A special event, the "China Economic Vitality Data Night," recently took place, featuring a significant data release from the business inquiry platform Tianyancha. Wang Yufei, Vice President of Tianyancha, was invited to present the heavyweight "Corporate Vitality Big Data" report. Leveraging its database of over 390 million social entities and more than 1,100 data dimensions, Tianyancha collaborated with financial media to decode the intrinsic drivers of China's steady economic progress using authoritative data. The report offers a panoramic view of the Chinese economy's robust resilience and vast potential, analyzing aspects from the micro-foundation and industrial engines to consumption momentum.

**Small and Micro Enterprises Fortify the Economic "Micro-Foundation"** Small and micro enterprises represent the most dynamic cells of the market economy and form the "micro-foundation" for China's stable economic operation. Data from Tianyancha reveals that by 2025, the total number of small and micro enterprises in China with registered capital under 5 million RMB had exceeded 130 million, accounting for 66% of all business entities. Throughout 2025, 7.68 million new such enterprises were established, averaging over 20,000 new registrations per day. These enterprises, spread across various industries, permeate every corner of the economic and social landscape like capillaries. Tianyancha tracks the "vital signs" of each business entity, providing support for the operations and partnership decisions of small and micro enterprises through features like business information, risk assessment, full equity penetration maps, and ultimate beneficiary identification, thereby indirectly serving the growth of tens of millions of small businesses. The "micro-foundation" of the Chinese economy is becoming increasingly solid.

**New Quality Productive Forces Lead the "Troika of Growth"** If the total number of business entities is the "base," then the industrial structure is the "engine." In 2025, three key sectors—artificial intelligence, the low-altitude economy, and new energy vehicles—shone brightly, collectively releasing new economic动能. Looking first at artificial intelligence, against the backdrop of the national deployment of the "AI+" initiative, the entire industry ecosystem demonstrated vigorous innovative capacity. Tianyancha data shows that by 2025, there were nearly 2.3 million AI-related enterprises in China, with over 550,000 new establishments in 2025 alone, a 32.6% increase compared to the same period in 2024. These companies operate across more than 20 fields, including intelligent manufacturing, smart transportation, and smart healthcare, indicating a progressively solid industrial foundation. The low-altitude economy represents a new blue-ocean industry taking off. Tianyancha data indicates that registrations for low-altitude economy enterprises surged by 135.6% in 2025, bringing the total number of existing enterprises to 157,000. Capital markets were equally active; Tianyancha's investment and financing data shows that manufacturers of intelligent unmanned aerial vehicles raised over 17.4 billion RMB in total financing, a 45.9% increase from 2024. From drone food delivery to urban air mobility, and from agricultural crop protection to emergency rescue, what was once a distant "airborne business" is becoming a tangible industrial reality. The new energy vehicle industry underwent a "qualitative leap" in 2025. According to Tianyancha data, the number of registered new energy vehicle-related enterprises in China reached 1.079 million by 2025, with 381,000 new additions in 2025, a year-on-year increase of 5.5%. Utilizing its 1,100+ data dimensions, Tianyancha comprehensively documents the industry's transition trajectory from scale expansion to technological breakthroughs and brand upgrades, providing data support for high-quality industrial development.

**Consumption Upgrading Activates "New Growth Poles" in Regional Economies** The vigorous development of the modern service sector continues to unleash consumption vitality. Tianyancha data shows that there are over 2.599 million existing tourism-related enterprises nationwide, with the cultural and tourism industry becoming a new growth pole stimulating regional economic growth. The recent popularity boom of Harbin serves as a vivid example of this trend. This "traffic surge" not only drove a sharp increase in ice and snow tourism consumption but also activated the entire cultural and tourism industry chain in Heilongjiang province. Tianyancha data indicates that in 2025 alone, Heilongjiang saw 361,000 new enterprises established in just four sectors: culture, sports & entertainment; leasing & business services; and accommodation & catering. This figure represents one-quarter of all new enterprises in the province, meaning one out of every four new businesses was related to the cultural and tourism industry. The transition from "internet-famous check-in spots" to "enduring industries" demonstrates that consumers are willing to pay for high-quality experiences, and businesses are responding accordingly—this is the power of the market.

From 130 million small and micro enterprises solidifying the micro-foundation, to three emerging sectors activating industrial动能, and further to the cultural and tourism industry unleashing consumption potential, this series of core data points vividly illustrates a pattern of multi-point drive and synergistic growth in the Chinese economy. As a leading domestic commercial inquiry platform, Tianyancha witnesses every change, every financing round, and every new registration among business entities. This report, through authoritative data interpretation and industrial insight, not only accurately decodes the core logic of economic vitality but also communicates to the public the fundamentally sound long-term prospects of the Chinese economy. As the "micro-foundation" becomes more solid, new growth drivers strengthen, and consumption vitality is continuously released, the resilience and vitality of the Chinese economy are destined to transform into powerful momentum for high-quality development. Moving forward, Tianyancha will continue to use data as a bridge, providing more precise business decision support for market entities and contributing to high-quality economic development.