别只盯着飞天！懂行的老饕都在抢它！ 老饕都在抢的 「 茅台供销社 」 压箱底！绝版珍酿来了！ 懂酒的人都知道： 现在想喝到一口 正宗老茅味，要么花几万块拍老茅台，要么蹲飞天抢破头！ 不过今天不用这么费劲！ 属于酱酒老饕的福利来了！！ 经认证的茅台酒发行机构——茅台供销社 带着它 权威出品、百年金奖复刻的 「礼为贵 马上有钱」 ，53度酱香型白酒隆重登场！ 是的，大家伙儿没看错！ 当年，无数人挤破头茅台供销社，今年"复活"了它的压箱底珍宝！ 这不是普通酱酒！ 是GJ直管机构复刻的百年荣耀； 是郑义兴大师嫡传技艺的巅峰之作； 是全球仅2026套的绝版珍藏！ 论 出身 、论酒质、论价值，它 都是都堪称 酱酒圈的"天花板级存在" ！ 很多人可能不懂 【茅台供销社】 这六个字的分量。 更不知道这瓶酒背后，藏着 中国酱酒的百年传奇与官方正统 ！ 提起茅台，无人不晓。 但很少有人知道，从新中国成立之后的经济计划时期， 全中国唯yi能买到正宗茅台的渠道，只有茅台供销 社！ 在茅台镇，在整个中国酱酒行业，茅台供销社的地位，本身就是一部活着的酱酒流通史！ 它是茅台官方正统代名词！ ✅1951年正式成立，驻地茅台镇1915广场，扎 ...

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, highlighting its position as a leading comprehensive dairy enterprise in China with a strong brand matrix and integrated operation model [1] Financial Performance - Junlebao achieved a total revenue growth from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion recorded in the first nine months of 2025, indicating steady revenue growth [3] - The adjusted net profit increased from RMB 600 million in 2023 to RMB 1.16 billion in 2024, reaching RMB 940 million in the first nine months of 2025, with the adjusted net profit margin rising from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [4] Market Coverage and Channel Penetration - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, which accounts for about 77% of the total county-level administrative regions [5] - The company has established long-term stable partnerships with over 5,500 distributors and has successfully penetrated various retail channels, including supermarkets, convenience stores, and e-commerce platforms [5] Focus on Low-Temperature Liquid Milk - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in the Chinese dairy market, with Junlebao leading this growth [6] - Junlebao's "Yuexianhuo" brand has achieved a 24.0% market share in the high-end fresh milk market, while the "Jianchun" brand has become the leading brand in the low-temperature yogurt market [6] Integrated Operation Model - Junlebao's core competitiveness lies in its integrated operation model covering dairy farming, R&D, production, and distribution, with a self-sufficiency rate of 66% in milk sources by 2024, ranking first among large comprehensive dairy enterprises in China [7] - The company has established a leading R&D platform, collaborating with top research institutions and universities to drive innovation in product development and safety [8] Industry Opportunities - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with per capita consumption significantly below the global average, indicating substantial growth potential [9] - The penetration rate of low-temperature liquid milk is expected to increase from 25.3% in 2024 to 31.8% by 2029, representing a key growth avenue [9] - Funds raised from the Hong Kong listing will be used for factory construction, capacity expansion, brand marketing, and further R&D innovation [9]

Core Viewpoint - The recent departure of Gu Mai, a key partner of NAN beauty under Shangmei Co., has raised concerns about the company's reliance on a single brand and its overall business strategy in the beauty industry [3][4]. Group 1: Management Changes - Gu Mai, previously with Estee Lauder and LVMH, joined Shangmei in 2025 as a partner for NAN beauty, which was launched in September 2025 [3][4]. - The departure of Gu Mai highlights the challenges Shangmei faces in diversifying its brand portfolio and improving its performance in the competitive beauty market [3][4]. Group 2: Revenue Dependence - Over 80% of Shangmei's revenue comes from the Han Shu brand, which generated 33.44 billion yuan in the first half of 2025, marking a 14.3% increase from the previous year [6]. - Other brands under Shangmei, such as newpage, Yiyezi, and Hongse Xiaoxiang, contributed significantly less, with revenues of 3.97 billion yuan, 0.89 billion yuan, and 1.59 billion yuan respectively [6]. Group 3: Channel Strategy - Shangmei's online sales account for over 90% of its revenue, with a significant portion coming from Douyin, indicating a high sensitivity to platform traffic and a relatively weak risk management capability [3][6]. - The company's marketing expenses remain high, with sales and distribution costs at 56.9% of total revenue in the first half of 2025, slightly down from 57.6% in the previous year [8]. Group 4: Market Position and Future Outlook - The beauty industry has seen success with brands linked to celebrity makeup artists, but Shangmei's NAN beauty has not yet shown significant growth in follower numbers on platforms like Xiaohongshu [5][6]. - Experts suggest that while there are opportunities in the Tmall channel, Shangmei's main brands are nearing saturation on Douyin, and the success of its second growth curve remains uncertain [9].

Core Viewpoint - Jin Xing Beer has submitted its prospectus to the Hong Kong Stock Exchange, showcasing a significant turnaround driven by its popular product "Maojian Tea Beer," which has led to rapid revenue growth and a strong push for an IPO [1][9]. Financial Performance - Revenue figures for Jin Xing Beer are as follows: 2023 revenue was 356 million RMB, projected to reach 730 million RMB in 2024, and 1.1 billion RMB in the first nine months of 2025. Net profit surged from 12.2 million RMB in 2023 to 125 million RMB in 2024, and further to 305 million RMB in 2025 [1][10]. - Gross margins improved significantly, with 27.3% in 2023, 37.8% in 2024, and 47% in 2025. Net margins also increased from 3.4% in 2023 to 27.5% in 2025 [1][10]. - Operating cash flow transitioned from a negative 60 million RMB in 2023 to a positive 360 million RMB in 2024 [1]. Product Dependency - The "Maojian Tea Beer" product line has become a major revenue driver, contributing 51.7% of total revenue in 2024 and increasing to 78.1% in the first nine months of 2025. This heavy reliance on a single product poses risks if its popularity wanes or competition intensifies [2][4]. Market Competition - The success of the Chinese craft beer market has attracted major players like China Resources, Tsingtao, and Yanjing, as well as cross-industry companies such as Mixue Ice City and Hema, indicating a future of intensified competition [4]. Corporate Governance - Jin Xing Beer is a family-controlled business, with Zhang Tieshan and Zhang Feng holding approximately 99.99% of the shares, leading to concerns about governance and minority shareholder protection [6][7]. - The company has faced issues with unpaid employee social insurance and housing funds, totaling 21.9 million RMB from 2023 to the first three quarters of 2025, raising questions about its financial practices [8]. Dividend Policy - Following its revenue growth, Jin Xing Beer distributed significant cash dividends totaling 329 million RMB, which accounted for about 80% of its net profits for 2024 and 2025, primarily benefiting the controlling shareholders [7]. Debt Levels - The company's debt levels were alarming, with an asset-liability ratio of 2250% in 2023, which improved to 98.7% in 2024 and further reduced to 11.1% in the first nine months of 2025, indicating a significant recovery [9][10].

来源丨凤凰网《风暴眼》 "这真是一次略显尴尬地参观。" 01 6天内涨粉超过百万，最新视频点赞破百万 "支持鹏哥，支持有大爱的人。" 站在被拆掉招牌的北京嫣然天使儿童医院门前，李亚鹏的笑容里带着一丝难以掩饰的无奈。 1月14日，他发布了一条名为《最后的面对》的视频，本意只是回应医院因欠租2600万而被迫关闭的困境。 来源：李亚鹏抖音 可谁也没想到，这段 31分钟的视频不仅没有招来嘲讽，反而 收获了大量的点赞和 2 000 多万的 捐款。 凤凰网《风暴眼》了解到，短短六天，他的抖音账号涨粉超过百万，直播间销售额也从百万级别跃升至千万级别。 这位曾被贴上 "商业黑洞"标签的连续创业者，似乎 在 2026年的开端，迎来了事业的一次意外转机。 | 收款账户 | 9134 0078 8012 0000 1754 | | --- | --- | | 收款银行 | 上海浦东发展银行 | | 付款账户 | 6226 ********3702 | | | 转账附言 李亚鹏我们支持您,有大爱之人大家 | | | 都会看到 | | 转账渠道 | 手机银行 | | 转账方式 | 电子银行转账 | | ● 转账完成 | 讲唐查询 > ...

来源丨凤凰网财经《公司研究院》 在华销量滑坡、利润暴跌99%、市值腰斩、经销商抗议，保时捷的2025年，堪称至暗时刻。 过去，保时捷在中国是老钱不动声色的身份勋章，新贵财富爬升后心照不宣的里程碑，更是无数中年人梦中情车的终极具象。但现在，人们不再愿意 为保时捷的轰鸣买单了。 图片来源：保时捷 01 卖不动的保时捷 官方数据显示，保时捷2025年全球销量约27.9万辆，同比下滑10%，这是自2009年全球金融危机以来的最大跌幅。其中，保时捷在中国市场销量约 4.2万辆，同比下滑26%，较2021年高点跌去近60%。 从中国市场来看，保时捷已连续4年销量下跌。2001年进入中国市场后，保时捷销量不断攀升，2015年中国成为保时捷全球最大的单一市场，2021 年达到销量巅峰近10万辆。 | Porsche AG | January - December | | | | --- | --- | --- | --- | | Deliveries | | | | | | 2024 | 2025 | Difference | | Worldwide | 310,718 | 279,449 | -10% | | German ...

Core Viewpoint - The recent promotional video by popular influencer "Zhihui Jun" (Peng Zhihui) regarding Upwind New Materials' robotic products has unexpectedly stirred the capital market, leading to significant stock price fluctuations and regulatory scrutiny [1][3]. Group 1: Impact of the Video - The video, showcasing advanced robotic technology, drew substantial attention and was interpreted by the market as a signal of technological integration between Upwind New Materials and Zhiyuan Robotics, resulting in a short-term surge in stock price [6][10]. - Following the video release, Upwind New Materials clarified that Peng Zhihui did not participate in the company's specific R&D and that there was no collaboration with his personal projects [7][13]. Group 2: Regulatory Response - Regulatory authorities expressed heightened concern due to the rapid dissemination of information and the potential confusion between personal branding and corporate announcements, emphasizing the need for clear boundaries to ensure accurate and compliant information for investors [9][10]. - The inquiry from the exchange focused on whether the company was leveraging influencer marketing and if there were any informal channels encouraging such promotions, which could lead to violations of information disclosure regulations [10]. Group 3: Company Structure and Independence - The inquiry also examined the independence of Upwind New Materials, particularly regarding the dual roles of board members, including Peng Zhihui, who holds positions in both Upwind New Materials and Zhiyuan Robotics [10][14]. - Upwind New Materials asserted that it operates independently in personnel, financial, asset, and business aspects, despite the overlapping roles of some board members [11][13]. Group 4: Marketing Claims and Industry Standards - The company's claim of being the "world's first personal robot" raised regulatory alarms, prompting the company to provide evidence of its product's unique features and compliance with industry standards, which are still being defined [15]. - This incident highlights the evolving dynamics of the capital market in the age of new media, where the influence of tech influencers is increasingly scrutinized in relation to corporate information disclosure [15].

一场筹备已久的"外交胜利"，在数分钟内被华盛顿挥起的关税大棒击碎。当欧盟委员会主席冯德莱恩正准备在巴拉圭庆祝与南美最大经济体达成历史 性贸易协定时，特朗普突如其来的"格陵兰关税"声明，不仅让庆典气氛降至冰点，更撕开了欧盟内部积压已久的领导力危机。 彭博社刊发了题为《特朗普的"格陵兰关税"粉碎了欧盟的绥靖计划》的文章。文章指出，冯德莱恩被指"软弱"的回应，反映出内部对其领导能力的日 益不满。欧盟的经济疲软与冯德莱恩的贸易手段正交织在格陵兰岛问题上，使美欧处于经济战边缘，并引发了对欧盟保护自身利益能力的质疑。 美国贸易代表办公室7月27日发布了Ursula von der Leyen和唐纳德·特朗普以及两国代表团成员在苏格兰坦伯利会谈后合影留念的照片。 全文如下： 上周六，乌尔苏拉·冯德莱恩原本准备在巴拉圭登台，宣布达成一项历史性的贸易协议——与南美最大的经济体签署贸易协定。然而，唐纳德·特朗普 另有打算。 冯德莱恩能否带领欧盟度过这一时刻，关系到欧盟的生死存亡。这将决定欧盟是否有能力保护乌克兰免受俄罗斯侵略，以及能否适应一个新的世界秩 序——在这个秩序中，美国和中国等大国已经压倒了欧洲花费数十年建立的国际体系。 ...

Core Viewpoint - The explosion at Baogang Steel's subsidiary, Baogang Steel Plate Factory, resulted in significant casualties and injuries, raising concerns about safety practices and equipment maintenance within the company [4][22]. Group 1: Incident Overview - An explosion occurred at the Baogang Steel Plate Factory, leading to 4 fatalities, 6 missing persons, and 84 injuries, with ongoing rescue efforts [4][22]. - The explosion was caused by a steam ball tank, which is a critical component in the steel production process, failing due to excessive internal pressure or potential equipment aging [5][14]. Group 2: Company Background - Baogang Steel, established in 1954, has evolved into a major industrial group with total assets exceeding 220 billion yuan and employing over 51,000 staff [19][20]. - The steel plate business is vital for Baogang Steel, contributing 34.43 billion yuan in revenue in 2024, representing a significant portion of the company's total income [22]. Group 3: Safety Record and Concerns - The company has a troubling safety record, with 20 reported safety incidents from 2016 to 2022, resulting in 28 deaths, and a lack of systematic analysis of these incidents [22][23]. - Just days before the explosion, Baogang's safety committee emphasized the need for enhanced safety measures, highlighting ongoing risks within the organization [23]. Group 4: Market Impact - Following the explosion, Baogang Steel's stock opened at a limit down, closing with a 5.20% decline, resulting in a market value loss of approximately 5.9 billion yuan [23][24].

Core Viewpoint - The article discusses the rising interest in investing in copper bars, highlighting their price range and market dynamics, while questioning their viability as an investment compared to gold and silver [4][10]. Group 1: Market Dynamics - In Shenzhen's Shui Bei, the largest gold and jewelry distribution center in China, pure copper 999.9 investment bars have been introduced, priced between 180 to 280 yuan for 1 kilogram [4]. - There is a notable disparity between the number of inquiries and actual purchases, with many potential buyers expressing curiosity but few making transactions [6]. - Most merchants currently do not have copper bars in stock and require pre-orders, with delivery times ranging from 3 to 7 days [6]. Group 2: Price Trends - Last year, copper prices surged over 30%, with projections indicating a continued upward trend, reaching 99,180 yuan per ton by the end of 2025, marking a 34.34% increase [7][8]. - As of January 14, 2026, copper prices hit a record high of $13,407 per ton on the London Metal Exchange, with domestic futures exceeding 100,000 yuan per ton [8]. Group 3: Investment Viability - Experts suggest that copper is not suitable for individual investment due to its high premium and the industrial demand driving its price, unlike gold and silver which have intrinsic monetary properties [10][11]. - A calculation indicates that at a purchase price of 200 yuan per kilogram, copper would need to reach 200,000 yuan per ton to break even, excluding costs and potential recovery discounts [10].