There's an interesting phenomenon: true investment masters are often not professional investors, but entrepreneurs who control the entire industry chain. Buffett and Duan Yongping are such examples—they understand management, industry, and how to act at cyclical turning points.

In Henan, similar figures have emerged in recent years. An extremely low-profile businessman, who started in securities and futures, gradually took control of three major industries: mining, new energy, and metal trading. He earned a 50-fold unrealized gain on his primary market investments in CATL. This story is worth elaborating.

**A Dalian Person's Capital Map**

His wealth-building logic isn't complicated—yet his execution is ruthless. In 2004, he invested 1.78 billion yuan in the mixed-ownership reform of Luoyang Molybdenum. At that time, the company was heavily indebted, molybdenum prices were low, and it seemed unwanted. But what did he see? The industry position of molybdenum and the opportunity in mixed-ownership reform.

What happened next? Listed on the Hong Kong Stock Exchange in 2007, then on the Shanghai Stock Exchange in 2012, and from 2014-2015, he continued to increase his holdings in the secondary market, gradually transforming a state-owned enterprise into a private enterprise. This wasn't simple stock trading; it was genuine industry operation. Now, this company’s market cap is around 90 billion yuan, with him holding about 25.95%.

And it’s not just Luoyang Molybdenum. He led a series of global mining mergers and acquisitions—copper-cobalt mines in Congo, niobium-titanium mines in Brazil, copper-gold mines in Australia, plus acquiring IXM, the world's third-largest metal trader. What pattern has this industry chain formed? The second-largest cobalt producer globally (about 30% of global cobalt supply), and one of the largest white tungsten producers.

**True Operation: Bidirectional Binding of Batteries + Resources**

But the most intriguing part is his布局 in CATL.

In 2015, he participated in the first round of financing at about 3.14 yuan per share. In 2016, he invested again in Series B, pouring in roughly 800 million yuan for 62.75 million shares, about 3% stake. The timing was clever—CATL wasn't widely known then, but he clearly saw the future of the new energy battery sector.

In 2018, when CATL went public, his holdings' market value soared to over 4.5 billion yuan, a 5.6-fold increase. Later, the market cap once hit 43.4 billion yuan, with unrealized gains exceeding 50 times. Starting from 2020, he gradually reduced holdings for cashing out, and by Q1 2025, he had cashed out over 20 billion yuan. He still holds 30.3 million shares, worth over 7 billion yuan.

This isn't just about investment returns. The real brilliance lies in 2022, when CATL, through its Sichuan Times subsidiary, took a 24.91% stake in Luoyang Molybdenum. This instantly created a mutually beneficial community—Luoyang Molybdenum supplies 12,000 tons of cobalt and 100,000 tons of copper annually to CATL, which commits to purchasing at least 20 billion yuan worth of products over five years.

This is true industry chain thinking. Upstream locks in resources, downstream consumes capacity, and the middle is tied together through capital. Such a layout ensures that, regardless of short-term market fluctuations, long-term cash flow stability is maintained.

**Still Moving Forward**

This guy hasn't stopped. In 2025, he spent about 7.1 billion yuan to acquire assets like Ecuador’s Cagle House gold mine and Lumina Gold in Canada, expanding into gold business. What is he hedging against? Industry cycle fluctuations. Mining is cyclical, and this multi-metal, multi-region layout essentially mitigates risks associated with single commodities or regions.

Looking at the latest data: Luoyang Molybdenum’s 2024 revenue is 213 billion yuan, with a net profit of 13.5 billion yuan, ranking among the top ten global mining players. His personal wealth has stabilized around 660 billion yuan from a few years ago (740 billion in 2021, ranked 69th on the Hurun list).

The story is quite clear—those who truly make money are not relying on short-term trading but on understanding the future of the industry and placing big bets at critical moments. CATL’s stock went from over 3 yuan to hundreds, and he profited. But more importantly, he didn't just make this one profit; through this investment, he integrated the entire resource-battery-consumption industry chain. That’s the real skill of a master.