文 | 《BUG》栏目 刘丽丽 10月30日， 是老铺黄金计划再次配售 27亿港元H股（732.5港元/股）的截止日期。 在两 天前发布的 2025胡润百富榜 上， 今年新上榜的企业家有 376位，新人之首 就 是 老铺黄 金 的徐 高明、徐东波父子，以 695亿元财富跻身前100 。 根据 此次 配售资金规划，老铺 黄金 拟用 70%资金储备黄金，相比上一次配售时的募资用 途，其加大了囤金的开支比例。 但令人担忧的是，在 过去一周多，黄金现货价格下跌了约 10% 。 而 原本 股价一度 反弹到 800 余港元 的老铺 黄金 ，在配售和金价大跌等因素的 影响下，一路又跌 破了 700港元，虽然略有反弹，但截止10月30日，老铺黄金的 配售价 仍高于股价，形成 倒挂，配售计划尚面临不确定性。 然而在消费市场，老铺黄金的涨价计划如约而至。近日，其官宣年内第三次调价正式执行。 与今年 2月、8月5%-13%的涨幅相比，此次调价力度创下年内新高，多款产品涨幅集中在 18%-25%，部分商品涨幅甚至突破28%。 有消费者直言，一款 "金香囊"吊坠涨价前标价11万元，涨价后价格变成了13万元，"一下 子涨这么多，实在是受 ...

"110吗？我们公司的2000万元被人卷跑了！"近日，浙江省宁波市鄞州区公安分 局东柳派出所接到一起紧急报警，值班民警火速带队，直奔报警人所在的银行。 ▲警方抵达现场了解情况 抵达现场后民警了解到，报警人是某物资公司实际经营人，而涉嫌卷款失联 的竟是该公司原法定代表人张某（化名）。由于公司变更法定代表人，双方 按照约定，由名下 代持公司 2000万元大额存单 的张某以买卖方式将存单转让给新的法定代表人， 然后将所得款项返还 公司。 当日， 张某 在银行完成部分存单转让 并得到800万元后，借口"回车取U盾"抽身离开，公司人员左等右盼不见其归来，电话也彻 底失联。在银行查询才发现，张某不仅卷走了800万元，剩余的汇票也被她擅自抛售。 ▲部分存单 经了解，张某近一年频繁去境外赌博，民警判断她极有可能携款出境。通过 核查，发现她果然购买了机票，出逃意图明显。 但经联系航空公司，张 某虽购买了机票但尚无登机信息 。 东柳派出所迅速联动出入境管理大队， 对张某依法采 取"法定不批准出境"措施 ，同时判断张某大概率仍藏匿于本人或亲属住 所，警方迅速联系其亲属开展规劝工作。在民警不懈努力和亲属的劝说下，张某主动来到 东 柳 ...

近期， 华安证券固收分析师颜子琦在个人公众号官宣加入国海证券 研究所，担任固收首席分析师。中证协信息显示，颜子琦执业机构于9月1日从华安证券注 销，9月22日变更为国海证券。 9月 份， 黄金涨幅创14年来最大单月涨幅 。10月份以来，现货黄金价格一度 继续 高歌猛进，并 在10月20日上涨到4381.29美元/盎司的高点，随后价格出现了回落。10月27日，现货黄 金自本月初以来首次跌破4000美元/盎司整数关口。 至于黄金的后续走势，招商证券发布研究报告称，无论从抗通胀、避风险等短期 价格决定因素，还是从货币和金融等长期价格决定因素，预计黄金价格有望在未来继续创新 高。中长期来看，有三方面因素继续推动黄金价格中枢上移：一是全球央行持续购买黄金对 冲美元信用风险；二是全球黄金ETF由黄金净卖出方转为净买入方；三是未来黄金价格至少 是两轮驱动，即货币属性和金融属性共同驱动。 来源：界面新闻 图片来源：界面图库 据每日经济新闻报道， 近期有市场传闻称："国海证券首席靳毅炒 黄金期货，用3000万的本金，赚了14亿后，就辞职了" 。 随 后， 靳毅本人在其朋友圈发文辟谣称，"最早我听到的版本，是某宏观首 席……谣言 ...

Core Viewpoint - The article highlights the increasing prevalence of job scams, particularly those involving "resume tool people," and the efforts by BOSS Zhipin to combat these illegal activities through a special governance initiative [2][6][16]. Group 1: Special Governance Achievements - BOSS Zhipin reported the permanent banning of nearly 20,000 suspicious accounts involved in order fraud, with 80% of these being automatically intercepted by the system [2]. - The safety team provided leads to law enforcement, assisting in the resolution of 6 cases and the arrest of 144 suspects [2]. - During the third quarter, BOSS Zhipin optimized the feedback response time for reports of order fraud to a minute-level, pushing over 32 million fraud prevention messages [2][8]. Group 2: Identification of "Resume Tool People" - Two typical models of "tool people" were identified: "job resume tool people," who lure job seekers to create fake accounts and post false job listings, and "recruitment resume tool people," where some HR personnel sell resumes obtained through legitimate channels [7][6]. - A specific case revealed that a criminal group profited 70,000 yuan from this scheme, while an HR individual earned over 20,000 yuan from selling resumes [7]. Group 3: AI Technology in Risk Control - The introduction of AI technology has transformed BOSS Zhipin's risk control system from "matching" to "understanding," significantly improving the identification accuracy of suspicious activities to over 80% [10][11]. - AI's ability to analyze multiple data dimensions allows for rapid detection of abnormal behaviors, effectively shortening the lifespan of fraudulent accounts [11]. Group 4: Multi-faceted Protection Measures - The article emphasizes the need for collaboration among platforms, law enforcement, and individuals to strengthen job-seeking safety [13][16]. - Job seekers are advised to communicate through official channels, avoid believing in high-paying job offers, and utilize privacy protection features provided by the platform [13][15]. - Employers are encouraged to adhere to platform rules and enhance internal management to prevent illegal activities related to resume selling [15]. Group 5: Future Outlook - The ongoing efforts in governance and the application of AI technology are expected to further reduce the space for black and gray market activities in the job market [16]. - Continuous enhancement of technical capabilities and user awareness is essential for creating a safe and transparent job-seeking environment [16].

Core Viewpoint - The article discusses the recent controversy surrounding the BabyBus app, particularly regarding inappropriate advertisements targeting children, and highlights the company's ongoing issues with intellectual property disputes and its reliance on advertising revenue. Group 1: Advertisement Controversy - BabyBus issued an apology and announced corrective measures after complaints about inappropriate ads on its "BabyBus Nursery Rhymes" app, which included adult content and misleading links [2][4][8] - The company has taken immediate action by removing the problematic ads, halting partnerships, and implementing a self-audit process [2][8] - The incident has sparked outrage among parents, leading to significant media attention and discussions about the app's content [4][10] Group 2: Intellectual Property Issues - BabyBus has faced multiple intellectual property disputes, including a significant ruling in the U.S. where it was ordered to pay approximately $23.4 million (around 167 million RMB) for copyright infringement against the children's channel CoComelon [14] - The company has been involved in various copyright-related lawsuits, indicating a pattern of legal challenges that could impact its brand reputation and financial stability [13][14] Group 3: Business Model and Revenue Dependence - The company's revenue model heavily relies on advertising, with over 70% of its income coming from app advertising and content licensing, which has raised concerns about the appropriateness of the ads shown to children [11][18] - BabyBus's founder acknowledged the weaknesses in the company's business strategy, particularly the over-reliance on advertising revenue, which has led to the current controversies [18][19] - Analysts criticize the business model as being misaligned with the needs of its target audience, suggesting that the focus on ad revenue compromises the quality and safety of the content provided to children [19]

Core Points - The latest report from the Ministry of Human Resources and Social Security indicates that the minimum wage standard in all 31 provinces, autonomous regions, and municipalities in China has reached at least 2000 yuan [1][5] Summary by Sections Minimum Wage Standards - The minimum wage standards across various regions are detailed, with Beijing having the highest at 2540 yuan and Shanghai at 2740 yuan [3][5] - A total of 18 provinces have adjusted their minimum wage standards since October last year, with some regions experiencing increases of over 10% [4][5] Regional Adjustments - Inner Mongolia's minimum wage standard increased to 2270 yuan, reflecting a 14.65% rise [5] - Other provinces like Guizhou, Anhui, Fujian, Chongqing, Sichuan, and Guangxi also saw significant increases [5][6] Future Adjustments - Several provinces are planning further adjustments, such as Jiangxi, which proposes to raise its minimum wage from 2000 yuan to 2240 yuan, effective December 1, 2025 [6] - Tibet is also set to increase its minimum wage from 2100 yuan to 2360 yuan, with changes effective November 1, 2025 [6] Considerations for Adjustments - The adjustments in minimum wage standards take into account various factors, including living costs, social insurance contributions, average wages, economic development levels, and employment conditions [5]

Core Viewpoint - The article discusses a controversy involving a product sold at the Zhangjiagang Sam's Club, which allegedly infringes on the design of a gold "hairy crab" created by designer Wu Wensheng, raising significant public attention [1][4]. Group 1: Product Infringement Allegations - Wu Wensheng, a jewelry designer and representative of intangible cultural heritage, claims that his two-year effort in designing a gold "hairy crab" has been copied and is being sold at the newly opened Zhangjiagang Sam's Club [1]. - The product in question weighs 509 grams and is priced at over 500,000 yuan, based on current gold market prices [4]. - The Sam's Club has acknowledged the issue and stated that the product has been taken off the shelves while legal assessments are ongoing [4]. Group 2: Sam's Club Background and Recent Issues - The Zhangjiagang Sam's Club opened on October 20, marking the fourth location in Suzhou and the third in a county-level city [4]. - Sam's Club has faced multiple controversies this year, including selling defective products and a recent incident where a customer found a tooth in a cake purchased from the store [5]. - Sam's Club contributes nearly two-thirds of Walmart China's performance, with a total of 280 Walmart stores and 54 Sam's Club locations as of July 31 this year [5].

Core Viewpoint - The article discusses the financial performance and operational metrics of Lalamove (货拉拉) for the first half of 2025, highlighting significant revenue growth but a decline in monetization rates in the Chinese market due to reduced fees for drivers and lower commission policies [1][5]. Financial Performance - In the first half of 2025, Lalamove achieved a revenue of $935 million, representing a year-on-year growth of 31.8% [1]. - The total number of completed orders reached 455 million, an increase of 34% compared to the same period last year [1]. - The global gross transaction value (GTV) amounted to $5.967 billion, reflecting a year-on-year growth of 17.7% [1][4]. Operational Metrics - The average monthly active merchants reached 19.7 million, while the average monthly active drivers was approximately 200,000 [2]. - Lalamove is recognized as the largest logistics trading platform globally in terms of completed orders and GTV [2]. Monetization Rates - The monetization rate for Lalamove's freight platform services in mainland China has declined for three consecutive years, dropping from 10.3% in 2023 to 9.2% in the first half of 2025 [3][5]. - In contrast, the monetization rate for overseas markets has remained stable at 15.9% since 2024 [5]. Strategic Initiatives - Lalamove has implemented policies to reduce fees and commissions for drivers, which has contributed to the decline in monetization rates [5][6]. - The company is investing significantly in AI and technology to enhance operational efficiency, with R&D expenditures of $197 million, $175 million, and $179 million in 2022, 2023, and 2024, respectively [10]. Competitive Advantage - Lalamove's unique "closed-loop transaction" model is a core competitive advantage, allowing for seamless order processing from placement to payment [12][13]. - The company is expanding its operations in Southeast Asia by replicating its successful business model from mainland China [13]. Market Potential - The global online freight platform market is expected to grow from $192 billion in 2024 to $350 billion by 2029, with a compound annual growth rate of 12.8% [16]. - Lalamove is well-positioned to capitalize on this growth due to its technological capabilities and global expansion strategy [16].

Core Viewpoint - Amazon plans to cut up to 30,000 corporate jobs starting Tuesday, aiming to reduce costs and redirect resources towards artificial intelligence (AI) to enhance future competitiveness [1][4]. Group 1: Job Cuts and Industry Context - The planned layoffs represent 10% of Amazon's approximately 350,000 corporate positions, marking the largest reduction since the company cut about 27,000 jobs at the end of 2022 [1][3]. - This move is part of a broader trend in the tech industry, where over 200 companies have laid off around 98,000 employees since the beginning of the year, with major firms like Microsoft, Meta, Google, and Intel also implementing significant job cuts [3]. Group 2: Organizational Restructuring - Amazon's CEO Andy Jassy is pushing for a streamlined company structure by reducing management levels to combat "over-bureaucracy" [4]. - An anonymous feedback hotline has been established, receiving around 1,500 responses that have led to over 450 process reforms [4]. Group 3: Financial Performance and Investments - Despite the layoffs, Amazon is increasing its investments, with capital expenditures rising to $31.4 billion, primarily focused on AI and cloud computing [4]. - The company announced plans to invest over $4 billion to double its delivery network by the end of 2026, targeting small towns and rural areas to expand same-day and next-day delivery services to over 4,000 locations by the end of 2025 [4].

Core Viewpoint - Eight Horses Tea officially listed on the Hong Kong Stock Exchange on October 28, with a significant opening price of 80.1 HKD, marking an increase of 86.7% by the end of the trading day, resulting in a market capitalization of 79.35 billion HKD [6][12]. Financial Performance - The company reported revenues of 1.82 billion RMB, 2.12 billion RMB, and 2.14 billion RMB for the years 2022 to 2024, with net profits of 166 million RMB, 206 million RMB, and 224 million RMB respectively [11]. - In the first half of 2025, revenue dropped to 1.06 billion RMB, a decline of 4.23% year-on-year, while net profit fell by 17.81% to 120 million RMB [11]. - Sales and marketing expenses for 2022 to 2024 were 617 million RMB, 680 million RMB, and 692 million RMB, accounting for 33.9%, 32.1%, and 32.3% of revenue respectively [8][11]. Market Position and Strategy - Eight Horses Tea aims to position itself as the "Moutai of tea," targeting high-income consumers such as business professionals and small to medium-sized enterprise owners, with offline store prices ranging from 2,300 to 3,000 RMB [8][12]. - The company has expanded its offline store count to 3,585 by mid-2025, a net increase of 972 stores over three years, despite a 5.3% decline in offline channel revenue [12][13]. Product Offering and Consumer Perception - Online, the company has not established a clear high-end image, with flagship store products priced significantly lower than offline offerings, leading to concerns about value for self-consumption [4][10]. - Most products are not self-produced but obtained through custom procurement and self-packaging, raising questions about quality and pricing [10]. Ownership and Governance - The company is closely linked to prominent families through marriages, with significant connections to brands like Anta and Seven Wolves, which may influence its market strategy and operations [15][17]. - The governance structure is heavily family-oriented, with family members holding 55.9% of voting rights, indicating a strong familial control over company decisions [18]. Challenges and Risks - The reliance on a franchise model poses risks, as only 6.8% of stores are directly owned, making the company vulnerable to franchisee performance [12][13]. - High inventory levels, with a turnover period of 168 days, could indicate inefficiencies in stock management [13].