冯卫东：我们投的鲍师傅，找到了不依赖上市的盈利方式

Core Viewpoint - The article emphasizes the long-term value of consumer investment despite recent challenges, advocating for a strategic shift towards non-IPO exit strategies in investment practices [1][3][7]. 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]. - Acknowledging the lengthy IPO process, the company is exploring alternative exit strategies, as the current IPO pipeline is insufficient to accommodate the number of viable projects [1][2]. Non-IPO Exit Strategies - Merger and Acquisition (M&A) Fund: This strategy targets diversified groups selling business units, "first-generation" entrepreneurs selling companies to ensure continuity, and serial entrepreneurs who prefer to sell during early growth stages [4]. - Industry Integration Fund: Collaborations with industry leaders and local governments to create investment funds, such as partnerships with listed companies like Ziyan Food and L'Oréal for early-stage beauty and related industries [5]. - Dividend Strategy: The establishment of a SPAC product in Macau, focusing on revenue-sharing models, allows for investment in profitable businesses without collateral, facilitating cash flow through dividends [6][10]. Market Outlook - The strategic adjustments have opened new investment opportunities that were previously overlooked due to the IPO-centric approach, enhancing the potential for high returns [9][13]. - The company believes that the shift in transaction structures will become a consensus in the industry, with new strategies already showing promise [13].