据悉，京东今年在年终奖上的总投入同比增加超过70%。看这架势，京东今年又是一个丰收年。 除了加薪，根据京东已发布的前三个季度财报，2025年三个季度营收突破9568.6亿元。即便四季 度失常发挥，营收不足3000亿， 全 年收入也能轻松突破去年的11588亿元，再创新高。 临近年关，根据京东年终奖计划，京东全员再次迎来加薪好消息。 今年京东有92%的员工可获得全薪或更高额度的年终奖金。部分今年调整为19薪的部门，最高可领取22 薪；调整为20薪的部门，最高可达24薪。 其中采销岗位年终奖尤为突出， 从去年的23薪提升至今年的25薪，且不设上限。 前两年，根据《财富》杂志统计，京东就已登顶中国民企第一。今年不出意外，这一势头还将持 续。 而京东的增长却并不依赖于这几年流行于各大厂之间"降本增效"、"裁员广进"。 这两年间，不仅实现全员四次以上的加薪， 员工数也从13万涨至52万，一年仅人力成本就高达 1100亿。 去年年初宣布进军外卖行业后，还率先为骑手配备了五险一金。 如此庞大的员工数量和人力支出，京东想要在若要在这方面压缩空间，京东仍有较大余地，但刘强 东并未选择这条路径。 相比削减人员支出，刘强东更倾向于 ...

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 ----------------------------- 作者： 牧龙闲人 来源：最华人 在给员工发钱这件事上，国内的"霸总"们已经卷起来了。 前有河南矿山老板崔培军，数千万现金摆满几十米长桌，员工数多少拿多少 ； 后有辽宁方大集团老板方威，上亿现金堆成墙，一捆捆百元大钞全部发给公司员工。 据统计，近十年来，辽宁方大集团已累计给员工发放现金红包近40亿元，"现金墙"几乎成了公司每 年的传统。 而坚持给员工"撒钱"的方威，财富不减反增，从2024年的405亿元，涨到了2025年的525亿元， 在东北三省企业家中排名第一。 这位豪爽的东北汉子，坚信财散人聚。他的这座"现金墙"，堪称凝聚人心的强大法宝—— 当几亿现金毫无修饰地堆在你面前时，任何复杂的企业文化和精美的宣传PPT，都显得是那样得苍 白无力。 他不画大饼、不PUA，只用一把把真金白银告诉员工："跟着我，有肉吃。" 01 给员工"发汽车" 2021年，辽宁方大 ...

Core Viewpoint - The arrival of a new cycle in non-ferrous metals has made the gold sector the biggest winner, with Zijin Mining being a significant beneficiary [2][4]. Group 1: Zijin Mining's Performance - Zijin Mining's stock price surged over 6%, with its market capitalization exceeding 1 trillion yuan, marking a remarkable performance in 2025 with a stock price increase of 135.77% and a total market value growth of 525.8 billion yuan [5]. - The company's stock has risen for six consecutive years, increasing from 3.15 yuan per share at the beginning of 2020 to over 10 times its original value [5]. - The rise in prices of precious metals, particularly gold, has been a key driver, with gold prices in 2025 experiencing a historical bull market, rising over 60% and reaching record highs [6]. Group 2: Strategic Acquisitions and Resource Management - Zijin Mining's continuous stock price increase is attributed to its long-term strategic layout around gold and copper resources [8]. - The average acquisition cost of mines by Zijin Mining from 2019 to 2024 was approximately $61.3 per ounce, significantly lower than the industry average of $92.9 per ounce, providing a cost advantage [9]. - The company has expanded into lithium resources, acquiring a 25% stake in Zangge Mining for 13.7 billion yuan, significantly increasing its lithium resource reserves to 1.788 million tons of lithium carbonate equivalent, ranking among the top ten globally [9]. Group 3: Historical Context and Growth Strategy - The success of Zijin Mining is closely linked to its founder, Chen Jinghe, who transformed the previously deemed unviable Zijin Mountain into China's largest gold mine through innovative techniques [11]. - Since its establishment in 2001, Zijin Mining has pursued a national expansion strategy, acquiring various mines across China and internationally, including significant acquisitions during industry downturns [12][13]. - By the end of 2022, Zijin Mining's resource holdings included 73.72 million tons of copper, 3,117 tons of gold, and 1,215 million tons of lithium, positioning it to benefit from the 2025 bull market in precious metals [14]. Group 4: Future Prospects - Zijin Mining is not only focused on gold and copper but is also strategically investing in lithium resources, aiming to become a significant player in the global lithium industry [15]. - The company has made substantial investments in lithium projects, including acquiring stakes in key lithium resources in Argentina and Tibet, with a total lithium carbonate equivalent exceeding 1.215 million tons [17]. - The recent acquisition of a 24.82% stake in Zangge Mining for 13.729 billion yuan further enhances its lithium resource portfolio, indicating that the company's growth trajectory is far from over, with the trillion yuan market cap being just a milestone [18].

Core Viewpoint - The article discusses the severe financial and operational crisis faced by Meike Home, highlighting its transition from a leading high-end furniture brand to a company on the brink of collapse due to unpaid wages, production halts, and significant financial losses [5][7][12]. Group 1: Crisis Overview - Meike Home's controlling shareholder, Meike Investment Group, had 488 million shares frozen by the court, representing 100% of its stake in the company [9]. - The company announced the suspension of operations at two wholly-owned subsidiaries due to low capacity utilization, averaging less than 20% [10]. - Employees reported unpaid wages for several months, leading to a controversial "salary offset" scheme where employees must sell furniture to earn their wages [10][11]. Group 2: Market and Operational Decline - The company has been closing stores rapidly since 2024, with significant locations in major cities like Nanjing and Beijing shutting down or reducing size [11]. - High rental costs and large workforce expenses have created a financial strain, exacerbated by declining customer traffic [12]. - Meike Home attempted to acquire a tech company to boost its stock price, indicating desperation amid its operational struggles [12]. Group 3: Historical Context and Strategic Missteps - Founded by an artist, Meike Home initially thrived by capitalizing on unique design and high-quality materials, becoming a major player in the furniture industry [14]. - The company failed to adapt to significant market changes, missing opportunities in the custom furniture trend and the shift in consumer preferences towards minimalism [15][16]. - Meike Home's reliance on a heavy asset model and direct retailing became a liability as market conditions shifted, leading to unsustainable operational costs [17]. Group 4: Financial Performance - Meike Home reported a cumulative loss of nearly 1.6 billion yuan over three years, with net losses of 298 million yuan in 2022 and 464 million yuan in 2023, and projections indicating losses could exceed 800 million yuan in 2024 [19][20]. - The company's gross margin, previously between 40%-50%, has declined significantly due to discounting efforts to clear inventory [20]. - The sales expense ratio remains alarmingly high at 30%-40%, leading to unsustainable financial practices compared to competitors [21][22]. - As of Q3 2025, the company's cash reserves were critically low, with a cash-to-short-term debt ratio below 0.1, indicating severe liquidity issues [22][23].

Core Viewpoint - The article discusses the conflict between the operational needs of a non-profit children's hospital and the commercial realities of its rental agreement, highlighting the challenges faced by charitable organizations in a market-driven environment [10][14][27]. Group 1: Hospital's Financial Struggles - The hospital, which provides free surgeries for children with cleft lips and palates, has accumulated over 30 million in unpaid rent due to a significant drop in patient volume during the pandemic [13][24]. - The landlord adjusted the rent from approximately 440,000 to 800,000 per month, which the hospital struggles to afford, especially given its reliance on donations and limited revenue from outpatient services [11][12]. - Despite the landlord's claim that the rent increase merely reflects market rates, the hospital's financial situation has become dire, leading to a reliance on public donations to cover operational costs [9][25]. Group 2: Public Response and Fundraising Efforts - A recent live-stream fundraising event led by a celebrity raised over 24 million, showcasing the public's willingness to support the hospital [7][29]. - The involvement of high-profile individuals has been crucial in attracting donations, but this reliance on celebrity influence raises concerns about the sustainability of such funding methods [21][22]. - The article emphasizes that while immediate donations can provide temporary relief, they do not address the long-term viability of the hospital or similar non-profit organizations [24][30]. Group 3: Structural Issues in Non-Profit Operations - The article points out the lack of government support and the absence of a robust public funding model for non-profit hospitals, which exacerbates their financial vulnerabilities [25][28]. - It suggests that a more sustainable approach could involve creating designated public land for non-profits, offering rental subsidies, and allowing more flexible use of donations to cover operational expenses [28][27]. - The current situation illustrates the broader issue of how non-profits are often left to navigate commercial pressures without adequate support from the market or government [26][30].

Core Viewpoint - Sam's Club in China is experiencing significant growth, with projected sales surpassing 140 billion yuan by 2025, reflecting a 40% year-on-year increase, while the broader retail sector faces challenges [1][2]. Group 1: Membership Strategy - The membership fee was increased from 150 yuan to 260 yuan in 2012, effectively filtering the target customer base and leading to a membership count of 9 million by 2025 [5]. - The membership fee structure has become a barrier to entry, contributing to substantial revenue from membership fees, which is a key aspect of Sam's business model [5]. Group 2: Digital Transformation - By 2025, over 50% of Sam's sales will come from e-commerce, indicating a successful digital transformation from a traditional warehouse model to a fresh e-commerce giant [7]. - The competitive landscape emphasizes the importance of proximity to consumers, with distance becoming a critical factor in retail success [7]. Group 3: Competitive Landscape - The retail market in China is becoming increasingly crowded, with traditional supermarkets like Yonghui struggling to adapt, while e-commerce giants like JD and Tmall are aggressively pursuing market share [8]. - Sam's main competitor is Hema, which has reported over 40% revenue growth driven by its dual-engine strategy [12]. Group 4: Market Dynamics - The growth of Sam's Club reflects a shift in consumer behavior towards rational quality consumption rather than a reduction in spending, with a focus on value for money [15]. - The increasing membership numbers may dilute the exclusivity of the membership model, leading to potential challenges in retaining members if perceived value diminishes [15].

Core Viewpoint - The article discusses the dramatic decline of tobacco and liquor stores in China, highlighting the shift in consumer behavior and the impact of regulatory changes on the industry [5][12]. Group 1: Current Market Dynamics - On the first day of 2026, the limited stock of Feitian Moutai sold out within half an hour, contrasting sharply with the decline of tobacco stores [7][9]. - The number of tobacco stores in China decreased by approximately 19% in 2025, equating to the closure of around 320,000 stores [9][26]. - Over the past five years, more than 1.3 million tobacco stores have shut down, averaging nearly 900 closures per day [9][28]. Group 2: Historical Context and Business Model - Tobacco stores emerged in the 1990s, primarily run by local farmers, and became a staple in many communities [14][15]. - Traditionally, these stores relied heavily on local corporate purchases for revenue, with over 60% of sales coming from business clients [17][19]. - Before 2021, tobacco stores could achieve monthly profits of around 50,000 yuan, leveraging their tobacco licenses as a significant asset [21]. Group 3: Factors Contributing to Decline - The strictest alcohol regulations in history have severely impacted business, with some regions reporting an 80% drop in liquor sales [21][23]. - Changing consumer preferences, particularly among younger generations, have led to a decline in both alcohol consumption and smoking rates [30][36]. - The rise of national chain liquor stores has further squeezed the market for traditional tobacco shops, with many stores now operating at a loss [39][42]. Group 4: Industry Transformation and Adaptation - Many tobacco store owners are now pivoting to adapt to changing market conditions, focusing on lower-cost liquor and community services [56][59]. - Some stores are leveraging online platforms to increase sales, with online orders accounting for up to 35% of their business [62]. - Innovative adaptations include transforming stores into community hubs or integrating new product lines like craft beer and low-alcohol beverages [64][67]. Group 5: Broader Industry Implications - The decline of tobacco stores reflects a broader trend of industry consolidation and transformation across various sectors, including pharmacies and beauty brands [70][72]. - The article emphasizes that industries must adapt to survive in an era where information asymmetry is diminished by the internet [72][73].

Core Viewpoint - The article discusses the decline of Honda Fit, once a popular model, highlighting its recent sales struggles and the implications of its limited release strategy of 3,000 units as a means to manage production and target a specific customer base [4][32][43]. Group 1: Sales Performance - Honda Fit's sales have drastically declined, with only 2,695 units sold in the previous year, marking a 98% drop from its peak sales of 129,000 units in 2018 [26][27]. - The model experienced zero sales in the last two months of the previous year, indicating a significant loss of market interest [7][34]. - The limited release of 3,000 units is seen as a response to the model's inability to compete with both electric vehicles and traditional fuel vehicles in the same price range [32][39]. Group 2: Market Position and Competition - The rise of electric vehicles has eroded Honda Fit's competitive advantages, such as space and driving experience, which are now outmatched by newer models from competitors like Geely and BYD [21][24][30]. - The article notes that even traditional fuel vehicles are now offering better specifications and features than Honda Fit, further diminishing its market appeal [29][30]. Group 3: Strategic Decisions - The limited release strategy is interpreted as a way for Honda to control production capacity and avoid excess inventory, allowing the company to allocate resources to more profitable models [33][35]. - This strategy also aims to refine the customer base, targeting loyal fans who value the brand's heritage rather than price-sensitive consumers [36][39]. - The article suggests that this approach may not significantly boost sales, as the model's value proposition remains weak in the current market context [40][43].

Core Viewpoint - The article discusses the ongoing debt liquidation process of Evergrande Group, highlighted by the judicial auction of a luxury property owned by Xu Huojian, the nephew of Xu Jiayin, which reflects the broader implications of the debt crisis on related parties and the real estate market [3][6][24]. Group 1: Property Auction and Debt Crisis - A luxury property in Guangzhou, owned by Xu Huojian, is undergoing judicial auction, marking a significant event in the Evergrande debt liquidation process [3][6]. - The property was previously listed for sale at 68 million yuan in March 2025 but failed to transact, now becoming a judicial auction item [5][6]. - The auction's final price and ownership will serve as a window into the asset disposal progress of the Evergrande Group [6][24]. Group 2: Xu Huojian's Business Connections - Xu Huojian is closely tied to the Evergrande Group, serving as a director at Guangzhou Evergrande Industrial Group, which is legally represented by Xu Jiayin's ex-wife, Ding Yumei [7][8]. - He is also a shareholder in Guangzhou Yaxu Decoration Design Co., which likely participated in Evergrande's renovation projects, indicating a deep business connection [10][11]. Group 3: Legal and Financial Implications - Xu Huojian faces significant financial constraints, with 31 restrictions on high consumption, indicating severe pressure on his financial situation [12]. - The debt crisis has affected not only Evergrande but also its associated companies, as seen in the halted IPO of Guangzhou Chuang'er Biotechnology due to frozen shares held by Ding Yumei [14][18]. - Legal actions against Xu Jiayin and the Evergrande Group are intensifying, with substantial amounts involved in ongoing court cases, highlighting the severity of the debt situation [19][21]. Group 4: Broader Market Impact - The comprehensive liquidation process of Evergrande is not just about the company but serves as a warning to the entire capital market regarding compliance and risk management [25][26]. - The unfolding events emphasize the need for market participants to adhere to regulatory standards and recognize the risks associated with family-linked business structures [26][27].

Core Viewpoint - The article discusses the strategic move by the Huang Hongsheng family to privatize Skyworth Group and spin off its solar energy business for independent listing, reflecting a shift in focus towards renewable energy and the potential for significant growth in this sector [4][5][10]. Group 1: Privatization and Spin-off Strategy - On January 21, Skyworth Group announced plans for privatization and the spin-off of its solar business, offering shareholders two options: a share swap or cash payout, leading to a 37% increase in stock price [5][12]. - The estimated valuation of Skyworth Solar is around 10 billion RMB, with the Huang family retaining a 46.52% stake post-transaction [7]. - The privatization involves repurchasing 635 million shares from other shareholders, with the cash option providing a 96% premium over the previous closing price [14][15]. Group 2: Financial Performance and Growth - For the first half of 2025, Skyworth Group reported a revenue increase to 36.26 billion RMB, with the solar business contributing 13.84 billion RMB, a 53.5% year-on-year growth [23][24]. - The solar segment is expected to surpass traditional television revenue by mid-2025, driven by the saturation and competitive pressures in the traditional appliance market [26]. - The management highlighted that the current market valuation does not reflect the intrinsic value of the solar assets, prompting the need for an independent listing to enhance brand image and facilitate international expansion [29]. Group 3: Market Position and Future Plans - Skyworth entered the solar market in 2020, focusing on distributed solar solutions tailored to user needs, leveraging its extensive distribution network from its home appliance business [30][34]. - The company has established over 800,000 solar power stations, generating more than 41 billion kWh of electricity, with operational capacity exceeding 27 GW [22]. - Future plans include expanding the solar business internationally, with significant contracts already signed in Europe and Southeast Asia, aiming to capitalize on the higher electricity prices abroad [39][41].