以下文章来源于21世纪商业评论 ，作者李惠琳 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 ---------------------------------- 作者：李惠琳 来源：21世纪商业评论 孙宏斌，终于公开露面了。 6月30日，这位融创中国董事会主席，携两位高管，现身公司股东周年会。 这是他时隔两年，首次亲临到场参会。 自融创出险后，孙本人已鲜少出现在公开场合 ，过去两 年的股东周年会，他都选择以线上接入方式参会。 一个半小时的会议，孙宏斌聊到融创的化债进展、未来发展方向，也表达对行业走势的乐观。他 声称，融创最困难的时候已经过去了。 一举清零 当下，孙宏斌正待境外债重组方案落地。 据悉，融创的境外债重组召集聆讯，定于9月15日召开，届时将让债权人进行投票批准计划，完 成相关法庭程序后，重组方案将正式生效。 融创的境外债总规模为95.5亿美元，约合人民币680亿元 。 就债务层面，他确已闯到了最后一关。 最新公告披露，融创的境外债未偿本金总额的75%持 ...

---------------------------------- 作者：邱鑫浩 来源：邱处机 阿里更加务实了。 而在这份新名单中， 最引人注目的名字，无疑是蒋凡 。 以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 6 月 26 日晚间，据阿里年报披露，阿里巴巴合伙人名单迎来史上最大规模"瘦身"—— 9 位合伙 人退出，仅剩 17 人，创下 2014 年上市以来的最低纪录。 这位 39 岁的少帅，不仅稳坐阿里电商事业群 CEO 之位，还首次进入阿里合伙人委员会，成为 该核心决策机构中最年轻的成员。 他的晋升，标志着阿里权力结构的一次重大调整——从"价值观优先"转向"业务能力至上"，而蒋 凡，正是这一转变的最佳代言人。 01 阿里合伙人"大瘦身"： 不在业务一线的，基本都退出了 阿里合伙人制度自 2010 年正式确立以来，一直都是公司的最高决策机构，目的是保障企业文化 和战略传承，同时实现创始团队对公司控制权的长期维护。 然而近年来，随着市场竞争加剧、增长压力加大，这套体系也在经历深刻的变革。 据阿里 2025 财年年报，合伙人名单已经从 26 人锐减至 17 人，退出的 9 人包括： 彭蕾 ...

Core Viewpoint - The article highlights the innovative marketing strategies of Guilin Sanjin and Sanjin Pian, particularly focusing on the "Urological Health Smooth Journey" campaign during the 12th anniversary of Urological Health Day on June 16, aiming to raise awareness about urinary health among a broader audience [1][15]. Group 1: Campaign Initiatives - Guilin Sanjin partnered with Didi Delivery to launch a public welfare initiative targeting drivers, addressing their unique health challenges related to prolonged sitting and inadequate hydration [3][4]. - A research report titled "Urological Health Smooth Journey - 2025 Care for Driver Groups" was published, based on surveys conducted with thousands of ride-hailing and freight drivers, to better understand their health habits and needs [6]. - A three-day themed truck parade took place from June 14-16 in key locations in Guangzhou, promoting awareness of urinary health through eye-catching slogans on custom trucks [8]. Group 2: Educational Efforts - The campaign included interactive activities such as care packages for drivers and engaging games to disseminate knowledge about urinary health [9]. - Experts in urology recorded educational videos using simple language to encourage good habits related to urinary health, alongside the release of a situational short film and an interactive H5 game to make learning more engaging [12]. Group 3: Brand Evolution - Since the inception of Urological Health Day in 2014, Guilin Sanjin has consistently evolved its marketing strategies, collaborating with various platforms to enhance public health awareness and adapt to market demands [15]. - The partnership with Didi Delivery represents a new approach to reach a specific occupational group, reinforcing the brand's commitment to improving public understanding of urinary health [15].

Core Viewpoint - The strategic investment by Zhong Shanshan, the founder of Nongfu Spring, in Jinbo Biological represents a significant shift in the competitive landscape of the medical beauty industry in China, aiming to leverage the growing market for recombinant collagen products and enhance market presence through collaboration with established brands [1][36][37]. Group 1: Investment Details - Jinbo Biological announced a strategic partnership with Yangshengtang, raising 2 billion yuan through a private placement, marking a record for cash capital increases on the Beijing Stock Exchange [3][4]. - The investment will be used for developing a humanized collagen FAST database and product development, with 1.15 billion yuan allocated for this purpose and 850 million yuan for working capital [3]. - Following the announcement, Jinbo Biological's stock price surged, closing at 355.96 yuan per share, with a market capitalization of 40.96 billion yuan [6]. Group 2: Company Backgrounds - Zhong Shanshan, aged 71, is a legendary entrepreneur who founded Nongfu Spring and Yangshengtang, creating a business empire valued over 400 billion yuan [11]. - Yang Xia, the 51-year-old founder of Jinbo Biological, transitioned from academia to entrepreneurship, focusing on synthetic collagen for medical applications after identifying challenges in organ preservation [12][13]. Group 3: Market Potential - The recombinant collagen product market in China is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 and exceeding 219.38 billion yuan by 2030 [25][26]. - Jinbo Biological's revenue is expected to reach 1.443 billion yuan in 2024, reflecting an 84.92% year-on-year increase, with a net profit of 732 million yuan, up 144.27% [18]. Group 4: Strategic Synergies - The partnership is expected to enhance Yangshengtang's product line with high-end collagen ingredients, while Jinbo Biological can leverage Yangshengtang's extensive retail network of over 300,000 outlets to penetrate the consumer market [29][36]. - The collaboration aims to transform Jinbo Biological from a technology leader to a market leader, with the anticipated launch of new products in the third quarter [31]. Group 5: Competitive Landscape - The medical beauty industry is highly competitive, with Jinbo Biological facing challenges from established players like Huaxi Biological and Aimeike, which are also expanding into recombinant collagen [34]. - Jinbo Biological's dynamic price-to-earnings ratio of over 50 requires sustained high growth to maintain investor confidence, especially as sales expenses are projected to rise significantly [34][35].

Core Viewpoint - The Chinese liquor industry, particularly the high-end segment, is experiencing significant challenges, with prices declining and consumer preferences shifting towards more affordable options [3][5][6]. Group 1: Price Trends and Market Dynamics - During the 2023 618 shopping festival, the prices of high-end liquors like Moutai and Wuliangye fell sharply due to aggressive discounts, with Moutai's price dropping to as low as 1840 yuan per bottle, a significant decrease compared to the previous year [3][9]. - The overall market for high-end liquor is under pressure, with many brands experiencing price declines and some products seeing price drops of over 1000 yuan within a year [10][11]. - The pricing structure of the liquor industry is changing, moving from a focus on market comparison and cost advantages to aggressive price competition, similar to trends seen in the electric vehicle sector [12]. Group 2: Industry Challenges - The liquor industry is facing a significant inventory crisis, with total inventory across 20 listed companies reaching 153.6 billion yuan, a 12.41% increase year-on-year, and many companies experiencing rising stock levels [18][19]. - The industry is grappling with overcapacity and stagnant consumption, with production capacity among the top six liquor companies increasing by 37% since 2020, while consumer demand has not kept pace [22]. - The shift in consumer demographics is notable, with younger generations consuming significantly less liquor than their predecessors, leading to a structural decline in demand [22][23]. Group 3: Future Outlook - The liquor industry is expected to continue its adjustment phase, with price declines likely to persist, necessitating changes from both companies and the industry as a whole to foster a healthier market environment [33]. - The focus is shifting back to the true value of liquor as a consumer product, moving away from the excessive added values previously associated with it, such as status symbols and investment properties [30][32]. - Companies that can effectively engage younger consumers and adapt their product offerings will be better positioned for long-term success in the evolving market landscape [30][31].

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Core Viewpoint - The article highlights the significant transformation in the new energy government vehicle market, with BYD emerging as a dominant player, maintaining its position as the top choice for government procurement of new energy vehicles for two consecutive years [1][6]. Group 1: Government Procurement Rankings - In the 2024 government procurement new energy vehicle rankings, BYD holds a leading market share of 26.09%, followed by GAC Group at 20.83% and SAIC Group at 16.87% [2]. - Over the past three years, BYD's average market share in new energy government vehicle sales has reached 28.02%, indicating that for every four new energy vehicles purchased by the government, one is a BYD [3]. Group 2: Factors Contributing to BYD's Success - The high standards for government vehicle procurement, likened to a "college entrance examination" for cars, emphasize the need for vehicles that are both aesthetically pleasing and durable [4]. - BYD's success in becoming the preferred choice for government vehicles is attributed to its advanced technology, including the safety of its blade battery, fuel efficiency of the DM-i system, stability of the cloud platform, and the intelligent driving assistance of the "Tian Shen Zhi Yan" system [4]. - Popular BYD models such as Sea Gull, Qin, Song, and Han have been successfully utilized for various government functions, showcasing both practicality and prestige [4]. Group 3: Market Recognition and Future Outlook - BYD's position as the leading sales champion in China's new energy vehicle market is reinforced by government policies favoring domestic brands, further enhancing its appeal in the public sector [6]. - The article expresses confidence that more Chinese brands will follow BYD's example, leveraging technology to demonstrate the strength of Chinese manufacturing on a global scale [6].

Core Viewpoint - The article highlights the significant achievements and investments of Joe Tsai in the sports industry, particularly in the NBA and WNBA, showcasing his strategic approach to sports management and investment opportunities [2][8]. Group 1: NBA Investments - Joe Tsai's Brooklyn Nets made history by selecting five rookies in a single draft, marking the first time any team has done so in NBA history [3][4]. - Tsai's wealth, estimated at $11.2 billion, allows him to make substantial investments in sports, including signing multiple high-value rookie contracts [12][11]. - He previously acquired a 49% stake in the Brooklyn Nets for $1 billion in 2018 and later purchased the remaining 51% for $1.35 billion, totaling over $3.5 billion for the team's assets [22][24]. Group 2: WNBA Success - The New York Liberty, co-owned by Tsai and his wife, has seen a remarkable turnaround, achieving a record of 11 wins and 4 losses, placing them first in the Eastern Conference as of June 29 [6][41]. - The team was initially undervalued but has since gained popularity, leading to increased ticket demand and sponsorships, with over 50 sponsors by the end of 2024, a 61% increase [40][42]. - The Liberty plans to build a new training facility costing $80 million, expected to open in 2027, to further enhance its operations [43]. Group 3: Strategic Management - Tsai's wife, Wu Minghua, plays a crucial role in managing the Liberty, leveraging her extensive experience in corporate management to revitalize the team [31][34]. - The couple's investment strategy includes acquiring stakes in other sports entities, such as a 12% stake in the luxury sneaker brand Golden Goose [14][17]. - Their family office, Blue Pool Capital, is expanding its investment strategy to include external clients, focusing on hedge funds and private credit funds, with a new fund of $500 million announced [54][56].

Core Viewpoint - The article discusses the challenges and strategic shifts of Gome under the leadership of Huang Guangyu, highlighting the company's significant losses and attempts to pivot into new business areas such as e-commerce, metaverse, and automotive sales [4][35][54]. Group 1: Business Challenges and Losses - Gome has accumulated a net loss of 38.8 billion over four years since Huang Guangyu's return [4][35]. - The company's retail revenue plummeted from 787.5 billion in 2017 to only 17.92 billion in 2022, and further down to 9.22 billion in 2023 [44][45]. - Despite attempts to revitalize the brand, including the launch of the "Zhen Kuai Le" app, Gome's average daily active users remained low at around 3 million by the end of 2021 [32]. Group 2: Strategic Shifts and New Ventures - Huang Guangyu aimed to transform Gome into a comprehensive e-commerce platform, competing with giants like JD and Alibaba, but faced significant execution challenges [21][36]. - The company attempted to enter the metaverse and live-streaming sectors, but these initiatives did not yield the expected results [34][30]. - In 2023, Gome shifted focus to the booming field of unmanned retail and launched a new retail model called "Instant Retail," aiming to open over 10,000 stores in three years [49][51]. Group 3: Automotive Business Development - Gome is venturing into the automotive sector with the establishment of the Gome Smart Car Experience Center, aiming to create a low-cost alternative to traditional car dealerships [55]. - The center, covering 45,000 square meters, features various facilities to enhance customer experience, including live streaming and charging stations [56]. - This move is seen as a potential turning point for Gome, capitalizing on the growing demand for electric vehicles [58].

Core Viewpoint - The article discusses the competitive dynamics between Xiaomi and Huawei in the electric vehicle market, highlighting Xiaomi's rapid success with its SUV model YU7 and contrasting it with Huawei's struggles in the automotive sector due to its "no car manufacturing" strategy. Group 1: Xiaomi's Success - Xiaomi's first SUV model YU7 was launched at a starting price of 253,500 yuan, featuring a range of 835 kilometers, leading to over 200,000 orders within 3 minutes and 289,000 orders within an hour [2][3] - The rapid sales growth of Xiaomi's YU7 reflects its effective market strategy, with a significant increase in sales targets from 300,000 to 350,000 units for 2025 due to high demand [35] Group 2: Huawei's Challenges - Huawei's sales of its smart vehicle brand, Zhijie, have seen a dramatic decline, dropping from 15,900 units in December 2022 to 5,689 units in May 2023 [6][10] - Huawei's internal debate over whether to enter car manufacturing has led to a firm stance against it, with CEO Ren Zhengfei emphasizing the need to avoid resource waste and maintain partnerships with established car manufacturers [15][19][21] Group 3: Strategic Differences - Xiaomi has adopted a comprehensive approach by leveraging its existing brand equity from the smartphone market to penetrate the automotive sector, while Huawei has fragmented its brand into multiple sub-brands, diluting its market recognition [30][39] - The article notes that Huawei's strategy of not entering the low-end market has limited its reach, while Xiaomi's "high configuration at low price" strategy has attracted younger consumers [36] Group 4: Future Outlook - The competition between Xiaomi and Huawei represents a broader battle of business models, with Xiaomi focusing on direct consumer engagement and vehicle manufacturing, while Huawei aims to be a technology supplier [44][45] - Despite current challenges, Huawei still possesses significant technological advantages in smart driving and cockpit systems, but it must address production capacity issues to improve its market position [42][43]