Core Insights - The article discusses the challenges and strategies of Wu Yonghui, who took over the Seed department at ByteDance, focusing on improving model capabilities and fostering a research-oriented atmosphere [2][3][20] - It highlights the balance between long-term research goals and short-term deliverables, emphasizing the need for both innovation and discipline in a competitive environment [23] Group 1: Leadership and Management - Wu Yonghui's leadership style is characterized as calm and pragmatic, focusing on enhancing model capabilities and research efficiency [3][5] - He has implemented a structure that encourages collaboration across teams, breaking down silos to improve communication and resource allocation [6][7] - The Seed team has been restructured into virtual teams to tackle foundational AGI topics and improve overall efficiency [6][19] Group 2: Research and Development - The upcoming Doubao 2.0 model, with 1 trillion parameters, represents a significant achievement for the Seed team, showcasing their advancements in model training [17][19] - The team has faced infrastructure challenges during the training of Doubao 2.0, highlighting the importance of a stable foundation for scaling model parameters [18][19] - Despite the focus on high-quality research, there is pressure to deliver short-term results, leading to potential conflicts between innovative research and immediate business needs [22][23] Group 3: Organizational Culture - The Seed department has cultivated a unique culture that blends startup agility with academic creativity, encouraging researchers to publish their findings and share knowledge [20][21] - The management has adopted a more relaxed evaluation mechanism, allowing researchers to explore innovative ideas without the constraints of traditional performance metrics [20][21] - However, the need for competitive output has led to a shift in focus towards projects that yield immediate results, impacting the overall research direction [22][23]

被看不见的 "生产节拍" 掌控一切的餐厅工厂。 文 丨 赵梓昕 制图 丨 黄帧昕 编辑 丨 王姗姗 在寿司郎门店做了几个月兼职后，李伦告诉自己 "这段体验可以结束了"。他曾开过四家日料店，到寿 司郎求职是抱着一种学艺的态度，想了解日式餐饮的精细化管理，结果这份工作给他上的第一课竟然 是关于如何洗手。 每次洗手要严格遵循所谓 "十步洗手法"：跟随节拍完成每一个揉搓、冲洗步骤，过程要持续至少 2 分 钟，身边还要有一位洗手监督员陪同。门店每月会更新一批 "有资格自己洗手" 的名单，员工需要通过 考核才能入选，一旦监控发现不规范操作，资格立即取消。 "变态的严苛，我只能这么形容。每隔两小时，店内就会响起广播，提示进入集中清洁时间。" 李伦不 喜欢寿司郎的工作文化，觉得同事们每天戴着帽子口罩各自忙碌，工作中的交流冰冷生硬，每个人 "像一个机器一样"。 在寿司郎吃饭的体验，也如同进入一条运转良好的工厂流水线：从被领至座位、面对一块 1.5 米宽的 大屏幕上的虚拟寿司回转带开始点餐起，每一个动作都已被精确地嵌进了既定节拍里——点餐、出 餐、进食、抽奖、买单——你并不会被催促，却不自觉地一直被系统推着向前。 近期，我们访谈 ...

陪我们一起巡店的祝骏随机打开一款标价 169 元的沃集鲜坚果礼盒介绍说，这款商品的开发在 2025 年 4 月就启动了，内部的五罐坚果是从越南原装进口，礼盒则是他带领的沃尔玛采销团队负责设计、 在国内另找供应商完成制造。 春节礼盒很容易被做成表面功夫，包装做得又大又喜庆，里面装什么反而成了次要问题。但祝骏指着 礼盒包装说，从设计环节就确定了 "开口式包装"，这能让顾客看见里面的果仁到底长什么样，虽然开 口包装容易压碎果仁，为了解决这个问题团队做了大量结构与内托的打磨。 祝骏是现任沃尔玛中国高级副总裁兼沃尔玛业态首席采购官。沃尔玛全渠道中的每一款商品，都是由 他负责终审把关。在店里随便拎出任何一款沃尔玛自有品牌 "沃集鲜" 的商品，祝骏都能滔滔不绝地讲 出它背后的开发故事。 在中国零售业竞争白炽化的这些年，几乎所有玩家都在押注自有品牌，路径也越来越趋同：找代工厂 贴牌，换个包装，压低价格做 "平替"。在这种低价内卷里，商品很容易失去灵魂：它们看起来差不 多，吃起来也差不多，最终只剩下便宜这一个标签。 当零售自有品牌被认为 "越来越像流量生意" 时，沃尔玛却回归到了 "顾客第一" 的战略原点，在看似 最不起眼的地 ...

Core Viewpoint - Dongpeng Beverage has successfully listed on the Hong Kong stock market, raising approximately HKD 10.14 billion with a share price of HKD 248, reflecting its strong growth potential in the energy drink market [4][5]. Market Position and Growth - Dongpeng's market share in China's energy drink sector is 40.1% by volume, with a CAGR of 28.5% over the past three years, while its main competitor, Huabin Red Bull, holds a 22.0% market share with a CAGR of only 3.9% [4][5]. - By 2025, Dongpeng's total revenue is projected to reach approximately CNY 21.4 billion, with Dongpeng Special Drink contributing CNY 16.2 billion, indicating a growth rate of about 22% [5]. Profitability and Efficiency - Despite a decrease in growth rate to 22%, Dongpeng's profitability remains strong, with a gross margin of around 44% and an increase in net margin by 1 percentage point in the first three quarters of 2025 [5][10]. - The company's sales expense leverage has been steadily increasing, indicating improved efficiency in converting sales expenses into revenue [5][10]. Competitive Landscape - Other competitors in the energy drink market, such as Dali's Lehu, Wahaha's Qili, and Huabin's Zhanma, have struggled to compete, with many experiencing stagnation or decline [7][9]. - The lack of competition is attributed to limited market size, insufficient capital investment, and weak promotional efforts from these companies [9]. Channel Strategy and Expansion - Dongpeng has a robust channel incentive structure, allowing for significant growth in its distribution network, with over 4.3 million retail outlets and more than 3,200 distributors as of Q3 2025 [14]. - The company plans to expand its retail network to 5 million outlets by 2026, focusing on regions with lower maintenance rates for sales personnel [14][15]. Future Projections - Dongpeng aims for a revenue target of CNY 27 billion to CNY 29 billion in 2026, with Dongpeng Special Drink expected to generate CNY 20 billion to CNY 21 billion [15]. - The company is also diversifying its product offerings, with new products set to launch in 2025 and 2026, which could replicate the success of its existing high-growth products [14][15]. Consumer Demographics - The demand for energy drinks is expanding beyond traditional consumers like drivers and laborers to include white-collar workers and students, driven by increased work hours and the appeal of sugar as a quick energy source [16][17].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 行业第一家量产交付的智能房车企业。 文 丨 祝颖丽 编辑 丨 宋玮 Pebble 产品照 以下是《晚点 Auto》与杨秉锐的对话。 把传统房车一步带到了新时代 晚点 ：你们产品之前在英伟达 GTC 等国际展会亮相，也获得一些奖项，去年时代杂志还把你们产品 评为最佳发明，现在第一款产品交付后，市场反馈如何？ 2020 年，疫情席卷全球，像无数被困在家中的美国中产家庭一样，杨秉锐决定租一辆房车带家人去 "逃离" 现实；但到了营地，为了把这个庞然大物倒进车位，他和太太在众人的注视下折腾了近一个小 时，巨大的挫败感甚至引发了争吵。 这次狼狈的经历，成为了 Pebble 诞生的缘起。杨秉锐意识到，这也许不只是一次糟糕的用户体验，更 是巨大品类机会，因为在特斯拉已经重塑汽车的时代，房车这个行业，竟然还停留在 "前燃油车时 代"——没有动力、没有智能、依赖 "家装式" 手工打造、极易损坏。 杨秉锐此前在苹果工作十年，负责 iPhone 硬件开发，后又在 Zoox 和 Cruise 两家头部自动 ...

去年，可隆取代了 连续合作十年 的竞争品牌，成为中国攀岩国家队新的官方合作伙伴。今年刚开 始，可隆全新品牌体验旗舰店在北京华贸中心开业，之前十年这个铺位一直属于意大利奢侈男装品牌 杰尼亚。 可隆全新品牌体验旗舰店「KOLON ATLAS 可隆自然典集」 这次采访中，可隆 CEO 丁思榕不爱谈论效率、增长。品牌的建立与稳固离不开无法加速的资源—— 时间。当管理者在每一次短期销量与长期价值的选择里，都选长期，一个品牌的形象才会越来越清 晰。 站在今天，安踏集团收购、管理一个户外品牌并在中国做到新的高度，"收一个成一个" 似乎理所当 然。但在安踏接手可隆的 2017 年，户外运动还只是小众爱好。即使是现在最顶级的户外品牌，彼时 也只能挤在商场高层，门面比瑞幸大不了多少。 如何让一个户外品牌重归独特。 文 丨 陈然 作为安踏集团内增长最快的品牌之一，在户外市场陷入高度内卷、产品价格从低到更低时，可隆持续 快速增长，超越了安踏集团最早在收购时的预期。 没人预见户外趋势的变化。"我们没有带着一本孙子兵法去见招拆招。" 丁思榕说，"只能说，不断尝 试、然后纠偏，没有停止过。" 2017 年正值可隆进入中国的第 11 年。此 ...

Core Viewpoint - The article discusses the emergence of Pamir AI, a hardware product designed to serve as a dedicated computer for AI agents, emphasizing its potential to revolutionize the interaction between users and AI technology [5][12]. Group 1: Product Overview - Pamir AI is a micro-sized hardware device priced at $250, designed to operate 24/7 and handle repetitive tasks, allowing users to interact with AI agents through a dedicated application rather than traditional messaging platforms [7][10]. - The device is built on a micro Linux operating system and can execute 95% of tasks locally, providing a significant advantage over cloud-based solutions that incur ongoing costs [11][14]. - The product's unique capability includes physical connectivity to external devices, enabling users to modify hardware functionalities, such as programming printers to perform complex tasks [11][12]. Group 2: Market Positioning and Target Audience - Pamir AI targets various user groups, including developers who require continuous background coding support, electronic enthusiasts who need to program hardware, and knowledge workers who utilize the device as a smart storage solution [12][13]. - The product aims to redefine the concept of a computer, positioning itself as a "relentless work machine" that can replace traditional laptops and cater to a broader audience beyond just programmers and hardware enthusiasts [13][14]. Group 3: Development and Future Plans - The company, currently with a team of four, has raised $2.6 million in funding and plans to begin mass production of the next generation of Pamir AI by June 2026, focusing on hardware sales as the primary business model [15][16]. - The founder emphasizes the importance of long-term commitment to a promising direction, indicating that the company is on an upward trajectory after overcoming initial challenges [16][21].

Core Viewpoint - Yum China is experiencing high-quality growth in the restaurant industry, with a projected total revenue increase of 4% to $11.8 billion in 2025 and an operating profit of $1.3 billion, reflecting an 11% year-over-year growth [2] Group 1: Financial Performance - In 2025, Yum China's operating profit margin increased by 60 basis points to 10.9%, marking a new high since its U.S. listing in 2016 [2] - The company's system sales and same-store sales have shown growth for three consecutive quarters, maintaining profitability in various economic cycles [2] Group 2: Market Expansion Strategy - Yum China aims to exceed 30,000 stores by the end of 2030, with a dual strategy of "outward expansion" and "internal efficiency improvement" already underway [2] - The company is focusing on increasing store density in lower-tier cities, where the current density is significantly lower than in first and second-tier cities [2][4] Group 3: Store Model Innovation - The company is iterating on store models to enhance adaptability and reduce costs, utilizing AI technology to improve overall efficiency [3] - The shift towards smaller store formats and the "shoulder-to-shoulder" modular approach allows for better resource allocation and coverage of diverse consumer scenarios [5][6] Group 4: Delivery and Takeout Growth - By 2025, delivery sales accounted for 48% of restaurant revenue, up from 39% in 2024, indicating a shift in consumer preferences [4] - New store formats like the compact KFC and satellite Pizza Hut are designed to cater to delivery and takeout demands [4] Group 5: Supply Chain Efficiency - Yum China is implementing a "full utilization" strategy in its supply chain, optimizing the use of chicken parts across different brands [12] - The company is also adjusting procurement strategies for seasonal ingredients to stabilize cost fluctuations [14] Group 6: Innovation and Product Development - Over the past three years, Yum China has launched more than 1,600 new products, averaging 1.5 new or upgraded items daily [16] - The focus on core products allows for reduced risk in new product development while enhancing customer loyalty [16] Group 7: Financial Discipline and Shareholder Returns - Yum China has committed to returning approximately $4.5 billion to shareholders between 2024 and 2026, with a specific annual plan of about $1.5 billion [20] - The balance between flexibility in operations and strategic stability supports predictable financial performance [20]

生鲜零售回归平台公司的游戏。 文 丨 沈方伟 管艺雯 编辑 丨 王姗姗 美团 2 月 5 日下午 5 时发布上市公司公告，以 7.17 亿美元（约合人民币 50 亿元）的初始价格，收购叮 咚买菜全部已发行股份及其中国业务。此外，转让方可以从公司提走 2.8 亿美元现金，意味着包括创始 人梁昌霖在内的叮咚买菜股东将从这笔收购交易中获得 9.97 亿美元回报。 叮咚买菜的这一轮收购谈判始于 2025 年 12 月中旬——叮咚买菜创始人梁昌霖在内部向管理层成员透 露，他觉得国内的生鲜前置仓业务已经不再适合创业公司，大公司入场会做得更好，因而考虑出售公 司。 期间，包括阿里、美团、京东、德弘资本等 5 - 6 家意向买方先后报价或尽调。 京东、德弘资本均在尽 调后报价 ，美团是最早参与报价的买方之一， 但早期收购意图并不明确。 接近美团的人士告诉我们，美团管理层此前曾有过探讨，判断小象超市的两个对手叮咚买菜、朴朴超市 不具备收购价值，美团已经通过学习模仿他们积累了经验，未来战胜这两家公司只是时间问题。 去年至今，以外卖大战为起点，持续升级的即时零售大战改变了这一切。美团管理层的态度在今年一月 发生转变。期间，京东在尽 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 原自动驾驶一号位刘先明担任整合后的负责人。 文 丨 李安琪 编辑 丨 龚方毅 对 AI 的无限憧憬正在改变汽车公司的组织方式。定位 "面向全球的具身智能公司" 的小鹏汽 车，是最新一例。 我们独家获悉，近日小鹏汽车将两个智能化一级部门 —— 自动驾驶中心、智能座舱中心 —— 合并为通用智能中心。新部门由原自动驾驶负责人刘先明主导，直接向董事长、CEO 何小鹏汇 报。 有接近小鹏的知情人士告诉我们，通用智能中心是一个面向汽车 + 机器人的全新 AI 组织，将 围绕基座模型、Infra 底座、平台化交付、产品和项目质量等圈层结构设立相关二级组织。新部 门的 AI 技术中台底座，后续将同时为智能驾驶、智能座舱、机器人等应用层提供支撑。 调 整 前 ， 刘 先 明 与 智 能 座 舱 中 心 负 责 人 魏 斌 均 直 接 向 何 小 鹏 汇 报 。 刘 先 明 曾 在 Facebook （ 现 Meta）、通用汽车旗下的自动驾驶公司 Cruise 任职，从事机器学习与计算机视觉领域的前 ...