「 从来都不是一场短跑。 」 文 ｜ ATM Capital 屈田 很多人把出海理解为一道选择题：留在中国，还是去更远的地方。但对屈田来说，那更像一场漫长的对 时：与趋势对时，与耐心对时，也与自我对时。不是比谁更快，而是比谁的表针与时代咬合得更准。 作为中国第一代互联网产品经理，屈田2007年开始投资移动互联网，也是美团、UC Web等项目的早期投 资人。2017年开始肉身出海，扎根印尼雅加达，在几乎无人看清方向的时刻，押注东南亚与中国企业的 全球化。 那时，极兔还只是一个模糊的物流构想，印尼街头的电商包裹远未像今天这样密集。他亲历了这家公司 从东南亚、到中国、再到全球的三次生死突围。 外界后来喜欢用"前瞻"解释这一切。但在他自己的表达里，更真实的词是"忍"：在浪真正到来之前，必须 先学会独自站在岸边、承受漫长的曝光。 九年间，屈田见过太多企业把出海只是当成"多开一家分公司"，也见过太多人在受挫后折返。他对这些 失败的总结是，缺乏深度本地化能力。 "就像移民一样，你必须扎根到那个国家，才能真正理解市场、做好业务。" 屈田认为，真正的全球化更接近二次创业：组织要重写，文化要重译，连创始人对胜负的刻度都要重新 标 ...

「 寻找Healthcare中的"Care"。 」 文 ｜ 陈之琰 当大部分投资人将目光锁死在AI、具身智能或创新药的爆发力上时，王志远带着卓正医疗走到了公开市 场的门槛前。 2025年12月中旬，卓正通过了港交所主板上市聆讯。今日，这家成立于2012年的健康医疗公司正式登陆 港股。 过去十年，中国的创投环境经历了一场过山车式的剧变。从O2O的疯狂、万物共享和新消费的泡沫，到 资本寒冬的沉寂，又到AI、具身智能的狂飙突进，无数顶着"颠覆者"头衔的公司出现、登顶、沉没。 而 在外界眼中"重且慢"的线下医疗服务领域，卓正却跑出了一条极具韧性的增长曲线：2022年至 2024年，卓正的年复合增长率（CAGR）超过了30%。 与此同时，在一众由资本助推的商业公司中，卓正又极其罕见地保持了某种"纯粹"：不接入医保，不依 靠营销增长，商业利益服务于患者利益，不追求老专家坐镇而愿意赋能中青年医生，还有对于"信任+口 碑"的增长的坚持。 这种纯粹一面是尊重医疗健康的专业底线，另一面也纯粹于对商业规律的敬畏。 这使得这家公司呈现出一种独特的商业标本价值：既有线下医疗的行业壁垒与定位稀缺性，又展现出了 中高速增长的持续性。更重要 ...

「 AI或许做不好一生的陪伴，但能做好一小时的访谈。 」 然而，在2025年的春天，当AI陪伴的飞轮停滞不前，他们先后选择了离开，开始了一场长达半年的"流浪"。 在正式启动Trooly.AI前，他们两人在6个月里经历了多次失败的创意。他们尝试过利用AI消除信息噪音、AI炒股、AI背单词、AI读论文等产品形态，甚至曾打算 基于Voice Agent做一款AI硬件。直到他们意识到：在AI让逻辑与内容生成的边际成本趋近于零的时代，真正的壁垒已不再是"产出"的能力，而是"输入"的质量。 最昂贵的资产，是那些隐匿在真实生活里、能为产品决策提供核心"信息增量"的用户故事。 这种方向的最终定格，源于王震在Zulution AI时期身为"甲方"的采购经历。为了产品决策，他曾花费近4万元人民币请外部机构做调研，却在耗时一个月后仅得到 了20几个用户样本。而两人此前通过Museland产品积累的、能让人卸下防备的对话技术，天然适合深度的定性访谈。几乎没有再有犹豫，Trooly.AI由此诞生。 王震告诉「暗涌Waves」，相比人类访谈员带来的社交压力，受访者在面对一个"博学且温和"的AI时，反而更容易打开心扉，分享那些隐秘且深刻的 ...

「 打捞那些在半山腰跌落的人。 」 「入局」是「暗涌Waves」的固定栏目。它源于我们发现，曾经行之有效的运行模式出现新的挑战，过往自西向东所承 袭的行业规则已经被打散。人们亟待创新与资本的新版图和新秩序。而"入局"则是一种最珍贵的姿态。 「入局」诞生于变局之中。 若用一句话总结这个栏目的书写对象：我们希望找到更适应变化环境中的新玩家、新玩 法。以下是本栏目的第十五篇文章。 特约作者 ｜ 李苏 编辑 ｜ 陈之琰 当2025年的资本市场在二级市场的回暖与IPO的零星开闸中透出久违的红火时，悬在很多创始人头上 的回购之剑被选择性地遮蔽了。然而，众人的危机不会因极少数的幸运而改变，涉及回购的深层影响 并没有因此而消失。近期，一位律师告诉「暗涌Waves」：一级市场大量硬科技公司的"对赌清 算"已至临界点。 叶语，江苏理泽律师事务所创始人，在创投法务领域摸爬滚打了十余年。他曾是投资机构最得力 的"捕手"，在法庭上精准地向创始人主张回购权，试图在破碎的商业契约中帮助GP为LP挽回损失。 但随着2017-2019年硬科技投资潮下的基金进入集中清算"大年"，他发现，那套传统的、冷酷 的"刚性执行"逻辑正带着所有人滑向深渊： ...

Core Viewpoint - The article emphasizes the importance of understanding the unique dynamics of China's lower-tier cities and the potential investment opportunities that arise from them, particularly through field research and direct engagement with local markets [2][5][6]. Group 1: Field Research and Insights - The company has conducted extensive field research in various counties, including Guangdong and Hunan, to uncover stories and market dynamics that are often overlooked by mainstream investors [2][3]. - Previous research efforts involved visiting 495 counties, resulting in a significant report that garnered attention in the venture capital community [3]. - The motivation behind this research is to gain a deeper understanding of consumer behavior in lower-tier cities, which are often neglected by traditional investment strategies [5][6]. Group 2: Consumer Behavior and Market Dynamics - Insights from interviews indicate that while individual life satisfaction may have decreased due to economic pressures, overall satisfaction levels in county residents remain stable [13][14]. - Economic pressure is increasingly mentioned by residents, leading to a shift in spending habits where non-essential expenditures are being cut, particularly those associated with social status [16][17]. - Despite the perception of economic pressure, actual income levels for many families have remained stable or even increased, suggesting a disconnect between perceived and actual financial conditions [20][22]. Group 3: Changes in Work and Migration Attitudes - There is a noticeable increase in the perception of a faster work pace among county residents, with nearly half reporting feeling busier compared to previous years [24]. - Interest in migrating to larger cities has decreased, with residents weighing the costs and benefits more critically than before [26]. - Homeownership remains a priority, but the impact of housing prices on consumer behavior is limited, as many residents do not feel a strong connection to the fluctuations in the real estate market [29][30]. Group 4: Investment Opportunities - The company categorizes consumer spending into efficiency-driven and experience-driven consumption, noting a growing interest in experience-based spending among county residents [34][37]. - The supply landscape in lower-tier cities is characterized by a lack of quality and variety, which presents opportunities for businesses that can offer better value and experiences [38][39]. - The potential for explosive growth in certain categories is linked to the ability to meet the emerging demands of consumers in these markets, driven by innovative supply solutions [40][48]. Group 5: Gender Dynamics and Social Change - The article highlights the income disparity between genders in county areas, with a significant portion of women earning below 35,000 yuan annually, reflecting broader societal issues [49][50]. - There is a budding awareness among county women regarding their self-identity and roles, which could influence future consumption patterns and market dynamics [50][51]. - The focus on women's self-awareness is not merely a consumption trend but indicates a shift in societal attitudes that could lead to structural changes in the market [50][52].

Core Insights - The article discusses the recent funding round of AI companionship company "Nature Select," which raised over $30 million from investors including Alibaba and Ant Group [2] - The AI companionship sector faced challenges in 2025, with products like C.ai being perceived as having low growth potential and commercialization difficulties [3] - "Nature Select" has redefined AI companionship through five dimensions, including proactive engagement, emotional intelligence, long-term memory, high immersion, and breaking the dimensional barrier between virtual and real life [4] Funding and Investment - "Nature Select" completed a funding round exceeding $30 million, with participation from notable investors such as Alibaba, Ant Group, and others [2] - The investment is driven by the company's innovative approach to AI companionship, particularly its proactive agent interaction model [7] Product Development - The company launched its AI product "EVE," which features a unique interaction model that combines emotional intelligence and long-term memory capabilities [4][7] - EVE's memory system has evolved to include 128 dynamic memory slots and a multi-dimensional graph-based memory system [7] Market Position and Competitive Advantage - "Nature Select" stands out in the increasingly crowded AI companionship market due to its combination of AI expertise and a background in gaming, allowing for advanced 3D visuals and gamified design [7] - The company aims to create a new interactive experience that accumulates user context and memory through a natural and engaging interface [7] Future Vision - The ultimate goal of "Nature Select" is to create a world where silicon-based life forms coexist with humans, indicating a long-term vision for the integration of AI into daily life [8]

Core Insights - DeepWisdom has successfully raised a total of 220 million RMB in two funding rounds in 2025, with notable investors including Ant Group and KKR [3][24] - The company's core product, Atoms, is an AI programming platform designed to enable users to launch a startup with just an idea, utilizing a multi-agent architecture to handle all aspects of product development [4][6] - Atoms aims to democratize entrepreneurship by allowing individuals without coding skills to create and deploy fully functional products [6][10] Funding and Financial Performance - In 2025, DeepWisdom completed two funding rounds, raising 100 million RMB from Ant Group and 17 million USD from KKR and others, exceeding their fundraising target by four times [24][25] - The company has achieved an Annual Recurring Revenue (ARR) of over 1 million USD shortly after launching its product [4] Product and Technology - Atoms, previously known as MGX, allows users to input ideas and receive a complete product development solution, including market research, design, development, and deployment [6][10] - The platform differentiates itself from competitors like Lovable and Replit by focusing on launching entire businesses rather than just assisting with coding [7] - Atoms integrates advanced AI models, including Gemini3, to enhance its capabilities and user experience [9] Market Position and Vision - DeepWisdom envisions a future where numerous "AI atom companies" operate collaboratively, transforming the entrepreneurial landscape [16][20] - The company promotes a "scholarly cycle" organizational structure to foster innovation and efficiency, aiming to leverage AI for rapid product development [17][18] - The long-term business model includes subscription fees, revenue sharing from user transactions, and infrastructure fees within its ecosystem [11] User Demographics and Case Studies - The user base of Atoms is diverse, ranging from e-commerce sellers to educators, showcasing its versatility as a SaaS tool [10] - A notable user case involved an elderly individual creating a personalized educational product for his granddaughter, highlighting the platform's accessibility [10] Future Outlook - DeepWisdom aims to build the foundational infrastructure for an "agent internet," facilitating seamless communication and collaboration among AI agents [16][23] - The company believes that traditional businesses will struggle to adapt to the rapid changes brought by AI, while individual entrepreneurs will thrive due to shorter decision-making chains [22]

Core Viewpoint - PhotonPay, a global AI-driven digital financial infrastructure platform, has recently completed a multi-million dollar Series B funding round led by IDG Capital, with participation from several other investors, indicating strong market interest and potential for growth in the digital payment sector [2][3]. Group 1: Company Overview - The founder of PhotonPay, Chen Min, previously worked on overseas payment systems at Baidu, gaining insights into the fragmented global payment infrastructure [3]. - PhotonPay aims to create a comprehensive financial infrastructure that addresses the complexities of global payments, moving beyond just faster transactions to a more integrated solution for global enterprises [4][5]. Group 2: Business Model and Strategy - PhotonPay's business logic is based on the deep understanding of the fragmented nature of global payment infrastructures, opting for a "native" approach to reconstruct the foundational systems rather than relying on existing channels [7][8]. - The company has invested years in developing a modular system that allows for flexible and efficient global payment operations, significantly reducing transaction costs by over 75% for thousands of enterprises [9][10]. Group 3: Target Market and Client Engagement - PhotonPay focuses on high-complexity scenarios often overlooked by traditional payment systems, such as advertising, international logistics, and digital entertainment, where financial operations require precision and flexibility [11][12]. - The company employs an "embedded finance" model, integrating payment capabilities directly into clients' business systems, enhancing operational efficiency and creating a deeper partnership with clients [13]. Group 4: Future Vision and Technological Innovations - PhotonPay is exploring the integration of blockchain technology to enhance the speed and transparency of global transactions, potentially transforming the traditional payment landscape [15][16]. - The company plans to expand its financial services beyond payments to include asset management and innovative financial products, leveraging its growing platform and client base [17][18]. - PhotonPay is also internationalizing its organizational structure, establishing operational centers globally and aiming to attract local talent to enhance its service capabilities [18].

Core Viewpoint - The article discusses the evolution of investment capabilities in the VC sector, particularly focusing on the journey of Wuyuan Capital and its investment in the ITBT (Information Technology + Biotechnology) sector, highlighting the importance of belief and adaptability in navigating market fluctuations [2][3][4]. Group 1: Investment Journey and Market Dynamics - In 2022, Wuyuan Capital faced a challenging environment in the biopharmaceutical sector, leading to self-doubt among investors [3][4]. - By June 2024, Wuyuan Capital's portfolio saw significant success, with multiple companies going public and over five companies submitting IPO applications, alongside seven major overseas business development transactions totaling over 100 billion RMB in the last 12 months [4]. - The transition from a "single soldier operation" to a professional team with multiple PhDs reflects the growing importance of the biopharmaceutical sector alongside AI and hard technology [5]. Group 2: Learning from Mistakes and Market Realities - The period from 2020 to 2021 was characterized by a bubble in the ITBT sector, where the influx of capital led to inflated valuations, causing a misjudgment of actual industry progress [18][20]. - The subsequent market downturn in 2022-2023 resulted in significant losses for many companies, with Wuyuan Capital experiencing internal pressure as project funding dried up [23][24]. - Despite the challenges, Wuyuan Capital continued to invest in promising companies during the downturn, demonstrating a commitment to fundamental analysis rather than following market trends [33]. Group 3: Evolving Investment Strategies - The current stage of biopharmaceutical investment involves recognizing the potential of companies that have built competitive advantages, as seen with firms like Jingtai Technology and Yuanshi Peptide [22][35]. - Wuyuan Capital has adapted its investment strategy by recruiting specialized PhD teams to enhance its understanding of drug assets and to ensure a more robust evaluation process [37]. - The focus has shifted from traditional one-time transactions to platform-based business models that allow for collaboration with major pharmaceutical companies, thereby increasing operational efficiency and research capacity [38]. Group 4: Personal Growth and Industry Insights - The journey of a young partner at Wuyuan Capital illustrates the importance of resilience and the ability to maintain belief in the industry and its founders, even during tough times [29][41]. - The article emphasizes that the VC industry is not as glamorous as perceived, and it requires a mindset similar to entrepreneurship, where uncertainty and human factors play a significant role [43].

Core Viewpoint - The article emphasizes the critical importance of adapting to AI technologies for survival and success in the evolving landscape of investment and business, highlighting the need for a shift in mindset and operational workflows to embrace AI fully [2][3][28]. Part 01: Competition Between the US and China - The article discusses the historical context of AI, noting that a decade ago, the potential of AI was often dismissed, but it is now recognized as essential for individual and collective survival [6]. - It identifies two key players in the AI landscape: the US, known for its innovative spirit and ability to create from scratch, and China, which excels in scaling and execution [7][8]. - The concept of "含华量" (Chinese by volume) is introduced, indicating a competitive dynamic where the US has a significant proportion of Chinese talent in AI, while China has a fully Chinese talent pool [10][11]. Part 02: Reevaluating Human Value - The article predicts that by 2030, 30% of current jobs will be replaced by AI, with further increases expected by 2040 and 2050, leading to a fundamental restructuring of the workforce [14]. - It argues that AI's ability to replicate creative processes challenges the notion of unique human value, prompting a reevaluation of what constitutes irreplaceable human contributions [15][16]. - The necessity of integrating AI into daily workflows is emphasized, with a call for individuals and organizations to adopt an "AI-first" approach to remain competitive [17]. Part 03: Distinguishing Between Types of Bubbles - The article differentiates between two types of market bubbles: "soap bubbles," which leave no value when they burst, and "beer bubbles," which enhance the experience of the underlying product [19]. - It acknowledges the current hype around AI but suggests that there are substantial underlying values in certain sectors, particularly in robotics and automation [20][21]. - The future of factories is envisioned as highly adaptable environments where robots can quickly switch tasks, driven by advancements in AI and supply chain efficiencies [21][22]. Part 04: Globalization in Transition - The article discusses the historical cycles of global leadership and suggests that the next few decades may see a shift in power dynamics, with a focus on the interplay between AI development and geopolitical changes [25][26]. - It highlights the importance of understanding and leveraging AI advancements in conjunction with global resource integration to create significant value [26]. - The article concludes with a call for entrepreneurs to adapt and innovate in the face of these changes, emphasizing the need for a mindset shift to thrive in a new era [27][28].