment focuses of VC/PE are shifting from simple 'green energy' to the 'low - carbon transformation' of high - carbon industries. Digital carbon - reduction technologies in the steel, chemical, and building materials industries have become the new favorites of hard - tech investments in 2025. Meanwhile, new - quality productivity has a more concrete expression in the context of ESG. Supporting disruptive technologies such as solid - state batteries, controlled nuclear fusion, and biosynthesis is not only a technological investment but also the greatest responsibility in addressing human survival challenges. At the ESG practice level, we find that investment institutions' understanding and practice of ESG also show a diversified trend. For example, in practice, it is manifested as: implementing energy conservation and emission reduction in the office, joining international ESG organizations, investing in the green energy industry, investing in green - featured products, establishing ESG special funds and special work teams, engaging in public welfare or rural revitalization, responding to ESG throughout the investment process, building green industrial parks, etc.
More importantly, with the full implementation of domestic ESG information disclosure standards, investment institutions are transforming from "gatekeepers" to "enablers", assisting invested enterprises in building data assets. Enterprises without ESG data will no longer have a valuation premium. Through continuous observation and positive empowerment throughout the fundraising, investment, management, and exit processes, a solid foundation for sustainable development is laid for enterprises, which will ultimately translate into long - term and verifiable high - value returns. Therefore, when capital looks towards 2030 or even 2060, it will find that ESG is not a constraint but a ticket to the future.
Against this backdrop, in the second half of this year, we launched a new round of research on the 2025 Annual 'List of China's Best ESG Investment Institutions'. The research was widely carried out among hundreds of active investment institutions, comprehensively collecting their systematic thinking and innovative practices under the guidance of the ESG concept.
Based on the basic hard data of investment institutions (i.e., management scale, investment performance, and exit performance), as well as their performance in six core dimensions of ESG practice (including: the situation of the ESG management committee, the specific performance of ESG principles guiding investments, post - investment ESG empowerment of invested enterprises, the business influence of ESG representative cases, ESG - related certificates of the institution and its members, and other ESG - related public welfare actions), we finally selected the "Top 50 China's Best ESG Practice Investment Institutions in 2025" by 36Kr.
The list is now officially released: In this long - standing pursuit of correctness, we hereby record the breakthrough - makers of this cycle and the trailblazers of the era.
ESG - TOP50
Meanwhile, based on the ESG practice cases of the listed institutions, and according to the environmental, social, or governance influence dimensions and criteria of their outstanding ESG practice cases, we have identified the most worthy ESG practice benchmarks at present, that is, enterprises with excellent performance and innovative practices in this field. We have selected the 2025 Annual 'Best ESG Investment Practice Cases in China':
ESG Cases
The top ten annual cases are divided into three categories:
Category 1: Deep Decarbonization & Industrial Transformation
Capital is focusing on the most challenging industrial sectors in China's "dual - carbon" goals. By investing in core energy technologies and production processes, it promotes fundamental changes in areas such as photovoltaic manufacturing, hydrogen energy applications, and industrial energy conservation, and builds a new industrial foundation that meets the requirements of the 14th Five - Year Plan. Representative cases include:
> ESG Case of 'Green Electricity Manufacturing & Industrial Chain Energy Consumption': GaoJing Solar - IDG Capital
IDG Capital has promoted GaoJing Solar to achieve 100% green electricity for crystal pulling in its core production base. At the same time, by promoting the "large - size + thin silicon wafer" technology route, it has significantly reduced the energy consumption of the silicon wafer segment in the photovoltaic industrial chain, playing a crucial role in the green upgrade of China's photovoltaic industry.
> ESG Case of 'Transportation Decarbonization & Fuel Cells': RESHAPE TECHNOLOGY - Cathay Capital
Cathay Capital has been continuously focusing on leading hydrogen fuel cell system enterprises, helping RESHAPE TECHNOLOGY stand out. By supporting its technological R & D and large - scale application in the commercial vehicle field, it is a key force in promoting zero - emission and deep decarbonization in China's transportation industry.
> ESG Case of 'Industrial Environmental Protection Energy': ZhongSheng Group - DCP Capital
DCP Capital has promoted the technological upgrading and market expansion of this industrial energy - saving and environmental - protection enterprise in areas such as waste heat recovery and high - efficiency industrial boilers through its investment. The environmental protection and energy - saving solutions it provides have helped high - energy - consuming industrial enterprises significantly reduce carbon emissions and pollutants, and are an important driving force for the green transformation of traditional industries.
> ESG Case of 'Hydrogen Energy Equipment Technology': HIDELISON - BAIC Capital
BAIC Capital focuses on the upstream of the new energy industrial chain, helping HIDELISON become a leading hydrogen energy equipment technology enterprise. By investing in core equipment manufacturers such as high - pressure hydrogen compressors, it promotes the localization process of hydrogen energy infrastructure. This lays an equipment foundation for the large - scale promotion of hydrogen fuel cell vehicles and is an important step in building a complete hydrogen energy industrial ecosystem in China.
Category 2: Efficiency Revolution of Digital Empowerment and G - end Governance Optimization
Digital technology is improving industrial efficiency and optimizing governance structures. Capital has achieved precise carbon reduction in industries such as logistics and semiconductors and simultaneously improved public safety levels by introducing technologies such as autonomous driving and intelligent dispatching systems. Four representative cases are as follows:
> ESG Case of 'Intelligent Logistics': Jiushi Intelligence - Blue Lake Capital
Blue Lake Capital has helped Jiushi Intelligence become a leader in the field of intelligent logistics autonomous driving. Jiushi Intelligence is committed to leading the logistics efficiency revolution through "cloud - based dispatching + vehicle - end intelligence". Its vision is to reduce the accident rate of trunk logistics by 50% within five years (S) and achieve a 30% reduction in carbon emissions within ten years (E). Its multi - sensor fusion technology and intelligent dispatching system have achieved remarkable results in actual operations. In cooperative projects, the fuel efficiency of a single trunk transportation line has been increased by 15%, and the annual carbon emissions have been reduced by about 200 tons, bringing both social safety and environmental benefits.
> ESG Case of 'Trunk Logistics': Inceptio Technology - NIO Capital
NIO Capital pays attention to the quantification ability of the environmental benefits of innovative technologies, helping Inceptio Technology's L3 - level autonomous driving heavy trucks achieve a 7% fuel savings through precise control, corresponding to a clear amount of carbon emissions reduction. It has formed a globally leading commercial closed - loop for carbon reduction in trunk logistics, reducing carbon emissions by 1.1 million kg annually, which is equivalent to planting 98,900 trees.
> ESG Case of 'Semiconductor Industrial Chain & Green Energy Efficiency': Empyrean Technology - Guozhong Capital
Guozhong Capital has helped Empyrean Technology become the leading domestic EDA enterprise with the strongest technology. This investment is not only a strategic layout to address the short - board of the semiconductor industrial chain and ensure national information security. Its EDA tools also indirectly help downstream chip design enterprises improve energy efficiency. Facing the initial difficulties of the enterprise, Guozhong Capital provided all - round support through customer resource connection, governance optimization, and appealing for national support, emphasizing the unity of technological independence and environmental benefits. Guozhong's investment in EDA (Electronic Design Automation) is not only a key layout for the localization of the semiconductor industrial chain, but its EDA tools also indirectly help downstream chip design enterprises optimize product power consumption and achieve higher energy efficiency.
> ESG Case of 'Digital Logistics': Anneng Logistics - Centurium Capital
Centurium Capital has promoted Anneng Logistics to become a digital and information - based annual case. Through digital means such as intelligent dispatching to optimize routes, improve loading rates, and reduce empty - driving rates, Anneng Logistics has achieved a structural decline in fuel consumption and carbon emissions while maintaining high - efficiency growth, fully demonstrating the coordinated empowerment of capital in efficiency governance (G) and environmental benefits (E). In terms of social (S) responsibility, relying on the franchise system and full - link digital operation, Anneng Logistics has extended its service outlets to rural areas across the country, providing key support for the circulation of agricultural products and increasing farmers' income, and promoting local coordinated development.
Category 3: Circular Economy and Supply Chain
These are two cases from the consumer side and the end of the manufacturing supply chain. Through the digital transformation of circular economy infrastructure such as second - hand equipment and waste sorting, as well as the empowerment of supply chain ESG ratings, they reflect the responsibility of capital in the full - life - cycle management of products. They are:
> ESG Case of 'Urban Green Industrial Chain': Aihuishou·Aifenlei (Wanwuxinsheng) - TianTu Capital
TianTu Capital has assisted in building a closed - loop urban green industrial chain for Aihuishou·Aifenlei. Aihuishou·Aifenlei is a urban green industrial chain business incubated by Wanwuxinsheng. It innovatively adopts the "Internet + waste sorting" model, standardizing the traditional recycling industry through market - based and technological means. Its core lies in building a three - level recycling closed - loop system of "points - stations - yards". It uses community intelligent equipment to achieve one - stop delivery of recyclables by residents and directly supplies downstream enterprises after fine sorting at the terminal sorting center, promoting the reduction of domestic waste at the source. Its business covers 38 cities, with 22 million users, and the annual recycling volume reaches 679,000 tons. The annual carbon reduction reaches the million - ton level, achieving significant environmental benefits and business model expansion.
> ESG Case of 'Power Battery Manufacturing': Sunwoda (Power) - Xinghang Capital
Xinghang Capital has helped Sunwoda combine ESG data with traditional financial analysis to comprehensively evaluate its sustainable battery value chain and positive social impact. With the empowerment of Xinghang Capital, this power battery manufacturer has rapidly upgraded in terms of green supply chain and sustainable development, successfully helping the enterprise achieve a leap in the MSCI ESG rating and enhancing its global market competitiveness. As of June 2025, the company has completed 209 technological transformation management projects, achieving an energy - saving benefit of 38.35 million yuan and reducing carbon dioxide emissions by 28,856 tons.
The release of the ESG list in 2025 clearly shows that the strategic focus of investment institutions in China's primary market has undergone a fundamental shift. Capital has become a "deep participant" and "value creator" in green transformation, social inclusion, and enterprise governance reshaping. We can see that Chinese investment institutions are transforming ESG from "what should be done" into "a source of value growth" with practical actions and quantifiable results.
We believe that what we are investing in is not the current green assets, but future low - carbon assets.