整理 ｜ 贺哲馨 #Big News# 爱马仕继承人起诉LVMH， 称市值 百亿欧元股份遭"非法转移" 爱马仕继承人与LVMH股份纠纷再起。 当地时间12月2日，据报道，爱马仕第五代继承人、82岁的尼古拉·皮埃什（Nicolas Puech）已对 LVMH集团及其董事长贝尔纳·阿尔诺（Bernard Arnault）提起诉讼。皮埃什指控其长达25年的财富 管理人埃里克·弗雷蒙德（Eric Freymond），通过隐瞒与欺骗手段，将其曾持有的大量爱马仕股份 秘密转移给了LVMH集团。 根据诉讼文件摘录，巴黎司法法院曾在5月估计，皮埃什曾拥有的相关股份按现价计算价值约140亿 欧元。巴黎检察官办公室已就此展开刑事调查，目前仅弗雷蒙德被正式立案，阿尔诺及LVMH尚未被 列为调查对象。被告方均未对此置评。 LVMH与爱马仕的恩怨可追溯至2010年。2001年至2013年间，LVMH曾通过复杂操作增持爱马仕股 份至超23%，2014年，双方经法律交锋后以LVMH承诺不再增持并转让股份告终，"双方皆称自己取 得了胜利。" 根据两者最后达成的协议，处于阿尔诺控制下的奢侈品巨头LVMH酩悦·轩尼诗-路易·威登集团 (LVMH ...

作者 | 兰杰 编辑 | 乔芊 11月25日的太原武宿机场，被人群围得水泄不通。 他们为了短剧平台红果的创作者大会而来。机场行李转盘处的十余块大屏上，是短剧演员王格格的应援海报——这里的广告只能一周起投，价格需要数万 元；还有粉丝花费数千元换取一个进场名额，但这次活动其实根本没有开放售票。 一辆车身贴满演员张翅写真的红色大巴，从上午十点半到下午六点半一直在活动场外绕行。它是粉丝们豪气包下的，并不用于载客，只为了能让更多人看到 车身上的演员。 王格格和张翅，是受邀参加红果创作者大会的数十位短剧演员中的两位。他们之中，如今最声名鹊起的是刘萧旭，他凭借9月上线、播放量突破40亿次的新 晋爆款短剧《盛夏芬德拉》，成为短剧界顶流。主办方红果特意安排刘萧旭在红毯环节压轴出场。 相似的追星场景还出现在了11月初横店的微短剧之夜上。 将时间的指针往回拨三年，这幅景象是难以想象的。那时候，没有任何一个奖项、晚会或是长剧，会让短剧演员们成为主角。 主角们仿佛咸鱼翻身。有过爆款剧集傍身的短剧演员，日薪从数千元提升到了数万元，并且开始接数百万元的商务代言。长剧行业也开始向这些曾经并不在 意的存在，抛出橄榄枝。 从赘婿到刘萧旭，短剧行 ...

Core Viewpoint - Netflix has reached an agreement to acquire Warner Bros. Discovery's film studio and HBO Max streaming service assets for $72 billion, with a per-share price of $27.75, but the deal faces regulatory scrutiny and political opposition [3][4][5][7]. Group 1: Acquisition Details - The acquisition is valued at $72 billion, with an enterprise value of approximately $82.7 billion, to be paid in cash and stock [4]. - Paramount Pictures has made a competing offer of $30 per share in cash, indicating a potentially more attractive bid compared to Netflix's offer [5][6]. - Warner Bros. board believes Netflix's offer is superior as it allows shareholders to hold shares in both Netflix and a spun-off company with linear cable assets, thus reflecting a better valuation [6]. Group 2: Market Impact and Future Operations - The merger could create a media giant controlling 30% to 40% of the U.S. streaming market, raising significant antitrust concerns [12]. - HBO's subscription service's future and the theatrical release window for Warner Bros. films remain uncertain, with Netflix indicating a desire to maintain the HBO brand's importance [10][11]. - The acquisition could lead to cost savings of $2 to $3 billion for Netflix by eliminating overlapping business functions [10]. Group 3: Regulatory and Competitive Landscape - The deal is expected to take 12 to 18 months to finalize, with ongoing regulatory risks and political opposition, particularly from the Trump administration [12][13]. - Paramount is actively lobbying against the deal and has threatened a hostile takeover, which could further complicate the acquisition process [14]. - The merger poses a significant threat to competitors like Disney, Amazon, and Comcast, as Netflix would gain a vast library of content, enhancing its bargaining power [15]. Group 4: Industry Reactions - Concerns have been raised by industry insiders about the potential economic and institutional collapse in Hollywood if the acquisition proceeds, highlighting the influence Netflix would wield over content distribution and pricing [15]. - The acquisition is seen as a pivotal moment in the entertainment industry, potentially reshaping the landscape for traditional studios and independent producers [15][16].

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 兰杰 Busy Money 黄金品牌「寶蘭」完成过亿元A轮融资 36氪获悉，专注于花丝镶嵌和古法黄金技艺的高端黄金珠宝品牌"寶蘭"，近日完成过亿元A轮融资。本轮由挑战者创投领投，开云集团和顺为资本跟投。 资金将主要用于品牌价值提升、全渠道布局、供应链韧性升级和核心人才赋能等四大核心战略方向。 "寶蘭"成立于1988年，近四十年来采用中华皇家制金古法，尤其专注于"花丝镶嵌"这一非物质文化遗产的延续与创新。 即时配送企业"江苏云闪送"近日完成3000万融资 近日，智慧配送企业江苏云闪送网络科技有限公司（简称"江苏云闪送"）宣布完成3000万元A轮融资。本轮融资由国内知名创投机构领投，资金将聚焦 智能调度系统升级、全国服务网络拓展及运力生态构建三大方向。 目前，江苏云闪送可以实现全品类覆盖，既为个人提供紧急递送、生活配送等便民服务，也为企业定制数字化配送方案。 AI视频生成产品Pollo AI完成1400万美元融资，由高成资本领投 据《晚点 LatePost》报道，Pollo AI近日完成1400万美元融资，高成资本领投，真格 ...

寻找穿越周期的真正答案。 11月28日，霸王茶姬发布2025年Q3财报，海外市场成为亮点，本季海外GMV为3.03亿元，同比增长75.3%；但另一面，受市场竞争影响和扩张速度放缓 影响，国内GMV为76.292亿元，对比2024年同期81.301亿元有所减少。 虽未卷入外卖大战，但仍在一定程度上受其波及，霸王茶姬本季度承压。 事实上，为参与外卖大战，国内众多平台和品牌燃尽了大量的弹药，却仍未有赢家出现——三大平台Q3在外卖大战的开支至少超过了440亿元，利润大幅 下滑；部分茶饮咖啡品牌作为重要参与者，因为大额的配送费支出，也出现增收不增利的情况。 Q3过去，外卖战的结果已经呈于纸面。对于一些茶饮品牌而言，本季度所跑出的营收和规模，实则是用利润换取的结果。而平台的补贴政策也在不断紧 缩，从早期的平台出钱，逐渐转向和品牌、加盟商共同补贴，对参战的商家而言，自己的单杯盈利空间仍在缩减。 相较多数茶饮品牌，霸王茶姬似乎是较为特殊的一个。本季度，面对前所未有的复杂格局，面对摆在眼前的多个选择题，霸王茶姬选择在规模上克制，在产 品研发、门店模型上多有打磨，做一个稳健性选手，为长远的存量战场做足后续准备。 选择加盟商还是羊 ...

但茉莉奶白选择了一条与行业惯性完全不同的道路——它没有从最容易的地方开始，而是直接将美国这一全球消费市场成熟、标准严格的高势能市场作为首 站，再逐步布局加拿大、英国、印尼等国，形成其独特的全球化布局节奏。 在这样的背景下，一个更深层的提问随之浮现：当中国消费品牌走向世界，它真正依靠的是什么？ 11月21日，茉莉奶白在印度尼西亚首都雅加达迎来双店同开，正式进入全球第六个国家。 在中国茶饮市场增速放缓、竞争加剧的当下，出海已从过去的"可选项"变为品牌今天的"必答题"。尽管如此，大多数茶饮品牌仍倾向于从文化相近、成本 友好的东南亚起步，以试水姿态迈出国际化第一步。 从一杯茶到一套体系，解码中国品牌的全球化新叙事？ 茉莉奶白的路径或许提供了一种答案：全球化从来不是简单的门店扩张，而是一套从产品力到运营力，再到审美与品牌文化表达的系统性能力。真正的出海 能力，不仅在于门店的物理扩张，更在于品牌能否完成从产品输出到运营体系、再到文化表达的系统性跨越。 而这或许正是中国新茶饮从"走出去"到"走进去"的关键分水岭。 全球化的第六个脚印：进军印尼 近日，新茶饮品牌茉莉奶白正式进军印度尼西亚，并于东南亚再次交出了一份亮眼的成绩： ...

Core Viewpoint - Soul is positioning itself as an "AI + immersive social platform," shifting from its previous branding as a "social metaverse" and aiming for a stable revenue stream through AI-driven emotional value services [3][4]. User Data and Engagement - As of August 31, 2025, Soul has 11 million daily active users, with 78.7% being Generation Z. The average monthly active user interaction rate is 86%, with users sending approximately 75 peer-to-peer messages daily [7]. - Soul has accumulated around 389 million registered users, with users spending over 50 minutes daily on the platform and creating or participating in over 323 million interest-based active "experience" scenarios monthly [7]. Revenue Growth and Structure - Soul's revenue has grown from 498 million in 2020 to 2.211 billion in 2024, with a 17.86% increase in revenue from 1.428 billion in the same period last year to 1.683 billion in the first eight months of 2025 [9]. - The revenue structure primarily consists of emotional value services, accounting for 90.8% of total revenue, with an average revenue per paying user (ARPPU) of 104.4 yuan [5][10]. Financial Performance - Soul's adjusted net profit turned positive in 2023 after a net loss of 21 million in 2022, with adjusted net profits of 360 million and 340 million expected in 2023 and 2024, respectively [14]. - The company has maintained a stable number of paying users between 1.5 million and 1.8 million over the past four years, with a low paying ratio of 6.5% [17]. AI and Technology Investment - Soul's technology and development expenses have significantly increased, from 187 million in 2020 to 546 million in 2022, with 407 million spent in the first eight months of 2023, representing 24.2% of revenue [11][12]. - The company plans to continue investing in technology infrastructure, including GPU computing platforms and data analysis capabilities [12]. Market Potential - The emotional economy market for AI + immersive experiences in China is projected to reach 7 billion yuan in 2024, with an expected growth to 90 billion yuan by 2030, reflecting a compound annual growth rate of 52.8% [22].

Core Viewpoint - The article discusses the growth and strategic positioning of On, a high-end sports brand, emphasizing its unique market approach and innovative technologies that differentiate it from traditional competitors [6][8][12]. Group 1: Brand Positioning and Strategy - On has positioned itself as a high-end brand, maintaining pricing power and avoiding discounting strategies, which is reflected in its gross margin consistently above 60% [8][9]. - The brand does not offer "downgraded" versions of its shoes, focusing instead on maintaining a premium product line that appeals to both elite athletes and everyday consumers [9][10]. - On's apparel segment has seen significant growth, with a 100.2% increase in sales, indicating successful market penetration and the attraction of new consumer demographics [12][13]. Group 2: Market Performance and Growth - Over the past three quarters, On's global revenue has increased by over 30%, with the Asia-Pacific region experiencing growth exceeding 100% [6][8]. - The company aims for a revenue target of 3.5 billion Swiss francs by 2026, with China identified as a crucial market for achieving this goal [8][12]. - On's strategy includes a controlled expansion of retail locations, with plans to open only 20 to 25 new stores globally in the coming year, reflecting a cautious yet confident growth approach [8][12]. Group 3: Innovation and Technology - On's innovative technologies, such as the LightSpray™ manufacturing process, allow for efficient production and high-quality products, enhancing its competitive edge [10][18]. - The brand's commitment to athlete feedback and product innovation is central to its growth strategy, ensuring that products meet the needs of both elite and casual runners [17][19]. - The introduction of new products, like the Cloudmonster Hyper, showcases On's focus on expanding its technology application across different shoe categories [10][12].

"学界做的方案，不比现在工业界自己在做的事情差。" 作者 | 王毓婵 今年三季度，腾讯广告以21%的收入增速，达到了过去六个季度以来的新高峰，所有主要行业的广告主投放均有所增长。 有此成绩，除了因为广告加载率的提高，还因为 AI 驱动的广告定向所带动的 eCPM 增长。财报中特别提到了"腾讯广告AIM+"智能投放产品矩 阵——它支持广告主自动配置定向、出价及版位，并优化广告创意，从而提升他们的营销投入回报。 腾讯方面表示，通过AIM+，广告主每花掉一万元的广告投放费用，对应在广告平台上所需的操作次数下降了80%，在创意环节上的操作次数减 少了47%。 作为AI"军备竞赛"中的强势选手，腾讯已经为AI豪掷了大量资本支出——2024年，腾讯的总资本支出同比增长了221%，2025年全年，这项支 出还会更高。而目前，AI带来的"回头钱"，其中一个体现就在腾讯广告业务上。 AI之烧钱，除了在于需要储备大量算力资源外，还体现在人才竞逐上。脉脉发布的《2025年AI人才流动报告》显示，2025年1-7月，AI新发岗 位量同比增长超10倍，简历投递量也暴涨了11倍。"算法"相关人才持续紧缺，其中"搜索算法"人才紧缺度最高， ...

挑战者创投、开云集团、顺为资本投资。 作者 | 任彩茹 编辑 | 乔芊 36氪获悉，专注于花丝镶嵌和古法黄金技艺的高端黄金珠宝品牌"寶蘭"近日完成过亿元A轮融资。本轮由挑战者创投领投，开云集团和顺为资本跟投。资金 将主要用于品牌价值提升、全渠道布局、供应链韧性升级和核心人才赋能等四大核心战略方向。 "寶蘭"成立于1988年，近四十年来采用中华皇家制金古法，尤其专注于"花丝镶嵌"这一非物质文化遗产的延续与创新。 把珠宝消费中的仪式感与传承感置于可感的工艺细节中，"寶蘭"凭借精美工艺、鲜明的文化辨识度与情感连结，已成为高端珠宝领域"被看到"的一个品 牌。 高端黄金珠宝品牌"寶蘭" 起源于"花丝镶嵌"匠人世家 以"花丝蝴蝶胸针吊坠系列"为例，工整对称的蝴蝶造型代表着结构上的平衡稳定和风水上的阴阳调和，匠人们利用数种编织工艺，使其在色调单一的金器上 也能展现出五彩斑斓的效果；"花开宝相项坠系列"以宝相花为设计意象，象征富贵繁盛和圣洁高贵；"宫灯耳环系列"则复刻并改良自首都博物馆馆藏的"清 ·金质累丝宫灯状耳坠"，是花丝工艺的集大成作，它的六出脊设计也寄托了人们对"六合"消灾祈福的愿望。 "寶蘭"的"花丝蝴蝶胸针吊坠系 ...