Core Viewpoint - Kangxin New Materials Co., Ltd. is making a strategic move to acquire a 51% stake in Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, aiming to diversify into the semiconductor industry due to declining demand in its core container flooring business [1][4][11] Group 1: Acquisition Details - The acquisition involves a cash payment of 392 million yuan, which will make Yubang Semiconductor a subsidiary of Kangxin New Materials [4][6] - The acquisition price reflects a valuation of 6.92 billion yuan for Yubang Semiconductor, indicating a premium of 430.8% [6][7] - Yubang Semiconductor has committed to achieving net profits of at least 50 million yuan, 53 million yuan, and 56 million yuan for the years 2026, 2027, and 2028, respectively, totaling a minimum of 159 million yuan [5] Group 2: Financial Performance - Kangxin New Materials has faced continuous financial pressure, reporting revenues of 246 million yuan, 602 million yuan, and 278 million yuan for the years 2023, 2024, and the first three quarters of 2025, with net losses of 297 million yuan, 334 million yuan, and 189 million yuan during the same periods [8][10] - Yubang Semiconductor reported revenues of 150 million yuan and 166 million yuan for the first three quarters of 2024 and 2025, with net profits of approximately 14 million yuan and 7.8 million yuan, respectively [4] Group 3: Strategic Rationale - The move into the semiconductor sector is a response to declining demand in the container flooring market, influenced by international trade dynamics and U.S. tariff policies [3][11] - Kangxin New Materials aims to optimize its industrial structure and foster new growth drivers through this acquisition, aligning with national policies encouraging mergers and acquisitions [5][11] - The company acknowledges the risks associated with the acquisition, particularly regarding the valuation of Yubang Semiconductor and the feasibility of the profit commitments [7][10]

中经记者 刘旺 北京报道 耐克在中国市场即将迎来外籍新帅。 《中国经营报》记者从耐克方面获悉，现任大中华区领导董炜将于3月31日正式卸任。同时，耐克宣布 任命Cathy Sparks为新任耐克大中华区副总裁兼总经理。 耐克对董炜评价颇高，该公司方面提到，董炜于2005年加入耐克。在过去20余年间，她在大中华区担任 多项重要领导职务。在其任期内，耐克深度参与并见证了大中华区体育、文化及业务发展的多个里程 碑，包括北京奥运会、中国消费者与数字生态的迅速崛起，以及全球疫情期间的挑战与复苏。 在董炜的带领下，耐克通过上海马拉松、耐克高中篮球联赛（CHBL）、ACG崇礼168以及"下站东 单"等标志性品牌活动，持续推动大中华区的运动文化发展。"我们衷心感谢董炜为这一关键市场所作出 的长期贡献，并祝愿她在未来一切顺利。"耐克公司方面表示。 不过，仍要看到的是，耐克在中国市场出现了业绩下滑的情况。在不久前发布的2026财年第二季度 （2025年9—11月）财报中，耐克大中华区营收为14.23亿元，同比下降约17%。其中，直营Nike Direct 下滑18%，其中数字化业务Nike Digital下降36%，Nike自有门 ...

Core Viewpoint - The ongoing dispute between Jia's Electric and Bull Group highlights issues of advertising ethics and market competition in the electrical appliance industry, particularly regarding misleading marketing practices and the impact on consumer perception [3][4][5]. Group 1: Company Dispute - Jia's Electric's founder, Kuang Jian, accused Bull Group of using substandard materials and misleading advertising, specifically criticizing the claim that "7 out of 10 Chinese households use Bull" as deceptive [3][4]. - The conflict escalated when Jia's Electric launched a campaign against Bull's advertising, leading to Bull Group filing a lawsuit for 4.2 million yuan in damages, claiming defamation and damage to its commercial reputation [4][5]. - The legal action by Bull Group did not deter Jia's Electric; instead, it intensified the competition, with Jia's Electric asserting that Bull's advertising practices violate Chinese advertising laws [5][6]. Group 2: Market Dynamics - Bull Group has maintained a dominant market position in the power strip sector, but Jia's Electric's campaign has raised awareness of perceived product deficiencies, potentially affecting Bull's market share [4][5]. - The advertising slogan used by Bull Group has been criticized for creating a misleading perception among consumers, which could impact the competitive landscape and the survival of smaller companies like Jia's Electric [6][7]. - The overall market for home improvement and electrical appliances is under pressure, with reports indicating that some companies are experiencing significant declines in performance, highlighting the challenges faced by smaller enterprises in a competitive environment [6][7]. Group 3: Strategic Responses - In response to the competitive pressures, Jia's Electric is considering launching new products, including a power strip, to capitalize on the heightened visibility from the dispute [7]. - Kuang Jian emphasized the need for innovation and diversification in product offerings to survive in a market dominated by larger players like Bull Group [7]. - The situation illustrates the broader challenges faced by small to medium-sized enterprises in the industry, where aggressive marketing tactics and established brand dominance can stifle competition and innovation [6][7].

（编辑：卢志坤 审核：童海华 校对：颜京宁） 中经记者 吴静 卢志坤 北京报道 近日，融创中国与中信双方宣布进一步深化融资合作，重启天津梅江地块，在既有合作基础上再添新 作。 据了解，梅江地块拥有得天独厚的资源，是天津公认的高端居住核心区，周边坐拥260万平方米的梅江 公园生态绿肺和众多城市地标，配套成熟，居住氛围浓厚。近年来，世界智能大会、世界达沃斯论坛、 上合组织峰会等国际盛会相继落地。 基于对优质资产的共同认可，双方决定协同资源合力推进。中信旗下中信金融资产、中信信托、中信银 行将为项目提供全周期的资金支持及金融服务，中信城开、中信实业将为项目提供专业的咨询服务，中 信建设则将为项目提供国际级总包建设服务与品质保证。 据悉，本次合作得到了天津各级政府的支持，随着首笔资金落位，央地合作的又一次重要样本顺利落 地。 ...

Group 1 - Spain is the second country in the world in terms of high-speed railway operating mileage, with a total of 3,993 kilometers, following China, which has 50,000 kilometers [1][5] - The Spanish company CAF is a major player in the rail transport equipment industry, focusing on urban metro, light rail vehicles, and high-speed trains, ranking third in Europe after Siemens and Alstom [1] - Spain's transportation sector is actively seeking collaboration with Chinese companies to enhance infrastructure development and achieve mutual benefits [1][2] Group 2 - The Chinese Ministry of Transport expressed willingness to deepen practical cooperation with Spain in civil aviation and railways, aiming for tangible results [2] - Oscar Puente, Spain's Minister of Transport, highlighted the successful experiences of China Railway Construction Corporation (CRCC) in railway construction, indicating a desire for knowledge exchange [2][3] - Spain is focusing on upgrading its railway infrastructure and welcomes collaboration with Chinese firms in areas such as new energy and materials [2][3] Group 3 - The Spanish railway management emphasizes the need to consider specific national requirements while learning from international experiences and technologies [3][4] - Discussions on modernizing existing conventional lines versus building new high-speed infrastructure highlight the importance of cost, capacity, travel time, and local conditions [4] - High-speed rail is recognized for its speed, convenience, and environmental benefits, with a focus on complementing other transportation modes rather than competing with them [4]

苹果中国官网为迎接2026年新春开启了为期4天的限时优惠，官网几乎所有产品都有折扣，除了最新发 布的iPhone 17系列。 1月22日，苹果中国官网推出"新春限时优惠活动"，用户于1月24日至1月27日以符合条件的支付方式购 买iPhone、Mac、iPad和Apple Watch等指定产品最高立省1000元。 但《中国经营报》记者留意到，在这场新春大促中，2025年秋季才发布的最新旗舰——iPhone 17系列 并未出现在优惠名单之中。 具体来看，iPhone 16系列的多款机型则享受了不同程度的优惠，iPhone 16及iPhone 16 Plus可立省300 元，而iPhone 16e则可节省200元，MacBook Pro最高降1000元，MacBook Air降700—800元。 近几年，苹果几乎每年农历新年前都会在中国官网推出为期数天的"限时优惠"活动，这已成为其固定营 销日历的一部分。2024年9月发布的iPhone 16系列，在苹果2025年1月的"叱咤福利"新年促销活动中就有 400—500元的优惠。 事实上，记者留意到，从苹果直营渠道2025年"双11"购物促销就可以看出，iPhone ...

中经记者 张靖超 北京报道 北京时间1月21日（美东时间1月20日盘后），流媒体巨头网飞（NASDAQ：NFLX）发布了2025财年第 四财季（对应2025年第四季度）报告。数据显示，网飞当季营收120.5亿美元，同比增长17.61%，净利 润24.2亿美元，同比增长29.43%，调整后每股收益0.56美元；2025财年营收451.8亿美元，同比增长 15.85%，净利润109.8亿美元，同比增长26.05%，调整后每股收益2.53美元。 但营收与净利润双增的业绩并未让网飞市值与股价获得充足的增长动力。财报发布后的第一个交易日， 网飞股价下跌2.18%，报收85.36美元/股。 张毅认为："制片厂提供IP和制作能力，而以网飞为代表的流媒体平台在算法、数据和全球化的发行能 力方面都是有保障的。从行业的趋势来看，流媒体和传统影视的竞争已经日趋融合。" 网飞也在股东信中称，华纳兄弟与网飞是高度互补的业务，合并后将能为创作者提供更多机会，并增强 整个娱乐行业。通过收购，网飞将获得全球最强大的影视内容库之一，可用于开发新内容，并帮助公司 拓展消费品、体验和视频游戏等新兴业务。 收购华纳兄弟仍有变数 对于下跌原因，多位业 ...

2026年1月19日，左江科技（已退市）公告，公司实际控制人张军，因涉嫌违规披露、不披露重要信息罪，已被刑事拘留。 此前，2025年2月，因虚增营收和利润导致财报存在虚假记载，左江科技及张军分别被北京证监局处以500万元、250万元罚款，张军还被采取5年证券市场禁 入措施。 受访专家对《中国经营报》记者表示，行政处罚衔接刑事追责，能让主要违法者"人财两空"，付出惨痛代价，从根本上遏制财务造假动机，切实保护投资者 合法权益。 值得一提的是，因为"蹭"上DPU（数据处理器）概念股"快车"，从2022年4月29日开始，左江科技股价一路飙涨，甚至在2023年5月起被"披星戴帽"后，股价 不跌反涨，并于2023年7月14日涨至最高299.8元/股（前复权）。其间股价上涨835%，该股也被市场称为"史上最贵ST股"。 实控人之一被刑事拘留 左江科技2026年1月19日披露，公司近日收到实际控制人张军女士家属通知，张军家属于1月14日收到北京市公安局西城分局对张军涉嫌违规披露、不披露重 要信息罪的《拘留通知书》，现羁押在北京市西城区看守所。 经查明，左江科技通过虚构业务虚增营业收入和利润，导致公司披露的2023年一季报、半 ...

明确"即时、穿透、回溯、保密" 中国（上海）自贸区研究院金融研究室主任刘斌认为，《管理办法》对金融机构提出的是"即时、穿 透、回溯、保密"的一揽子硬约束，即对指定高风险名单及关联主体需立即停止金融服务、限制资金资 产转移且不得事先通知；实施穿透式管控、覆盖全业务链条，配合资产冻结并定期报备；回溯历史交 易、实时监控关联账户，并在24小时内报告可疑交易；同时严守信息保密要求，保护善意第三人权益， 健全内部全流程机制与问责体系。 融孚反洗钱与支付监管法律研究业务研究委员会主任金鹏则从执行层面分析指出，《管理办法》强化名 单监测管控，建立实时监控机制，精准识别名单对象及关联方，并对所有业务开展名单核查；强调即时 执行特别预防措施，尤其针对办法第二条所列特定对象及其关联方，立即停止金融服务、限制资金/资 产转移且不事先通知；严守保密与协作，执行过程中严格保密，并依法协同外交、公安、反洗钱监管等 部门提供数据支持；此外，还应依法妥善应对被采取特别预防措施对象的诉求，在合规前提下及时处理 并以适当方式告知，但不得违反保密要求。 银行反洗钱难点何在？ 《中国经营报》记者梳理的公开处罚信息显示，2025年银行业罚单数量与罚没 ...

Core Viewpoint - The legal dispute between Qicai Chemical and Xianico involves defamation claims, with Qicai Chemical being sued for 90 million yuan due to allegations of false statements regarding Xianico's production practices [2][3]. Group 1: Legal Proceedings - Qicai Chemical announced on January 20 that it was sued by Xianico for 90 million yuan, following Qicai's own lawsuit against Xianico for defamation, seeking 53.31 million yuan in damages [2][3]. - Xianico claims that Qicai's statements in a December 24, 2025 announcement falsely accused it of illegal production and caused significant reputational damage, impacting its business operations [3][4]. - Xianico's lawsuit includes four requests: to stop the alleged infringement, to publish a public apology for 30 days, to compensate for damages of 90 million yuan, and to cover all legal costs [3]. Group 2: Background of the Dispute - The conflict began in December 2022 when Xianico sued Qicai Chemical for 200.47 million yuan, alleging infringement of its production technology trade secrets, but later withdrew the lawsuit in January 2024 [5]. - The dispute escalated with Xianico filing additional lawsuits, increasing the claimed damages to 400 million yuan by December 2025, and expanding the list of defendants [6]. - Qicai Chemical has countered that Xianico's claims are based on expired patents and that Xianico has engaged in illegal production practices, including exceeding environmental capacity limits [6][7].