在全球人才流动格局深刻变革的今天，海外精英归国创业正迎来一场前所未有的"系统性机遇"。从硬科 技、AI大模型到算力芯片，顶尖人才因何加速回流？新一代创业者的画像与核心诉求又发生了怎样的演 变？面对"水土不服"的经典难题，投资机构又如何超越资金，为其提供关键的赋能支持？ 2025年9月24-25日，创业邦（第十九届）DEMO CHINA在杭州拱墅举行。 会上，藕舫天使投资合伙人胡 昊，三七互娱投资副总裁刘雨，钧山资本合伙人王萌，侨创未来人才科创事务所主任、爱杭私募股权投 资基金合伙人陈伯超，力中投资合伙人姚中彬，杭州海外高层次人才创业促进会执行秘书长、杭州捷思 股权投资合伙人李婕 就《从"世界舞台"到"中国赛场"》议题展开焦点对话，现场金句频出： "最稀缺的不是技术，而是企业家精神。""一流的创始人、二流的团队、三流的项目可能有机会，但反之 绝对不行。""创业门槛已从单一要素转向多维能力，同质化竞争要求创业者具备更高阶、更综合的能 力。""创业成功是'天时、地利、人和'共同作用的结果。"" 对海归人才的特别建议：适应中国速度，发扬 All in精神，培养狼性文化。""赋能是为高质量项目乘上生态的平方，实现能量的 ...

Group 1 - The article discusses the recent financial troubles of Wang Jianlin, the former richest man in China and chairman of Wanda Group, highlighting the contrast between his past ambitions and current challenges [1] - Wang Jianlin's situation reflects the broader struggles faced by a generation of entrepreneurs, emphasizing the anxiety and loneliness behind their success [2] Group 2 - The article suggests that many businesses face difficulties due to aggressive expansion strategies, which often lead to financial instability [3][4][6] - It emphasizes the importance of maintaining a sustainable growth pace rather than succumbing to the pressures of rapid scaling [8][11] Group 3 - Strategic decision-making is crucial for the survival of a business, with Wang Jianlin's challenges linked to a series of aggressive strategic choices that may have seemed rational at the time [13][14] - The consequences of strategic decisions often manifest years later, indicating that today's challenges may stem from past choices [13][15] Group 4 - The article notes that entrepreneurs must remain sensitive to changing market conditions, as failure to adapt can lead to significant setbacks [16][18] - It highlights that the rules of business can change abruptly, and what was once a successful strategy may become a liability [18][19] Group 5 - The piece advocates for a more compassionate view of temporary failures in the business world, recognizing the responsibilities entrepreneurs bear for their employees and stakeholders [20][21] - It calls for a culture that respects both successful and struggling entrepreneurs, emphasizing the importance of resilience and the willingness to take risks [21][22]

Core Points - The 2025 World Cantonese Business Conference opened in Guangzhou, focusing on uniting global Cantonese business forces and promoting high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [1][4] - The conference emphasized the importance of the Cantonese business community in supporting Guangdong's reform and modernization efforts, aligning with Xi Jinping's directives [4][5] Group 1: Economic Development - The Guangdong-Hong Kong-Macao Greater Bay Area's economic total is approaching 15 trillion RMB, showcasing strong development vitality [2] - Hong Kong is identified as the largest source of foreign investment in Guangdong, with plans to leverage its unique advantages to facilitate business opportunities [2] - The conference highlighted the collaborative efforts in infrastructure and regulatory frameworks to enhance connectivity within the Greater Bay Area [3] Group 2: Business Opportunities - The conference called for Cantonese businesses to seize historical opportunities and actively participate in the high-level construction of the Greater Bay Area [2][3] - A series of initiatives, including the establishment of an investment incentive package and a dedicated task force for mainland enterprises, were announced to support businesses in exploring new markets [2] - The event featured the release of the 2025 Guangdong Province Top 100 Private Enterprises list and recognized outstanding contributions from private economic figures [5] Group 3: Community Engagement - The conference encouraged Cantonese entrepreneurs to engage in various initiatives aimed at promoting employment and common prosperity [5] - Leaders expressed gratitude to the Cantonese business community for their contributions to Guangdong's development and urged them to continue investing in the region [4][5] - The event was attended by approximately 1,000 participants, including prominent business leaders and representatives from various sectors [6]

Core Insights - The article highlights the journey of Chen Nian, founder of Vancl, who faced significant challenges and transformed his business model to live-stream e-commerce after years of debt repayment and operational struggles [2][8][14]. Group 1: Company Transformation - In 2021, Chen Nian pivoted Vancl to live-stream e-commerce, leveraging the brand's legacy on platforms like Douyin [9]. - A pivotal moment occurred on April 18, 2024, when Lei Jun mentioned wearing Vancl products during a live stream, leading to a surge in traffic for Vancl's live broadcasts [9][10]. - By the second quarter of 2025, Vancl's men's clothing ranked third on Douyin's brand list, indicating a successful brand revival [9]. Group 2: Financial Recovery - Chen Nian faced nearly 1 billion yuan in debt, which he managed to repay over a decade, demonstrating a commitment to financial responsibility [8]. - The company struggled with inventory issues and financial losses after failing to meet a sales target of 10 billion yuan in 2011 [4][5]. - Chen Nian's approach to debt repayment was characterized by personal sacrifices, including pledging his property and selling shares, showcasing a deep sense of responsibility [6][8]. Group 3: Personal and Professional Resilience - The narrative emphasizes the importance of resilience and responsibility in entrepreneurship, as Chen Nian chose to face his challenges head-on rather than declare bankruptcy [6][14]. - The friendship between Lei Jun and Chen Nian illustrates the balance between strategic foresight and perseverance in the business landscape [11][12]. - The article concludes with a message that age should not be a barrier to innovation, as demonstrated by Chen Nian's successful transition to a new business model at the age of 55 [13][15].

Core Viewpoint - Wang Jianlin, the chairman of Wanda Group, is actively seeking to dispel doubts about the company's financial health following significant asset sales and a recent court ruling that labeled him as a "restricted high consumer" due to a debt of 186 million yuan [3][5][6]. Group 1: Company Operations and Financial Status - Wang Jianlin praised the tourism resources in Xinjiang during a recent visit, indicating potential investment opportunities [3]. - Since 2017, Wanda has sold off non-core assets such as hotels and cinemas to improve liquidity [8]. - The total debt of Wanda has been reduced from 600 billion yuan to 300 billion yuan, suggesting a significant effort to manage financial obligations [12]. Group 2: Legal and Financial Challenges - A court in Lanzhou issued a "limit high consumption" order against Wang Jianlin due to a lawsuit involving a 186 million yuan debt related to a project in Wuhan [5][6]. - Following the court's ruling, 12 properties owned by Wanda in Wuhan were seized, valued at 33 million yuan, but failed to attract bidders during the auction [6]. - Despite the challenges, Wang Jianlin remains committed to addressing the company's debts and has reached agreements with creditors, relinquishing his position as the major shareholder of Wanda [11]. Group 3: Public Perception and Leadership - Wang Jianlin's recent public appearances and efforts to engage with local leaders aim to counter negative perceptions surrounding his leadership and the company's stability [3][4]. - The narrative surrounding Wang has shifted from one of wealth and success to facing scrutiny over financial difficulties, highlighting the pressures faced by high-profile entrepreneurs [4][6]. - The commentary on Wang Jianlin reflects a broader discussion about the responsibilities of entrepreneurs during financial crises, emphasizing the importance of resilience and accountability [14].

Group 1 - Lei Jun's attendance at the military parade indicates a significant shift in his focus towards the semiconductor industry, suggesting a strategic investment in chip manufacturing [1] - The investment in chips is substantial, with reports indicating that Xiaomi has already spent 13.5 billion and plans to invest an additional 6 billion this year, highlighting the company's commitment to this sector [7] - Lei Jun's entrepreneurial journey reflects a unique blend of humility and ambition, having started from modest beginnings and achieving remarkable success through perseverance and strategic decision-making [5][9] Group 2 - The decision to venture into chip manufacturing is seen as a high-risk move, as it involves significant financial commitment and the potential for substantial losses if the venture fails [7] - Lei Jun's approach to business is characterized by a willingness to take risks and challenge the status quo, embodying the spirit of entrepreneurship that inspires others [9] - The narrative surrounding Lei Jun emphasizes that success is not achieved through shortcuts but rather through a clear direction and relentless effort [9]

Group 1 - The "EY Entrepreneur Of The Year" award is celebrating its 20th anniversary in mainland China, Hong Kong, and Macau in 2025, with a notable independent judging panel composed of business leaders, industry experts, and past award winners [2] - The award has consistently aimed to promote entrepreneurial spirit, adhering to principles of independence, fairness, and professionalism, while recognizing entrepreneurs with innovation, leadership, and social responsibility [2] - The independent judging panel employs a rigorous selection process based on global standards, evaluating candidates across four dimensions: entrepreneurial spirit, growth, objectives, and impact [2] Group 2 - Ma Weihua, the chairman of the independent judging panel, has extensive experience in banking and finance, having served as the CEO of China Merchants Bank and held various leadership roles in other financial institutions [4][5] - Chen Xiling, founder and CEO of Vitagen, is recognized for her contributions to the health product industry, transforming her company from a local entity in Hong Kong to a multinational corporation, and promoting sustainable forestry practices [7] - Qiu Yezhi, global president of Guangdong Oriental Precision Technology Co., Ltd., has led the company to significant growth, achieving a compound annual revenue growth rate of 25.59% and a net profit growth rate of 20.54% over ten years [16][17]

Group 1 - The core idea is that a unified national market is essential for China's modernization, helping to unlock the "scale but not economy" issues within the domestic economic cycle and enhancing international competitiveness through local market effects [1][2] - The concept of transaction costs is crucial for understanding the dynamics of the unified market, as it highlights the administrative divisions caused by local protectionism and the natural segmentation due to transportation costs [3][4] - The transition from a planned economy to a market economy has shifted local government roles, leading to increased transaction costs in upstream factor markets, necessitating a focus on reducing these costs in the construction of a unified market [6][7] Group 2 - Historical context shows that local protectionism has historically raised transaction costs, with various government policies attempting to mitigate market segmentation, but with limited success [7][8] - The relationship between market segmentation and economic growth follows an inverted U-shape, indicating that as the economy matures, the importance of domestic markets increases, necessitating the optimization of factor allocation [8][9] - The role of entrepreneurs is emphasized as they drive the efficient use of resources, and a unified market system can help reduce institutional transaction costs, fostering innovation and economic growth [10][11] Group 3 - Future reforms should focus on establishing unified foundational institutional rules to lower transaction costs, particularly in factor markets, while adjusting the relationship between central and local governments [11][12] - Market-oriented reforms are needed to standardize policies across regions, particularly in land and labor markets, to prevent local governments from offering excessive incentives that distort competition [12][13] - Enhancing transparency and fairness in the execution of foundational rules is essential, including the establishment of mechanisms for information sharing and feedback between regulatory bodies and market participants [12][13]

Core Viewpoint - The article emphasizes the importance of industrial development and entrepreneurship in contributing to national prosperity and the well-being of the people, highlighting historical and contemporary examples of how entrepreneurs have played a crucial role in China's economic growth and resilience [1][2][3][4][5][10]. Group 1: Historical Context - During wartime, entrepreneurs contributed to national survival and industrial development, exemplified by figures like Ma Xiongguan and Fan Xudong, who made significant sacrifices for the country [2]. - The concept of "industrial patriotism" emerged, with entrepreneurs like Shen Hong leading efforts to support the war through industrial production [2]. Group 2: Modern Industrial Development - Since the founding of New China, the manufacturing sector has become increasingly vital, with China maintaining the world's largest manufacturing scale for 15 consecutive years [3]. - The focus has shifted from basic manufacturing to advanced technology and equipment, with notable achievements such as the successful launch of the Shenzhou 20 spacecraft and the development of the Kirin 9020 chip, which enhanced Huawei's phone performance by over 36% [5]. Group 3: Entrepreneurial Spirit - The article calls for a renewed emphasis on the entrepreneurial spirit, highlighting the need for more entrepreneurs to drive innovation and quality improvements in the context of high-quality development [8][9]. - It stresses the importance of creating a favorable business environment that protects entrepreneurs' rights and encourages their contributions to the economy [7].

Group 1: Forum Overview - The "World and China: Entrepreneurial Spirit and the 14th Five-Year Plan Outlook Forum" was successfully held in Guangzhou, gathering nearly 200 entrepreneurs from the Greater Bay Area along with renowned scholars and policymakers [1][2] - The forum focused on exploring the integration of entrepreneurial spirit with economic transformation, policy direction, and philosophical thinking in the context of global asset patterns [1][2] Group 2: Entrepreneurial Spirit and Philosophy - The president of the Bo Yan Philosophy Business School, Ouyang Qing, emphasized the importance of integrating science, philosophy, and religion in entrepreneurial spirit, highlighting that true entrepreneurs embody these three aspects [2][4] - Former Director of the Civil Aviation Administration of China, Li Jiaxiang, discussed the significance of entrepreneurial spirit in facing uncertainties and the necessity of aligning ideals with scientific thinking for sustained success [4][6] Group 3: Roundtable Discussions - A roundtable dialogue on "The Resilience and Inheritance of Entrepreneurial Spirit" featured discussions on mindset, practical actions, future foresight, and core values among a diverse group of entrepreneurs [6] - Participants included investors, traditional industry upgrade advocates, and pioneers of emerging industries, sharing insights from their experiences [6] Group 4: New Class Introduction - The opening ceremony for the 19th Financial Philosophy Industry Innovation Class highlighted the gathering of elite students from prestigious institutions, emphasizing the importance of philosophical thinking in navigating future challenges [8][10] - New student representative Li Zehang expressed the desire to explore global opportunities and achieve personal and corporate growth through the Bo Yan platform [10] Group 5: Keynote Speeches and Insights - The ceremony featured a keynote speech by Professor Wang Jun on "AI Civilization: The Twilight or New Dawn of Human Values," discussing the philosophical foundations of artificial intelligence and its implications for the future [13][17] - Economic commentator Fu Peng provided insights on the global economic transformation, emphasizing the impact of ideological divisions on economic models and the need for strategic asset allocation [17][19] Group 6: Conclusion and Future Outlook - The forum served as a platform for rich discussions on entrepreneurial spirit, innovation, and the implications of the 14th Five-Year Plan, providing valuable learning opportunities for participants [19]