Every company here is a direct investment, underwritten through one of two tracks and judged against the same test: can it become increasingly difficult for its market to replace? Each record carries its sector, its stage at entry and its current status — and where something checkable has happened, the date it happened and where you can verify it.
这里的每一家都是我们直接投资的，用两条承销路径中的一条来判断，检验的标准是同一个：它能不能变得越来越难被自己所在的市场替代？每条记录标明赛道、进入阶段与当前状态；凡是发生过可查证的事，都标出时间和查证途径。
A small number of dated, independently verifiable events. This is the section that does the proving; the rest of the page explains how we got there.
少数几件有明确时间、可由第三方独立查证的事。这一段负责证明；页面其余部分解释我们是怎么走到这一步的。
The portfolio spans two distinct underwriting tracks. Software and applied AI compound through workflow ownership, habitual use and proprietary data. Deep tech and sustainable industry compound through new production capability, real-world validation and hard-to-replicate technical advantage. The evidence differs; the underlying question does not: can this company become increasingly difficult for its market to replace?
组合横跨两条不同的承销路径。软件与应用 AI 靠掌握关键环节、形成使用习惯、积累专有数据来复利；深科技与可持续产业靠新的生产能力、真实环境验证，以及难以复制的技术优势来复利。证据不同，底下的问题相同：这家公司能不能变得越来越难被它所在的市场替代？
Workflow → habit → data → operating layer
工作流 → 习惯 → 数据 → 运营层
This path compounds only when the software becomes where the work happens, not a tool beside it. It usually breaks earlier than people expect: the customer keeps their old system of record, so daily use never turns into habit and the data never accumulates.
这条路径要复利，前提是软件成为工作本身发生的地方，而不是旁边的一个工具。断掉的地方通常比想象中更早：客户留着原来的系统，于是日常使用没有变成习惯，数据也没有沉淀下来。
New capability → real-world proof → demand before scale → hard to replicate
新能力 → 真实验证 → 规模化前已有需求 → 难以复制
This path compounds only when a buyer commits before the capacity is built, because built capacity is what makes the advantage hard to copy. The step from real-world proof to committed demand is where most of these companies die.
这条路径要复利，前提是在产能建成之前就有人承诺买单——真正难被复制的，正是已经建起来的产能。多数这类企业死在从"验证过了"到"有人承诺买"的那一步，而不是死在技术上。
Makes nanocomposite coatings and films — windshield and paint protection sold through roughly 500 car-care installers, and heat-signature-reducing coated textiles sold to military buyers.
做纳米复合涂层与膜材：车窗和车漆保护膜通过约五百家门店销售，降低热信号的涂层织物卖给军方。
Designs and sells battery, plug-in hybrid and hydrogen heavy trucks of 42 to 120 tonnes, built under contract by XCMG and C&C Trucks, to Chinese logistics, mining and port fleets.
做 42 到 120 吨的纯电、插混与氢燃料重卡，由徐工和联合卡车代工，卖给中国的物流、矿山与港口车队。
Software that predicted which human proteins a drug molecule would bind to across the whole proteome, so drug hunters could rank candidates and spot likely side effects before lab work.
预测一个药物分子会跟人体哪些蛋白结合的软件，让研发人员在进实验室之前就能给候选物排序、看出可能的副作用。
An app and dashboard that lets small businesses and freelancers hold dollar stablecoins in a wallet they control, and use it to invoice, run payroll and take checkout payments across borders.
一个 App 和后台，让小企业与自由职业者把美元稳定币放在自己掌握私钥的钱包里，用它开票、发薪和跨境收款。
An application portal where students applying to study abroad — usually via a local education agent — browse courses at foreign universities and submit applications. Universities and agents pay.
一个留学申请平台：学生（多数通过当地中介）在上面挑国外院校的课程并提交申请。付钱的是院校和中介。
Sells fraud-detection software to streaming services, record labels and royalty collectors, who use it to spot fake streams and AI-generated uploads before royalties are paid out.
把反欺诈软件卖给流媒体平台、唱片公司和版税分配机构，用来在结算版税之前识别刷量和 AI 生成的上传内容。
Sells software plus outsourced licensed staff to independent insurance agencies, turning inbound calls and emails into tracked service work — and buys agencies outright to run on its own platform.
给独立保险代理机构卖软件加持牌外包人力，把打进来的电话和邮件变成可追踪的服务工单；也直接收购代理行，放到自己平台上运营。
A non-bank lender to Australian small and medium businesses — truck, vehicle and equipment finance, term loans, overdrafts and insurance-premium funding — distributed through finance brokers.
澳大利亚的非银行中小企业贷款机构：卡车、车辆与设备融资、期限贷款、经营透支和保费融资，主要通过金融经纪渠道分销。
Buys produce from farms and sells and delivers it to grocery chains, restaurants and schools, and licenses the software food wholesalers run their businesses on.
从农场收生鲜，配送给连锁超市、餐厅和学校；同时把食品批发商日常用来管订单和账目的那套软件卖给他们。
A subscription health programme in which psychologists, dietitians and coaches work with people through an app — for mental health and for managing diabetes, hypertension and cholesterol — bought by employers and insurers for their staff and members.
一套订阅制健康服务：心理师、营养师和教练通过 App 跟进个人——既做心理健康，也管糖尿病、高血压与血脂——由雇主和保险公司为员工及会员买单。
Matches companies that need AI computing capacity with GPU supply, data-centre space, deployment partners and financing. Sells multi-node GPU clusters, dedicated single-tenant servers and a managed model-inference API.
把需要 AI 算力的公司与 GPU 供给、数据中心机位、部署方和融资对接起来；自己也直接卖多机 GPU 集群、独占裸金属服务器，以及托管的模型推理 API。
Sells software that lets a factory robot work out where a part is and how it is oriented from a single camera image, so it can pick the part up without a fixture. Sold to car plants and robot-cell integrators.
卖一种软件，让工厂机器人凭一张相机照片就能判断零件的位置和朝向，不用工装夹具也能抓取。客户是汽车厂和做机器人工作站的集成商。
Banking and payments software for small US construction contractors — invoicing, card and ACH payments, paying subcontractors and suppliers, synced to their accounting system.
给美国中小建筑承包商的银行与支付软件：开票、收卡与 ACH、给分包和供应商付款，并与记账系统打通。
A platform where private, pre-IPO and small-cap companies and fund managers list capital raises for registered wholesale investors to browse, plus software founders use to run their own investor outreach.
一个私募与 Pre-IPO 项目的展示平台：企业和基金管理人在上面挂出融资，供注册的批发投资者浏览；另外卖一套创始人自己做投资人触达的软件。
Runs the exchanges and registries used to buy, sell and retire carbon credits and renewable-energy certificates — the plumbing that lets a utility prove which clean megawatt-hour it owns.
运营碳信用与绿电证书的交易所和登记系统——让一家电厂能说清自己手上那度清洁电究竟是哪一度的底层管道。
Designs and manufactures room- and table-sized glasses-free 3D projection systems, sold as capital equipment to defence agencies, museums, universities and operators of paid hologram attractions.
设计并制造房间级和桌面级的裸眼 3D 投影系统，作为资本设备卖给国防机构、博物馆、高校，以及经营付费全息展馆的运营方。
Brews cow-milk protein using engineered yeast instead of cows, and sells it as an ingredient to supplement and fortified-food manufacturers.
用工程酵母酿出牛奶蛋白，不经过牛，再作为原料卖给营养补充剂与强化食品厂商。
Uses engineered bacteria bolted onto existing food-waste biogas plants to turn food waste into PHA, a compostable plastic resin sold to packaging and product manufacturers.
用工程菌接在现有的餐厨垃圾沼气厂上，把厨余变成 PHA——一种可堆肥的塑料原料，卖给包装与制品厂。
Converts plastic film and factory offcuts that cannot normally be recycled into glue for pressed-wood panels, sold to the factories that make MDF and particleboard as a substitute for formaldehyde-based adhesive.
把常规回收不掉的塑料薄膜和工厂边角料转化成人造板用的胶，卖给做中密度板和刨花板的工厂，替代甲醛胶。
Makes fast industrial 3D printers that print carbon- and glass-fibre parts strong enough to use as finished components rather than prototypes, and runs a print-for-hire service.
做高速工业级 3D 打印机，能打出碳纤维和玻纤增强的零件，强度足以直接当成品件用，而不只是打样；同时提供代打印服务。
Makes electrolysers — machines that split water into hydrogen with electricity — built around a membrane that avoids costly metals like iridium, sold to industrial hydrogen users, ports and utilities.
做电解槽——用电把水拆成氢的设备——所用的膜绕开了铱这类昂贵金属；客户是工业用氢方、港口和电力公司。
Uses engineered enzymes to break used plastic and worn-out polyester and nylon clothing back into their original chemical building blocks, then sells those to apparel brands and fibre producers.
用工程化酶把废塑料和穿旧的涤纶、尼龙衣物拆回最初的化学原料，再卖给服装品牌和纤维厂。
Flies satellites carrying cameras that split light into 31 colour bands instead of three, and sells the images to people who need to tell materials apart from orbit — agronomists, miners, foresters and defence analysts.
用自己的卫星拍高光谱影像：把光分成 31 个波段而不是三个，卖给需要从轨道上分辨物质的人——农艺师、矿业、林业与国防分析师。
A clinical-stage drug developer working on a once-daily pill derived from a gut-bacterium by-product, intended to treat plaque psoriasis by retuning the immune system rather than broadly suppressing it.
临床阶段药企，在做一种源自肠道菌代谢物的每日口服药，用于治疗斑块型银屑病——思路是重新调节免疫，而不是广泛压制。
Makes a handheld ultrasound scanner that measures how stiff and how fatty a patient's liver is in an ordinary consulting room, instead of sending them for an MRI or a needle biopsy.
一台手持超声设备，让医生在普通诊室里就能测出患者肝脏的硬度和脂肪含量，不必再去做核磁或穿刺活检。
Selected portfolio companies. Logos and company information are the property of their respective owners and are used with permission. Inclusion does not imply an endorsement of INP Capital, does not indicate investment performance, and does not imply operational control by INP Capital.
以上为部分被投企业。相关标识与企业信息归其权利人所有，已获授权使用。列示不代表该企业对 INP Capital 的背书，不代表投资业绩，也不代表 INP Capital 对其拥有经营控制权。
