In January, the first blind pool fund managed by Yanyuan Fund, Shanghai Yanyuan Jingchun venture capital partnership (Limited Partnership) (Yanyuan Jingchun Fund), successfully completed the private equity fund filing with the Asset Management Association of China, marking that the fund can officially start its investment activities.

Yanyuan Jingchun Fund has a scale of 100 million RMB and was jointly initiated by Yanyuan Fund, Shanghai Angel Capital Guiding Fund, Lingang Sci-Tech innovation Investment, Fortera Capital, Tengyun Capital and JZ Capital. It focuses on investing in the technology transfer projects of Peking University in the fields of new-generation information technology (semiconductors, AI, software, etc.) and biomedicine, while also considering early-stage science and technology projects from other universities, research institutions and social entities.

As of now, through this fund and the previously established funds, Yanyuan Fund has successively invested in several high-quality early-stage projects such as COMTEK, Gabot, Beicell therapeutics, Qiming Photonics, PsiBot, YXME, BeingBeyond, HANRAY TECH, and Qianyanzhineng(前沿智能).

The year 2025 marks the Innovation and Technology Year for Peking University. In response to the call of "cultivating a first-class ecosystem and serving the country's science and education development", Peking University International Sci-Tech Innovation Center at Lin-gang Special Area, China (Shanghai) Pilot Free Trade Zone(hereinafter PKU-IICSH or the Center), based on past business practices and work foundation, actively cooperates with the school's science and technology development department's overall layout and takes on the main responsibility to participate in the construction of the brand-new INNO-YES, creating a systematic, professional, brand-oriented and internationalized Peking University-based innovation and technology service platform.

In January, the layout of INNO-YES was implemented. The first INNO-YES Salon was established in the Bund SOHO, and the first phase of the INNO-YES Salon theme salon focused on "Innovation and Technology and Financial Investment" was successfully held. The chairman of the Shanghai Finance Institute(SFI), the chairman of the Peking University Shanghai Alumni Association Council, and the 1978th grade economics alumni of Peking University, Tu Guangshao, delivered a speech at the salon. Zhu Min, the director of the Sci-tech Innovation of Shanghai State-owned Capital Investment and the president of Shanghai STVC Group, gave a theme presentation.

INNO-YES is an important part of Peking University's sci-tech achievements transformation's "high-efficiency one-stop management service system". It specifically includes INNO-YES Lab, INNO-YES Incubator, Yanyuan Fund, Yanyuan International Innovation and Technology Competition, INNO-YES HUB, INNO-YES Salon, and INNO-YES Philanthropy. It was initiated by Office of Science and Technology Development, Peking University and the Peking University Alumni Association, and is mainly promoted by PKU-IICSH. It is jointly built and shared by relevant parties such as Peking University's off-campus research institutions, Peking University alumni service platform, and Peking University's ecological partners.

In May, the first batch of 8 "grant-to-investment" innovation pilot projects in the Lianjiang Special Area for the year 2025 were signed at the "2025 Lingang Sci-tech Conference" site. Two projects recommended by PKU-IICSH were successfully shortlisted, accounting for a quarter of the total signed projects and making a positive contribution to the pilot program in Lingang Special Area. These two projects are "Trusted Data Flywheel – High-Value Data Synthesis Platform and High-Reliability Application Evaluation Platform" by OneSyn and "Qicai Micro Photoresist Resin R&D Center" by Qicai Micro (Shanghai) Electronic Materials Co., Ltd. As early as 2024, PKU-IICSH actively collaborated with The Division of High-tech Industries and Science and Technology Innovation, LSAA to explore the rules and operational approaches of the "Fund Conversion from Grants to Investments" initiative. It participated in multiple thematic seminars and put forward several effective suggestions.

PKU-IICSH adheres to the business model of "innovation source + concept verification + deep incubation + precise investment + ecological empowerment", establishing a multi-level enterprise cultivation system; in addition to participating in the government's "grant-to-investment", PKU-IICSH has also led or participated in several important cultivation model and mechanism innovations, such as setting up a research and development center, service exchange of shares, and independent grant-to-investment linkage, etc. As of now, PKU-IICSH has cumulatively established 18 research and development centers for high-performance photonic chips, large model optimization, etc., providing funding for concept verification and application for research funds; through deep incubation and shareholding exchange, it holds the equity of 8 companies such as Geruide(格汭德), Fenbeishuzhi(分贝数智), and Yanyuan Zhirong(燕缘智融) through the holding platform, and is expected to obtain returns through equity income; relying on its own funds, it supports projects through grant-to-investment linkage and continuously empowers, with projects such as COMTEK as representatives. Some equity has been successfully exited, and PKU-IICSH's business model has been effectively verified. Through the above four models, PKU-IICSH strictly controls project quality, through "real projects, real verification, and real transformation" practice, verified the feasibility of off-site research institutions achieving self-sustenance through market-oriented operation.

In addition, PKU-IICSH, in order to build a high-quality benchmark incubator in Lianjiang, through service traction, has cumulatively attracted 13 enterprises in Lianjiang, including Yuanfang Big Data, Yuanzhixing Power Supply, and Luobotai Technology, etc. (some enterprises are held by PKU-IICSH).

In May, PKU-IICSH was awarded the qualification of a "New R&D Institution" by Science and Technology Commission of Shanghai Municipality. Subsequently, PKU-IICSH will continue to follow the guidance directions issued by th Ministry of Science and Technology of the People's Republic of China to continuously carry out the transfer and transformation of scientific and technological achievements.

In terms of horizontal cooperation, PKU-IICSH has cumulatively reached cooperation agreements with 12 enterprises, universities, and government institutions such as Zhongjieneng hengzhunkeji(中节能衡准科技), YDME, Tianjin University, and the New Quality Productivity Promotion Center of the Ministry of Science and Technology. It has implemented 20 cross-strategic emerging field cooperation projects including environmental protection technology, microelectronics, AI, and vehicle testing, achieving revenue and completing a closed loop. Among them, PKU-IICSH has relied on the research capabilities of its subordinate Earth and Space Technology Research Institute and jointly established a digital economy laboratory with relevant departments in Yan'an City, and a joint laboratory for unmanned systems with Shanghai Hong Rui Xinxin AI Technology(上海鸿锐信欣人工智能科技有限公司). The cooperation funds have all been received.

In terms of vertical research efforts, PKU-IICSH closely adhered to the direction of the 2025 Annual Basic Research Plan of t Science and Technology Commission of Shanghai Municipality in the "Silicon-Based Optoelectronics" field of the "Integrated Circuits" category, led the project research efforts of the head of the subordinate High-Performance Photonic Chip Technology Research and Development Center, and the cooperation funds have partially arrived.

PKU-IICSH has produced 20 patents, 4 software copyrights, 10 scientific and technological papers, formed 2 new theories and 2 new technologies, jointly trained 4 doctoral students and 2 postdoctoral researchers, achieving a double harvest of innovative achievements and high-end talent cultivation.

The steady progress of new research and development work has promoted the combination of organized research and organized transformation, enhanced PKU-IICSH's key value in connecting the innovation chain, industrial chain, capital chain, and talent chain, and provided strong support for industrial layout and regional innovation development.

INNO-YES Incubator is a new-generation global-connected scientific and technological innovation incubation service institution established under the guidance and support of Office of Science and Technology Development, Peking University. It is an important part of Peking University's INNO-YES. It pioneered the Boundary-Free Incubation model, with light-space operation and emphasis on in-depth services. It can quickly form a "space + resources" Plus model with high-quality incubator space operation teams, conducting global project traceability beyond geographical boundaries and Boundary-Free Incubation beyond a single space carrier for early-stage projects. Currently, the incubator's headquarters is located in Zhongguancun Dinghao Building, and more "Boundary-Free Incubation cooperation spaces" are being continuously expanded.

In addition, INNO-YES Incubator pioneered the exploration of a concept verification and incubation model combined with the development of chain leaders. It has signed the HUAWEI Ascend Seed Plan with Huawei. Chain leader enterprises support concept verification, and the incubator recommends high-quality projects. The two parties jointly implement a composite incubation model for ecological empowerment, aiming to improve the success rate of project cultivation while providing more abundant entrepreneurial resources for the founding teams. This initially demonstrates the innovation capabilities and development potential of a new generation of high-quality incubators.

In July, at the celebration event for the 104th anniversary of the Communist Party of China held in Lingang Special Area, Peking University Lin-gang Party-Mass Service Center was awarded the three-star party and mass service platform of Lingang Special Area. This is not only a full recognition of the contributions made by PKU-IICSH to the party and mass services in the new area over the past two years, but also another evidence of the continuous improvement of the service level of Peking University Lin-gang Party-Mass Service Center.

Since its establishment in December 2022, the Party branch of PKU-IICSH has seen the number of registered members increase from 3 to 8, and 1 probationary member has been developed in the past two years. Under the impetus of the work of the Party branch, PKU-IICSH's trade union and women's federation and other mass organizations have also achieved initial results. A series of cultural and sports activities and employee care work have been carried out, and the team cohesion and combat effectiveness have been continuously enhanced, providing strong support for the development of various undertakings of PKU-IICSH.

Previously, the Peking University Lingang Party and Mass Service Center, which was the key project of the Party branch, successfully obtained qualifications such as the Shanghai-level Youth Laboratory, the Lingang Special Area characteristic Class A Party and Mass Service Platform, the Lingang Special Area Star Party and Mass Service Platform (1/7), the first "Fair Competition Policy Guidance Expressway" service unit in Shanghai, etc.

The services provided by the Party branch include party and mass work in the Lingang Special Area's integrated circuit industry cluster, empowering local parks and enterprises, conducting party building cooperation, and jointly exploring effective models for the transformation of scientific and technological achievements.

In August, the groundbreaking ceremony for the YXME project, a transformational initiative of Peking University, was held at the first-level party and public service center of PKU-IICSH. Yao Weihao, the director of Office of Humanities Social Sciences, Peking University and the director of PKU-IICSH, Cai Yiming, the dean of the School of integrated Circuits, Peking University and a professor, Chen Haitao, The Division of High-tech Industries and Science and Technology Innovation, LSAA, and Li Yi, the deputy director of Finance and Trade Division, LSAA, all took the stage to witness the event. Wang Yu, the executive director of PKU-IICSH and the founding partner of Yanyuan Fund & INNO-YES Incubator, and Wang Zongwei, the founder of YXME, inaugurated YXME.

YXME is an enterprise that has been admitted to the INNO-YES Incubator under PKU-IICSH and is a post-investment enterprise of Yanyuan Fund. Its technology comes from the Advanced Storage and Intelligent Computing Laboratory of School of integrated Circuits, Peking University. Based on the years of research, development and application of ReRAM at Peking University, it has proposed a set of independent intellectual property key technologies for "device-array-chip" of ReRAM, which is a pioneer in the development of new memory devices in China. It has driven an angel round financing of nearly 100 million yuan.

The successful landing of YXME in Lingang is the result of deep cooperation and integration between PKU-IICSH, Yanyuan Fund, INNO-YES Incubator and the Lingang Special Area. It is also a benchmark case of the deep incubation and precise investment model of Peking University's new research and development institutions being implemented in Lingang.

In September, PKU-IICSH participated in and supported the 2025 Peking University Global Finance Forum (Singapore), with nearly 400 global guests including Singapore's ministerial officials and the Chinese Ambassador to Singapore gathering in the Lion City. PKU-IICSH focused on hosting the "Integration of Technological Innovation and Industrial Innovation" theme forum, connecting international scientific and technological resources, and the INNO-YES brand rapidly spread worldwide.

In November, PKU-IICSH jointly hosted the "Technology for Good and Cross-Cultural Cooperation" seminar with the Peking University Center for Innovation in Philanthropy and Social Enterprise. It had in-depth exchanges with European and domestic philanthropic families on international cooperation in the field of technological innovation.

Previously, PKU-IICSH actively established strategic partnerships with overseas institutions and has successively established strategic cooperation with Transfong, Hong Kong University of Science and Technology (HKUST), Hong Kong Polytechnic University (HKPU), Hong Kong Trio AI Limited, Finnovasia Limited, Hong Kong Science Park, Europe-Asia Center, and the UAE China Innovation Center, among other overseas institutions or platforms.

In October, the final of the 1st Shanghai YanYuan Dishui Lake Collegiate AI+International Startup Challenge was concluded in the Lingang Speical Area of Shanghai. Zhang Yun, the Party Secretary and President of the Youth Newspaper, Liu Deying, the Dean of School of Innovation and Entrepreneurship, Peking University, Jiang Jing, the Party Affairs Department Head of Lin-gang Special Area Administration, Sun Xiaohe, the Deputy Secretary of the Party Committee and Mayor of Nanhui New Town, Cao Yang, the Executive Vice General Manager of Shanghai Lin-gang Special Area International Investment Development Co., Ltd and Shen Zhen, the General Manager of China Telecom Corporation Limited Shanghai Lingang New Area Branch, all attended the final presentation of the competition.

Starting from 2025, PKU-IICSH has launched its own brand event Yanyuan International Innovation and Technology Competition based on the ecological development strategy. In June, PKU-IICSH officially launched the 1st Shanghai YanYuan Dishui Lake Collegiate AI+International Startup Challenge, relying on the exclusive AI entrepreneurship community platform INNO-YES SynNovator, covering "6+X" tracks such as AI + social, education, tourism, home furnishing, city, and commerce, attracting more than 200 teams and 700 people from home and abroad to register, and ultimately, more than 50 outstanding teams showcased their practical products and entrepreneurial plans. The participating universities included top domestic institutions such as Peking University, Tsinghua University, Fudan University, and Zhejiang University, as well as overseas institutions such as Tokyo University and Southampton University, demonstrating the extensive international influence and youth participation of the event.

In November, based on the competition, PKU-IICSH officially launched the INNO-YES SynNovator Global AI Era Youth Leadership Program. This program is an ecological partnership between Shanghai Guotou Kechan Economic Development, INNO-YES Incubator & Yanyuan Fund , and multiple partner units such as Shanghai Telecom, Huawei Computing Product Line, and Alibaba Cloud; the goal is to continuously build the INNO-YES SynNovator International Youth AI Community in 2026 and create an integrated youth AI entrepreneurship cultivation system of "competition, training, incubation, exhibition, investment, and employment".

In December, PKU-DSLLH 29th was successfully held at the Dishui Lake Theatre. Professor Cheng Yuzhui from the Department of Chinese Language and Literature of PKU, a doctoral supervisor, was invited to give a special lecture on "Classical Poetry and Humanistic Spirit". Up to now, PKU-DSLLH has attracted over 12,000 audience members to attend the lectures in person and more than 1.2 million people to watch them online, effectively enhancing the cultural soft power and competitiveness of the Lingang Sprcial Area and Nanhui New City. The first compilation book of PKU-DSLLH, "Peking University Humanities Lessons for Young People", was published in 2024, and the second compilation book, "Twelve General Education Lessons by Peking University Professors", was officially published by Peking University Press in the same month.

PKU-DSLLH is a series of lectures initiated by PKU-IICSH, jointly with the Office of Science and Technology Development and Office of Humanities Social Sciences, Peking University under the initiative and support of LSAA. It is deeply involved by units such as Peking University Press and the Peking University Alumni Association. Relying on Peking University's profound academic accumulation and expert resources in the fields of humanities and social sciences, it focuses on economic development, humanistic art, and social governance.

Since August 2023, PKU-IICSH has invited a well-known professor or expert from Peking University to the new area every month to give special lectures and have in-depth exchanges with the builders of the new area, promoting the aggregation of high-quality humanities and social science resources from Peking University in Lingang, effectively enhancing the cultural image and urban competitiveness of the Lingang Special Area, and better meeting the diverse and high-quality spiritual and cultural needs of the people. The Peking University Dashi Lake Lecture Hall has become an important cultural brand activity in the Lingang Special Area, allowing every Lingang striver to release their youthful passion, pursue their youthful dreams, and achieve all-round development in the nourishment of culture, and outlining a richer cultural texture and injecting stronger spiritual strength into the Young City for the Youth.