11月24日，在第五届字节跳动奖学金颁奖典礼上，字节跳动技术副总裁杨震原分享了公司的技术探索历程。 据其透露，2014年，字节跳动创始人张一鸣找到他表示想用大规模机器学习系统来搭建推荐系统，解决各种媒体形式，包括图片、文字、视频的推荐。被这 个想法吸引的杨震原就这样加入了当时还是一家小公司的字节跳动。 杨震原提到，在 2022 年 11 月 30 日 ChatGPT 横空出世之前，字节跳动团队曾在 2021 年有过一次提前关注大语言模型的机会：当时字节跳动的一位同事已 训练出一个大语言模型，但团队当时得出 "该大语言模型暂无实用价值" 的结论。 "所以还是很没眼光。"杨震原说道。 好在公司调整的很快，从2022年开始在这个方向投入至今，也取得了一些成果。"应用上大家可能更熟悉一些，豆包是中国最流行的AI对话助手，火山引擎 的大模型服务也受到客户的认可，根据IDC的报告，火山是中国MaaS市场的第一名。" 字节跳动技术副总裁杨震原 以下为杨震原分享全文： 大家好，很高兴在字节技术奖学金，这样一个场合见到大家。我自己是一个技术爱好者，2014年我加入字节跳动。从最初负责搭建新的推荐系统开始，到现 在已经有快12年 ...

相比往届，2025年字节跳动奖学金不仅增加了获奖名额，也将奖学金从10万元升级 为20万元，含10万元现金，以及10万元专项学术资源补贴，可用于参加学术会议、 科研差旅等相关支出。此外，字节跳动还为每位获奖学生的导师提供10万元奖励， 以此致敬导师在学子成长与科研道路上的辛勤付出。 颁奖典礼上，字节跳动技术副总裁杨震原对获奖师生表示祝贺，并分享了字节跳动 在技术领域的一些探索历程，鼓励同学们保持耐心和热爱，挑战真正有高度的技术 难题，为社会创造更大价值。 以下为杨震原分享全文。 11月24日，第五届字节跳动奖学金颁奖典礼在北京大钟寺办公区举办。 本届奖学金共吸引了中国和新加坡66所高校的500余名同学报名申请，来自清华、 北大、复旦、人大、华中科技大学、香港大学、新加坡国立大学、南洋理工大学等 高校的20位学子获奖，覆盖大模型、机器学习、多模态、AI Infra、机器人、AI for Science、硬件等领域。 大家好，很高兴在字节技术奖学金，这样一个场合见到大家。我自己是一个技术爱好者，2014 年我加入字节跳动。从最初负责搭建新的推荐系统开始，到现在已经有快12年了。这些年来， 也一路参与了字节很多的技 ...

Core Insights - ByteDance's valuation has surged to approximately $480 billion (around ¥3.4 trillion) following a competitive auction where Today Capital acquired a significant stake [1][3][2] - The auction attracted around seven bidders, with the final price reaching nearly $300 million, reflecting a substantial increase from an earlier valuation of $360 billion [2][3] - ByteDance has surpassed SpaceX to become the second most valuable startup globally, only behind OpenAI, which is valued at $500 billion [2] Valuation and Investment - The transaction involved Today Capital, founded by Xu Xin, acquiring shares from early investor China Bank Group, which initially valued the shares at nearly $200 million [1][3] - The increase in valuation from $360 billion to $480 billion indicates a significant profit for China Bank Group, which invested during the early internet boom [3][4] - ByteDance's valuation has seen multiple rounds of shareholder wealth creation, primarily through private secondary market transactions [5][7] Business Performance - ByteDance's revenue for 2024 is projected to be approximately ¥1.13 trillion (around $160 billion), with a net profit of about $33 billion and a net profit margin of around 21% [15] - In Q1 2025, ByteDance's revenue exceeded $43 billion, surpassing Meta's revenue for the first time, establishing it as the highest-grossing social media company globally [11][15] - Douyin's (the Chinese version of TikTok) daily active users have stabilized at around 800 million, with e-commerce transaction volume expected to reach ¥4 trillion in 2024 [16] Market Position and Strategy - TikTok has become an integral part of daily life for young people in North America and Europe, providing a unique growth channel for advertisers [17] - ByteDance's overseas revenue, primarily from TikTok, is projected to reach $39 billion in 2024, marking a 63% year-on-year increase [17] - The company is heavily investing in AI, with plans to significantly increase expenditures in the coming years, which is expected to impact profit margins [18] IPO Considerations - ByteDance has not rushed to go public, citing regulatory uncertainties in both the U.S. and China as significant challenges [10][13] - The company has implemented share buybacks to provide liquidity to early investors and employees, effectively managing shareholder expectations without an IPO [12][13] - ByteDance's management has indicated that there are currently no specific plans or timelines for an IPO, focusing instead on business growth and regulatory navigation [10][11]

Core Insights - ByteDance has recently integrated its technology teams for commercialization, e-commerce, and life services, establishing a new department called China Transaction and Advertising, led by Wang Fengkun, the head of Douyin's life service technology [1] - The restructuring aims to enhance the research and development efficiency of advertising and transaction businesses, specifically e-commerce and life services [1] - The integration only affects the engineering technology teams, contrary to earlier reports suggesting a broader scope of "technical team integration," which has been deemed inaccurate by internal sources [1] Summary by Categories - **Company Structure** - ByteDance has formed a new department focused on transaction and advertising to streamline its operations in e-commerce and life services [1] - The new department will leverage personalized recommendations, deep learning, and large model technologies across various products like Douyin, Toutiao, Xigua Video, and Tomato Novel [1] - **Operational Focus** - The integration is designed to build algorithm strategies and engineering architecture for core revenue-generating businesses, including Douyin e-commerce, life services, and advertising marketing [1]

Core Insights - The article discusses the rise of Douyin (TikTok) and its strategic decisions that led to its success, as shared by Yu Beichuan, a former employee who joined during its early days [2][3][11]. Group 1: Douyin's Growth Phases - Douyin was officially launched in 2016, with significant growth starting in mid-2017, leading to surpassing Kuaishou in daily active users (DAU) by early 2019 [3][11]. - The growth can be divided into several phases: initial growth from 2017 to 2018, rapid expansion from 2018 to 2019, and a focus on commercialization post-2020 [12][13][15]. - By the end of 2018, Douyin's DAU reached 30 million, and by early 2019, it had surpassed Kuaishou, becoming the leading short video platform [11][21]. Group 2: Key Strategic Decisions - Douyin's initial strategy involved not directing users from Toutiao, which allowed it to build a unique user base [46]. - The brand's youthful and independent aesthetic, along with strong content operations, attracted a younger audience [46][49]. - Significant marketing efforts included sponsoring the Spring Festival Gala in 2019, which resulted in a peak DAU of 470 million during the event [87][88]. Group 3: Challenges and Learnings - Despite rapid growth, there were internal concerns about the sustainability of user engagement and the potential DAU ceiling [21][22]. - Attempts to integrate social features were largely unsuccessful, highlighting the challenges of fostering user interaction in a primarily content-driven platform [24][27]. - The company learned that maintaining a balance between rapid growth and user retention was crucial, leading to a focus on enhancing user interaction [81][82]. Group 4: Organizational Culture and Impact - ByteDance's flat organizational structure allowed for direct communication across levels, fostering a culture of ambition and opportunity for young talent [100][106]. - The company's emphasis on extreme execution and strategic thinking contributed to its innovative approach and competitive edge in the market [114][121]. - As the company grew, maintaining its original culture became a challenge, leading to concerns about losing its competitive spirit [108][109].

Core Insights - The article emphasizes the importance of a systematic approach in hard technology entrepreneurship, focusing on the integration of "heart, matter, people, and time" to bridge the gap between technology and commercial success [2][3]. Group 1: Heart - Vision is crucial for entrepreneurs to foresee future trends and align their innovations accordingly [4]. - The case studies of Tesla, Toutiao, and OpenAI illustrate how visionary thinking can lead to significant breakthroughs in their respective fields [6][12][14]. - The concept of "original intention" highlights the importance of having a righteous and benevolent purpose in entrepreneurship, which can sustain commitment during challenges [20]. - A balance between technical obsession and market readiness is necessary to avoid delays in product launches [22][24]. - Flexibility and adaptability are essential for entrepreneurs to navigate challenges while maintaining a clear vision [26][30]. Group 2: Matter - Clear task definitions and product specifications are vital for successful execution in hard technology ventures [38]. - Identifying and targeting specific market scenarios is necessary for product development [40]. - The selection of technology paths must consider both barriers to entry and market trends [44][48]. - Continuous product refinement through customer feedback is essential for aligning offerings with market needs [49][51]. - Achieving breakthroughs in both technical and business aspects is crucial for successful commercialization [53][55]. - Focusing efforts on a single market segment can lead to deeper penetration and greater success [58]. Group 3: People - Building a strong team with clear roles and responsibilities is fundamental for entrepreneurial success [63]. - Equity distribution should reflect contributions to avoid conflicts and ensure alignment of interests [66][70]. - A clear mission and values are necessary to motivate and guide team members [74][76]. - Leaders must lead by example to inspire their teams [77]. - Knowledge workers require motivation and empowerment rather than strict oversight to maximize their potential [79][80]. Group 4: Time - Timing is critical in entrepreneurship; understanding market trends can inform strategic decisions [91]. - Entrepreneurs should aim to be slightly ahead of the curve rather than excessively so [94]. - Long-term projects should incorporate opportunities for incremental revenue generation [98]. - Maintaining sufficient cash flow is essential for navigating challenging financing environments [99][100].

Group 1 - The article discusses the decline in the use of WeChat Moments as users shift towards platforms like Douyin, Kuaishou, and Xiaohongshu due to perceived limitations and lower content quality on WeChat [25][26] - Users find WeChat Moments increasingly boring and are concerned about privacy, leading to a decrease in posts and engagement [25][26] - The content shared on WeChat Moments often lacks quality, with many posts focusing on mundane aspects of life, which users find unappealing [27][30] Group 2 - The article highlights that WeChat is primarily a communication tool, and users need to be mindful of others' feelings when sharing content [35] - There is a growing sentiment that WeChat Moments is not fulfilling users' needs for engaging and meaningful interactions, prompting a shift to more dynamic platforms [26][35] - Users express frustration with the commercial nature of WeChat Moments, where many posts are about selling products or sharing personal achievements, which can feel overwhelming [31][32]

Group 1 - The core point of the article highlights the rise of Zhong Shanshan as the richest person in China, with a net worth of 530 billion, marking his fourth time at the top of the Hurun Rich List, reflecting the potential of the Chinese consumer market and the rise of national brands [1][3] - The article discusses the historical context of the changes in China's richest individuals over the past 26 years, indicating a shift from traditional industries to consumer-driven sectors [3][4] - Zhong Shanshan's wealth primarily comes from his companies, Nongfu Spring and Wantai Biological Pharmacy, showcasing the dual engine of his financial success [9][11] Group 2 - The article details Zhong Shanshan's four-time ascension to the top, with specific wealth figures and growth percentages for each year, illustrating the trajectory of his financial success [7][8][12] - The analysis of the wealth sources indicates that Nongfu Spring holds a significant market position in the bottled water industry, benefiting from consumer trends and product innovation [11][12] - The article emphasizes the importance of consumer brand value and the strategic diversification of Zhong's investments, particularly in the biopharmaceutical sector, which provides additional support for his wealth growth [58][59] Group 3 - The historical overview of China's richest individuals from 1999 to 2025 reveals a clear trend of increasing wealth, reflecting the rapid economic development in China [18][21] - The article categorizes the evolution of wealth creation models, indicating a shift from resource-driven to innovation-driven approaches in the current economic landscape [50][52] - The regional distribution of wealth highlights the concentration of billionaires in coastal and major urban areas, reflecting the economic development patterns in China [53][54]

Core Insights - The article emphasizes that innovation is crucial for companies today, yet 90% of innovations fail due to outdated thinking and failure to address real customer needs [2][32]. Group 1: Understanding Innovation Challenges - The primary challenge in innovation is the lack of understanding of true customer needs, leading to superficial attempts at innovation [4][32]. - Companies often confuse false demands with genuine pain points, resulting in misguided innovation efforts [5][6]. - The "curse of success" affects large companies, as they rely on past successes and established logic, which can blind them to new opportunities [9][10]. Group 2: Building the Right Team - Successful innovation requires a dedicated team distinct from traditional execution teams, as innovation demands different skills and mindsets [12][13]. - An effective innovation team should possess three key traits: curiosity, belief in the project, and a commitment to fully engage in the initiative [15][18][22]. - Curiosity drives innovation, as seen in companies like ByteDance, where team members are encouraged to question and explore user behavior [17]. Group 3: Establishing a Tolerant Environment - Innovation necessitates a trial-and-error approach, but many leaders have low tolerance for failure, which stifles creativity [25][26]. - Companies must implement a tolerance mechanism for innovation, avoiding traditional performance metrics that focus solely on results [28][30]. - A phased approach to performance evaluation can encourage risk-taking and experimentation, allowing teams to focus on process indicators before assessing outcomes [31]. Group 4: Summary of Innovation Failures - The article concludes that the three main reasons for the failure of 90% of innovation efforts are: inadequate understanding of customer needs, failure to build an appropriate innovation team, and lack of a supportive mechanism for trial and error [32][33].

Core Insights - The article discusses how Feishu (Lark) has transformed its management practices to maintain agility and innovation as it scales, emphasizing a "de-bureaucratization" approach to overcome growth challenges [3][4]. Group 1: Management Challenges - Rapid employee growth led to increased collaboration costs, with a 200-fold increase in personnel from 2019 to 2020 [4]. - External perceptions of Feishu include a high-pressure work environment, with employees averaging under 30 years old, indicating a rejection of traditional competition [5][6]. Group 2: Solutions to Management Issues - Feishu's management strategy involves learning from global leaders like Amazon, Google, and Netflix to enhance core asset management [9]. - The company adopts a product-oriented mindset, focusing on improving its own organizational "product" rather than just external offerings [10][12]. Group 3: Cultural Leverage - Feishu's culture, termed "Feishu Style," emphasizes entrepreneurial spirit, diversity, transparency, and collective growth [38][40]. - The culture is developed through employee feedback and is not solely dictated by management, ensuring it resonates with the workforce [41][42]. Group 4: Talent Density and Innovation - The company aims to increase talent density by reducing bureaucratic rules, fostering an environment conducive to innovation [66][70]. - Feishu defines excellent talent as individuals with curiosity, optimism, and the ability to delay gratification, rather than strictly based on professional expertise [71][72]. Group 5: Managerial Fundamentals - Effective management at Feishu is based on four key elements: setting clear goals, recruiting the right people, utilizing talent effectively, and providing appropriate incentives [75]. - The use of OKR (Objectives and Key Results) helps align individual contributions with the company's strategic goals [95][96].