Core Insights - The article discusses the challenges and opportunities in early-stage investment in China, emphasizing the need for patience and a long-term vision in the current investment landscape [2][5][6]. Investment Landscape - The current investment environment is characterized by difficulties in fundraising and high costs of customer acquisition, leading to longer exit cycles for investments [3][4]. - Historically, companies like Li Auto and Niu Technologies had shorter IPO timelines, but now the best companies may take up to 12 years to go public [4]. Investment Logic - The author outlines three key investment strategies: 1. **Investing in "Unicorn Tigers"**: Focus on companies that can dominate their market rather than those that merely exist alongside competitors [7][9]. 2. **Investing in "Town Youth"**: Emphasizes the importance of young entrepreneurs from smaller towns who are more likely to adopt a long-term focus and avoid chasing trends [10][11][13]. 3. **Alignment of People, Events, Timing, and Valuation**: Successful investments require the right team, the right business model, favorable market conditions, and reasonable valuations [14]. Current Investment Activity - The company has invested in over 600 enterprises, with around 70 to 80 achieving profitability close to A-share listing standards, indicating a high success rate in their investment strategy [14]. Upcoming Events - A learning event is scheduled in Xi'an, focusing on technology manufacturing and exploring opportunities in various sectors, including robotics, aerospace, and new materials [15][21].