Core Viewpoint - The article discusses the evolution of investment strategies in the Chinese pharmaceutical industry, highlighting the shift from speculative investments to long-term, operational involvement in companies, particularly through the experiences of Woming Investment and its founder Zhang Yingjie [1][3][5]. Group 1: Company Evolution - Woming Investment was founded in 2015, coinciding with significant reforms in China's pharmaceutical industry, marking it as the "Year of Innovation" in Chinese medicine [2][5]. - The company initially focused on Pre-IPO investments but later recognized the limitations of this approach, leading to a broader investment strategy that includes angel investments, venture capital, growth stage, Pre-IPO, and mergers and acquisitions [6][10]. - A pivotal investment was in Push Pharmaceutical, which faced challenges that prompted Zhang Yingjie to transition from a financial investor to an operational leader, ultimately becoming the chairman [11][12][13]. Group 2: Investment Strategy Shift - The investment philosophy evolved from a focus on quick returns to a commitment to long-term operational involvement, emphasizing the importance of improving company fundamentals rather than merely seeking capital gains [9][13][18]. - The team at Woming Investment now prioritizes operational excellence and sustainable growth over immediate financial returns, reflecting a broader trend in the investment landscape [14][19]. - The company has engaged in significant projects, such as the acquisition of Xinjiang Tianshan Snow Lotus Pharmaceutical, focusing on research and development rather than rushing to market [14][20]. Group 3: Industry Insights - The Chinese biopharmaceutical sector has seen substantial investment, with over 1.23 trillion yuan raised for innovative drugs from 2015 to 2024, and the number of listed pharmaceutical companies has significantly increased [5][20]. - The article notes a shift in the investment environment, with a growing recognition that the rapid growth of the past may not be sustainable, leading to a more cautious approach among investors [19][20]. - Despite challenges, the article concludes that the pharmaceutical industry remains a promising sector, driven by innovation and the potential for long-term returns [20][21].