Core Viewpoint - The passing of designer Giorgio Armani has led to significant attention on his will, which outlines a plan for the gradual sale of his eponymous brand or a potential IPO, indicating a major shift for the company known for its independence and Italian style [1][2]. Summary by Sections Inheritance and Sale Plan - Giorgio Armani's will specifies a two-phase plan for the sale of the brand: an initial 15% stake must be sold within 18 months of his death, followed by an additional 30% to 54.9% within 3 to 5 years to the same buyer [1]. - If the sale plan is not executed, the heirs are instructed to initiate an IPO to take the brand public [1]. Control and Voting Rights - The Giorgio Armani Foundation and Armani's assistant hold a combined 70% voting rights in the Armani Group, with the foundation retaining 30.1% of shares if the company goes public [1]. Potential Buyers - The will includes a list of preferred buyers, including LVMH, L'Oréal, and EssilorLuxottica, contrasting with Armani's previous stance against dilution of control or going public [2]. - Heirs are encouraged to consider other fashion and luxury companies with existing business ties to Armani for potential acquisition [2]. Financial Performance - The brand is facing challenges, with a projected 6% decline in revenue for 2024, down to €2.3 billion, and a significant 69% drop in operating profit to €67 million [2]. - The execution of the will's directives will not only impact the brand's future but may also trigger a reshuffling in the luxury goods industry [2].

Core Viewpoint - The iPhone 17 series has officially started pre-sale, generating significant consumer interest and high reservation numbers, indicating a strong market response despite previous concerns about innovation stagnation in Apple's product line [1][2]. Group 1: Pre-sale Performance - The iPhone 17 series has seen over 3.43 million reservations for the standard model, 2.27 million for the iPhone 17 Pro Max, and 1.81 million for the iPhone 17 Pro [2]. - The standard version of iPhone 17 has surpassed the Pro series in reservations, attributed to its enhanced features and competitive pricing, starting at 5,999 RMB [2]. Group 2: Product Features and Innovations - The iPhone 17 series includes four models: iPhone 17, iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max, marking a significant update in Apple's product line [2]. - The new iPhone Air is noted as the thinnest iPhone in history, replacing the previous Plus version, and is positioned as a new product category [2]. - Key upgrades in the standard iPhone 17 include a 6.3-inch display, 120Hz ProMotion adaptive refresh rate, and an upgraded front camera from 12MP to 18MP, all at a lower price point compared to the previous generation [2]. Group 3: Consumer Sentiment and Market Dynamics - Consumers have expressed frustration over the difficulty in securing pre-orders, with comments indicating that this year's pre-sale is more competitive than last year [3][5]. - The official Apple website's purchasing method differs from third-party platforms, ensuring that all orders are fulfilled based on payment time, which may lead to longer delivery times but guarantees order fulfillment [3].

记者丨贺泓源 编辑丨朱益民 黎雨桐 9月12日晚8时30分左右，罗永浩在抖音、B站、微博等平台开启直播，对近日与餐饮品牌西贝的争议作出回应。相关话题冲上微博热搜。 直播刚开始，罗永浩在抖音平台表示此次直播要避嫌，要关闭打赏并暂时下架商品。 罗永浩在直播中称呼自己正在出差途中，不得已进行直播应对本次事件，表示 "不反对预制菜，旨在推送预制菜透明化，维护消费者之情权。" 罗永浩还称， 西贝称没有预制菜是100%撒谎，因为国家还没有相关标准出台。 直播中他说自己宁愿吃预制菜也不愿意吃方便面，但他受不了预制菜假装现做。他还表示，将直播回应自己直播间卖预制菜。 罗永浩在直播中开始逐一剖析西贝使用的原材料。他以媒体拍到的一款西贝后厨使用的海鲈鱼为例，展示了其包装配料表。罗永浩念出，该产 品配料中含有三聚磷酸钠、六偏磷酸钠等多种复配水分保持剂，保质期长达18个月。 他据此提出核心质疑：虽然这条鱼到店时是生的，但经过添加剂的长期腌制保存，已非消费者所理解的"鲜鱼"。他表示，这解释了为何当初吃 起来"感觉就是一个预制菜"，并认为食用这种经过深度工业化处理的食材，与大众去餐厅追求新鲜的初衷显然不符。 针对罗永浩直播中的言论， 截 ...

Core Viewpoint - The article discusses the investigation of a senior executive at RT-Mart, highlighting the company's recent financial performance and operational adjustments in response to market pressures [1][2]. Group 1: Executive Investigation - RT-Mart confirmed that its Chief Operating Officer, Guan Mingwu, is under investigation for alleged job-related crimes, with the case currently in the investigation phase [1]. - The company emphasizes its commitment to legal compliance and has a robust internal supervision mechanism to prevent any illegal activities [2]. Group 2: Financial Performance - For the fiscal year ending March 31, 2025, RT-Mart reported revenues of 71.552 billion yuan, a decrease of 1.4% from 72.567 billion yuan in 2024, reflecting a reduction of 1.015 billion yuan [1]. - The company achieved a net profit of 386 million yuan for the fiscal year 2025, recovering from a net loss of 1.6 billion yuan in 2024 [1]. - The decline in revenue is attributed to the closure of long-term loss-making stores and a contraction in supply chain businesses such as Taocai and Tmall shared inventory [1]. Group 3: Operational Adjustments - RT-Mart operates 505 stores across 207 cities as of the 2025 fiscal year, an increase from 472 stores in 2024 [1]. - The company has opened 4 new membership stores in the fiscal year 2025 and has partnered with foreign trade enterprises to introduce differentiated products [2].

Group 1 - Popop, a jewelry brand under Pop Mart, launched its first gold product line, featuring items priced between 980 and 56,800 yuan, with gold prices per gram mainly concentrated between 1,300 and 1,700 yuan [1] - The initial sales data for the new gold series is reported to be good, with over 20 SKUs available, although each product has limited stock of around ten pieces [1] - The launch event in Shanghai was less crowded compared to previous openings, indicating a potential decline in consumer interest [1] Group 2 - The second-hand market for the Labubu series saw a significant price drop, with the average transaction price falling to 142 yuan, down from a peak of 3,200 yuan for a complete set [3][5] - Some scalpers have paused their purchasing strategies due to the drastic price decline, indicating a cautious market outlook [5] - Economic experts suggest that the current price decline of Labubu may lead to a continuous downward trend, emphasizing the need for Pop Mart to innovate and produce new IPs to sustain market interest [7] Group 3 - As of the latest trading session, Pop Mart's market capitalization is reported at 371.7 billion HKD, with a recent decline of over 10% in stock price over the past five days [8][9] - The company's stock performance shows a year-to-date increase of 210.03%, but recent trends indicate volatility and potential challenges ahead [9]

记者丨黎雨桐 对于可能涉及的犯罪线索，证监会将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院公安部关于公安机关管辖的刑事案件立案 追诉标准的规定（二）》的规定移送公安机关。 编辑丨吴桂兴 截至9月12日收盘，*ST东通股价报收6.58元，年内跌超56%，总市值36.71亿元。 据证监会网站消息，近日，证监会对深交所创业板上市公司北京东方通科技股份有限公司（简称*ST东通）涉嫌定期报告等财务数据存在虚假 记载作出行政处罚事先告知。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品 | 2 1财经客户端 南财快讯工作室 编辑 | 黎雨桐 实习生林芷仪 六个核桃卖不动了，前衡水首富转身搞起半导体 西贝承认部分菜品是隔夜菜 深圳罗湖二手房签约量激增109% SFC 21君荐读 经查，ST东通连续四年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款2.29亿元，对7名责任人合计罚款4400万元，对实际控 制人采取10年证券市场禁入。ST东通涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 ...

Core Viewpoint - The article emphasizes that the transition to AI maturity in enterprises is determined by the quality of data rather than just model parameters, marking a shift in competitive focus from model worship to data-driven applications [3][4]. Group 1: AI Maturity Model (AIM²) - AIM² is introduced as the first enterprise AI maturity model, providing a navigation system for companies to assess their AI application maturity [1][3]. - The model consists of six interconnected dimensions: strategy, organization, data, technology, application, and business, covering the entire process from top-level design to value realization [7][14]. - The model aims to help enterprises identify their current position and guide them on the next steps in AI application [10][14]. Group 2: Industry-Specific Insights - In the beauty industry, L'Oréal China integrates local data with AI technology, emphasizing that AI is a foundational capability rather than an enhancement [5][10]. - Ant Group's digital healthcare division showcases the unique value of data integration through its AI health manager, enhancing service efficiency and accessibility [5][11]. - LeKe Sports utilizes AI for smart store operations, achieving over 85% resolution rate for basic inquiries through AI customer service [5][11]. Group 3: Industry Development Paths - The financial sector is transitioning from "assisted decision-making" to "autonomous financial intelligence," with a focus on practical business value rather than just model size [10][11]. - The automotive industry is shifting towards a dual focus on product and enterprise intelligence, avoiding blind pursuit of large models [10][11]. - The healthcare sector is moving towards personalized, proactive health service innovations, leveraging AI to connect various resources in the medical ecosystem [11][14]. - The retail industry is evolving from workflow improvement to consumer-centric experience transformation, with L'Oréal China leading in integrating AI throughout the consumer journey [11][14]. Group 4: Actionable Guidelines - AIM² provides a five-level, six-dimensional framework for enterprises to evolve from basic AI exploration to becoming AI-native organizations [13][14]. - The model breaks down the AI implementation process into manageable stages, helping companies avoid blind exploration and achieve sustainable competitive advantages [14].

Core Viewpoint - Apple has delayed the release of the iPhone Air in China due to regulatory approvals, while other models like iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max are still on schedule for pre-order and release [1][3]. Group 1: iPhone Air Release Delay - The iPhone Air's sales status has been changed to "sales information to be updated later," indicating a delay in its release pending regulatory approval [1]. - Apple confirmed the delay and expressed eagerness for users to experience the iPhone Air, stating they are working closely with regulatory bodies to expedite the launch [3]. Group 2: eSIM Technology Adoption - The iPhone Air is Apple's thinnest model to date and has transitioned to eSIM technology, eliminating the physical SIM card slot [3]. - Major Chinese telecom operators have begun offering eSIM services, with China Unicom being the first to support eSIM activation, followed by China Mobile and China Telecom [3][4]. Group 3: Regulatory Challenges - The slow adoption of eSIM in China has been attributed to regulatory and operational challenges, particularly concerning fraud prevention and strict real-name registration requirements [4][5]. - Apple has implemented localized security measures for eSIM in China, requiring users to activate eSIM in-person at China Unicom outlets, thus preventing remote activation [5]. Group 4: User Experience Concerns - The restrictions on eSIM activation may impact user convenience, especially for those traveling abroad, as they cannot pre-activate overseas eSIMs [5]. - There is uncertainty regarding whether international students and overseas Chinese can seamlessly switch from overseas eSIMs to domestic plans or continue using their overseas numbers within China [5].

Core Viewpoint - Lantu Automotive is experiencing significant growth in the competitive electric vehicle market, driven by a robust product strategy and successful new model launches, positioning itself as a leading force in the state-owned enterprise's transition to new energy vehicles [1][5][28]. Group 1: Sales Performance - In August 2025, Lantu Automotive achieved a monthly delivery of 13,505 vehicles, marking a 119% year-on-year increase and maintaining over 10,000 deliveries for six consecutive months [1][5]. - The launch of the Lantu FREE+ model saw over 11,583 pre-orders within 15 minutes, placing it among the top three hybrid SUVs priced between 200,000 to 300,000 yuan [6][8]. - The Lantu Dreamer model has consistently led the new energy MPV segment, breaking the long-standing dominance of joint venture brands in the high-end MPV market [5][9]. Group 2: Product Strategy - Lantu Automotive has established a product matrix of "SUV + MPV + sedan," with a strategy of "three categories in three years, four models in four years," showcasing its strong product capabilities [8][9]. - The all-new Lantu Zhi Yin, launched with over 3,000 pre-orders in just 12 minutes, is designed for young families and features an 800V high-voltage platform [8][9]. - The 2026 Lantu Dreamer, equipped with an 800V hybrid architecture, achieved over 10,000 pre-orders within one hour, addressing user concerns about range anxiety with a comprehensive range exceeding 1,400 kilometers [9][10]. Group 3: Technological Innovation - Lantu Automotive emphasizes self-research and collaboration, developing the world's first multi-power ESSA native intelligent electric architecture and leading technologies such as the 800V silicon carbide high-voltage platform [13][23]. - The company has launched the "Lanhai Smart Hybrid Technology," redefining technical standards for hybrid models, and collaborates with partners like Huawei to enhance its technological capabilities [23][24]. - Lantu's user-centric approach, including the establishment of a user co-creation committee, allows for rapid product iteration based on direct user feedback [26]. Group 4: International Expansion - Lantu Automotive plans to list on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy and positioning it as the first listed car company in the state-owned enterprise's new energy transition [28][29]. - The company aims for comprehensive coverage in European markets by 2026 and plans to enter 60 countries by 2030, establishing 500 sales and service outlets globally [31].

Core Viewpoint - The company Yangyuan Beverage, known for its "Six Walnuts" product, is experiencing significant declines in both revenue and profit, indicating a loss of market appeal for its flagship product [1][3]. Group 1: Financial Performance - In the first half of 2025, Yangyuan Beverage reported revenue of 2.465 billion yuan, a year-on-year decline of 16.19%, and a net profit of 744 million yuan, down 27.76% [1]. - The company's sales revenue across seven major regions, including Northeast, Northwest, East, and North China, all saw declines, with the Northeast region experiencing a drop of 40.64% [3]. - The first quarter of 2025 marked a rare revenue decline of 19.7% to 1.86 billion yuan, with net profit falling 26.95% to 642 million yuan, reaching a five-year low [3]. Group 2: Marketing and R&D Strategy - Yangyuan Beverage increased its marketing expenses by 3.73% to 330 million yuan in the first half of 2025, marking the first significant advertising budget increase in recent years [3]. - Despite the increase in marketing spending, the sales expense ratio rose from 10.81% to 13.37%, indicating diminishing returns on marketing investments [3]. - The company has consistently allocated significantly more to marketing than to research and development, with a ratio exceeding 20:1 from 2021 to 2024, raising concerns about its strategic focus [4]. Group 3: Product Diversification and Investment Strategy - Yangyuan Beverage has attempted to diversify its product offerings with various new lines targeting different demographics, but the core business continues to face pressure [7]. - The company has shifted its investment strategy towards higher-risk sectors such as artificial intelligence and semiconductors, with significant cash reserves being allocated to these areas [7][8]. - Investments in sectors outside its core beverage business have raised questions about the effectiveness of this strategy, especially as the company faces declining sales in its primary product line [9].