作者 | 钟宸 编辑 | 宝珠 视觉 | 诺言 几乎没有任何预兆，中产们爱的斯凯奇要退市了。 美国当地时间2025年5月5日，全球第三大运动鞋零售商斯凯奇宣布，同意被巴西投资公司3G资本收购。 斯凯奇凭借舒适性吸引了国内愈发重视穿鞋体验的中产群体。国际大牌的身份、"祖上流淌的纯正西海 岸科技新贵风"也让它社交媒体上成为了网红。 赵露思曾是斯凯奇代言人 根据最终合并协议，3G资本将以每股63美元的现金收购斯凯奇，较公司 15 天成交量加权平均股价溢价 30%，总收购价格超过90亿美元。这是目前全球鞋类行业金额最高的并购案。 斯凯奇被收购令人意外，因为今年2月初，斯凯奇发布的2024年年度财报显示，斯凯奇2024年全球销售 额达89.7亿美元，同比增长12.11%，表现依旧强劲。 在中国，这家被称为"美国足力健"的品牌在2024年销售额虽然有所下降，但依然狂捞超12亿美元。而斯 凯奇在中国外的市场销售额全线增长，即使是涨幅最少的亚太地区也增长超过五个百分点。 在经营端压力并不大的情况下，斯凯奇为何在此时突然宣布退市？ Made in China, sold in America 有人认为，斯凯奇突然完成的收购或与 ...

Core Viewpoint - The article discusses a recent incident involving a customer of the Industrial and Commercial Bank of China (ICBC) who reported impurities in gold bars purchased from the bank. The bank responded by confirming that the claims were unfounded and that the gold bars met quality standards [2][3]. Group 1: Incident Response - ICBC's Shanghai Jiading Branch confirmed that a customer reported impurities in gold bars purchased from the bank, but after investigation, the claims were found to be untrue [2]. - The bank conducted a quality inspection of the gold bars in collaboration with the customer and the Shanghai Institute of Measurement and Testing Technology, which confirmed that the gold content was 99.99% and there were no quality issues [2]. - The suspected impurities were determined to be external attachments that could be removed, and the customer accepted the findings of the quality inspection [2]. Group 2: Product Information - The gold bars in question are known as "Ruyi Gold," which are designed by ICBC and certified by the Shanghai Gold Exchange, with a purity of AU99.99 [5]. - ICBC offers various specifications of "Ruyi Gold" bars, including weights of 20g, 50g, 100g, 200g, 500g, and 1000g, and customers can inquire about other specifications through bank branches or electronic banking [5]. - The bank provides a "Ruyi Gold" accumulation service, allowing customers to open accounts to record their purchases and choose to redeem physical gold or cash out their balances [5]. Group 3: Market Context - Recently, international gold prices have been volatile, with significant increases observed since 2025 due to various factors, prompting multiple banks to issue risk warnings regarding fluctuations in precious metal prices [6].

Core Viewpoint - The article discusses the significant move by Geely Automobile to acquire all shares of Zeekr Technology, marking a major shift in the Chinese automotive industry amidst rising tariff tensions and discussions about "Chinese concept stocks returning" [2][4]. Group 1: Acquisition and Merger Details - Geely plans to submit a non-binding offer to Zeekr on May 7, 2025, which, if completed, will lead to Zeekr's privatization and delisting from the NYSE [4]. - The merger is seen as a strategic adjustment within the rapidly developing Chinese automotive sector, symbolizing a return to Geely's core operations [4][12]. - Geely's public relations indicated that privatizing Zeekr would create a unified listing platform, enhancing the competitiveness of its passenger vehicle business [4][12]. Group 2: Financial Performance and Challenges - Zeekr has faced significant financial losses since its inception, with cumulative losses reaching 26.22 billion RMB from 2021 to 2024 [7]. - In 2024, Zeekr reported total revenue of 75.91 billion RMB, a 47% increase year-on-year, with automotive sales revenue of 55.32 billion RMB, up 63% [10]. - Despite the revenue growth, Zeekr's net loss for 2024 was 5.79 billion RMB, indicating ongoing financial challenges [10]. Group 3: Strategic Implications - The merger is expected to help Zeekr define its future strategic direction in response to global market challenges [10][30]. - The consolidation of Zeekr and Lynk & Co. under Geely aims to streamline operations and enhance market positioning in the competitive electric vehicle sector [23][30]. - The article highlights the necessity for automotive companies to optimize resource allocation and improve competitiveness in a rapidly evolving market landscape [30].

Core Viewpoint - The incident involving the "Heart to Heart" flagship store's customer service has raised significant public concern, leading to an investigation by the parent company, Hengan Group, regarding the abnormal login of the involved customer service account [1]. Group 1 - A customer reported being insulted by the customer service of the "Heart to Heart" flagship store, with the representative suggesting compensation in "ghost money" [1]. - Hengan Group confirmed that the customer service account had an abnormal login, with the login location differing from the work location, and is currently investigating the matter [1]. - The company stated that there was no actual dispute between the parties involved, and they plan to compensate the affected consumer while also taking disciplinary action against the responsible personnel [1].

Core Viewpoint - The article discusses the rising trend of robotic dogs in the consumer market, highlighting their emotional value and potential to fulfill companionship needs in modern households [4][16]. Group 1: Market Trends and Consumer Demand - The demand for robotic dogs has increased significantly, with sales of consumer-grade robotic dogs rising from 82.3% in 2019 to 86% in 2023 [16]. - Companies like West Lake Robotics and Sony have introduced robotic dogs that serve various functions, such as companionship for the elderly and educational tools for children [4][12]. - The rental market for robotic dogs is emerging, with daily rental prices ranging from 300 to 500 yuan, allowing for quick returns on investment [8][11]. Group 2: Emotional and Practical Value - Robotic dogs are marketed for their ability to provide emotional value, addressing loneliness and companionship needs, especially for children and the elderly [4][16]. - The design of robotic dogs is increasingly appealing to children, with features that allow them to interact in playful ways, such as storytelling and dancing [20][22]. - Despite their appeal, the emotional connection between humans and robotic dogs is still limited compared to real pets, as robotic dogs operate based on programmed responses [32][34]. Group 3: Technological Limitations - Current robotic dogs are considered to have basic AI capabilities, often categorized as "edge intelligent devices," which limits their ability to engage in meaningful emotional interactions [35][36]. - Many robotic dogs face practical limitations, such as short battery life and inability to navigate obstacles effectively, which can hinder user experience [30][31]. - The article suggests that achieving a higher level of emotional and practical interaction in robotic dogs may require advancements in AI technology [36].

Core Viewpoint - The price of badminton has significantly increased, with some brands experiencing price hikes of up to 100%, making it comparable to gold in terms of value appreciation, but unlike gold, badminton is a consumable product [4][9][10]. Group 1: Price Increases and Market Dynamics - Major badminton manufacturers like Yonex and Victor have announced price increases ranging from 5% to 29% since April, affecting not only badminton but also related equipment [8]. - The price of a popular high-end badminton model, AS-05, has risen from 95 yuan to 190 yuan per tube, reflecting a 100% increase [9]. - The rising prices have deterred new players from entering the sport, leading to a decrease in participation and sales of badminton equipment [10][12]. Group 2: Consumer Behavior and Adaptations - Consumers are adapting to the price hikes by seeking lower-cost alternatives, such as participating in non-inclusive games where they bring their own cheaper shuttlecocks [12][13]. - Some players are resorting to purchasing artificial shuttlecocks, which are cheaper but do not match the quality of natural ones [35]. - The overall cost of playing badminton has increased, with monthly expenses easily surpassing 1,000 yuan for regular players, transforming badminton from a popular sport into a niche luxury activity [33]. Group 3: Supply Chain and Production Issues - The production of badminton shuttlecocks is heavily reliant on the supply of goose and duck feathers, which has been affected by a decrease in poultry production, leading to soaring prices for raw materials [21][20]. - The supply of badminton courts is also insufficient, with a significant increase in the number of courts in major cities, yet still falling short of demand [18]. - The supply chain has been disrupted, with longer delivery times for badminton products, which has further exacerbated price increases [25][26]. Group 4: Social and Cultural Aspects - Badminton remains a popular sport among various demographics, particularly in corporate environments, due to its accessibility and social aspects [38]. - The sport serves as a social platform for networking and building relationships, especially in professional settings [39]. - Despite the rising costs, many players continue to engage in badminton for the enjoyment and social interaction it provides, indicating a strong cultural attachment to the sport [36][40].

Core Viewpoint - The article highlights the advancements and global interest in Chinese manufacturing, particularly in high-tech and innovative products showcased at the 137th Canton Fair, emphasizing the shift from traditional manufacturing to intelligent and sustainable solutions [2][36]. Group 1: High-Tech Innovations - The Lingkong K3 high-altitude curtain wall cleaning robot, developed by a Guangzhou-based company, is noted as the world's first mass-produced commercial high-altitude cleaning robot, capable of operating at heights of 100 meters and performing efficiently even in extreme weather conditions [4][2]. - The robot's intelligent water-saving cleaning mode is particularly beneficial in water-scarce regions, such as the Middle East, showcasing its global applicability [4]. Group 2: Canton Fair Highlights - The 137th Canton Fair saw over 30,000 participating enterprises, marking a significant increase in international engagement, with general trade exports accounting for approximately 15% of the national total [5][6]. - The fair attracted 148,585 foreign buyers from 216 countries and regions, reflecting a 20.2% increase compared to the previous session, indicating strong global demand for Chinese products [17][36]. Group 3: Trends in Manufacturing - The article discusses the transformation of traditional manufacturing sectors, such as textiles and home appliances, towards high-end, intelligent, and environmentally friendly products, with companies like Gree and Midea leading this shift [28][31]. - The emergence of "new three samples" (high-tech products) is highlighted, with a notable increase in exports of industrial robots and high-end machinery, indicating a move away from low-value-added production [38][36]. Group 4: Global Market Dynamics - The article emphasizes the importance of the Chinese domestic market in supporting technological innovation and the development of advanced industries, which in turn enhances the competitiveness of Chinese products in global markets [33][36]. - The Canton Fair serves as a platform for international buyers to connect with Chinese manufacturers, facilitating the exchange of innovative solutions and products [35][36].

本文转载自21世纪经济报道 值班编辑 | 宝珠 视觉 | 顾芗 5月6日，胖东来商贸集团官网显示为"已关闭"状态，网页内容清空。 据蓝鲸新闻报道，记者致电胖东来方面，对方表示：后台正在维护升级，暂时不对外开放了，此外该工 作人员表示，官网关闭会持续一段时间，具体什么时候再次开放不太确定。 许昌对胖东来玉石开展检查 结果公布 经检查，许昌市胖东来唯初珠宝有限公司2025年1至4月份共销售和田玉商品4177件，销售金额2959.2175 万元，平均毛利率不超过20%；目前在售和田玉商品均按规定明码标价；被随机抽查的在售13件和田玉 商品进货手续齐全，进货台账完备，鉴定机构具有合法资质，鉴定证书有效。 天眼查App显示，许昌市胖东来唯初珠宝有限公司成立于2019年9月，法定代表人为高亚琴，注册资本 710万人民币，经营范围含珠宝首饰零售、珠宝首饰批发、珠宝首饰回收修理服务、珠宝首饰制造、化 妆品零售、日用百货销售等，由许昌市胖东来商贸集团有限公司全资持股。 抽查检查信息显示，该公司曾在2023年被许昌市市场监督管理局魏都区分局检查25次，结果均合规。 | | | 盘公司 都在用的商业覆词工具 | 查老板 查风险 | ...

Core Viewpoint - The article discusses the emergence and growth of discount supermarkets in China, particularly focusing on the listing of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. and its rapid expansion in lower-tier cities [2][4]. Group 1: Company Overview - Hunan Mingming Hen Mang has submitted its listing application to the Hong Kong Stock Exchange, with approximately 58% of its stores located in county towns and rural areas, indicating a deep penetration into the lower-tier market [2]. - The company has shown significant revenue growth, with projected revenues of RMB 42.8 billion, RMB 102.9 billion, and RMB 393.4 billion from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 203.0% [3]. - The merger of two leading snack chains, "Zero Snacks" and "Zhao Yiming Snacks," has positioned Mingming Hen Mang as a major player in the snack retail sector [3]. Group 2: Industry Trends - The discount retail sector in China is experiencing a transformation, with a notable increase in the number of stores, as evidenced by Mingming Hen Mang and other brands like "Hao Xiang Lai" both surpassing 15,000 stores [4]. - The retail industry is witnessing a shift towards lower prices and higher value, with consumers increasingly seeking products that offer better quality at lower costs, a trend referred to as "quality-price ratio" [9][11]. - The overall discount retail market is projected to reach RMB 2.28 trillion by 2025, with a CAGR of 11.0% from 2022 to 2025, indicating robust growth in this segment [24]. Group 3: Competitive Landscape - Major players in the discount retail space, such as Aldi and Sam's Club, are adopting hard discount models, which focus on reducing costs through supply chain optimization and operational efficiency [21][24]. - The rise of private label products is becoming a significant trend, with companies like Aldi achieving over 90% of their product offerings as private labels, which allows for lower prices and higher quality control [33]. - The competition in the discount retail sector is intensifying, with brands needing to innovate and differentiate themselves to maintain market share and consumer trust [36][37].

Core Viewpoint - Warren Buffett announced his retirement at the end of the year, with Greg Abel set to succeed him as CEO, emphasizing a smooth transition of leadership and continuity of investment philosophy [4][7][8]. Financial Performance - Berkshire Hathaway reported a 14% decline in operating profit for the first quarter, totaling $9.64 billion, with a record cash reserve of $347.7 billion (approximately 2.53 trillion RMB) [2][23]. - The company's total revenue for the first quarter was $89.725 billion, slightly down from $89.869 billion year-over-year, while net profit dropped significantly by 63.76% to $4.603 billion from $12.702 billion [25][26]. Investment Strategy - Buffett highlighted the importance of not making incorrect investments, stating that he prefers to hold cash until a suitable opportunity arises, aiming to reduce cash holdings to $50 billion [11]. - Abel emphasized the need for a long-term vision in investments, focusing on understanding a company's economic outlook over the next five to twenty years [9]. Market and Economic Commentary - Buffett criticized the current trade policies, particularly tariffs, stating they create uncertainty and disrupt global markets, and he believes that trade should not be used as a weapon [14][16]. - He expressed concerns about the sustainability of the U.S. fiscal deficit, warning that it could become uncontrollable if not addressed [16]. Leadership and Personal Insights - Buffett shared advice for young people, stressing the importance of choosing the right workplace and surrounding oneself with successful individuals to foster personal growth [19][20]. - He noted that happiness contributes to longevity, suggesting that individuals should engage with those they admire and appreciate [21]. Major Holdings - Berkshire's top five holdings include American Express, Apple, Bank of America, Coca-Cola, and Chevron, which collectively represent 69% of the total fair value of equity investments [25][26].