刘芹：伟大的公司不是赢下一场战役，而是永不离场丨2025尾声

Core Viewpoint - The article emphasizes the importance of adaptability and continuous learning in the face of uncertainty, particularly in the context of investment and innovation in China [2][3]. Group 1: Investment Landscape - The current investment climate in China is marked by a collective anxiety about the future, with questions about whether to cling to past successes or venture into unfamiliar territories [3][5]. - The author reflects on the transition from traditional investment models to hard technology and biomedicine, highlighting the challenges faced by investors in adapting to new paradigms [5][6]. - There is a growing recognition among investors that maintaining a presence in the market and continuing to learn is crucial for long-term success [3][6]. Group 2: Optimism in Innovation - Despite a generally pessimistic atmosphere in the entrepreneurial and investment circles, there is a belief that China is entering a new phase of innovation, termed "Innovation 2.0" [9][10]. - The author expresses confidence in the resilience of Chinese entrepreneurs, drawing parallels between historical challenges and current opportunities for growth and innovation [11][10]. - The cultural narrative of perseverance and innovation in China is seen as a driving force behind the entrepreneurial spirit, suggesting that the current generation of entrepreneurs is well-positioned for success [10][11]. Group 3: Emergence of New Business Models - The article discusses the emergence of various sectors, including biomedicine and AI, and how they are reshaping traditional business models [12][13]. - The concept of "one-person companies" and "small teams" achieving significant market value is introduced, highlighting the potential for individual creativity combined with industrial-scale productivity [14][13]. - AI is expected to play a transformative role across industries, suggesting that its integration will redefine business operations and consumer interactions [14][15]. Group 4: The Power of Narrative - The ability to create compelling narratives is identified as a unique human trait that drives collaboration and innovation, distinguishing successful companies from their competitors [16][18]. - Historical examples illustrate how shared narratives have enabled large-scale achievements, reinforcing the idea that a strong vision can mobilize collective efforts [17][18]. - Companies like NVIDIA are cited as examples of organizations that have successfully built their identity around a forward-looking narrative, leading to significant market success [18][19]. Group 5: Infinite Game Philosophy - The article introduces the concept of business as an "infinite game," where the focus is on continuous evolution rather than winning a finite competition [20][22]. - Successful companies are characterized by their ability to learn from both successes and failures, viewing them as inputs for future growth [22][24]. - The emphasis on iterative learning and adaptability is framed as essential for navigating the complexities of modern business environments [24][26].