以下文章来源于锌刻度 ，作者孟会缘 锌刻度 . 专注科技互联网原创报道 将投中网设为"星标⭐"，第一时间收获最新推送 这种"收藏+社交+投资"的复合生态中，Labubu盲盒不再只是一款潮玩产品那么简单，它已经成为了 一种潮流符号，一种社交媒介，甚至是年轻人投资理财的新选择。 然而，随着Labubu在二手市场的空前繁荣，市场乱象也随之浮现。 回收空盒、高仿盲盒等投机行为高发，虚标二手价格、恶意炒作隐藏款等现象层出不穷，不仅损害了 消费者的利益，也对Labubu的品牌形象及其所代表的盲盒产业生态构成了严重威胁。 这些乱象的存在如同一面镜子，映照出盲盒市场快速发展背后，是监管缺失与消费者理性不足的双重 困境。 Labubu在二手市场的空前繁荣。 | 作者丨 孟会缘 编辑丨 黎文婕 | | --- | | 来源丨 锌刻度 | 一代人有一代人的鸡蛋要领，而Labubu就是当代年轻人争着抢着都要领的"鸡蛋"。 近期，有银行推出"存款送Labubu盲盒"的活动招揽储户引发广泛热议，尽管此类营销活动已经被叫 停，但Labubu对年轻一代的强大吸引力已不言而喻。 从一款初代薄荷色的Labubu被拍卖出108万元的天价，到二手市 ...

Core Viewpoint - The article highlights the emergence of young innovators in China, particularly focusing on YingShi Innovation Technology Co., Ltd. as a leading player in the smart imaging industry, showcasing its successful IPO and significant market impact [2][4][6]. Company Overview - YingShi Innovation, known for its brand Insta360, specializes in panoramic imaging technology and has developed a comprehensive technology system including image stitching, stabilization, AI processing, and computational photography [4][5]. - The company aims to enhance how people record and share their lives through innovative products that cater to various consumer needs [5]. Market Performance - YingShi Innovation's IPO on June 11, 2025, was marked by a significant opening increase of 285%, reaching a market capitalization exceeding 700 billion yuan [2]. - The company raised 1.938 billion yuan during its IPO, ranking first in the Sci-Tech Innovation Board and third overall in the Shanghai Stock Exchange for fundraising in 2025 [2]. Product Development and Global Reach - The product line has expanded from consumer-grade panoramic cameras to professional VR cameras, with a focus on outdoor sports, life recording, video conferencing, and mobile photography [5]. - YingShi Innovation's products are sold in over 200 countries and regions, with a presence in more than 10,000 retail stores and over 90 airports worldwide, boasting millions of hardware users [5]. Market Leadership - In 2023, YingShi Innovation held a 67.2% market share in the global panoramic camera market, maintaining the top position for six consecutive years, with an expected increase to 81.7% in 2024 [5]. - The company ranks second in the global action camera market as of 2023, demonstrating strong competitive performance [5]. Investment and Growth - The early investment by Yunbo Capital has been pivotal in YingShi Innovation's growth, with the founder emphasizing the importance of innovative young teams in driving industry transformation [6]. - The successful listing on the Sci-Tech Innovation Board signifies a new phase in the company's development and highlights the global competitiveness of Chinese tech firms [6].

Core Viewpoint - Chime's IPO marks a significant event in the capital markets, being the largest bloodbath listing of the year, with a stark contrast between its last funding round valuation and its IPO valuation [2][4][18]. Summary by Sections IPO Details - Chime went public on June 12, 2023, with an IPO price of $27, raising $832 million and targeting a valuation of $11.6 billion. On its first trading day, the stock closed at $37.11, a 37% increase, bringing its market capitalization to $13.5 billion [2][4]. Market Context - The timing of Chime's IPO is notable as many anticipated unicorns postponed or canceled their IPO plans due to the tariff war, which disrupted expectations for a market recovery [3][4]. Valuation Discrepancy - Chime's last funding round in August 2021 valued the company at $25 billion, indicating a nearly $10 billion drop in valuation at the time of its IPO [4][18]. Financial Technology Landscape - The U.S. financial landscape has seen a rise in digital banks, with Chime being a prominent player. The company was founded in 2012 and has capitalized on the shift towards more accessible financial services, particularly for underbanked populations [10][12]. Growth and Challenges - Chime's growth trajectory has been marked by significant fundraising, totaling over $2.65 billion by 2021, with a valuation increase from $34 million in its A round to $25 billion before its IPO [12][18]. However, the company faced regulatory challenges and market volatility that impacted its valuation [18]. Financial Performance - Chime reported revenues of $1.3 billion in 2023, projected to grow to $1.7 billion in 2024, with a notable reduction in losses from $203 million in 2023 to $25 million in 2024 [20]. The introduction of ChimeCore, a software platform, is expected to improve financial performance by reducing costs [20]. Future Outlook - There is optimism for a recovery in the IPO market, with several fintech companies planning to go public in the next 18 months, potentially revitalizing investor interest and liquidity in the sector [21].

Core Viewpoint - Family offices have become a hot topic in the investment circle, attracting wealthy individuals to invest locally through professional management of their assets, including equity, credit, securities, and real estate [4][6]. Group 1: Company Overview - NeuralFin, formerly known as Derlin Digital Family Office, aims to democratize access to family office-level services and investment opportunities, leveraging AI and digital technologies [6][7][9]. - The company recently completed a Series A funding round of several tens of millions of Hong Kong dollars, with investors including GPTX, C Capital, and Shuren Education [4][5]. - Derlin Holdings, the parent company, manages nearly $4 billion in assets and is the only publicly listed family office in Hong Kong [6][7]. Group 2: Business Model and Services - NeuralFin plans to create a financial community based on AI and digital personas, providing professional content focused on global asset allocation [5][9]. - The platform aims to link users to scarce investment opportunities, allowing for a streamlined process of learning, consulting, product selection, and direct investment [5][9]. - The company intends to lower investment thresholds for high-end financial products, making them accessible to a broader audience [10][11]. Group 3: Technological Integration - NeuralFin is developing AI-driven tools, including digital avatars for content creators, to enhance user experience and provide personalized investment recommendations [10][11]. - The company has initiated a digital transformation since 2020, focusing on AI applications in finance, with plans to launch an AI-driven fund supermarket by 2024 [7][9]. Group 4: Market Position and Future Goals - NeuralFin's goal for 2023 is to achieve $10 billion in assets under management (AUM), a challenging target compared to established family offices [9][10]. - The company aims to balance rapid business expansion with risk management, ensuring compliance and transparency in its offerings [13].

将投中网设为"星标⭐"，第一时间收获最新推送 随着他们踏上IPO之路，再加上已经在港上市并持续爆火的泡泡玛特和布鲁可，以及不久前继续选择在港交所递交招股书的卡 游，"谷子经济"正在众人的看好中变得越发火热。 两位"玩咖"，要做"中国版万代" 因为非常热爱"玩"，没打过工的陈威和黄今最终选择一起创业。 大学毕业后，学习设计的陈威于1999年在北京鼓楼附近开了一家游戏店，并将自己珍藏的各种手办摆在店里。发现买东西的顾 客对手办更感兴趣，于是他选择去做衍生品生意，成为国内最早涉足这个行业的玩家。 在将日本万代、美国麦克法兰等国际知名收藏玩具品牌引入国内的同时，陈威还做起了广告、影视、网吧、餐饮等相关的生 意。意识到给品牌做代理的价值不高后，他逐渐萌生了做一家涵盖潮玩、盲盒、手办、机甲、拼装模型等在内的收藏玩具公司 的念头。 那个时候，陈威认为自己已经给很多国外玩具品牌当过"月嫂"（代理商），所以相信如果"生娃"（创业）也有足够的经验做 好。最终，他和桌面游戏《三国杀》的联合创始人黄今一起踏上创业之路，于2015年5月在北京成立52TOYS，决心成为"中国 版万代"。 由于从收藏玩具里获得了快乐和满足，他们也希望52 ...

在 72 小时里，有人用 AI 训练出了一个 AI 朋友，有人写出了一首生存之歌，有人生成了影视作 品，有人建起虚拟直播间，也有人在构建系统、调试插件的过程中耗尽预算 …… 每一步都像在用 AI" 重写生活 " 。 在这里，吃饭、购物、搜索、表达，每一项日常操作都必须用 AI" 重新定义 " ；而所有现实世界的 " 外挂 "—— 手机、扫码、微信、快捷入口 —— 统统被屏蔽。玩家要学会用一种全新的语言，与 AI 共处、协作、挣扎、创造。 比结果更重要的，是这个过程中暴露出的问题与可能。 AI 可以帮助人类生存，但它真的能理解情 绪、重建连接、解决孤独吗，我们可以看到哪些边界？ 每位玩家进入房间时，仅配备一台预装若干类 AI 工具的联网电脑，一部用于紧急联系的非智能手 机，预装了一些 AI 工具： 将投中网设为"星标⭐"，第一时间收获最新推送 五源发起的AI生存挑战最终在上海落地了。 来源丨 五源资本 5Y Capital 7 位来自不同背景的参与者 —— 大厂产品经理、 20 岁大学生、独立开发者、 大模型算法工程 师、金鸡奖提名导演、 AI 博士生 …… 在一个 72 小时的 AI 封闭空间，没有智能手机， ...

Core Viewpoint - The ongoing controversy surrounding the common pressure fuel tank in the Chinese automotive industry reflects deeper competitive dynamics among major players, particularly BYD, Geely, and Great Wall Motors, as they navigate the transition to new energy vehicles and market share battles [4][8][45]. Group 1: Controversy Over Common Pressure Fuel Tanks - The controversy reignited in June 2023 when Geely's executive publicly supported Great Wall's previous allegations against BYD regarding the use of common pressure fuel tanks, which are claimed to not meet emission standards [4][5][10]. - BYD responded by asserting that its fuel tank design complies with regulations and accused Great Wall of flawed testing procedures [5][10]. - The dispute highlights a broader struggle for industry influence during a critical transition period in the new energy vehicle market, with BYD's sales significantly outpacing those of Geely and Great Wall combined [5][8]. Group 2: Sales Competition - As of May 2023, BYD's sales reached 1.76 million units, while Geely and Great Wall sold 1.17 million and 0.46 million units, respectively, indicating a significant lead for BYD [6][26]. - The shift in the market dynamics is evident as BYD adopts a cost-first strategy, leveraging its DM-i hybrid technology to achieve competitive pricing and rapid market penetration [18][20]. - Geely is attempting to adapt by restructuring its brands and increasing its new energy vehicle sales, which are projected to nearly double in 2024 [23][38]. Group 3: Financial Performance - In Q1 2025, BYD reported a revenue of 170.36 billion yuan and a net profit of 9.16 billion yuan, marking a 100% increase year-on-year, showcasing its strong financial health [32][34]. - Geely's revenue also increased by 25% to 72.5 billion yuan, with a net profit growth of 264%, indicating a positive trend in its financial recovery [32][37]. - In contrast, Great Wall's revenue fell by 6.6% to 40.02 billion yuan, with a significant drop in net profit by 46%, reflecting challenges in its transition to new energy vehicles [32][40]. Group 4: Industry Transformation - The automotive industry is experiencing a significant shift from a fuel-dominated market to one led by new energy vehicles, with a clear division among companies based on their adaptation strategies [45]. - Companies like BYD are demonstrating that scale and technological control are crucial for success, while others like Great Wall and GAC are struggling with declining revenues and profits due to their reliance on traditional fuel vehicles [46][40]. - The ongoing debate over fuel tank technology underscores the importance of compliance and innovation in maintaining competitive advantage in a rapidly evolving market [48].

Core Viewpoint - ByteDance has significantly ramped up its ambitions in AI, showcasing a strategic shift towards aggressive innovation and talent acquisition in the AI sector [4][5][6]. Group 1: Organizational Changes - ByteDance has integrated its core research department, AI Lab, into the new model department Seed, led by former Google DeepMind executive Wu Yonghui, to enhance "research-production integration" and AGI research [5]. - The company has launched a global recruitment plan targeting top PhD graduates, offering competitive salaries and resources to attract talent [5]. - ByteDance is actively hiring hundreds of AI-related positions, indicating a strong focus on expanding its AI capabilities [9]. Group 2: Product Development - In the first quarter of this year, ByteDance launched over 20 applications across 10 sectors, demonstrating its rapid product development pace [6]. - The company has adjusted its AI product line, merging social companion products and image generation applications into its main app, Doubao, while also releasing new products like the Agent product "Kouzi" [5]. - ByteDance's AI hardware initiatives include acquisitions and product launches, such as AI wireless earphones and AI glasses, aiming to create a comprehensive AI ecosystem [15][16]. Group 3: Market Position and Financials - ByteDance's capital expenditure on AI is projected to exceed that of major competitors, with an estimated 80 billion yuan in 2024 and plans to double this in 2025 [18]. - Despite increased spending, ByteDance's net profit margin is expected to decline from 26% in 2023 to 21% in 2024 due to heavy investments in AI [19]. - Revenue forecasts suggest ByteDance's sales could reach approximately $186 billion (about 1.34 trillion yuan) by 2025, potentially surpassing Meta's revenue [19]. Group 4: Talent and Entrepreneurship - Since early 2023, at least 30 startups have emerged from ByteDance alumni, focusing on various AI-related fields and attracting significant investments from top venture capital firms [23]. - The shift in venture capital interest has moved from high-profile executives to product managers, reflecting the evolving landscape of AI entrepreneurship [27]. - The trend indicates that successful entrepreneurship in the AI sector is increasingly reliant on creativity and execution rather than solely on technical expertise or high-profile backgrounds [27].

Core Viewpoint - The acquisition of Ximalaya by Tencent Music for approximately $2.847 billion marks a significant shift in the online audio industry, reflecting the challenges faced by Ximalaya in achieving a successful IPO and the need for strategic partnerships in a rapidly evolving market [2][20][28]. Summary by Sections Acquisition Details - Tencent Music announced its plan to fully acquire Ximalaya for a total price of approximately $2.847 billion, which includes $1.26 billion in cash and up to 5.57% in stock [3][25]. - This acquisition price represents a significant discount compared to Ximalaya's previous valuation of $4.345 billion in 2020, equating to a 65.5% reduction [4][26]. Company Background - Founded in 2012, Ximalaya has grown to become the largest online audio platform in China, with over 300 million monthly active users and a vast content library [16][17]. - The company initially gained traction by focusing on content quality and building a diverse content ecosystem, which attracted significant investment from various venture capital firms [12][14]. Financial Performance - Ximalaya's revenue increased from 5.86 billion yuan in 2021 to 6.16 billion yuan in 2023, but the growth rate has slowed considerably [21]. - Despite achieving profitability in 2023 with a net profit of 224 million yuan, the company faced challenges due to intense competition from rivals like Tencent Music and ByteDance [23][27]. Strategic Implications - The acquisition is seen as a response to the ongoing changes in the industry and technology, with Ximalaya's founders emphasizing the importance of resource sharing and enhancing user experience [28]. - Post-acquisition, Ximalaya plans to maintain its brand, product independence, and core management team, indicating a strategy to leverage Tencent Music's resources while preserving its operational identity [29].

Core Viewpoint - The article highlights the successful journey of Insta360, a leading company in the panoramic camera market, emphasizing the importance of visionary entrepreneurship and strategic investment in achieving remarkable returns and market leadership [2][6][24]. Group 1: Company Overview - Insta360 was listed on the A-share Sci-Tech Innovation Board on June 11, with an opening price of 182 yuan, a 285% increase from its issue price of 47.27 yuan, resulting in a market capitalization exceeding 72 billion yuan [2][3]. - The company has achieved significant financial milestones, with revenues reaching 5.88 billion yuan and a net profit of 56.28 million yuan in 2019, marking a growth of nearly 130% and 200% respectively [18][24]. - By 2024, Insta360's revenue is projected to be 5.6 billion yuan, with a net profit of 1 billion yuan, and in Q1 2025, the revenue reached 1.355 billion yuan, surpassing GoPro's revenue by 43% [23][24]. Group 2: Investment Journey - IDG Capital, the earliest and largest external investor, has seen a remarkable return of over 100 times its investment, with a current holding value of nearly 2.3 billion yuan [3][13]. - The total financing amount for Insta360 over its journey was around 500 million yuan, with a pre-IPO valuation of approximately 2 billion yuan in 2019 [6][24]. - The investment strategy focused on supporting young entrepreneurs, with IDG Capital investing in Liu Jingkang, the founder, who was only in his early twenties at the time [9][10]. Group 3: Entrepreneurial Insights - Liu Jingkang's decision to pivot from software to hardware and relocate the company to Shenzhen was pivotal, leveraging the local supply chain advantages for consumer electronics [10][12]. - The company achieved global leadership in the panoramic camera market by 2018, surpassing competitors like Samsung and Ricoh, and became the second-largest player in the action camera segment, closely following GoPro [12][24]. - Liu's approach to entrepreneurship emphasizes product quality and customer satisfaction over aggressive fundraising, reflecting a long-term vision for sustainable growth [22][25]. Group 4: Market Context - The article notes that the investment opportunity represented by Insta360 is unique to its time, with the current market conditions making it challenging to replicate such success with similar funding levels [24][25]. - The narrative of Insta360 serves as a case study for the potential of niche markets and the importance of innovation in achieving competitive advantage in the tech industry [6][24].