Core Insights - The article highlights the significant disparity between the market valuation of Thunder (4 billion) and the value of its stake in YingShi Innovation (70 billion), suggesting that Thunder operates more like a venture capital firm disguised as a tech company [1] Group 1: Investment Strategy - Nine years ago, Thunder invested in YingShi Innovation, which was then a small player in the 360-degree panoramic camera market, and has since seen a remarkable return of 18 times its investment as YingShi's stock surged upon its listing [3] - Thunder's investment strategy is characterized by a strong industry insight, having accurately predicted the growth of panoramic technology and VR, positioning itself effectively in the next generation of interactive technology [3] - The company demonstrated remarkable long-term commitment by holding onto its stake in YingShi for nine years despite fluctuations in its core business, contrasting with the behavior of retail investors who often chase short-term gains [3] Group 2: Market Valuation Dynamics - The current market valuation of Thunder appears undervalued given that the market often discounts non-controlling equity stakes, and the weakness in Thunder's core business has negatively impacted its overall valuation [4] - Even with a conservative 50% discount on YingShi's stake, the value would still exceed 35 billion, which is eight times Thunder's current market valuation, indicating a significant value gap [4] Group 3: Investment Insights - The article emphasizes that the sector's potential is more critical than timing, as Thunder recognized the potential of VR technology in 2016 when it was still considered a niche market [5] - The success of YingShi is attributed to its dominant market share, capturing nearly 67% of the global market, which underscores the importance of market leadership [5] - The narrative suggests that patience is a virtue in investing, as many investors may not endure the long wait for substantial returns [6]