Group 1 - RBI and CPE Yuanfeng have successfully completed a joint venture transaction, with CPE injecting $350 million into Burger King China, acquiring approximately 83% of its shares, while RBI retains about 17% [1] - Starbucks reported a net income of $823.4 million in China for Q1 FY2026, a year-on-year increase of 11%, with same-store sales growing by 7% [1] - Starbucks has partnered with Boyu Capital to expand its business in more Chinese cities, focusing on long-term growth and enhancing coffee experiences [1] Group 2 - There are around 10 foreign restaurant companies either known or rumored to be collaborating with Chinese partners, driven by geopolitical concerns and market dynamics [2] - Starbucks announced a strategic partnership with Boyu Capital in November 2025, forming a joint venture to operate its retail business in China, with Boyu holding up to 60% of the joint venture [2] - In 2025, the total revenue of the Chinese restaurant industry reached 57.982 billion yuan, a year-on-year increase of 3.2%, accounting for 11.6% of total retail sales [5] Group 3 - The average per capita consumption in the restaurant industry in China has been declining, dropping to 39.8 yuan in 2024, a decrease of 6.6% year-on-year [3] - The competitive landscape in the restaurant market is intensifying, with nearly 8 million restaurant outlets in China, leading to a shift towards stock competition [6] - Many foreign brands are recognizing the need for local management to navigate the competitive environment in China, as local teams can respond more effectively to market changes [6][12] Group 4 - The introduction of local partners by foreign brands is seen as a strategic adjustment to stabilize and expand market share amid increasing competition [7] - CPE Yuanfeng's $350 million investment is aimed at supporting Burger King China's next phase of development, enhancing its long-term competitiveness [8] - The operational strategies of local teams differ significantly from those of foreign companies, particularly in cost control and decision-making flexibility [10][11]

这一切是如何实现的？5分钟，看一份不一样的年度复盘。 (作者：郑植文编辑：张明艳) 行业利润跌破4%，为何它能逆势盈利、出口翻倍？ 车市同质化竞争加剧，却有这样一份逆势答卷： 连续5季度盈利，2025年新能源销量合资第一；2026年1月出口同比劲增115.1%。 ...

快手发致歉声明：坚决整改 2月4日，小米公司发言人称，2月1日，辽宁省营口市一台小米SU7车辆的主驾驶座椅处冒烟并起火，经 消防救援部门到场处置后迅速扑灭，现场无人员受伤。经向车主了解今日已收到认定书，该起事故系车 内遗留火源引燃周边可燃物所致，非车辆自身原因产生。 网传视频中所谓的"烟花"情况，系车辆安全 气囊因燃烧引爆导致，与电池等无关。 天瑞热能吃4.2亿元天价罚单，排碳企业需警惕合规底线 碳配额未按时清缴，4.2亿元天价"碳排放"罚单来了！ 2月6日，快手发布声明称，网信部门公布了对快手作出的处罚。对此，公司诚恳接受，坚决整改。由于 公司技术管理原因，应急处置不及时，导致平台出现大量色情低俗内容，造成恶劣影响。事件发生后， 公司全面排查风险意识、安全基建、应急响应和内部管理等方面存在的问题，积极采取多种措施补齐短 板。 A股必看新规！交易所新增污染物、水、能源三项ESG指南 1月30日，在证监会指导下，沪深北三大交易所正式发布修订后的《上市公司可持续发展报告编制指 南》，增加"污染物排放、能源利用和水资源利用"三项应用指南，自发布之日起即时生效。 交易所此前已明确将2026年定为A股ESG信披首考年， ...

京西智行是一家全球化汽车悬架与制动系统一级供应商，在中国、欧洲、北美核心汽车产区设有1家全 球研发创新中心、7家技术研发中心、1家软件中心、8座生产基地和2处试车场。 小米：辽宁营口SU7起火事故系车内遗留火源引燃周边可燃物所致 2月4日，小米公司发言人称，2月1日，辽宁省营口市一台小米SU7车辆的主驾驶座椅处冒烟并起火，经 消防救援部门到场处置后迅速扑灭，现场无人员受伤。经向车主了解今日已收到认定书，该起事故系车 内遗留火源引燃周边可燃物所致，非车辆自身原因产生。网传视频中所谓的"烟花"情况，系车辆安全气 囊因燃烧引爆导致，与电池等无关。 交易所此前已明确将2026年定为A股ESG信披首考年，《指南》则是考试"教科书"。多家A股上市公司 ESG负责人对21世纪经济报道记者表示，《指南》直击编制痛点，覆盖了从风险识别、数据核算到披露 要点的全流程，为企业提供了清晰的"答题规范"。 京西智行CDP与EcoVadis评级双提升 近日，京西智行在碳披露项目(CDP)与EcoVadis两个国际评级体系中评级大幅提升，企业ESG评分同步 优化。京西智行的CDP评级从2024年的D级跃升至2025年的B级，在气候风险应对 ...

高德首次在江苏高速试点上线鹰眼守护预警系统，实现全国首个高速公路"预警—救援"闭环系统落地。 鹰眼守护预警系统有望解决该问题。高德地图产品专家马同辉告诉记者，该系统采用三层架构，其中底层与中间层均深度集成大模型能力。底 层为时空位置引擎，主要处理海量的轨迹数据；中间层是系统核心预测部分，用于计算复杂车际关系，预判可能出现的风险；最上层则是一套 高时效触达链路，一旦系统识别到用户面临风险，便能在第一时间将预警信息下发给用户，确保用户能够及时采取应对措施，避免潜在危险发 生。 一旦系统判定风险，且驾驶员在确认环节无响应或确认需要救援情况下，系统会将事故车辆的精准定位、驾驶员联系方式等关键信息，联 动"一路三方"协同指挥平台，并向后方1至3公里车辆推送减速避让预警，形成"事故检测—事故报警—后车预警—事故救援"闭环。 除救援闭环外，针对2026年春运期间可能出现的冰雪、团雾等极端天气，系统引入多源气象数据，实现对异常天气分钟级感知，并可动态调整 预警阈值。特别是在临水、临崖、长下坡等复杂路段，系统针对重载货车等特定车型优化了刹车预警模型，以留出更充裕的驾驶员反应时间。 2月6日，中国安全生产科学研究院(下称"中国安 ...

Core Viewpoint - The stock price of Dongpeng Beverage has declined, negatively impacting Baba Food's financial performance, despite stable overall operations and growth in core business profits [2][6]. Group 1: Financial Performance - Baba Food reported a revenue of 1.859 billion yuan for 2025, reflecting an 11.22% growth, while net profit is expected to be 273 million yuan, showing a slight decrease [2]. - The investment income from Dongpeng Beverage significantly dropped by 93.82 million yuan compared to the previous year due to market price fluctuations [2]. - The investment returns from Dongpeng Beverage for the years 2022 to 2024 are projected to be 35.12 million yuan, 14.16 million yuan, and 91.16 million yuan, respectively [5]. Group 2: Business Strategy and Expansion - Baba Food aims for steady growth in its core business, with plans to complete acquisitions of projects like "Qinglu" and "Manxiangren" to enhance regional market presence and boost franchise store operations [7]. - The company is focusing on strengthening new product development and supply chain management to effectively control raw material costs and improve operational efficiency [8]. - A target has been set to open 1,000 new stores by 2026, with a focus on a new store model featuring soup dumplings, which has shown higher profit margins compared to traditional stores [9][10].

21世纪经济报道记者 唐婧 1月份，受多重因素叠加影响，美元延续弱势：一是特朗普在委内瑞拉、伊朗、格陵兰岛等多地开展或威胁军事打击加剧了地缘 政治风险，美元信用风险高企； 2月7日，国家外汇管理局统计数据显示，截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美 元，升幅为1.23%。这是我国外汇储备连续第六个月站上3.3万亿美元大关，续创2015年12月以来新高。 国家外汇局表示，2026年1月，受主要经济体财政政策、货币政策及预期等因素影响，美元指数下跌，全球主要金融资产价格总 体上涨。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升。我国经济运行稳中有进，发展韧性进一步彰显， 为外汇储备规模保持基本稳定提供支撑。 中银证券全球首席经济学家管涛告诉记者，这主要反映了主要经济体货币政策及预期、宏观经济数据等因素影响下，汇率折算 和资产价格变化带来的正估值效应。当月，受美国经济基本面变化、地缘政治风险演变，叠加美联储主席提名等因素影响，美 元走势一波三折，连续第三个月走弱，累计下跌1.4%至97.0。同期，全球主要金融资产价格总体上涨。 黄金储备方面，央行连续 ...

Core Viewpoint - Longyan boss Yao Xiongjie is making significant moves in the lithium industry through the acquisition of Huirong Mining, aiming for full ownership to enhance resource supply stability and reduce reliance on imports [2][5]. Group 1: Acquisition Details - Shengxin Lithium Energy plans to invest 1.26 billion yuan to acquire the remaining 13.9% stake in Huirong Mining, valuing the target at 9 billion yuan [2]. - Prior to this transaction, Shengxin Lithium Energy's subsidiaries held 15.1% and 70.97% stakes in Huirong Mining, respectively [2]. - Upon completion of the acquisition, Shengxin Lithium Energy will fully control Huirong Mining [2]. Group 2: Financial Overview - The total assets of Huirong Mining as of August 31, 2025, are approximately 9.02 billion yuan, with total liabilities of about 1.77 billion yuan, resulting in a net asset value of around 7.25 billion yuan [7]. - For the first eight months of 2025, Huirong Mining reported a net loss of approximately 162.63 million yuan, while the previous year showed a profit of 14.43 million yuan [7]. - Shengxin Lithium Energy is projected to incur losses between 600 million and 850 million yuan for 2025, with a net profit loss of 600 million to 840 million yuan for the same period [12]. Group 3: Market Context and Future Outlook - The core asset of Huirong Mining is the Muzhong Lithium Mine, which is expected to start production in October 2024, with identified Li2O resources of 989,600 tons and an average grade of 1.62% [5]. - The lithium concentrate price is highly influenced by downstream demand and macroeconomic conditions, which could impact the future profitability of the acquisition [8]. - Management anticipates a rebound in the lithium market starting mid-2025, driven by unexpected growth in global energy storage business, which may improve operational performance [10].

在联合国，中国企业的角色，正从"参与者"逐步延伸至"支持者"。通过技术产品进入全球治理体系，中 国制造不再只体现在贸易与工程项目中，也开始融入国际组织的日常运行之中。当一张会议桌、一套系 统、一块终端，成为全球对话的基础设施，中国技术也在以更安静却更持久的方式，走向世界。 2023年，联合国总部对部分会议系统进行升级，新一代无纸化多媒体会议终端投入使用。与早期系统相 比，新设备将文件浏览、发言管理、投票表决和同声传译整合在同一终端内，减少了设备切换和人工协 调成本，也进一步提升了会议的稳定性和可控性。 在实际运行中，这些系统并不以"技术展示"为目标，而更强调可靠性和一致性。会议往往持续数小时， 涉及多国代表实时发言和交替翻译，对设备稳定性要求极高。对联合国而言，技术的价值不在于"被看 见"，而在于"不出问题"。 在全球公共事务体系中，基础技术往往处于幕后位置，却决定着协商机制能否顺畅运转。从无纸化会议 到多语言同步沟通，这些细节共同构成了联合国日常工作的底层支撑。 视频｜陈泽锴 在纽约联合国总部，会议几乎每天都在发生。来自不同国家、使用不同语言的代表，在同一空间内讨论 冲突、发展、气候、公共卫生等全球议题。会 ...

21世纪经济报道记者吴佳楠深圳报道 2月6日晚间，沙河实业股份有限公司（简称"沙河实业"）公告重大资产重组预案，拟以支付2.74亿元现金的方式购买深业鹏基（集团）有限公司持有的深圳 晶华显示电子股份有限公司（简称"晶华电子"）70%股份。 | | | | | 单位: 力元 | | --- | --- | --- | --- | --- | | 项目 | 交易前 | 交易后(备考) | 交易前 | 交易后(备考) | | 财务指标 | 2025年9月 30日 | | 2024 年 12月 31 日 | | | 总资产 | 231,847.45 | 278.041.09 | 219,114.95 | 259,862.00 | | 总负债 | 67.556.27 | 113,305.62 | 51,575.71 | 88,232.14 | | 归属于母公司的所有者权益 | 159.132.48 | 151,230.91 | 162,354.72 | 157.005.58 | | 资产负债率 | 29.14% | 40.75% | 23.54% | 33.95% | | 财务指标 | 2025年1-9月 | | 20 ...