以下文章来源于投资家 ，作者笔锋 投资家 . 投资家是投资家网旗下专注创投、商业、科技领域的内容平台。多次获得百度、头条、新浪、网易、搜 狐、东财、同花顺、澎湃等颁发的荣誉奖项。投资家网是国内知名资本与产业创新综合服务平台。 你或许从未留意过车灯。 作者：笔锋 来源： 投资家 汽车产业卷到白热化的今天， 连最不起眼的车灯，都成了兵家必争的黄金赛道，甚至开始排队 去 IPO 。 就在近日，国内车灯行业的绝对龙头 —— 常州星宇车灯股份有限公司（简称：星 宇股份）正式向港交所递交上市申请， 华泰国际担任独家保荐人。这意味着， 64 岁的创始人 周晓萍，这位身家 200 亿的"常州女首富"， 正带队冲击资本市场，试图在 A 股之外，搭建 起" A+H "的双资本平台。 这家 2011 年敲钟上交所， 2023 年营收突破百亿大关的企业， 过去两年狂赚超 25 亿元净 利润， 客户包含比亚迪、理想、奔驰、华为问界等全球主流车企。如今，它手握 70.2% 的国 内智能车灯市占率， 在全球智能车灯赛道稳居第一。 在大多数人的认知里，车灯只是一个安全件，能亮、不坏、合规就够了，很难和"高技术""高 壁垒""高估值"这些词挂 ...

每日金句 融来的钱都不经花，只有能从市场上赚到的钱才经花。 一流的企业家永远是 赚钱能力远大于融钱能力。 95%的创始人花钱能力都需要很惨痛的代价，才 能锻炼出来，不会花的时候抠门就很重要。 很多创始人都把钱花在刀背上。 甚至刀把上，就是没有花在刀刃上。 吴世春 | 梅花创投创始合伙人 黑马精选 联系我们 张老师：chenfu3721（微信） 王老师：15222191516（微信） 黑马加速导师 创业家 THE FOUNDER 发现并培养 下一代商业领袖! ...

内容来源：刘润公众号（runliu-pub） 此前，麦肯锡发布了一份报告:《 下一个重大竞争：改变商业格局的行业领域 》。 报告详细分析了未来最有可能改变全球商业格局的18个赛道，并预测2040年，这18个赛道将实现29万—48万亿美元的收入，贡献18-34%的 全球GDP增长。 1）电商。 麦肯锡预测，到2040年，电商在全球零售收入的占比，可能会到27%-38%，目前大约有20%。 电商行业的增长点，在于发展中国家的市场扩展，或者是发达国家中新品类的增长 。 比如，医疗保健，或者是珠宝和手工艺品等，更有"情绪价值"的产品。因为它们，更容易通过叙事的方式，在社交电商销售。 全球范围来看，无论是电商平台的获客，还是最后一公里的配送，还会大概率迎来大量投资。 2）电动汽车。 3）云服务。 世界正在变得更加互联，这就对企业提出了更高的储存和计算能力要求。 新的AI产品，更需要大量的算力。 根据麦肯锡的分析，该行业的收入从2005年到2020年的年复合增长率有17%，未来几十年，大概也会以类似或者稍缓的速度增长。 4）半导体。 无论在乘用车还是商用车，电动车的份额还会提升。麦肯锡判断，电动车在全球乘用车销量中的占比 ...

Core Viewpoint - Giant Network has successfully returned to the "billion-dollar club" with a market value exceeding 100 billion yuan, driven by the success of its new game "Supernatural Action Group" which has significantly boosted revenue and profit [5][15]. Group 1: Company Performance - In 2022, Giant Network's revenue was 20.38 billion yuan, down from 37.80 billion yuan in 2018, while net profit decreased from 10.78 billion yuan to 8.51 billion yuan [12]. - The launch of "Supernatural Action Group" led to a revenue increase of 115.63% year-on-year in Q3 2022, reaching 17.06 billion yuan, with a net profit of 6.4 billion yuan, up 81.19% [5][15]. - In 2023, the company achieved revenues of 29.24 billion yuan and 29.23 billion yuan in 2024, with net profits of 10.86 billion yuan and 14.25 billion yuan respectively [15]. Group 2: Product Development and Strategy - The game "Supernatural Action Group" has a high female user ratio of 60%-70% and has successfully engaged users through community-driven content and frequent updates [7]. - The company has shifted its operational strategy to focus on refining core gameplay rather than solely relying on user acquisition, emphasizing the importance of player experience [7][19]. - The development of "Supernatural Action Group" involved a process of continuous testing and modification, reflecting a shift towards a more player-centric approach in game design [7][19]. Group 3: Leadership and Organizational Changes - Founder Shi Yuzhu's return in 2022 has been pivotal in revitalizing the company, emphasizing the importance of game quality over financial metrics [6][12]. - The company has undergone significant structural changes, reducing management layers and promoting a culture of innovation and youthfulness within the team [17][20]. - The leadership has been increasingly composed of younger individuals, with a focus on empowering them to take charge of game development and strategy [20]. Group 4: AI Integration - AI has been identified as a critical area for future growth, with plans to integrate AI into game development and operations to enhance player engagement and optimize gameplay [22][24]. - The company has begun building an AI tools platform to support various aspects of game development, including player interaction and game design [24]. - AI is expected to play a significant role in personalizing player experiences and improving operational efficiency within the gaming ecosystem [24].

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 结束恶战，合作多赢。 作者：杨璐源 来源：华商韬略 2023年，广州，日料店。 桌子的两边，分别是零食很忙的创始人晏周，与赵一鸣零食的创始人赵 定。 不久前，零食很忙与赵一鸣零食还在门对门、角对角，打个不停，战火灼人。 但此刻，他们决定化敌为一家人，携手反内卷，将没有赢家的争斗，化为共创共享市场繁荣。 不到3年后的2026年1月28日，他们的努力变成了中国最大零食IPO。当日，由双方三年前合 并的鸣鸣很忙正式在港交所上市，股价开盘大涨88.08%，公司总市值则达952.75亿港元之 巨。 这里插播一条课程资讯： 报名 「 黑马·欧洲游学 」， 7天6晚， 我们将带您 回到品牌的"第一现场"， 从 巴黎到米兰 ，直击 LV、欧莱雅、Prada 等顶流品牌的诞生地与核心工厂。 我们还将潜入IFM学院解密奢侈品管理逻辑，在蓝带学院领悟生活方式定义权，更能探访Loro Piana面料实验室，解锁产业链密码。 2017年，湖南长沙的新消费气息已经很浓，小镇年轻人晏周觉得很多传统消费都可以重做一 遍，于是放弃房地产销售工作，拉着李维、刘 ...

卫哲丨 嘉御基金创始合伙人 黑马实验室加速导师 黑马精选 联系我们 张老师：chenfu3721（微信） 王老师：15222191516（微信） 创业家 THE FOUNDER 发现并培养 下一代商业领袖! 每日金句 创业做产品，最有价值的模式是"两头长尾"，即买方是中小企业，卖方是长尾 供应商。服务也一样，服务的全是中小企业，这种公司如果做成了价值最大， 比如阿里巴巴。最没价值的公司叫两头大，你的买方卖方都大，你服务的只是 大客户。 ...

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 the evolving consumer behavior in China [3][4]. Group 1: Economic Shifts and Opportunities - 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 that demand migration presents substantial business opportunities [5]. Group 2: Key Industries and Trends - **Second-Hand Economy**: The second-hand luxury market in Japan, exemplified by companies like Daikokuya, has seen a significant revenue increase. In China, platforms like Hongbulin and Panghu are experiencing similar growth [6][7]. - **Pet Economy**: With declining birth rates, spending on pets is rising, as seen with brands like Inaba in Japan and Guobao in China, indicating a robust market for pet products and services [12][13][14]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, showcasing the potential of the aging population as a lucrative economic segment [17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for products like sugar-free tea and functional beverages in both Japan and China [21]. - **Beauty and Aesthetics**: The beauty industry continues to thrive, with products like collagen supplements and home beauty devices gaining popularity, indicating a strong consumer focus on personal care [23][24][26]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as Snow Peak in Japan, are profiting from the growing interest in outdoor activities, reflecting a shift in consumer spending priorities [29][31]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations seek to save time in their daily routines [39][40]. - **Leisure and Experience Economy**: Consumers are willing to spend on experiences and small pleasures, indicating a dual trend of frugality and indulgence in spending [36][44].

Core Viewpoint - Junlebao Dairy Group is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its growth in the dairy industry and expand its market presence [4][5]. Group 1: Company Overview - Junlebao started from a modest factory in Shijiazhuang and has grown into a dairy giant with nearly 20 billion yuan in annual revenue [5]. - The company reported projected revenues of 19.8 billion yuan for 2024, with net profits expected to rise from 600 million yuan in 2023 to 1.16 billion yuan in 2024 [5]. Group 2: Market Position and Products - Junlebao has achieved significant market share in niche segments, with its high-end fresh milk product "Yue Xian Huo" capturing 24% of the market, and its zero-sugar yogurt "Jian Chun" holding a 7.9% market share [5][21][22]. - The company has seen substantial growth in its low-temperature liquid milk segment, contributing 64.37 billion yuan in revenue for the first nine months of 2025, accounting for 42.5% of total revenue [22]. Group 3: Historical Context - The company was poised for an IPO in 2008 but was impacted by the Sanlu milk scandal, which led to a significant brand crisis [5][16]. - After distancing itself from the Sanlu Group, Junlebao partnered with Mengniu in 2010, which provided financial support and market access [16][17]. Group 4: Strategic Developments - In November 2019, Mengniu sold its 51% stake in Junlebao for 4.011 billion yuan, allowing Junlebao to regain independence and pursue its IPO ambitions [19][20]. - The company has focused on expanding its production capabilities, with 33 modern farms and 20 production facilities, achieving a self-sufficiency rate of 66% for its milk supply [27]. Group 5: Financial Challenges - As of the first three quarters of 2025, Junlebao's total liabilities reached 17.566 billion yuan, with a debt ratio of 77.1%, significantly higher than the industry average [24]. - The high debt levels are attributed to aggressive acquisition strategies aimed at expanding market reach and revenue [25].

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are spending more on pets, leading to a boom in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin poised for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased sales of sugar-free beverages and functional drinks in both Japan and China, with brands like Suntory and Dongpeng gaining traction [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, is on the rise, with companies like Jinbo Bio and U like seeing significant sales growth [23][25]. - **Outdoor Recreation**: The outdoor equipment market is thriving, with brands like Snow Peak in Japan and various Chinese brands experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands like Labubu and Rio are tapping into the emotional needs of consumers, offering products that provide comfort and joy, even in a frugal spending environment [28][29][30]. - **Lazy Economy**: The trend towards convenience has led to increased sales of frozen foods and smart home appliances, with companies like Anjijia and Kewos leveraging technology to save consumers time [33][35][36]. Group 2: Market Trends - The article emphasizes that the current economic climate, often described as a "cold winter," presents unique opportunities for those willing to invest in counter-cyclical sectors [39]. - It suggests that the key to success in this low-desire era is recognizing and seizing opportunities in these emerging markets, rather than succumbing to pessimism [39].

Group 1 - A qualified entrepreneur must meet three conditions: strong emotional intelligence and risk management skills to navigate relationships with government, employees, and investors [1] - Entrepreneurs should be grounded and possess leadership qualities; investors may not understand the entrepreneur's vision but can relate to their approach [1] - Entrepreneurship is not gambling but a commitment; startups need to persist for five to eight years to see results, emphasizing the importance of perseverance over speculation [1]