Indifferent to missing out: 2025, I have rooted myself in the company's operations

PortfolioAlert · 2026-03-01T10:35:38+00:00

The author reflects on the investment experience in 2025. Although the return rate of 12% was below the market average, they gradually built immunity to stock market fluctuations by focusing on the company's operations. The investment strategy shifted to holding five core companies, and by gaining an in-depth understanding of the essence of these enterprises, they responded to market panic. The true goal of investing is to "hold steady" rather than "seize every opportunity."

PortfolioAlert

2026-03-01 10:35:38

Abstract generation in progress

Hello everyone, I am the Hydra Monster.

In 2025, my investment return was 12%. In a year with a strong bullish market atmosphere, this performance lagged behind the CSI 300 and the Hang Seng Index, making it appear extremely “quiet.”

Reflecting on the hot stocks I once held but ultimately sold off in a rush: Zijin Mining, tripled; Luoyang Molybdenum, quintupled; Harbin Electric, increased eightfold; BeiGene, Kangfang Biotech, and Xindong (gaming) companies… The gains of these stocks are enough to make any investor anxious.

But my current mental state is: completely indifferent.

This indifference stems from finally completing an important cognitive cycle in 2025: investing doesn’t require guessing market trends; it’s about relentlessly focusing on the company’s operations.

Reflections on “missing out”: from macro panic to micro discipline In the first half of this year, especially on April 7th, influenced by trade war fears, I made some reduction decisions. Looking back, it wasn’t because I wanted to do short-term trading, but because my research on those companies was not deep enough at the time, which made me realize my investment shortcomings.

When your understanding of a company only stays at financial figures and macro narratives, any small change can become an “inner stress test.” That sell-off made me realize: if I haven’t truly penetrated the company’s core operations, I can’t hold onto my shares during intense volatility.

So, I chose to return to my strongest holding method—concentrating my positions in five companies I truly “understand and trust.”

Core holdings: planting roots in operations By the end of 2025, about 95% of my core portfolio is concentrated in these five companies. In my mind, their operational weight is equal.

(With less than 5% in Tencent, and a small amount of cash for subscribing to Hong Kong new stocks.) Micro perspective validation

Pony.ai: From technological dream to “profitability capability”

The Q3 report shows that its operational vehicles have reached 961, and surpassing 1,000 by year-end is no longer a question. More importantly, the unit economic model (UE) for Robotaxi has already achieved profitability. This means it is no longer just a money-burning tech company but a large-scale commercial operator. The management’s precise execution of commercialization milestones gives me confidence to withstand short-term fluctuations.

Sinopharm: “Muscle memory” at the cycle bottom

During the period of sharp declines in vitamin prices, it still achieved a 37% net profit growth in the first three quarters. This resilience comes from the management’s deep expertise in cost control and product matrix management over many years. For such a company with a deep moat, I am willing to give time and patience.

Pinduoduo: The fundamentals of globalization arbitrage

The market once feared a trade war, but Temu’s European operations now account for nearly 50%. The management’s rare announcement of “rebuilding Pinduoduo in three years” is not reckless expansion but a reflection of absolute confidence in China’s supply chain efficiency’s ability to “dimensionality reduce” and dominate globally.

Anta Sports: Indirect proof of strategic expansion

Anta is China’s leading sportswear brand. Last month, when I saw the Descente store at Changi Airport in Singapore, I could clearly feel the group’s multi-brand layout’s tension. Currently, Anta is in a three-year acceleration phase to open 1,000 stores in Southeast Asia. This ability to tap into incremental growth from existing markets, combined with continuous dividends and buybacks, makes it worth waiting for the bloom.

SoYoung: Transforming trust through industrial renewal

SoYoung’s chain of light medical beauty clinics is unique. The 52 stores have been fully deployed, with a steady increase in mature stores. Transitioning from a “traffic intermediary” to a “standardized service provider” with heavy assets is extremely challenging, but management is using data to practice its creed of “rebuilding trust in medical aesthetics.”

Conclusion:

The Hydra Monster, by cutting off one head, grows two stronger ones. The hot stocks that sold off are the fallen old leaders, while the five major positions rooted in operational excellence are the more vital brains I have cultivated this year.

I understand that investing is not about “seizing every opportunity,” but about “being able to hold steady.”

2025’s 12% performance may not be dazzling, but I know my roots have grown from vague macro predictions into solid operational data and management willpower.

Indifference to missed opportunities comes from finally understanding: those chips lost in panic are fundamentally due to insufficient insight. Now, my firm forward march is because I see not only the stock prices but also the underlying businesses.

In 2026, I will continue to focus on operations and move forward with conviction.

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