Core Insights - NetEase's open-world martial arts game "Where Winds Meet" was globally released on November 15, 2023, and is available on Steam, PlayStation, and Epic platforms [1] - The game achieved over 500,000 players within 40 minutes of its overseas launch and reached the Top 5 on Steam's global most-played games list [1] - The peak concurrent player count on Steam exceeded 140,000, while the domestic player count surpassed 40 million [1]

Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant increase in its US stock holdings, reflecting a strong confidence in Chinese quality assets, particularly in the context of the ongoing market dynamics [2][3]. Group 1: Portfolio Overview - As of the end of Q3 2025, HHLR Advisors held a total of 33 stocks with a market value of $4.1 billion, an increase of $990 million (approximately 700 million RMB) from the previous quarter, representing a growth rate of 32% [2]. - Over 90% of HHLR Advisors' holdings are in Chinese concept stocks, indicating a strategic focus on this sector [3]. Group 2: Top Holdings - The top holding is Pinduoduo, with 8,592,600 shares valued at approximately $1.14 billion, accounting for 27.76% of the portfolio [4]. - Alibaba is the second-largest holding, with 3,289,666 shares valued at about $588 million, representing 14.37% of the portfolio [4]. - Other notable holdings include Futu, Bull, and ONC, with respective market values of $563 million, $489 million, and $352 million [4]. Group 3: Performance Highlights - Pinduoduo's stock price has increased by 39% year-to-date, while other significant performers include Futu with a 125% increase, BeiGene with a 99% increase, and Alibaba with a 92% increase [4]. - Baidu was newly added to the portfolio, becoming the sixth-largest holding, with a stock price increase of 54% in Q3, driven by advancements in AI commercialization and self-developed chips [5]. - HHLR Advisors increased its positions in Alibaba and Pinduoduo, which saw stock price increases of 58% and 27% respectively during Q3 [5]. Group 4: Trading Strategy - The fund reduced its holdings in stocks that had seen significant price increases earlier in the year, such as Futu, Yatsen, and NetEase, to lock in profits [5]. Group 5: Reporting Limitations - It is important to note that the 13-F filing only requires funds to disclose long positions in US stocks, which may not provide a complete picture of the fund's overall operations [6].

Core Insights - HHLR Advisors reported a total market value of $4.1 billion in U.S. stocks as of the end of Q3 2025, an increase of $990 million (approximately 6.9 billion RMB) from Q2, representing a growth rate of 32% [1] Group 1: Holdings Overview - HHLR Advisors holds a total of 33 stocks, with over 90% of the portfolio consisting of Chinese concept stocks, indicating a strong long-term outlook on quality Chinese assets [1] - The top holdings include Pinduoduo, Alibaba, and Futu, with Pinduoduo being the largest position at 27.76% of the portfolio [2] - Year-to-date stock price increases for major holdings include Pinduoduo at 39%, Futu at 125%, BeiGene at 99%, and Alibaba at 92% [2][3] Group 2: Recent Changes and New Additions - Baidu was newly added to the portfolio, becoming the sixth largest holding, with a stock price increase of 54% in Q3 due to accelerated AI commercialization and breakthroughs in self-developed chips [3] - HHLR Advisors increased its positions in Alibaba and Pinduoduo, which saw stock price increases of 58% and 27% respectively during Q3 [3] - The firm reduced its holdings in Futu, Yatsen, and NetEase, effectively locking in profits from their significant year-to-date price increases [3]

Core Insights - The article discusses the investment philosophy and experiences of Duan Yongping, highlighting his unique approach to decision-making and investment strategies [4][9][72] Group 1: Investment Philosophy - Duan Yongping emphasizes the importance of understanding the business model and corporate culture before making investment decisions, using these as filters to determine whether to invest [30][31] - He believes that maintaining rationality is crucial in investment, as it allows for better decision-making even in uncertain situations [47][48] - The concept of "stop doing list" is introduced, where avoiding certain actions is seen as equally important as taking the right actions in business management [58][59] Group 2: Key Investment Decisions - Duan's decision to invest all his money in NetEase when its stock price was below $1 led to a 20-fold increase in just six months, showcasing his ability to identify undervalued opportunities [8][26] - He reflects on his investment in Kweichow Moutai, noting that despite its price drop, he did not sell because he could not find a better alternative to invest in [41][45] - The article mentions his limited number of investments, with only about ten significant ones over 20 years, indicating a focused and selective investment strategy [28][29] Group 3: Lessons from Mistakes - Duan acknowledges that he made mistakes, such as underestimating the speed of the smartphone market transition, which led to significant cash depletion in his company [19][20] - He stresses that the key lesson from his experience with NetEase is to only invest in industries one understands well, reinforcing the importance of knowledge in investment [53][72] - The article highlights that short-term gains do not equate to long-term success; principles and understanding are what ultimately protect investors [51][52] Group 4: Advice for Investors - Duan warns that stock trading is risky for most retail investors, suggesting that they should consider investing in index funds or established companies if they lack investment knowledge [54][55] - He emphasizes the need for investors to continuously evaluate opportunity costs and be ready to switch investments if a better option arises [46][72] - The article concludes with a practical question for investors: "If you sell, where will the money go?" This encourages thoughtful consideration before making investment decisions [68][70]

Group 1: Personal Growth - The importance of parental trust in childhood, which lays the foundation for rational decision-making [3][5] - Setting boundaries is crucial for providing children with a sense of security, which is essential for rationality [5][6] - The significance of leaving uncomfortable environments for better career choices [7][8] Group 2: Corporate Management - The lesson from Xiaobawang emphasizes the importance of trust and commitment in organizational culture [20] - The success of BBK is attributed to its focus on integrity and user-oriented culture [21][22] - The evolution of corporate culture is a continuous process influenced by experiences and lessons learned [23][24] Group 3: Investment Logic - The core principle of investing is to view stock purchases as buying into a company [40][41] - Understanding a company's business model and future cash flows is essential for successful investing [44][45] - Real-world examples, such as investments in NetEase, Apple, and Moutai, illustrate the importance of understanding company value and consumer recognition [48][69]

Core Principles - The fundamental principle of investing is to view stock purchases as buying a company [1][4] - Understanding business is crucial for successful investing; without this knowledge, investment becomes challenging [3][6] - A significant portion of investors misunderstand the essence of investing, with only 1% truly grasping it [5] Investment Philosophy - The investment philosophy emphasizes the importance of understanding a company's future cash flow and business model [6][9] - Market fluctuations should not influence investment decisions if one truly understands the company [7][8] Case Studies Investment in NetEase - The assessment of NetEase involved understanding the gaming business and its potential profitability [10][11] - The investment decision was based on the belief that the stock price was undervalued compared to its cash holdings, leading to a 20-fold increase in six months [11][13] - The concept of safety margin relates to how well one understands the company, not merely its price [11][12] Investment in Apple - Apple's business model was clear in 2011, with profits derived equally from hardware and software [16] - The company's culture focuses on user experience and long-term product quality, which influences investment decisions [16][17] - The delay in launching larger iPhones was attributed to a commitment to product quality rather than market trends [18][19] Investment in Kweichow Moutai - Kweichow Moutai is distinguished from other liquors due to its unique taste and consumer recognition [30][31] - The company's strict adherence to quality standards and its status as a state-owned enterprise provide confidence in its long-term viability [32]

Core Viewpoint - The article highlights the investment journey of Duan Yongping, emphasizing his successful investment in NetEase during the internet bubble burst and his philosophy of investing in companies rather than just stocks [4][15]. Investment in NetEase - In 2001, Duan Yongping made a significant investment in NetEase when its stock price was below $1, despite the company facing severe challenges and a potential delisting risk [6][7]. - He recognized that NetEase had over $2 in cash per share, which indicated it was undervalued, leading him to invest $2 million for 152,000 shares, later increasing his stake to 205,000 shares, approximately 6.8% of the total shares [7][8]. - Within six months, the stock price surged to $70, resulting in a 20-fold return on investment, and ultimately, he earned over $200 million from this investment by holding until around 2010 [8][9]. Investment in Pinduoduo - Duan Yongping's investment in Pinduoduo was characterized as somewhat impulsive, as he admitted to investing without fully understanding the e-commerce sector [11][12]. - Despite initial hesitations, he chose to increase his stake in Pinduoduo due to his trust in the company's culture and team, even though he acknowledged the risks involved [11][12]. Investment Philosophy - Duan Yongping's investment philosophy revolves around the principle of "buying companies," focusing on understanding the business model and corporate culture rather than timing the market [15][16]. - He emphasizes three key criteria for investments: the right business model, the right people, and the right price, which guide his investment decisions [15][16]. - His long-term holdings primarily include Apple, Moutai, and Tencent, reflecting his strategy of focusing on a few high-quality investments [15][16].

Core Insights - The article discusses the interactions between Warren Buffett and Dong Yongping, highlighting their mutual respect and influence on each other's investment philosophies [1][3][5]. Group 1: Key Meetings - Buffett and Dong have met three times, with the first meeting in 2006 when Dong paid $620,000 for a lunch with Buffett, expressing gratitude for his investment insights [3][5]. - Their second meeting occurred in 2018, where Dong discussed Apple's business model, which Buffett later credited for his significant investment in Apple [5][6]. - The last face-to-face meeting was during the 2022 Berkshire Hathaway annual meeting, where Buffett acknowledged Dong's influence on his investment decisions regarding Apple [6][8]. Group 2: Investment Philosophy - Dong emphasizes that investing is about understanding business models, a principle he learned from Buffett, which shaped his investment approach of "buying companies, not just stocks" [5][9]. - Dong's successful investments include significant stakes in companies like NetEase, Yahoo, and Apple, with Apple being a major contributor to Buffett's investment success [8][15]. - Dong's investment strategy is rooted in his entrepreneurial background, having founded successful companies like Bubugao, which later evolved into OPPO and Vivo [11][12]. Group 3: Current Market Dynamics - The article notes the challenges both Buffett and Dong face in the current AI-driven market, with Dong acknowledging the difficulty of understanding new technologies like AI and its impact on traditional investment strategies [16][20]. - Dong's recent investments in companies like NVIDIA reflect a cautious approach to not miss out on potential opportunities in the AI sector, despite his reservations about the technology [20].

Group 1 - The article highlights a new scam targeting children playing the game "蛋仔派对" (Egg Party), where fraudsters impersonate law enforcement to extort money from young players [1] - Scammers lure children with offers of free in-game items, creating a sense of urgency and fear by claiming that they are violating regulations as minors [1] - A specific case is mentioned where a victim, referred to as "果果," was tricked into spending over 28,000 yuan on fake virtual shopping orders under the pretense of receiving game skins [2] Group 2 - The game "蛋仔派对" is owned by NetEase, a company founded in 1997 and listed on both NASDAQ and Hong Kong Stock Exchange [2] - NetEase established its online gaming division in 2001, indicating its long-standing presence in the gaming industry [2]

Group 1 - The core point of the article highlights the significant achievements of NetEase's game "Yan Yun Shi Liu Sheng," which has surpassed 10 million overseas pre-registrations, reflecting the success of China's "game going global" strategy and local support policies [1] - The game ranks in the top 30 of Steam's wishlist and top 5 in active rankings, with the PS version also performing well in over 20 regions [1] - The success of "Yan Yun Shi Liu Sheng" serves as a valuable experience for domestic developers in exploring high-quality and globalized paths, potentially encouraging more investment in premium game development [1] Group 2 - Epic Games officially released "Unreal Engine 5.7," focusing on large-scale world building and high-fidelity rendering innovations, empowering developers to create detailed and realistic environments efficiently [2] - The stable procedural content generation framework (PCG) in this version allows developers to quickly populate vast environments with natural randomness, significantly lowering the technical barriers and development costs [2] - The introduction of the PCG editing mode and experimental procedural vegetation editor (PVE) enables artists to create high-quality vegetation without coding, fostering innovation and visual breakthroughs in the gaming industry [2] Group 3 - Tencent's third-quarter financial report shows a revenue of 192.87 billion yuan, a 15% year-on-year increase, with net profit rising by 20% to 64.94 billion yuan [3] - The company's international game revenue reached 20.8 billion yuan, marking a 43% year-on-year growth, demonstrating the effectiveness of its globalization strategy [3] - The strong performance of Tencent's gaming business, driven by new titles like "Delta Force," highlights its ability to produce blockbuster games and validates its dual-driven model of domestic stability and overseas growth [3]