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 need for adaptability and continuous learning in the investment landscape, particularly in the context of emerging technologies like AI and biotechnology, highlighting the importance of maintaining a growth mindset amidst uncertainty [6][7][11]. Group 1: Investment Landscape - The current investment environment is characterized by collective anxiety within the Chinese venture capital community, questioning how to navigate a landscape devoid of simple innovation models [7]. - The transition from traditional investment strategies to hard technology sectors, such as biotechnology, poses significant challenges for seasoned investors who must adapt to new paradigms [9][10]. - The concept of "infinite games" is introduced, suggesting that successful companies focus on continuous evolution rather than short-term victories, which is crucial for long-term sustainability [24][25]. Group 2: Cultural Confidence - There is a deep-rooted cultural confidence in Chinese entrepreneurship, reflecting a historical resilience and a spirit of innovation that persists despite challenges [12][13]. - The belief in a new cycle of innovation, termed "Innovation 2.0," is gaining traction among investors and entrepreneurs, indicating a shift towards optimism in the market [12][16]. Group 3: AI and Future Trends - The emergence of AI is seen as a transformative force that will redefine productivity, enabling individuals and small teams to achieve significant market valuations [17]. - The article discusses the potential for AI to integrate into various industries, suggesting that its true impact will be realized when it becomes ubiquitous in decision-making processes [17][19]. Group 4: Narrative and Collaboration - The ability to create compelling narratives is highlighted as a unique human trait that drives collaboration and innovation, essential for achieving extraordinary outcomes [19][20]. - Successful companies are described as those that not only provide solutions but also construct an attractive vision for the future, fostering a shared sense of purpose among stakeholders [21][22]. Group 5: Learning and Growth - Continuous learning and iteration are emphasized as critical components of success in an ever-evolving business landscape, with failures viewed as valuable learning experiences [28][30]. - The article concludes with a call for entrepreneurs to embrace challenges and maintain a commitment to growth, underscoring that great companies thrive by remaining engaged in the market and evolving over time [30].