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Duan Yongping

H&H International Investment

H&H International Investment, Duan Yongping's owner-operator view of long-term investing

H&H International Investment is the US filing vehicle that reveals part of Duan Yongping's public equity portfolio. Duan first built businesses and then became a long-term public investor: he created the BBK system, influenced the culture behind OPPO and vivo, and often discusses Apple, Berkshire, PDD, NetEase, and Moutai as businesses he understands. The strongest reading comes from combining H&H holdings with years of public Q&A about good companies, price, management, culture, and long holding periods.

Sources H&H International Investment SEC EDGAR profile Sina public profile article
Concentrated quality / Apple-Berkshire-PDD CIK 1759760
2026-03-31 Latest 13F 12 Current holdings 42 Last 4 periods Change 13 Public materials
Latest 13F snapshot 2026-03-31 · 19 disclosed positions · $20.0B Top five 87.1%: AAPL, BRK.B, NVDA, PDD, TSLA

Performance materials

  • Duan Yongping does not publish an annual return table like a public fund. H&H 13F filings, public videos, Q&A, and public articles are the main materials for understanding his long-term cases and disclosed holdings.
  • Long-term Apple, Berkshire, PDD, and related cases are useful for understanding his business judgment and holding discipline.
  • Chinese public materials show the evolution of his thinking about business quality and culture.

Firm and key people

  • Duan ran Xiaobawang and then founded the BBK system, which became an important cultural source for OPPO and vivo.
  • After moving to the United States, he increasingly discussed investing in public Q&A, using business culture, user value, cash flow, and management quality to explain decisions.
  • H&H's US holdings, Duan's operating background, and his long-running public comments reinforce one another.

Investment style

  • Emphasize integrity, long-term thinking, business culture, and whether management truly creates user value.
  • Common examples include Apple, Berkshire, PDD, NetEase, and a small set of businesses he has studied for years.
  • Chinese public Q&A is important because it shows how his thinking about culture, consumer value, and opportunity cost developed over time.

Public materials

View timeline
Shareholder letters / memos 0
Interview 8
Public video 2
Public Q&A / speeches / presentations 3

Current holdings

13F period 2026-03-31 · Filed 2026-05-19
Stocks Shares Value Weight
AAPL 28,945,607 $7.3B 36.7%
BRK.B 9,147,796 $4.4B 21.9%
NVDA 13,843,775 $2.4B 12.1%
PDD 19,748,294 $2.0B 10.1%
TSLA 3,408,900 $1.3B 6.3%
GOOG 3,706,000 $1.1B 5.3%
OXY 10,261,500 $667.0M 3.3%
MSFT 1,016,000 $376.1M 1.9%
UNH 601,400 $162.7M 0.8%
DIS 1,511,800 $145.7M 0.7%
CRDO 751,200 $70.5M 0.4%
TSM 151,200 $51.1M 0.3%

Last 4 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-19
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
AAPL Minor reduction 2026-03-31 Filed 2026-05-19 28,945,607 32,358,507 -10.5% -$1.5B
TSLA New 2026-03-31 Filed 2026-05-19 3,408,900 0 - +$1.3B
NVDA Major increase 2026-03-31 Filed 2026-05-19 13,843,775 7,237,100 91.3% +$1.1B
BRK.B Major increase 2026-03-31 Filed 2026-05-19 9,147,796 7,176,196 27.5% +$776.5M
PDD Major increase 2026-03-31 Filed 2026-05-19 19,748,294 11,536,694 71.2% +$709.7M
GOOG Major increase 2026-03-31 Filed 2026-05-19 3,706,000 1,855,400 99.7% +$480.9M
BABA Sold out 2026-03-31 Filed 2026-05-19 0 2,560,500 -100.0% -$375.3M
TSM Major reduction 2026-03-31 Filed 2026-05-19 151,200 1,224,384 -87.7% -$321.0M
UNH New 2026-03-31 Filed 2026-05-19 601,400 0 - +$162.7M
OXY Major reduction 2026-03-31 Filed 2026-05-19 10,261,500 13,172,600 -22.1% +$125.3M
DIS Major increase 2026-03-31 Filed 2026-05-19 1,511,800 712,000 112.3% +$64.7M
CRDO Major increase 2026-03-31 Filed 2026-05-19 751,200 141,300 431.6% +$50.2M
MSFT Major increase 2026-03-31 Filed 2026-05-19 1,016,000 859,000 18.3% -$39.3M
CRWV Sold out 2026-03-31 Filed 2026-05-19 0 299,900 -100.0% -$21.5M
NVDA Major increase 2025-12-31 Filed 2026-02-17 7,237,100 597,800 1110.6% +$1.2B
BRK.B Major increase 2025-12-31 Filed 2026-02-17 7,176,196 5,191,300 38.2% +$997.2M
TSM Major increase 2025-12-31 Filed 2026-02-17 1,224,384 259,984 370.9% +$299.5M
MSFT Major increase 2025-12-31 Filed 2026-02-17 859,000 279,200 207.7% +$270.8M
PDD Major increase 2025-12-31 Filed 2026-02-17 11,536,694 8,574,194 34.6% +$174.9M
GOOG Minor increase 2025-12-31 Filed 2026-02-17 1,855,400 1,810,500 2.5% +$141.3M
BABA Minor reduction 2025-12-31 Filed 2026-02-17 2,560,500 2,777,330 -7.8% -$121.1M
OXY Minor reduction 2025-12-31 Filed 2026-02-17 13,172,600 13,556,100 -2.8% -$98.9M
AAPL Minor reduction 2025-12-31 Filed 2026-02-17 32,358,507 34,829,107 -7.1% -$71.6M
ASML Major reduction 2025-12-31 Filed 2026-02-17 9,900 80,000 -87.6% -$66.9M
CRWV New 2025-12-31 Filed 2026-02-17 299,900 0 - +$21.5M
CRDO New 2025-12-31 Filed 2026-02-17 141,300 0 - +$20.3M
DIS Minor reduction 2025-12-31 Filed 2026-02-17 712,000 723,000 -1.5% -$1.8M
AAPL Minor reduction 2025-09-30 Filed 2025-11-14 34,829,107 35,118,607 -0.8% +$1.7B
BRK.B Major increase 2025-09-30 Filed 2025-11-14 5,191,300 3,381,300 53.5% +$967.3M
PDD Minor reduction 2025-09-30 Filed 2025-11-14 8,574,194 8,662,694 -1.0% +$226.6M
GOOG Minor reduction 2025-09-30 Filed 2025-11-14 1,810,500 1,945,400 -6.9% +$95.9M
ASML New 2025-09-30 Filed 2025-11-14 80,000 0 - +$77.4M
BABA Major reduction 2025-09-30 Filed 2025-11-14 2,777,330 3,746,230 -25.9% +$71.5M
NVDA Major reduction 2025-09-30 Filed 2025-11-14 597,800 964,800 -38.0% -$40.9M
AAPL Minor increase 2025-06-30 Filed 2025-08-14 35,118,607 34,224,181 2.6% -$396.9M
GOOG Major increase 2025-06-30 Filed 2025-08-14 1,945,400 1,110,600 75.2% +$171.6M
OXY Minor reduction 2025-06-30 Filed 2025-08-14 13,556,100 13,826,100 -2.0% -$113.0M
BABA Minor reduction 2025-06-30 Filed 2025-08-14 3,746,230 3,982,130 -5.9% -$101.7M
NVDA Major increase 2025-06-30 Filed 2025-08-14 964,800 645,100 49.6% +$82.5M
MSFT Minor reduction 2025-06-30 Filed 2025-08-14 279,200 299,200 -6.7% +$26.6M
TSM Minor reduction 2025-06-30 Filed 2025-08-14 259,984 271,792 -4.3% +$13.8M
PDD Minor increase 2025-06-30 Filed 2025-08-14 8,662,694 7,753,900 11.7% -$11.0M

Public video / Interview / Shareholder letter / Public Q&A

Latest 10 + classics
Interview

Talking Together Season 3: Duan Yongping talks about lying down and involution, and discusses children’s education with Wang Shi

The dialogue between Duan Yongping, Wang Shi and Tian Pujun in the third season of "Together" covers investment in Vanke and Moutai, BBK corporate culture, empowerment and letting go, young people's involution and resignation, children's education and AI.

  • The interview puts Duan Yongping's investment and industrial experience together: when he talks about Vanke and Moutai, the focus is not on price fluctuations, but on whether he understands management, business and consumer needs.
  • The corporate culture part is very critical. He explained responsibility, rationality, long-term thinking, doing the right things and doing things right as the basis for the long-term continuation of the BBK system.
  • Regarding decentralization, he emphasized that he has no longer managed the company for more than 20 years. The real inheritance comes from recruiting the right people, cultural screening and long-term authorization, rather than the continuous intervention of the founder.
  • The advice to young people is not an anti-involution slogan, but to find something that you like and are willing to do for a long time, otherwise it will be difficult to sustain your efforts.
  • Regarding AI, he admitted that technology can significantly improve efficiency, but still returned his judgment to long-term rationality and values, which is suitable for comparison with the AI ​​views in the strategy interview.
Interview

Strategy No. 13: Fang Sanwen’s dialogue with Duan Yongping

In the first issue of the third season of Snowball's "Strategy", Fang Sanwen had a long interview with Duan Yongping in California, USA. They systematically talked about personal experiences, business operations, buying stocks means buying companies, NetEase and Apple, AI, education, and how ordinary investors can avoid pretending to understand.

  • This interview is one of the most important complete public videos of Duan Yongping in recent years, because it talks about life experiences all the way to the investment framework, rather than scattered snowball replies.
  • He once again emphasized that buying stocks is buying a company. You should understand the corporate culture, business model and management, rather than focusing on the market or other people's transaction screenshots.
  • The cases of NetEase and Apple illustrate that the core is not quick judgment, but long-term holding after understanding; the real difficulty is business understanding and holding on.
  • When discussing new technology issues such as Nvidia, TSMC, and AI in interviews, Duan Yongping still maintained the constraints of his circle of competence and did not automatically equate popular technologies with good investments.
  • Education and security can partly explain the source of his rationality: long-term decision-making requires no fear, boundaries, and the ability to learn, which is highly related to the investment mentality.
Public video

Duan Yongping’s Q&A record at the meeting between teachers and students of Zhejiang University

Duan Yongping returned to Zhejiang University for about 90 minutes of live Q&A with teachers and students, covering AI, learning methods, entrepreneurship, long-term investment, NetEase and Apple cases, doing the right things and how young people deal with risks.

  • Zhejiang University Q&A is an introductory material for understanding Duan Yongping: it is not a market interview, but puts investment, entrepreneurship and learning methods in the same long-term framework.
  • He clearly opposed quick judgments on a long-term investment company, emphasizing that there were not many companies that he had really paid attention to in the past ten years or so. Slowness and not stepping on mistakes were more important than speed.
  • When talking about NetEase and Apple, he attributed the gains to encountering and understanding a few good opportunities, rather than replicable short-term skills.
  • Regarding entrepreneurship, he does not encourage entrepreneurship for the sake of entrepreneurship, believing that entrepreneurship should come from real ideas, necessity, or realistic choices when desperate.
  • Regarding AI, he acknowledges that tools will change, but basic learning capabilities, long-term impact, and academic boundaries remain important, consistent with his restraint on investment in new technologies.
Public Q&A Classic

Snowball Special Edition: Duan Yongping Investment Questions and Answers (Investment Logic)

Snowball Special Edition compiles Duan Yongping’s public Q&A on investment philosophy, circle of competence, valuation, discounted cash flow, opportunity cost, derivatives and investment mentality. It is a classic material that has long been cited by the Chinese value investment community.

  • This material advances Duan Yongping's investment framework from business understanding to investment actions: understanding how companies, valuations, opportunity costs and long-term holdings are connected.
  • The Q&A repeatedly emphasizes that if you don’t understand, don’t touch, Stop doing list, and do the right things, and put risk control before returns.
  • The discounted cash flow and opportunity cost sections help investors understand why good companies cannot be separated from prices and why they use put/call to express price discipline.
  • Investment mentality partially explains the relationship between normalcy and long-term holding: the real difficulty is not knowing the principles, but continuing to act according to the principles amidst fluctuations.
  • This set of questions and answers is a classic material, and most of the opinions in subsequent interactions on social platforms and interviews can be found in it.
Public Q&A Classic

Snowball Special Edition: Duan Yongping Investment Questions and Answers (Business Logic)

Snowball Special Edition compiles the business logic content in Duan Yongping’s NetEase blog and Snowball Q&A, covering great companies, business models, corporate culture, consumer orientation, product differentiation and innovation. It is a classic material for understanding their corporate judgment framework.

  • The core value of this Q&A is to systematize Duan Yongping’s industrial experience: business model, corporate culture and management are not slogans, but the basis for judging whether a company can last.
  • He often uses the relationship between good business and good management to explain investment: the business model is like the underlying conditions, and management and corporate culture determine whether the conditions can be brought into play.
  • Consumer orientation is a recurring theme, which can explain why he has long paid attention to the corporate culture related to Apple, Moutai, NetEase, and OPPO/vivo.
  • A large number of questions and answers in the information come from public platforms for many years. The specific company views must be understood based on the original time and cannot be regarded as today's new views.
  • It is one of Duan Yongping's classic materials and can better demonstrate the business judgment system than scattered posts.
Interview

Duan Yongping 2010 NetEase Finance "Opinion China" interview

NetEase Finance's "Opinion China" has a long interview with Duan Yongping, reviewing Xiaobawang, BBK, moving to the United States, investing in NetEase and long-term value investment, which is suitable for connecting business management experience with subsequent public investment frameworks.

  • The interview puts Duan Yongping's industrial stage and investment stage on the same line, and we can see why he repeatedly emphasizes corporate culture and management.
  • The NetEase case is the core material: it shows how Duan Yongping starts from understanding the business, management and price, rather than starting from the market enthusiasm.
  • His explanation of leaving the front line of operations and long-term authorization is helpful for understanding the cultural inheritance of OPPO/vivo and BBK systems.
  • The interview discussed his life and investment rhythm after moving to the United States, which shows that his subsequent public remarks are closer to the perspective of an individual investor than a fund road show.
  • This interview is more complete than the scattered social platform replies, and explains the industrial origin of Duan Yongping’s investment methods.
Public video

Duan Yongping’s conversation with Zhejiang University students in 2008

Duan Yongping had a long dialogue with Zhejiang University students, focusing on entrepreneurship, career choice, corporate culture, doing the right things, learning methods and investment mentality. It was an early public Q&A that was more systematic than short posts.

  • This conversation is not just about stocks, but about long-termism from the perspective of career, entrepreneurship and life choices.
  • Duan Yongping puts duty and doing the right things before business operations, explaining that values ​​are not slogans, but filters for decision-making.
  • When he talks about entrepreneurship, he emphasizes interest, ability and practical constraints, and does not encourage entrepreneurship for the sake of the entrepreneurial label.
  • The questions and answers return to learning and independent judgment many times, which is consistent with the circle of competence, making fewer mistakes and long-term holding in subsequent investments.
  • This information can be compared with the 2025 Zhejiang University Q&A, and you can see that the same framework is still continuing after many years.
Interview

Duan Yongping's "Bositang" interview

"Bositang"'s TV interview with Duan Yongping covers Xiaobawang, Backgammon, corporate culture, advertising, branding, decentralization and personal choice. It is an important public video for understanding his entrepreneurial stage.

  • This interview is lower level than a single investment opinion, because Duan Yongping's investment judgment comes largely from his understanding of business and organization.
  • The cases of Xiaobawang and BBK show how products, channels, brands and corporate culture work together to form competitiveness.
  • The theme of delegating power and leaving the company alone explains his long-term emphasis on choosing the right people, culture, and systems.
  • For ordinary investors, this information can help understand why Duan Yongping often looks at stocks from the perspective of consumers and corporate culture.
  • This article is suitable to be read together with the 2010 NetEase interview and the 2008 Zhejiang University dialogue to form a complete background of characters and methods.
Interview

Duan Yongping: NetEase Finance Exclusive Interview "China Can't Fire Buffett"

In an interview with NetEase Finance on whether Buffett can emerge in China, Duan Yongping discussed value investing, market environment, long-term mentality, corporate understanding and common mistakes made by ordinary investors.

  • This interview directly responds to the concerns of the Chinese investment circle: why is it difficult to copy Buffett in China’s market environment and investor mentality.
  • Duan Yongping emphasized that investment is not about predicting the market, but about understanding companies and prices, and avoiding making bets on things you don’t understand.
  • The interview regarded long-term holding and independent judgment as core competencies, which is consistent with the competency circle framework in the subsequent Snowball Q&A.
  • His advice to ordinary investors is conservative, focusing on making fewer mistakes and not being attracted by narratives of short-term wealth.
  • This piece of material can replace multiple short posts with low information content because it systematically discusses investment methods rather than a single event.
Interview

Interview with Duan Yongping in "Capital Figures"

"Capital Figure" interview reviews Duan Yongping's entrepreneurship, investment, charity, education and understanding of entrepreneurs. The information density is higher than scattered social platform replies.

  • The interview placed Duan Yongping between the two identities of entrepreneur and investor, explaining why he did not separate investment and management.
  • When he talks about entrepreneurship, he pays more attention to long-term value, products and organizations, rather than purely capturing business opportunities.
  • The investment part continues the framework of buying companies rather than stocks, emphasizing understanding the company and management.
  • The program also touches on education and charity, which could explain the common sense and long-term impact that often appear in his public statements.
  • This piece of information is an early public video. Although it is not the latest point of view, it can present the underlying background of the character better than a short post.
Interview

Qin Shuo’s dialogue with Duan Yongping

Qin Shuo's early interview with Duan Yongping, discussing entrepreneurship, wealth, corporate responsibility, investment and life choices, is a supplementary video for understanding Duan Yongping's long-term values.

  • The interview emphasized the relationship between wealth and corporate responsibility. Duan Yongping did not explain corporate success only from the perspective of making money.
  • When he talks about business, he still focuses on products, consumers, organizations and long-term trust, which is highly consistent with the later duty culture.
  • In the investment part, we can see that he put business understanding before market prediction in the early days.
  • This video is more complete than a single snowball opinion because it shows the full context and questioning.
  • This interview shows the stability of Duan Yongping’s values, rather than just focusing on a certain position change.
Interview

Duan Yongping's "Wealth Life" Interview: Happy Life

The interview with Duan Yongping in "Wealth Life", the title focuses on happy life, covering Little Overlord, Backgammon, wealth concept, personal choice and entrepreneurial mentality. It is a relatively complete one among the early interviews.

  • This interview could complement Duan Yongping's early public image as an entrepreneur and avoid being reduced to investment jargon.
  • Xiaobawang and BBK’s experience shows that his investment language comes from real products, channels and organizational experience.
  • Views on wealth and a happy life partly explain his repeated emphasis on normalcy, interest, and doing the right thing.
  • The program is not a stock interview, but it is very helpful for understanding Duan Yongping’s long-term mentality in investment.
  • This early public video can better establish the character's background and long-term framework than a short post with low information content.

More public materials

2003 年段永平北京大学总裁班演讲

, 视频播放量 124968、弹幕量 145、点赞数 2020、投硬币枚数 497、收藏人数 8049、转发人数 1113, 视频作者 韭菜牛顿, 作者简介 ，相关视频：段永平全部视频精华剪辑!全部投资思想梳理！; ，段永平先生2003年北京大学总裁班现场演讲交流会，精读基业长青，（2025）段永平-浙大分享20250105（降噪完整版），段永平推荐的演讲：网球天王费德勒《毫不费力是一个神话》达特茅斯学院毕业典礼演讲！

北京大学 企业诚信 本分 corporate culture Classic
Public speech