回望过去一年，KKR中国业务在稳步推进投资布局的同时，也迎来了多元化的退出成果：通过公开市 场减持、企业分红、接续基金以及战略买家收购等多种方式，成功签署或交割的退出交易总额接近10亿 美元。这些进展，既验证了以价值创造为导向的投资策略，也增强了我们持续深耕中国市场的信心。 展望2026年，二级市场的韧性仍在延续，一级市场情绪逐步修复。顺应这一变化，KKR中国团队将继 续通过多元化的退出路径为投资者实现价值兑现，不依赖单一方式，而是为每一笔投资审慎规划更具弹 在相对积极的政策发展环境与强劲的技术驱动投资的支撑下，我们对2026年美国、日本和中国的经济增 长保持高于市场共识的预期。其中，中国市场的发展和机遇令人瞩目。我们认为，中国经济将在2026年 步入更加温和但更趋稳定的增长阶段。随着中国经济逐步从房地产和投资驱动型模式转向以数字经济和 绿色经济为引擎、以服务业和消费驱动的新增长模式，我们预期未来几年中国经济将保持在中个位数的 稳健增长水平。在此过程中，KKR 作为长期投资者，将保持积极而审慎的投资策略，继续聚焦中国市 场中基本面强劲的优质机会，重点关注国内消费和服务业等兼具增长韧性与长期政策契合度的核心领 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 雷士國際控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02222 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | 本月底法 ...

当前，电商与内容营销正重塑消费生态，过去以线下经销为主的照明灯饰行业也正在进行新的探索。活 动现场组织了欧普照明、木林森等行业龙头骨干企业设置20个精品展台并开展线上直播，发动80家优质 企业同步开展店铺直播。 "我们这次一共带来17款产品进行线上销售。"沈玉辉介绍，雷士照明已经深耕电商10年，2025 年"6·18"直播带货销售额同比增长27%，成为照明灯饰行业最受年轻人偏爱的第一名。此外，活动现场 集中展示了护眼健康照明、全屋智能照明、商业照明、文旅景观亮化等多场景产品，覆盖家庭消费、城 市更新和夜间经济等新需求。 "叠加官方补贴、平台补贴及企业折扣，我们此次带来的产品优惠能够做到正价的四折左右。"1月26 日，"广货行天下"春季行动灯饰专场促销活动在"中国灯饰之都"中山古镇镇举行。当天古镇镇有超百家 企业同步开展直播，并在全国联动七大灯具直销基地同步促销，形成"南北呼应、全国联动"的消费热 潮。 雷士照明直播运营负责人沈玉辉表示，"广货行天下"联动电商平台带动的流量扶持，使企业的日均曝光 度提升了70%—80%，单场交易额提升约120%。 直播间里，萌动着产业集群的新变革、新机遇。作为全球最大的照明产品 ...

致：香港交易及結算所有限公司 公司名稱: 雷士國際控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02222 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | ...

在"十四五" 收官、"十五五" 谋篇的关键节点，粤港澳大湾区正加速从 "制造业大区" 向 "制造业强区、 创造大区"跨越，发展新质生产力、建设现代化产业体系成为核心命题。如何让民营经济在区域协同中 扛起主体责任，以企业高质量发展赋能世界级先进制造业集群建设，是湾区发展的重要课题。 扎根惠州的雷士照明，以二十余年深耕积淀形成的"总部锚定+创新引领+生态协同+责任践行"发展路 径，不仅成为惠州本土企业成长的标杆，更为大湾区民营制造业突破发展瓶颈、融入区域协同提供了可 借鉴的实践样本。 转自：南方日报 扎根沃土：总部经济与城市发展的双向奔赴 跳出"企业-城市"的二元视角，大湾区的核心优势在于资源互补与协同高效。而本土龙头企业正是打通 城市间产业壁垒、优化区域资源配置的关键纽带。惠州地处大湾区东翼，凭借"2+1"现代化产业体系与 深莞等城市形成差异化互补，为企业开展跨区域协同创造了广阔空间。 在产业链协同层面，雷士照明依托惠州总部，高效联动大湾区上下游资源与配套企业，形成分工明确、 协作紧密的照明产业集群，降低区域内交易成本，提升整个产业链的响应效率，统筹关键采购与产业链 布局，带动了本地模具、电子元器件等配套产业集 ...

Core Insights - The article highlights the strategic investment and operational advancements of Leishi Lighting in Huizhou, emphasizing its commitment to technological innovation and local economic development [1][3][5]. Group 1: Investment and Economic Impact - Leishi Lighting has made a significant investment of 1.25 billion RMB, increasing its registered capital to nearly 1.5 billion RMB, which reflects its recognition of Huizhou's business environment [3][4]. - The company’s investment has strengthened its headquarters in Huizhou, enhancing its operational capabilities and contributing to local tax revenue, with an annual contribution of nearly 10 million RMB from profit distributions [4][5]. Group 2: Technological Innovation - The company has established a smart production environment, replacing manual operations with automated systems, which has significantly improved efficiency and quality control [7][8]. - Leishi Lighting collaborates with prestigious institutions like the Chinese Academy of Sciences and Fudan University to advance key technologies in the lighting industry [7]. Group 3: Community and Social Responsibility - The company actively participates in community development through its "Light Plan," which aims to improve rural education by upgrading lighting in classrooms across multiple provinces [12][13]. - Leishi Lighting's commitment to ESG principles is evident in its initiatives focused on climate action, health lighting, and social responsibility [12][13]. Group 4: Future Development Strategy - Looking ahead to 2025, Leishi Lighting plans to focus on three strategic directions: aggregation, radiation, and ecological development, to enhance its influence in the lighting industry [15][16]. - The company aims to create a robust ecosystem in Huizhou, fostering closer ties within the supply chain and manufacturing systems to support sustainable growth [15].

Core Insights - NVC Lighting has received four prestigious recognitions by the end of 2025, highlighting its brand status and commitment to innovation and social responsibility [1][6][9] Brand Recognition - NVC Lighting was awarded the "Industry NO.1" in the 2025 China Brand Annual Awards, alongside notable brands like Douyin, Huawei, and DJI, reflecting its strong market position and brand building efforts [1] - The company won a gold award in the trademark category at the 2025 Guangdong-Hong Kong-Macao Greater Bay Area High-Value Intellectual Property Cultivation Competition, showcasing its strategic focus on brand value and intellectual property management [3] Design and Innovation - A floor lamp featuring the "Accompanying Natural Light" technology won the 2025 French Design Award, affirming NVC Lighting's capabilities in design innovation and the integration of technology with aesthetics [5] Social Responsibility - NVC Lighting was recognized as one of the "Top Ten Public Welfare Enterprises" at the 2025 Phoenix Action Alliance Charity Gala, reflecting its commitment to social responsibility through initiatives like the "Light of Hope" and "Light Retrieval Plan" [6] - The company's public welfare efforts have reached 11 provinces, benefiting nearly 10,000 teachers and students across 21 schools, demonstrating a systematic and targeted approach to social needs [6] Multi-Dimensional Value Creation - The four major honors signify NVC Lighting's adherence to long-termism, emphasizing the synergy between brand influence, design innovation, intellectual property management, and social responsibility [9]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area High-Value Intellectual Property Cultivation Layout Competition (referred to as "Bay High Competition") announced its final results, with Huizhou NVC Lighting Technology Co., Ltd. (referred to as "NVC Lighting") winning the highest award in the trademark category for advanced manufacturing - smart home appliances, reflecting its strong brand accumulation and innovative capabilities over 27 years [1][3] Group 1: Competition Overview - The "Bay High Competition" is co-hosted by the Guangdong Provincial Market Supervision Administration (Intellectual Property Office), the Hong Kong Special Administrative Region Government Intellectual Property Department, the Macao Special Administrative Region Government Economic and Technological Development Bureau, and the Huizhou Municipal Government, making it a significant annual event in the intellectual property field for the three regions [3] - This year's competition integrated high-value patents and high-value trademark brand categories, establishing itself as one of the most prestigious and influential intellectual property brand activities in the Greater Bay Area [3] Group 2: NVC Lighting's Achievements - NVC Lighting has applied for over 2,000 patents and established a technical barrier through the first SGS-recognized laboratory in the domestic lighting industry [3] - The company has registered 577 trademarks, with nearly 300 being defensive trademarks, forming a brand matrix centered around the "2+1+N" strategy [3] - NVC Lighting has two well-known trademarks in China, "NVC" and "NVC," and has been included in the "Guangdong Province Key Trademark Protection Directory," receiving multiple authoritative recognitions for its intellectual property strength [3] Group 3: Strategic Management - NVC Lighting has transitioned its intellectual property management from a static "trademark" approach to a dynamic "brand asset" strategy, leveraging brand licensing and intellectual property financing to convert trademark value into core capital [5][6] - The company has innovatively constructed an integrated intellectual property mechanism covering the entire business process, embedding intellectual property management into all business flows, which drives operational efficiency and competitive advantages [6] Group 4: Future Directions - Following the award, NVC Lighting plans to increase its investment in research and intellectual property layout, actively participating in the construction of the Greater Bay Area International Science and Technology Innovation Center [6] - The success of NVC Lighting exemplifies the Greater Bay Area's acceleration in building an international science and technology innovation center and a high ground for intellectual property [7]

Core Insights - The article discusses the November complaint handling red and black list released by the Black Cat Complaint platform, reflecting the complaint resolution status of various companies [1][11]. Group 1: Complaint Statistics - As of November 2025, the Black Cat Complaint platform has received over 31.16 million valid consumer complaints, with more than 800,000 valid complaints in November alone [2][12]. - The red and black lists categorize companies by industry and highlight the most concerning areas based on recent consumer events, providing valuable consumer references [2][12]. Group 2: Industry-Specific Red and Black Lists - **Shared Services** - Blacklist: Guangyu Koste, Wisdom Xiaolian, Yunma Technology, Fujian Guoman Intelligent Technology, Xiaodian Technology, Yuekuai Flash Charge, Wukong Fast Charge, Xiaoliu Shared, Street Power, Xiu Power [5][14]. - Whitelist: Hello, Monster Charging, Songguo Electric Bicycle, Beidian, Soudian, Jubao Charge, Pumpkin Hero [5][14]. - **Shopping Platforms** - Blacklist: Taobao Mall, Xianyu, Tmall, 1688, Miaosu Da Electric Appliances, Alibaba Business Advisor, JD Mall, JD Home Delivery, Zhongjia Rental Machine, Shengdao Sports [5][15]. - Whitelist: Xinyuehui Mall, Qianshanji, Digua Rental Machine, Yougouxuan, Hangzhou Zaidao, Aizhuji, Dongfang Welfare Network, Tmall Supermarket, Duty-Free Shop, Caihuoxia [5][15]. - **Travel and Accommodation** - Blacklist: Shanghai Paifenle Network Technology, Shenzhen Airlines, Capital Airlines, Western Airlines, Chengdu Airlines, Agoda, Halo Youxing, Kunming Airlines, China United Airlines, Qixiang Rental [5][16]. - Whitelist: Chengdu Ocean Travel, Four Seasons VIP, Ctrip Travel Service, Yihai Rental, Shenzhou Rental, Airbnb [5][16]. - **Entertainment and Lifestyle** - Blacklist: WeChat, Chaimi Life Housekeeping, Shanghai Yongchu Network Technology, Weishang Album APP, Tencent, Aurora Ticket, Fun Play Island, Leket Sports, Shanghai Jianji Network Technology, Qianniu [5][17]. - Whitelist: Shenzhen Youshu Zhihui Technology, iQIYI, Miantu Technology, Guangdong Fuqi Lawyer Firm, Driving Test Treasure, Hunan Jianghaiyang Lawyer Firm, Yunxi Technology, Litchi Cloud Service, Guangdong Tianchen, Scan All-in-One [5][17]. - **Education and Training** - Blacklist: Zhonggong Education, Duolingo, Shijiazhuang Xuede Vocational Education Technology, Dongao Accounting Online, Shijiazhuang Jingsu Education, Hongen Literacy, Yixue Academy, Akaso Foreign Teacher Network, Zhengzhou Boan Zhiyu Education, Chengdu Huisi Education [5][18]. - Whitelist: Henan Zhong'an Construction Training, Nayun Culture, Fenbi Public Examination, Yuan Tutor, Jiao Ge Friends E-commerce Academy, Hot Sweat Dance, Homework Help, Beijing Easy Learning, Guangzhou Jianxiaozhi Information Technology [5][18].

Core Insights - The article discusses the lessons learned from the experiences of Wu Changjiang, the founder of NVC Lighting, who served ten years in prison for financial misconduct, emphasizing the importance of avoiding gambling and emotional decision-making in entrepreneurship [1][2][31]. Group 1: Key Lessons from Wu Changjiang - The first lesson is to never gamble in entrepreneurship, as it can lead to significant losses and ruin. Wu Changjiang's downfall was attributed to gambling debts that led him to misuse company funds [5][6][8]. - The second lesson is to avoid excessive loyalty and emotional decision-making, which can result in losing control over the business. Wu Changjiang's initial generous share distribution to partners ultimately led to his loss of control [9][10][12]. - The third lesson emphasizes the need for entrepreneurs to be cautious with capital and to understand the implications of investment terms, particularly the difference between pre-money and post-money valuations, which Wu Changjiang misunderstood [19][20][22]. Group 2: Implications for Entrepreneurs - Entrepreneurs should ensure that every financial agreement is clear and legally sound, and they should seek legal advice to avoid pitfalls [32]. - Emotional ties can drive team motivation but should not dictate business decisions, as relying on personal relationships can lead to detrimental outcomes in capital allocation [34]. - The narrative serves as a cautionary tale that entrepreneurship is not a game of chance but a serious endeavor requiring strategic thinking and risk management [31][35].