Neumann Advisors

随着节日季节的临近，我们谨借此机会回顾2024年取得的成就与进展。 As the festive season approaches, we would like to take this opportunity to reflect on the achievements and progress we have made in 2024.   成立于2016年的Neumann Capital基金，致力于将传统的价值投资理念与风险投资方法相融合，积极在全球二级市场中寻求具有非线性增长潜力的投资机会。 Launched in 2016, Neumann Capital is a fund that seeks to blend traditional value investment principles with a venture capital approach, actively pursuing non-linear growth opportunities in global public markets.   2024对Neumann是不错的一年，我们欣喜地见证了Neumann Capital投资组合中多家公司的卓越表现。 2024 has been a strong year for Neumann. We are pleased to have witnessed exceptional performances from several companies in the portolio of Neumann Capital.   Tesla（股票代码：TSLA，NASDAQ），作为Neumann自2018年起建立的核心持仓，其FSD（全自动驾驶）技术在2024年取得了突破性的飞跃，提升幅度超过1000倍。今天，Robotaxi已经不再是一个遥远的梦想，而是一个日益迫近的现实。从一开始，我们便将Tesla视为一家AI公司，并深信自动驾驶将成为通向通用人工智能（AGI）新时代的首个“杀手级应用”。 Tesla (Ticker: TSLA, NASDAQ), a core position established by Neumann since 2018, achieved a groundbreaking leap in its FSD (Full Self-Driving) technology in 2024, improving by over 1,000 times. Today, Robotaxis are no longer a distant dream, but an increasingly imminent reality. From the very beginning, we have viewed Tesla as an AI company and firmly believe that autonomous driving will be the first "killer app" on the path toward AGI (Artificial General Intelligence).   同样，腾讯（股票代码：700.HK）也在2024年展现了强劲的股价表现。作为Neumann最长期的持仓，在我们看来，今天的腾讯是好生意与AI Option Value结合的的经典案例，尽管多数人不从AI视角看待腾讯。 Similarly, Tencent (Ticker: 700.HK) also demonstrated strong stock performance in 2024. As one of Neumann's longest-held positions, we believe that today’s Tencent is a perfect example of a business model that combines strong fundamentals with AI option value, even though most people do not typically view Tencent through an AI lens.   此外，我们所支持的多家AI创业被投企业，晶泰科技 XtalPi（股票代码：02228.HK）、地平线机器人 Horizon Robotics（股票代码：09660.HK）和小马智行 Pony AI（股票代码：PONY，NASDAQ），也分别在香港和美国证券交易所成功上市。 Additionally, several AI startups in which we have invested, including XtalPi (Ticker: 02228.HK), Horizon Robotics(Ticker: 09660.HK), and Pony AI (Ticker: PONY, NASDAQ), have successfully listed on the Hong Kong / U.S. stock exchanges.   回顾历史，AI往往在短期内令人失望，但在长期内却能带来超出预期的惊喜。我们坚信，这一趋势将持续下去。展望2025年，我们将继续与最卓越的创业者并肩前行，紧随行业复合增长的步伐，为我们的投资者创造持续的复合回报。 Historically, AI has often disappointed in the short term but has surprised with exceptional results in the long term. We believe this trend will continue. Looking ahead to 2025, we remain committed to standing alongside the most exceptional entrepreneurs, aligning with the industry’s compound growth, and ultimately creating sustained compound returns for our investors.   祝大家节日快乐～ Wishing everyone a joyful festive season!