以下文章来源于投资界 ，作者杨继云 周佳丽 投资界 . 清科创业旗下创业与投资资讯平台 大并购诞生。 来源：投资界 作者：杨继云 周佳丽 京东宣布180亿并购 这一次，京东瞄准的是德国零售业的"隐形冠军 " 。 时 间 回 到 1979 年 ， 德 国 商 人 Leopold Stiefel 与 Walter Gunz 在 慕 尼 黑 开 设 一 家 MediaMarkt，定位消费电子超市，他们的本意是用低价、大卖场的模式颠覆传统的小型电器 店，于是提出了"最低价保证"。 当时欧洲电器店基本采用封闭柜台模式，MediaMarkt则开放式陈列，让顾客可以自由试用产 品。 1984年，MediaMarkt被麦德龙集团（Metro AG）收购，成为其零售业务分支。后来，另一 家定位更偏向高端的电子连锁品牌Saturn，同样在1990年被麦德龙收购，与MediaMarkt形 成了双品牌战略。 此后两个品牌开始国际化之路。他们开起了面积超过5000平米的巨型门店，布置几万个 SKU，还凭借规模优势获得苹果、三星等品牌的首发权和独家促销。大约2000年左右， MediaMarkt/Saturn成为欧洲最大消费电子零售商。 ...

现在就两类人可以融到资。 第一类人叫" 白 马 "。 你的履历非常光鲜的，非常符合最近火的赛道，可以讲 PPT 、讲故事的。 日本品牌穿越周期背后的经营密码 共同拆解 日本在低增长、少子化、高龄化背后，怎样孕育出如此多行业的领军企业？ 包括大家熟悉的 无印良品、711、资生堂、万代、Nitori、 龟甲万、神户物产等知名企业。 第二类人叫"黑 马 " 。 踏踏实实做公司、做企业，证明自己的产品，证明自己的市场。 做好后再出来融资，否则你出来见投资人都是浪费时间，没有意义的。 9月21日-9月26日 ， 我将带着黑马的同学们，一起去日本学习： 日本消费市场的变化为中国消费品牌提供了一个"未来实 验室 "。对中国未来 10年消费演化具有强预示性,日本已 成为中国消费产品变迁的"预演场",我们不再需要摸着 石头过河,"会抄作业"是对当下消费创业者的确定性机 会之一。 今年9月,创业黑马携手创业者再次走进日本,这里既有 应对平价化的产品哲学、极致效率的零售模型,也有情绪 价值变现的破局之道。尤其在消费理性化与情感化并行的 当下,理解日本从"失去三十年"中淬炼出的产品生存智 慧,将成为中国消费品牌"赢得一代消费者"的关 ...

每日金句 能够成为独角兽的公司，一定符合"3S"法则：1、significant 大市场，如果 是垂直市场就更好。2、scalable 可扩张，能够容易并低成本的扩张；3、 sustainable 可防御，有足够的壁垒以阻止潜在的竞争，成为行业赢家。 朱啸虎丨金沙江创投合伙人 独角兽创业实验室 1 期 1 课 这里认真推荐你： 报名 「黑马全球研学·日本」 9月21日-9月26日 ，朱啸虎老师将带着黑马的同学们，一起去日本学习： 日本品牌穿越周期背后的经营密码 共同拆解 日本在低增长、少子化、高龄化背后，怎样孕育出如此多行业的领军企业？ 包括大家熟悉的 无印良品、711、资生堂、万代、Nitori、 龟甲万、神户物产等知名企业。 6天5晚，让我们 共同预见未来20年中国消费市场的业态创新机会。 活动详情如下 ↓↓↓ 黑马 全 球 研 Th FJFC 2025 09.21->09.26 解密"不倒"的日本品牌背后的"价值创造" 助 力"内卷"的中国产品"赢得一代消费者" 进入 2025年流量失效已成为消费赛道的共识,如果你曾 经"用流量赢得一代消费者",流量失效后你将错失的不 是一个品类机会,而是"错失一代消费 ...

以下文章来源于远川投资评论 ，作者张婕妤 实际上，孙正义基本就是一只薛定谔的猫，人生主要就分为亏了大钱和赚了大钱两个状态，问 题只是没人清楚他正在亏还是正在赚。 远川投资评论 . 看更好的资管内容 他可以一次泡沫破裂就亏掉586亿美元，也可以靠一个阿里巴巴就起死回生。2020年财年，他 创下日本企业史上最高年度净利润，转头就因为wework上市失败，刷新了单季度亏损记录； 补亏割肉了起飞前夜的英伟达，同行以为AI时代不会再给孙正义留位置，ARM的上市又帮他赚 回了千亿美金。 孤独的野心家。 来源：远川投资评论 作者：张婕妤 编辑：李墨天 金融世界里只有两种人能够青史留名，一种是赚过大钱的人，一种是亏过大钱的人。人民群众 最喜闻乐见的是第三种：看那些赚过大钱的人用更快的速度把钱亏掉。 2022年12月，吉尼斯官网更新了一则新的世界纪录，几个月前还笑傲福布斯榜的马斯克因亏 损1650亿美元，成为了新任"史上亏钱最多的人"。这个世界纪录最早收录于2000年，彼时互 联网泡沫破裂，做过三天世界首富的孙正义，亏掉586亿美元，此后就蝉联了宝座22年。 苏轼在官场上有多耐贬，孙正义在投资上就有多耐亏。 与"投资第一原则是 ...

近两年，中国消费经济增速放缓，创业者纷纷自寻突围之路，也让日本失去的三十年被更多的 中国人所关注。 未来 这类 " 有 钱 有 闲 有品位 " 的 财 富人群，他 们 的消 费谁 来 满 足？ 值 得深思。 01 我最近研究日本人的观点比较多。因为我认为 日本的过去就是中国的现在；日本的现在就是中 国的未来 。所以， 中国特别需要摸着日本的石头过河。 三十年中，日本除了经济不景气之外，还带给了我们什么启示呢？ 在日本 过 去 25 年里，日本国民 资产 有了很大的提升， 毕 竟 经济 在 发 展， 虽 然 说 是 低速增 长 。 日本的每个老人是抱着3500万日元去世的，这意味着老年人的消费并没有充分得到满足，没 有充分释放。 日本的国民 资产 ，大概一半以上 为 60 岁以上的老人所持有，其实在国内也是这样。 大家可以看到， 2021 年国内 60 岁以上的人口比例占到 19% ，到 2035 年 这 个比例会达 到 30% ， 这 与日本非常相似。 日本有一个做养老的上市公司 ， NIKKO TRAVEL 。 它提供"温柔的、贴近自然的"，和三年 宽松的旅行： 身体宽松、时间宽松、心灵宽松。 年销售20亿 ...

每日金句 费用： 原价 12800元/人，早鸟价9800元 /人 活动详情如下 ↓↓↓ 地点： 上海 时间： 8月7日-8月9日 这里认真推荐你： 报名 黑马 「消费重构精选课」 国内首场，汇聚中日消费领域顶尖实战派导师 ，用 3天时间沉浸式拆解中日消费巨头方法论。 我们邀请到了 三浦展本人、 萨莉亚前社长、明治食品"爆款教父" ，现场面授 日本30年周期 经验到中国本土化路径 ， 教你效率革命、需求重构、资本破局。 创业公司的死法一般分为四种：一是社会革命，二是自然灾害，三是科技革 命，四是商业周期风险。要坚持到看不见的远方，你要做好两件事：第一，活 着；第二，还活得不错。 冯仑 | 万通控股董事长 2019黑马产业加速大会，2019.8 ...

Core Viewpoint - The article discusses Li Ka-shing's decision to sell his global port assets to a U.S. consortium, highlighting the strategic entry of Chinese state-owned enterprises as a solution to facilitate the transaction and create a win-win situation for all parties involved [3][10]. Group 1: Transaction Details - On July 28, 2023, Cheung Kong Holdings announced plans to invite major mainland Chinese strategic investors to join the sale of its port assets, emphasizing that no transactions would occur without regulatory approvals [3][10]. - The deal involves the sale of 80% of Cheung Kong's port assets and 90% of its Panama port company, expected to generate $19 billion in cash for the company [8][10]. - The consortium led by BlackRock and Italian shipping magnate Gianluigi Aponte's "Port Investment Company" is involved in the transaction, which includes 43 ports across 23 countries [8][10]. Group 2: Market Context and Implications - The entry of China Ocean Shipping Group (COSCO) into the consortium is seen as a strategic move, providing a reference price for the deal and potentially enhancing the transaction's feasibility [10][11]. - The sale is positioned against a backdrop of geopolitical tensions, with initial criticism surrounding the decision to sell port assets during a sensitive period [9][10]. - The transaction could result in Cheung Kong Holdings receiving cash equivalent to its total market value, which was approximately HKD 148 billion ($19.03 billion) at the time of the announcement [10]. Group 3: Historical Background and Business Strategy - Li Ka-shing's business acumen is highlighted through his historical investments in Hong Kong's real estate and port sectors, which have been foundational to his wealth [13][21]. - The article outlines how Li Ka-shing built his port empire, starting from the acquisition of significant stakes in Hutchison Whampoa and expanding globally through strategic purchases [16][22]. - The complexity and lower revenue contribution of port operations compared to other sectors like telecommunications and retail may have influenced the decision to divest these assets [23][24].

每日金句 报名 黑马 「消费重构精选课」 国内首场，汇聚中日消费领域顶尖实战派导师 ，用 3天时间沉浸式拆解中日消费巨头方法论。 我们邀请到了 三浦展本人、 萨莉亚前社长、明治食品"爆款教父" ，现场面授 日本30年周期 经验到中国本土化路径 ， 教你效率革命、需求重构、资本破局。 想要少走弯路，少犯错有两个办法：第一就是小步快跑，快速试错，不要做一 个特别宏大的产品研发计划，先做一个最简单的版本，不停地迭代。第二，多 找这个行业里面的高手，走过坑的那些人，去跟他们交流。 活动详情如下 吴世春 | 梅花创投创始合伙人 ↓↓↓ 吴世春黑马实验室，2019.4 这里认真推荐你： 费用： 原价 12800元/人，早鸟价9800元 /人 地点： 上海 时间： 8月7日-8月9日 ...

Core Viewpoint - The article discusses the significant decline in the performance of Chacha Food, once a leading brand in the sunflower seed market, highlighting its struggles with sales growth, pricing strategies, and competition from emerging brands [3][7][30]. Financial Performance - Chacha Food's net profit for the first half of 2025 is projected to drop by 79.85% to 85.86%, amounting to only 40 million to 57 million yuan, marking the worst performance since its listing in 2011 [3][5]. - The company's revenue for the first quarter of 2025 was approximately 1.57 billion yuan, a decrease of 13.76% compared to the previous year, with a net profit decline of 67.88% [15][16]. - The basic earnings per share are expected to be between 0.158 yuan and 0.192 yuan, down from 0.663 yuan in the same period last year [5][15]. Market Position and Strategy - Chacha Food, originally known for its "water-boiled sunflower seeds," is facing challenges in maintaining its market position due to a lack of innovation and failure to adapt to changing consumer preferences [7][10]. - The company attempted to rebrand itself as "chacheer" to appeal to younger consumers but has struggled to retain market share against competitors like Three Squirrels and Yan Jin Pu Zi, which have adopted more flexible pricing and marketing strategies [7][25][30]. - Despite efforts to expand into international markets and offer high dividends to shareholders, these strategies have not significantly improved the company's financial situation [20][21]. Competitive Landscape - Competitors such as Three Squirrels and Yan Jin Pu Zi have successfully captured market share by focusing on affordability and innovative product offerings, leading to substantial revenue growth [25][28]. - Three Squirrels reported a revenue increase of 49.3% in 2024, while Yan Jin Pu Zi achieved a 25.69% growth in the first quarter of 2025, showcasing the effectiveness of their strategies [26][28]. - The article emphasizes that Chacha Food's traditional marketing methods and product pricing are becoming outdated in a rapidly evolving market [30][31]. Brand Perception and Future Outlook - Chacha Food's brand recognition as the "king of sunflower seeds" is at risk due to its inability to connect with the new generation of consumers who prioritize value and novelty over brand loyalty [30][31]. - The company must adapt to the changing market dynamics and consumer interests to avoid being overshadowed by more agile competitors [31].

Core Viewpoint - The article emphasizes the need for a more supportive legal environment for entrepreneurs in China, highlighting the psychological impact of failure and the importance of establishing a bankruptcy system to alleviate the burdens on entrepreneurs [7][10][18]. Group 1 - The article reflects on the historical context of entrepreneurship in China, noting that many entrepreneurs have developed a "favorable mindset" due to the rapid economic growth and have not prepared for sudden failures [3][4]. - It discusses the tragic cases of entrepreneurs, such as Mao Kankan, who faced insurmountable pressure from financing agreements and could not cope with failure [5][6]. - The author calls for the establishment of a bankruptcy system to prevent entrepreneurs from being labeled as "debtors" and to protect their personal dignity and financial responsibility [8][10][12]. Group 2 - The article points out that while there have been some improvements in supporting innovative companies, traditional small and medium enterprises continue to face severe challenges, leading to tragic outcomes such as suicides [13][14]. - It stresses the importance of optimizing the legal environment to foster a healthier entrepreneurial ecosystem, as many entrepreneurs suffer from the psychological toll of being detained or investigated [15][19]. - The author warns against the mass detention of entrepreneurs, arguing that it undermines their confidence and ability to operate businesses effectively [22][24]. Group 3 - The article discusses the broader societal implications of business failures, suggesting that the current economic environment is leading to a "cleansing" process where many businesses cannot survive [25][26]. - It highlights the concept of "involution," where excessive competition leads to unsustainable business practices and ultimately, business closures [27]. - The author encourages a mindset shift, suggesting that entrepreneurs should not carry excessive guilt or disappointment over failures, and should focus on resilience and future opportunities [29][30].