How do you achieve 30-40% returns on convertible bond investments?

Recently, I read the year-end summary on Jishi Lu and found that many investors have returns of dozens of percent on convertible bonds.

I’m very surprised. How do you achieve such high returns?

Having been involved in convertible bonds for many years, I only made some small profits from IPOs. Three years ago, I briefly profited from a double-low strategy by copying a big V, but I quickly couldn’t find any bonds that met the criteria.

Later, most of my own purchases ended in losses. In 2024, I bought some bonds with yields higher than savings, but they kept falling afterward, and I couldn’t bear to sell at a loss.

Everyone says convertible bonds are a great investment, but I just can’t seem to experience that myself.