你得砍估值啊。不论估值便不便宜，总之你得砍。 你得抢额度啊。你跟他说我们下周就能立项，下下周就能投决。我们真立项通过后，你就说我们过了投决了。立项后的尽调环节，你就说我们按投决要 求，补充一些资料。 你得抢额度啊。你先跟他说，我们给他涨一倍估值。等他把其他投资人都拒绝了，我们砍价就好砍了。 你得投小投早啊。如果投早投小导致不能落地，那就先把落地的事放一放。 你得返投落地啊。如果投早投小导致不能落地，那就先把投早投小放一放。 你得有回购啊。能不能回购的出来再说，总之你得有。 你得要管理费啊。哪怕后面再把管理费返给 lp 。那么多 lp 呢，总有老老实实交管理费的。 你得募满 10 个亿啊。 让 lp 现在先进来，就算他借我们的。 后面跟其他lp 说，是这个 lp自己的 原因，想退，我们再给他找接份额的。 公司只有老股转让，但是 lp 要求我们只能增资？那你让公司先回购，然后减资，然后我们再增资，不就好了。 你找第三方会所律所，得比价啊，得打分啊，得遴选啊。不管你是不是真的选了，总之你得选，得留痕。 招聘，你得承诺 carry 啊，等真有 carry 了，再改制度不就好了。 lp问为什么企业收入下滑？你就说，是创 ...

Core Viewpoint - The article discusses the challenges and expectations surrounding IPOs for companies with zero revenue, particularly focusing on a semiconductor project that aims for an IPO within five years despite its current financial status [5][9]. Group 1: Investment Timing and Expectations - An investor's entry point into a company was marked by the company's zero revenue status [2] - There are key terms set for a buyback related to an IPO within five years, involving both the company and its founders [4] - The current market environment suggests that the IPO process can take at least five years, especially if there are multiple inquiries or delays [5][6] Group 2: Industry-Specific Insights - The expectation for a zero-revenue company to complete an IPO within five years raises questions about the valuation and acceptance by founders [7] - Different industries have varying growth paths and logic, which can influence the feasibility of achieving an IPO within the specified timeframe [7][8] - The article specifically highlights that the discussed project is in the semiconductor sector, which may have unique characteristics affecting its IPO timeline [9] Group 3: Market Sentiment - The article concludes with a hopeful sentiment regarding the potential success of the zero-revenue company in achieving its IPO goal in five years, reflecting the current positive market conditions [11]

Group 1 - The article discusses the dynamics of relationships in the investment industry, using recent events involving prominent figures as a backdrop [1][4] - It highlights the importance of understanding the expectations and needs of superiors, particularly in the context of junior analysts and their direct supervisors [6][7] - The author emphasizes the necessity for junior professionals to adopt a proactive approach, including better attitudes and increased effort, to build rapport with their superiors [8][10] Group 2 - The relationship with partners is explored, noting that as professionals advance, they encounter various partners with differing strengths and weaknesses [12][14] - The article suggests that to gain more from partnerships, one must be willing to invest additional resources, such as increasing co-investment amounts to demonstrate commitment [16][17] - It points out that partners are perceptive and can see through superficial gestures, necessitating genuine efforts to build trust [15] Group 3 - The challenges of networking within the industry are discussed, particularly for those in less prestigious firms trying to connect with top-tier professionals [18][19] - The emotional bandwidth of top investors is limited, making it difficult for them to engage with newcomers or those outside their immediate circle [20][22] - The article references a quote from Steve Jobs about the value of associating with intelligent individuals, underscoring the importance of practical value in professional relationships [23][24] Group 4 - The dynamics between content creators and their audience are analyzed, revealing that the commercial value of accounts can differ significantly based on market focus [26][27] - The article notes that secondary market accounts can command much higher commercial rates due to broader participation and engagement [28][29] - It concludes with a reflection on the reciprocal nature of content consumption, where the audience's needs drive the creator's content strategy [30]

Core Viewpoint - The article discusses the investment and development of Yibin Kaiyi Automobile, highlighting the financial involvement of Wuliangye and the local government's aggressive push for new energy initiatives in Yibin [2][11][12]. Group 1: Investment in Kaiyi Automobile - Wuliangye's total investment in Kaiyi is reported to be in the range of "tens of billions," with some estimates as high as 6.1 billion [3][4]. - Wuliangye initially invested 2.4 billion to acquire Kaiyi from Chery, with subsequent investments contributing to the total [5]. - The acquisition was made by two entities: Yibin Automotive Industry Development Investment Co., Ltd. and Sichuan Yibin Push Group Co., Ltd., with the former being controlled by the Yibin government [6][7]. Group 2: Yibin's New Energy Initiatives - Yibin is noted for its aggressive approach to new energy, with significant investments in lithium battery production led by CATL, which has the largest single-city production capacity globally [13][14][15]. - The city hosts major solar energy companies, including Yingfa Ruineng and Gaojing Solar, both of which have received substantial funding and are involved in public listings [16][19]. - Kaiyi's projected sales for 2024 are 28,000 vehicles, with a target of 250,000 for the entire year of 2025 [23][24]. Group 3: Academic and Research Support - The article mentions the involvement of Ouyang Minggao, a prominent figure in the automotive field, who has established a research station in Yibin, indicating strong academic support for the city's industrial plans [32][41]. - The establishment of the Sichuan New Energy Innovation Center and associated investment funds reflects Yibin's commitment to fostering innovation and attracting talent [42].

Investment Strategy - The first phase of the National Integrated Circuit Industry Investment Fund (大基金一期) was established in 2014 with a registered capital of 98.7 billion, and actual funds received were approximately 120 billion [3] - The second phase (大基金二期) was established in 2019 with a registered capital of 204.2 billion, and actual funds received were around 220 billion [3] - Significant investments from both phases were directed towards wafer manufacturing, including companies like SMIC, Hua Hong Semiconductor, and Changjiang Storage [3] - Investments also extended to packaging segments, with companies such as Tongfu Microelectronics and Jiangsu Changjiang Electronics Technology [5] - The strategy focused on addressing the largest gaps in the semiconductor industry, particularly in manufacturing, while also investing in chip design, exemplified by companies like Huawei's HiSilicon [6][7] Management - The management of both phases is handled by Huaxin Investment Management Co., Ltd. (华芯), established in 2014 specifically for managing the fund [9] - The largest shareholder of Huaxin is the National Development Bank, which is also a significant contributor to the fund [9] - In the first phase, the Ministry of Finance was the largest contributor (36%), followed by the National Development Bank (22%), while in the second phase, the Ministry of Finance contributed 11.02% and the National Development Bank 10.78% [10] - The management structure raised questions about the dual role of the National Development Bank as both a manager and a major limited partner, reflecting a high level of trust from the state [10] - The first phase involved collaboration with other semiconductor investment institutions to mitigate risks, while the second phase saw a more mature investment capability with no additional management entities [10][11]

Core Viewpoint - The article emphasizes the importance of using platforms like Qichacha to discover valuable information about companies and potential investment opportunities through monitoring changes in corporate structures and ownership [1]. Group 1: Company Acquisitions - Zhiyuan Robotics initiated the acquisition of Shuangwei New Materials, with significant backing from major players like BYD and SAIC Group [3][4]. - The acquisition process highlights the trend of established companies investing in startups to enhance their technological capabilities [3]. Group 2: Investment Trends - Source Code Capital became the largest shareholder of the startup Zhichun Technology, indicating a strategic move into the semiconductor design sector [9][11]. - The article notes that direct acquisitions of startups by investment firms are relatively rare, suggesting a shift in investment strategies within the industry [11]. Group 3: Notable Individuals - Wang Yu, a prominent figure in the AI sector, became the largest shareholder of the startup Wuwen Xinqiong, which is expected to positively impact the AI industry in China [14][16]. - The article discusses the potential future contributions of entrepreneurs like Yao Song, who has left his position at Dongfang Space, hinting at new ventures in the investment landscape [5][7]. Group 4: Corporate Changes and Financing - The article suggests that changes in corporate registration and capital increases can be indicators of financing rounds, which can be tracked through Qichacha [18]. - It raises the possibility that some companies may rely on relocation and structural changes to facilitate funding rather than solely on their operational performance [18]. Group 5: Market Dynamics - The article advises investors to monitor past high-valuation projects for signs of ongoing financing or potential legal issues, which could indicate underlying problems within those companies [20][21]. - It suggests that frequent checks on platforms like Qichacha can help investors maintain realistic expectations and stay informed about their investments [23].

Core Viewpoint - The article discusses the rise and fall of YOHO, a once-prominent consumer brand in China, highlighting the challenges faced by consumer companies in the current market environment and the implications for investment strategies in the sector [1][17]. Financing Information - YOHO's operating entities, Nanjing Xinyuli Cultural Communication Co., Ltd. and Youhuo (Jiangsu) Trading Service Co., Ltd., have collectively raised significant funding, with Xinyuli securing six rounds of financing from top-tier investment institutions [2][7]. - The last disclosed funding round for Xinyuli was in 2018, amounting to $25 million, suggesting a valuation in the tens of billions of RMB [7]. - Youhuo has completed one round of financing, a D round, with a total of $10 million, indicating a valuation close to 100 billion RMB [7][11]. Founders and Business Model - YOHO was founded by Liang Chao, who has a background in media and previously worked as a television program director [13]. - The company was known for its dual focus on media and fashion, collaborating with European designers and hosting events to promote its brand [13][14]. - The flagship store in Nanjing was designed by renowned Japanese designer Masamichi Katayama, reflecting the brand's upscale positioning [14]. Downfall - Since 2020, YOHO has faced increasing legal challenges, and by 2021, reports indicated that the company had run into financial difficulties, with its cash flow collapsing due to high inventory, long payment terms, and low margins [18][19]. - The company, which once had a valuation in the tens of billions, likely needed to generate over 1 billion RMB in revenue to sustain such a valuation [19]. Market Reflection - The article reflects on the luxurious investor backing of YOHO, including prominent firms like CDH Investments and Bertelsmann, and questions the exit strategies of these investors given the company's decline [21]. - A personal anecdote highlights the founder's ability to liquidate shares for personal gain, raising questions about governance and investor oversight during the company's peak [21].

Core Viewpoint - Cambricon has shown significant growth in its financial performance, with a revenue of 2.88 billion yuan and a net profit of 1.038 billion yuan in the first half of 2025, indicating its potential as an AI chip design company [2]. Group 1: Financial Performance - In the first half of 2025, Cambricon reported a revenue of 2.88 billion yuan and a net profit of 1.038 billion yuan, with a non-GAAP net profit of 913 million yuan [2]. - The company's market capitalization briefly surpassed that of Kweichow Moutai, reaching a new high on Thursday [3]. Group 2: CVC Exploration - Cambricon has established partnerships with investment firms, including a joint venture with Yonghua Investment to manage a fund, where Cambricon holds a 45% stake [5]. - The company has also collaborated with local government entities to create a private equity fund, contributing 200 million yuan as a limited partner [6]. - However, the current structure does not fully align with the traditional definition of Corporate Venture Capital (CVC), as investment decisions are not solely made by Cambricon's employees [8]. Group 3: CVC Value Proposition - CVC can enhance the main business by investing in companies within the semiconductor ecosystem, as demonstrated by the example of North Huachuang and Kema Technology [10][11]. - North Huachuang's CVC, Nuohua Capital, invested in Kema Technology, which subsequently went public, benefiting both companies through business synergies and financial returns [12][13]. - The value of CVC lies in its ability to create a collaborative ecosystem that supports both investment and operational growth [14]. Group 4: Investment Opportunities for Cambricon - Cambricon can explore various investment avenues, including IP and EDA sectors, AI models, infrastructure, and applications, as well as data center technologies [18]. - As a prominent player in the chip design industry, Cambricon is positioned to identify promising investment opportunities earlier than financial investors, potentially leading to increased revenue and profit through successful collaborations [19]. - The company could benefit from establishing a formal CVC to enhance its investment strategy and operational capabilities [20].

Core Viewpoint - The article discusses the value of a paid study tour organized by a well-known investment institution for small and micro entrepreneurs, arguing that the cost is justified given the potential benefits of networking and learning about significant infrastructure projects in China [1][10]. Group 1: Event Significance - The study tour includes visits to major projects like the Yajiang Hydropower Station and the New Tibet Railway, which are expected to have a substantial impact on China's economy and global dynamics in the coming decades [4]. - Participating in such an event provides entrepreneurs with a meaningful opportunity to understand the potential of Sichuan and engage with local governments, which could be beneficial for future financing [5][6]. Group 2: Cost Justification - The fee of 9,800 yuan is seen as a reasonable investment for entrepreneurs to gain recognition and facilitate smoother interactions during due diligence, negotiations, and post-investment processes [9][10]. - The institution's ability to filter and select the most promising entrepreneurs through a paid model is viewed as an efficient method to manage the high volume of project proposals they receive [8]. Group 3: Broader Implications - The article suggests that institutions expanding their revenue sources through such activities is not problematic, as it supports their ability to acquire publicly listed companies and explore new paradigms in the primary market [11]. - The author encourages more organizations to adopt similar initiatives, proposing that raising the price could help filter participants who truly value the experience [12][14].

Core Viewpoint - The article highlights the misconduct of Han Tao, the Executive General Manager of CICC Capital, including extramarital affairs, misuse of public funds, and allegations of bribery, leading to a 10-year prison sentence [1][3]. Group 1: Misconduct and Legal Consequences - Han Tao was reported for various violations as early as January 2021, and CICC Capital took swift action against him and other involved parties [3]. - The recent report by Caixin emphasizes Han Tao's involvement in selling investment quotas, which raises concerns about the integrity of investment practices within the firm [3][4]. Group 2: Investment Practices - The article discusses the concept of "selling investment quotas," suggesting that if an employee has a high-quality investment opportunity, they might sell their quota to others who can provide liquidity [4][5]. - It mentions a scenario where an employee, referred to as "A," leveraged trust from external investors to secure additional funding for projects, indicating a potential conflict of interest [4][5]. Group 3: Recommendations for Improvement - The author suggests that firms should eliminate limits on employee investment quotas to prevent the practice of selling these quotas, thereby enhancing transparency and integrity [6]. - There is a call for investment firms to better identify and secure high-quality projects to justify the allocation of investment quotas [6].