机构：山西证券 研究员：熊鹏/刘清羽 事件描述 2025 年上半年，卫龙美味实现总营收34.83 亿元，同比增长18.5%；实现净利润7.36 亿元，同比增长 18.5%；实现毛利16.42 亿元，同比增长12.3%。 蔬菜制品贡献最大增量，产品结构优化。蔬菜制品H1 收入占比提升10.8个百分点至60.5%，其受益于魔 芋产品高速扩张和健康零食趋势，公司新推麻酱味魔芋爽受到市场广泛关注。调味面制品部分sku 被淘 汰导致H1 营收下滑，但产能再调整和生产效率的优化，促使调味面制品毛利率同比提升0.5%至 48.4%。公司已储备并计划推出臭豆腐等新品，结合旺季推动收入增量。 线下渠道驱动增长，新兴渠道渗透。线下渠道H1 实现营收31.47 亿元，同比增长21.5%，占比达 90.4%。截止2025 年上半年，公司与1,777 家线下经销商合作，新兴渠道如零食量贩店和会员店贡献了 新增门店。而线上渠道H1 实现收入3.36 亿元，同比下滑3.8%，传统电商平台承压，抖音、快手正加速 布局，短期内尚未明显发力，公司已积极调整策略。 成本上行拖累毛利，高效控费维稳净利。公司H1 毛利率同比下滑2.6个百分点至47. ...

同时，星巴克中国方面表示，星巴克的月饼因为独特的口味和设计受到顾客喜欢，每年上市后都会受到 很多关注，也请广大顾客到正规渠道购买我们的月饼，保障自己的消费者权益。据了解，有报道称，有 IP属地为湖南的网友发帖称，自己是星巴克大学生兼职员工，因门店中秋月饼销售任务，"被逼着垫了 15盒"，金额近3000元，导致生活费紧张。 北京商报讯（记者 张天元）9月11日，针对"星巴克员工曝卖不出月饼垫钱自购"一事，星巴克中国向北 京商报记者回应称，对于网友所说的情况，星巴克会进行核实。星巴克不允许垫款自购这种行为，这是 原则问题。 ...

Core Viewpoint - The CEO of Ant Group, Han Xinyi, believes that the token economy is at a "dawn moment" and must be deeply rooted in the real economy to truly unlock its value [1][4]. Group 1: Token Economy Insights - The global Web3 native asset scale has exceeded $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with the real economy [4]. - If tokens remain confined to internal cycles within the virtual world, their value potential will be very limited [4]. - Ant Group has been exploring the token economy for years, particularly through recent RWA sandbox practices, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [4]. Group 2: Technological and Application Developments - The token economy is seen as emerging, requiring ongoing exploration based on the maturity of technology, assets, and scenarios [5]. - Advances in blockchain infrastructure, AI, and IoT are creating more digital assets suitable for tokenization, while privacy computing technologies are evolving traditional trust models into digital trust mechanisms [5]. - Asset tokenization is expanding from the financial sector to broader real industries, transitioning from serving on-chain investments to supporting real industry financing [5]. Group 3: Future Growth Engines - "Asset tokenization" and "token payments" are identified as key growth engines in the Web3 space, facilitating the deep integration of the crypto economy with the real economy [5]. - These two elements are expected to merge into a new infrastructure that supports efficient value circulation in the real economy [5]. Group 4: Compliance and Risk Management - The exploration of tokenization should balance the pursuit of value and risk management equally [6]. - Compliance is viewed as the lifeline of innovation, with Ant Group focusing on technological infrastructure to create new value while clearly defining boundaries from the outset [6]. - Continuous exploration and research are emphasized as more important than merely seeking speed and novelty [6].

#理想汽车法务部发声# 【#理想称被332个账号恶意诋毁# 】理想汽车法务部发文：经查证，某网络科技 有限公司旗下13个MCN机构的332个账号，通过搬运洗稿、批量炮制虚假信息等方式，恶意诋毁理想汽 车产品质量及经营状况。某科技中心、某设备有限公司控制的多个MCN机构及旗下账号，针对尚未上 市的理想i6车型捏造投诉占线、月销量腰斩、价格低廉等不实信息，抹黑理想i6车型市场表现，破坏市 场环境。此外，自媒体账号"曹椿的电车"、"大林子爱加电"等长期发布贬损理想汽车的侵权内容，通过 捏造事实、歪曲解读等方式误导公众，严重侵害理想汽车品牌及产品声誉。我司现已固定相关证据，将 采取不限于刑事报案、行政投诉、民事诉讼等手段追究其法律责任。（每日经济新闻，泽塔） ...

普华和顺(01358)公布，2025年9月11日耗资202.5万港元回购135万股股份。 ...

智通财经APP讯，普华和顺(01358)公布，2025年9月11日耗资202.5万港元回购135万股股份。 ...

格隆汇9月11日｜瑞穗证券将新思科技目标价从700美元下调至600美元。 ...

格隆汇9月11日丨荟萃国际(控股)(08041.HK)公告，自2025年9月16日上午九时正起，于联交所进行股份 买卖英文股份简称将由"LUXEYINT'L"更改为"INTELLIMARKAI"，而中文股份简称将由"荟萃国际(控 股)"更改为"中微智码"。公司于联交所的股份代号将维持不变，仍为"8041"。 ...

Group 1 - The core theme of the 16th China Food Safety Forum is "Honesty and Lawfulness, Sharing Food Safety," highlighting the importance of food safety and waste reduction in the food industry [2] - KFC, a brand under Yum China, has integrated food waste reduction into its brand development strategy, establishing a new model for managing surplus food in the restaurant industry through its "Food Station" initiative [2][3] - The Chinese government has implemented a series of policies to combat food waste and ensure food security, including the 2021 Anti-Food Waste Law and the 2024 Action Plan for Food Conservation and Anti-Food Waste [2] Group 2 - Since its launch in 2020, KFC's "Food Station" initiative has expanded to over 1,050 stores across more than 180 cities by June 2025, demonstrating significant growth in its operations [4] - The initiative focuses on collecting, packaging, and freezing surplus food that is still within its shelf life, providing it for free to those in need, thereby contributing to environmental sustainability [3][4] - KFC aims to continue enhancing the influence of the "Food Station" model and attract more participants to the environmental protection cause, aligning with its sustainable development philosophy [5]

超过3.59亿辆的汽车保有量，正在推动中国规模达万亿的汽车服务行业发生关键转型。 罗兰贝格预测，中国汽车后市场总体规模在2025年将达到1.9万亿元，到2030年市场规模将增长至2.2万亿元。我国汽车服务行业呈现 "散而多" 的竞争格局， 整体规模庞大但高度分散，主要包含4S店体系、大型连锁平台、区域连锁以及大量独立维修厂和夫妻店。 在移动互联技术和新消费场景的推动下，下游客户话语权持续提升，催生了以客户为中心的服务模式，大量客户从线下转向线上平台。头部企业凭借其在供 应链和服务能力等方面的优势，进一步扩大市场份额。 中国汽车服务行业目前仍处于深度调整期。根据数据机构F6发布的《2025年第二季度汽车后市场行情报告》，上半年汽车后市场累计产值和进厂台次同比 分别下滑5%和4%，市场需求呈现阶段性收缩态势。 然而，作为中国汽车服务行业的龙头企业，途虎养车逆势交出了一份亮眼的财报。2025年上半年，途虎养车营业收入达78.8亿元，同比增长10.5%；经调整 净利润为4.1亿元，同比增长14.6%。 （文/霍东阳 编辑/张广凯） 通过持续的技术投入，途虎养车构建了产品品质提升、供应链效率提升、服务标准化提升三者协同 ...