本报（chinatimes.net.cn）记者刘昱汝 徐芸茜 北京报道 今年上半年，黄金企业的业绩呈现出井喷式增长。紫金矿业以232.92亿元的净利润领跑行业，同比增长 54.41%；山东黄金紧随其后，实现净利润28.08亿元，同比增幅达102.98%；中金黄金净利润26.95亿 元，同比增长54.64%。地方黄金企业同样表现亮眼，湖南黄金净利润同比增长49.66%，四川黄金增长 48.41%。 《华夏时报》记者注意到，对于上半年业绩高增长，多家黄金上市公司都把关键原因归为金价持续上涨 和黄金饰品消费偏好转移，同时，多家企业在上半年通过收购、扩产等，产量得到提升。 其中，紫金矿业以232.92亿元的净利润位居榜首，同比增长54%。公司表示，业绩持续保持高增长的背 后，既是矿产品量价齐升，更是运营效率不断提升带来的韧性增长和长期价值兑现。 上半年，紫金矿业实现矿产铜57万吨，同比增长超9%，矿产金同比增长16%至41吨。得益于主营矿产 品量价齐升，紫金矿业主要业绩指标均创历史新高，成为全球头部金属矿企效益增长最快的企业之一。 近日，黄金市场再次成为投资者关注的焦点。 在经历了数月的震荡调整后，国际金价在9月上旬 ...

Core Insights - The rise of LABUBU has made the trendy toy industry a darling of the capital market, with significant attention at the 2025 Service Trade Fair in Beijing [2] - The event showcased popular original IPs from companies like Pop Mart, Letsvan, and 52TOYS, highlighting the innovative strength of Chinese original trendy toys and the cultural confidence of the industry [2][3] Company Highlights - Pop Mart participated as the exclusive cultural brand partner at the fair, featuring major IP products like LABUBU and MOLLY, and created interactive experiences for attendees [3][7] - Letsvan's WAKUKU series gained immense popularity, driven by celebrity endorsements, leading to high foot traffic and sales at the event [3][6] - 52TOYS presented a diverse range of products, including collaborations with the National Museum of China, emphasizing the cultural and creative aspects of their toys [4][5] Market Trends - The trendy toy industry is evolving from niche markets to mainstream culture, with increasing global exposure through events like the Service Trade Fair [5][6] - The demand for emotional value and spiritual consumption is rising, positioning IP toys as a burgeoning industry with vast development potential [4][5] Global Expansion - Companies like Pop Mart are successfully expanding overseas, with a reported 375% increase in international revenue, and opening stores in key global locations [6][7] - Letsvan is also accelerating its international strategy, having entered Southeast Asia and North America, and successfully hosted its first overseas pop-up event [7][6] Cultural Significance - The trendy toy sector is transitioning from mere collectibles to cultural symbols, reflecting a broader trend of integrating toys into lifestyle and fashion [7][5] - The participation in international events like the Service Trade Fair is crucial for Chinese trendy toy companies to gain global recognition and compete effectively [5][7]

Core Viewpoint - The company, HLA (海澜之家), plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international presence [2][3]. Group 1: Company Strategy - HLA aims to deepen its global strategy and accelerate overseas business development through the upcoming Hong Kong listing [3][6]. - The company has been expanding internationally since 2017, with a focus on Southeast Asia and plans to open its first store in Australia [2][4]. - As of the first half of this year, HLA has 111 overseas stores, generating a revenue of 206 million yuan, a 27.42% increase year-on-year [4][5]. Group 2: Financial Performance - In the first half of the year, HLA reported a revenue of 11.566 billion yuan, a year-on-year increase of 1.73%, while net profit decreased by 3.42% to 1.580 billion yuan [3][4]. - The company's revenue fluctuated significantly from 2020 to 2024, with a notable decline in 2020 and a recovery in subsequent years, although 2024 showed a slight decrease [4][6]. Group 3: Market Context - The trend of A-share companies listing in Hong Kong is increasing, with 11 companies having done so this year, bringing the total to 161 A+H companies [2][7]. - The Hong Kong market is seen as a mature international financial center, providing a broader investor base and diverse financing channels for companies [6][7]. - Recent policy changes by the China Securities Regulatory Commission have facilitated the process for mainland companies to list in Hong Kong, further encouraging this trend [7].

Core Viewpoint - The folding bicycle company, Daxing Kegong, has achieved a record 6688 times oversubscription in its IPO, becoming the new "super subscription king" in the Hong Kong stock market, amidst rising outdoor sports trends and significant market share in the folding bicycle sector [2][3]. Financial Performance - Daxing Kegong's revenue is projected to grow from 254 million RMB in 2022 to 451 million RMB in 2024, with a compound annual growth rate (CAGR) of 33.1%. Net profit is expected to increase from 31 million RMB to 52 million RMB during the same period [3]. - The company plans to allocate approximately 30% of its IPO proceeds (around 103 million HKD) for modernizing production systems and expanding operational scale, including a new production facility in Huizhou with an initial capacity of 200,000 units per year [3][4]. Dividend Strategy - Prior to the IPO, Daxing Kegong distributed significant dividends, totaling around 60 million RMB from 2022 to the first four months of 2025, raising questions about the rationale behind its IPO fundraising strategy [4]. - The founder, Han Dewei, holds a concentrated ownership of 90.16%, making him the primary beneficiary of these dividends, which has led to market skepticism regarding the company's intentions [4]. Market Position and Competition - Daxing Kegong holds a 26.3% market share in terms of retail volume and a 36.5% share in retail value within the Chinese folding bicycle market [6]. - The global bicycle market is projected to grow from 165 million units in 2019 to 179 million units by 2024, with the folding bicycle segment representing a small niche, accounting for only 5.3% of the market by retail value [6]. Growth Challenges - The folding bicycle market is characterized by limited growth potential, increased competition, and changing consumer preferences, which may restrict Daxing Kegong's expansion opportunities [7]. - The company is encouraged to enhance product differentiation, explore international markets, and develop related products such as electric folding bicycles to capture emerging trends [7].

Core Points - The 2025 China International Service Trade Fair has commenced with the theme "Digital Intelligence Leading, Service Trade Renewed" focusing on nine key areas [2] - This year's fair is held at a single venue, Shougang Park, showcasing a blend of international style and industrial heritage [2] - Nearly 2,000 enterprises are participating, including 500 from the Fortune Global 500, representing 26 of the top 30 countries and regions in service trade [2][3] Industry Highlights - The health and wellness service section features participation from 53% of Fortune Global 500 and 49% international companies, with 16 projects submitted for display [4] - Notable exhibitors include Philips, GE Healthcare, and Siemens, showcasing advanced medical solutions and equipment [3][6] - The fair emphasizes the integration of AI in healthcare, with interactive experiences demonstrating AI applications in diagnostics and treatment [4][5] Innovations and New Products - Over 190 new products and innovations are being launched, including a 3D-printed vascular stent and a quantum computing device [6] - The health service section highlights "Beijing Service" brand cases, featuring cutting-edge technologies like photon-counting CT and advanced MRI systems [6][8] International Collaboration - The fair serves as a platform for international cooperation, with 85 countries and international organizations participating, and Australia as the guest country [9] - The event aims to promote high-value, replicable service models from Beijing and China [9]

本报（chinatimes.net.cn）记者于娜 北京报道 舒沃替尼的商业化成功堪称中国创新药领域的典范，但也将迪哲医药推向了"成也舒沃，败也舒沃"的尴 尬境地。 2025 年上半年，迪哲医药营收同比激增 74.4% 至 3.55 亿元，看似亮眼的业绩背后，产品结构失衡问题 却不容忽视——舒沃替尼作为全球唯一获批的EGFR exon20ins非小细胞肺癌靶向药，先发优势明显，而 公司另一款创新药戈利昔替尼针对的外周 T 细胞淋巴瘤（PTCL）市场规模较小，短期内难以匹敌。 对此，迪哲医药在答复《华夏时报》记者采访时否认了存在"舒沃替尼贡献占比95%"的情况，并称2025 年上半年，公司营收实现增长74.4%，由舒沃替尼（舒沃哲®）和戈利昔替尼（高瑞哲®）两款核心产 品共同驱动。两者均于2024年11月被纳入新版国家医保目录，目前正处于快速放量阶段，共同为公司收 入提供强劲动力。 不过，包括董事长张小林在内的多位高管在2025 年密集减持公司股份，引发了市场对公司前景的担 忧。如何在持续维持高额研发投入的前提下，打破对舒沃替尼的路径依赖，及时填补管线空档，最终构 建起多产品支撑的可持续盈利模式，正是迪哲医药面 ...

Core Insights - The public fund industry is experiencing a significant transformation due to the fee rate reform, which has led to a notable decrease in management fees collected compared to pre-reform levels [1][4][7] - The reform aims to shift the industry focus from a "seller's market" to a "buyer's market," emphasizing investor experience and returns [2][7] - The top fund management firms continue to dominate the market, but there is a noticeable divergence in their ability to withstand the pressures of the new fee structure [3][4] Fund Management Fees Overview - In the first half of 2025, the total management fees collected by the industry amounted to 623.13 billion yuan, a slight increase of 1.37% compared to the same period in 2024, but a significant decrease of 89.92 billion yuan from 713.05 billion yuan in July 2023 before the fee rate reform [1] - The top 21 fund managers accounted for 62.35% of the total management fee income, with E Fund and Huaxia Fund leading at 39.19 billion yuan and 30.01 billion yuan, respectively, both showing year-on-year declines [3] Impact of Fee Rate Reform - The new regulations have imposed significant pressure on three types of fund sales institutions, particularly those relying on institutional client sales and frequent trading for revenue [4][5] - The reform has also created opportunities for fund companies to enhance their direct sales channels, potentially lowering costs for investors and attracting more capital [6][8] - The changes are expected to compel fund companies to improve their research and investment capabilities as management fees decline, fostering a more sustainable wealth management ecosystem [8]

（于玉金 摄影） 本报（chinatimes.net.cn）记者于玉金 北京报道 "教育对外开放始终是一场双向关注，互利共赢的历程，在支持中国学生走向世界的同时，吸引全球的 优秀青年来华留学，促进中外文明交流互鉴，已成为新时代扩大教育对外开放的关键举措。"新东方集 团副总裁、新东方前途出国总裁孙涛告诉《华夏时报》记者。他还表示，近年来前途出国推荐的自费来 华留学生进入国内985、211院校的录取占比已经超过了八成，生源国别超过了40个国家。 9月10日，记者来到了北京首钢园的教育服务专题展厅，该展厅今年吸引了超50家境内外知名机构、龙 头企业参展。在该展厅，猿辅导、新东方、科大讯飞等参展企业带来了契合服贸会的诸多教育产品及服 务，其中，"AI教育+""双向留学"成为全场焦点。 来华留学展位"吸睛" 进入10号馆教育服务专题展厅，最为醒目的莫过于双向留学的展位。新东方的展位还特别设置"传统文 化手作体验区"，邀请非遗传承人现场教学漆扇、螺钿、京剧脸谱等传统技艺。本报记者注意到，不少 中外学生在新东方展区内体验漆扇这一传统技艺。 新东方前途出国来华留学部工作人员告诉《华夏时报》记者，新东方前途出国提供完整的来华留 ...

本报（chinatimes.net.cn）记者温冲 于建平 北京报道 整治！产业苦乱象久已 《通知》明确提到，本次专项整治行动将集中整治非法牟利、夸大和虚假宣传、恶意诋毁攻击等网络乱 象，提升涉汽车企业网络乱象处置质效，督促企业规范营销宣传行为，营造良好舆论环境，护航汽车产 业高质量发展。 其中，需要重点整治的问题包括非法牟利问题、夸大和虚假宣传问题、恶意诋毁攻击等。《通知》强 调，要通过组织企业自查、畅通举报渠道、深入分析研判，根据有关问题线索，强化汽车行业网络乱象 处置力度。 全国乘用车市场信息联席会秘书长崔东树在接受《华夏时报》记者采访时表示，这次专项整治行动，不 仅针对当前的网络乱象，更着眼于产业的长远发展。通过规范竞争秩序、保护消费者权益、推动技术创 新，让汽车产业真正实现可持续增长。既能为汽车产业营造清朗公平的竞争环境，也能保障消费者的知 情权与选择权，为维护整个行业规范、健康、良性发展保驾护航。 天津市平行进口汽车流通协会、天津市二手车出口协会秘书长张婷婷也感慨："终于出手了，汽车行业 网络乱象坚决治理！" 实际上，汽车行业苦网络乱象久已。早在2023年，国家网信办就曾公开曝光过一批破坏营商网络 ...

OCT华侨城大厦 黄指南/摄 9月5日，国务院国有资产监督管理委员会发布了关于《8户中央企业11名领导人员职务任免》的公告。 公告透露，华侨城集团原党委书记、党委常委、董事长张振高正式退休，同时免去刘凤喜担任的总经理 职务。 此次职务调整的核心是吴秉琪的到任，他将接替刘凤喜担任华侨城总经理，并兼任华侨城党委副书记、 董事。吴秉琪此次履新前，曾在华润和中建担任重要职务，具有深厚的企业管理经验。 据创想华侨城9月5日对外发布，关于集体学习93阅兵的学习心得推文中，吴秉琪的名字首次出现在了华 侨城的官方宣传平台中。 吴秉琪，这位年仅54岁、拥有丰富央企经验的高管，肩负着推动华侨城重回发展轨道的使命。此前，他 曾担任华润置地总裁，是中建集团的重要高管，深知地产开发与商业运营的内在逻辑。 吴秉琪的职业生涯堪称央企高管成长的典范，展现了从基层到高层逐步积累经验、稳步上升的典型轨 迹。自1993年从同济大学毕业以来，他从基层做起，稳步推进，在华润体系内的20多年里积累了深厚的 行业经验。 吴秉琪的成长凭借一系列切实的业绩，逐步从华润物业到华润置地，完成了从一名区域项目负责人到华 润置地总裁的华丽转身。 2007年，吴秉琪迎 ...