Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage) is attempting to go public on the Hong Kong Stock Exchange, focusing on the niche DRAM market, but faces significant financial challenges, including cumulative losses of 542 million RMB and negative operating cash flow [1][2]. Financial Performance - Liji Storage has reported fluctuating revenues from 610 million RMB in 2022 to an estimated 412 million RMB in the first half of 2025, with cumulative losses reaching 542 million RMB [2][3]. - The company has maintained high R&D expenditures, with amounts of 74 million RMB, 77 million RMB, and 96 million RMB from 2022 to 2024, consistently above 12% of revenue [4]. - Despite improvements in gross margin from -2.1% in 2022 to 10.2% in the first half of 2025, net profit margins remain negative at -16.8% for 2024 and -12.1% for the first half of 2025 [5][4]. Shareholder Dynamics - The exit of local state-owned enterprise Jinhua Tianyuan Smart City Investment Co., Ltd. before the IPO, selling its 9.45% stake for approximately 117 million RMB, raises concerns about Liji Storage's valuation and future prospects [6][7]. - The valuation at which Tianyuan exited represents a 55% discount compared to the company's previous financing round valuation of nearly 2.9 billion RMB in December 2023 [7][9]. - The timing and pricing of this exit have led to speculation regarding the company's future and the potential risks perceived by strategic investors [9][10].

在这里，读懂中国经济、城市和楼市 文|凯风 以下文章来源于国民经略 ，作者凯风 国民经略 . 作为人口第一大区，白云区锚定2030年总量超4300亿元、2035年突破6000亿元的宏大蓝图。 当前，"再造一个新广州"迎来关键节点，经济连年跃升、发展动能愈发澎湃的白云区，正在全方位挑起大梁。 01 开局之年当有开局之势，起步之时当有关键之为。 2026年新年首个工作日，白云区企业家大会在华为广州研发中心拉开帷幕，吹响"十五五"时期"全面发力、决战冲刺"的时代号角。 每年的"新春第一会"或"新年第一会"，都有明显的风向标意义。 "十五五"开局之年的"首日首会"，在特殊的时间节点，更凸显经济大区"走在前、作示范、挑大梁"的使命感。 刚刚过去的2025年，广州白云区GDP总量向3300亿元迈进，跻身全市第一梯队。 近年来，白云在全国不断提级进位，位列2025年全国综合实力百强区第21位、赛迪创新百强区第20位，连续6年获评"中国领军智慧城区"。 面向未来，广州提出"2035年经济总量相比2023年翻番"，直指6万亿经济大市。 新年第一会，为何是"企业家大会"？ 作为"十五五"开局之年，2026年可谓至关重要。新年伊始 ...

"拉丁美洲的历史，是一切巨大然而徒劳的奋斗的总结，是一幕幕事先注定要被人遗忘的戏剧的总和。"加西亚·马尔克斯在《百年孤独》中写下的这句判 词，在近日的国际新闻中迎来了它最新、却也最古老的一幕。 美国总统特朗普在"空军一号"上向随行记者宣称，委内瑞拉是一个"死掉的国家"，而美国"正在掌权"。他直言不讳的目标是"全面获取委内瑞拉的石油及其 他资源"。当地时间1月4日，他还将矛头指向古巴、哥伦比亚、墨西哥，展现出对拉美地区前所未有的强硬姿态。 这一现代强权政治的直白宣言，与马尔克斯笔下那个关于徒劳与遗忘的百年寓言，在历史的这一刻猛烈碰撞，并与委内瑞拉一个世纪前就已开启的宿命轮 回呼应——当1914年马拉开波湖畔的第一口油井喷涌出"黑色黄金"时，这个国家便踏上了一条充满荣耀与诅咒的征途。它既带来了前所未有的财富，也让 整个民族陷入了资源魔咒的漫长轮回。马尔克斯笔下那个"注定被遗忘"的预言，正在这片蕴藏着全球最丰富石油资源的土地上，缓缓展开它复杂而悲怆的 叙事。 委内瑞拉玻利瓦尔钞票因大幅贬值，被穷人用来做成包 01 资源的幻象：石油财富下的结构性陷阱 委内瑞拉的经济命运与石油价格的绑定，是一个贯穿其20世纪至今的深刻 ...

Core Viewpoint - The article highlights the transformation of traditional manufacturing, particularly in the small appliance sector, through innovative approaches enabled by e-commerce platforms like Pinduoduo, which allow manufacturers to adapt to market demands and consumer preferences more effectively [1][14]. Group 1: Challenges of Traditional Manufacturing - Traditional manufacturers face significant operational challenges, including high management costs, long product development cycles (6 to 12 months), and complex distribution channels that dilute consumer feedback [2][4]. - The existing operational model in traditional manufacturing limits innovation and responsiveness, trapping manufacturers in a cycle of low margins and high costs [2][4]. Group 2: New Opportunities through E-commerce - The rise of e-commerce platforms has created new opportunities for traditional manufacturers to connect directly with consumers, reducing intermediary costs and enabling faster market feedback [2][13]. - Pinduoduo's user feedback system serves as a valuable market research tool, allowing manufacturers to identify consumer pain points and innovative product uses [5][7]. Group 3: Case Study of Transformation - The case of the pet warming bowl illustrates how a traditional manufacturer leveraged existing product lines and consumer insights from Pinduoduo to innovate without incurring high costs [10][11]. - The product modifications were minimal yet effective, focusing on enhancing functionality based on user feedback, which led to significant sales success (8,000 units daily) [11][13]. Group 4: Competitive Environment and Support - Pinduoduo provides a fair competitive environment where products can succeed based on quality and consumer value rather than just low pricing, allowing manufacturers to achieve profitability through effective product offerings [14][15]. - The platform's supportive culture encourages collaboration between manufacturers and the platform, facilitating growth and market presence for quality products [15].

Core Viewpoint - The article promotes a versatile winter hiking shoe from the brand "简届" (Jianjie), emphasizing its practicality for various outdoor activities while being affordable at a promotional price of 199 yuan, significantly lower than its original retail price of 899 yuan [10][53]. Group 1: Product Features - The shoe features a genuine leather upper combined with high-strength breathable mesh, ensuring comfort and durability during long wear [19]. - It utilizes a high-rebound foam midsole with over 60% rebound rate, providing excellent cushioning and reducing foot fatigue during extended walking [23][68]. - The outsole is designed with large rubber lugs for superior grip on various terrains, including rocky paths and wet surfaces, enhancing stability and safety [29][39]. Group 2: Brand and Manufacturing - "简届" is described as a professional outdoor brand with strong manufacturing capabilities, although it lacks a prominent marketing team [7]. - The brand's shoes are produced in a factory that also manufactures for well-known brands, indicating a high level of quality in production [8]. Group 3: Pricing and Availability - The shoes are available at a promotional price of 199 yuan, with the winter version priced at 219 yuan, making them accessible compared to their original retail price [10][53]. - The product is sold through physical outlets and platforms like "得物" (Dewu), where similar products are priced higher, showcasing the competitive pricing strategy of the brand [51]. Group 4: Customer Assurance - The company offers a 7-day no-reason return policy and a 90-day warranty against wear, ensuring customer satisfaction and confidence in product quality [55][102].

Core Viewpoint - EVE Energy is attempting to relaunch its IPO process in Hong Kong after a previous application expired, aiming to become the second lithium battery company to achieve "A+H" listing after CATL, despite facing significant challenges in its core business and market competition [2][6]. Group 1: Company Background and IPO Process - EVE Energy submitted an updated listing application to the Hong Kong Stock Exchange on January 2, 2026, with CITIC Securities as the sole sponsor [2]. - The company previously submitted an A1 prospectus that expired due to a six-month validity period, which is a standard procedure in the IPO process [6]. - If successful, EVE Energy will follow CATL in achieving dual listings, which could enhance its market position [2]. Group 2: Business Performance and Challenges - EVE Energy's main revenue-generating segment, the power battery business, is projected to see a 20.08% decline in revenue in 2024, leading to a decrease in total revenue and net profit for the year [7]. - The company has been forced to adopt a price-cutting strategy to maintain market share, resulting in a drop in average selling prices for power batteries from 11 billion RMB/GWh in 2022 to 6 billion RMB/GWh in 2024 [11][12]. - The market share of EVE Energy in the power battery sector remains stagnant at 2.3%, ranking ninth globally, indicating intense competition and pressure from rivals [10]. Group 3: Financial Overview - EVE Energy's total revenue for 2023 is projected at 48.78 billion RMB, with a net profit of 4.52 billion RMB, reflecting a 6.62% year-on-year decline [8]. - The gross profit margin for the power battery segment is expected to decrease from 15.0% in 2022 to 14.2% in 2024, which is below the overall gross margin of the company [14][15]. - The company's total liabilities have increased significantly, with an asset-liability ratio rising from 35.1% in 2020 to 63.5% by mid-2025, indicating growing financial pressure [18]. Group 4: Growth Opportunities and Strategic Directions - EVE Energy is expanding its energy storage business, which has shown rapid growth, with revenues increasing from 9.43 billion RMB in 2022 to 19.03 billion RMB in 2024, accounting for 39.1% of total revenue [20]. - The company is also pursuing international expansion, establishing sales offices in seven countries and planning to build a production base in Hungary, alongside a factory in Malaysia that has commenced operations [24]. - However, challenges such as supply chain issues, competition from established players in Europe, and stringent regulatory standards pose significant hurdles for EVE Energy's overseas ambitions [25].

Core Viewpoint - The article highlights the impressive investment performance of Duan Yongping, who has achieved a cumulative return of 1623.48% on Apple Inc. (AAPL.US) stock since his initial purchase in November 2011, amounting to approximately $34.26 million in profit [1][3]. Investment Details - Duan Yongping's account shows two significant purchases of Apple stock: 131,112 shares at an average price of $13.75 per share in November 2011, and 2,388 shares at an average price of $128.94 per share in December 2022 [2][3]. - The total market value of the Apple shares held is approximately $36.37 million, with a total cost basis of about $2.11 million, resulting in a total gain of approximately $34.26 million [2][3]. Historical Context - The initial purchase in November 2011 occurred during a period of uncertainty for Apple, following the death of Steve Jobs and the transition to Tim Cook as CEO, when the stock price was declining [5]. - Duan Yongping's investment strategy included selling put options on Apple stock, indicating a continued bullish outlook on the company [5]. Background of Duan Yongping - Duan Yongping, born in 1961, is a notable entrepreneur and investor, having founded companies like Xiaobawang and Bubugao, and played a role in the emergence of OPPO and Vivo brands [4]. - His investment history includes significant gains during the dot-com bubble and a well-publicized lunch with Warren Buffett in 2006 [4]. Market Performance - As of late 2025, Apple's stock price rebounded by 35%, achieving a net increase of over 11% for the year, outperforming the S&P 500 and many large tech stocks [7]. - By January 2026, Apple's stock price was reported at $271.01, with a total market capitalization of $4 trillion [7].

Core Viewpoint - Dongguan Bank has resumed its IPO process after over 17 years, but faces challenges including declining performance and compliance issues, adding uncertainty to its A-share listing ambitions [2][3][12]. Group 1: IPO Process - Dongguan Bank's IPO review status changed from "suspended" to "accepted" after the bank updated and submitted relevant financial data [4]. - The bank's IPO journey has been tumultuous, with its first application submitted in 2008, and multiple interruptions due to various reasons, including the expiration of financial documents [4][5]. - The transition to the Shenzhen Stock Exchange for IPO review occurred after the implementation of the comprehensive registration system in 2023 [4]. Group 2: Financial Performance - As of Q3 2025, Dongguan Bank reported total assets of 681.27 billion yuan, but experienced its first decline in both revenue and net profit in five years in 2024, with revenue at 10.197 billion yuan (down 3.69%) and net profit at 3.738 billion yuan (down 8.1%) [6][7]. - The downward trend continued into 2025, with Q3 revenue of 6.918 billion yuan (down 9.39%) and net profit of 2.544 billion yuan (down 20.66%) [7]. - The revenue decline was primarily attributed to fluctuations in investment income, which decreased by 22.54% to 1.343 billion yuan, alongside a shift from gains to losses in fair value changes [8]. Group 3: Capital Adequacy and Governance - Dongguan Bank is under pressure to supplement its capital, planning to issue up to 780 million shares to raise funds for capital replenishment [10]. - As of September 2025, the bank's capital adequacy ratios were 10.28% for Tier 1 and 13.64% overall, with a core Tier 1 capital ratio of 9.13%, showing a decline from previous periods [10]. - The bank has faced multiple regulatory fines in 2025, totaling over 9 million yuan, indicating compliance challenges that need to be addressed [11].

Core Viewpoint - The article emphasizes the importance of addressing physical discomfort caused by prolonged sitting and aging, presenting a solution in the form of the "Yong'an Tiger Brand Active Patch," which utilizes traditional herbal ingredients for relief [5][19]. Group 1: Product Overview - The "Yong'an Tiger Brand Active Patch" is a product with a history of over 600 years, known for its traditional craftsmanship and effectiveness in providing relief from muscle and joint discomfort [7][19]. - The patch is designed to provide a warming sensation that penetrates deeply, similar to the effects of moxibustion, and is made from herbal ingredients that are free from unnecessary chemical additives [9][11]. - It is suitable for various body parts and is marketed towards office workers, elderly individuals, and those with active lifestyles, highlighting its versatility and ease of use [17][70]. Group 2: Brand Heritage - Yong'an Tiger Brand is recognized as one of the "Four Great Traditional Chinese Medicine Brands," with a reputation built on quality and trust over centuries [20][24]. - The brand's origins date back to the Ming Dynasty, reflecting a long-standing tradition in Chinese medicine and a commitment to quality [23][26]. - The company maintains a balance between traditional practices and modern innovations, ensuring that its products meet contemporary needs while adhering to historical standards [30][61]. Group 3: Ingredient Quality - The active patch contains 12 carefully selected herbal ingredients, each sourced from reputable regions to ensure potency and effectiveness [38][40]. - Key ingredients include high-quality safflower from Xinjiang and Angelica sinensis from Gansu, known for their beneficial properties in relieving discomfort [42][46]. - The formulation process involves multiple steps to preserve the core essence of the herbs, ensuring that the final product delivers effective results [54][60]. Group 4: Manufacturing Standards - The production of the active patch adheres to stringent quality control measures, including the use of advanced manufacturing equipment and a GMP-certified environment [33][35]. - The company emphasizes the importance of safety and efficacy, ensuring that the product is suitable for all family members [64]. - The commitment to quality is reflected in the brand's reputation as a leader in the industry, maintaining high standards amidst a market of homogenized products [33][70].

Core Viewpoint - The article highlights the remarkable growth of Chery in the automotive industry, showcasing its strategic long-term planning and commitment to quality, which have enabled it to thrive in both domestic and international markets despite fierce competition and external challenges [1][2][3]. Group 1: Performance and Market Position - In 2025, Chery achieved total sales of 2.806 million vehicles, with exports reaching 1.344 million units, accounting for 47.9% of total sales; its new energy vehicle sales reached 904,000 units, marking a year-on-year growth of 54.9% [1][5]. - Chery has maintained its position as the top Chinese brand in passenger car exports for 23 consecutive years, entering 15 European markets and expanding into the Middle East and Southeast Asia [5][6]. - The brand's structure has been optimized, with 1.7 million units sold under the Chery brand, 620,000 units under the Jetour brand, and 187,000 units from its two new energy brands, indicating a robust and diversified product lineup [5][6]. Group 2: Strategic Approach - Chery's success is attributed to its long-term strategic investments in technology and global market expansion, contrasting with competitors focused on short-term sales [2][10]. - The company has released over 10 industry-leading core technologies in 2025, including advancements in chassis, batteries, and intelligent driving systems, showcasing its commitment to innovation [10][11]. - Chery's "oil-electric synergy" strategy allows it to offer a range of powertrain options, including fuel, hybrid, and electric vehicles, providing flexibility in response to market demands [11][12]. Group 3: Quality and Brand Reputation - Chery has been recognized as the "Five Crown King" by J.D. Power for achieving the highest ratings in new car quality, sales service, after-sales service, product appeal, and vehicle reliability among domestic brands [8]. - The company's focus on quality has earned it a strong reputation in both domestic and international markets, particularly in mature automotive markets where reliability and long-term ownership costs are critical [8][9]. Group 4: Globalization and Future Growth - Chery's globalization strategy has evolved to include local production and deep integration into foreign markets, as evidenced by its receipt of China's first "China-Europe Carbon Footprint Data Mutual Recognition" certificate [14][16]. - The company is exploring additional growth avenues, including financial services, software subscriptions, and advanced technologies like Robotaxi and humanoid robots, indicating a forward-looking approach to business development [14][16][18]. - Chery's commitment to both independent technology development and open innovation through collaborations with over 100 global universities exemplifies its balanced approach to maintaining technological sensitivity while avoiding dependency [16][19].