「 要做"小白也能用的Coze" 」 文 ｜ 徐牧心 当Andrej Karpathy年初在社交平台上抛出"Vibe Coding"这个词的时候，或许没有想到它会这么快成为一级 市场的新宠。柯林斯英语词典更将其选为2025年的年度词汇。 "Vibe Coding"，本质上在描述一种人机协作权力的让渡：人类只负责提供"Vibe"——即意图、直觉和方 向，而将繁琐的代码实现过程完全交给 AI 。 但在Workflow领域，这种流畅的协作体验长期缺位。目前市面上的主流工具（如 n8n、Dify 等），依然充 斥着复杂的节点配置、参数调试和 API 对接，这将很多普通用户挡在了门外。 Refly.ai捕捉到了这个机会，将其定义为 "Vibe Workflow" 。与 Vibe Coding 的理念一脉相承，Refly.ai致 力于实现"一句话生成 Workflow"——用户只需通过自然语言描述需求，AI 即可自动完成复杂节点的编排 与配置。这意味着，不懂代码的普通知识工作者也能进入自动化领域，通过简单的指令，解决日常工作 中的重复性劳动。 近日， Refly.ai宣布完成数百万美金 的种子轮融资， 估值近千万 。本轮 ...

「 拯救的与被拯救的 。 」 文 ｜ 任倩 编辑 ｜ 陈之琰 短短六个月，Airwallex空中云汇又完成一轮新融资。 「暗涌Waves」独家获悉，G轮融资金额 3.3 亿美元、估值80亿美元，较上一轮估值增长了近 30%，由Addition领投，T. Rowe Price、Activant、Lingotto 、Robinhood Ventures和TIAA Ventures 等欧美机构参与投资。 从资方背景看，此笔融资将加速Airwallex在美国及全球重点市场的拓展。领投方Addition创始人Lee Fixel 是老虎环球基金前合伙人，极擅长科技和金融领域投资，看重技术壁垒和规模化潜力，早前投资手笔有 Facebook、LinkedIn、Spotify等。T. Rowe Price是美国老牌资产管理公司，以长期资本增值策略闻名。而 Lingotto资本则是意大利阿涅利家族支持的投资机构，曾是宁德时代香港二次上市的基石投资者，投资理 念是"寻找少数伟大公司"。 据「暗涌Waves」了解，G轮融资"丝滑"完成建立在一组数据之上——2025年10月，Airwallex年化收入突 破10亿美元，同比增长90%； ...

Part 01: Talent, Career, and Investment - When hiring or evaluating entrepreneurs, it is essential to have a growth perspective, focusing on their potential for future success rather than past achievements [5] - The core competitiveness of a company should be transferable to individuals, who must also be able to adapt their skills to new environments. It is crucial to identify individuals who can continue to shine over the next decade [5][6] - Investors' taste and cognitive ceilings are often determined by their exposure to the best entrepreneurs in the industry, emphasizing the importance of learning from top talent [5] - Talent often appears in clusters, and value distribution follows a power law [6] - Different industries and careers can be categorized into structures such as Winner-takes-all, Power law, and Fragmented, which influences investment strategies [7] - The best careers are those that are compounding, scalable, and capitalizable, as exemplified by Warren Buffett [7] - Individuals in their upward phase are typically more self-driven and easier to manage, while those in a defensive mindset after peak performance may struggle with new business challenges [7] - AI models provide insights into the importance of practical experience in generating cognitive models and maintaining focus on critical tasks [8][9] - Investors should balance the fear of missing out with the urgency of decision-making, understanding market sentiments and consensus [10][11] - The value of institutions often surpasses that of individuals in the financial services industry, with long-term career value tied to institutional growth [14] Part 02: Cultivation and Growth - Learning to breathe correctly can enhance calmness and awareness of one's body, emphasizing the importance of physical well-being [16] - Recognizing personal peak times can significantly impact mood and efficiency throughout the day [22] - The greatest recognition often comes from the strongest competitors, highlighting the importance of self-acknowledgment over external validation [25] - The core of each individual's model consists of faith, ability, and personality, with the need for continuous calibration in the AI era [26] - Choosing what not to pursue can be more critical than knowing what to pursue, as the motivations behind actions can differ significantly [27] Part 03: Life and the World - Understanding one's self-awareness over time is crucial, as is identifying absolute and relative value advantages in a changing world [39] - The concept of friendship is framed as mutual support for personal growth, emphasizing the relational aspect of success [42] - The quality of time spent and the ability to annotate experiences significantly influence personal development and cognitive models [47] - Major life decisions regarding where to live, career choices, and relationships greatly impact overall life quality [49] - The timing and rhythm of life are essential, with success often linked to how well one resonates with the pulse of the times [52]

Core Insights - PAG has set two industry records in the Chinese private equity market over the past year, leading a controlling investment in Zhuhai Wanda Commercial Management for over 60 billion, marking the largest single investment in Chinese PE history, and achieving the largest exit transaction with the core business of Yingde Gas [2][3] Part 01: "Exit" - A Textbook Case of Buy and Build - PAG's operations with Yingde Gas exemplify a textbook-level "Buy and Build" case, starting with the privatization at a cost of 10 billion HKD in 2017, followed by management optimization and strategic acquisitions [5][6] - EBITDA increased from approximately 2.6 billion in 2016 to nearly 7 billion in 2023, with annual profits surpassing 3 billion [5][6] Part 02: "Entry" - Resilient Turnaround - PAG's investment in Zhuhai Wanda Commercial Management began in 2021 with a Pre-IPO investment of 5.3 billion USD, where PAG contributed 2.8 billion USD [8][9] - In 2024, PAG led a new consortium to complete a transaction valued at 66 billion RMB, becoming the largest shareholder of the newly formed "Xinda Alliance" [10][11] Part 03: Why PAG? - PAG is one of the few funds capable of executing large-scale acquisitions in China, demonstrating extreme discipline and resilience in its acquisition style [14][15] - The core team has an average tenure of 8-9 years, ensuring deep engagement and long-term support for portfolio companies [15][16] Part 04: Core Market, Core Configuration, Core Position - Despite macroeconomic challenges, PAG continues to invest decisively in the Chinese market, launching its first RMB fund with a size of 3.1 billion, focusing on M&A transactions [18][19] - PAG believes that local capital should drive the private equity sector in China, as the domestic market presents significant opportunities [19][20] Part 06: A Strategy of Special Opportunities and Distressed Restructuring - PAG's approach involves identifying opportunities in distressed situations, as seen in both Yingde Gas and Wanda Commercial Management cases [31][32] - The firm emphasizes understanding the business logic and cash flow sustainability of investments, rather than solely focusing on technological advancements [30][32] Part 07: PAG's Local Perspective - The current macroeconomic environment, characterized by lower interest rates, creates favorable conditions for M&A investments in China [35][36] - The Chinese M&A market remains largely untapped by financial investors, presenting a "blue ocean" opportunity for firms like PAG [38][39]

「 供应链必须回答的新课题。 」 文 ｜ 任倩 在全球化与地缘交织的复杂时代，"供应链"一词从未像今天这样，既代表着经济命脉的韧性，也暴露出 脆弱与不确定。过去全球化建立在效率优先、成本驱动的流动供应链之上，如今叠加国家属性，重新排 兵布阵已成为共识。 在这一领域，斯坦福大学商学院的李效良教授是其中一位备受关注的学者。他从事供应链研究40年，曾 提出的经典"3A"理论——敏捷（Agility）、适应（Adaptability）、协同（Alignment），成为无数企业与 政府制定战略的重要参考。这一理论在2004年金融危机、2011年日本大地震等事件中得到了残酷而准确 的验证。 "很多人当时只关心效率，追求'精益'的极致，"李效良回忆，"但一个链条拉得越长、越紧，它就越容易 断裂。"因此，"敏捷"是为了应对突发波动；"适应"是为了响应结构性变化；"协同"，则是为了让链条上 的每一个环节，不再是孤立的利益追逐者，而是命运的共同体。但近年来，他观察到更深层次的变化： "我们的世界正在从一个'全球化的世界'转向一个'多个世界体系的共存'。" 他分析，疫情、贸易摩 擦、气候危机等都不是孤立的事件，它们共同指向一个核心 ...

Core Viewpoint - The article discusses the emergence of Hypershell, a consumer-grade exoskeleton brand, which has recently completed $70 million in Pre-B and B round financing, achieving a post-investment valuation close to $400 million [2][5]. Group 1: Company Overview - Hypershell was founded at the end of 2021 and is the first company to bring exoskeleton products from medical and industrial fields to the consumer market [3]. - The founder, Sun Kuan, has a diverse background in robotics hardware management, exoskeleton academic research, and overseas hardware brand creation [3]. - The team consists of experts in robotics, ergonomics, and AI algorithms, with experience from leading hardware and robotics companies [3]. Group 2: Product Development and Innovation - In 2023, Hypershell invented the world's first single-motor-driven exoskeleton system, significantly reducing the cost and weight of exoskeletons by half [5]. - The company launched its first consumer-grade exoskeleton product, Hypershell Go, on Kickstarter, raising $1.23 million and attracting 2,638 supporters, with 40% from the U.S. [5][6]. - The latest product, Hypershell X Ultra, features a second-generation AI motion intention recognition algorithm, providing 2.5 times the battery life under the same capacity [6]. Group 3: Market Strategy and Expansion - Hypershell has established sales channels in over 70 countries, with a cumulative shipment of tens of thousands of units [7]. - The company adopts a global market strategy, initially focusing on outdoor enthusiasts in mature outdoor cultures in Europe and the U.S. before entering the domestic market [9]. - The recent launch of Hypershell X in China marks the company's entry into the domestic market, leveraging established infrastructure [9]. Group 4: Funding and Financial Outlook - The recent $70 million financing will be used for various business needs, including R&D, product design, supply chain production, marketing, and talent recruitment [10]. - Hypershell has gained significant attention in the primary market, being recognized as a star startup due to its innovative consumer-grade products and global strategy [11][12]. Group 5: Competitive Landscape and Future Challenges - As the consumer-grade exoskeleton market grows, competitors like Cheng Tian Technology and Skip are emerging, making the future path for Hypershell uncertain [15]. - Sun Kuan emphasizes the importance of excelling in multiple areas, including user interaction, lightweight design, supply chain management, and precise scene definition to maintain a competitive edge [15]. - The potential for consumer-grade exoskeletons to evolve from niche products to everyday necessities is highlighted as a key challenge for the industry [15][16].

这不仅是刘芹个人有过的困惑，也是整个中国创投圈的集体焦虑。人们在问：在这个不再有简单模式创新红利的时代，该如何自 处？是固守旧日的荣光，还是在完全陌生的领域里从零开始？ 刘芹选择了后者，但他并没有用激昂的口号来掩饰转型的痛苦，而是选择剖析自己作为一名"过时投资人"的心路历程。从他的文字 里，能看到一种与时代和自我的和解：接受焦虑是一种常态。而在所有变量都在剧烈波动的当下，唯一不变的最优策略，或许就是 保持在这个游戏里，不要离场，持续成长。 「2025尾声」仍在征集之中，欢迎商业世界和资本市场的思考者们通过后台或chenzhiyan@36kr.com与我们联系。相信，时代变幻， 唯真正的思考不灭。 「 Test early, fail fast, learn faster. 」 文 ｜ 五源资本 刘芹 又到年末，在各种年度盘点、未来预测出街之前，「暗涌Waves」邀请了一级市场里以思考性著称的投资人们，分享一年尾声时自 己最想说的话。这是第一篇，来自五源资本创始合伙人刘芹。 这篇文章来自五源资本近期的创始人年会上刘芹的开场演讲。今年大会的主题是"Prompt()·涌现"，它指向当下这个没有标准答案的 时代，AI ...

Core Insights - NemoVideo, founded by former TikTok team members, has recently completed nearly $10 million in Pre-A and angel round financing, with IDG Capital as the sole investor in the Pre-A round [2] - The company aims to create a video production agent platform that evolves from a tool to a productivity community, focusing on video creators [2][8] - The founders emphasize that NemoVideo will resemble Canva in the video domain, concentrating on productivity [2][10] Company Background - The founders, Jin and Evy, have extensive backgrounds in entrepreneurship and product leadership, having previously worked at TikTok and other startups [3][4] - The founding team possesses insights into creator and merchant pain points, global market go-to-market strategies, and video editing tool design logic [4] Product Vision - NemoVideo aims to build a "video production agent community," initially targeting a niche market of overseas e-commerce influencers and freelance editors [8][9] - The platform will allow creators to develop their own agents that understand their unique video creation processes, enhancing efficiency and creating a data flywheel [8][11] Market Positioning - The target users are characterized by high content output demands with limited budgets for professional teams, leading to a need for efficient tools [9] - The founders believe that while CapCut has established itself, NemoVideo's AI-native approach will serve as a supportive partner for creators rather than a fully automated solution [10] Product Development - Currently in beta testing, the product is being refined to ensure it meets user needs before a formal launch [12] - Future features will include support for nonlinear creation paths and enhanced AI capabilities for inspiration and rough cuts [13] Community and Monetization - The current monetization model is subscription-based, with plans to shift towards results-oriented pricing as the community grows [14] - Creators will have the freedom to set prices for their agents based on the quality of the videos produced [14] Funding and Growth - The company has successfully raised funds in quick succession, indicating strong investor interest in the AI agent space [16] - The founders acknowledge the challenges of high valuations and expectations that come with significant funding [18] Team Expansion - The team currently consists of a small number of full-time employees, with plans to expand by hiring senior technical talent and growth-oriented individuals [21] - The recruitment strategy emphasizes finding individuals with entrepreneurial spirit rather than just experience [22] Market Outlook - The founders believe that while the current market for AI agents is competitive, there is still room for innovation and exploration in the niche video agent sector [19] - They note that the entrepreneurial landscape in China remains challenging despite the perceived opportunities in AI [20]

这本应是一次常规的业绩披露，但在当下的时间节点，其意义远不止于财报数字。就在几天前，瑞幸CEO郭谨一在厦门企业家日大 会上公开表示，瑞幸"正积极推动重回美国主板上市进程"。 事后瑞幸官方向媒体补充说明："目前对于重返主板上市没有确定的时间表，现阶段的首要任务仍是践行业务战略、聚焦发展。"即 便如此，瑞幸所经历的巨大转折性，也足以在中国商业史上留下自己的名字。 "上岸"，这个在中国语境中充满"历劫重生"意味的词汇，或许将成为瑞幸的现实。 距离2020年那场风波已过去五年。五年间，瑞幸从纳斯达克退市，支付巨额罚金，几乎被市场宣判死刑。而今，它却奇迹般地"逆 风翻盘"：超29000家门店，成为实质上中国最大的咖啡连锁品牌；还把咖啡店开到新加坡、美国、马来西亚等国家；郭谨一更预 计，2025年公司全年营收将超500亿元人民币。 「 新消费，新投资，新叙事。 」 文 ｜ 陈之琰 11月17日，瑞幸咖啡在美股盘前发布其2025年第三季度财报。Q3总营收153亿元人民币（21.4亿美元），同比增长50.2%。净利润达 12.8亿元人民币，同比实现扭亏为盈。截至当日收盘，瑞幸粉单报40.00元美元/股，相比其2020年在粉单 ...

Core Viewpoint - Dealism, founded by former COO of Youzan, Leo, has raised $15 million in angel funding to develop AI-driven sales agents aimed at enhancing sales efficiency by automating repetitive communication tasks [2][3]. Group 1: Company Overview - Dealism was officially established in July 2023 and focuses on creating a conversational sales agent known as the "Vibe Selling Agent," designed for ease of use by individuals [3]. - The company targets small and medium-sized businesses in North America and Latin America, including independent creators and local service providers [3][7]. - The current team consists of fewer than 20 members, with plans for global expansion [3]. Group 2: Product Features - The Vibe Selling Agent is not a traditional chatbot; it is a purpose-driven conversational agent that understands user identity and objectives, facilitating effective communication with clients [5]. - The agent is designed to learn from user interactions, adapting to individual communication styles and sales processes over time [5][6]. - The product is expected to transition from a subscription and usage-based pricing model to a results-based payment system in the future [9]. Group 3: Market Potential - The global market for sales professionals is substantial, with approximately 150 million sales workers and an annual expenditure of $3-5 trillion in the labor market [11]. - The agent aims to fill the gap for small businesses that face high customer service demands but lack the resources for professional teams [8]. Group 4: Industry Trends - Leo predicts that vertical AI agents will become a new form of productivity, significantly altering organizational structures and reducing workforce needs while enhancing productivity [14]. - The evolution of AI is expected to lead to a "deconstruction and reconstruction" of workflows across various industries, resulting in smaller, more efficient organizations [14]. Group 5: Competitive Landscape - The success of Dealism will depend on deep industry knowledge, innovative product interaction design, and the ability to act quickly in a competitive market [18]. - Investors like Hillhouse Capital and Sequoia China are betting on the potential of vertical agents as a new productivity paradigm [18].