Core Viewpoint - The article discusses a remarkable investment story involving Yiwei Lithium Energy and its stake in Smoore, highlighting the unexpected turn of events that led to a significant financial gain for Yiwei Lithium Energy despite initial challenges [3][7]. Group 1: Investment Background - In 2014, Yiwei Lithium Energy acquired a 50% stake in Smoore for approximately 4.39 billion yuan, marking a bold investment decision during a time when Smoore was experiencing its best performance [5][6]. - Smoore's revenue in 2013 was 1.67 billion yuan, a significant increase from just 5.16 million yuan in 2012, indicating rapid growth potential [6]. Group 2: Challenges and Resilience - Following the acquisition, Smoore faced challenges in the electronic cigarette market, failing to meet profit targets set in an agreement with Yiwei Lithium Energy [7]. - In December 2014, Yiwei Lithium Energy planned to sell its stake back to its major shareholder due to concerns over Smoore's performance, but this decision was thwarted by a 99% vote against the sale from minority shareholders [8]. Group 3: Subsequent Success - After the failed sale, Smoore rebounded, achieving significant revenue growth and eventually going public in 2020, with its market value soaring to over 480 billion yuan at one point [6][9]. - As of today, Yiwei Lithium Energy's stake in Smoore is valued at approximately 20 billion yuan, and the company has received a total of 2 billion yuan in dividends from Smoore since its IPO [8][9]. Group 4: Strategic Investments - Yiwei Lithium Energy continues to be an active corporate venture capital (CVC) player, investing in companies within its supply chain, including Smoore, which relies on Yiwei for battery supplies [9][10]. - The company's long-term equity investments have contributed approximately 6 billion yuan in investment returns over nearly a decade, underscoring the importance of strategic investments for industry growth [9][10].