消费企业集体涌入硬科技，钱花得值吗？

中国消费企业正在集体加码硬科技投资。1通过财务参股、控股收购和AI赋能等多种路径，这些企业向半导体、芯片等科技产业布局资金。1汤臣倍健在2026年上半年内五次跨界科技投资，累计投入超3亿元。1国投中鲁投入60亿元收购中国电子工程设计院全部股权。1这股热潮源于传统消费赛道增长乏力和AI赛道财富效应的双重驱动。1

然而，这一投资浪潮并非风险无忧。1根据麦肯锡数据，传统企业跨界硬科技的失败率约为70%—75%。1联储证券的报告则显示，跨行业高科技并购失败率达57.2%，为行业内整合并购失败率的约2.5倍。1现象背后存在产业升级与投机蹭热度并存的问题。1

部分消费企业在硬科技领域已初见成效。1探路者的芯片业务在2026年一季度营收达1.79亿元，同比增长206.92%，占其总营收比重升至36.09%。1

Chinese consumer companies have collectively pivoted toward hard technology investments, deploying capital across semiconductors, chips, and AI through three primary strategies: financial equity stakes, controlling acquisitions, and AI-enabled partnerships 1. This wave has been fueled by stagnating growth in traditional consumer sectors and the lucrative returns demonstrated in AI-related ventures 1.

The scale of this shift is substantial. Tiens Health Products made five cross-sector technology investments within a six-month period in the first half of 2026, committing over 300 million yuan cumulatively 1. In a larger move, China Investment Group poured 6 billion yuan into acquiring full equity control of China Electronics Engineering Design Institute 1. Meanwhile, Explorer achieved remarkable results in its chip business segment, generating 179 million yuan in revenue during the first quarter of 2026—a year-over-year surge of 206.92 percent—which now represents 36.09 percent of total company revenue 1.

However, the success rate of such ventures remains uncertain. According to McKinsey data, traditional enterprises attempting cross-sector hard technology investments face failure rates between 70 and 75 percent 1. Union Securities Research further reported that cross-industry high-tech mergers and acquisitions fail at a rate of 57.2 percent, approximately 2.5 times higher than failure rates for within-industry consolidations 1. This disparity suggests that while consumer enterprises continue flowing into the hard technology space, the phenomenon reflects both genuine industrial upgrading efforts and speculative trend-chasing, with outcomes concentrated among a minority of successful ventures 1.