本文来自微信公众号：爱范儿 （ID：ifanr），作者：马扶摇，原文标题：《苹果怎么造"无折痕"iPhone？》，题图来自：AI生成 这个九月可谓热闹非凡。 就在过去不到72小时里，苹果和华为相继公布了2025年秋季的发布会时间表。与前两个月的预期不同，这一回可不仅仅是iPhone 17 Air一枝独秀，而是三 折叠大战超轻薄了。 不过对于苹果来说，今年的iPhone 17全系列可能都只是过渡——全eSIM超薄机身、新的抗反射屏幕，以及新的镜头模组，都不过是技术试探罢了。 或许是有史以来第一次，我们可以很清晰地看到苹果接下来三年，对于iPhone这款"最重要的产品"的相对清晰的路线图：超轻薄、大折叠，再到乔布斯梦 想中的那块"魔法玻璃"。 十九岁的iPhone终于学会变形 从苹果的路线图看，超轻薄的iPhone 17 Air已有先例，纯玻璃的iPhone 20又过于虚无缥缈。作为一个练习时长两年半的折叠屏用户，毫无疑问还是明年的 折叠屏iPhone更吸引我一些。 结合目前已有的各种爆料信息来看，iPhone Fold（暂定这个名字）毫无疑问将会是一款大折叠（book-style folable）机型，而非传闻 ...

在此背景下，公司发布2025年第二季度未经审计的财务数据显示，今年二季度实现营收7.06亿元，同比增长 53.9%；净利润为4410万元，同比实现扭亏为盈。 开源证券研究指出，激光雷达正逐步成为智驾标配，公司与头部客户的深度合作及在手订单有望较好支撑 2026年营收增长表现。此外，技术外溢带动Robotics激光雷达成本下降，割草机器人等领域激光雷达渗透率 有望提升，除现有战略客户外仍有较多潜在客户可拓展，继续看好下游行业增长红利带动公司出货高增。 8月26日，全球激光雷达龙头禾赛科技赴港上市完成中国证券监督管理委员会备案。 中国证监会发布《关于Hesai Group（禾赛科技）境外发行上市备案通知书》显示，禾赛科技拟发行不超过 5123.62万股境外上市普通股，并在香港联合交易所上市。 公开资料显示，禾赛科技成立于2014年，于2023年登陆纳斯达克。自成立以来，公司专注激光雷达的研发与 制造，专利成果遍布全球。公司以高清三维感知技术，赋能更安全更智能的智能驾驶和机器人应用，历经市场 验证，出货量全球领先。 近年来，随着新能源汽车渗透率持续提升，产业变革进入"智能化"下半场，激光雷达成为智能汽车的"安全标 ...

Core Insights - The company achieved significant breakthroughs in the central state-owned enterprise market, with a year-on-year increase of 57.79% in customer contract amounts and a 72.70% increase in large orders exceeding one million yuan [1] - The company focuses on AI and Xinchuang (信创) as core areas, developing an integrated collaborative operation platform aimed at enhancing digital and intelligent operations for large organizations [1][2] - The company has successfully served major central state-owned enterprises, with AI-enabled scenarios being key drivers for contract signings [1] Financial Performance - The company reported a 37.00% year-on-year increase in contract liabilities, while accounts receivable decreased by 18.09%, indicating a strong order backlog and improved operational resilience [2] - The company aims for sustainable high-quality growth in the central state-owned enterprise market through the continuous deepening of its "New Quality Plan" and the maturation of AI products [2] Strategic Partnerships - The company is deepening collaborations with Huawei, telecom operators, and Xinchuang ecosystem partners to promote the "AI + Xinchuang" solutions in the central state-owned enterprise market [2] - As a global partner of Huawei, the company has launched multiple smart office and group management solutions, enhancing market coverage and service responsiveness [2] Future Outlook - The company plans to continue strengthening its platform capabilities, ecosystem partnerships, and customer success systems to maintain its leading position in the central state-owned enterprise collaborative operation market [2]

消息称尚界品牌明年还有两款新车：一款轿车、一款 SUV，后者将于今年上半年推出。为保证尚界车 型的交付，上汽与华为在产能、渠道上都做了充分的准备。（36氪汽车） #曝尚界明年还有两款新车#【消息称#尚界H5月销目标2万辆#】据"36 氪汽车"援引多位行业人士消息 称，上汽、华为为尚界品牌首款车型尚界 H5 制定了月销 2 万辆的销量目标。同时，双方结合后续新车 近期向供应链释放了年销 40 万辆的备料计划。 ...

Core Viewpoint - The current three years represent a critical window for Chinese companies to globalize, with the need to step out of comfort zones to seek new growth opportunities in international markets [3][20]. Group 1: Huawei's Early Challenges and Lessons - Huawei's initial overseas venture began in 1996 in Russia, facing significant challenges including a financial crisis and a lack of trust in Chinese products [2][8]. - The first overseas order for Huawei was only $38, highlighting the difficulties faced in establishing a foothold in foreign markets [2][8]. - The average market expansion cycle for Huawei in Africa, Asia, and Latin America was 8-10 years, while in Europe and the US it extended to 10-15 years [2][3]. Group 2: Current Market Dynamics - The time required for companies to establish a presence in overseas markets has significantly decreased, with consumer electronics firms now able to complete initial market layouts in 3-6 months [3][16]. - Despite the reduced time frame, the success rate for companies venturing abroad remains below 20% [3][16]. - The global market is becoming increasingly competitive, with many domestic companies now looking to expand internationally due to saturation in the local market [21][22]. Group 3: Profitability and Market Insights - Average overseas profit margins are 10-15% higher than domestic levels, with specific industries like software achieving margins of over 80% [6][16]. - The US market offers profit margins that are over 30% higher than domestic levels, while Latin America also presents significant opportunities with a 25% margin advantage [6][16]. Group 4: Strategic Recommendations for Overseas Expansion - Companies should prioritize understanding local laws and regulations, and ensure contract quality to secure profits [12][25]. - Establishing a risk assessment and review system is crucial for identifying potential challenges in foreign markets [13][22]. - It is essential to avoid the common pitfall of prematurely building factories abroad without first securing a customer base [23][24]. Group 5: Future Opportunities and Trends - The next three years are seen as a prime opportunity for Chinese companies to expand globally, particularly in sectors like manufacturing and software [43][40]. - Emerging markets and industries, such as AI and electric vehicles, are expected to present significant growth opportunities for Chinese enterprises [40][41]. - The importance of talent in driving overseas success is emphasized, with a focus on localizing management and operations to better adapt to foreign markets [36][34].

Core Viewpoint - The case of infringement of Huawei's HiSilicon chip technology trade secrets has been adjudicated, with 14 defendants convicted and a total estimated value of the illegally obtained technology information reaching 317 million yuan [1][4]. Group 1: Case Details - The case involves the illegal acquisition of technical information related to Wi-Fi chip development, which was initiated by Huawei in 2011 and later managed by its subsidiary, HiSilicon [1]. - Zhang, a former head of the RF chip development department at HiSilicon, founded a new company, Zunpai, and recruited several former HiSilicon employees to assist in developing similar Wi-Fi chips [1][2]. - The defendants used improper methods such as screenshots and WeChat transmissions to obtain sensitive technical information from HiSilicon employees [1]. Group 2: Legal Proceedings - On April 10, 2024, the Shanghai Municipal People's Procuratorate filed a public prosecution against the 14 defendants for infringing trade secrets [2]. - The prosecution emphasized the non-public nature and uniqueness of the involved technical information during the legal proceedings [2][3]. - The court accepted the prosecution's opinions and sentencing recommendations, resulting in varying prison sentences and fines for the defendants, with Zhang receiving a six-year sentence and a fine of 3 million yuan [4]. Group 3: Implications for Intellectual Property - The case is highlighted as a typical example of "insider" infringement of trade secrets, indicating significant challenges in prosecution [3]. - The prosecuting authority provided recommendations to the affected company to address internal management vulnerabilities, enhancing their protective measures against future infringements [4]. - The case underscores the importance of trade secrets in modern economic contexts, linking them to the security of core technologies and national high-quality development [4].

Core Viewpoint - Fourteen former employees of Huawei's chip subsidiary, HiSilicon, were sentenced for infringing on the company's Wi-Fi chip technology, with the case highlighting significant issues related to corporate espionage and the protection of trade secrets in the semiconductor industry [1][3]. Summary by Sections Case Overview - The case involved the illegal acquisition of technology information valued at 317 million yuan [2]. - The defendants, led by Zhang, who was a former head of the RF chip development department at HiSilicon, established a new company, Zunpai, and recruited several former HiSilicon employees to develop similar Wi-Fi chips [2][4]. Legal Proceedings - The Shanghai Municipal People's Procuratorate filed charges against the fourteen individuals for infringing on trade secrets, with the court accepting the prosecution's recommendations for sentencing [3]. - The court sentenced Zhang to six years in prison and a fine of 3 million yuan, while other defendants received sentences ranging from three to five years and fines between 1.2 million to 1.5 million yuan [3]. Impact on the Semiconductor Industry - The case underscores the importance of protecting trade secrets in the semiconductor sector, which is critical for national economic development and innovation [3]. - The defendants' actions led to the loss of Huawei's trade secrets, with 40 technical points showing over 90% similarity to Huawei's proprietary technology [5]. Background Information - Zunpai was officially established in early 2021, with a significant proportion of its initial workforce being former HiSilicon employees [4]. - The company successfully raised substantial funding through multiple financing rounds, despite its illegal activities [5].

Group 1 - Huawei launched AI SSD products, including the Huawei OceanDisk EX/SP/LC series, with capacities reaching up to 122/245 TB, marking the largest single-disk capacity in the industry [1] - The AI SSD is optimized for AI workloads, combining multiple core technologies developed by Huawei, and is expected to be a key breakthrough for domestic SSDs [1] - The rapid proliferation of AI applications has led to exponential data growth, with the total global internet corpus increasing from 350 PB (text) to 154 ZB (multi-modal), highlighting the limitations of traditional storage media [1] Group 2 - The model training phase faces significant challenges, requiring 13.4 TB of memory and 168 cards for training a 671B model, which severely limits training efficiency and flexibility [1] - The model inference phase also struggles with slow performance, with an average time to first token (TTFT) of 1000 ms, which is twice that of American models, and a token per second (TPS) rate of only 25, significantly impacting user experience [2] - High-performance AI SSDs are becoming the industry choice, but overseas manufacturers dominate the SSD market, with Samsung, SK Hynix, Micron, Kioxia, and SanDisk leading the market share [2] Group 3 - Despite the current dominance of HDDs in server storage, the advantages of SSDs in AI scenarios, such as energy efficiency and low operating costs, are driving rapid penetration, with SSDs expected to account for 9%-10% of server storage solutions by 2024 [2] - The domestic market is predicted to gradually replace HDDs with large-capacity QLC SSDs, facilitating a transition from a "capacity-oriented" to a "performance and capacity dual-optimization" model [3] - As of June 2023, China's storage capacity reached 1680 EB, showing significant growth and advancements in external flash memory applications, particularly in finance, manufacturing, and internet sectors [3]

Core Insights - The fashion industry is characterized by intense competition, with fast fashion brands focusing on rapid product turnover, domestic brands emphasizing design and cost-effectiveness, and high-end brands promoting a lifestyle approach [1][2] - The high return rates in the industry highlight the importance of member systems for brands to retain core customers, making membership a standard feature across the sector [2][3] Membership System Importance - The effectiveness of a brand's membership system can determine whether it serves as a short-term promotional tool or a long-term growth engine [3] - The "Global Brand China Online 500 Strong List" released by Peking University indicates that member transaction amounts are crucial for understanding consumer behavior and brand loyalty [3][4] Consumer Behavior and Quality - Quality is identified as the core factor influencing consumers to join and remain in a brand's membership program, with strong correlations between quality ratings and member transaction amounts [10][12] - High-quality products lead to increased consumer satisfaction, which in turn enhances member loyalty and repeat purchases [14][15] Impact of Promotions - Major promotional events like the 618 shopping festival have evolved from mere sales events to opportunities for brands to solidify their membership assets [6][8] - The correlation between member transaction amounts and overall sales during promotional periods underscores the significance of a well-developed membership system [6][8] Brand Case Studies - The brand "Jiaxia" has successfully implemented a tiered membership system that encourages repeat purchases through a structured growth mechanism, enhancing user engagement and loyalty [23][24] - Nike's membership system focuses on providing comprehensive experiences around sports, fostering a sense of community and personal growth among members, which strengthens emotional ties to the brand [25][26] Conclusion - Membership systems are becoming essential growth engines for brands, particularly during major promotional events, as they help convert one-time buyers into long-term customers [27][28]

Group 1 - Cambricon reported a revenue of 2.881 billion yuan for the first half of the year, a year-on-year increase of 4347.82%, with a net profit of 1.038 billion yuan, marking a turnaround from losses [2] - The AI industry chain showed strong performance, with Shenghong Technology's net profit increasing by 366.89% and Zhongji Xuchuang's net profit rising by 69.40% in the same period [2] - The State Council released the "Artificial Intelligence +" action plan, which is expected to benefit the development of the AI industry [2] Group 2 - East Pearl Ecology announced a major asset restructuring plan involving the acquisition of Kaier Xingtong, leading to a temporary suspension of its stock [2] - The stock market experienced a significant drop, with the Shanghai Composite Index falling by 1.76%, attributed to market reactions to Cambricon's stock performance surpassing Kweichow Moutai [2] Group 3 - The Japanese government bond market faced a sell-off, with the 10-year bond yield reaching its highest level since October 2008, driven by expectations of increased bond issuance and potential interest rate hikes [4] - China National Petroleum Corporation plans to acquire a gas storage company for approximately 40.016 billion yuan, which includes multiple gas storage facilities [5] Group 4 - A total of 14 individuals were sentenced for infringing on Huawei's chip technology, with the estimated value of the stolen technology reaching 317 million yuan, highlighting the importance of protecting commercial secrets [5]