Review of Business Figures in 2025: Liu Qiangdong Keeps Busy, Lei Jun Faces High Pressure, and Warren Buffett Ends His Career Perfectly
Goodbye! 2025
Today is the last day of 2025.
Looking back from the threshold of time, the business world in 2025 remained turbulent: AI technology moved from the laboratory to large - scale application. Cross - border breakthroughs became the norm in the competition for the existing market, and there were both the backfire of the traffic dividend and the test of adhering to values.
This year, some people stepped out of their comfort zones and became disruptors in cross - border fields; some got caught in the whirlpool of public opinion due to their stubbornness. This year, internet tycoons began to make a comeback, while others left the stage dejectedly, leaving behind sighs of the era.
As a micro - slice of the business era, their situations depend not only on personal choices but also on industry cycles and the tides of the times.
"Unicorn Observation" presents a review of business figures in 2025. From them, we can understand that there are never eternal winners in the business world. Only by respecting the era, adhering to the bottom line, and embracing changes can we find the right direction in the ever - changing situation and move forward more steadily and further.
Liang Wenfeng
The Most Disruptive Problem - Solver
As early as the beginning of 2023, there were rumors in the industry that Kuaishou was planning to officially enter the credit field. By the end of 2023, Kuaishou further implemented its financial ambitions and started recruiting people, including positions in risk control and compliance, supply - chain finance, etc.
When the AI industry was caught in the competition of "piling up computing power and investing heavily", Liang Wenfeng led DeepSeek to find a disruptive way out.
In January 2025, the high - efficiency inference large - model R1, which he led to develop, achieved top - notch performance with only 512 H800 graphics cards (costing about 2.08 million yuan), breaking the monopoly path of Western AI companies that rely on "piling up computing power" and showing the industry the possibility of developing AI with "low cost and high efficiency".
Subsequently, Liang Wenfeng resolutely announced the open - sourcing of R1, triggering a "cost revolution" in the global AI industry and causing NVIDIA's stock price to plummet by 17%.
Liang Wenfeng's 2025 was a year of "subverting rules with technology", and it was also an epitome of Chinese technology companies breaking through monopolies in core fields. When global AI companies were competing in computing - power investment, he found a new way. Through technological innovation, he reconstructed the competition logic of the AI industry, shifting from "competing in computing power" to "competing in efficiency" and from "closed monopoly" to "open - source co - construction".
His breakthrough was not only at the technical level but also broke the Western monopoly on AI core technology, winning international discourse power for the Chinese AI industry. Liang Wenfeng's rise proves that Chinese technology companies are fully capable of forging their own paths in core technology fields and becoming problem - solvers for industry transformation.
Liu Qiangdong
The Most Cross - Border Tycoon
Not long after the beginning of 2025, the news "JD Delivery! Zero Commission" went viral in the WeChat Moments of catering industry people.
Liu Qiangdong, the founder of JD, overruled all objections and launched JD's "battle to break the deadlock" in instant retail. He led JD to enter the food - delivery market with a huge subsidy of billions. He not only publicly promised to pay the "five social insurances and one housing fund" for riders, breaking the long - standing pain point of labor rights in the industry, but also lowered the commission rate of core categories to the industry's bottom line, directly declaring war on Meituan and Alibaba's Taobao Flash Delivery.
This food - delivery war that almost lasted the whole year was the most magnificent chapter in the business battles of 2025.
For Liu Qiangdong, 2025 was a year of "cross - border breakthrough". Besides strongly entering the food - delivery market, JD also accelerated its layout in the intelligent robot field and jointly launched the "people's good car" Aion with GAC and CATL.
Of course, behind the cross - border expansion, there was a decline in profits and an increase in costs due to huge subsidies. This also confirms the cruel logic of business: cross - border breakthrough is an inevitable choice to find the second growth curve, but "being bold to fight and invest" does not necessarily lead to immediate success.
However, Liu Qiangdong was able to step out of his comfort zone, invest real money, and have the courage to subvert industry rules to disrupt the old pattern. His enterprising spirit is worthy of recognition.
Lei Jun
The Most Pressured Leader
Lei Jun, who switched from the mobile - phone industry to new - energy vehicle manufacturing, was an earlier cross - border pioneer than Liu Qiangdong.
As a representative of the first - generation internet tycoons who ventured into the vehicle - manufacturing industry, Lei Jun faced the most difficult "pressure - filled year" in 2025.
In March, a Xiaomi SU7 accident on an Anhui highway resulted in three deaths. The incident quickly escalated, triggering public doubts about the safety performance of Xiaomi cars. In September, due to defects in the L2 driving system, Xiaomi was forced to recall 116,000 SU7 cars, severely damaging the brand image.
Although Xiaomi's Xuanjie O1 chip was successfully mass - produced and its AIoT business grew steadily, the successive crises in the car business loomed over the company all year round. The market value of Xiaomi Group evaporated by more than 120 billion yuan throughout the year.
Lei Jun's 2025 perfectly demonstrated the cruelty of technology companies venturing into the manufacturing industry.
He once conquered the consumer - electronics field with the concepts of "ultra - high cost - performance" and the "diligent - worker persona", and also made the Xiaomi SU7 highly popular with his personal influence. However, the safety red lines and public - opinion sensitivity in the automotive industry far exceeded expectations. From loudly declaring "fighting for Xiaomi cars" to quietly dealing with various crises, Lei Jun's change in attitude reflects the price that must be paid for cross - border entrepreneurship.
This also warns all cross - border entrepreneurs: the advantages of traffic and technology cannot be directly converted into brand trust. Only by respecting industry rules and adhering to safety bottom lines can one go further in an unfamiliar field.
Jia Guolong
The Most Stubborn Caterer
Jia Guolong, the founder of Xibei, also faced huge pressure. This northerner from Northwest China got himself and Xibei caught in the whirlpool of public opinion because of his stubbornness.
In September, Luo Yonghao complained online that Xibei "sells pre - made dishes at high prices". Jia Guolong immediately launched a strong counter - attack. He not only publicly denied the "pre - made dish rumor" but also vowed to "sue Luo Yonghao to the end". He even offered a reward of 100,000 yuan to collect evidence of "Xibei using pre - made dishes", showing an extremely stubborn attitude. After 100 days, near the end of the year, the situation took a turn. Jia Guolong publicly apologized, admitting that he had "long ignored customers' voices".
Jia Guolong's "stubbornness" was an instinctive defense of traditional catering entrepreneurs when facing public - opinion doubts, but it eventually turned into an embarrassing "pretence of toughness". His tough stance might have united internal consensus at the beginning, but in the current context where consumers' demand for catering transparency is increasing, justifications that deviate from consumers' perceptions will only backfire.
This incident not only put Xibei in a trust crisis but also exposed the pain points in the catering industry regarding the use of pre - made dishes. Jia Guolong's shift from stubbornness to apology is essentially an inevitable compromise of traditional catering brands in the era of online supervision. No matter how tough an entrepreneur is, he cannot ignore consumers' core demand for "transparent consumption".
It is hoped that this belated awakening can make Xibei truly return to its original intention.
Zhang Yiming
The Most Low - Key Winner
In an era when traffic is supreme and entrepreneurs are eager to "show up", Zhang Yiming, the founder of ByteDance, has always maintained a low - key and invisible stance. However, this does not prevent him from being one of the biggest winners in the business field in 2025.
This year, ByteDance's business map continued to expand: its AI product Doubao's daily user volume exceeded 100 million, making it the largest consumer - oriented AI application in China; the annual GMV of Douyin e - commerce reached 4.3 trillion yuan, a year - on - year increase of 32%; the Doubao AI mobile phone jointly launched by ByteDance and ZTE was sold out on its first - day sales.
Zhang Yiming's "low - key" approach is precisely the core manifestation of his business philosophy. He stays away from the spotlight but has built a full - link business ecosystem of "AI + content + e - commerce + hardware" by adhering to the principles of "AI technology" and "user needs".
In 2025, ByteDance achieved breakthroughs in multiple key fields without making any earth - shattering slogans. This is inseparable from Zhang Yiming's long - term layout. His success proves that in the impetuous business era, "calmly making long - term plans" can better withstand the test of time than "making high - profile shows". Low - key perseverance never hinders one from becoming the final winner.
Jensen Huang
The Most Dominant Monopolist
In the AI wave of 2025, NVIDIA, led by Jensen Huang, became the absolute "computing - power overlord", and he himself showed the attitude of a "dominant monopolist".
In October, NVIDIA became the world's first company with a market value exceeding $5 trillion, setting a new record in business history. At this time, NVIDIA had chip orders worth $500 billion in hand, covering more than 80% of the global AI computing - power demand and almost monopolizing the high - end AI chip market.
Jensen Huang not only led the mass production of high - end chips but also built a full - link monopoly barrier of "chip - computing power - ecosystem" by investing in Intel and locking in Groq's inference capabilities. He gave 12 global lectures throughout the year, and each appearance shocked the industry. His personal wealth reached $180 billion, making him the "person with the most say" in the tech circle. Politicians from various countries rushed to meet him, showing the deterrence of an industry overlord.
Jensen Huang's dominance comes from NVIDIA's absolute control over the "computing - power oil" in the AI era. He accurately predicted the outbreak of the AI wave and made early arrangements for chip R & D and ecosystem construction, making NVIDIA the "life - line" of the global technology industry. Whether it is an internet giant or a startup, if they want to develop AI business, they cannot bypass NVIDIA's chips.
In 2025, he has long transcended the identity of a corporate CEO and become a rule - maker in the industry. However, this extreme monopoly also hides potential risks. The rise of open - source models is breaking the "computing - power dependence", and the approaching anti - monopoly investigations from various countries may also become potential crises for NVIDIA. Behind the domineering monopoly, there are challenges of industry transformation that cannot be ignored.
Wang Linpeng
The Most Tragic Farewell
On July 27, 2025, Wang Linpeng, the founder of Easyhome, fell to his death from the roof of his villa in Beijing at the age of 57, saying goodbye to the business stage in the most tragic way.
Subsequently, Easyhome Smart Home issued an announcement confirming his "unfortunate death at home" without mentioning the specific cause of death. The incident shocked the capital market. The stock price of Easyhome Smart Home hit the daily limit down the next day. Eventually, his spouse, Yang Fang, inherited his shares and became the new actual controller.
Wang Linpeng's departure was the most heart - wrenching tragedy in the business field in 2025. He once led Easyhome to become the leader in the home - furnishing retail industry and was a veritable "industry godfather". However, under the pressure of the detention incident and the double dilemma of the traditional home - furnishing industry being dragged down by the downturn in the real - estate market, he finally chose an extreme way to end his life.
This tragedy is not only a personal misfortune but also reflects the helplessness and struggle of traditional - industry entrepreneurs in the face of era changes. Wang Linpeng's death also warns all entrepreneurs that beyond building a business empire, it is more important to maintain physical and mental health, face difficulties and pressures, rather than blindly clinging to scale and wealth.
Luo Yonghao
The Most Outspoken Critic
In 2025, when the internet was full of noise and corporate public - relations rhetoric was everywhere, Luo Yonghao remained a tough - talking critic who dared to "rock the boat". He stirred up the catering, marketing, and communication industries one after another, using his sharp words to expose the dirty secrets of these industries.
In September, with the words "almost all pre - made dishes sold at high prices, it's really disgusting", Luo Yonghao pointed out the lack of transparency in Xibei. In response to Jia Guolong's strong counter - attack of "suing to the end", he increased the reward to 100,000 yuan to collect evidence, forcing Xibei to expose its kitchen problems. Eventually, Xibei publicly apologized and promised to cook dishes on - site and provide transparent labeling.
In November, Hua Shan, the founder of HuaYuHua, wrote an article to support Xibei and implied that he had been "schemed against". Luo Yonghao directly issued an ultimatum of "if you can't explain clearly, I'll release the recording". In December, he complained about Shanghai Telecom, saying "paying for gigabit - speed internet but getting only megabit - speed service". His words "if you don't solve it, I'll go crazy online" hit the pain points of countless users and prompted the telecom company to send technicians to check within 48 hours.
Of course, Luo Yonghao's "rocking the boat" is not aimless. He precisely hits the core pain points of these industries: the lack of transparency in catering, the "IQ - tax" tricks in marketing, and the disconnection between service and promises in communication.
The reason why Luo Yonghao can always make a splash with his words is not only because of his great influence but also because he stands on the side of consumers, turning individual consumption dissatisfaction into a public discussion in the industry. His "intolerance of flaws" attitude, although sometimes questioned as "seeking attention", has actually promoted corporate rectifications and made the demand for "transparent consumption" heard by more industries.
Zhang Xuefeng
The Most Disgraced Influencer
From being an "admission - guidance tutor" to a "violation example", Zhang Xuefeng experienced a widely - watched "downfall" in 2025.
In May, the "college - entrance - exam prediction papers" promoted by his team were accused of false advertising and wrong questions, leading to complaints from parents. His relevant accounts were suspended from live - streaming for two months, which was his first official punishment. In September, his accounts on multiple platforms were prohibited from following others for violating community rules. In December, the competent department reported that he had used vulgar language for a long time during a live - stream, and his accounts were given the most severe punishment of being banned from speaking and live - streaming for