On January 26, the Hurun Research Institute published the "2025 Hurun Future Unicorns: China Cheetah Enterprises List." This list spotlights high-growth companies established worldwide after 2000. These companies are the most promising candidates to reach a unicorn-level valuation of $1 billion within the next five years (by the end of 2030). In total, 304 companies have been included on the list. Over 60% of them are concentrated in five key sectors: biotechnology, health technology, enterprise services, semiconductors, and artificial intelligence. When it comes to the business model, 85% of these companies operate on a B2B (business-to-business) basis, while only 15% directly cater to consumers. Geographically, Shanghai takes the lead with 65 companies on the list, followed by Beijing with 60. Shenzhen and Hangzhou secure the third and fourth positions, boasting 35 and 34 companies respectively.