Baowei spent 10 years independently developing fully automated intelligent production lines. By applying "5G plus Industrial Internet" technology, the company has achieved full digital control over the entire Prepreg production process, establishing itself as an AI-driven, digitized super factory.

The company's core products, such as high-modulus carbon fiber Prepreg fabrics and carbon fiber components, are widely used in aerospace, sports equipment, automotive and electronics industries, serving as a stable supplier for quite a few major enterprises, including China Aerospace Science and Industry Corp. Ltd.

"Carbon fiber composites are in high demand but extremely difficult to produce," Jiang Bo, Chairman of Baowei, told newspaper Dazhong Daily. "Compared to traditional factories, our production and operational costs are pointedly lower. Moving forward, we aim to extend AI applications from production to research and development, creating an 'unmanned laboratory' to leverage our new material expertise and accelerate digital and intelligent transformation."

Baowei's predecessor was Baowei Fishing Gear, but the company rebranded itself in 2012 to pursue advanced material innovation. In September 2021, its AI-powered smart factory reached full production capacity, earning the company a spot on Shandong's Gazelle Enterprise list that same year.

Galloping with the times

The 2025 Government Work Report, delivered by Premier Li Qiang at the opening meeting of the Third Session of the 14th National People's Congress, China's top legislature, on March 5, proposes to support the development of unicorn companies and gazelle companies, enabling more businesses to accelerate in new arenas. This is the first time for the term "gazelle enterprise" to appear in the report.

The term is not new, though. The concept was first coined by Professor David Birch from the renowned Massachusetts Institute of Technology in the 1990s, referring to high-growth tech firms that have surpassed the startup phase and are expanding rapidly in technology, business models and organizational innovation—as they share key traits with gazelles: "small in size, fast runners and high jumpers," mirroring companies that are small but agile, achieving rapid growth and breakthroughs.

The concept was introduced to China in 2003 in Beijing's hi-tech hub Zhongguancun. That year, the Zhongguancun Science Park launched the Gazelle Plan, providing financial support for such companies. This initiative demonstrated China's systematic focus on cultivating gazelle enterprises. Subsequently, national hi-tech zones and other innovation hubs began nurturing gazelle enterprises and building innovation ecosystems.

Beijing Kingbio Biotechnology Co. Ltd., founded in 2007, established its own laboratory in Zhongguancun in 2010, primarily focusing on the research and development (R&D) of clinical biologics for small animals. As the company expanded, its vaccine trials and industrial-scale production required larger facilities. In 2018, the company set up a subsidiary, Kingbio (Tianjin) Bio-Pharmaceutical Co. Ltd., in neighboring Tianjin Municipality.

Chen Huangshi, general manager of Kingbio (Tianjin), explained that after five to six years of development, the subsidiary in Tianjin had completed

the creation of a high-standard, specialized veterinary biologics production facility.

"Four to five new drugs developed in Tianjin are set to obtain certification. The subsidiary has now evolved from a single production base into an integrated headquarters combining manufacturing, R&D and sales," he said. In 2024, Kingbio (Tianjin) was recognized as a gazelle enterprise.

Supporting sprinters

On July 30, 2024, a meeting of the Political Bureau of the Communist Party of China Central Committee emphasized the need to "cultivate and strengthen emerging and future industries, and provide robust support for the development of gazelle and unicorn enterprises." Local governments actively responded by rolling out related policies.

As early as 2010, some local governments and hi-tech zones were already introducing measures to support gazelle enterprises, varying in specifics but generally evaluating criteria such as company age, growth rates and innovation metrics.

On November 1, 2022, the recommended national standard, Guide for Classification of High-Growth Enterprises, drafted by the China National Institute of Standardization and multiple national hi-tech zones, officially took effect. It defines gazelle enterprises as "high-growth companies whose business models are validated by the market, have reached a certain scale in revenue or employment, successfully overcome the startup phase, and entered a phase of rapid growth." The document specifies the revenue and growth rate requirements for such companies.

"For governments, supporting gazelle enterprises helps promote the formation of industrial clusters, optimize resource allocation and enhance regional economic development," Guo Liyan, a researcher at the Chinese Academy of Macroeconomic Research, told China Central Television on March 6.

She added that gazelle enterprises are often considered precursors to unicorn enterprises. Unicorn enterprises are unlisted companies founded after the year 2000 with valuations exceeding $1 billion; gazelles are typically valued between $500 million and $1 billion and are expected to reach unicorn status within three years.

"Both gazelle and unicorn enterprises are emblematic of new technologies, industries, formats and models," she said. "Expanding market access and leveraging China's vast consumer base will help them commercialize technologies faster."

According to the Gazelle Cloud Database, a think tank specializing in gazelle enterprise research in China, as of November 5, 2024, China had certified 36,124 gazelle enterprises across 92 industries. These are concentrated in electronics, next-generation information technology and advanced manufacturing. Beijing, Guangdong Province and Shandong rank as the top three regions in terms of the number of gazelle enterprises.

Currently, many places, including Liaoning, Shandong, Jiangxi, Jiangsu and Hubei provinces, have launched "gazelle-to-unicorn" enterprise cultivation programs, establishing tailored funding and policy support. For example, an official from the Jurong City Science and Technology Bureau in Jiangsu revealed in an August 2024 media interview that the city offers up to 500,000 yuan ($69,200) in subsidies to companies newly certified as gazelle enterprises and those qualified as gazelle enterprises receive priority approval for municipal-level sci-tech projects.

"Once recognized as a 'gazelle,' companies gain stronger appeal to investors, making subsequent financing easier," Liu Chen, a researcher at the Bank of China Research Institute, told newspaper Shanghai Daily.

However, he noted that gazelle enterprises still face challenges, particularly a mismatch between rapid expansion and insufficient funding during mid-stage growth.

"From the government's perspective, financing support tools for gazelle enterprises remain limited," he said. "For commercial banks, the efficiency of financial backing needs improvement. Other financial institutions must also enhance interagency coordination to amplify their collective impact."

Copyedited by Elsbeth van Paridon

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