Core Viewpoint - In times of economic turbulence, unicorn companies must exhibit resilience to adapt to the new normal, with founders needing to continuously adjust their mindset and actions to enhance management capabilities and lead effectively [1] Group 1: Challenges Faced by Unicorn Companies - Unicorn companies often face five key demands during their growth phase: founders need to transition from entrepreneurs to managers, align their strategic vision with organizational consensus, continuously identify and convert growth opportunities, establish a lean financial system and organizational structure, and recruit and develop key talent for future growth [2] - The six major challenges identified include: 1. Disconnection between strategic planning and implementation, necessitating optimization of the business model [2] 2. Core executive teams from technical backgrounds may overlook leadership development and talent pipeline construction [3] 3. Insufficient financial management capabilities, with a lack of integration between business and finance leading to cash flow issues [4] 4. Inadequate digital marketing and management capabilities, resulting in poor data analysis for decision-making [5] 5. Deficiencies in risk management across knowledge, financial, and legal domains [7] 6. Transitioning from startup and growth phases to facing maturity challenges, including bureaucratic tendencies and the need for organizational optimization [8] Group 2: Key Values and Actions for Success - Successful tech companies embody five core values: listening to customer feedback, continuous improvement to meet customer needs, driving innovation for sustained enhancement, fostering a winning team culture, and maximizing shareholder value [9] - The five key actions for rapid growth include: continuously seeking new growth opportunities, expanding management bandwidth, promoting lean operations, managing market capitalization, and enhancing leadership excellence [9] Group 3: Specific Actions for Growth - Continuous exploration of new growth opportunities is essential, utilizing systematic methods and tools to identify potential value within investment portfolios [10] - Expanding management bandwidth involves aligning strategic goals with organizational capabilities and ensuring effective execution of strategies [12] - Integrating business and financial management is crucial for maintaining profitability during growth stagnation, focusing on proactive risk management and performance monitoring [19] - Implementing lean operations through effective management tools can optimize performance across production, commercial, and personnel levels [32][36] - Market capitalization management aims to maximize company value through strategic optimization and effective communication with stakeholders [37][41] Group 4: Leadership Development - Exceptional leadership is critical for navigating uncertainty, with CEOs needing to cultivate resilience, balance cost control with innovation, and develop key talent [39] - The six dimensions of effective CEO leadership include setting strategic direction, unifying the organization, fostering a collaborative executive team, managing personal efficiency, building stakeholder relationships, and collaborating with the board [40]

Core Viewpoint - The article emphasizes the critical importance of corporate resilience in navigating ongoing uncertainties and crises, highlighting that CEOs play a unique role in fostering this resilience to transform challenges into growth opportunities [2][3]. Group 1: Importance of Resilience - A McKinsey survey reveals that 84% of leaders feel unprepared for future crises, and 60% of board members believe their companies struggle to respond effectively to major challenges [1]. - Companies face macro-level challenges such as shifting global trade policies and geopolitical conflicts, as well as operational issues like stock price volatility and product quality defects [2]. Group 2: Dimensions of Resilience - Corporate resilience can be categorized into four core dimensions: financial resilience, operational resilience, organizational resilience, and external resilience [3]. - CEOs must understand these dimensions to implement effective strategies that strengthen the company's resilience [3]. Group 3: Key Actions for CEOs - The article outlines five key actions that CEOs can take to enhance corporate resilience, which are derived from long-term collaboration with global CEOs and extensive research [3]. - These actions include integrating resilience into the corporate vision, balancing short- and long-term perspectives, and fostering a culture of adaptability and innovation [4][5]. Group 4: Integrating Resilience into Corporate Vision - When leadership teams align around a shared vision, the likelihood of outperforming industry medians nearly doubles [4]. - CEOs must consistently communicate the corporate vision and values, especially during uncertain times, to ensure all employees are aligned and motivated [5]. Group 5: Balancing Perspectives - CEOs should maintain a dual focus on micro-level details and macro-level strategies, being aware of the potential ripple effects of crises [5]. - Effective CEOs recognize that sometimes maintaining the status quo, even at the cost of short-term gains, can position the company favorably for future opportunities [5]. Group 6: Building a Resilient Workforce - CEOs should recruit and develop adaptable talent who can thrive in challenging environments, fostering a culture of resilience within the organization [11][12]. - The article emphasizes the importance of embedding resilience traits into the entire talent management lifecycle, from recruitment to leadership development [12]. Group 7: External Connections - CEOs must proactively build and maintain relationships with external stakeholders, including suppliers, competitors, and investors, to enhance organizational resilience [14][15]. - Effective communication and collaboration with external parties can help navigate crises and foster trust [15].

Core Viewpoint - The future of China's outbound investment is shifting from the West to the rapidly developing Asian economies, particularly the ASEAN region, which offers significant growth potential and cultural connections [1][2]. Group 1: ASEAN's Rise as a New Investment Focus - ASEAN, comprising 10 Southeast Asian countries, is emerging as a vibrant economic community, with China's trade with ASEAN growing at a compound annual growth rate of 3.6% and direct investment increasing by 4.1% over the past decade. In 2023, China's investment in ASEAN surged by 34.7% year-on-year [2]. - Key investment hotspots for Chinese enterprises include Singapore, India, and Vietnam, each offering unique advantages for capital deployment [2]. Group 2: Importance of Local Partnerships - For long-term success in Asian markets, Chinese enterprises must adopt localized strategies rather than standardized approaches. Collaborating with local banks that understand the regulatory and cultural landscape is crucial [3]. - Local banks serve as "translators" and "guides" for Chinese companies in unfamiliar markets, enhancing project execution and risk management [3]. Group 3: Digital Empowerment in E-commerce and Fintech - The growth of e-commerce and fintech in Asia presents new opportunities for Chinese investors. Mobile payments, digital finance, and cross-border e-commerce are experiencing rapid development [4]. - Over the past five years, China's cross-border e-commerce import and export volume reached 2.6 trillion RMB, with an annual growth rate of 13%, indicating the significant role of fintech in supporting small and micro enterprises in global trade [4]. Group 4: Cultural and Regional Synergy - The shift of Chinese investment towards Asia not only brings economic benefits but also promotes regional stability and cooperation, reducing reliance on single markets and mitigating investment risks [5]. - Cultural similarities facilitate smoother communication and trust-building, which are essential for establishing long-term strategic relationships in the region [5]. Group 5: Sustainable Development and Challenges - The strategic shift towards Asia will face challenges, requiring Chinese enterprises to understand local regulations, cultural characteristics, and political-economic environments in depth [6]. Group 6: Future Strategy - Three Pillars for Asian Investment - Chinese enterprises should focus on three dimensions to build a clear internationalization blueprint: 1. Identify key customer segments and tailor offerings to meet diverse market needs [8]. 2. Leverage existing strengths and focus on key regional markets with clear short, medium, and long-term goals [9]. 3. Develop localized products and services by building supportive organizational structures and enhancing core competencies [10]. Group 7: Embracing the Future in Asia - The emphasis on Asian investment represents a unique opportunity for China to reposition itself as a responsible global investor, particularly through investments in infrastructure, renewable energy, and environmental projects [11]. - By actively engaging in this shift towards Asia, Chinese enterprises can unlock unprecedented growth potential and contribute to a more prosperous and interconnected Asian economic ecosystem [11].

创新与业务增长密不可分。在高度不确定的商业环境中，如果企业能够孵化新业务并开发新产品、新流 程或新业务模式，则可以更好地把握业务增长机会【1】，规避风险【2】。 我们近期曾对全球1039家企业进行问卷调查，调查结果有力佐证了这一结论。大部分受访者认为，创新 能力是其在未来12个月内实现业务增长的最重要战略因素（见图1）。 | 将以下因素视为企业竞争优势来源的受访者比例（%） | 将以下医 | | --- | --- | | 左右滑动，展示不同行业 所有行业平均水平 | 左右滑动, | 全文阅读时间约为15分钟。 创新是企业实现业务增长的重要生命线。对于绩优企业而言，即使置身经济形势不明朗的时期，它们也 会利用创新来扩大其在行业内的领先优势，甚至跨界破局。 左右滑动图表，展示不同行业 我们通过调研发现，虽然各行业之间存在一些差异，但创新能力始终稳居业务增长的前三大因素。对于 正在经历重大变革的行业（例如能源行业），由于供应中断以及需要在可持续发展方面投入大量资金， 相关企业不得不进行业务迭代升级。在此种情况下，创新就显得尤为重要。但是，即使是对业务模式迭 代升级需求不那么迫切的行业（比如零售行业等），也有近三分 ...

Core Insights - The majority of respondents (38%) from companies that have deployed AI expect that generative AI will not significantly impact employee numbers in the next three years, with the financial services sector being the only one where respondents anticipate a reduction in workforce size [1] - There is a general consensus among C-level executives, senior managers, and middle managers regarding the expected impact of generative AI on employee numbers, although C-level executives are more inclined to believe that overall employee numbers will increase when considering the combined effects of analytical and generative AI [1] - Generative AI is expected to reduce employee numbers primarily in customer service, field service, supply chain, and inventory management, while IT and product development roles are expected to see an increase in workforce [1] AI Adoption Trends - AI usage continues to rise, with 78% of respondents indicating that their companies have deployed AI in at least one business function, up from 72% at the beginning of 2024 and 55% a year ago [6] - The IT, marketing, and sales departments are the most common areas for AI deployment, with IT showing the most significant growth in usage, rising from 27% to 36% in the past six months [6] - More than half of respondents reported that their companies have deployed AI across multiple functions, with an average of three functions utilizing AI, indicating a growth trend [9] Generative AI Application - As of early 2024, 71% of respondents reported that their companies regularly use generative AI in at least one business function, an increase from 65% at the beginning of the year [12] - Generative AI is most commonly applied in marketing and sales, product and service development, service operations, and software engineering, which are identified as areas with the highest potential value [12][16] - The deployment of generative AI varies by industry, with media and telecom companies favoring its use in service operations, while tech companies focus on software engineering [12] Executive Engagement - C-level executives are increasingly using generative AI, with 53% reporting frequent use in their daily work compared to 44% of middle managers [16] - This trend indicates a growing acceptance and integration of generative AI at higher management levels across various industries [16] Value Creation and Cost Reduction - More respondents indicated that generative AI applications have led to revenue growth in business units, reflecting a trend similar to that observed with analytical AI [27] - A significant number of respondents reported that generative AI has contributed to cost reductions in various business functions, with many companies experiencing noticeable cost optimization [31] - However, over 80% of respondents noted that generative AI has not yet significantly impacted overall EBITDA, indicating that while cost savings are evident, financial performance improvements are still limited [31][38]

作者：Alex Singla、Alexander Sukharevsky、Lareina Yee、Michael Chui、Bryce Hall 企业如何完成生成式AI部署，由谁主导？ AI治理工作涉及构建一系列政策、流程和技术，以确保负责任地开发与部署AI系统。麦肯锡的调查分 析表明，由CEO亲自监督这项工作，是企业借助生成式AI提升财务表现的关键因素之一【1】。尤其在 大型企业中，CEO的直接参与对息税前利润（EBIT）的拉动效果最为显著。在已部署AI的企业中， 28%的受访者称CEO负责AI治理工作，但在年收入超5亿美元的大型企业中，这一比例略低。同时， 17%的受访者称董事会负责AI治理工作。整体来看，这项工作通常由多人共同负责，平均由两位领导牵 头。 AI的真正价值在于重塑企业运作方式。最新调查显示，在针对各类规模企业的25个要素里，重构工作 流程对于组织通过应用生成式AI实现息税前利润增长的作用最为显著。企业正逐步在AI部署的同时调 整流程。在已部署生成式AI的企业中，21%的受访者表示其组织已对部分工作流程进行了彻底重构。 集中管理AI部署的关键环节 生成式人工智能的发展，正推动企业着手构建相应 ...

Core Insights - The article discusses the "new normal" in China's consumer market characterized by single-digit growth since Q2 2025, highlighting issues such as consumer confidence and consumption downgrade [1] - Despite challenges, the actual situation is more optimistic than some observers suggest, based on a nationwide survey of over 17,000 consumers conducted by McKinsey [1] Group 1: Consumer Trends - Trend 1: Consumers are adapting to the new normal, with GDP growth around 5% in 2024 and Q1 2025, showing resilience in sectors like tourism, dining, and health [2] - The expected consumption growth rate for 2025 is 2.3%, slightly down from 2.4% in 2024, driven by urbanization and stable consumer spending expectations [2] - Urbanization rate increased from 65.2% in 2022 to 67.0% in 2024, contributing to household growth [2] Group 2: Consumer Confidence - Trend 2: Consumer confidence is stabilizing, with 81% of respondents expressing more confidence in the macroeconomic outlook following stimulus policies from the People's Bank of China [4] - However, rural consumers show increased confidence due to government policies, with rural income growth at 6.6% in 2024 compared to 4.5% for urban residents [8] Group 3: Changing Consumer Behavior - Trend 3: Consumers are focusing more on personal achievement, with a shift towards spending on products and services that enhance quality of life [16] - Wealthy urban consumers plan to increase daily spending by 2.6% in 2025, indicating a return to normal consumption behavior [16] - Spending intentions are increasingly influenced by tangible factors like income and asset value rather than confidence levels [22]

Core Viewpoint - The global commodity market is entering a high volatility era due to geopolitical restructuring, accelerated energy transition, and intensified climate change, presenting both challenges and opportunities for companies to innovate trade strategies and undergo digital transformation [1]. Group 1: Structural Changes in the Market - The global commodity flow is undergoing significant adjustments, with geopolitical factors reshaping supply chains, as seen in the disruption of grain exports from Ukraine and the shift of soybean imports from North America to South America [2]. - Logistics costs have surged, with the shipping price index increasing by 400% compared to pre-pandemic levels, prompting companies to establish dynamic route optimization mechanisms [2]. - Price volatility has escalated, with natural gas prices fluctuating over 30% in a single day due to the Russia-Ukraine conflict, creating both risk challenges and arbitrage opportunities for companies [2]. Group 2: Procurement Management System Transformation - Traditional procurement models are evolving through a "three-level leap," transitioning from supply assurance (1.0) to risk management and lean procurement (2.0), ultimately reaching data-driven decision-making (3.0) [4]. - A pig farming company exemplified this transformation by integrating supply-demand balance sheets, cost models, and logistics networks into a "procurement decision cockpit," achieving a cost reduction of 230 million RMB over 12 months [4]. Group 3: Trade Value Creation Strategies - Companies are extending their trade capabilities by integrating warehousing and logistics assets into comprehensive services, enhancing profitability through strategies like "time arbitrage + basis trading" [7]. - The sophistication of arbitrage strategies has increased, with companies employing advanced analytics and machine learning to optimize trading strategies, achieving a success rate of 68% in agricultural products [11]. Group 4: Systematic Upgrade of Organizational Capabilities - A multinational mining group developed a "five-dimensional radar chart" assessment model to evaluate trade capabilities across risk management, market analysis, and operational skills, identifying areas for improvement [13]. - Leading companies are adopting agile trading organizations, compressing decision-making chains and enhancing operational efficiency through collaborative front, middle, and back-office structures [21]. Group 5: Future Strategic Choices - Companies face four strategic imperatives, including balancing physical delivery and financial derivatives, establishing regional hubs in emerging markets, and innovating organizational structures to enhance team performance [23]. - The essence of this transformation is the reconstruction of business logic, shifting from resource competition to data and talent competition, emphasizing the need for a "dynamic capability system" to capture opportunities amid volatility [23][24].

Core Insights - The article emphasizes the importance of a growth mindset among leaders to drive sustainable growth and enhance shareholder returns, highlighting that high-growth companies achieve an average total shareholder return (TSR) that is 50% higher than their peers [1][2] - It identifies five key mindsets that leaders of growth-leading companies adopt: prioritizing growth, taking bold actions, being customer-centric, attracting and developing talent, and executing rigorously [3] Group 1: Commitment to Long-Term Growth - The first step in investing for growth is to establish long-term growth objectives and take action to achieve them. 72% of surveyed leaders set growth targets above industry benchmarks, but only 22% of their time is spent on long-term initiatives [4][7] - Companies that prioritize long-term growth over short-term gains tend to achieve higher revenue growth, yet many leaders struggle to allocate sufficient time and resources to long-term strategies [4][7] Group 2: Bold Actions for Growth - Bold actions involve breaking conventions and being willing to explore non-traditional growth opportunities. 83% of growth-leading companies encourage teams to experiment with new ideas and prioritize speed over perfection [8][12] - Growth-leading companies are more likely to regularly assess the progress of their growth plans and adjust resources accordingly, with a 10% higher tendency to evaluate plans monthly or quarterly [9] Group 3: Customer-Centric Approach - Optimizing customer experience is crucial for driving growth, with companies that prioritize customer experience seeing revenue growth rates twice that of their peers. 63% of leaders view customer feedback as a key source of growth ideas [13][16] - Despite recognizing the importance of customer insights, only 15% of leaders consistently incorporate customer feedback into decision-making [13][16] Group 4: Talent Development - Talent is essential for growth, yet 69% of leaders believe their organizations have significant talent gaps. Less than 8% are confident in their talent strategies to meet future growth needs [18][20] - Growth-leading companies focus on aligning talent development with growth objectives, fostering a culture that supports innovation and productivity [20] Group 5: Effective Execution - To achieve growth goals, leaders must establish a robust operational rhythm to manage growth initiatives and clarify responsibilities. Only 10% of leaders feel they have the necessary data and insights to support growth initiatives [20][21] - Successful growth transformations require consistent actions and the ability to adapt strategies based on performance evaluations and market changes [21][22]

Core Viewpoint - The article emphasizes the need for Chinese advanced manufacturing companies to enhance cost efficiency and technological leadership to thrive in a new normal of low-speed economic development and intense industry competition [1]. Group 1: Transformation Framework - McKinsey proposed an excellence enterprise growth plan that includes a comprehensive end-to-end transformation system focusing on R&D, production operations, marketing, talent, and AI [1]. - The goal is to create a competitive advantage that integrates scale, technology, and management [1]. Group 2: R&D Capability - R&D capability is identified as the core competitive advantage for advanced manufacturing, requiring companies to focus their limited resources on the most valuable initiatives [3]. - Companies should enhance R&D through four dimensions: product management, system development, agile NPI (New Product Introduction), and digital R&D [3]. Group 3: Lean Production and Cost Management - Chinese advanced manufacturing companies have a certain cost advantage but still have opportunities for improvement through lean management [19]. - It is crucial to scientifically measure the theoretical limit of costs and quickly approach it through operational improvements [19]. - Digital cost management tools can help identify and capture cost optimization opportunities [20]. Group 4: Sales and Business Growth - Manufacturing companies face challenges in marketing strategy, product planning, customer management, channel management, pricing management, target setting, performance management, health checks, and continuous improvement [31]. - A framework for excellence in marketing has been established, focusing on customer management, target setting, and sales management [32]. Group 5: Talent and Organizational Development - A strong talent team is essential for achieving excellence, requiring a focus on talent development across various functions and business lines [41]. - Companies should implement performance management cultures and capability-building initiatives [41]. Group 6: AI and Digital Transformation - Generative AI technology is expected to bring significant benefits, particularly in high-end manufacturing, with an estimated potential of $350 billion [43]. - Companies must avoid common pitfalls in digital/AI deployment, such as overestimating the speed of commercialization and neglecting organizational restructuring [50]. Group 7: Implementation and Continuous Improvement - Successful transformation requires a standardized implementation process, including diagnosis, optimization, and ongoing improvement [56]. - Companies should focus on both internal growth efficiency and external growth strategies, such as international expansion and mergers [57].