| < W | N摩尔-U(688795) | | | | | | --- | --- | --- | --- | --- | --- | | | 交易中 12-05 09:25:01 融 成 | | | | | | | 650.00 额 14.5亿 股本 4.70亿 市盈™ -210 | | | | 万得 | | | 535.72 468.78% 换 7.61% 市值 3055亿 市净 26.53 | | | | 盘口 | | 分时 | 五日 周K | 目K | 月K | 甲子 | (0) | | 量加 | | | 均价:650.00 | 盘口 | 资金 | | 650.00 | | | 468.78% | | 成交统计 | | 114.28 | | | 动 0.00% | | 动 | | | | | 超大 | | 0元 0.00% | | | | | 大单 | | 070 0.00% | | | | | ch es | | 0元 0.00% | | | | | 小单 | | 0元 0.00% | | -421.44 | | | -468.78% | | | | 09:15 09:30 | 11:30/13 ...

Core Insights - The article highlights the growing concern of hair loss among young people in China, with approximately 340 million individuals affected by hair loss anxiety, leading to a burgeoning market for hair health management products [3][7][8]. - The company Mandi International, which produces Minoxidil solutions, is positioned to benefit from this trend and has filed for an IPO to become the "first stock in anti-hair loss" [5][6]. Market Overview - The hair health management market in China is projected to reach 52.7 billion yuan by 2024, a 2.6-fold increase from 19.8 billion yuan in 2018 [4]. - The number of individuals suffering from hair loss in China has increased from 270 million in 2018 to 340 million in 2024, with a compound annual growth rate of 3.8% [7]. Consumer Behavior - Over 60% of the hair loss population is under 35 years old, indicating a shift in demographics where hair loss is no longer just a middle-aged concern [8]. - Young consumers are increasingly investing in hair care products, with significant discussions on platforms like Xiaohongshu, where topics related to hair care have garnered billions of views [12]. Company Profile: Mandi International - Mandi International has maintained a leading market share in the anti-hair loss sector for ten consecutive years, with a systematic approach to product and channel development [22]. - The company has achieved a revenue compound annual growth rate of 21.9% from 2022 to 2024, with revenues of 982 million yuan, 1.228 billion yuan, and 1.455 billion yuan respectively [26][25]. Financial Performance - Mandi's gross margin has consistently remained above 80%, with net profit margins between 20% and 30%, comparable to high-margin industries like liquor [26]. - The company has declared a total dividend of 1.42 billion yuan from 2022 to mid-2025, which has significantly reduced its cash reserves from 1.127 billion yuan at the end of 2024 to 110 million yuan by mid-2025 [33][34]. Risks and Challenges - Mandi International faces a "single product dependency" issue, with approximately 92% of its revenue coming from Minoxidil products, raising concerns about future revenue stability amid increasing competition [29]. - The company has seen a decline in research and development spending, which fell to 2.62% of revenue in mid-2025, down from 8.15% in 2022, indicating a potential risk in maintaining competitive advantage through innovation [31]. Competitive Landscape - The market for Minoxidil is becoming increasingly competitive, with several companies entering the space, potentially eroding Mandi's market share as patents expire [36]. - Mandi's distribution network has shrunk, with the number of distributors decreasing from 173 in 2022 to 106 in mid-2025, which could impact its market reach and stability [32]. Future Outlook - The article concludes that while Mandi International has capitalized on the market for hair loss solutions, it must address its reliance on a single product and improve its R&D efforts to sustain long-term growth and market relevance [39][40].

以下文章来源于21Style ，作者贺泓源 21Style . 权威、独家、深度，先一步看到消费未来！ 视觉 | 顾芗 安踏集团对于Jack Wolfskin（狼爪）的改造正在拉开帷幕。 2025年12月2日，狼爪发布闭店通知，宣布因公司运营策略调整，其小红书旗舰店预计于2025年12月31 日正式结束运营。"自本公告发布之日起，我们将进入运营收尾阶段，店铺将逐步停止销售功能，但您 的权益仍将得到全面保障。"狼爪在公告中称。 据界面新闻报道称，狼爪小红书店铺之前由合作经销商代运营，由于品牌运营策略调整，与目前代运营 公司到年底会结束合作，因此需要闭店重新调整。 对于狼爪关闭小红书旗舰店一事，安踏集团向21世纪经济报道记者的回应是，以前述闭店通知为准。 4月10日，安踏集团宣布，以全资收购起源于德国的户外服饰、鞋履及装备专业品牌狼爪，基础对价为 现金2.9亿美元。 6月18日，安踏集团宣布，姚剑成为狼爪品牌掌舵人。 "改造"狼爪 需要注意的是，安踏"改造"狼爪是循序渐进的。 "狼爪定位大众户外运动，与集团现有的高端户外品牌群形成差异化的品牌定位。多品牌战略为应对全 球化的不确定性提供了坚实的发展基础。"4月，在 ...

Core Viewpoint - The article discusses the rise of "Tong Shifu," a company specializing in copper crafts, which has gained significant market attention and is often referred to as "the Bubble Mart for middle-aged men" [4][6]. Company Overview - Tong Shifu primarily sells copper crafts, including popular IP collaborations and traditional items like copper gourds and wealth sculptures [4][6]. - The company has submitted its application for listing on the Hong Kong Stock Exchange for the third time, following previous attempts that were unsuccessful [6][8]. Financial Performance - Tong Shifu has established itself as a leader in the industry, with annual revenues consistently above 500 million RMB, achieving 571 million RMB in 2024 and 308 million RMB in the first half of 2025 [8][18]. - The revenue breakdown shows that copper cultural products contribute nearly 95% of total revenue, with a significant reliance on a single product line [22][23]. Market Position and Challenges - Despite being a market leader with over 30% market share, the company faces growth limitations due to the small size of the copper craft market, projected to grow from 1.6 billion RMB in 2024 to only 2.3 billion RMB by 2029 [18][19]. - The company's profitability has shown volatility, with a notable decline in net profit in the first half of 2025, raising concerns about its growth sustainability [18][19]. Strategic Initiatives - To overcome growth ceilings, Tong Shifu has expanded its offline presence and is exploring international markets, while also launching sub-brands to tap into different segments [26][27]. - The company has engaged in collaborations with various IPs to attract attention, although there are concerns about the effectiveness of this strategy in meeting core consumer demands [28][34]. Investment and Ownership - The company has received significant backing from Xiaomi's ecosystem, with Xiaomi's capital contributing to its growth and operational strategies [16][18]. - The founder, Yu Guang, has integrated Xiaomi's value proposition of high cost-performance into Tong Shifu's business model, which has been crucial for its rapid rise [16][18]. Future Outlook - The upcoming listing is seen as a way to enhance brand credibility and market presence, although there are questions about the company's ability to maintain its growth trajectory amid market challenges [36][37]. - The focus on maintaining craftsmanship and cultural significance will be critical for Tong Shifu as it navigates the competitive landscape and seeks to expand its consumer base [37].

本文转载自界面新闻 值班编辑 | 宝珠 团成立于2002年9月，法定代表人为张春远，注册资本约271.64亿人民币，由大连万达集团股份有限公 司、王健林等13位股东共同持股；公司主营业务包括为全国各地的万达广场提供商业管理服务。 值得一提的是，去年7月，大连万达商业管理集团退出烟台芝罘万达广场有限公司股东行列，新增坤华 （天津）股权投资合伙企业（有限合伙）、坤元辰兴（厦门）投资管理咨询有限公司为股东。 烟台芝罘万达广场有限公司成立于2010年11月，法定代表人为吴华，注册资本7.08亿人民币，经营范围 为自有物业出租和经营。 天眼查APP显示，截至目前，大连万达商管涉及股权冻结风险信息56条，被执行人高风险信息4条，历史 被执行人信息38条。 近年来，大连万达商管陷入债务危机，曾多次出售旗下资产。 5月20日，据国家市场监督管理总局反垄断执法二司官网信息显示，相关部门无条件批准太盟、高和丰 德、腾讯、潘达商管、阳光人寿保险直接或通过其各自关联方共同设立合营企业，并通过合营企业收购 大连万达商业管理集团直接或间接持有的48个万达广场项目公司100%股权。 8月25日，由太盟、高和丰德、腾讯、北京市潘达商业管理有 ...

值班编辑 | 江江 视觉 | 顾芗 一家公司实控人被董事会选举连任为董事长，却遭遇了本人的反对，这戏剧性一幕发生在了A股上市公 司艾比森(300389.SZ)董事会会议上。 近日，艾比森发布公告，公司第六届董事会第一次会议于2025年11月28日召开。会议审议通过了多个议 案，包括修订公司制度、选举董事长及各专门委员会委员、聘任总经理及其他高级管理人员等。 会议的表决结果显示，绝大多数议案均获得9票同意，无反对票。 在选举第六届董事会董事长的议案中，公司同意选举丁彦辉为公司第六届董事会董事长，然而，对此， 丁彦辉本人投了1票反对，反对理由是对"董事长岗位薪酬不满意。" 这一反常的反对票，在社交平台上迅速激起讨论。有网友调侃："让董事长受委屈了"，也有网友直 言"435万还不满意？" 公开资料显示，丁彦辉，1973年出生，中国国籍，无境外永久居留权，1996年毕业于甘肃陇东学院中文 系，2004年至2010年在清华大学深圳研究生院EMBA班、金融投资班、市场营销班学习；2001年8月创 业成立艾比森，一直担任公司董事长、法定代表人至今（其中有十八年兼任总经理），现并任惠州艾比 森董事，艾比森投资公司董事长，艾比 ...

作者 | 辰夕 编辑 | 江江 视觉 | 诺言、顾芗 2023年春天，李怡驱车再次开往通向省考的高速。她已经记不清这是自己第几次为了公考往返这条路。 从2014年大学毕业后，她几乎每年都在经历备考、报名、进面、落榜，再重新来过。 那年她30岁，在当地的乡镇行政服务中心做了八九年的合同工，年收入一直稳定在八九万。虽然她和其 他 有编制 同事在同一间办公室办公，工作内容也没有太大不同，但工资和福利待遇却差得很多。当初 一起入职的几个有编制的同事，现在也已经成了她的领导。 "人家考上了，我没考上。差别就是这么来的。"李怡并不觉得不平衡，只是淡淡地承认。同时，她也认 识到了考公考编的意义。 2023年是她第三次省考进面。前两次，她的总分都排第二，有一次甚至只差零点几分。第三次，她笔试 考了70多分，又是第二，她决定再拼一把。 她不再是淘宝买书、自己刷题，而是 报名了中公教育的5天4夜协议面试班，交了1万块钱，合同写明不 过退7500。 中公教育机构/图源：视觉中国 入营前，她就隐隐觉得这个机构的组织混乱。比如，对接的工作人员一直不断更换酒店，最终方案拖到 出发前一天才敲定；到了现场发现，培训被安排在饭堂隔壁的一间小房 ...

Core Viewpoint - Beyond Meat, known as the "first stock of plant-based meat," has closed its flagship stores on major e-commerce platforms in China, indicating a significant retreat from the market [2][4]. Group 1: Company Performance and Market Presence - As of November 30, 2023, Beyond Meat's official flagship store on Tmall is no longer searchable, and its Pinduoduo store is also inaccessible, suggesting a complete halt in operations in China [2]. - The company has ceased production at its factory in Jiaxing, China, and is currently selling off existing inventory and imported products from the U.S. [4]. - Financial reports indicate a decline in revenue from $419 million in 2022 to $326 million in 2024, with cumulative losses reaching $864 million [12]. Group 2: Pricing and Consumer Perception - Beyond Meat's products are priced above local alternatives, with plant-based meat costing over 60 yuan per kilogram, comparable to domestic beef prices, which has deterred potential customers [5][10]. - A significant portion of consumers (approximately 74%) reported they do not plan to repurchase plant-based meat products, primarily due to unsatisfactory taste and texture [15]. Group 3: Market Trends and Future Outlook - The plant-based meat market in China is projected to grow from approximately $760 million in 2024 to about $3.85 billion by 2033, with a compound annual growth rate of around 20% [19]. - Despite the current challenges, industry experts believe that plant-based meat can complement animal protein sources, addressing the growing demand for sustainable food options [18].

2026 南风窗原创「2026·迎日历」现已升级上线 特惠价79元 买二个立减20, 买三个立减40 每天清晨, 第一缕阳光都在提醒我们- 又是全新的开始。 有人在努力主活,有人在默默成长, 有人在重新出发，也有人在学会从容。 我们迎接春天的花开, 迎接夏夜的风, 迎接秋日的收获, 迎接冬雪的安静。 我们迎接主活的变化,也迎接更勇敢的自己。 「迎」 ――是一种温柔的力量。 它让我们在不确定中找到安定, 在无常中,依然心怀期待。 这本日历, 不只是记录时间, 它是你与主活对话的小宇宙。 每一天的翻动,都是一次主动的"迎接"。 迎接一个崭新的开始, 迎接一次心跳的偶遇, 任意滑动查看日历内容 「2026迎日历」将四时之景框进窗中， 春迎百花，夏迎凉风，秋迎明月，冬迎暖阳， 寓意四时皆可「迎」。 任意滑动看日历内页 我们以温柔的设计，承载这份力量： 这本【迎】日历没有教人变得更强, 它只是陪你回到当下。 像一个朋友, 不讲道理, 也不催促, 只是在岳天清晨提醒你: 日子是翻着过的,不是赶着跑的。 · 365司迎接意言: 每日一可，为你注入安定的心力。 · 留自书写空间: 记录那些"迎"来的微小确幸与感悟。 · 活动 ...

Core Viewpoint - The article discusses the marketing strategies and challenges faced by the brand YAYA, known for its down jackets, particularly focusing on its use of celebrity endorsements and the impact of consumer perceptions on its sales performance [3][10][30]. Group 1: Marketing Strategies - YAYA has employed a strategy of signing multiple celebrity endorsements to attract consumers, announcing five endorsers in two months leading up to winter [3][24]. - The brand's endorsements have successfully driven consumer engagement, with fans actively discussing and promoting YAYA products on social media platforms [5][9]. - During the 2025 Double Eleven shopping festival, YAYA achieved significant sales, ranking first in women's fashion and sixth in men's fashion on Douyin [10][12]. Group 2: Consumer Perception and Quality Issues - Despite the successful marketing, YAYA faces criticism regarding product quality, with consumers reporting issues such as odor, insufficient filling, and poor workmanship [12][42]. - The brand's historical reputation as a budget-friendly option has attracted a new consumer base, but quality concerns threaten to undermine this trust [35][38]. - YAYA's pricing strategy targets consumers in lower-tier cities, offering products at competitive prices, but this has led to challenges in maintaining quality standards [36][38]. Group 3: Transition to Online and Offline Sales - YAYA transitioned to online sales in 2020, which significantly boosted its market presence after a period of stagnation [17][31]. - The brand is now exploring offline channels through franchising, aiming to enhance its market reach while managing costs [47][48]. - The challenge remains for YAYA to balance its low-price strategy with the need for quality assurance to sustain consumer loyalty and brand reputation [39][46].