Group 1 - The announcement of Duan Yongping's temporary departure from the investment community Xueqiu has become a hot topic in the domestic investment circle [1] - Duan Yongping, a legendary figure who started his entrepreneurial journey at 28 and retired at 40, has significantly influenced a generation of investors and entrepreneurs [1] - His investment philosophy has impacted numerous influential companies such as Xiaobawang, BBK Electronics, OPPO, VIVO, Pinduoduo, and Jitu Express [1] Group 2 - Investment is fundamentally about buying companies, which translates to purchasing their future cash flows discounted to present value [3][5] - The essence of investment lies in value investing, where the focus is on the company's intrinsic value rather than market price fluctuations [9][10] - A good business model is characterized by a sustainable competitive advantage, allowing for consistent profitability and cash flow [14][18] Group 3 - Apple is highlighted as a prime example of a company with an exceptional user experience and a strong business model that competitors find hard to replicate [16][17] - The single product model of Apple is noted for its efficiency in resource allocation and cost control, leading to high-quality products at lower costs [18][19] - Apple's marketing strategy is also recognized for its effectiveness, achieving high sales prices with relatively low advertising costs [21] Group 4 - The importance of having a guiding principle or "North Star" in decision-making is emphasized, which can lead to significant long-term differences in outcomes [25][26] - The concept of "doing the right things" and maintaining integrity is presented as essential for long-term success in business [30][29]

Group 1 - The core idea emphasizes learning from experienced individuals who adopt a strategic approach to earning money rather than relying solely on hard work [3][5] - Successful individuals often leverage their resources and delegate tasks to professionals, allowing them to focus on higher-level thinking and strategy [3][4] - Identifying one's strengths and aligning them with suitable roles is crucial for success, rather than trying to excel in multiple areas [3][4] Group 2 - The concept of "wu wei" or effortless action is highlighted as a key principle for maximizing earnings, suggesting that less interference can lead to better outcomes [5] - The article encourages individuals to observe and learn from the experiences of seasoned professionals, as their insights can provide invaluable guidance [5]

Financial Performance - The company reported a total revenue of 616 million yuan for Q1 2025, representing a year-on-year increase of 7.78% [1] - The net profit attributable to shareholders reached 182 million yuan, up 8.13% year-on-year [1] - The gross margin improved to 86.31%, an increase of 1.68% compared to the previous year, while the net margin rose to 56.12%, up 0.71% [1] Key Financial Metrics - The company's operating expenses, including sales, management, and financial costs, totaled 109 million yuan, accounting for 17.7% of revenue, which is a 0.93% increase year-on-year [1] - Earnings per share (EPS) increased to 0.78 yuan, reflecting an 8.33% year-on-year growth [1] - The cash flow from operating activities per share decreased significantly by 76.42% to 0.23 yuan [1] Business Model and Market Position - The company has a strong return on invested capital (ROIC) of 21.97% and a net profit margin of 47.13%, indicating high value addition in its products or services [3] - The company has a healthy cash asset position and has cumulatively raised 140 million yuan in financing while distributing 1.346 billion yuan in dividends since its listing [3] - The collaboration with China Resources is aimed at promoting vitamin D supplements, enhancing market penetration and resource sharing [5] Fund Holdings - The largest fund holding in the company is by Tianzhi New Consumption Mixed Fund, which holds 13,200 shares, marking a new entry into the top ten holdings [4] - The fund's current scale is 0.17 billion yuan, with a recent net value of 0.8065, reflecting a decline of 0.74% from the previous trading day [4]

很多人喜欢给投资做总结。比如，价值投资的理想标的，得兼具好生意和好的管理层。 生意指的是商业模式，管理层通常用来代指公司能力。一眼看去，这总结自然没错。但问题是，在很多时 候，市场并没有那么多同时满足好生意和好公司这两个条件的标的。所以在投资中我们会不时面对现实选 择，如果好模式与好能力无法兼得，是选"好商业模式+平庸能力"，还是选"平庸商业模式+好能力"？ 要做这道选择题，我建议先来厘清模式和公司能力，以及它们分别会如何影响企业盈利。 在我看来，商业模式指的是一个企业如何做一门生意，包括但不限于客户需求是什么，支付意愿如何，采 购目标如何，成本结构如何等问题。好的商业模式，指的是在既有的做生意方式下，可能会产生更大的可 持续差异上限。 比如说浓香型白酒，都是52度500毫升，品质都很好，可同类产品间溢价差别却非常明显。 化工就是其典型的例子。这种行业往往产品同质化严重，客户粘性几乎为零，只能靠成本取得优势。但即 使在这样的商业模式下，有些企业仍然可以通过后天努力，比如生产管理，范围经济等手段实现持续的成 本优势，从而实现可观的盈利能力。记得有个化工从业者曾经跟我说过，"当行业毛利率集体跌破5%时， 我们愣是 ...

Group 1 - The core principle of investment is "do not invest if you do not understand," which emphasizes the importance of understanding future cash flows and probabilities before making investment decisions [2][3] - The investment process involves evaluating a company's business model, corporate culture, and valuation, where the business model and culture enhance the probability of success, while valuation relates to the potential returns [4][5] Group 2 - A strong business model is characterized by high revenue and profit potential, sustainability of competitive advantages, and ease of earning, with specific metrics such as a revenue scale of at least 100 billion RMB and a return on equity (ROE) of over 20% [7][8] - Corporate culture is assessed based on the reliability of management, their prudent use of resources, and their ability to enhance competitive advantages, with specific criteria for evaluation [12][13] Group 3 - Valuation should ensure a minimum annual return of 10%, with a focus on conservative growth rates for lower bounds and meaningful upper bounds based on historical data [15][24] - Additional considerations include avoiding leverage, ensuring stable cash flow for personal expenses, and being aware of external factors such as government regulations and geopolitical risks [16][25][26]

Core Viewpoint - The relationship between a company's business model and its market dominance is complex, where a good business model does not necessarily guarantee a monopoly, and vice versa [2][7][10]. Group 1: Business Model Characteristics - A good business model is characterized by the ability to charge a premium for similar services, as seen in the example of high-quality liquor, where significant price differences exist among similar products [2][9]. - In contrast, industries like express delivery may have a less favorable business model due to high asset requirements and limited pricing power, leading to a natural monopoly without a strong business model [3][4][5]. - The express delivery market requires a high minimum daily order volume to be economically viable, which can lead to a situation where only one company can achieve the necessary scale, resulting in a natural monopoly [3][4]. Group 2: Market Dynamics and Competition - The express delivery market's limited size can hinder competition, as achieving the minimum economic scale is challenging for new entrants, thus reinforcing the position of existing players [3][4]. - Companies in industries with high fixed asset investments, like airlines and manufacturing, often face similar challenges where their business models may not be strong, yet they can still achieve market dominance due to scale [5][6]. - The concept of "thick snow" refers to the ability of companies to differentiate themselves within a market, which can coexist with a natural monopoly if the market size is limited [14]. Group 3: Pricing and Cost Structure - The distinction between express and non-express delivery services lies in their cost structures, where non-express services focus on minimizing costs, while express services incur higher costs to meet time-sensitive demands [11][12]. - Companies that operate in both express and non-express segments often struggle to maintain service quality across both due to differing operational requirements [12][13]. - The profitability of a business is more significantly impacted by volume and price increases than by cost-cutting measures, which are often indicative of a mediocre business model [17][18]. Group 4: Consumer Behavior and Market Acceptance - The separation of buyers and users can lead to better business models, as buyers are often willing to pay a premium for products that they perceive as valuable, especially in categories like food [15][16]. - This separation allows for a higher acceptance of price premiums, which can enhance the overall business model's effectiveness [15][16]. Group 5: Investment Considerations - When evaluating a company's value, each business segment should be assessed individually for its competitive advantages and market conditions, rather than assuming the overall value is derived from the strongest segment alone [10][11]. - The current external environment, such as geopolitical tensions, may not significantly alter long-term investment evaluations, as fundamental business models and market dynamics remain stable [19][20].