Core Insights - The article emphasizes the importance of consumer-focused investments, highlighting that successful projects in the past have predominantly been in the consumer sector, as opposed to technology projects which may yield unpredictable results [1][2]. Group 1: Investment Focus - The company has concentrated on consumer investments since 2011, finding that these projects often meet expectations for success [1]. - A notable example is the investment in Zhou Hei Ya, which yielded a 20x return, demonstrating the existence of competitive advantages in consumer enterprises [2]. Group 2: Competitive Advantages - Consumer enterprises possess a complex and comprehensive set of competitive advantages, unlike technology firms that may rely on a single innovative idea or patent [4][5]. - There are eight critical aspects of competitive advantages identified, divided into demand-side and supply-side factors [6]. Group 3: Demand-Side Competitive Advantages - Four demand-side competitive advantages include: 1. Brand Effect: Particularly significant in specialized fields like healthcare and education, where decision-making costs are high [8]. 2. Network Effect: Larger user bases enhance value, leading to winner-takes-all scenarios, as seen with platforms like Xiaohongshu [8]. 3. Switching Costs: High costs associated with changing systems, such as operating systems, create loyalty among users [8]. 4. Economies of Scope: The ability to offer a wide range of products in one location, enhancing consumer convenience [8]. Group 4: Supply-Side Competitive Advantages - Four supply-side competitive advantages include: 1. Economies of Scale: Early entrants can leverage initial high prices to achieve cost advantages through increased sales volume [10]. 2. Learning Curve: Accumulated production knowledge creates barriers for new entrants, making it difficult to catch up [11]. 3. Resource Monopoly: Control over unique processes, licenses, or prime locations can provide significant advantages [12][13]. 4. Supply-Side Economies of Scope: Optimizing product supply through coordinated networks can lead to cost efficiencies [14]. Group 5: Entrepreneurial Characteristics - The characteristics of entrepreneurs in the consumer sector differ from those in technology, requiring a broader skill set rather than specialization [15][16]. - The company identifies key traits for successful entrepreneurs, summarized as "VISIBLE," which includes Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [17]. Group 6: Investment Preferences - The company prefers to invest in product-oriented founders over marketing-oriented ones, as the former tend to provide more stable growth despite slower initial progress [21]. - An example is the success of Bao Shifu pastries, which have outperformed many other trendy brands [22].

冯卫东 天图投资创始合伙人、黑马加速导师 天图从2011年开始聚焦消费。 之前也是什么都投，后来我们做反馈分析，发现那么多的项目中，能获得符合我们预期的成功的，就是消费。基本上预期项目长成什么样，结果就八九不 离十； 科技项目也有成功的，但有可能是"种豆得瓜"，最后虽然也赚到了钱，甚至回报倍数还不低，但是那种成功是不可复制的，连自己都没有掌握到因果关 系，成功纯属运气，不叫真正的成功。 那么，消费企业存在护城河吗？ 从我们开始投资消费，这个质疑就一直存在。 当年（2010年）投周黑鸭的时候，很多人都不理解：好像一家夫妻店加个锅，都能干成，但这个项目我们获得了20倍的投资回报。所以消费企业一定是存 在护城河的。 也可以称之为顾客的"上头成本"，比如用户投入了大量时间和精力在Windows系统，已经达到了熟练掌握的程度，还购买了不少适配于这个系统的软件， 那么就很难下决心切换到苹果系统； 第四是范围经济。 但与科技企业不同，不是凭借一个解决大问题的"big idea"，有个核心专利就能构筑起"护城河"。 消费企业要解决很多密集的问题，它的护城河是更综合性的、是一个复杂系统。 分解来看，我们认为有八大重要方面。 需 ...