| | | | | Fourth Quarter | | | | | | Full Year | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2024 | | 2025 | | Change | | 2024 | | 2025 | | Change | | Wholesale Units (000) | | 1,188 | | 1.083 | | (9)% | | 4.470 | | 4.395 | | (2)% | | GAAP Financial Measures | | | | | | | | | | | | | | Cash Flows from Op. Activities ($B) | S | 3.0 | $ | 3.9 | $ | 0.9 | S | 15.4 | $ | 21.3 | $ | 5.9 | | Revenue ($B) | | 48.2 | | 45.9 | | (5)% | | 185.0 | | 187.3 | | 1 % | | Net I ...

Core Viewpoint - Major gold brands in China are tightening their buyback policies in response to recent fluctuations in gold prices, leading to increased consumer interest in trade-in options instead of direct buybacks [3][15]. Buyback Policy Changes - Many leading brands have suspended buyback services on weekends and holidays, resulting in a surge in buyback activity on the first working day after these suspensions [3]. - Brands like Cai Bai and China Gold have implemented new buyback regulations, including limits on the amount that can be repurchased per customer per day and requiring appointments for transactions [6][9]. - Consumers must provide original purchase receipts, valid ID, and bank cards to complete buyback transactions, making the process more stringent [4][9]. Impact on Consumer Behavior - The tightening of buyback policies has led consumers to consider trade-in options, which have lower barriers to entry and are more widely available across stores [12]. - Trade-in programs often do not impose the same level of fees as direct buybacks, making them more attractive to consumers [10][14]. Fee Structures - Buyback fees vary significantly between brands, with some charging up to 5% to 8% of the buyback price, translating to deductions of 60 to 100 yuan per gram of gold based on current market prices [10][12]. - For example, Cai Bai deducts 3.8 yuan per gram for its own gold bars, while non-brand gold bars incur a deduction of 30 yuan per gram [10]. Market Dynamics - The tightening of buyback policies is seen as a risk management strategy by brands to cope with market volatility and protect their assets [15]. - Analysts suggest that while the buyback process has become less convenient, the intrinsic value of gold as a long-term asset remains intact [15][17]. Investment Recommendations - Consumers are advised to choose gold products based on their intended use, whether for decoration or as a means of asset preservation, and to be aware of the varying buyback rules across different channels [17]. - It is recommended that consumers maintain a balanced approach to gold investment, especially during periods of market volatility [17].

北京商报讯(记者李晗)2月11日，北京市密云区水源路南侧MY00-0104-6022、6025地块由首融(海南)商 业发展有限公司和北京密云城市建设投资集团有限公司联合体以底价3.8亿元摘得。出让文件显示，该 宗地块土地面积约2.45万平方米，规划建筑面积约4.9万平方米。 ...

北京商报讯（记者 王维祎）2月11日，北京商报记者从无会平台了解到，该平台面向所有用户征集原创 AI宠物IP形象，正式开启"AI 宠物微电影招募计划"。 无会App相关负责人表示，未来，平台也将持续拓展AI宠物IP在短片、微电影和互动内容等领域的应 用，为创作者提供更自由的创作空间。 无会App是一款以AI宠物IP为核心的内容创作平台。用户可借助AI技术，将现实中的宠物进行数字化重 塑，将宠物形象生成为能够主动互动、讲故事、参与创作的"内容发声者"。 ...

招股书显示，2023年、2024年及2025年前三季度，鹿客科技实现收入分别为10.14亿元、10.86亿元、 7.74亿元；实现利润分别为1402万元、5311万元、3198万元。募集资金将用于中长期技术研发及支 持"产品及技术驱动"战略、自有品牌营销及海外市场扩张、偿还公司部分现有债务以及用于营运资金及 其他一般企业用途，包括日常运营及一般企业开支。 北京商报讯（记者 翟枫瑞）2月11日，北京商报记者在港交所官网注意到，鹿客科技（北京）股份有限 公司（以下简称"鹿客科技"）已向港交所主板递交上市申请，独家保荐人为中国银河国际。据了解，鹿 客科技是全球AI（人工智能）家庭安全管家的开创者。公司提供以智能锁为核心的家庭及社区安全防 护、智能管理与家庭护理的综合解决方案。 ...

名雕股份（002830）、横店影视（603103）等多只个股跌停。这些股票都是近期炒作的热门股，股价表 现都是大起大落，对于类似的个股，普通投资者应该谨慎参与，如果是提前布局，可以逢高兑现，但如 果中途追高参与，风险会很高。 此外，普通投资者还应加强学习，掌握分析上市公司基本面和股价走势技术分析的方法，增强对风险的 识别和防范能力。同时，要树立正确的风险意识，认识到炒作热门股巨大的投资风险，不可能做到只赚 不赔。另外，要根据自己的风险承受能力，合理配置资产，避免将过多资金投入到大起大落的热门股 中。 如果投资者执意追逐热门股，要尽可能将资金分散到不同的热门股题材中，这样可以避免单一热门股题 材潮落时面临的巨大投资损失，如果是多个热门题材分散持有，在热点转换的时候，投资者也有机会遇 到"东边不亮西边亮"，操作上更为灵活。 北京商报评论员周科竞 在股价上涨时，投资者很容易盲目跟风追高，期望获取短期的投机收益；而在股价下跌时，投资者又因 恐慌心理而匆忙割肉离场，导致高买低卖的尴尬局面。 需要注意的是，大起大落的个股可能伴随着操纵股价等违法违规行为。一些大型投资者利用资金优势和 信息优势，通过拉抬股价、制造虚假繁荣等 ...

Group 1 - The core viewpoint of the article highlights the significant upgrade of the private label "Wumart Select" during the New Year shopping festival, introducing hundreds of high-quality and cost-effective products across various essential categories such as beverages, snacks, ready-to-eat meals, condiments, and fresh goods [1] Group 2 - In 2025, the sales of "Wumart Select" are projected to surge nearly 160 times year-on-year [2] - Popular gift items include Wumart nut gift boxes, premium milk gift boxes, and JJ/JJJ grade cherry gift boxes, with sales increasing by approximately 1.4 times and volumes more than quadrupling [2] - The "meal-retail integration" category, featuring ready-to-eat meals and baked goods, is also experiencing significant growth, with sales expected to rise over 70% year-on-year in 2025, alongside an increase in average transaction value [2]

北京市消协调查发现，华住会2025年7月18日正式生效的《华住会个人会员计划与服务条款》第十一条 第（二）项内容"若协商不成的，您同意将争议提交至上海仲裁委员会按照该会仲裁规则进行仲裁"，存 在利用格式条款不合理限制消费者主要权利的问题，涉嫌侵害消费者合法权益。《华住会个人会员计划 与服务条款》单方面限定争议只能通过上海仲裁委员会仲裁解决，剥夺了消费者依据《中华人民共和国 民事诉讼法》向人民法院提起诉讼的权利。 此类条款不仅限制消费者依法维权的途径，而且破坏了公平的市场交易环境，基于上述情形，北京市消 协要求华住会高度重视消费者权益保护工作，明确提出三项具体整改要求。其中包括立即整改格式条 款，自约谈后10个工作日内，删除或修改协议中强制仲裁的相关内容，不得利用格式条款限制消费者依 法选择诉讼或仲裁解决消费争议的权利；全面审查现有协议，对公司所有面向消费者的格式合同、协 议、须知等进行系统性排查梳理，确保所有条款均符合相关法律法规要求，彻底清除排除或限制消费者 权利的不合理内容；建立消费者权益沟通机制，建议企业设立与消费者的常态化互通渠道，定期收集消 费者反馈意见；在制定或修改涉及消费者权益的规则前，主动征求 ...

北京商报讯（记者 关子辰 牛清妍）2月11日，记者从航旅纵横获悉，航旅纵横民航官方直销平台上线了 春运机票"买贵免费退"服务。旅客在航旅纵横上购买带有"买贵退"服务标签的机票，若在出票后24小时 之内发现同一航班的机票更便宜，即可购买便宜的机票，并通过航旅纵横App内专属服务页面提交退旧 票申请。据了解，该服务已率先覆盖国航、南航、东航三大航，后续还将逐步扩展至更多航空公司。 航旅纵横表示，相关规则在购票页面有明确标签和提示，建议旅客购票时留意并仔细阅读具体条款。 ...

Group 1 - The core message of the news is that Royal Caribbean Group reported strong financial results for 2025, with total revenue of $17.9 billion and a net profit of $4.3 billion, exceeding expectations due to better-than-expected revenue performance and improved joint venture results [1] - The company anticipates adjusted earnings per share for 2026 to be between $17.7 and $18.1, reflecting strong market demand [1] - Royal Caribbean achieved a record booking period, with approximately two-thirds of its 2026 capacity already sold, and booking rates are within historical norms, with higher pricing [1] Group 2 - Royal Caribbean Group announced agreements with the French shipyard STX France to build a new series of "Discovery series" cruise ships, with the first ship expected to debut in 2029 and the second in 2032, along with options for four additional ships [2] - Celebrity Cruises, a subsidiary of Royal Caribbean, plans to add 10 new ships, expanding its river cruise fleet to 20 vessels by 2031, with the new luxury river cruise brand set to launch in 2027 [2]