{"events": [{"year": 2007, "title": "第一次投委会", "eventId": "ev_career_first_ic", "outcome": "讲到第20页的时候，大合伙人起身去接了个电话。第40页的时候，第二位合伙人开始刷手机。你的第一个deal被搁置了，Track Record-5。", "choiceIndex": 1}, {"year": 2008, "title": "春节的问候", "eventId": "ev_anecdote_cny", "outcome": "你给mentor、一个你信任的创始人、和一个长期支持你的LP分别发了不一样的新年祝福。他们的回复让你觉得——在这个浮躁的行业里，真诚依然是一种竞争优势。Network+8。", "choiceIndex": 0}, {"year": 2009, "title": "估值泄露", "eventId": "ev_new_leaked_valuation", "outcome": "你查了一圈，发现是项目方自己泄露的——为了制造热度。你把这个发现告诉了创始人，关系更近了一步。Track Record+2，Network+3。", "choiceIndex": 0}, {"year": 2010, "title": "醉酒的创始人", "eventId": "ev_new_drunk_founder", "outcome": "你把创始人约到办公室，把昨晚的事情告诉了他。他沉默了很久，然后打开电脑给你看了真实的数据——比他说的好很多，但确实有些水分。你们达成了整改共识。Track Record+2，Network-3。", "choiceIndex": 1}, {"year": 2011, "title": "技术突破", "eventId": "ev_chain_breakthrough", "outcome": "你以最快速度完成了追加投资的流程。三个月后公司的估值翻了五倍。AUM+15，Track Record+7。", "choiceIndex": 0}, {"year": 2012, "title": "行业峰会", "eventId": "ev_career_conference", "outcome": "你的发言被媒体引用为\"本次峰会最有价值的观点之一\"。会后有三家基金的合伙人主动来交换名片。Network+14，Track Record+4。", "choiceIndex": 0}, {"year": 2013, "title": "竞品突袭", "eventId": "ev_chain_rival", "outcome": "一场消耗战开始了。你的被投公司烧掉了全部融资，市场份额涨了5个点，但现金流撑不过六个月，AUM-10，Health-7。", "choiceIndex": 1}, {"year": 2014, "title": "马拉松完赛", "eventId": "ev_health_milestone", "outcome": "你在10公里处退赛了。但你开始养成每周跑步的习惯——虽然没有完赛牌，但身体状态好了不少。Health+8。", "choiceIndex": 1}, {"year": 2015, "title": "Carry的传说", "eventId": "ev_anecdote_carry_talk", "outcome": "你坦诚的回答引来了两种反应——有人在笑，有人点了头。一位比你资深的合伙人私下说：\"能承认这一点，说明你有自知之明。大部分吹自己carry的人都在撒谎。\"Network+8。", "choiceIndex": 0}, {"year": 2016, "title": "颁奖典礼", "eventId": "ev_new_award_ceremony", "outcome": "导师说：'我评的是实力，不是关系。'你心里踏实了一些。颁奖典礼上，你赢了。Track Record+4，Network+5。", "choiceIndex": 0}, {"year": 2017, "title": "家族办公室的邀请", "eventId": "ev_end_family_office", "outcome": "对方礼貌地表示理解。但挂掉电话后，你盯着窗外的国贸CBD看了很久，Track Record+2。", "choiceIndex": 1}, {"year": 2018, "title": "副业诱惑", "eventId": "ev_new_side_hustle", "outcome": "你没有入伙，但投了5万块。半年后这个工具居然有了3000个付费用户。你开始认真考虑要不要全职。AUM-3，Track Record+2（跨界视野）。", "choiceIndex": 2}, {"year": 2019, "title": "TS拉锯战", "eventId": "ev_anecdote_ts_drama", "outcome": "你礼貌地退出了竞争。\"估值不是一切\"——你对创始人说。两周后创始人又联系了你：对方在尽调中发现了问题撤回了TS。你现在有了谈判的主动权，Track Record+4。", "choiceIndex": 0}, {"year": 2020, "title": "FOMO发作", "eventId": "ev_anecdote_fomo", "outcome": "你决定不做被动决策。两周后你发现那个deal并没有close——FA只是在制造紧迫感。你保住了自己的节奏。", "choiceIndex": 1}, {"year": 2021, "title": "双减落地", "eventId": "ev_era_2021_crackdown", "outcome": "你的果断让你在其他VC还在犹豫时就已经完成了仓位调整。虽然亏了很多，但你是最先止血的。Track Record+4，AUM-12。", "choiceIndex": 0}, {"year": 2022, "title": "赛道转换", "eventId": "ev_new_track_switch", "outcome": "你一边维护原赛道的关系，一边开始看新赛道的项目。两边都没做到最好，但也没有完全失去任何一边。Track Record+1，Network+2，Health-5（双线作战的疲惫）。", "choiceIndex": 2}, {"year": 2023, "title": "跨部门协作", "eventId": "ev_new_cross_dept", "outcome": "你坚持要签一份合作协议，明确收益分成。对方不太高兴但同意了。项目后来成功了，你拿到了应得的份额。Track Record+2。", "choiceIndex": 0}, {"year": 2024, "title": "尴尬的圆桌", "eventId": "ev_anecdote_conference_panel", "outcome": "全场大笑。创始人拍了拍你的肩膀说：\"下次融资我第一个找你。\"虽然是个玩笑，但你赢得了在场所有人的好感。Network+13。", "choiceIndex": 0}, {"year": 2025, "title": "尽调惊魂", "eventId": "ev_anecdote_dd_find", "outcome": "你果断退出了。创始人发了一条阴阳怪气的朋友圈——你没有回复。三个月后这家公司被媒体曝光财务造假，所有参与投资的VC都在忙着灭火。你逃过一劫，Track Record+4。", "choiceIndex": 0}], "investments": [{"year": 2006, "amount": 8, "isLead": true, "sector": "pc_internet", "status": "resolved", "outcome": "huge_success", "projectId": "p_2007_novel", "outcomeText": "IP改编热潮中多部作品被影视化，被腾讯文学收购回报12倍。", "projectName": "云上学堂", "maturityYear": 2009, "returnMultiple": 8.698538448447362}, {"year": 2007, "amount": 12, "isLead": true, "sector": "pc_internet", "status": "resolved", "outcome": "breakeven", "projectId": "p_2006_search", "outcomeText": "Google退出中国后市场格局固化，公司转型企业搜索，勉力维持。", "projectName": "领航搜索", "maturityYear": 2010, "returnMultiple": 0.9671553583815694}, {"year": 2008, "amount": 5, "isLead": true, "sector": "saas", "status": "resolved", "outcome": "breakeven", "projectId": "p_2008_email", "outcomeText": "免费企业邮产品上线后付费客户断崖下跌。", "projectName": "翼邮", "maturityYear": 2011, "returnMultiple": 0.8793273576535285}, {"year": 2009, "amount": 13, "isLead": true, "sector": "mobile", "status": "resolved", "outcome": "breakeven", "projectId": "p_2012_weibo", "outcomeText": "用户增长到三千万后遇到天花板，产品改版失败流失用户。", "projectName": "微声", "maturityYear": 2012, "returnMultiple": 0.889861965738237}, {"year": 2010, "amount": 14, "isLead": true, "sector": "mobile", "status": "resolved", "outcome": "moderate_success", "projectId": "p_2011_social", "outcomeText": "细分用户群稳定，被腾讯收购补强QQ回报4倍。", "projectName": "星辰网络", "maturityYear": 2013, "returnMultiple": 11.674838032415137}, {"year": 2011, "amount": 13, "isLead": true, "sector": "mobile", "status": "resolved", "outcome": "moderate_success", "projectId": "p_2010_map", "outcomeText": "专注商用车导航细分市场，稳定盈利回报3倍。", "projectName": "途行导航", "maturityYear": 2014, "returnMultiple": 2.507783114556223}, {"year": 2012, "amount": 14, "isLead": true, "sector": "mobile", "status": "resolved", "outcome": "breakeven", "projectId": "p_2009_im2", "outcomeText": "微信发布后DAU断崖下跌，百万用户一夜迁移。", "projectName": "轻语", "maturityYear": 2013, "returnMultiple": 0.8817089698277414}, {"year": 2013, "amount": 12, "isLead": true, "sector": "saas", "status": "resolved", "outcome": "failure", "projectId": "p_2017_saas_crm", "outcomeText": "钉钉上线竞品功能，生态合作伙伴秒变竞争对手。", "projectName": "客云端", "maturityYear": 2015, "returnMultiple": 0}, {"year": 2014, "amount": 19, "isLead": true, "sector": "ecommerce", "status": "resolved", "outcome": "breakeven", "projectId": "p_2016_crossborder", "outcomeText": "关税加征后跨境成本飙升，利润率被吃掉一半。", "projectName": "购通全球", "maturityYear": 2017, "returnMultiple": 0.8308574071153999}, {"year": 2015, "amount": 12, "isLead": true, "sector": "o2o", "status": "resolved", "outcome": "huge_success", "projectId": "p_2013_food", "outcomeText": "被饿了么收购整合进校园业务线回报15倍。", "projectName": "味达外卖", "maturityYear": 2017, "returnMultiple": 11.210594643279912}, {"year": 2016, "amount": 22, "isLead": true, "sector": "o2o", "status": "resolved", "outcome": "moderate_success", "projectId": "p_2013_taxi", "outcomeText": "在合并中作为小股东被稀释，但最终IPO让早期投资仍有回报5倍。", "projectName": "速达出行", "maturityYear": 2017, "returnMultiple": 6.921056292923168}, {"year": 2017, "amount": 9, "isLead": true, "sector": "ai", "status": "resolved", "outcome": "breakeven", "projectId": "p_2017_edu", "outcomeText": "双减政策冲击所有K12赛道，少儿编程也未能幸免。", "projectName": "蒜头编程", "maturityYear": 2020, "returnMultiple": 0.8746511636301876}, {"year": 2018, "amount": 26, "isLead": true, "sector": "new_energy", "status": "resolved", "outcome": "breakeven", "projectId": "p_2021_ev_battery", "outcomeText": "量产工艺迟迟无法突破，融资消耗殆尽被低价收购。", "projectName": "锂能科技", "maturityYear": 2020, "returnMultiple": 0.8490421310067178}, {"year": 2018, "amount": 26, "isLead": true, "sector": "semiconductor", "status": "resolved", "outcome": "breakeven", "projectId": "p_2019_semi", "outcomeText": "技术路线验证但商业化缓慢，被产业链整合回报接近成本。", "projectName": "芯元芯片", "maturityYear": 2020, "returnMultiple": 0.8936796750873328}, {"year": 2018, "amount": 31, "isLead": true, "sector": "semiconductor", "status": "resolved", "outcome": "breakeven", "projectId": "p_2019_chip2", "outcomeText": "流片后性能不达预期，二次流片耗尽融资。", "projectName": "星际半导体", "maturityYear": 2020, "returnMultiple": 1.1258106741122902}, {"year": 2019, "amount": 17, "isLead": true, "sector": "consumer", "status": "resolved", "outcome": "breakeven", "projectId": "p_2019_beauty", "outcomeText": "流量红利消退后增长乏力，ROI持续走低估值停滞。", "projectName": "花语纪", "maturityYear": 2020, "returnMultiple": 1.1362054193392397}, {"year": 2019, "amount": 19, "isLead": true, "sector": "saas", "status": "resolved", "outcome": "moderate_success", "projectId": "p_2020_data_mid", "outcomeText": "在政府和金融行业拿下大单回报4倍。", "projectName": "数澜数据", "maturityYear": 2020, "returnMultiple": 4.697627700087614}, {"year": 2019, "amount": 22, "isLead": true, "sector": "consumer", "status": "resolved", "outcome": "huge_success", "projectId": "p_2021_toy", "outcomeText": "签约当红设计师+联名款爆火出圈，港股上市回报10倍。", "projectName": "潮物星球", "maturityYear": 2023, "returnMultiple": 6.9911201223637915}, {"year": 2020, "amount": 28, "isLead": true, "sector": "new_energy", "status": "resolved", "outcome": "breakeven", "projectId": "p_2018_ev", "outcomeText": "补贴退坡后单车成本飙升，定价失去竞争力。", "projectName": "电动未来", "maturityYear": 2021, "returnMultiple": 0.9028416662476956}, {"year": 2020, "amount": 12, "isLead": true, "sector": "ai", "status": "resolved", "outcome": "moderate_success", "projectId": "p_2020_privacy", "outcomeText": "政府数据开放平台核心供应商回报3倍。", "projectName": "暗盾科技", "maturityYear": 2023, "returnMultiple": 4.147123730904422}, {"year": 2020, "amount": 21, "isLead": true, "sector": "ai", "status": "resolved", "outcome": "moderate_success", "projectId": "p_2021_cobot", "outcomeText": "在3C电子装配场景大量部署回报3倍。", "projectName": "协智制造", "maturityYear": 2021, "returnMultiple": 2.5371127861691636}, {"year": 2021, "amount": 20, "isLead": true, "sector": "overseas", "status": "resolved", "outcome": "moderate_success", "projectId": "p_2019_overseas_game", "outcomeText": "在印尼和沙特建立本地化壁垒年利润破5亿回报4倍。", "projectName": "扬帆游戏工场", "maturityYear": 2023, "returnMultiple": 4.336313342652283}, {"year": 2021, "amount": 23, "isLead": true, "sector": "ecommerce", "status": "resolved", "outcome": "breakeven", "projectId": "p_2018_group_buying", "outcomeText": "巨头补贴战烧不起，退守区域市场估值腰斩。", "projectName": "近邻优选", "maturityYear": 2024, "returnMultiple": 1.0634731186553836}, {"year": 2021, "amount": 14, "isLead": true, "sector": "saas", "status": "resolved", "outcome": "breakeven", "projectId": "p_2019_lowcode", "outcomeText": "大厂免费化后付费客户流失，开源社区变现困难。", "projectName": "拼搭科技", "maturityYear": 2024, "returnMultiple": 0.806562153622508}, {"year": 2022, "amount": 29, "isLead": true, "sector": "new_energy", "status": "resolved", "outcome": "breakeven", "projectId": "p_2023_space", "outcomeText": "一次发射失败炸掉了全年的收入。", "projectName": "星际航天", "maturityYear": 2024, "returnMultiple": 0.9988510535098613}, {"year": 2022, "amount": 18, "isLead": true, "sector": "aigc", "status": "resolved", "outcome": "failure", "projectId": "p_2022_aigc_text", "outcomeText": "DeepSeek开源后技术路线被完全碾压，投资清零。在一个赢家通吃的赛道里第二名什么都不是。", "projectName": "语思科技", "maturityYear": 2023, "returnMultiple": 0}, {"year": 2022, "amount": 23, "isLead": true, "sector": "healthcare", "status": "resolved", "outcome": "failure", "projectId": "p_2023_aidrug", "outcomeText": "核心管线临床失败——这是制药行业每天都在发生的事，AI并没有改变概率。", "projectName": "创药科技", "maturityYear": 2024, "returnMultiple": 0}, {"year": 2023, "amount": 25, "isLead": true, "sector": "semiconductor", "status": "resolved", "outcome": "breakeven", "projectId": "p_2022_quantum", "outcomeText": "技术路线重大调整，之前的研发投入全部打水漂。", "projectName": "量子飞跃", "maturityYear": 2025, "returnMultiple": 1.162676817830652}, {"year": 2023, "amount": 34, "isLead": true, "sector": "new_energy", "status": "pending", "outcome": "breakeven", "projectId": "p_2023_fusion", "outcomeText": "在政府项目和科研经费中勉强生存，商业回报遥遥无期。", "projectName": "核聚动力", "maturityYear": 2026, "returnMultiple": 0.8676405659876765}, {"year": 2023, "amount": 17, "isLead": true, "sector": "aigc", "status": "resolved", "outcome": "breakeven", "projectId": "p_2024_digitalhuman", "outcomeText": "平台突然禁止AI数字人直播，所有客户一夜停用。", "projectName": "影分身", "maturityYear": 2025, "returnMultiple": 1.0393154966644944}, {"year": 2024, "amount": 18, "isLead": true, "sector": "aigc", "status": "resolved", "outcome": "breakeven", "projectId": "p_2022_aigc_code", "outcomeText": "大厂推出免费竞品，独立工具的生存空间被急剧压缩。", "projectName": "码力科技", "maturityYear": 2025, "returnMultiple": 1.123251156229526}, {"year": 2024, "amount": 18, "isLead": true, "sector": "healthcare", "status": "pending", "outcome": "failure", "projectId": "p_2024_synbio", "outcomeText": "菌株在工业发酵罐中表现远不如培养皿——这是合成生物学最常见的死法。", "projectName": "创世纪元", "maturityYear": 2026, "returnMultiple": 0}, {"year": 2024, "amount": 9, "isLead": true, "sector": "aigc", "status": "pending", "outcome": "failure", "projectId": "p_2023_aisafety", "outcomeText": "OpenAI/Anthropic自研安全方案成为行业标准，第三方工具被边缘化。", "projectName": "校准智能", "maturityYear": 2026, "returnMultiple": 0}, {"year": 2025, "amount": 17, "isLead": true, "sector": "overseas", "status": "pending", "outcome": "breakeven", "projectId": "p_2023_overseas", "outcomeText": "地缘政治导致主要市场被封，被迫收缩估值缩水。", "projectName": "远洋电商", "maturityYear": 2028, "returnMultiple": 1.0705251775681974}, {"year": 2025, "amount": 21, "isLead": true, "sector": "aigc", "status": "pending", "outcome": "breakeven", "projectId": "p_2025_aigc_video", "outcomeText": "大厂自研视频模型效果超越，创业公司的护城河不够深。", "projectName": "幻象科技", "maturityYear": 2028, "returnMultiple": 0.8097158066928387}, {"year": 2025, "amount": 21, "isLead": true, "sector": "aigc", "status": "pending", "outcome": "breakeven", "projectId": "p_2025_aicustomer", "outcomeText": "一个AI客服对客户说出了不该说的话，引发舆情危机。", "projectName": "语小助", "maturityYear": 2027, "returnMultiple": 0.8760359723120928}]}