Core Viewpoint - The snack retail industry in China is experiencing significant attention from the capital market, with companies like Wancheng Group planning to expand their financing structure to include both A-share and Hong Kong listings, reflecting a strategic upgrade to capture international capital [1][3]. Group 1: Business Growth and Market Position - Wancheng Group's business scale is rapidly expanding, with 15,365 stores across 29 provinces by June 30, 2025, and a GMV of 42.6 billion yuan in 2024, marking a 282% year-on-year growth [3][4]. - The company is positioned as a leader in the Chinese snack and beverage retail market, driven by changing consumer preferences towards quality and reasonable pricing post-pandemic [3][4]. - The "hard discount" retail model is gaining traction, with Wancheng Group being a key player in this trend, benefiting from consumers' shift away from brand loyalty and low-price focus [3][4]. Group 2: Growth Strategy and Operational Efficiency - Wancheng Group's growth strategy involves a well-planned store expansion to build scale advantages, focusing on high-consumption areas like the Yangtze River Delta while also penetrating populous provinces [4][6]. - The company achieves procurement efficiency by having approximately 95% of its products supplied directly from brands, reducing distribution costs and enhancing supply chain structure [4][6]. - The average product prices are 20% to 30% lower than those in supermarkets and convenience stores, achieved without compromising quality, thus attracting consumers with the "good quality at low price" proposition [4][6]. Group 3: Membership and Franchise Model - Wancheng Group has developed a robust membership system, boasting over 150 million registered members, with 110 million active members in the first eight months of 2025, indicating strong customer loyalty [6][7]. - The franchise model, with over 99% of stores being franchises, creates a win-win situation where the company's revenue is primarily from product sales to franchisees, ensuring mutual success [6][7]. - The franchise stability is reflected in a low closure rate of 1.9% in the first half of 2025, significantly below the industry average, showcasing the effectiveness of the business model [6][7]. Group 4: Technological Innovation and Digitalization - Wancheng Group leverages a self-developed digital system that covers the entire business process, enhancing operational efficiency and supporting over 15,000 stores [9][10]. - The AI-driven site selection system improves the success rate of new franchises by providing data-driven insights, thus accelerating network expansion [9][10]. - The digital platform enables real-time monitoring of store operations, reducing closure risks and facilitating precise inventory management and marketing strategies [10][12]. Group 5: Financial Performance and Future Plans - Wancheng Group's total revenue surged from 549 million yuan in 2022 to 32.33 billion yuan in 2024, with 22.58 billion yuan achieved in the first half of 2025 [12][13]. - The adjusted net profit also increased, reaching 822 million yuan in 2024 and surpassing 922 million yuan in the first half of 2025 [12][13]. - The upcoming Hong Kong listing aims to raise funds for expanding the store network, enhancing product variety, strengthening digital infrastructure, and strategic investments, positioning the company as a leader in the hard discount retail revolution in China [13].

Core Viewpoint - The article highlights the journey of Ni Ping, a prominent Chinese host and actress, emphasizing her resilience, adaptability, and the philosophy of "舍得" (letting go and gaining) throughout her life and career [3][18]. Group 1: Commitment - Ni Ping's initial naivety transformed into a deep respect for her role as a host, where she meticulously crafted her delivery to connect with the audience [7][9]. - She faced challenges and self-doubt but chose to persevere, using her grandmother's advice as motivation to overcome obstacles [9][10]. - Her departure from the long-running show "综艺大观" after 100 episodes was a testament to her commitment to authenticity and personal growth [10]. Group 2: Responsibility - Ni Ping's life took a significant turn when her son was diagnosed with congenital cataracts, leading her to prioritize family over her career [11][13]. - She embraced the challenges of motherhood and the emotional toll of her son's treatment, ultimately finding fulfillment in her sacrifices [13][14]. - This experience reshaped her understanding of life, viewing hardships as new beginnings rather than endings [14]. Group 3: Courage - After leaving CCTV, Ni Ping ventured into acting, winning the Golden Rooster Award for Best Actress, showcasing her willingness to embrace new opportunities [14][16]. - She has continuously explored various creative outlets, including writing and painting, demonstrating her adaptability and willingness to evolve [14][16]. - Ni Ping's ability to empathize with younger generations reflects her understanding of contemporary challenges, allowing her to remain relevant in the changing media landscape [16].

9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局 ·新路径"为主题，汇聚全球政商学界精英，共同洞察变局脉络、探寻发展新机。 近期A股市场犹如春潮涌动，指数节节攀升逼近3900点关口，点燃了投资者的热情。在本次论坛的 闭幕对话环节，中国人民大学国家金融研究院院长、国家一级教授吴晓求，中国政法大学商学院原 院长刘纪鹏通过精彩纷呈的思想碰撞，透过市场表象洞察深层逻辑，为论坛画上了圆满的句号。 牛市是否真的来了？是哪些因素推动了股市上涨？两位专家观点鲜明，论坛现场既有生动的比喻、 扎实的数据，又有妙趣横生的激辩，为投资者勾勒出一幅兼具理性与信心的市场发展图景。 "A股牛市不是真的要来了，是已经来了，实际上早在两三个月前便已开启。"论坛上，吴晓求的话 掷地有声。他坚定地表示，"未来市场站上4000点不存在悬念，尽管近期出现短期波动，但长期向好 的大趋势不会改变"。 但也有部分市场参与者担忧本轮牛市可能"昙花一现"，对此，吴晓求强调，行情的延续性具备坚实 的内在逻辑支撑。 回顾A股历史，牛短熊长和暴涨暴跌曾是显著特征，吴晓求分析，这一现象根源在于过去市场结构 失衡、缺乏 ...

点击在 看 持续关注↓↓↓ 资金来源是关键。邢自强表示，可通过两大路径解决：一是提高国企、央企分红比例，将国有资产运营收益上缴社保基金；二是调整财政支出结构，从过 去偏重基建的 " 投资于物 " ，转向聚焦民生的 " 投资于人 " 。 " 财政完全有能力承担，这是最划算的 ' 经济投资 ' 。 " 邢自强总结称，人民币国际化的核心在于 " 道 " 与 " 术 " 的结合。只有通过实质性的结构性改革，打破低物价循环，提升人民币资产回报率，才能为稳定 币等金融基础设施的应用创造坚实基础，实现 " 以道驭术，事半功倍 " 的长期目标。 【 热门视频推荐 】 凤凰网财经讯 9 月 23-24 日，由凤凰卫视、凤凰网主办的 " 凤凰湾区财经论坛 2025" 在广州举行，本届论坛以 " 新格局 · 新路径 " 为主题，汇聚全球政商学 界精英，共同洞察变局脉络、探寻发展新机。 摩根士丹利中国首席经济学家邢自强出席本次论坛并发表主题演讲。邢自强表示，通过社保统筹改革可以推动全国统一大市场、促消费，有助于打破当前 的低物价循环陷阱，提升企业盈利能力，改善老百姓的就业和收入预期，人民币资产的收益大幅改善，才能为人民币国际化奠定坚 ...

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商 学界精英，共同洞察变局脉络、探寻发展新机。 小鹏汽车董事长、CEO何小鹏出席论坛，并在"企业全球化新路径"环节发表主旨演讲。他指出，飞行汽车就像30年前汽车刚进入中国，20世纪90年 代初中国的路还很少。大家觉得汽车不安全、很贵、加油很麻烦，是领导、是大企业才能够用的，个人不可能用。现在我们认为飞行汽车又贵、又麻 烦，可能不安全，使用场景很少。但是，30年以后世界会发生巨大变化。 【 热门视频推荐 】 点击在 看 持续关注↓↓↓ 小鹏汽车董事长、CEO何小鹏 "今天我们第一款飞行汽车只能飞几十公里，但是我们正在做的与汽车不耦合的纯的小型飞机能飞数百公里。我认为10-30年后，人们可以住在离城 市中心100公里的地方，10分钟以内到达，安全、快速、无人化。所以，低空飞行会为城市和城市之间或者城市周边的生活带来巨大的改变。" 据何小鹏介绍，小鹏汽车已经做了12年的飞行汽车，2026年小鹏汽车会把全球第一台"汽车+飞机"组合折叠的飞行汽车真正量产并且开始交付。为 此，小鹏 ...

中秋要走亲访友、家庭宴客，想送有面的好酒，又怕预算超支？ 这次真的不用纠结了！ 花一瓶 飞天茅台的价格，入手3瓶"茅台小飞天"！ 就是这款 【茅台家族金奖纪念艺术精品酒】： 它是 致敬1915巴拿马金奖110周年 的艺术精品酒，寓意马到成功，事业兴旺！ "艺术精品+纪念酒"的创新融合，在整个白酒界都是独一份的存在！ 全球仅限量2000件 ，懂行的 早就盯着抢了！ 懂 酒 的都知道， 茅台集团的散花飞天系列酱酒向来是"硬通货" ，更别说带"巴拿马金奖110周年 纪念"属性的款 ！ 这款金奖纪念艺术精品酒，可不是普通酱酒， 每一处细节都透着"稀"： 它是茅台集团专为 1915巴拿马金奖110周年 打造的散花飞天系列唯一纪念款， 全茅台体系里都 找不出第二款！ 先看这"含金量"：茅台散花飞天+巴拿马纪念+敦煌文化，罕见到有钱难买！ 瓶身印着经典的 散花飞天元素 ，与飞天茅台同出一脉的"茅香基因"，一眼就认出是茅台家族 的"直系成员"。 瓶型沿用70年代经典茅型瓶，盒身背面印有茅台家族专用"酒神倒酒图"，老茅友一看就懂这 是"正根儿货"！ 还搭配"马到成功"工艺品！明年就是马年，不管是自饮、收藏还是送礼，都藏着"事业 ...

在资本市场风云变幻、人工智能浪潮奔涌的时代，他们凭借各自深厚的专业背景与丰富经验，聚焦 经济前沿，探讨资本市场革新与规范，深挖人工智能赋能经济的潜力，共探全球经济格局走向。 是举世瞩目的，都是可以和任何国家媲美的。所以，中国出口的周期在不断上升，而产生的美元流动性 在不断地回流中国。今年，A股遥遥领先全球其他各个国家的主要指数，包括美股、日股，以及欧洲各 个国家的股票。" 洪灏还指出，沪指3900点和恒指26000点，都远远没有反映过去几年，中国在这些领域取得的成就。"市 场预期依然过度悲观，市场依然没有涨完，中国股市上升的空间依然没有结束。" "另外，随着国家对于上游企业不规范竞争的依法治理，大宗商品的价格也已经回暖。各位如果做铜商 品、铜、铝、黄金、白银期货的，今年都会感受非常棒，黄金、白银是今年表现最好的资产类别，没有 之一。这些资产类别的价格上涨将远远超过各位的想象，这个是一个世纪大牛市。"洪灏继续说道。 我们需要一场怎样的牛市？AI将如何赋能经济增长潜力？ 2025凤凰湾区财经论 近日召开 ，吴晓求、刘纪鹏、林园、洪灏、邢自强、付鹏、汪扬、阿联酋人工 智能部部长奥马尔等嘉宾齐聚。 凤凰网财经讯 9月 ...

Group 1 - The U.S. stock market indices closed down on September 24, with the Dow Jones Industrial Average falling by 171.5 points (0.37%), the S&P 500 down by 18.95 points (0.28%), and the Nasdaq Composite down by 75.61 points (0.33%) [1] - Popular tech stocks showed mixed results, with Intel rising over 6% due to news of seeking investment from Apple, while Google fell over 1% and Nvidia and Apple dropped nearly 1% [1] - The Nasdaq China Golden Dragon Index rose by 2.83%, with major Chinese concept stocks like Alibaba and JD.com increasing by over 5% [1] Group 2 - The World Trade Organization (WTO) Director-General warned that tariffs are causing unprecedented damage to the international trade system, with global trade under WTO rules dropping to 72% [1][2] - Geopolitical tensions, tariff barriers, and supply chain reorganization are pushing the world towards a high-friction, low-trust trade era, impacting small and medium enterprises the most [1][2] - The restructuring of global trade is not signaling the end of globalization but rather its evolution into a new form centered on regional cooperation and resilient supply chains [2][3] Group 3 - The Greater Bay Area is becoming a new global trade hub by enhancing cooperation with ASEAN, building new nodes along the Belt and Road, and developing digital currency and AI cross-border trade systems [2][3] - The "golden era" of global trade may not return in its previous low-friction, high-growth form, but a new trade era based on digital infrastructure and regional collaboration is emerging [3] Group 4 - China's economy is showing resilience amid global economic uncertainties, with a record high in total goods trade value reaching 43.85 trillion yuan in 2024 [8] - The contribution of consumption to economic growth exceeded 50%, with retail sales growing by 5.0% year-on-year in the first half of 2025 [9] - China's focus on high-quality development is reflected in the increasing export share of high-tech products, which reached 18.2% in 2024 [8] Group 5 - The capital market is experiencing a transformation, with A-shares breaking through a ten-year pressure line, indicating a shift from a policy-driven market to an institution-driven market [10] - Investment in sectors like robotics, semiconductors, and AI is shaping the economic landscape of the Greater Bay Area, with significant advancements in technology and innovation [10] - The upcoming "Phoenix Bay Area Finance Forum 2025" aims to address the restructuring of global economic and trade patterns, featuring discussions on new paths for corporate globalization and the impact of AI [11][15]

在传统豪华品牌牢牢掌控的50万级以上市场中，问界M9仅用不到两年，就完成了一场令人瞩目的颠覆：上市即巅峰，18个月稳居50万以上市场销量冠 军、累计交付突破24万辆、50万以上新能源市场份额超过70%。 这一冲击波如此强烈，以至于越来越多的传统豪车经销商主动转向鸿蒙智行。 难怪不少网友感叹："不是大家不买豪华车了，是在问界M9面前，真没理由再犹豫了。" 01 华为全栈技术铸就"科技豪华" 重新定义市场标准 问界M9之所以能迅速占领市场，核心在于它并非在传统赛道上追赶，而是借助华为全栈智能科技，树立了一种超越传统、面向未来的"科技豪华"新范 式。 传统豪华品牌仍在津津乐道地推销发动机排量、真皮座椅面积和桃木饰纹时，问界M9的用户已经在日常体验流畅便捷的智能座舱、安全丝滑的辅助驾 驶，以及"车机手机联动"的全场景智慧生活。 这种代差般的体验优势，直接动摇了传统豪车用户的忠诚度。 一位鸿蒙智行门店销售人员透露："如今进店咨询问界M9的客户，超一半是传统豪车车主。他们最常问的不是'这车够不够豪华'，而是'辅助驾驶能达到什 么水平'、'车机系统多久更新一次'。" 科方得智库研究负责人张新原分析道，原先选择传统豪车的用户 ...

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商 学界精英，共同洞察变局脉络、探寻发展新机。 中国人民银行原副行长李东荣 中国人民银行原副行长李东荣出席论坛，并在"重构世界经贸新格局"环节发表主旨演讲。他认为，经济全球化遭遇波折，进入调整期和慢全球化阶 段，但关税壁垒难以阻止经济全球化的发展大势。 谈及具体原因，李东荣认为主要有两点： 所以，李东荣表示，即使关税壁垒给世界经济带来一定的震荡和不确定性，但经济全球化凭借强大的内生动力和市场规律，不会停止其奔腾向前的势 头。 【 热门视频推荐 】 点击在 看 持续关注↓ ↓ ↓ 经济全球化背后有着深刻的底层逻辑和强劲动力。"全球化的理论基础是比较优势，其根本动力在于追求资源的最优配置和效率最大化。即使有关税 影响，企业仍会在全球范围内寻找最佳的生产地点和销售市场。而科技进步让各国之间的连接更加便利。数字技术、互联网、现代物流和通信手段的 发展，使得跨国界的生产协作、信息交流和贸易往来变得空前便捷。这种科技进步的驱动必将持续推进全球化浪潮。" "在某种程度上，关税壁垒不但 ...