以下文章来源于腾讯财经 ，作者白雪 腾讯财经 . 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 图源：君乐宝招股书 导语：重资产做牧场，如何减轻财务包袱？ 超市冷柜中，悦鲜活的透明瓶整齐码放。 | [編纂] | | --- | | 「編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) | | [編纂]數目 : [编纂]股H股(可予重新分配) | | [編纂]數目 ： [編纂]股H股(可予重新分配及視乎[編 | | 纂]行使與否而定) | | 最高[編纂] : 每股H股[編纂]港元,另加1.0%經 | | 紀佣金、0.0027％證監會交易徵 | | 費、0.00015%會財局交易徵費及 | | 0.00565%聯交所[編纂]費(須於[編纂] | | 時以港元繳足,多繳款項可予退還) | | 面值 : 每股H股人民幣1.00元 | | [編纂] : [編纂] | | 聯席保薦人·整體協調人·[編纂] | | Morgan Stanlev ICC 中全公司 | 图源：君乐宝招股书 据 招股书数据，君乐宝近两年业绩表现亮眼。营收方面，2023年至2024年从175.46亿元增至198.33亿元，同 ...

Core Viewpoint - The article discusses the recent volatility in the stock price of Chinese AI chip company Cambricon, highlighting the impact of market rumors regarding its revenue guidance for 2026, which significantly deviated from market expectations [6][9][10]. Group 1: Market Reaction - On February 3, Cambricon's stock price dropped by 12.88%, resulting in a market capitalization decline from approximately 530 billion to 456.3 billion yuan, evaporating over 70 billion yuan in value [6][13]. - The market was unsettled by rumors suggesting that Cambricon's 2026 revenue guidance was only 20 billion yuan, far below the anticipated range of 30 billion to 50 billion yuan [9][15]. - Following the rumors, Cambricon issued a statement denying any such revenue guidance and emphasized that it had not organized any small-scale communications regarding financial forecasts [10][16]. Group 2: Industry Context - The AI chip industry is at a critical juncture, characterized by both significant growth potential and increasing competition among over ten companies, including Cambricon, Moore Threads, and others [16][22]. - Major players like Alibaba's Tianshu and Kunlun chips are entering the market, intensifying competition and potentially altering market dynamics [16][17]. - The scarcity of related concept stocks in the market is expected to diminish as more companies, including Kunlun and Tianshu, go public [17]. Group 3: Financial Performance - Cambricon recently announced a strong performance forecast for 2025, projecting revenues between 6 billion to 7 billion yuan, representing a year-on-year growth of 410.87% to 496.02% [18][19]. - The company also expects to achieve a net profit of 1.85 billion to 2.15 billion yuan, a significant turnaround from a loss of 450 million yuan in the previous year [19]. - However, there are concerns regarding the fourth-quarter performance, with expected revenues of only 1.393 billion to 2.393 billion yuan, indicating a potential slowdown in growth [21]. Group 4: Investor Sentiment - Market sentiment is shifting as investors reassess the valuation logic of AI chip companies, particularly in light of the increasing number of firms entering the market [22]. - The financing balance as a percentage of market capitalization for Cambricon, Moore Threads, and Nuxi is 2.89%, 8.26%, and 9.55% respectively, suggesting that market fluctuations could exacerbate stock price declines [22]. - Investors are questioning the sustainability of the current market landscape, speculating on the potential for a significant number of companies to fail or experience drastic declines in market value [22].

高盛集团首席执行官大卫·所罗门（David Solomon）在一次访谈中分析了关于公司CEO需要面临的种 种问题，并举例很多亲身经历的项目决策，比如和苹果公司的合作，这对大部分人都有参考价值；他 还谈到了曾经令他陷入非议的DJ爱好，并且坦言未来依然会延续这个爱好，并公开演出。（源自： 全球播客频道） ...

导语：单人运营万亿美元企业的时代尚未到来，但这确实是未来的趋势，你会听到很多由不到100人 运营的公司，创造数亿美元收入的故事，Gamma公司用仅50名员工就实现了1亿美元的年度经常性 收入，这是种完全不同的模式，简直是种颠覆。（来源：全球播客频道） ...

以下文章来源于投资界 ，作者吴琼 投资界 . 清科控股旗下创业与投资资讯平台 导语：争抢上市窗口，中国具身智能掀起一场融资风暴。 这是当下火热一幕：近日，星海图、众擎机器人相继完成股改。同一天，魔法原子也宣布正推进 上市进程。 一天时间，三个具身智能IPO浮现。 先来看星海图，一家清华系人形机器人公司——四位联创中三位都来自清华，其中CEO高继扬毕 业于清华电子系；赵行、许华哲则是清华交叉信息研究院助理教授、博士生导师。 主打全尺寸双臂人形机器人，星海图成立于2023年9月，在自研矢量控制底盘X1、准直驱电机超 轻型机械臂产品A1的基础上，构建全尺寸轮足双臂仿人形机器人R1系列。1月初，星海图还发布 了新一代VLA模型GO Plus。 更早之前，宇树科技已经完成上市辅导，还有乐聚智能、云深处等明星企业均已向IPO发起冲 刺。经历一级市场火热融资阶段，上市开始成为大家抢占先机的关键筹码。目之所及， 大家开始 抢占上市先机。 另一边，半个月后的春晚舞台，将成为宇树们一个"超级路演舞台"。2026年，热闹就这样开始 了。 2026，具身排队IPO 这是一场肉眼可见的IPO竞赛。 如今，星海图完成工商变更，公司全称更 ...

导语：功能饮料"龙头"打新凉凉？ 想打新 功能饮料"龙头股"的投资者凉了 。 2 月 3 日， 市值千亿、 有"A股功能饮料第一股"之称的东鹏饮料（ 9980.HK ）在港交所 挂牌交易 上市， 股价开盘反应平平。截至发稿前，最 高股价仅 249.8 港元 / 股，最低则下探至 245.6 港元 / 股， 较发行价 248 港元 / 股"平字当头"，总市值 1387 亿港元。 2025年至今，在港股上市的消费股中，已有东鹏饮料、绿茶集团、遇见小面、 古茗等多只消费股破发。 图源：东方财富网 挂牌交易前，已有不少投资者 测算，东鹏饮料 H 股定价相对 A 股折价不足，导致投资热情较低。以 2 月 2 日东鹏饮料 A 股收盘价 257 元计 算，折扣约 14.27% ，而从其他 A+H 股表现看，为降低破发风险，其H股定价一般相对A股折价 20%~30% 左右。 截至发稿前，东鹏特饮 A 股 253.5 元 / 股，微跌1.36 % 。 值得注意的是， 东鹏饮料 A 股的峰值出现在 2025 年 6 月，当时盘中股价一度高达 336.42 元 / 股，如今股价较最高值已经下跌近 25%， 而 实控人林木勤的持股市 ...

Core Viewpoint - The collaboration between medical beauty brands and "villains" signifies a shift in brand communication, aiming to inject confidence and vitality into the traditionally anxiety-ridden medical beauty marketing landscape [4][6]. Group 1: Industry Overview - The medical beauty industry in China has been characterized by a scarcity of quality and affordable services, leading to information asymmetry and regulatory gray areas that complicate consumer decision-making [9][10]. - Traditional medical beauty institutions often struggle with scalability, as many have been operating for over twenty years with limited store counts, typically between 20 to 40 [6][10]. - The industry is transitioning from a seller's market to a buyer's market due to an increase in product approvals, which is expected to enhance competition and reduce product scarcity [11][12]. Group 2: Company Development - New Oxygen has opened 50 direct-operated clinics across 16 cities and completed over 1 million treatments, positioning itself as a leader in the light medical beauty chain brand sector in China [5][4]. - The company has established the "Youth Selection Alliance," which sets stringent standards for product quality and aims to redefine what constitutes a "good product" in the market [15][16]. - New Oxygen's approach includes a focus on building a scalable and high-quality delivery system to address the industry's challenges of trust and efficiency [7][12]. Group 3: Supply Chain and Market Dynamics - The "Youth Selection Alliance" allows New Oxygen to leverage its treatment volume to negotiate better terms with suppliers, ensuring high-quality products are available to consumers [16][18]. - The company has formed partnerships with major pharmaceutical and medical beauty suppliers, significantly increasing its purchasing power and market influence [17][18]. - New Oxygen's strategy emphasizes the importance of a robust supply chain and efficient distribution channels, which are critical for driving down costs and enhancing product availability [20][21]. Group 4: Future Outlook - The transformation within the medical beauty industry is expected to lead to a healthier ecosystem and a more rational consumer market, characterized by increased choice, transparency, and trust [27][28]. - As the industry moves towards full market competition, companies that can effectively balance consumer trust and supply chain efficiency will thrive [27][28]. - New Oxygen's ongoing efforts to integrate technology and streamline operations are essential for overcoming existing industry challenges and achieving sustainable growth [22][28].

以下文章来源于拾遗地 ，作者十一弟 拾遗地 . 我们是一家专注房地产业与财经领域的自媒体。 导语：还是A股市场的散户们接下了所有。 年初，在一场公开活动上，东方雨虹的老板李卫国，对着台下的湖南老乡，一番慷慨激昂—— "我来北京创业三十年了，本来要退休了，由于现在的经济环境，所以还要再干十年。" "湖南人到北京创业，应该尽可能搞内循环，你要吃饭，尽量吃湖南餐馆；你要买东西，尽可能 买湖南人的产品。" "东方雨虹特别欢迎湖南老乡成为我们的供应商、合伙人、承包商。" "你卖掉东方雨虹的产品，以我们湖南人的能力，理论上不会少于20亿，甚至30亿，应该有5% 以上的利润，能赚到1.5亿。" "从身价来计算，可以让15个湖南人成为千万富翁。" 三十年前，李卫国从体制内下海创业。 在创办东方雨虹之前，他曾在湖南的政府机关坐办公室，文笔和嘴皮子早就练出来了。 面对湖南老乡，这一通输出，有情怀、有理想，还画上了千万富翁的大饼，谁听了不心动。 跟着李老板卖防水，赚钱就这么容易，随随便便也能挣个千万身家。 在东方雨虹，李卫国表了决心，还要再干十年。 作为老板，他总是把规划放得很长远，想对外传递点信心。 但其实，李老板也就在去年才刚 ...

这种具备飞机般复用能力的火箭将极大降低发射成本，并显著提升发射频率，有望像手机应用商店一样开 启太空经济的新纪元。公司从车库起步，坚持自主制造与快速迭代，目前已拥有大规模生产基地并计划于 近期开展轨道发射，努力实现普惠的太空探索。（ 全球播客频道 ） 两位前蓝色起源工程师创办了航天公司，致力于研发完全可重复使用的火箭。目前多数火箭的第二级在重 返大气层时会被烧毁，而他们利用创新的液氢冷却热盾技术解决了这一难题。 ...

以下文章来源于新眸 ，作者李小东 新眸 . 聚焦科技与消费，记录中国产业升级新故事。 导语：元宝派，会是AI时代下一个"微信"吗？ 2月1日零点刚过，不少人的微信对话框就被一条红色链接刷屏了。 腾讯元宝派正式上线10亿春节红包活动，没有复杂的助力门槛，只需完成简单任务就能获得抽奖 机会，最高可领万元现金，直接提现至微信支付。 这种"零套路"的玩法迅速点燃了社交网络，据媒体报道，分10亿元现金红包活动开启仅14小 时，腾讯元宝App便登顶了苹果商店免费榜。甚至在家庭群里引发了长辈跟风转发，同事群里开 始比拼抽奖次数，就连平日里安静的兴趣社群也被红包链接唤醒。 这场红包雨的特别之处，远不止"大方"二字。相比其他平台的补贴活动，元宝派零点准时启动， 避开了用户集中使用时段的拥堵，更显诚意。 但本质上，这10亿更像一场精准的"AI投流"——用户每一次抽奖、分享，都在完成对元宝AI功能 的初体验：@元宝总结群聊要点、让AI生成拜年表情包、发起春节打卡活动……腾讯用最接地气 的方式，让普通人第一次真切触摸到AI社交的模样。 不过，值得玩味的是背后的生态联动。元宝派的邀请链接能直接分享到微信好友、朋友圈甚至 QQ，无需下载 ...