To The Moon

In 2025, more Tiger investors than ever are hitting the million-dollar mark. Through our “The Road to Million Dollars” series, we sit down with these standout traders to explore how they think, stay disciplined, and grow along the way.

At Tiger, investing isn’t just about profit and loss — it’s a journey from ambition to achievement. We hope their stories inspire others to set clear goals and turn the idea of a million dollars from a dream into something real and attainable.

This edition features Mr. Zhang, born in 1988 in Shanghai. He previously worked in business analysis within the internet industry before transitioning to freelance work. His investment journey started with technical analysis and gradually shifted to a core focus on fundamentals and business analysis – there are no shortcuts on this path. It requires treating "research" as his job and patiently waiting for the right opportunities.

1. First Steps in Investing: From Technical Analysis to Fundamentals

His investment path wasn't smooth sailing. In 2019, his company's IPO gave him his first exposure to the secondary market. Back then, he delved into K-line charts and technical indicators, trying to "figure out the patterns" amidst the volatility of short-term trading. However, he quickly realized: luck isn't replicable, and technical analysis struggles to deliver consistent long-term returns.

The real transformation occurred between 2022 and 2023. Influenced by his wife and friends, he began systematically studying value investing, reading works by Buffett, Munger, and Li Lu. Combining this with his years of experience in business analysis, he gradually came to a realization: "Buying stocks is essentially buying companies."

2. Business Analysis Empowers Investing

His past role in business analysis within the internet industry helped him build the ability to assess industry potential, competitive landscape, and a company's moat. His entrepreneurial experience allows him to understand businesses from an "operator's" perspective. These skills directly serve his investment decisions.

Currently, he focuses on the consumer and consumer internet sectors, covering Chinese, US, and Japanese markets. Even while traveling, he researches companies in South America and Central Asia, constantly trying to step outside his comfort zone.

3. Core Holding: PDD

In his investment portfolio, $PDD Holdings Inc(PDD)$ is a core holding he has maintained for over three years. When the April 2025 tariff incident triggered a sharp stock price decline, he chose to increase his position. He provided four reasons for this:

1. Even under pessimistic assumptions, the domestic e-commerce business can still generate over 100 billion RMB in annual profit.

2. The Temu overseas business provides diversification; the market reaction was excessive.

3. Management quickly adjusted models and budgets, demonstrating adaptability.

4. Significant potential for increased monetization rates overseas provides room for long-term growth. While overseas regulatory and data security risks exist, the company is actively addressing them. The key lies in the speed of the company's response; PDD's quick adjustments regarding tariffs and budgets strengthened his conviction to hold.

4. Buying, Selling, and Mindset

Mr. Zhang's investment strategy is simple: Buy what you understand, Hold firmly, Sell correctly.

When buying, he focuses on companies where the estimated profit over three years is significantly higher than the market capitalization, leaving a margin of safety.

He sells under three circumstances – confirming a research error, identifying a better opportunity for repositioning, or the stock price reaching its calculated intrinsic value.

Nowadays, he rarely watches the market ticker, focusing more on the business's operating logic: whether user perception is changing, if the competitive landscape is deteriorating, or if per-store sales are declining. If the logic remains sound, he adds to his position; if an error is confirmed, he cuts losses.

His current phased goal isn't a specific monetary amount, but rather research capability – studying more good companies, improving his judgment, and waiting for the convergence of a "good business + good team + good price."

5. Reflections on the Investment Journey

Mr. Zhang's transition wasn't instantaneous. Early on, he paid "tuition fees" on a trendy tea beverage stock – lured by its "cheapness," he overlooked governance risks and store expansion bottlenecks; the stock price subsequently plummeted. "That experience made me completely understand that 'cheap' isn't safe; inadequate research is the real cost."

Later, he also took a minor loss on a Hong Kong-listed funeral services company. As policy risks increased, pricing power peaked, and M&A opportunities narrowed, he cut his losses promptly. That experience solidified his current discipline: if he doesn't understand a company, he passes first.

6. The "Million Dollar" Moment

"I was genuinely very happy when I received this gift," Mr. Zhang said with a smile.

"I placed it beside my computer desk as a sort of memento." For him, it's not just a gift, but a token of the investment experience accumulated over the past few years.

He admitted that although market fluctuations are hard to predict, and "it's still uncertain whether the year-end returns can be maintained," this "Million Dollar Milestone" made him reflect on his investment journey – from initially seeking "cheap" buys to now adhering to a "research-driven" methodology.

"What truly enabled my stable returns were those investments made after thorough research," he concluded. "When you thoroughly research a company's market, competitive landscape, and management, the results will naturally manifest."

For Mr. Zhang, this commemorative item is not just a symbol of a number, but proof of methodology and patience.

Tiger Trade created the "Exclusive Edition" Million-Dollar Milestone Trophy for users who achieved one million USD in profits by 2025, paying tribute to every investor who reached this peak. Simultaneously, it introduced the "Dream Edition" Million Dollar Milestone, representing investment conviction and goals, hoping to accompany more investors on their journey, step by step, towards their own million-dollar moment.

Making goals tangible, making dreams visible.

Click here to redeem your Dream Edition Million-Dollar Milestone at the Tiger Coin Center

Postscript

Mr. Zhang's story tells us: Investing is a long journey. Monetary gains are merely the outcome; research is the foundation. With patience, methodology, and a foundation in business logic, one can grow steadily in the market and achieve milestone returns.

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