点击上图▲立即收听 " 中国有能力让全球无人机产业停摆一年。 " 文 / 巴九灵（微信公众号：吴晓波频道） 近日，奇怪的一幕出现了： 6月24日，根据美国科技媒体TheVerge走访，占据美国80%市场份额的 大疆无人机产品，从美国百思买的商场的货架上"消失"了，连价格标签都 被撤下，网站上也难以购买到大疆的新产品，仅有几台老款翻新在售，但价格高得离谱。 由此引发了一些联想后， 大疆发言人黛西・孔对此回应称："大疆仍然致力于美国市场。正如我们之前所分享的，大疆一直在与美国海关与边境保 护局(CBP)合作，解决一个与海关问题相关的误会。不幸的是，这影响了我们的无人机和零件的备货和进口。我们理解客户的失望，但仍然希望此 问题能够得到解决。" 美国人对中国无人机的"怕"与"爱"不算什么冷知识。 说它怕，自2017年开始，他们便以"数据安全隐患"为由，对大疆在美国的销售实施了限制措施。2019年后至今，从"禁止政府机构使用"到呼吁"征 收更高关税"，对中国无人机的举措层出不穷。 特朗普上台后，就在半个月前，还签署了三项行政命令，加强美国对无人机威胁的防御能力，同时减少对中国等外国无人机制造商的依赖。 但8年下来，美国 ...

点击上图▲订阅会员 本期内容节选自《细读商业经典》读书会员课，在这期课程中产品创新顾问、《人 人都是产品经理》系列书作者苏杰解读《一人企业》，登录吴晓波频道APP，可收看 完整内容。 【点击订阅】 整理 / 巴九灵（微信公众号：吴晓波频道） 你是不是越来越觉得——卷又卷不赢，躺又躺不平？ 2017 年后，行业从高速增长进入平缓增长，有一些行业甚至进入衰退期，" 996 是福报"被视作剥削骗术。 奋斗叙事崩塌，越来越多的人追求平衡：赚少点钱但边工作边享受，模糊工作、生活、退休界限。 很多我认识的人在离开大公司、少了外界束缚以后，一开始都很开心，但三个月后就会陷入一种特别焦虑的状态。这是因为失去了目标感。 并且， AI 等技术放大个体能量，一人可成编辑部，不会编程的人借 AI 做独立软件赚钱的案例比比皆是。 此类故事促使更多人思考"能否成为一人企业"。 而保罗·贾维斯的这本《一人企业》的反增长观点和苏杰老师结合 AI 时代的解读，或许能够给正在观望中的你一些思考。 无人兜底时，你能否扛住三重压力测试？ 一人企业的工作模式，与作为一个打工人进到组织里的工作形式相比，差异是非常大的，首先大家可能会想到的一个差异就是" ...

Group 1: Industrial Profit Trends - In the first five months of the year, the total profit of large-scale industrial enterprises in China reached 27,204.3 billion yuan, a year-on-year decline of 1.1%. In May alone, profits dropped by 9.1% year-on-year [1][2] - State-owned enterprises experienced a profit total of 8,709.5 billion yuan, down 7.4% year-on-year, while private enterprises saw a profit increase of 3.4% to 7,592.5 billion yuan [1][2] Group 2: Private Enterprises' Role - Private enterprises play a crucial role in supporting economic growth, contributing significantly to tax revenue, job creation, and innovation. There is a need to optimize the business environment for private enterprises to address operational challenges [3] Group 3: Alibaba's Restructuring - Alibaba Group reduced its partner count from 26 to 17, indicating a focus on frontline business leaders to enhance adaptability in the current market environment. The company reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a net profit increase of 77% to 125.976 billion yuan [4][5] Group 4: Xiaomi's Product Launch - Xiaomi launched multiple new products, including the YU7 car, which saw over 200,000 pre-orders within three minutes. The pricing of the YU7 ranges from 253,500 yuan to 329,900 yuan [6][7] Group 5: Vanke's Financial Situation - Vanke reported a revenue of over 340 billion yuan, with a net loss of nearly 50 billion yuan for the year. The company is focusing on asset sales and expanding financing channels to manage debt repayment pressures [8][9] Group 6: Zara Home's Market Exit - Zara Home is closing its last stores in Changsha and Hangzhou, reflecting the decline of fast fashion brands in the Chinese market. The brand's high rental costs and consumer preference for cost-effective products have contributed to its struggles [10][11] Group 7: Honor's IPO Plans - Honor has initiated the process for an A-share IPO, with plans to invest 100 billion yuan in AI over the next five years. The company aims to transition from a smartphone manufacturer to a leading AI terminal ecosystem provider [14][15]

点击上图▲立即收听 " 开餐厅，他的宗旨永远是粤语里的三个字： ' 平、靓、正 ' 。 ' 平 ' 是价格合理， ' 靓 ' 是出品雅观， ' 正 ' 则是最重要的好吃。别小看这三个字，说起来简单，做起来不 易。 " 文 / 巴九灵（微信公众号：吴晓波频道） 蔡澜去世，享年83岁。 他的官方社交账号公布了此消息。2025年6月25日，他在家人和朋友的陪伴下，在香港的一家医院里平静去世，"遵从先生意愿，为免叨扰亲朋， 不设任何仪式，遗体已火化"。 这种简单的告别方式，恰如蔡澜的人生，潇洒、随性。 金庸、黄霑、倪匡、蔡澜并称为"香港四大才子"。他们学识渊博，各具专长，私交甚好。金庸是武侠小说的代表，黄霑是音乐鬼才，倪匡专长科幻 小说，蔡澜则擅长吃，是美食大神。在香港文化产业繁荣的1980年代，四人的影响力日益扩大。如今，四大才子皆已谢世，一个时代落幕。 除了美食家，蔡澜还拥有多重身份，最广为人知的，是电影制片人、作家、旅游家，主持人等等。他一生著作等身，出版了约200多本图书，写尽 了美食、生活以及人生。 他曾说："我大半生研究人生的意义，得出的答案还是吃吃喝喝。" 而在商业领域，蔡澜也从不掩盖其对"金钱"的热爱 ...

Core Viewpoint - The article discusses the new opportunities and challenges faced by Chinese companies in the context of global supply chain shifts and international trade dynamics, particularly in relation to the U.S. and neighboring countries like Vietnam and Mexico [2][3][5]. Group 1: Current State and Challenges of Chinese Companies Going Global - Since 2018, China's share of U.S. imports has decreased from approximately 21% to 13%, with neighboring countries like Mexico and Vietnam benefiting from this shift [3]. - The traditional re-export trade model is facing difficulties, as new regulations in Vietnam are making it unsustainable for Chinese companies to simply relabel products for export to the U.S. [10][11]. - Chinese factories are adapting by relocating production to countries like Vietnam and Malaysia, as seen in the significant drop in Chinese cabinet exports to the U.S. [12]. Group 2: Supply Chain Restructuring - The phenomenon of "mobile factories" is emerging, where Chinese manufacturers are relocating their production capabilities to different regions, leading to a rapid reassembly of supply chains [14][15]. - The dependency of the U.S. on Chinese supply chains varies by industry, with some sectors like children's products remaining difficult to replace [15][16]. - Companies need to analyze their products at a granular level (SKU) to enhance resilience against supply chain changes [18]. Group 3: Strategies for Chinese Companies Going Global - Establishing a cognitive management system is crucial to overcome cognitive blind spots that hinder effective communication and collaboration among companies [24][26]. - A deep understanding of local markets and compliance is essential for successful international operations, as evidenced by the challenges faced by companies like Samsung in India [30][32]. - Companies should optimize their geographical layout by establishing multiple factories to mitigate tariff impacts and enhance operational efficiency [36][38]. Group 4: Organizational and Talent Development - Companies must break through traditional equity structures to avoid risks associated with over-concentration in local markets [41][43]. - Enhancing user insight and understanding local consumer needs is vital for product success in foreign markets [46][48]. - Developing localized management capabilities is necessary, as overseas operations often require different strategies than those used domestically [49][53][57].

Group 1: Foreign Investment and Economic Cooperation - In the first five months of the year, China's non-financial direct investment abroad reached $61.6 billion, a year-on-year increase of 2.3% [1] - Investment in countries involved in the Belt and Road Initiative amounted to $15.52 billion, growing by 20.8% [1] - The total revenue from foreign contracted projects was $61.94 billion, up 5.4%, with new contracts signed totaling $98.68 billion, an increase of 13% [1] Group 2: Infrastructure and Economic Growth - Investments in infrastructure not only stimulate related industries but also create numerous job opportunities, driving local economic growth [2] - Infrastructure projects enhance China's transportation capacity, facilitating international expansion for domestic companies and opening avenues for foreign trade [2] Group 3: White Wine Market Trends - Major Chinese liquor companies are launching low-alcohol products to cater to the preferences of younger consumers, with over 60% favoring lower alcohol content [3] - The introduction of low-alcohol products is a strategic move to attract younger demographics who prefer lighter drinking experiences [4] Group 4: Nvidia's Market Position - Nvidia's market capitalization has reached $3.77 trillion, reclaiming the title of the world's most valuable company, driven by strong demand for AI infrastructure [5] - The company sees significant growth opportunities in AI and robotics, which are projected to represent trillions of dollars in potential revenue [5][6] Group 5: Currency and Economic Outlook - The US dollar index has fallen to a nearly three-year low, down approximately 9.6% this year, marking its worst first half since 1986 [7][8] - Analysts warn that current US tariff policies may slow global economic growth and reignite inflation domestically, with a 40% probability of a recession in the US by the end of the year [7] Group 6: Foreign Investment in Japan - After 11 consecutive weeks of net buying, foreign investors sold a net ¥524.3 billion ($3.62 billion) in Japanese stocks, marking the first net sell-off since late March [9] - Despite the recent sell-off, Japan's stock market has seen a net inflow of approximately ¥6.81 trillion from foreign investors this quarter, the largest in two years [9][10] Group 7: Virtual Asset Trading in Hong Kong - Guotai Junan International has received approval to upgrade its trading license to offer virtual asset trading services, becoming the first Chinese broker in Hong Kong to do so [11][12] - The upgrade allows for direct trading of cryptocurrencies and stablecoins, positioning the firm as a key player in the virtual asset market [12] Group 8: Fundraising Trends - In June, new fund issuance exceeded ¥90 billion, with bond funds accounting for a significant portion of the total, reflecting a shift in investor preference [14] - The demand for bond funds has increased due to a stable bond market and declining bank deposit rates, leading to a surge in institutional investment in high-quality bond products [14][15]

点击上图▲立即收听 " 这 些爆雷企业所在的产业共性是：野蛮生长，快速迭代，做局自毁，但又生生不息。 " 文 / 巴九灵（微信公众号：吴晓波频道） 在江浙沪拥有 23 家黄金门店、 11 家珠宝门店的永坤黄金 " 十年磨一骗 " ，打着 " 年化 9% 保本保收益 " 的金字招牌，在 5 月被发现无法兑 付，涉案人数多达 1 万人，涉案金额高达 40 亿元。 网络上， " 拿什么还我全家族近十年两千万 "" 一百多万血本无归 " 的帖子接连涌现， 62 岁的陈阿姨就是其中一位受害者。 十年前，她在家附近的门店买过金饰， " 服务好、门店多、看起来很正规 " 。后来她又听朋友说，永坤有黄金委托保管业务，年化收益 5% — 9% ，还承诺 " 保底回购、价格下跌补差额并赔违约金 " 。 这种 " 有钱自己赚，风险别人担 " 的好事让陈阿姨有些怀疑，但一打听，发现身边不少人都在买， " 存银行利息太低了，股票又风险太大，我觉 得永坤黄金这么多年一直在营业，线下还有那么多店，应该靠谱 " 。 于是，陈阿姨先是投了十万，这些年又慢慢加码，三年前家里拆迁，政府赔了一笔钱，她咬咬牙，把这笔 " 养老钱 " 也投了进去。 直 ...

Core Insights - The article emphasizes the urgent issue of talent mismatch in the context of Chinese companies going global, highlighting a significant gap between the rapid expansion of overseas operations and the availability of qualified talent [3][4][10]. Group 1: Current State of Overseas Talent - Data from the Ministry of Commerce indicates a nearly 20% year-on-year increase in the number of non-financial overseas enterprises directly invested by China from 2021 to 2024 [6]. - A survey shows that 34% of companies heavily rely on overseas markets, with 52% reporting that over 40% of their revenue comes from abroad [7]. - In the 2024 fiscal year, over 10% of overseas companies experienced revenue growth exceeding 10%, with 11% achieving a doubling of revenue [8]. - The talent gap in China's manufacturing sector is reported at 48%, meaning for every two hires, one position remains unfilled [11]. - Over 50% of Chinese companies view talent shortages as one of the most significant challenges in their internationalization efforts [12]. Group 2: Talent Structure and Recruitment - The talent structure of Chinese companies abroad shows a predominance of Chinese employees in senior management roles, while middle management is more balanced between Chinese and local employees, and local employees dominate at the grassroots level [13]. - There is a notable trend towards local hiring for marketing roles, while manufacturing and R&D positions see a mix of expatriate and local hires [15][16]. - The stability of expatriate teams is higher in senior management, while local teams show stability in high-level and marketing roles, but middle management is less stable [18]. Group 3: Cost and Support for Talent - More than half of overseas regions have higher labor costs than domestic levels, with North America being the most expensive and Africa the least [21]. - Companies that have already gone global invest more in talent support, focusing on training, compensation, and promotion mechanisms, although a significant portion of companies lack established overseas talent support systems [23][24]. Group 4: Challenges in Talent Acquisition - A major challenge for Chinese companies going global is the low efficiency of collaboration between Chinese and local employees, with only 9% of companies reporting high efficiency in this area [29]. - Key barriers to effective collaboration include differences in values, management styles, language barriers, and religious backgrounds [30]. - Both companies that have gone global and those planning to do so face three main pain points in talent acquisition: difficulty in finding suitable candidates, mismatched skills, and high external recruitment costs [35]. Group 5: Training and Development Initiatives - Companies express a willingness to invest in professional training to address talent challenges, with a preference for business school training and internal training for those already abroad, while those planning to go global favor a combination of on-site support and training [39][40]. - The article outlines a structured approach to talent development for Chinese companies, focusing on various training programs tailored to different roles and stages of internationalization [48][51][53][55].

Core Viewpoint - The article discusses the rising popularity of the "kidulting" trend, exemplified by the success of the toy "Labubu," which has seen significant sales growth and reflects a broader consumer behavior among young adults seeking emotional comfort through playful products [4][8][16]. Group 1: Labubu's Success - The Labubu series generated over 3 billion yuan in revenue in 2024, marking a 726% year-on-year increase [4] - Sales of Labubu blind boxes in the US and Europe grew by 800% and 500% respectively in April [4] Group 2: Changing Demographics in Theme Parks - A significant portion of visitors to Shanghai Disneyland are young adults aged 20 to 30 without children, accounting for nearly half of total visitors, while those aged 30 to 50 without children exceed 30% [7] Group 3: The Kidulting Trend - The "kidulting" phenomenon refers to adults purchasing toys and visiting theme parks to alleviate stress and seek emotional comfort [9][12] - The global kidulting market reached a size of $2.3 trillion in 2023, with an expected annual growth rate of 18% over the next five years [10] Group 4: Consumer Behavior Insights - In China, 79% of plush toys are purchased by individuals from the post-90s and post-00s generations, with 40% owning more than 15 plush toys [11] - The rise of the kidulting trend is attributed to high employment pressures and living costs, leading to increased emotional distress among young people [13][14] - Young consumers are shifting from material satisfaction to seeking emotional fulfillment and experiences, willing to pay for products that resonate with their feelings and individuality [15][16]

点击上图▲立即报名 文 / 巴九灵（微信公众号： 吴晓波频道） 人才瓶颈，才是中企出海的真正"卡脖子"。 清华大学全球产业研究院2024年发布的《中国制造业出海人才白皮书》显示，海外人才缺口率高达48%，相当于每招两个人就有一个岗位空缺。 麦肯锡的调研也指出， 超过一半的企业认为"人才短缺"是国际化进程中的最大挑战之一。 此外，IntelliPro发布的《2024出海人才趋势报告》显示，超6万家中国企业在海外落地业务，全年出海招聘需求超过450万人，招聘市场规模达84 亿元。领英平台的海外岗位发布年增长率更是高达30%。 这无一不在告诉我们，企业走得越来越快，但"带队的人"却越来越难找。 哪怕已出海多年的日本企业，依旧未能解决人才难题。调查显示，2023年，46.1%的日本中小企业将"确保人才"列为首要经营课题，另有35% 将"培养人才"放在了第二位。 可见，出海人才问题不只是中国企业"这一代"的困难，更是全球企业"长期主义"的功课。 正因如此，在刚刚结束的"生而全球·共融共建"第二届出海全球峰会上，出海人才培养成为被反复提及的关键词。 我们特别整理了几位老师的观点，从战略投入、属地干部、院校合作、人才标准到 ...