Core Viewpoint - Yunyinggu Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after a tumultuous journey, including attempts to list on the A-share market and a near acquisition by another company. The firm specializes in semiconductor design, particularly display driver chips for AMOLED and Micro-OLED technologies [1][2]. Company Overview - Established in 2012 and headquartered in Shenzhen, China, Yunyinggu focuses on the design and sale of display driver chips. The company has raised over 1.3 billion RMB through multiple funding rounds, with notable investors including BOE Technology Group and Qualcomm China [1]. - As of August 2024, the company's valuation reached approximately 8.33 billion RMB [1]. Product Portfolio - The company primarily offers two product categories: AMOLED display driver chips for smartphones and Micro-OLED display driver/backplane for AR/VR devices [1]. - In 2024, Yunyinggu ranked as the fifth largest supplier of AMOLED display driver chips globally, with a market share of about 5.7%, and the largest in mainland China with a 12.4% market share [2]. Financial Performance - Revenue for the years 2022, 2023, and 2024 was reported at 551.29 million RMB, 720.40 million RMB (30.7% YoY growth), and 891.30 million RMB (23.8% YoY growth), respectively, with a compound annual growth rate of 27.1% from 2022 to 2024 [4]. - The company reported net losses of 124 million RMB, 232 million RMB, and 309 million RMB for the respective years, totaling approximately 722 million RMB in cumulative losses [4]. Pricing and Margins - The average selling price of AMOLED display driver chips has decreased significantly from 25.7 RMB in 2022 to 15.9 RMB in 2024, reflecting a nearly 40% decline [5]. - The gross margin for AMOLED chips plummeted to 0.3% in 2024, with a negative gross margin of -1.4% in 2023 due to falling prices and inventory devaluation [5][6]. Market Strategy - To maintain market share amid fierce competition, the company adopted a pricing strategy that involved lowering the average selling price of its products [7]. - The shift from direct sales to a dealer-based sales model has increased the proportion of revenue from dealers from 4.8% in 2022 to 73.7% in 2024, aimed at improving cash flow management [8][9]. Supply Chain and Production - As a fabless company, Yunyinggu relies heavily on third-party foundries, with TSMC being a key partner. The procurement from TSMC accounted for a significant portion of total purchases [10]. - The company is gradually shifting towards domestic foundries like SMIC to mitigate supply chain risks amid geopolitical tensions [10]. Investment Outlook - Despite having a strong customer base and market presence, the company faces challenges in profitability and cash flow, necessitating funds from the secondary market to alleviate financial pressures and continue R&D investments [10].

Core Viewpoint - The lawsuit between Jia's Electric and Bull Group has sparked significant attention, with Jia's Electric aiming to promote industry standards rather than merely using the lawsuit for marketing purposes [1] Group 1: Company Overview - Jia's Electric, established in 2008, specializes in the research and manufacturing of wall switches and sockets, with an annual revenue of approximately 800 million yuan [3] - The company is recognized as a "hidden champion" in the domestic electrical industry, holding a certain market share in the mid-to-high-end residential market, but lacks the brand influence of industry leader Bull Group [3] Group 2: Legal Dispute - The dispute began when Jia's Electric criticized Bull Group's advertising claims, particularly the phrase "7 out of 10 Chinese households use Bull," citing concerns over compliance with advertising laws [3][4] - Bull Group responded with a lawsuit seeking 4.2 million yuan in damages, while Jia's Electric counter-sued Bull Group for alleged false advertising [3][4] - Both cases are currently under judicial review, with Jia's Electric highlighting the small font size of the data source in Bull's advertisements as a point of contention [4][6] Group 3: Market Strategy - Jia's Electric launched a new series of power strips, emphasizing honest labeling of cable lengths, which challenges industry norms where actual usable lengths are often shorter than advertised [7] - The company plans to adopt a new retail model that focuses on empowering offline distributors rather than establishing an online presence on major e-commerce platforms [9][10] - This strategy aims to create a "new retail model" that combines online traffic generation with offline experiences, diverging from the trend of high e-commerce penetration in the consumer electronics sector [10] Group 4: Industry Implications - The ongoing legal battle has brought attention to the issue of "small print marketing" in the consumer electronics industry, prompting discussions about the need for fair competition and transparent advertising practices [10] - Industry experts suggest that while Jia's Electric's approach to marketing and product transparency is commendable, it may not be sufficient to challenge Bull Group's dominant market position [9][10]

Core Viewpoint - The collaboration between Sony and TCL represents a strategic response to the shifting dynamics of the global television industry, moving from incremental expansion to a focus on existing market competition and complementary advantages [1][3]. Group 1: Company Collaboration - Sony and TCL announced plans to establish a joint venture, with TCL holding 51% and leading operations, while Sony retains 49% ownership [1]. - The new company will take over Sony's global television and home audio equipment business, including R&D, design, manufacturing, sales, logistics, and customer service, while continuing to use the Sony and BRAVIA brands [1][4]. - The partnership is seen as a necessary adaptation to the challenges posed by rising costs and declining profits in the television market, with both companies aiming to leverage their respective strengths [3][4]. Group 2: Market Context - The global television market is projected to see a slight decline in shipment volume, with an expected 2.21 million units in 2025, down 0.7% year-on-year [3]. - Sony's global television shipment is forecasted to be around 4.1 million units in 2025, giving it a market share of 1.9%, ranking it tenth globally [3]. - TCL is expected to ship approximately 30.4 million televisions in 2025, capturing a market share of 13.8%, making it the second-largest player after Samsung [4]. Group 3: Strategic Advantages - Sony's focus on high-end markets and its technological advantages, such as the XR cognitive chip, allow it to maintain premium pricing in the OLED segment, despite challenges in profitability [3][4]. - TCL's strengths lie in its scale and supply chain capabilities, particularly in Mini LED technology, where it holds over 40% of the global market share [4]. - The collaboration is expected to combine Sony's brand and technology with TCL's manufacturing and operational expertise, creating a synergistic effect that enhances competitiveness in the market [5].

Group 1 - The company Sunrise has completed nearly 3 billion yuan in financing within a year, with investors including SANY Group's Huaxu Fund, Paradigm Intelligence, and IDG Capital [1] - The funds raised will be used for the development of the next generation of inference GPUs, large-scale production, and ecosystem building [1] - Sunrise was established in 2020 as a spin-off from SenseTime's chip division, focusing on high-performance GPUs and multimodal scene inference chips [1] Group 2 - The core team consists of over 200 employees, with more than 80% being technical and R&D personnel, many of whom come from leading companies like AMD and Huawei [1] - Co-CEO Wang Yong has over 20 years of experience in the chip industry, having previously worked at AMD and Baidu [2] - Co-CEO Wang Zhan, a founding member of Baidu, has significant experience in the field [2] Group 3 - Unlike traditional GPU manufacturers like NVIDIA that pursue "training and inference integration," Sunrise focuses solely on "pure inference" [4] - The company aims to reduce inference costs by 90% and provide stable services, positioning itself as a transformative player in the AI industry [4] - Sunrise has invested a total of 2 billion yuan in R&D over the past few years, developing a product matrix of three generations of chips [4] Group 4 - The S1 chip, launched in 2020, is China's first visual inference chip and has been licensed to major clients like Sony and Xiaomi [4] - The upcoming S2 chip, set for mass production in 2024, will compete with mainstream A/H series GPUs and be compatible with the CUDA ecosystem [4] - The S3 chip, expected in 2026, aims to achieve significant reductions in cost and energy consumption, targeting a new industry benchmark of "one cent per million tokens" [5]

1月22日，在吉利控股集团战略解析会上，曹操出行宣布，计划到2030年累计投放10万辆完全定制Robotaxi，在全球范围开启全面商业化运营。 作为吉利控股集团Robotaxi最重要的商业化载体，曹操出行具备Robotaxi发展所需的全部关键要素，形成了独特的"智能定制车+智能驾驶技术+智能运营"三 位一体发展模式。公司历经十年共享出行市场深耕，积累了海量出行数据、成熟调度算法和覆盖全国的服务网络，为Robotaxi的商业化落地奠定了坚实基 础。公司还持有运营国内同类规模最大的定制车队，为Robotaxi时代所需的规模化车队运营与资产高效管理积累了经验。 在推进国内布局的同时，曹操出行也积极拓展国际合作。公司已与阿布扎比投资办公室(ADIO)签署合作备忘录，将于今年在当地设立办事处与运营中心， 并与当地机构合作推进自动驾驶与绿色出行技术试点。双方将共同推广以电动及换电车辆为核心的可持续交通解决方案，把曹操出行在中国市场经过大规模 验证的高效换电网络与运营体系，融入阿布扎比的绿色能源生态系统。 未来，曹操出行将继续深化与吉利控股旗下各业务板块的协同，以完全定制Robotaxi车队为核心载体，以智能化基础设施为支 ...

有媒体报道，戴可思官方旗舰店在售的婴儿护唇膏，在搜索页标注"食品级润唇膏""宝宝误舔无忧"等字 样，商品详情页更以"权威机构检测"为核心卖点，强调"经口无毒 润唇不怕舔"，并附上检测报告显 示，依据《化妆品安全技术规范》（2015年版），该产品急性经口毒性试验结果为"实际无毒"。与此同 时，该品牌产品存在暗示"可改善唇炎"的宣传倾向，而此类表述已涉嫌违反化妆品广告宣传相关法规。 可参考的是，2021年10月，国家药监局关于发布《儿童化妆品监督管理规定》的公告（2021年第123 号），明确规定儿童化妆品标签不得标注"食品级""可食用"等词语或者食品有关图案。 此外，2025年6月，北京市市场监督管理局 北京市药品监督管理局关于发布《北京市化妆品广告发布指 引》的公告中指出，儿童化妆品广告不应含有"食品级""可食用"等词语或者使人误解其可食用的有关图 案，以及易使与食品相混淆可能产生儿童误食的其他内容。 公开资料显示，戴可思（Dexter）是无锡戴可思生物科技有限公司旗下母婴全品类日化品牌，自2014年 起进行产品研发和效果验证，于2017年正式创立，系国内首个推出液体爽身粉的创新品牌。该品牌基于 中国婴幼儿肤 ...

（文/霍东阳 编辑/张广凯） 在金价暴涨的情况下，金饰更火了。 过去数年的财报中，金价单边上行的情况反而会拖垮头部珠宝品牌的业绩表现。但1月21日，周大福发布第三财季经营数据，正在打破这种困境。 在截至2025年12月31日，零售值同比增长17.8%，远超上一季度4.1%的增速。其中，中国内地市场零售值增长16.9%，港澳及其他市场增长22.9%。 业绩增长的背后，是周大福产品结构的根本变化：定价首饰零售值贡献率从29.4%大幅提升至40.1%，而计价黄金首饰的贡献则从66.8%降至56.8%。 基于远超预期的表现，周大福管理层已上调2026财年全年业绩指引，预计收入实现中低单位数增长，毛利率目标提升至31.5%-32.5%，经营利润率目标则接 近20% 这家拥有近百年历史的珠宝巨头正从传统的黄金珠宝销售商，转变为一个文化价值和品牌溢价驱动的全球奢侈品企业。 定价首饰：穿越金价周期的"利润压舱石" 周大福在主要经营数据公告中表示，珠宝消费气氛正在逐步改善。 周大福第三财季业绩的核心特征，是"零售值"增长与"同店销量"下降并存。这揭示了其增长完全由产品结构优化和平均售价提升驱动，而非依赖销售数量。 在截至202 ...

在岁末年初，我们大抵有一个相通的感觉，世界已行至多重临界点。 当曾被膜拜的"灯塔"失色，后发赶超的终点线愈来愈近，世界体系将向何处去？ 当告别短缺的一代新人成为社会中坚，我们的文化自信该如何建构？ 当人工智能开始大规模应用，安全与伦理的边界该怎样划定？ 现实正在失重，未来正在成形，我们有太多的问题亟待解答。 在这一关键的历史临界点上，2026年1月17日和18日两天，观察者网2026答案秀开启线上直播， 与战略合作伙伴：上海市漕河泾新兴技术开发区发展总公司， 思想共创伙伴：66度探险邮轮， 出行合作伙伴：腾势， 科技同行伙伴：小米， 精选民宿伙伴：乡伴集团， 生态合作伙伴：日产中国， 活动指定酒店：锦江酒店， 活动指定航空公司：吉祥航空， 观察者网董事长、风险投资人李世默主持了本版块的圆桌对话，与上海外国语大学杰出教授黄靖、俄罗 斯国立高等经济研究大学国际关系学系主任亚历山大·卢金、萨仁山等纵论"新世界开场"，深入探讨全 球南方如何书写人类文明下一章。 灯塔重构:世界体系的 "操作系统 正在重装 在追问中前行 图 答案 | 观察者网 特别支持：快手， 共同为观众们带来一场思想者春晚，让来自世界各地的思考者与行 ...

Core Viewpoint - Intel has regained investor interest on Wall Street, with its stock price rising significantly due to strong demand for server CPUs driven by data center needs [1][3]. Group 1: Stock Performance - Intel's stock opened at $54.25, closing up 11.72%, marking a 148% increase from its low of under $20 in the past year [1]. - AMD also saw an 8% increase in its stock price during the same period [1]. Group 2: Market Demand and Pricing - KeyBanc's report indicates that demand from large cloud service providers has led to Intel and AMD's server CPU capacity being nearly sold out for 2026 [1]. - Both companies are considering raising their server CPU average prices by 10% to 15% due to this demand [1]. Group 3: Analyst Sentiment - Over the past two months, at least 10 brokerages have raised Intel's target price or rating, reflecting a generally optimistic outlook [3]. - Analyst Ryuta Makino noted that the current sentiment towards Intel is the most positive in a long time, with expectations of at least double-digit price increases for server CPUs by 2026 [3]. Group 4: Business Segments - Despite the positive outlook for server CPUs, demand for Intel's PC CPUs is weakening, with UBS analysts predicting a 4% decline in global PC shipments by 2026 due to rising storage prices [3]. - Intel's data center and AI-related sales for Q4 were estimated at $4.433 billion, a 30% year-over-year increase, while overall sales are expected to decline by 6% to $13.4 billion [4]. Group 5: Manufacturing and Partnerships - Intel's foundry business has received positive news, including a long-term order from the U.S. Missile Defense Agency, likely involving mature process and packaging technologies [5]. - There are rumors that Apple is considering using Intel's 18A process for its future SoCs, with plans for low-end M-series chip production potentially starting in Q2 to Q3 of 2027 [5].

本次诉讼系离婚财产分割，资料显示，本次诉讼原告奚春阳与陈小英已于2012年结束婚姻关系。本次奚 春阳共有三项诉求，其一，判令确认登记在第三人陈小英名下的公司4056.8万股（持股比例为2.65%） 中的2028.4万股归原告奚春阳所有；其二，判令公司、第三人陈小英就前述股票向中国证券登记结算有 限责任公司办理非交易过户至原告奚春阳名下的手续；其三，本案案件受理费由申通快递和陈小英共同 承担。 申通快递在公告中表示，本次诉讼事项是奚春阳与陈小英之间的离婚财产分割涉及的股东资格确权纠 纷，涉诉的股份数量为2028.4万股，约占上市公司的股份比例为1.33%，不会对公司正常生产经营造成 重大不利影响。本次诉讼事项尚未开庭审理，尚未产生具有法律效力的判决或裁定，陈小英名下持有的 公司股份是否发生权益变动存在不确定性。公司将密切关注该事项的后续情况，积极应诉。同时，公司 将严格按照有关法律、法规的规定和要求，及时履行信息披露义务。 值得一提的是，奚春阳与陈小英婚前，系申通创始人聂腾飞的司机。1998年，聂腾飞因车祸意外去世， 作为聂腾飞的遗孀，陈小英掌控申通快递，并在2012年改嫁奚春阳。陈小英曾在2019年，把申通快 ...