Core Viewpoint - Suplay Inc. has submitted its IPO application to the Hong Kong Stock Exchange, focusing on high-end collectible non-battle cards, but faces risks related to its reliance on licensed IPs and increasing competition in the card industry [1][5]. Company Overview - Suplay was founded in 2019 and initially sold trendy toys through a WeChat mini-program. It acquired a toy design and manufacturing company in 2021 and launched its own brands, becoming a significant player in the collectible card market [2]. - The company ranks first in China's collectible non-battle card market by GMV and is the only Chinese brand among the top five global collectible non-battle card brands [2]. Market Strategy - Suplay targets adult consumers with a strong emotional connection to classic Western IPs, offering collectible items that are more accessible than their Western counterparts. The company emphasizes high-end products with a single card price exceeding RMB 10 [3]. - Approximately 99.5% of Suplay's collectible card consumers are adults, with women making up 52.7% of the customer base [3]. Financial Performance - Suplay's revenue from collectible and consumer products is growing, with revenues of RMB 146 million, RMB 281 million, and RMB 283 million projected for 2023, 2024, and the first three quarters of 2025, respectively [3]. - The revenue share from collectible products has increased significantly, rising to 70% in the first three quarters of 2025, while consumer products dropped to 30% [4]. IP Dependency Risks - Suplay heavily relies on licensed IPs, with revenue from licensed IPs increasing to 95% by the first three quarters of 2025, while revenue from self-owned IPs has decreased to 4.1% [5]. - The company faces uncertainty regarding its largest revenue-generating IP, as its licensing agreement has expired, and there is no guarantee of renewal [6]. Competitive Landscape - The card industry is experiencing rapid growth and increased competition, with several companies pursuing IPOs and significant investments in the sector [7]. - Despite the industry's attractiveness, the path to capitalization remains challenging, with no pure card companies having successfully gone public yet [7].

Core Viewpoint - The recent departure of key personnel and the suspension of live broadcasts for the brand Han Shu under the company Shangmei Co., Ltd. have raised concerns about the future development of its makeup brand NAN beauty, particularly in light of previous controversies regarding illegal ingredient additions [1][2][3]. Group 1: Personnel Changes - The partner of NAN beauty, Gu Mai, has announced his departure, which creates uncertainty regarding the brand's future development [1]. - Gu Mai was a core figure in the development of Shangmei's makeup business, having joined the company in May 2025 [1]. - Industry experts have differing opinions on the impact of Gu Mai's departure, with some suggesting it may not significantly affect NAN beauty's trajectory due to its early-stage development [1][2]. Group 2: Brand Performance and Issues - The official live broadcast for Han Shu on Douyin has been suspended since January 5, 2025, after maintaining a daily broadcast record for nearly a year [2]. - The suspension is speculated to be linked to a controversy involving illegal ingredient additions in Han Shu's face masks, specifically the detection of EGF [2]. - Despite official clarifications stating that no EGF was added to their products, consumer sentiment remains affected, impacting brand perception and sales [3]. Group 3: Financial Performance - In the first half of 2025, Shangmei Co., Ltd. reported a revenue of 4.108 billion yuan, a year-on-year increase of 17.3%, with Han Shu contributing 3.344 billion yuan, accounting for 81.4% of total revenue [3]. - The company's founder has outlined a ten-year strategic plan aiming for a revenue target of 30 billion yuan by 2030, focusing on a multi-brand strategy within the cosmetics sector [3][4]. Group 4: Strategic Challenges - The company faces strategic challenges in overcoming the current "stalemate" following the EGF incident, which has already led to stock price declines and product withdrawals [4]. - Experts suggest that effective measures are needed to restore brand image and performance, such as enhancing user engagement and communication [4].

过去11年持续做两件事 市场拐点的到来，恰恰印证了蔚来长期主义战略的前瞻性。"作为业内少数坚持只做纯电的汽车公司， 蔚来过去11年持续做两件事，一是持续投入纯电技术研发，二是持续完善充换电体系，专注于让加电比 加油更方便。"李斌表示。 这两大方向的深耕细作，既构建了蔚来不可替代的竞争壁垒，也让用户价值落地为可感知的产品与体 验。在技术研发层面，蔚来构建了12项全栈技术的技术体系，三大品牌共享研发成果，显著降低单车型 研发成本。旗舰车型ET9搭载自研5nm高阶智驾芯片、线控转向、全主动悬架、全域900V高压架构等15 项领先技术；全新ES8上市89天交付破3万，40万元级高价车型持续推动毛利提升；ES6累计销量也已突 破30万辆。 在新能源汽车市场从高速增长迈向高质量发展的关键节点，技术路线的选择与市场格局的变迁成为行业 关注的核心。日前，蔚来创始人、董事长、CEO李斌在接受北京商报记者专访时表示，任何技术路线的 终极归宿都是用户价值。在他看来，过去增程、插混车型的崛起是充换电基础设施不完善时的阶段性选 择。如今市场结构已发生深刻变革，纯电拐点已至，纯电大三排SUV的黄金时代正在到来。面向未来， 蔚来将继续围绕 ...

（文章来源：北京商报） 经监管督促，公司于1月7日早间披露《关于上证E互动平台有关问题回复的说明公告》称，公司的 IPA1299芯片产品为与参股公司精芯唯尔（常州）电子科技有限公司共同推出，该产品尚处市场培育 期，尚未实现规模化销售，暂未对公司业绩产生重大影响，未来销售情况存在不确定性，其应用于非侵 入式脑机接口领域，与当前国际上的侵入式脑机接口存在显著技术路径差异。公告发布当日，公司股价 收盘仍上涨4.51%。 上交所表示，当前市场对"脑机接口"相关概念高度关注，公司发布相关信息尤其应当注意审慎、准确， 避免对投资者产生误导。公司E互动平台回复内容未能准确反映公司IPA1299芯片产品的推出主体、销 售规模、国际产品路径差异，也未就未来销售情况存在不确定性等情况充分提示风险，信息披露不准 确、不完整，风险提示不充分。鉴于上述违规事实和情节，上交所对英集芯及时任董事会秘书吴任超予 以监管警示。 北京商报讯1月7日晚间，上交所官网显示，上交所对英集芯（688209）及公司时任董事会秘书吴任超予 以监管警示。 上交所表示，经查明，英集芯于1月6日在上证E互动平台回复投资者提问时，提到公司已涉足脑机接口 芯片领域， ...

Core Viewpoint - The article highlights consumer complaints regarding the Duolingo app's misleading "free trial" offers, which lead to unexpected subscription charges without proper notification [1][3][4]. Group 1: Consumer Complaints - Multiple consumers reported being charged between 588 to 998 yuan after signing up for a "free trial" on the Duolingo app, without receiving any prior notification about the charges [1][3]. - Consumers like Bai Jiajia and Mu Yu experienced automatic deductions from their accounts without the promised reminders, leading to confusion and frustration [3][4]. - The issue has gained traction on social media platforms, with discussions around "Duolingo charges" reaching over 22.3 million views [4]. Group 2: Misleading Practices - Duolingo's "free trial" requires users to select a paid subscription plan, which is not clearly communicated until later in the signup process, creating a misleading environment for consumers [6][7]. - The app's interface obscures the fact that the free trial is contingent upon selecting a paid plan, which violates consumer rights regarding transparency and informed consent [9][10]. - The company has been accused of using deceptive marketing practices that infringe upon consumer rights as outlined in the Consumer Rights Protection Law [9][13]. Group 3: Refund Challenges - Consumers face difficulties in obtaining refunds, as Duolingo and Apple often pass the responsibility back and forth, complicating the refund process [15][16]. - Duolingo's refund policy states that payments are generally non-refundable, which adds to consumer frustration when seeking recourse after unauthorized charges [15][16]. - Legal experts suggest that Duolingo should take primary responsibility for refunds, as they initiated the charge, and that both companies need to establish a clearer, consumer-friendly refund process [17][18].

会谈后，两国元首还共同见证签署科技创新、生态环境、交通运输、经贸合作等领域15份合作文件。 当天上午，中国贸促会与韩国大韩商工会议所共同主办中韩商务论坛，期间两国企业签署了9份谅解备 忘录，涉及消费品、内容产业和供应链领域。李在明在开幕式致辞中透露了两个合作方向，包括制造业 创新和深化文化交流。 自1992年8月24日建交以来，两国互利合作不断深化，中国已成为韩国最大贸易伙伴、最大出口市场和 最大进口来源国，韩国是中国第三大贸易伙伴国。据中方统计，2024年中韩贸易额为3280.8亿美元，同 比增加5.6%。 1月7日上午，韩国总统李在明在上海出席中韩创新创业论坛。当天是他此次访华的最后一天。李在明在 论坛致辞中称，希望让中韩两国一度受损的合作关系重回正轨，合作才是两国关系的未来图景。 近300名来自中韩两国智能制造、新材料、人工智能、医疗健康、文化创意与消费服务等领域的企业代 表出席。 应中国国家主席习近平邀请，李在明于1月4日抵达北京，开启就任以来的首次访问。这也是韩国总统时 隔8年多首次访华。 据中国外交部消息，在5日与李在明的会谈中，习近平表示，要加强发展战略对接和政策协调，做大共 同利益蛋糕，在人工 ...

2026年伊始，委内瑞拉局势突变没能大幅提振油价，却给黄金、白银增添了上涨动力。1月7日，纽约商 品交易所3月交割的白银期货价格收盘突破80美元整数关口；国际油价却大幅走低，纽约原油跌 2.12%，报55.916美元/桶；布伦特原油主力合约跌2.06%，报60.49美元/桶。"一盎司白银贵过一桶原 油"的时代已经到来。 拉长周期看，除去负油价极端行情，上一次银比油贵，出现在约45年前。 具体看，极端行情时的银油比曾于2020年触及0.8（出现负油价）；亨特兄弟操纵白银市场期间（1979 年至1980年），银价从6美元飙升至近50美元；同期油价30—40美元/桶，银油比约1.25—1.67。亨特事 件发生之后，商品期货市场监管也有所加强，包括更严格的限仓制度（防止单一实体占用过多可交割商 品）、更高和更动态的保证金要求，以及对"实物交割与仓单"的管理加强。 近期银价超过油价，银油比在1.2—1.3区间震荡，更值得关注的是，两者的价格走势背离趋势持续。 白银从80美元/盎司的历史高点回落后反弹动能不减。且回落过程中成交量持续放大，多头资金逢低布 局的意愿强烈。 据浙商证券研究所统计分析，目前金融机构在COMEX白 ...

Group 1 - The Shanghai Stock Exchange issued a regulatory warning to YHLO (688575) and its then Secretary of the Board, Wang Mingyang, due to discrepancies in the company's disclosures regarding a strategic cooperation framework agreement with Shenzhen Brain Machine Starlink Technology Co., Ltd. [1] - YHLO announced a strategic cooperation with Brain Machine Starlink, focusing on product development, market promotion, and equity investment, highlighting the company's engagement in artificial intelligence and non-invasive/invasive technology paths [1][2] - Following media attention, YHLO issued a supplementary announcement clarifying that Brain Machine Starlink's current research products are based solely on non-invasive technology, with some products still in early development or preclinical stages [1][2] Group 2 - The "brain-computer interface" is currently a hot market concept, attracting significant investor interest, which led to a 6.52% increase in YHLO's stock price and a 299% rise in trading volume on the day of the announcement [2] - The Shanghai Stock Exchange emphasized the need for YHLO to ensure that disclosures regarding the cooperation with Brain Machine Starlink are accurate, complete, and not misleading, particularly given the inconsistencies in the statements about the invasive technology path [2] - The exchange noted that YHLO's announcements failed to adequately address key investor concerns regarding the feasibility and uncertainties of the collaboration, leading to the regulatory warning [2]

北京商报讯（记者 丁宁）在收到上交所问询函后，1月7日晚间，亚辉龙（688575）对问询函内容进行 了回复。 亚辉龙还表示，脑机星链成立时间短，规模较小，推进后续研发需要扩大融资规模，公司短期内不排除 有股权投资、合资等合作安排，但预计投资金额较小，对公司不会有重大影响。 据了解，近期，亚辉龙与深圳脑机星链科技有限公司（以下简称"脑机星链"）签署《战略合作框架协 议》。公告披露，脑机星链成立于2025年9月，注册资本为500万元，主营业务包括脑疾病综合诊断、治 疗与康复。根据框架协议，双方将合作开展市场推广并进行销售收入分成。亚辉龙在问询函回复中表 示，脑机星链在严肃医疗场景下与亚辉龙拟合作的相关产品尚未取得医疗器械注册证，预计最早拿证产 品为迷走神经刺激仪（暂定名，以最终获批为准），能否获证存在不确定性，如果获批，预计公司最早 产生收益的时间不早于2026年11月，且产品上市后的具体销售情况还取决于市场环境等情况，公司相关 市场销售渠道资源转化存在不确定性，本次合作对公司业务无重大影响。 ...

这是鹅鸭杀当天的第二次道歉，首次道歉时团队承诺服务器修复后，所有用户将获得乐园币*1000 、紫 鹅毛*1、糖果*5、牛哇*5、飞吻*3、圈子活跃币*10。 北京商报讯（记者 魏蔚）1月7日晚间，鹅鸭杀手游发布公告道歉。根据公告，"由于游戏人气火爆，服 务器仍处于爆满状态，工程鹅正在全力扩容。扩容期间各位幸运鹅可能出现排队情况"。鹅鸭杀运营团 队同时表示，服务器修复后，将在原有补偿基础上追加：史诗套装外观1套（彩蛋）*1、圈子活跃币 *30。补偿将在服务器稳定后发放至各位用户的邮箱中。此外，用户因掉线被扣除的行为分，团队将在 近期的更新后进行补偿。 ...