1, it is best to have 5-10 years of continuous business record to examine: that is, experienced at least one round of complete economic cycle fluctuations, only a comprehensive understanding of its business performance in the peaks and troughs in order to y understand the business philosophy of this enterprise, for example, is the peaks or valleys of the expansion of the business results of the face of the active with a huge difference.

2. Intrinsic value growth rate over 10 years: This is the most important business indicator, simple but often overlooked. Different companies have different . Intrinsic value assessment standards, for example, the most important bank stocks is the growth of net assets; to light assets as a representative of the Gree Electric Appliances (000651) and so on should be valued is the growth of net profit; and has not yet been profitable e-commerce, it is the growth of operating income as a reference indicator, and so on.

3, long-term ROE level: this also involves a case-by-case analysis, each industry and even each company has a different evaluation system. Heavy assets industry general return of 15% is more excellent, while light assets industry return on net assets of 30% or more to be considered excellent.

4, industry attributes: the need for constant huge capital expenditure? Or? A book of all profits? The excellent model? Are technology updates and business model changes slow? Is there a competitive force outside the business ecosystem?

5. Market capacity: Is there a sustainable demand? Where are the bottlenecks and ceilings?

6, behind the financial statements: not only to listen to their words but also to observe their actions, in essence, the financial statements is a real description of the business behavior of the enterprise, the interpretation of the three tables, you can see whether the management is honest, business philosophy is conservative or radical.

7, business model: long-term look at whether it has? moat model? The characteristics of the business model.

8, shareholding structure: whether the management shareholding, shareholder structure.

9, corporate governance structure: the system is excellent, has become a system and smooth operation.

10, management standards: the most important reference indicator is the public statements and long-term financial data behind the leakage of business philosophy, long-term whether the words are consistent with the actions, whether in line with business common sense, such as R & D expenditure capitalization or expensing, will show a company accounting treatment is conservative or aggressive, etc.

Finally, the company's management is not only the most important, but also the most important, the most important, the most important, the most important, the most important.

Ultimately, it is a matter of identifying the factors that drive intrinsic value growth or destroy shareholders' equity, and determining whether these factors are sustainable in the future.

An investor's job is to accumulate good public companies and to track and estimate their intrinsic value. The right price is a matter of patience and luck, and the only way to keep accumulating and evaluating these targets in advance is to rely on continued research interest to ensure that when the right price comes along, you will be able to know enough to buy.