Core Insights - The article emphasizes the long-term value of consumer investment despite recent challenges in the sector, suggesting that the current market conditions may present new opportunities for those who remain committed [1][3] Investment Strategy Adjustments - The company has expanded its investment focus to include sectors like biomedicine and low-altitude economy, categorizing consumer investments into technology and non-technology segments [1] - A shift in investment strategy has occurred, moving away from reliance on IPOs as the primary exit strategy due to the lengthy IPO process, which could take up to 50 years for all potential exits based on current rates [1][2] New Investment Approaches - The establishment of a merger and acquisition (M&A) fund is highlighted, targeting projects from diversified groups, "first-generation" entrepreneurs, and serial entrepreneurs who prefer selling businesses rather than taking them public [4] - The company is also pursuing an industrial integration fund, collaborating with industry leaders and local governments to launch investment funds focused on early and growth-stage companies [5] - A dividend strategy has been introduced, exemplified by the launch of a SPAC product in Macau, which utilizes a revenue-sharing model to invest in profitable businesses with strong cash flows [6][10] Market Outlook - The adjustments in strategy have opened up new investment opportunities that were previously inaccessible under an IPO-focused approach, allowing for a broader range of potential assets [9] - The company anticipates that these new strategies, including the industrial integration fund, M&A fund, and revenue-sharing products, will gain traction and lead to significant returns in the future [13]
冯卫东：我们投的鲍师傅，找到了不依赖IPO的投资盈利方式