Consumer investing in 2021 resembled a roller coaster—dramatic highs and lows driven by both irreversible structural trends and bursts of desire-fueled, often irrational market behavior.

After the test of time, the path of value investing in consumer sectors has become increasingly clear. Applying investment logic borrowed from the internet or technology sectors to consumer markets is no longer a wise approach. Sustainable success requires going deep into the structural dynamics of consumer sub-sectors and the fundamental needs of human behavior—engaging in long-term, intensive industry cultivation and maintaining continuous resonance with frontline entrepreneurs. Only then is it possible to uncover the seeds of truly great companies.

As the speculative frenzy faded, opportunists departed once again. The few professional investors who maintained conviction and discipline absorbed the nutrients of a new cycle, capturing real opportunities for the future and advancing in step with the broader consumer industry.

Drawing on in-depth interviews with more than one hundred frontline consumer-investment partners, recommendations and submissions from dozens of leading institutions (including data on listings and portfolio development over the past two years), as well as comprehensive feedback from founders, New Wave produced the “2021 China Top 10 Consumer Investors” ranking.

Alan Song, Founding Partner and Chairman of Harvest Capital, was named to the 2021 China Top 10 Consumer Investors list.

1. The Most Important Realization of the Past Year

With shifts in China’s macro environment, entrepreneurs and investors must recognize one fact:
the era of disorderly capital expansion is over.

Capital must not only have a stance, but also warmth. Conscience, altruism, and integrity in business are becoming essential. Earning returns through diligence and responsibility is what truly deserves respect.

Entrepreneurs must genuinely connect with the daily lives of ordinary people—entering the heart of everyday commerce, creating real value for others, and empowering the world around them. One must believe that building real industries is a path that can genuinely benefit the nation and its people.

2. What Has Guided Harvest Capital’s Consumer Investment Success

In the triad of “people, products, and channels,”
people are always the most important.

All technology, innovation, culture, and advancement ultimately serve to make people’s lives better.

Recognizing human value, understanding human needs, and delivering high-quality products and services form the core of a long-lasting business. This is the foundation Harvest Capital has always adhered to—and will continue to uphold.

Harvest Capital’s investment philosophy is anchored in three commitments:

1. Commitment to the long-term growth of major industries.

2. Commitment to the long-term growth of leading enterprises within those industries.

3. Commitment to the learning ability and personal growth of entrepreneurs.

3. How Harvest Capital Views Future Investment Strategy

I have long believed that China has only two super-tracks worth pursuing:
technology and consumer.

Compared with high technology, the consumer sector offers greater predictability. Harvest Capital will continue to uphold its vision and mission of “supporting the private economy and empowering China’s consumer sector,” standing firmly with China’s 1.4 billion consumers, rooted in the realities of everyday life, and resonating with the pulse of the era.

We aim to be the “champion’s strategic sparring partner,” supporting enterprises with sincerity, helping them uncover the underlying drivers of sustainable growth, enabling them with full commitment, and creating long-term value.

As an investment institution, we see ourselves as joint founders and super-employees—willing to devote time, energy, and capability to grow alongside the companies we back.