Core Viewpoint - Adidas has achieved significant growth in the Greater China region, marking ten consecutive quarters of "quality growth" with double-digit increases in revenue [2][5]. Financial Performance - In Q3 2025, Adidas reported global revenue of €6.6 billion, the highest quarterly revenue in the company's history, with a year-on-year growth of 12% (excluding Yeezy factors) [2]. - The operating profit for Q3 reached €736 million, reflecting a 23% year-on-year increase, while the gross margin improved by 0.5 percentage points to 51.8% [2]. - For the first three quarters of the year, global revenue totaled €18.735 billion, a 14% increase year-on-year, with Greater China contributing €2.774 billion, up 12% [3]. Market Strategy - Adidas CEO Gulden emphasized the importance of localizing the brand to resonate with consumers, which has been a key driver of the company's strong performance [3]. - The company is focused on transitioning smoothly into 2026, which is expected to be another exciting year for sports, with a growing demand in the segments of sports performance, fashion, and comfort [3]. Regional Insights - The Greater China region has seen continuous growth, with Q3 revenue reaching €947 million, marking a significant milestone in the company's strategy of "In China, For China" [5]. - The brand has successfully created a positive cycle from sports to street culture, enhancing brand visibility and engagement with local consumers [3][5]. Future Outlook - Based on the strong Q3 performance, Adidas has raised its full-year guidance for 2025, expecting double-digit growth and an increase in operating profit to €2 billion, up from the previous estimate of €1.7 to €1.8 billion [6].

禾元生物作为平台型技术企业，想象空间将大于单一产品型公司。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 10 月 28 日，禾元生物以股票代码 688765.SH 正式登陆科创板，为 科创 板第五套上市标准重启以来 率先上市的企业之一。 上市首日，禾元生物报收91.10元，较发行价（29.06元）上涨213.5%。截至29日13:30，禾元生 物日内上涨29.5%至117.99元，总市值421.8亿元。 禾元生物 是一家专注于植物源重组蛋白表达技术研究与产品开发的创新型生物医药企业， 其核心产 品重组人血清白蛋白注射液（奥福民 ® ）已于 20 25 年 7 月 获得 国家药监局 批准上市 ， 也 是 全球首个获批上市的植物源重组人血清白蛋白药物 ， 标志着 中国企业 在重组血液制品领域取得重 大突破。 作为 禾元生物的长期支持者和重要股东， 倚锋资本 于 20 16- 2018 年投资了禾元生物。此外， 倚锋资本于 2020 年参与了北芯生命的 B+ 轮融资； 2023 年参与了泰诺麦博的 B 轮融资。目 前，北芯生命已于证监会注册生效；泰诺麦博已通过 ...

Core Viewpoint - Guoquan Food (Shanghai) Co., Ltd. has demonstrated strong growth in both revenue and profit, with significant increases in store openings and operational efficiency, indicating robust business momentum and profitability [4][6]. Revenue and Profit Growth - In Q3 2025, Guoquan expects to achieve revenue between RMB 1.85 billion and RMB 2.05 billion, representing a year-on-year growth of approximately 13.6% to 25.8% [4]. - The company anticipates core operating profit of around RMB 65 million to RMB 75 million, reflecting a year-on-year increase of approximately 44.4% to 66.7% [4]. Store Expansion and Market Strategy - Guoquan added 361 new stores in Q3 2025, a substantial increase of 98% compared to the same period in 2024, bringing the total number of stores to 10,761 [4][6]. - The company has focused on expanding in rural markets, optimizing store models and product structures to cater to local consumer preferences [6]. Product and Service Innovation - Guoquan has introduced high-cost performance products and bulk purchasing solutions for small businesses, enhancing operational efficiency through improved store layouts and integrated warehousing [6]. - The company is actively engaging in instant retail through platforms like Douyin and Meituan, launching popular meal packages that drive both online and offline sales [6]. Automation and Technology Integration - The rollout of a "24-hour unmanned retail" system allows Guoquan to serve late-night consumers while reducing labor costs, leading to increased same-store sales [7]. - The company is expanding its "community central kitchen" strategy, offering diverse meal solutions throughout the day, thus evolving consumer habits from dinner-centric to all-day dining [7]. Supply Chain and Membership Growth - Guoquan operates seven self-owned factories and has initiated the construction of a food industry park, enhancing its supply chain capabilities [8]. - As of June 30, 2025, Guoquan's registered membership reached 50.3 million, a year-on-year growth of 62.8%, with a prepaid card balance of RMB 590 million, up 37.2% [8]. Future Outlook - Guoquan plans to continue its business development focusing on "channel integration," "scene innovation," and "data-driven" strategies, with new projects like "Guoquan Stir-fry" set to launch in early 2026 [9].

Core Insights - The article discusses the 2025 World Top Scientists Forum held in Shanghai, featuring prominent scientists and industry leaders discussing advancements in AI and technology [2] - The focus is on the evolution of AI technology, particularly the transition from isolated nodes to interconnected systems, emphasizing the importance of AIoT as a key technology path for implementing intelligent solutions [3] AIoT Computing Power - The company aims to build a heterogeneous intelligent computing cloud and establish a TaaS (Token as a Service) business model [5] - The self-developed hybrid inference engine HICE is crucial for efficient interconnection of heterogeneous chips, significantly improving mixed inference efficiency by over two times [7] AIoT Intelligent Agents - The company is developing a product matrix driven by intelligent agents, with the HALI intelligent agent system set to launch globally in November 2024 [10] - HALI utilizes end-to-end reinforcement learning to optimize task execution without human intervention, enhancing its ability to understand physical world dynamics [12] - The AIoT intelligent agents have already empowered various products, with plans for future releases including lightweight AR smart glasses and portable intelligent agents [14] Strategic Vision - The company emphasizes that in the AIGC era, computing power is fundamental for AI implementation, while intelligent agents serve as excellent carriers for realizing AI value [14] - The synergy between AIoT and intelligent agents is seen as a potential core driver for the next generation of AI growth [14]

Core Insights - MAI has launched its flagship product "Marketing AI Agent" and secured $25 million in seed funding led by Kleiner Perkins, with participation from other investors [2] - The AI Agent has helped clients increase sales by over 40% and manages millions of dollars in Google ad spend monthly [2][3] - MAI aims to democratize advanced advertising technology for small and medium-sized enterprises (SMEs) [2][6] Company Overview - MAI's AI Agent automates and optimizes digital advertising, addressing the challenges SMEs face in managing advertising effectively [3][6] - The platform integrates comprehensive data to adjust spending, discover opportunities, and optimize performance in real-time [3][6] Market Context - The e-commerce industry is experiencing an annual growth rate of approximately 8%, surpassing peak levels during the pandemic [2] - Digital advertising, particularly Google ads, is a crucial customer acquisition channel, yet management is often time-consuming and lacks transparency [3] Client Success - MAI has rapidly gained traction in the DTC brand and consumer application sectors, doubling its client base within months [8] - Notable brands such as Dreo, DrWoof, and NutritionFaktory are utilizing MAI's AI Agents for advertising management and revenue growth [8] Investor Perspective - Investors recognize the potential of MAI's AI Agent in transforming advertising efficiency and integrating AI into business decision-making processes [8]

Core Viewpoint - The article discusses the recent financing round of Shanghai Changsen Pharmaceutical Co., Ltd., highlighting its focus on innovative drug development in the fields of immune antiviral therapy, autoimmune diseases, and tumor immunotherapy, as well as the potential of its leading products LW231 and LW402 to address unmet clinical needs [2][3][4]. Company Overview - Shanghai Changsen Pharmaceutical was founded in 2012 by Dr. Wang Zhe, a globally recognized expert in chemical drug research and development [2][3]. - The company has nearly 100 invention patents and is recognized as a "specialized, refined, distinctive, and innovative" enterprise in Shanghai [2]. Recent Financing - Changsen Pharmaceutical recently completed a multi-hundred million RMB B+ round of financing, led by Qiming Venture Partners, with participation from several other institutions [2]. - The funds will be used to advance key clinical research and global expansion of its core pipeline [2][5]. Product Pipeline - The company is developing first-in-class (FIC) and best-in-class (BIC) innovative drug products, with several indications currently in clinical phases II and III [3][4]. - LW231, a dual-target immune antiviral drug for hepatitis B, is noted for its potential to achieve complete cure without relapse after discontinuation, a significant advancement in the field [4]. - LW402, a next-generation drug for autoimmune diseases, has shown superior safety and efficacy in clinical trials compared to existing JAK inhibitors, indicating its potential to become a leading product in its category [4]. Clinical Data and Recognition - LW231 has been recognized for its clinical data, achieving international leading levels, and has received significant awards and support from national research programs [4]. - LW402 has demonstrated rapid efficacy and minimal side effects in clinical studies for moderate to severe rheumatoid arthritis and specific dermatitis, showcasing its long-term safety profile [4]. Market Potential - Investors have shown strong confidence in Changsen Pharmaceutical's clinical competitiveness and market potential, as indicated by the successful financing round [5]. - The company aims to accelerate the completion of key clinical studies and move towards commercialization of its products [5].

Core Viewpoint - WeRide Inc. is set to launch its IPO, aiming for a dual listing in Hong Kong and Nasdaq, with significant backing from global industry leaders like Uber and Bosch, indicating strong investor confidence in its business model and global strategy [3][4]. Group 1: IPO Details - WeRide plans to issue 88,250,000 shares at a maximum price of HKD 35 per share, with potential additional shares through an over-allotment option, targeting to raise over USD 400 million [3]. - The company has received substantial interest from strategic and institutional investors, reflecting confidence in its commercialization path [4]. Group 2: Global Expansion and Market Position - Since its establishment in 2017, WeRide has obtained autonomous driving licenses in seven countries, making it the only company with such a global footprint [6]. - The company has established significant competitive barriers in key overseas markets, being the sole provider of L4 autonomous driving solutions in several European countries and the only operator of Robotaxi and Robobus in Singapore [6][7]. Group 3: Financial Performance - In Q2 2025, WeRide reported revenues of CNY 127 million, a 60.8% year-on-year increase, with Robotaxi revenue surging by 836.7% to CNY 45.9 million [8]. - The company's total revenue for the first half of 2025 reached CNY 199.6 million, up 32.8%, with L4-level business revenue accounting for 64.1% of total revenue [8]. Group 4: Technological Advancements - WeRide has developed a comprehensive technology platform, WeRide One, covering L2+ to L4 levels, and has successfully commercialized various autonomous vehicle types [10]. - The company has invested heavily in R&D, with expenditures reaching CNY 645 million in the first half of 2025, representing 322.9% of total revenue, showcasing its commitment to technological innovation [10]. Group 5: Strategic Partnerships - WeRide has formed strategic alliances with major industry players like Uber and Grab, enhancing its global ecosystem and operational capabilities [15]. - The company is positioned to leverage these partnerships to expand its Robotaxi services in multiple international markets, including the Middle East and Europe [17]. Group 6: Market Potential - The autonomous driving market is projected to grow significantly, with the L4 and above market expected to rise from USD 1 billion to USD 14.6 trillion by 2030, indicating a compound annual growth rate of 238% [17]. - WeRide's Robotaxi business is anticipated to benefit from this growth, with the segment expected to reach USD 587 billion by 2030, reflecting a CAGR of approximately 367% [17].

Core Viewpoint - Eight Horse Tea Industry Co., Ltd. has successfully maintained a leading position in various core products within both niche markets and the national market, as evidenced by its recent IPO on the Hong Kong Stock Exchange [2][3]. Market Performance - Eight Horse Tea has launched a global offering of 9 million H-shares, with the Hong Kong public offering being oversubscribed by 2,680.04 times, setting a new record for tea companies in the Hong Kong stock market [3]. - As of 10:00 AM, the share price of Eight Horse Tea reached HKD 85.10, representing an increase of over 70% from the issue price, with a market capitalization exceeding HKD 7.2 billion [4]. Product Range and Market Position - The company offers a comprehensive product ecosystem that includes all categories of tea such as Oolong, black, red, green, white, and yellow tea, as well as non-tea products like tea utensils, snacks, and beverages [5]. - According to a report by Frost & Sullivan, Eight Horse Tea ranks first in the high-end tea market in China based on sales revenue for 2024, and it also leads in the Oolong and black tea markets. The company has maintained the highest sales of Tieguanyin tea for over 10 years, rock tea for 5 years, and black tea for 4 years [7]. Distribution and Franchise Model - In a highly fragmented traditional tea market, Eight Horse Tea has successfully implemented a unique "direct sales + franchise" model, achieving significant scale expansion and establishing strong channel barriers. As of the latest date, the company operates 3,716 offline stores across all provinces in mainland China, making it the largest tea chain in the country [9]. - To support franchisees, Eight Horse Tea enhances bargaining power and reduces costs through centralized procurement, unified production, and logistics distribution. The number of franchisees with average annual sales exceeding HKD 2 million increased from 80 in 2022 to 116 in 2024 [10]. International Expansion - Eight Horse Tea is actively exploring international markets, having hosted global tasting events in over 30 countries, including the USA, UK, and France, and representing Chinese tea at significant international occasions [12]. - The company plans to expand its overseas market channels, prioritizing Southeast Asia and countries along the Belt and Road Initiative as pilot markets, with future intentions to enter the European and American markets [10].

Core Insights - Geopolitical risks have been identified as the primary concern for investors for the second consecutive year, with North American General Partners (GPs) particularly focused on high valuation pressures [9][10] - Overall sentiment among private market investors is optimistic, with expectations for liquidity release through various exit strategies increasing [2][4] Group 1: Investor Sentiment and Strategies - Private market investors exhibit resilience, with strong sentiment towards tangible asset strategies, particularly in infrastructure (93%), private equity (82%), real estate (81%), and private credit (70%) [4] - GPs are optimistic about traditional exit routes expanding significantly, especially strategic sales (80% of GPs likely to adopt this method) and sales led by financial investors (70% considering this option) [5][6] - 83% of Limited Partners (LPs) plan to deploy the same or more capital in private market strategies in 2025, continuing a positive trend from previous years [8] Group 2: Valuation Challenges and Market Dynamics - Valuation remains the biggest challenge for new project investments, with 63% of respondents citing it as a key factor, and 60% indicating it as the main challenge for exits [4][5] - The emergence of new fund managers and the launch of new funds by existing GPs have intensified competition in the fundraising environment [2][5] - LPs are increasingly managing liquidity through secondary markets, with 17% of respondents selling assets in the secondary market this year, up from 11% last year [6][7] Group 3: Asset Allocation and Market Trends - Many LPs are below their target allocation levels across various strategies, with significant under-allocations in co-investments (62% below target) and secondary markets (45% below target) [7] - The interest in evergreen structures is growing, with over 30% of LPs considering or using them for private equity and infrastructure investments [10] - Concerns about geopolitical instability and policy uncertainty dominate investor worries, with North American GPs particularly focused on high valuations as a risk factor [9][10]

Core Viewpoint - Deepexi successfully listed on the Hong Kong Stock Exchange on October 28, 2025, marking it as the first "enterprise-level large model AI application stock," validating the feasibility and commercial value of AI in core enterprise scenarios [3][4]. Group 1: Company Overview - Deepexi, founded in 2018, focuses on providing cutting-edge AI solutions for enterprises, helping to integrate data, decision-making operations, and manufacturing expertise [3][4]. - The company has served a total of 283 clients by June 2025, receiving continuous recognition from its customer base [3]. Group 2: Investment Journey - The initial investment of over $16 million from Chuangxin Capital was pivotal for Deepexi, allowing the company to continue operations during challenging times [4][5]. - The long-term partnership between Deepexi and Chuangxin Capital reflects a strong belief in the founder's leadership and the company's governance structure [4][5]. Group 3: Market Position and Strategy - Deepexi is positioned as a key player in the enterprise data intelligence sector, emphasizing the importance of respecting value and time in business [5][29]. - The company aims to bridge the "last mile" in enterprise large model applications, focusing on transforming complex enterprise knowledge into usable data formats [24][26]. Group 4: Challenges and Adaptation - The company has navigated through industry challenges, including market downturns and financing difficulties, by continuously reshaping its product capabilities and organizational structure [5][19]. - The emergence of AI has fundamentally changed enterprise needs and data governance methods, prompting Deepexi to pivot towards AI-driven solutions [18][19]. Group 5: Future Outlook - The IPO is viewed as a new starting point for Deepexi, with the company aiming to solidify its strategic position in the AI and enterprise intelligence landscape [5][27]. - The focus remains on building a sustainable business model that respects commercial value and is refined over time, rather than chasing fleeting trends [30].