Lin Yuan
Only buys businesses he "understands, that make money, and that monopolize" — especially anything for the mouth: food, drink, medicine. Prizes addictiveness and pricing power; holds long and ignores volatility.
An icon of China's first generation of individual investors; starting with a few thousand yuan in the 1990s, he built a fortune on long-held consumer leaders in liquor and pharma. Plain-spoken, he insists on businesses he "understands, that make money, and that monopolize" — a hugely influential grassroots figure among A-share retail investors.
Honestly: Lin Yuan's real book is nearly impossible to track from public disclosure. He runs 200+ separately-named funds, and his core liquor/pharma convictions are too small relative to each stock's float to ever surface in a company's top-10 holders. The one line item once verifiable here (the convertible bond he kept reducing) also dropped out of the top-10 bondholders by Bolaite's FY2025 annual report (Dec 31, 2025) — so even that thread is gone, and he has no disclosure-level verifiable position today. His oft-repeated Moutai/Pien Tze Huang/Tong Ren Tang names are public talk with no disclosure-level proof — don't copy them.
Holdings & weights
as of Dec 31, 2025 · FY2025 annual reportHoldings from public disclosure filings (e.g. top-10 tradable holders, STOCK Act reports); portfolio weights aren't disclosed at this level. cninfo · Bolaite FY2025 annual report (top-10 bondholders)
Lin Yuan's funds once held ~218,594 lots of this convertible bond ≈ 9.98% of the issue (Sep 29, 2025 disclosure; down from a ~20% peak, reduced steadily since 2021). But by Bolaite's FY2025 annual report (Dec 31, 2025) he had dropped out of the bond's top-10 holders (the #10 threshold was ~2.11%) — i.e. below 2.11% of the issue, no longer itemized. The one line item once verifiable here has now exited disclosure. Note this is a share of the bond issue, not a portfolio weight.
In their own words
I only buy what's for the mouth — food, drink and medicine.
Investing is finding monopolies — businesses that are addictive and can raise prices.
Where to follow them
Primary sources. Read the original — don't settle for second-hand summaries.
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