以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源丨每日经济新闻 9月底开始，停牌一周的冠中生态在复牌后开启大涨模式，连续多个交易日实现"20cm"涨停，股价从停牌前的11.2元/股最高飙升至23.23元/股，实现完美翻 倍。 这背后，是一场巧妙的资本运作。冠中生态近期宣布两项重大交易：一是上市公司拟以现金收购杭州精算家人工智能技术有限公司（以下简称杭州精算 家）51%股权，整体估值暂定不高于5.6亿元；二是公司实际控制人李春林、许剑平夫妇通过协议转让及表决权放弃方式，将上市公司控制权交予杭州深蓝 财鲸人工智能科技合伙企业（有限合伙）（以下简称深蓝财鲸）。 以5.6亿元估值计算，上市公司将斥资2.856亿元收购。同时，实控人李春林夫妇通过转让股份变现将超过3.26亿元。此外，因实控人放弃表决权，交易对手 方靳春平将以较小代价（2.21亿元）获得上市公司控制权。看起来，这是一个三方共赢的完美方案：投资者享受股价上涨，现实控人实现财富变现，未来 的实控人（靳春平）轻松实控冠中生态，且成功将自己旗下的资产（杭州精算家）装入 ...

Core Viewpoint - BlackRock Fund, as the first wholly foreign-owned public fund management company in China, has faced significant challenges in its four years of operation, including underperformance in product returns, management scale issues, and frequent personnel changes, leading to a perception of being out of sync with the Chinese public fund market [2][3]. Performance Issues - Since its establishment in June 2021, BlackRock Fund's initial fundraising reached 6.681 billion yuan, but the scale has since declined, with a significant drop to 4.321 billion yuan by the end of 2023. Although the scale briefly exceeded 10.785 billion yuan by the end of 2024, it again halved to 5.601 billion yuan in the first quarter of 2025. As of June 30, 2025, the management scale was 6.86 billion yuan, and by September 30, 2025, it had risen to 13.502 billion yuan, largely due to the issuance of a new bond fund [3][4][5]. - The performance of BlackRock's equity funds has been disappointing, with the BlackRock China New Horizons fund showing a return of -32.45% since inception, consistently underperforming its peers and the CSI 300 index [6][7][11]. Personnel Changes - BlackRock Fund has experienced unprecedented personnel turnover, particularly within its active equity team. The Chief Equity Investment Officer, Shen Yufei, resigned in September 2023 after only 2.5 years, during which the funds he managed performed poorly [10][11]. - Frequent changes in the executive team have also been noted, with key positions such as Chairman, General Manager, and Vice Presidents undergoing multiple changes since the company's inception in 2021. This instability has raised questions about the effectiveness of BlackRock's management in the Chinese market [10][15]. Strategic Shift - The appointment of new executives, such as Yu Peihua as the third General Manager in March 2025, indicates a strategic shift towards fixed-income markets, reflecting BlackRock's response to the challenges faced in the equity space [15][16]. - The launch of several bond funds, including the BlackRock China Bond Investment Preferred Green Bond Index, which raised 6 billion yuan, suggests a pivot in focus to stabilize the company's management scale and performance [16].

来源|凤凰网港股 2025年10月14日，美国司法部纽约南区法院的起诉书与美英两国的联合制裁，将柬埔寨太子控股集团创始人陈志推向了全球舆论的风口浪尖。 这位持有英国与柬埔寨双重国籍的商人被指控为亚洲最大跨国犯罪组织的核心，涉嫌操控诈骗园区实施强迫劳动、人口贩运，通过"杀猪盘"式加密货币骗 局席卷全球数十亿美元，其关联的 146 个实体和个人资产被冻结，包括创纪录的 127271 枚比特币（价值约 150 亿美元）。 如今陈志已沦为国际逃犯，确切下落成谜。 而他间接控股的两家香港上市公司 —— 致浩达控股与坤集团，正成为这场跨国犯罪风暴的 "余震区"。 01 "柬埔寨诈骗头子"控制的公司 作为陈志间接持股54.79%的上市公司，致浩达控股在2024年的财务数据早已没了往日风光。 2024年，公司全年收益从2023年的1.346亿港元直接"跳水"，暴跌40.2%至8050万港元。 这波下滑"罪魁祸首"，正是公司的核心支柱 —— 建筑及工程服务。公告称："重点斜坡工程项目已交付，新承接项目尚处初期未能贡献收益。" 虽说物业相关服务还算给力，实现了6.7%的小幅增长，从840万港元涨到900万港元，但面对大幅缩水的营 ...

Core Viewpoint - The recent outage of Zhihu has brought the platform back into public attention, highlighting its ongoing operational challenges and declining performance metrics [1][4]. Performance Summary - Zhihu reported a total revenue of 1.447 billion RMB for the first half of 2025, a significant decline of 23.7% year-on-year, with all three core business segments experiencing contraction [11]. - The paid membership segment saw its first revenue drop of 7.1%, with the number of monthly subscribers decreasing from 14.7 million to 13.7 million, losing 1 million paid users [12]. - Marketing services revenue plummeted by 37.8% to 420 million RMB, attributed to both a strategic shift towards optimizing low-margin services and a general decline in platform traffic [12]. - The vocational training segment also faced a sharp decline of 43.87%, with revenue falling to 157 million RMB, explained as a result of "strategic optimization adjustments" [13]. Profitability Analysis - Despite the revenue decline, Zhihu achieved a net profit of 62.37 million RMB in the first half of 2025, maintaining Non-GAAP profitability for three consecutive quarters, largely due to significant cost-cutting measures [13]. - Total operating expenses decreased by 30.9%, with sales expenses down 27.72%, R&D expenses down 29.29%, and management expenses down 47.61% [13]. Strategic Concerns - The aggressive cost-cutting strategy raises concerns about the long-term sustainability of profitability, as it may hinder future growth and innovation, particularly in R&D [14]. - The recent resignation of the Chief Technology Officer (CTO) adds to the uncertainty surrounding Zhihu's strategic direction, especially as the company is focusing on AI initiatives [14]. - The timing of the CTO's departure in relation to the platform's technical issues raises questions about the stability of the technical team and the potential impact on infrastructure and service reliability [14].

来源丨凤凰网财经《IPO观察哨》 文远知行赴港上市迎来关键进展。 10月14日，文远知行境外发行上市计划已获中国证监会备案，拟发行不超过1.02亿股普通股并在港交所上市。 文远知行并非资本市场的新面孔。一年前，文远知行在纳斯达克挂牌上市，成为"全球通用自动驾驶第一股"，上市首日表现不俗， 最高大涨27.74%至19.8美元/股，并两度触发熔断，当日收盘报收16.55美元/股，总市值约为44.91亿美元。 但此后其股价表现疲软。截至今年10月16日，其股价跌至11.07美元/股，市值30.49亿元，相较于上市当天已缩水32%。 现在赴港上市之际，营收下滑、亏损持续、商业化场景受限，依旧是这家自动驾驶独角兽无法回避的严峻挑战。 01 持续亏损，收入不稳：四年亏损68亿 据2025年上半年财报，文远知行的现金及现金等价物+定期存款共有40.9亿。 文远知行的收入分为产品收入和服务收入两大板块——一个是卖L4自动驾驶汽车，一个是提供L4自动驾驶和ADAS相关服务。据 2024年年报，产品收入的毛利率为17.3%；服务收入的毛利率为47.6%。 来源/Wind数据 根据文远知行此前的招股书及财报，2021年至2024年 ...

昨天 2025诺贝尔文学奖 终于揭晓，相信很多人都和我们一样都激动得睡不着！ 又一位文学大家，因诺奖走进大众视野，消息瞬间在全球引发热议。 更重要的是，这次的诺奖得主 匈牙利作家拉斯洛·卡撒兹纳霍凯 曾多次谈及喜欢中国文化，尤其是李白。 让全球更多读者唤起对中国文化的向往，真的太激动了。 他凭借" 在末世恐惧中仍能通过震撼人心且具先知般洞察力的作品，重申艺术力 量 "的杰出成就获奖， 这份实至名归的荣誉，也让无数人勾起想 拜读经典 的热潮。 确实，同样是花一个小时读书，读世界一流名家写的高品质内容，收获是完全不同的。 给世界文学列排行的话， 诺奖作品，一定都处于 塔尖尖 的那一端 。 拉斯洛游长城 它代表了 世界文学领域的至高奖项 ； 每位获奖作家，都是全球顶牛的大脑； 获奖作家的作品，无不 饱含人类智慧的光芒和亘久不衰的生命哲理 。 它的读者，是覆盖全球各个时代的大咖级人物 ： 余华、汪曾祺、王小波、茅盾、鲁迅、老舍、村上春树、菲茨杰拉德…… 无一例外，都是 诺奖文学作品的死忠粉 。 莫言 说自己能获奖，跟常年 拜读诺奖作家 马尔克斯作品有很大关系。 世界首富 比尔·盖茨 ，每年列出的推荐书单，总有几本诺奖 ...

2025年9月，首都体育馆，修正集团三十周年庆典的现场灯火璀璨、群情激昂。喧嚣过后，聚光灯下， 修正集团董事长修涞贵接受了凤凰网的专访。面对时代的叩问与行业的挑战，这位带领修正从负债小厂 成长为药业巨头的企业家，语气铿锵，目光坚定，给出的答案简洁而有力："绝不躺平，必须努力，做 贡献者！" ...

Group 1 - NIO's stock experienced a significant drop, with shares falling over 13% in Hong Kong and more than 10% in the US night market, impacting other electric vehicle stocks like XPeng and Li Auto [1][2] - The decline is attributed to a lawsuit filed by Singapore's Government Investment Corporation (GIC) against NIO and its executives, alleging securities fraud related to inflated revenue and profits through premature recognition of battery sales [2] - GIC claims that NIO misled investors by concealing its control over a battery asset company, leading to substantial investment losses [2] Group 2 - Despite the negative news surrounding NIO, the overall automotive sector showed resilience, with a report from the National Development and Reform Commission outlining plans to enhance electric vehicle charging infrastructure, aiming for 28 million charging facilities by 2027 [3] - The automotive industry is expected to see a slight profit decline in Q2 2025 due to intense market competition, but improvements in product structure and new model launches, such as the NIO ES8, are anticipated to boost profitability [4] - Market expectations regarding the phasing out of purchase tax for new energy vehicles by 2026 are already factored in, with hopes for renewed investment confidence in the automotive sector [5]

Core Viewpoint - Five Star Zhai, a century-old brand known for its rice dumplings, is facing significant challenges due to quality issues and fluctuating performance, leading to a decline in consumer trust and market value [3][4][24]. Group 1: Quality Issues - Quality is a critical lifeline for food companies, especially for Five Star Zhai, where consumer trust is paramount [5][6]. - Recent years have seen repeated quality controversies, including reports of foreign objects found in products, which have severely damaged consumer confidence [7][16]. - The company has been criticized for inadequate responses to complaints, often providing generic apologies without addressing the root causes or offering concrete solutions [23][20]. Group 2: Financial Performance - Five Star Zhai's stock market performance has been volatile since its IPO in August 2022, with a peak market value of approximately 49.79 billion yuan, which has since dropped to 34.26 billion yuan, a nearly 30% decline [26][27]. - Revenue figures from 2022 to 2024 show fluctuations, with revenues of 24.62 billion yuan, 26.35 billion yuan, and 22.51 billion yuan, indicating instability [28]. - The company's reliance on rice dumplings has become a liability, as the segment's revenue dropped by 18.64% in 2024, highlighting the need for diversification [30][34]. Group 3: Strategic Challenges - Five Star Zhai's attempts to diversify beyond rice dumplings have not been successful, with non-dumpling products showing declines in revenue [31][32]. - The company has initiated international expansion efforts, opening operations in countries like Singapore, France, and Japan, but overseas revenue remains minimal, accounting for only 0.7% of total revenue in 2024 [40][41]. - The company is preparing for an H-share listing in Hong Kong to enhance its international presence and capital operations, but it must first address its quality control issues to regain consumer trust [44][45].

Core Viewpoint - The article highlights the ongoing issues with product quality and customer service at Bear Electric (小熊电器), particularly following a serious incident involving an exploding health pot, which has raised concerns about the company's operational practices and market strategy [2][3]. Group 1: Product Quality Issues - Bear Electric has faced multiple complaints regarding product quality, including incidents of explosions leading to injuries, indicating a systemic issue within the company's quality control processes [3][4]. - The company's focus on sales over research and development has been criticized, with sales expenses increasing from 440 million yuan in 2020 to 864 million yuan in 2024, while R&D spending has remained below 200 million yuan annually [5]. - The reliance on OEM production methods has weakened the company's control over supply chain and product quality, contributing to the frequency of quality-related complaints [5]. Group 2: Financial Performance and Market Position - In the first half of 2025, Bear Electric reported revenues of 2.535 billion yuan, a year-on-year increase of 18.94%, and a net profit of 205 million yuan, up 27.32% [6]. - The kitchen small appliances segment remains the largest revenue source, generating 1.673 billion yuan, but its growth is slowing, with only a 5.02% increase compared to previous periods [6]. - The personal care small appliances segment has seen significant growth, largely due to the acquisition of Guangdong Roman Intelligent Technology, which contributed 286 million yuan in revenue, accounting for 88% of the segment's total [7]. Group 3: Sales Channels and Inventory Management - Bear Electric's sales strategy heavily relies on online channels, with online sales accounting for over 90% at its peak, which poses risks due to high concentration [8]. - The company has been attempting to diversify its sales channels by exploring offline and overseas markets, but overseas revenue remains below 20% of total income [8]. - Inventory levels have been rising, reaching 716 million yuan in the first half of 2025, a 17.41% increase year-on-year, indicating potential challenges in managing product supply and demand [8].