Core Viewpoint - FountainVest is seeking to sell half of its stake in Amer Sports for approximately $1.3 billion, marking a significant cash-out opportunity for the investor after a successful investment in the company [1][9]. Group 1: Company Background - Amer Sports, known as the "Rolls-Royce of sports goods," owns high-end brands such as Arc'teryx, Salomon, Wilson, and Atomic, and has gained popularity in China, being referred to as the "new social currency" alongside Lululemon [1][5]. - The company was originally founded in 1950 as a tobacco company and transitioned to the sports goods industry after acquiring a hockey equipment brand in 1974 [3][4]. - Amer Sports has undergone significant mergers and acquisitions, acquiring brands like Wilson and Atomic, and fully divested its tobacco business in 2004 [4][5]. Group 2: Financial Performance - In 2024, Amer Sports reported annual revenue of $5.183 billion, with Arc'teryx generating over $2 billion, making it a key asset for the company [5]. - The company experienced a compound annual growth rate of 20.4% from 2020 to 2022, following a strategic focus on core brands and divestitures of non-core assets [5][9]. - By 2025, Amer Sports reported a revenue of $1.473 billion in Q1, a 23% increase year-over-year, with net profit soaring over 25 times compared to the previous year [9]. Group 3: Investment and Market Activity - FountainVest's initial investment in Amer Sports was part of a consortium led by Anta Sports, which acquired the company for €4.6 billion in 2018, marking the largest outbound acquisition by Chinese capital that year [1][5]. - Following the IPO in 2024, Amer Sports' market capitalization reached $6.492 billion, and its stock price has significantly increased since its listing [5][9]. - FountainVest's recent decision to sell half of its stake not only allows for a profitable exit but also provides liquidity for further investments in the consumer sector, as the market for consumer goods is heating up [10][11].

以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 作者丨王满华 来源丨LP波谱 一级市场再现重量级玩家。 5月28日，凯辉基金正式宣布旗下凯辉创新基金三期圆满完成最终关账，基金管理规模达10亿美元， 出资人包括赛诺菲(Sanofi)、道达尔能源(TotalEnergies)、法雷奥(Valeo)、法国巴黎银行保险(BNP Paribas Cardif)、法国赛博集团(Groupe SEB)、巴黎机场集团(Groupe ADP)、淡水河谷(Vale)及南美 能源与科技集团COPEC(Wind Ventures)等。凯辉创新基金三期专注于推动人工智能在垂直领域的深 度应用，覆盖数字医疗、金融科技、消费以及出行与能源四大关键产业，投资布局覆盖中国及东南 亚、欧洲与北美等主要区域，此外也将进一步帮助初创企业实现"本地创新，全球落地"。 据了解，凯辉这只基金早在2 ...

以下文章来源于东四十条资本 ，作者鲁智高 一年收入超过13亿元。 作者丨 鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 东四十条资本 深圳又有一家明星公司上市了。 5月30日，手回集团正式登陆港股。截至发稿，这家中国人身险中介服务提供商的市值超过16亿 港元。 在腾讯前员工光耀等人的带领下，手回集团不仅打造出"擎天柱"、"大黄蜂"、"超级玛丽"等IP保 险产品，并且还为超过110家保险公司分销超过1900个保险产品，一年的收入也超过13亿元。 故事的主人公正是光耀。从武汉理工大学毕业后，他先是加入金蝶做起SaaS软件，后又去腾讯担 任产品经理，参与了QQ增值服务、QQ商城、QQ网购、易迅、拍拍网等项目。 到了2014年底，为了给即将出生的孩子买儿童保险，光耀在市场上找了很久也没能发现心仪的产 品。那个时候，国内互联网保险刚好处于起步阶段，并在数字化浪潮下展现出庞大的发展前景。 经过与互联网和保险行业的朋友交流，光耀等人萌生了做一个互联网保险平台的想法。没过多久， 手回集团便在深圳成 ...

将投中网设为"星标⭐"，第一时间收获最新推送 消费的热度又拉升了起来。 作者丨 纪佳文 编辑丨 刘燕秋 来源丨 投中网 5 月 28 日，全球投资机构 L Catterton 宣布， 其在最新一轮融资中已筹集约 110 亿美元的资本承诺总额，其中包括超过 67.5 亿美元的旗舰并购策略基金、信贷基金的首关，和成长基金五期、欧洲基金五期、新的日本和中国境内基金的终关等。 投资人涵盖了主权财富基金、养老金、捐赠基金、家办及高净值个人等。 近两年的人民币基金市场上，尽管 KKR 、华平、科勒资本等外资颇为活跃，但贝恩公司最新的私募股权报告显示，人民币 基金占去年亚太地区收购基金募集资金的 43% ，高于 2022 年的 27% ，但仍低于之前五年 59% 的平均份额。 再说消费这个主题，虽说这是个长坡厚雪的赛道，今年又跑出了个"港股三姐妹"，把消费的热度又拉升了起来。不过就我最 近跟投资人和 FA 朋友的交流，因为前两年被"伤得太深"，一些投资机构彻底离场，也可以说是"被出清了"。 在广袤的中国市场上， L Catterton 想必已经蹚出了经验。更重要的，眼下竞争少了，还留在牌桌上的机构反而可以活得更 舒适。因此 ...

以下文章来源于镜相工作室 ，作者镜相作者 镜相工作室 . 商业世界的风向与人 将投中网设为"星标⭐"，第一时间收获最新推送 普通人入局AI的捷径，被堵死了？ 作者丨 阮怡玲 编辑丨 卢枕 来源丨 镜相工作室 近两年，随着AI的火热发展，"提示词（prompt）"这个词也被普通人熟知。 在AI短视频博主那里，这是AI时代的普通人必须要掌握的一项技能，"谁不会用提示词，谁就会被 AI淘汰！"在焦虑的打工人那里，提示词是用AI来帮忙完成工作的手段，需要整天琢磨对AI说什么 才能得到更好的效果。这种焦虑也催生了众多"提示词工程"的知识付费课程，在AI还没真正落地 之前，就先让一帮嗅觉敏锐的人大赚一笔。 提示词也曾是许多没有AI和相关技术背景的人，想追赶AI风口的一条捷径。作为一种新职业，"提 示词工程师"曾被许多人追捧，门槛低、上手快、薪资高，成为转行AI的首选。"2023年的时候阿 猫阿狗都能进来，挺好混的，挺水的。"从业者杨佩骏说。那时在国外有的提示词工程师甚至能拿 到25-33万美元年薪。 但现在，随着大模型能力的快速提升，提示词工程师越来越没有存在感，杨佩骏发现，辛辛苦苦优 化了很长时间的提示词，模型一升级， ...

Core Viewpoint - Nvidia's recent earnings report shows strong revenue growth despite challenges from geopolitical factors, particularly the H20 export ban impacting its Chinese market presence [4][6][21]. Group 1: Earnings Performance - Nvidia reported Q1 FY2026 revenue of $44.06 billion, a year-over-year increase of 69% and a quarter-over-quarter increase of 12% [11]. - Net profit for the quarter was $18.775 billion, a 26% increase year-over-year but a 15% decrease quarter-over-quarter [11]. - The data center business generated $39.1 billion in revenue, up 73% year-over-year, and accounted for 88% of total revenue [13]. Group 2: Business Segment Breakdown - Gaming and AI PC revenue reached $3.8 billion, marking a record high with a 42% year-over-year increase [14]. - Professional visualization revenue was $509 million, up 19% year-over-year [15]. - Automotive revenue grew by 72% year-over-year to $567 million [16]. Group 3: Impact of H20 Export Ban - The H20 export ban is projected to result in significant losses for Nvidia, with an estimated $8 billion drop in revenue for the upcoming quarter [19]. - Nvidia's CEO expressed concerns that the ban effectively closes the $50 billion Chinese market to American industry, impacting future business prospects [21]. - The ban is seen as a short-sighted measure that may inadvertently accelerate China's technological development [22]. Group 4: Market Reaction and Future Outlook - Despite the challenges posed by the H20 ban, Nvidia's stock rose nearly 6% in after-hours trading, reaching its highest level in four months [24]. - The introduction of the new Blackwell architecture is expected to sustain Nvidia's dominance in the AI chip market [24]. - The growing interest in agent-based AI is seen as a potential driver for Nvidia's future growth, as it requires substantial computational power [25].

Core Viewpoint - The article discusses Wanda Group's significant asset sale, marking its fifth large-scale divestment since 2017, aimed at debt reduction and transitioning to a "light asset" model [3][5][9]. Summary by Sections Asset Sale Details - Wanda Group is selling 100% equity of 48 target companies, primarily Wanda Plaza projects located in major cities like Beijing, Guangzhou, and Chengdu, to a consortium led by TPG Capital, Tencent, JD.com, and others [4][7][11]. - The estimated transaction value is around 500 billion yuan, with an average valuation of 10 million yuan per target company, which is a favorable price compared to last year's valuation of 15 million yuan per plaza [5][7]. Financial Context - Wanda's total debt has reached approximately 600 billion yuan, with 40 billion yuan of debt due by 2025, necessitating asset sales to alleviate financial pressure [5][8]. - The company has been under financial strain due to failed IPO attempts and has been selling off assets since early 2023, with over 30 Wanda Plazas expected to be sold by 2024 [8][9]. Strategic Partnerships - The consortium's structure allows for resource integration and risk diversification, with Wanda retaining operational control of the plazas and collecting management fees [11][13]. - TPG Capital, known for its expertise in distressed assets, has previously assisted Wanda during financial crises, indicating a strategic relationship [11][12]. Market Implications - The shift to a "light asset" model may enhance operational efficiency and reduce costs, providing a potential blueprint for other companies facing similar financial challenges in the commercial real estate sector [13].

Core Viewpoint - A new trend of "punk health" among young consumers is reshaping the beverage market, with traditional Chinese herbal drinks gaining popularity as a new consumption symbol [3][4]. Market Growth - The market size of Chinese herbal health drinks has grown from 0.1 million in 2018 to 4.5 billion in 2023, with expectations to exceed 10 billion by 2028 [4]. Consumer Preferences - Young consumers are increasingly opting for health drinks like coix seed water and herbal drinks over traditional caffeinated beverages, viewing them as affordable health options [5][6]. - The average price of Chinese herbal health drinks is around 5-6 yuan per bottle, which is considered a cost-effective choice compared to 2 yuan for bottled water [6]. Social Media Influence - The term "Chinese health" has gained significant traction on social media platforms, with over 220 million views on Xiaohongshu, indicating a shift in perception towards younger demographics [6]. Industry Trends - The rise of sugar-free teas has been notable, but the market is now shifting towards more functional beverages, with collagen drinks and other specialized products gaining traction [7][8]. - The demand for health drinks is increasing, with brands focusing on natural ingredients and functional benefits to attract health-conscious consumers [12][13]. Brand Competition - The competition in the health drink sector is intensifying, with brands like Yuanqi Forest leading the charge by launching health-focused products that quickly sell out [11][12]. - New entrants and established brands are diversifying their offerings, with a focus on unique ingredients and packaging to stand out in a crowded market [12][13]. Consumer Behavior - Young consumers are becoming more discerning, seeking not just taste but also health benefits from their beverages, leading to a rise in functional drinks that address specific health concerns [16][19]. - Price sensitivity and brand loyalty are challenges for companies, as consumers often compare prices and ingredients before making a purchase [18][19]. Market Challenges - The market faces issues of product homogeneity and price wars, with many brands offering similar formulations, leading to consumer confusion and skepticism about efficacy [15][17]. - The lack of clear definitions for health benefits in the production of these drinks has led to debates about their actual effectiveness [18].

Core Viewpoint - Xiaomi has successfully developed its self-designed mobile SoC chip "Xuanjie O1" after years of setbacks, marking a significant step in its ambition to enhance its technological capabilities and compete in the high-end smartphone market [2][5][19]. Group 1: Development and Challenges - Xiaomi's "Xuanjie O1" chip utilizes second-generation 3nm technology and is currently featured in the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra [2]. - The development of SoC chips is complex, involving multiple critical components such as CPU, GPU, and ISP, which directly impact the overall performance of mobile devices [4]. - Xiaomi's previous attempts at chip development faced significant challenges, leading to the shutdown of its chip division in 2017 after the underwhelming performance of its second-generation chip [9][10]. Group 2: Investment and Strategy - As of April 2023, Xiaomi has invested over 13.5 billion yuan in the "Xuanjie" project, with a projected investment of over 6 billion yuan for the year [6]. - The company plans to invest an additional 200 billion yuan in core technology research over the next five years to solidify its position in the semiconductor industry [7]. - Xiaomi's strategic decision to restart its chip development was influenced by its high-end market ambitions and the need to control its technology stack, similar to competitors like Apple and Huawei [15][16]. Group 3: Market Reception and Future Plans - The release of the "Xuanjie O1" has elicited mixed reactions, with some praising its potential while others question its originality and performance [7][19]. - Xiaomi aims to focus on flagship chips initially, with plans to tackle 5G modem development next [8]. - The company is also exploring opportunities in automotive chips, indicating a broader vision for its semiconductor capabilities [21]. Group 4: Talent Acquisition and Industry Context - Xiaomi's chip development team has grown to over 2,500 members, bolstered by talent from the recent wave of chip startups in China [17][18]. - The competitive landscape for chip development in China has seen a surge in new companies, but challenges remain as some firms, like OPPO's Zheku, have ceased operations [19][21].

将投中网设为"星标⭐"，第一时间收获最新推送 有机构跟我说，今年已经是他们的"退出大年"。 高瓴减持百济神州，回报超过20倍；蜂巧资本清仓泡泡玛特，回报400倍；国家大基金减持中芯 国际，回报10倍以上……近日一个又一个的漂亮退出，着实吸引了一波眼球。 在此之前，中国VC/PE行业的退出已经连崩了三年。投中研究院的报告显示，2024年中国 VC/PE行业以IPO方式退出的账面股权价值总金额1999亿元，同比下降39%，已不足2021年高 点时的五分之一。退出，无疑是当下一级市场的命门所在。 现在看来，2025年很可能会是触底反弹的一年。甚至有机构跟我说，今年已经是他们的"退出大 年"。 2025年 ， 退出"本垒打"满天飞 虽然还没有权威的统计数据，但从近期的几个重磅减持来看，今年前5个月的退出规模，就有超越 去年全年的之势。 5月14日，百济神州发布公告表示，股东HHLR Fund,L.P.及其联属实体5月9日减持公司境外流通 股股份1600万股，持股比例从6.03%变更为4.89%，不再为公司持股5%以上股东。 HHLR Fund,L.P.是高瓴旗下基金。2014年，高瓴领投百济神州的A轮融资，当时高瓴以 ...