Core Viewpoint - LXJ International Holdings Limited, the parent company of "Lao Xiang Ji," is seeking to list on the Hong Kong Stock Exchange for the third time since 2025, despite facing challenges such as declining profit margins and significant social insurance and housing fund payment shortfalls for employees [1][12]. Group 1: Company Overview - "Lao Xiang Ji," originally named "Fei Xi Lao Mu Ji," was founded in 2003 by veteran farmer Shu Congxuan in Hefei, Anhui, and has grown to over 1,658 stores with a revenue of 6.288 billion RMB in 2024 [1][2]. - The founding family, including Shu Congxuan's son, daughter, and daughter-in-law, controls over 92% of the company's shares [1][4]. Group 2: Financial Performance - Revenue growth has been significant, with figures of 4.528 billion RMB in 2022, 5.651 billion RMB in 2023, and 6.288 billion RMB in 2024, reflecting year-on-year increases of 58.38%, 24.8%, and 11.3% respectively [5]. - The compound annual growth rate (CAGR) for revenue from franchise stores is 102.9%, with the number of franchise stores increasing from 118 in 2022 to 733 by the first eight months of 2025 [5][6]. Group 3: Profitability Challenges - Despite revenue growth, the overall gross profit margin has declined from 20.3% in 2022 to 22.8% in 2024, with franchise store gross margins dropping from 28.9% to 20.1% during the same period [6][7]. - The company attributes the decline in gross margins to increased costs associated with supporting franchise expansion and rising raw material costs [7]. Group 4: External Dependencies - The company faces high external service fees, with over 17% of delivery revenue going to third-party platforms, impacting profitability [9][11]. - The total sales from delivery services have increased significantly, with figures of 1.994 billion RMB in 2022 and 3.047 billion RMB in 2024, showing a CAGR of 23.62% [9]. Group 5: Compliance Issues - The company has acknowledged a shortfall of over 100 million RMB in social insurance and housing fund payments for employees, which has been a persistent issue since its A-share listing attempt in 2022 [12][14]. - The shortfall in social insurance and housing fund payments has raised compliance risks, with potential penalties exceeding 2.44 billion RMB if not addressed [13].

Core Insights - The Chinese cultural "new three" including online literature, online film and television, and online games have rapidly risen and gained popularity in overseas markets, with game exports becoming a new engine for China's service trade growth [1] - In the first half of 2025, the actual sales revenue of independently developed Chinese games in overseas markets reached $9.501 billion, a year-on-year increase of 11.07% [1] Group 1: Game Development and Technology - The first domestic 3A game "Black Myth: Wukong" showcases top-notch graphics and artistic expression, while "Yanyun Sixteen Sounds" utilizes nano-level detail rendering technology, achieving over 50 million views on overseas platforms [2] - Chinese game companies have developed a "premium R&D system" that enables them to produce high-quality mobile and cross-platform games, leveraging a deep understanding of the free-to-play model and refined operational capabilities [2][4] - The integration of AI-generated content (AIGC) is accelerating game exports, enhancing player experience through real-time NPC interactions and significantly improving production efficiency [3] Group 2: Cultural Integration and Global Appeal - The integration of traditional cultural IP with games is enhancing the global dissemination of Chinese culture, with games like "Black Myth: Wukong" and "Genshin Impact" incorporating cultural elements that resonate with international players [5][6] - The strategy of "core leading, shell universal" ensures that games maintain universally appealing core gameplay while integrating cultural elements as value-added content [6][7] Group 3: Policy Support and Market Strategy - The growth of Chinese games in overseas markets is supported by various government policies that provide institutional guarantees and promote systematic layouts for game exports [8] - Local governments, such as Guangdong and Beijing, are implementing policies to accelerate game exports and support the development of a collaborative ecosystem among game companies [8][9] Group 4: Future Growth Opportunities - Future growth in game exports will focus on refined operations in emerging markets, with an emphasis on deep customization based on local cultures and social habits [10] - The integration of AI technology is seen as a significant opportunity, with companies that embrace AI likely to gain a competitive edge [10] - Products that enable cross-platform data interoperability and create an ecosystem of "games + events + community" are identified as future growth points [10]

记者采访发现，中医诊所、针灸诊疗在海外越来越"火"的同时，近两年我国中药类产品出口额却持 续下降，中药出口面临注册门槛高、翻译不准、药典差异等难题，"有医缺药"成为目前中医药"出海"面 临的突出瓶颈。 量增价减 近年来，中医药"出海"步伐持续加快，目前已传播到全球190多个国家和地区，成为全球范围内保 存最完整、影响力最大、使用人口最多的传统医学体系。 药品出口总额下降 "海外市场也卷得厉害，有的中药产品出口量增加，却'量增价减'""中药海外市场经历前几年高速扩 张后，这两年犹如'潮水般退了回来'。"这是记者近期走访时，听到不少中医药企业共同的反映。 一位在海外销售中医药的企业负责人介绍，过去治疗腰椎颈椎炎症、中风和脑血管疾病的一些中成 药，曾在部分国家顺利注册上市，但因销售渠道等原因多数都已退出，"目前在当地市面上已基本见不 到中成药"。 海关统计数据显示，近年来我国中医药进出口总额逐年上升，但中药类商品出口额2022年增长到 56.9亿美元高点后持续下降，降至2024年的52.8亿美元，2025年上半年出口额同比再下降5.6%。 据统计，近年来薄荷醇、柑桔精油等植物提取物是我国中药类商品出口的主力，但出口 ...

□ 本报记者 董 鑫 转自：国际商报 听力熊Teeni.AI是一家专注于青少年市场的多模态大模型随身智能体创新企业。这家来自北京的企业第 一次亮相CES，将面向青少年的AI随身机器人Mooni Pro带到全球用户面前。Mooni Pro可帮助孩子记录 生活碎片。难忘的外出、喜欢的物件都可以经过Mooni Pro的编码、解码，成为可被小孩子理解的内 容。而这些内容都会沉淀为可供回忆的成长记录，成为家庭亲子沟通中不断更新、不断延续的素材。 会爬楼梯的扫地机器人、搭载机械臂的割草机器人、能自主清洁泳池的智能设备……清洁家电企业 的"野心"早已不止于占领家庭地面，而是瞄准"全场景清洁"——从室内的墙角缝隙、高低楼层，到户外 的草坪打理、泳池维护，彻底解放用户的双手。《全球智能家居清洁机器人设备市场季度跟踪报告》显 示，2025年上半年，在全球扫地机器人市场份额TOP5榜单中，中国品牌占据4席。其中，石头科技以 20.7%的市场份额位列第一，科沃斯、追觅、小米紧随其后，4个品牌合计拿下57%的市场份额。 在刚落幕的2026年国际消费电子展（CES 2026）上，中国机器人军团格外吸睛，宇树科技、智元、傅 利叶、银河通用 ...

| 合性 | | --- | | 四川省 慰謝 ਣ m-n95折 图示 龍 中 5 籍劇製醬 2022-12-18/202212186L/ 可透過 電腦 用 電 發展的 最新知識 發展或 160mm× 108mm 2. 稻 | 中国经济网北京1月20日讯四川省药品监督管理局15日发布关于发布医疗器械监督抽检结果的通告。为加强医疗器械质量监督管理，保障医疗器 械产品质量安全有效，2025年四川省药品监督管理局组织对医疗器械生产、经营、使用环节进行监督抽查检验。现将17批(台)抽检项目不符合标 准规定产品予以通告。 针对发现抽检项目不符合标准规定的产品，四川省药品监督管理局责成相关市(州)市场监督管理局对相关企业依法进行调查处理，及时作出行政 处理决定并向社会公布。 标示医疗器械注册人、备案人为稳健医疗（300888）(黄冈)有限公司的医用防护口罩(规格/型号：WN-N95折叠式(L)160mm×108mm；生产日期/批 号/出厂编号：2022-12-18/202212186L/无)不合格项目为1.过滤效率；2.密合性。被抽样单位为四川江创科技有限公司，检验机构为四川省药品检 验研究院(四川省医疗器械检测中心)。 ...

会议提出，推进"净网"专项行动，依法打击治理网络谣言、网络暴力、网络水军、网络黑客等乱象，依 法打击侵犯个人信息等违法犯罪；协同推动网络生态治理，压实主体责任、监管责任；加强对新技术的 研究，严防利用区块链等加密技术逃避监管，依法打击利用人工智能技术生成、发布虚假信息等行为。 （经济日报记者 李万祥） 1月18日至19日，中央政法工作会议在京召开，明确2026年政法工作的总体要求和重点任务。会议明 确，要压实主体责任，推进网络空间综合治理。 ...

会议提出，国家安全是民族复兴的根基，社会稳定是国家强盛的前提。当前，我国经济爬坡过坎、社会 稳定承压、矛盾纠纷多发，保持安全稳定面临现实挑战。前行路上，政法战线要坚持统筹发展和安全， 以历史主动精神防风险、保安全、护稳定，确保国家安全、社会安定、人民安宁，努力建设更高水平的 平安中国。 到2035年基本实现社会主义现代化，一个重要标志性指标是人均国内生产总值达到中等发达国家水平。 此次会议明确，前行路上，政法战线要紧紧围绕经济建设这个中心、高质量发展这个主题，充分发挥职 能作用，依法维护社会主义市场经济秩序，助力构建高水平社会主义市场经济体制。(经济日报记者李 万祥) "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期。1月18日至19日，中央政法 工作会议在京召开。会议明确，越是关键时期，越要集中精力办好自己的事，全力服务经济建设这个中 心。 数据显示，2025年我国优化入境免签政策，全年外国人入境4060万人次、同比增长27.2%，77国免签来 华人数占入境总数的63%。 ...

据了解，2025年打击毒品犯罪取得历史性成就，全国吸毒人员较2020年底下降63%。打击电信网络诈骗 犯罪取得重大战果，毁灭性打击缅北"四大家族"犯罪集团，5.7万名犯罪分子移交回国，赌诈犯罪集团 头目陈志被押解回国。 1月18日至19日，中央政法工作会议在京召开。记者从会上获悉，2025年，全国刑事案件同比下降 12.8%，为本世纪以来最低；治安案件同比下降3.5%，社会治安形势持续向好。 2025年全覆盖建成2848个县级综治中心，受理矛盾纠纷1073万件；检察机关受理审查起诉未成年人犯罪 人数和侵害未成年人犯罪人数同比分别下降9.8%和2.2%，首次实现"双下降"。(经济日报记者李万祥) ...

Core Insights - The China Grain Reserves Corporation (Sinograin) is enhancing its reserve capacity and core strength, completing reserve increase tasks and optimizing the structure of central government reserves in 2025 [1] - Sinograin is advancing the construction of storage facilities, aiming for full coverage in 13 major grain-producing cities and 36 large and medium-sized cities nationwide, while also improving emergency response capabilities [1] - The company is increasing its focus on technological innovation, establishing a technology innovation center, and collaborating with over 20 institutions to enhance research and development efforts [2] Group 1 - Sinograin is implementing a comprehensive plan to strengthen summer and autumn grain procurement, ensuring adherence to minimum purchase price policies and enhancing coordination across regions and departments [1] - The company has launched 40 research projects, marking the highest level of funding and project numbers in its history, and is actively promoting new technologies in grain storage [2] - The introduction of the "open innovation" and "scene-driven" approach, along with the "ranking and leadership" mechanism, is expected to bolster the company's research capabilities [2] Group 2 - Sinograin's internal management reforms have led to improved operational capabilities, with significant advancements in grain purchase and storage management systems [3] - The company is enhancing its information technology infrastructure, achieving data connectivity for over 1,900 external storage points, and improving monitoring and early warning systems [3] - The modernization of storage management is being accelerated through pilot projects in over 50 direct warehouses, with a focus on digital transformation [4] Group 3 - Sinograin is maintaining high standards in quality control for grain and oil, achieving record levels of compliance and storage suitability [4] - The company is leveraging its reserve rotation and sales to drive market stability and farmer income, with record levels of rotation scale and quality [4] - Financial support measures are being implemented to enhance efficiency and reduce costs, contributing to stable economic performance [4]

记者从1月19日司法部举行的全国司法厅(局)长会议获悉，2025年，司法行政系统深化公共法律服务体 系建设，全国办理各类法律服务业务4000多万件，其中律师1500多万件、公证1409万件、法律援助158 万件、司法鉴定378万件；仲裁96万件，结案数同比增长52%。司法部门深入推进青年律师到西部和司 法所锻炼，提升未成年人、新就业群体等法律援助质效，加强司法鉴定质量监管，公证行业聚焦减、 快、好提质增效三年行动取得明显成效。涉外法律服务体系建设加快，司法部门支持组建"一带一路"法 律服务联盟并实体化运作，加快培育首批22家国际一流仲裁机构。 记者了解到，2026年司法行政系统将持续强化政治建设，更加突出政治建设和业务工作深度融合。落实 法治与改革、发展、稳定相协同，更加突出提升服务保障大局的主动性和高质效。抓实公共法律服务， 更加突出服务群众法治需求的均衡性和精准度。深化统筹推进五项工作，更加突出维护社会安全稳定的 系统性和协同高效。全面加强司法行政系统自身建设，更加突出树立和践行正确政绩观。(经济日报记 者刘亮) ...