Core Viewpoint - Han Gao Group successfully listed on the Shenzhen Stock Exchange on July 30, with its stock price soaring over 400% on the first day, indicating strong market interest despite the overall downturn in the home furnishing industry [1][2]. Company Overview - Han Gao Group is a leading company in the hardware and outdoor furniture sector in China, offering a range of products including home storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture [1]. - The company achieved a market share of over 5%, which is considered high in the fragmented domestic hardware industry [1]. IPO Details - The initial offering price was 15.43 yuan per share, with a total share capital of 400 million shares, of which 34.92 million shares were tradable, accounting for 10% of the total [1]. - On the first trading day, the stock opened at 47.01 yuan, reaching a peak of 110 yuan, and closing at 80 yuan, resulting in a market capitalization of over 32 billion yuan [1]. Financial Performance - Han Gao Group's revenue for the years 2022 to 2024 is projected to be 1.62 billion yuan, 2.22 billion yuan, and 2.857 billion yuan, respectively, with a compound annual growth rate (CAGR) of 32.78% [2]. - The net profit for the same period is expected to be 206 million yuan, 333 million yuan, and 531 million yuan, with a CAGR of 60.74% [2]. - The company’s revenue for the first half of this year is estimated to be between 1.387 billion yuan and 1.502 billion yuan, reflecting a year-on-year growth of approximately 17.04% to 26.77% [2]. Industry Comparison - Despite Han Gao Group's impressive growth, its revenue is not the highest in the industry, with competitors like Jianlang Hardware and Zhejiang Yongqiang reporting higher revenues [2][3]. - However, Han Gao Group's profit margins are among the highest, with a net profit of 531 million yuan last year, surpassing larger competitors [3]. Market Context - The overall home furnishing industry is facing challenges, with a reported decline in revenue and profits among many companies due to the downturn in the real estate sector [4]. - National statistics indicate that the furniture industry has seen a revenue drop of 3.9% year-on-year in the first five months of this year [4]. Ownership Structure - The company is heavily controlled by its chairman and general manager, Ou Jinfeng, who holds 76.14% of the shares, leading to concerns about governance and potential conflicts of interest [5][6]. - The family-controlled nature of the business raises questions about the sustainability of its performance and the potential for governance issues [5][6].

Core Viewpoint - The company is confident in achieving slight growth this year, contingent on the performance in the third and fourth quarters [1] Financial Performance - In the first half of 2025, the company reported total revenue of HKD 52.02 billion, a decrease of 18% compared to HKD 63.79 billion in the same period of 2024 [1] - Overall operating profit was HKD 34.08 billion, down 6% from HKD 36.13 billion year-on-year [1] - Shareholders' basic net profit was HKD 11.91 billion, a decline of 7% from HKD 12.81 billion in 2024 [1] Property Sales - Property sales revenue fell significantly to HKD 1.61 billion, down 87% year-on-year, with mainland property sales at HKD 0.1 billion (down 60%) and Hong Kong property sales at HKD 1.51 billion (down 87%) [1] Hotel Business - The hotel segment showed strong performance with revenue of HKD 1.29 billion, an increase of 84% year-on-year, all derived from mainland operations [1] - The Shenyang Conrad Hotel generated HKD 0.62 billion (down 3%), while the newly opened Kunming Hyatt Hotel achieved HKD 0.57 billion in revenue [1] Rental Income - Rental income remained stable, decreasing only 3% to HKD 49.12 billion, despite a slowdown in consumer and office demand in Hong Kong and mainland China [2] - Shanghai Hang Lung Plaza was the top performer with revenue of HKD 8.22 billion, significantly higher than other locations [2] Office Market Performance - The office rental market faced challenges with declining occupancy rates across several properties, attributed to oversupply [3] - Shanghai Hang Lung Plaza's income dropped 7% due to market pressures, with occupancy falling to 82% [3] Future Developments - The company has signed a 20-year operating lease with Baida Group for the Hangzhou department store, which will increase retail space by 40% [4] - The total value of properties available for lease and sale is HKD 261.37 billion and HKD 81.18 billion, respectively, including various development projects [5] - The Hangzhou project is expected to open in mid-2026, with a pre-leasing rate of 81% [6]

这其中，大中华区的业绩表示尤其抢眼，二季度营收达到7.98亿欧元，同比上升11%，而上半年阿迪达 斯品牌大中华区营收更达到18.27亿欧元，同比增长13%。 这已经是大中华区连续9个季度出现业绩上行，阿迪达斯全球CEO古尔登表示，公司在不同的市场业 务，需要贴近消费者和当地文化，为每个市场提供合适的产品和相关的营销："目前的全球增长以及在 大中华区、韩国、日本等市场的成功，证明了这一的战略的有效性。" 在精英运动员赞助上，阿迪达斯在多场马拉松赛事上助力吴艳妮、谢震业、石雨豪等知名运动员，合作 运动员潘展乐在全国游泳冠军比赛中拿下9块金牌、王欣瑜拿下WTA500柏林赛亚军，都进一步增加品 牌曝光度。 在城市线下活动中，例如支持的2024-2025全国青少年校园足球联赛、创办的"火拼"篮球草根联赛，通 过线下活动持续增加在运动爱好者中的影响力。 另外，阿迪达斯在国内积极参与"首发消费"，例如在安福路开业了上海首家三叶草全球旗舰店，并全球 首发了三叶草宠物系列产品。另外，还和陈冠希、Caroline Hu(胡颖琪)等设计师合作，为Samba等薄底 鞋加入潮流元素，激发消费者的关注度。 认准大中华区市场的阿迪达斯，今 ...

（文/刘媛媛 编辑/周远方） 未来的机器人到底应该是什么模样？这一命题在刚刚落下帷幕的 2025 世界人工智能大会（WAIC） 上，有了令人耳目一新的答案。 聚光灯下，一位年轻的95后科技创业者站在领奖台上。他身后的大屏幕中，名为"Emo"的人脸机器人正 对着观众微笑。该表情并非预设程序，而是机器人通过AI预测人类情绪后，同步生成的"共情反应"。 这位获奖者，正是抖音精选科技创作者"U航"（本名胡宇航）。他带来的《人机面部协同表达》不仅斩 获WAIC青年优秀论文奖（提名奖），更让公众看到了一种可能：当冰冷的机械被赋予"表情灵魂"，人 机交互的边界正在被重新定义。 而更令人惊叹的是，这项前沿技术的诞生，竟与抖音评论区里百万网友的"脑洞"息息相关。自今年5月 U航在抖音账号首发"Emo"后，引发了不少网友的追更，系列视频总播放量达到约1.5亿次，每条视频下 都有网友认真讨论未来应用场景，为其提供专业的建议和天马行空的灵感。 在哥伦比亚大学读博期间，他的研究就瞄准了一个核心命题：如何让机器人摆脱 "表情僵硬""交互机 械"的传统困境。彼时，学界对人脸机器人的探索常困于"恐怖谷效应"，即越像人却越显诡异，根源在 于机 ...

Group 1 - The electric vehicle market in Nepal has experienced explosive growth, with 76% of imported electric vehicles in the fiscal year 2023-2024 coming from China [1] - The Nepalese government is actively promoting the transition to electric vehicles to reduce reliance on imported fossil fuels and improve air quality, with electric vehicles accounting for 76% of all passenger car sales and 50% of light commercial vehicle sales in the past year [1][3] - The Nepalese Customs data indicates that nearly 70% of electric vehicles imported last year were from China, highlighting the significant role of Chinese manufacturers in this market [1] Group 2 - Following a dispute with India in 2015, Nepal's oil imports decreased sharply, prompting the government to invest heavily in hydropower and electrical infrastructure to provide affordable, pollution-free electricity [3] - To encourage electric vehicle adoption, the Nepalese government implemented various incentives, including a total tax rate of 40% for electric vehicles compared to 180% for fuel vehicles [3] - The Nepal Electricity Authority has established 62 charging stations, and the government has allowed anyone to build charging facilities while significantly reducing tariffs on imported charging equipment [3][4] Group 3 - Many businesses in Nepal, including hotels and restaurants, have begun installing charging stations, indicating a growing acceptance of electric vehicles [4] - Initially skeptical, car dealers in Nepal have recognized the potential of electric vehicles, with one dealer reporting a significant increase in sales after the introduction of models suited for Nepal's terrain [5] - The competitive pricing of Chinese electric vehicles is making it difficult for Indian manufacturers to compete, as noted by local dealers [5] Group 4 - Despite the growth in electric vehicle adoption, many Nepalese still rely on inexpensive motorcycles and gasoline or diesel buses, indicating a need for more electric buses to address air pollution [7] - The Nepalese government has allocated approximately $22 million for the purchase of electric buses, with state-owned company Sajha Yatayat operating 41 new energy buses in the past two years [7] - Nepal's approach to electric vehicle adoption contrasts with the policies of the US and EU, which are attempting to curb the Chinese electric vehicle industry, offering a hopeful model for developing countries seeking economic growth while avoiding severe pollution [7]

【文/观察者网 潘昱辰 编辑/高莘】"长安汽车过去所拥有的资源太少、太小，（现在）突然有了一种取 之不尽、用之不竭的感觉。"7月30日，在重庆举行的中国长安汽车集团有限公司媒体沟通会上，新上任 的中国长安汽车集团党委书记、董事长朱华荣感慨道。 夏季的重庆素有"火炉"之称，而在今年7月的山城，能够感受到火热的不仅是体感，还包括整座城市支 柱产业的蓬勃氛围——此前一天，第三家由国务院国资委直接履行出资人职责的汽车中央企业在这里诞 生。 在中国兵器装备集团实施汽车、军工业务分立后，新诞生的中国长安汽车集团成为了与中国一汽、东风 汽车平级的独立一级央企。朱华荣表示，中国长安汽车集团的成立是党中央立足国家发展全局，审时度 势、纵深推进国资国企改革的重大战略部署。 打造世界一流汽车集团 "中国长安汽车集团的成立，有利加快发展具有全球竞争力的世界一流汽车集团，更好地助力智能网联 新能源汽车产业高质量发展。"朱华荣在媒体沟通会上说。 中国长安汽车集团有限公司媒体沟通会 中国长安汽车集团 中国长安汽车集团党委书记、董事长朱华荣 中国长安汽车集团 根据规划，到2030年，中国长安汽车集团的整车产销规模目标为500万辆，新能源汽车 ...

系统性思维，一直都是中国产业从后发地位迈向先进水平的宝贵经验，如今这一幕也正在 AI领域发生。近日，10家国产大模型、AI芯片和算力加速企业携手成立"模芯生态创新联 盟"，开始探索从大模型开发阶段就去适配国产AI芯片，为国产芯片产业协同打开了新思 路。与此同时，上海企业在联盟中占据半壁江山的现象，也正是上海高科技产业一向重视软 硬结合，产业链一体化完备程度的厚积薄发。 （文/观察者网 张广凯） 沐曦陈维良、天数智芯盖鲁江、燧原赵立东、壁仞张文，四家国产算力芯片领军企业的创始人同台对 话，即使不是第一次，也是非常罕见的一幕。 更耐人寻味的是，这一幕出现在大模型企业阶跃星辰的发布会上。 7月25日，作为今年世界人工智能大会的一部分，阶跃星辰在上海发布了新一代SOTA级的多模态推理 大模型Step 3。 作为著名的"多模态卷王"，如果说Step 3本身的模型能力已经不会太让人意外，那么这次发布会上更大 的惊喜，来自于其对国产芯片的强大适配能力——据介绍，Step 3在国产芯片上的推理效率最高可达 DeepSeek-R1的300%。 同日，阶跃星辰联合近10家芯片及基础设施厂商发起"模芯生态创新联盟"，首批成员包括华 ...

Core Viewpoint - L'Oréal's performance in the first half of 2025 shows a slowdown in growth compared to previous years, with a total sales of €22.47 billion (approximately ¥186.19 billion), reflecting a year-on-year growth of 3% [3][4]. By Division - Professional Products division reported sales of €2.55 billion (approximately ¥21.13 billion) with a like-for-like growth of 6.5% in the first half and 11.5% in the second quarter [3][4]. - Consumer Products division achieved sales of €8.41 billion (approximately ¥69.73 billion) with a like-for-like growth of 2.8% in the first half and 3.3% in the second quarter [3][4]. - Luxe division experienced a decline, with sales of €7.66 billion (approximately ¥63.73 billion) and a like-for-like growth of only 2% in the first half, while the second quarter saw a decline of 1.9% [3][4]. - Dermatological Beauty division recorded a sales of €3.86 billion (approximately ¥32.16 billion) with a like-for-like growth of 3.1% in the first half and 3.5% in the second quarter [3][4]. By Region - Europe contributed the highest sales in the first half, totaling €7.53 billion (approximately ¥62.19 billion) with a growth of 3.4% [3][4]. - North America sales reached €5.82 billion (approximately ¥48.26 billion), reflecting a growth of 2% [3][4]. - North Asia, including China, was the only region with negative growth, reporting a decline of 1.1% with sales of €5.39 billion (approximately ¥44.73 billion) [4][6]. - SAPMENA-SSA and Latin America showed strong growth, with sales of €2.06 billion (approximately ¥17.06 billion) and €1.66 billion (approximately ¥13.73 billion), respectively, both growing over 10% [3][4]. Acquisitions - L'Oréal made three acquisitions in the first half of the year, including the luxury perfume brand Amouage, skincare brand Medik8, and professional haircare brand Color Wow, focusing on enhancing its high-end cosmetics and professional hair products [4][5]. - The acquisition of Color Wow is noted for strengthening L'Oréal's position in the high-end hair and styling category [5]. - The integration of Medik8 into the luxury division suggests a trend towards efficacy in high-end skincare products [5].

Core Viewpoint - L'Oréal's comparable growth accelerated between the first and second quarters of 2025, despite a noticeable slowdown in overall growth compared to previous years [1][2]. Summary by Division - **Professional Products**: Achieved a sales increase of 6.5% in the first half of 2025, with a notable 11.5% growth in the second quarter, reaching €1,269.4 million [1][3]. - **Consumer Products**: Recorded a 2.8% growth in the first half, with a modest 3.3% increase in the second quarter [1][3]. - **Luxe**: Experienced a decline of 1.9% in the second quarter, with a total growth of 2.0% in the first half [1][3]. - **Dermatological Beauty**: Grew by 3.1% in the first half, with a 3.5% increase in the second quarter [1][3]. Summary by Region - **Europe**: Contributed the highest sales in the first half, totaling €7,534.4 million, with a growth of 3.4% [2]. - **North America**: Sales reached €5,824.2 million, growing by 2% [2]. - **North Asia**: The only region with negative growth, down 1.1% in the first half, with sales of €5,392.7 million [2]. - **SAPMENA-SSA**: Sales increased by 10.4%, totaling €2,058.2 million [2]. - **Latin America**: Achieved a growth rate of 10.3%, with sales of €1,663.8 million [2]. Financial Performance - Total sales for the first half of 2025 amounted to €22,473.3 million, reflecting a 3% year-on-year growth [1][2]. - Operating profit reached €4,740 million, marking a 3.1% increase compared to the previous year [1][2]. - The second quarter revenue was €10,739 million, with a growth of 2.4%, slightly below analyst expectations of 2.9% [1][2]. Strategic Acquisitions - L'Oréal made three acquisitions in 2025, including the luxury perfume brand Amouage, skincare brand Medik8, and professional haircare brand Color Wow, focusing on enhancing its high-end cosmetics and professional hair product divisions [3][4]. - The acquisition of Color Wow is highlighted as a significant move to strengthen L'Oréal's position in the high-end hair and styling category [3][4].

Core Insights - The emergence of new professions, including "travel photography customizer," reflects the vitality brought by new technology applications, consumer demands, and market changes [1][10] - The travel photography market is rapidly growing, with tourists seeking immersive photography experiences as a key aspect of their travel enjoyment [1][10] Industry Overview - The travel photography industry has seen a significant increase in demand and the number of companies, with over 6,341 related enterprises currently operating in China [5][6] - The number of registered travel photography companies has grown substantially, with 2,119 and 2,593 new registrations in 2023 and 2024 respectively, marking increases of 268.52% and 22.37% [5] - The market is characterized by low entry barriers, leading to intense competition and a proliferation of similar products, which poses risks of price wars and business failures [6][8] Professionalization of the Industry - The recognition of "travel photography customizer" as an official profession is expected to promote the professionalization and standardization of the industry [10] - The role of a travel photography customizer is multifaceted, requiring skills in photography, makeup, customer service, and post-production, indicating a shift towards more skilled and specialized professionals [1][4][10] - The demand for personalized travel photography services is increasing, with a notable rise in interest for various styles, including ethnic costumes and wedding photography [5][9] Market Trends - The travel photography market is projected to support a consumption demand of over 25 million people, contributing to a market size of nearly 40 billion yuan in China, which accounts for over 30% of the global market [9][10] - The trend towards personalized and immersive photography experiences is driving growth, with significant increases in searches for outdoor photographers and related services [9][10]