以下文章来源于中国企业家杂志 ，作者胡楠楠 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 周成建也一直在摸索，什么才是适合美邦走的路。 来源： 中国企业家杂志 记者： 胡楠楠 编辑 ： 米娜 重掌美邦（美特斯邦威的简称）的近两年里，创始人周成建一直在极力自救。 不久前，他戴着墨镜，在直播间跳起了团舞。当晚，直播间吸引了超20万人在线围观。此事在 社交媒体上引发热议——有人觉得"挺心酸的"。毕竟周今年已60岁了，他曾是浙江首富，活到 这个年纪却还要去做这样的事。2008年，美邦在深交所上市，市值一度达到389亿元。同年， 周以136亿元的身家荣登福布斯中国富豪榜中的浙江首富。 美邦曾被称为"步行街之王"，但随着全国大量步行街关掉，美邦业绩断崖式下跌，从高峰的营 收近百亿元降到去年的6.81亿元，缩水了超90%，公司近五年累计亏损超22亿元。 过去赖以生存的渠道已逐渐消逝，周成建要寻找新的突破口。这两年的打拼，让他有了更深的 感悟——今天的服饰品牌，要构建基于线上线下全域的零售生态。 10月中旬，美邦连开了几天的评审会、订货会，周邀请了全国100多家优质购物中心的人，过 来看美邦的新一代门店形态。 之前，美 ...

Core Viewpoint - The article emphasizes the importance of differentiation or focus for companies that are not market leaders, suggesting that identifying unique customer needs and providing targeted services is crucial for survival in niche markets [1] Group 1: Event Overview - The article promotes an upcoming offline learning event led by Wu Shichun, aimed at entrepreneurs, focusing on the technology manufacturing industry and exploring opportunities in a trillion-dollar market [2][7] - Participants will engage in a three-day immersive learning experience, including deep discussions with industry leaders and practical strategies for business breakthroughs [9] Group 2: Learning Outcomes - Attendees will gain insights into capital trends and the core logic of high-demand sectors, enhancing their understanding of industry dynamics and competitive positioning [9] - The event will feature interactions with 100 entrepreneurial peers, fostering collaboration and immediate problem-solving [9] Group 3: Itinerary Highlights - The event includes a welcome dinner, cultural exploration of Xi'an, and sessions on technology innovation and industry disruption, featuring notable speakers and case studies [16][17] - Specific sessions will cover topics such as satellite manufacturing and commercialization, led by industry experts [16][17]

以下文章来源于首席品牌评论 ，作者首席品牌评论 首席品牌评论 . 热门品牌案例，专业深度评论。在这里，读懂品牌之道！ 这里插播一条课程资讯： 报名 「吴世春·西安出行活动」， 1月22日-24日 ， 吴世春将亲自带队 100家企业家 ， 去陕 西西安线下游学 ， 走进科技制造产业，打开万亿赛道蓝海。 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 如果你是 优质的项目，吴老师 也会果断投 你。 下半年 ， 吴老师预计要投出去的金额，应该不小于 15个亿。 扫码咨询报名 （翻到底部了解详情） 01 万达赎身 赎回不是终点，而是新周期的起点。 来源： 首席品牌评论 在中国商业地产的寒冬时刻，王健林做了一个令人意外的决定——赎回一座万达广场。 12月2日，烟台芝罘万达广场有限公司的股权结构发生重大调整，万达商管旗下全资子公司上 海万达锐驰企业管理有限公司接盘，新华保险旗下两大投资主体退出股东行列。 这是万达在连续出售超过40座万达广场后，首次启动资产赎回操作。 赎回烟台芝罘万达广场绝非偶然。 这座广场成立于2010年，注册资本7.08亿元，商业面积24万平方米，是万达商管的第103座 万达广场。 更关 ...

Core Viewpoint - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating significant profits, particularly in the context of Japan's "lost 30 years" and China's evolving consumer behavior [3][4]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer demand is shifting towards different sectors [4]. - The article identifies eight key industries that are capitalizing on changing consumer preferences, highlighting the potential for growth in these areas [5]. Group 2: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, exemplified by "Daikokuya," has seen a surge in revenue, mirroring trends in China with platforms like "Hongbulin" and "Panghu" experiencing significant growth [6][7]. - **Pet Economy**: With a decline in birth rates, spending on pets has increased, with brands like "Inaba" in Japan and "Guobao" in China seeing strong stock performance [12][13][14]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand driven by an aging population [17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased sales of sugar-free beverages and functional drinks, with brands like "Oriental Leaf" and "Dongpeng" gaining traction in China [21]. - **Beauty Economy**: The demand for beauty products remains strong, with high-priced collagen supplements and home beauty devices achieving significant sales [23][25]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as "Snow Peak" in Japan, are thriving, reflecting a growing interest in outdoor activities [29][31]. - **Lazy Economy**: The trend towards convenience has boosted the frozen food market and smart home appliances, as consumers seek to save time [39][40]. - **Mental Well-being**: Products that provide emotional comfort, such as low-alcohol beverages and lifestyle brands, are gaining popularity, indicating a shift in consumer spending priorities [34][35]. Group 3: Investment Opportunities - The article suggests that the current economic climate presents unique opportunities for those willing to invest in counter-cyclical sectors, highlighting the importance of recognizing and acting on these trends [44].

Core Viewpoint - The article emphasizes the importance of investing in unique and non-consensus sectors, particularly focusing on young entrepreneurs from small towns who possess ambition and intelligence, regardless of their educational background [14][19][25]. Investment Insights - The author invested 30 million in a company called "找靓机" in 2018, which was later sold for 2 billion in 2020 [2][5]. - The author continues to support the entrepreneur, investing over 100 million in three rounds, highlighting the significance of independent judgment in investment decisions [11][13][15]. - The article suggests that new industry investment windows are short, requiring a combination of intuition, experience, and strategic judgment [16]. Entrepreneurial Characteristics - The article identifies a new breed of entrepreneurs, often from humble backgrounds, who are characterized as resilient, intelligent, and ambitious [26]. - Examples include founders like 尹阔, who did not graduate from high school, and 李想, who dropped out of high school, indicating that educational qualifications are not the sole indicators of potential success [22][24]. Investment Strategy - The company has invested in over 600 enterprises, with around 70 to 80 achieving profitability close to A-share listing standards, indicating a high success rate [27]. - The focus remains on investing in projects that meet societal needs and contribute to national interests [27]. Upcoming Events - The company will lead a group of 100 entrepreneurs to Xi'an for an immersive learning experience in the technology manufacturing industry, exploring opportunities in various sectors such as robotics, aerospace, and new materials [28][33]. - The event aims to facilitate deep connections within the industry and provide insights into capital trends and entrepreneurial strategies [33][44].

Group 1 - The core viewpoint of the article highlights the strategic acquisitions and expansions of Lingyi Zhizao, led by CEO Zeng Fangqin, into the electric vehicle and robotics sectors, showcasing a proactive approach to diversifying business operations and reducing reliance on a single client like Apple [5][10][24]. - Zeng Fangqin's acquisition of Zhejiang Xianglong for 2.4 billion yuan marks a significant step in enhancing Lingyi Zhizao's position in the automotive supply chain, transitioning from a Tier 2 to a Tier 1 supplier [5][11][24]. - The company has achieved impressive financial results, with a revenue of 37.59 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 19.25%, and a net profit of 1.941 billion yuan, up 37.66% [16][24]. Group 2 - Lingyi Zhizao's strategic shift from consumer electronics to the automotive industry is driven by the recognition of the risks associated with over-reliance on a single major client, prompting diversification into high-potential sectors like electric vehicles [24][25]. - The company has also made significant strides in the robotics field, with successful participation in competitions and the development of humanoid robots, indicating a commitment to innovation and technological advancement [13][28]. - Lingyi Zhizao's extensive investment in research and development, with approximately 60 billion yuan over three years and a workforce of around 6,000 R&D personnel, underpins its competitive edge and ability to pivot across industries [33][34].

Core Viewpoint - The successful IPO of Moer Thread marks a significant milestone for China's GPU industry, showcasing the growing recognition and demand for domestic computing power chips in the capital market [4][12]. Group 1: Company Overview - Moer Thread, founded in 2020, specializes in the independent research and design of full-function GPU chips, with its CEO Zhang Jianzhong being a former vice president of NVIDIA [4][9]. - The company has achieved mass production of five generations of chips within five years, creating a product matrix that covers various workloads including AI computing acceleration and graphics rendering [4][10]. - The IPO raised a total of 8 billion yuan, making it the largest IPO on the Sci-Tech Innovation Board in 2025 and the second largest in the A-share market this year [4][5]. Group 2: Market Context - The IPO coincides with a critical industry window, as China's demand for intelligent computing power continues to surge amid U.S. export controls on high-end AI chips [5][12]. - The rapid development of downstream markets such as AI, data centers, gaming, and autonomous driving is expected to significantly increase the demand for high-performance computing acceleration chips [5][12]. Group 3: Financial Performance - Moer Thread's revenue is projected to grow from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, with a compound annual growth rate of 208.44% [11]. - The company anticipates revenue of 1.218 billion to 1.498 billion yuan in 2025, indicating a continuation of its rapid growth trajectory [11]. Group 4: Investment Landscape - The IPO has created substantial wealth for early investors, with a valuation increase from 420 million yuan in September 2020 to 30 billion yuan at the time of the IPO [15][19]. - A total of 85 institutional and corporate shareholders, including private equity funds, participated in the investment, reflecting strong market confidence in the company's potential [15][19]. Group 5: Industry Significance - Moer Thread's listing is seen as a pivotal moment for China's GPU industry, transitioning from technological breakthroughs to market and capital-driven industrial deepening [12][24]. - Beijing, recognized as "AI First City," is fostering a robust innovation ecosystem that supports the rapid growth of tech companies like Moer Thread, contributing to a significant AI industry cluster [23][24].

Core Insights - The article emphasizes the importance of consumer-focused investments, highlighting that successful projects in the past have predominantly been in the consumer sector, with a notable success rate [1][4]. Group 1: Investment Focus - The company has shifted its investment strategy to focus on consumer projects since 2011, finding that these projects often meet expectations for success [1]. - While technology projects can yield high returns, their success is often attributed to luck rather than replicable strategies, making them less reliable [2][3]. Group 2: Competitive Advantages in Consumer Sector - The article discusses the existence of competitive advantages, or "moats," in consumer enterprises, which differ from technology companies that rely on unique ideas or patents [4][6]. - Eight key aspects of these competitive advantages are identified, divided into demand-side and supply-side factors [8]. Demand-Side Moats - Brand Effect: Strong brands are crucial in specialized fields like healthcare and education, where consumer decision-making costs are high [10]. - Network Effect: Larger user bases enhance value, leading to winner-takes-all scenarios, exemplified by platforms like Xiaohongshu [10]. - Switching Costs: Consumers face significant hurdles in changing systems or brands, which can lock them into a particular product [10]. - Economies of Scope: The ability to offer a wide range of products in one location provides a competitive edge [10]. Supply-Side Moats - Economies of Scale: Early entrants can leverage high prices initially to cover costs and then reduce prices as they scale, maintaining a competitive lead [12]. - Learning Curve: Accumulated production experience creates knowledge barriers that are difficult for new entrants to overcome [13]. - Resource Monopoly: Control over unique processes, licenses, or prime locations can provide significant advantages [15]. - Supply-Side Economies of Scope: Optimizing product supply through networks can lead to cost efficiencies [16]. Group 3: Entrepreneurial Characteristics - The article notes that consumer entrepreneurs require a broader skill set compared to tech entrepreneurs, who may excel in specific areas [18]. - A framework called "VISIBLE" is introduced, representing key traits for successful entrepreneurs: Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [19]. Group 4: Investment Preferences - The company prefers to invest in product-oriented founders over marketing-oriented ones, as the former tend to build more stable businesses [22]. - Examples like Baoshifu Pastry illustrate the success of product-focused brands that have outlasted trend-driven competitors [23].

每日金句 天时、地利、人和三者齐全永远是理想状态，99%的创业者在创业之初都极 为艰难。没有信心怎么办？创业者必须有决心，有强烈的愿望想要成功，想要 解决某个行业内的问题，想要为这个社会做点事情……梦想和"野心"是一个创 始人最核心的竞争力。 一个心怀梦想的人，会极其自律、昼度夜思、殚精竭 虑、不知疲倦，因为他不是想赢，而是必须赢。 吴世春 | 梅花创投创始合伙人 创业心学导师 这里认真推荐你： 报名 「吴世春·西安出行活动」 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 如果你是 优质的项目，吴老师也会果断投 你 。 希望所有支持吴老师的人 ， 一如既往的相信他、支持他，大家 一起 加油！ 活动详情如下 ↓↓↓ 吴世春导师亲自带队 走进科技制造产业 升级数字文旅体验 探索产业生态协同 打开万亿赛道蓝海 机器人、航空航天、高端装备、新材料、新能源、 科技演费、Al+产生的创出者看过来! II 你将收获 1月22日-24日 ， 吴世春将亲自带队 100家企业家 ， 去陕西西安线下游学 ， 走进科技制造 产业，打开万亿赛道蓝海。 1场 产业重做的深度链接之旅 与独角虎企业、梅花投资人深度交流,占据 ...

Core Viewpoint - The article discusses the current state and future prospects of angel investing in China, emphasizing the importance of patience and long-term vision in the investment landscape, particularly in the context of emerging technologies like AI and hard tech. Group 1: Investment Landscape - The investment environment has become challenging, with difficulties in fundraising and high costs of customer acquisition, leading to longer exit cycles for investments [3][4]. - Previously, companies like Li Auto and NIO went public within a few years, but now the average time for an IPO in China has extended to around 12 years [4]. - Despite the challenges, angel investing can still be a profitable venture in China for those with sufficient patience [5]. Group 2: Investment Logic - The first investment logic is to focus on "unicorn tigers," which are companies that can dominate their market rather than just being another player [7][9]. - The second logic emphasizes investing in "small-town youth," who are seen as more dedicated and less likely to chase fleeting trends, thus fostering long-term growth [10][11][13]. - The third logic involves ensuring alignment of people, projects, timing, and valuation, as missing the right timing can lead to lost investment opportunities [14]. Group 3: Portfolio and Future Prospects - The company has invested in over 600 enterprises, with around 70 achieving profitability close to A-share listing standards, and expects about 20 companies to go public by 2026 [14][15]. - The focus on AI and new productive forces is seen as a key area for future investment, with a belief in a 20-year bull market for technology innovation in China [14].