多重挑战之下，2025年 绿地控股 核心经营数据继续承压。 1月9日，绿地控股（600606.SH）公告称，预计2025年归属于母公司所有者的净利润（下称"归母净利 润"）为-190亿元到-160亿元，上年同期为-155.52亿元。业绩预亏主要因为：资产价格下行，计提存货 减值准备； 房地产 结转规模及毛利率下降，基建营收下滑；利息资本化减少导致财务费用上升。 业务收缩态势同样显著，绿地控股已全面转向聚焦存量盘活：2025年全年仅新增3个房地产项目储备， 土地面积11.64万平方米，权益土地面积7.77万平方米；新开工面积也大幅收缩，前三季度新开工仅49.1 万平方米，同比下降55.44%，第三季度无新开工项目，竣工备案面积381.4万平方米，同比下降 41.67%，项目开发节奏全面放缓。 截至2025年9月末，绿地控股总负债达9431亿元，涉及千余起诉讼。 这家老牌房企在房地产与基建双主业低迷、债务压力高企的背景下，正通过收缩地产增量、瘦身、布局 新赛道等举措艰难求生。 值得一提的是，绿地创始人、董事长兼总裁张玉良始终在坚守。2025年5月，年近70岁的张玉良以全票 连任公司董事长及总裁，全力推进绿地控股的 ...

Core Viewpoint - Greenland Holdings (600606) is facing significant operational challenges, with projected net losses for 2025 expected to be between -19 billion to -16 billion yuan, compared to -15.55 billion yuan in the previous year, primarily due to declining asset prices, reduced revenue from real estate and infrastructure, and increased financial costs [1][2]. Financial Performance - The company anticipates a net profit loss of 160 billion to 190 billion yuan for 2025, with a non-recurring net profit loss expected to be between 159 billion to 189.5 billion yuan, indicating an expanded loss compared to the previous year [2]. - As of September 2025, total liabilities reached 943.1 billion yuan, with over a thousand ongoing lawsuits, highlighting the financial strain the company is under [1][4]. Business Operations - Greenland Holdings has shifted focus towards managing existing assets, with only three new real estate projects added in 2025, covering a land area of 116,400 square meters [3]. - The company reported a contract sales area of 7.972 million square meters in 2025, a year-on-year increase of 21.9%, but the sales revenue growth of 6.53% was significantly lower than the sales area growth, indicating a strategy of price reductions to stimulate sales [2][3]. Debt and Legal Issues - The company is under immense short-term debt pressure, with 1 billion yuan of borrowings due within a year and a cash balance of only 14.946 billion yuan, leading to an asset-liability ratio of 89.52% [4]. - The number of lawsuits involving the company has doubled from 3,655 cases in 2022 to 6,998 cases by mid-2025, with the total amount in dispute increasing from 19.324 billion yuan to 29.824 billion yuan [5]. Strategic Adjustments - To alleviate financial pressure, the company is implementing debt restructuring and organizational adjustments, including a plan to repurchase approximately 1.34 billion USD of debt at a significant discount [4]. - Greenland Holdings is also pursuing a "second entrepreneurship" strategy by exploring new business avenues, such as partnerships in the electric vehicle export sector, although these new ventures are not expected to contribute significantly to performance in the short term [6].

Core Insights - Yang Huiyan has led Country Garden through a challenging period since taking over as chairperson, marking over 1000 days in leadership [3][14] - The company faced significant difficulties, with sales dropping from 219.98 billion yuan in 2023 to 60.48 billion yuan in 2024 and further to 40.28 billion yuan in 2025, leading to a shift in focus towards stabilizing operations and debt management [3][14] - The announcement of a "second entrepreneurship" phase indicates a transition from crisis management to normal operational recovery, emphasizing quality and refined operations [3][14] Debt Restructuring - Debt restructuring has been a critical strategy for the company under Yang Huiyan's leadership, with significant losses anticipated in the first half of 2023 due to unfavorable market conditions [4][15] - The company announced a debt restructuring proposal on January 9, 2025, with a total of approximately 177 billion USD in foreign debt and 13.77 billion yuan in domestic debt successfully restructured by December 4, 2025 [4][15][16] - The restructuring is expected to reduce the overall debt burden by over 90 billion yuan and significantly lower financing costs to 1%-2.5%, alleviating cash flow pressures and enhancing net assets [5][16] Management Changes - On December 4, 2025, the company announced new management appointments, with Mo Bin becoming co-chairman and Cheng Guangyu taking over as president, aimed at enhancing strategic operations and addressing business challenges [6][17][18] - The management reshuffle aligns with the company's efforts to restore normal operations following the successful debt restructuring [6][18] Strategic Direction - The company is entering a new development phase, focusing on optimizing debt structure and restoring normal operations, as highlighted in a joint New Year's message from Yang Huiyan, Mo Bin, and Cheng Guangyu [8][20] - Yang Huiyan emphasized a shift in operational thinking from large-scale development to refined operations, integrating customer-centric approaches into all processes [9][22] - The "one body, two wings" strategy, which includes real estate development and technology construction, is expected to align with current policy directions and create new growth opportunities [9][21] Market Position and Challenges - The real estate market has shifted to a buyer's market, necessitating a change in operational strategies to meet localized demands and enhance customer satisfaction [10][23] - Despite the positive developments, the company still faces challenges, including numerous legal issues and outstanding debts totaling over 6.3 billion yuan [10][23]

资料图。 杨惠妍接班1000天 王琳 接过碧桂园董事会主席的权杖已逾 1000 天，杨惠妍终于带领这家深陷行业调整期的龙头房企走 过了最艰难的时刻。 2023 年 3 月，杨惠妍接棒父亲杨国强时，面对的是 " 公司创办以来最大的困难 " 。地产行业深 度调整之下，碧桂园的销售业绩遭遇滑铁卢，中指研究院数据显示，其 全口径 销售额从 2023 年的 2199.8 亿元（位列行业第七）骤降至 2024 年的 604.8 亿元（位列第十六） 以及 2025 年 的 402 . 8 亿元 （ 位列行业第十九 ） ，流动性压力褪去了 " 中国女首富 " 的光环， " 保交房、 稳资债、保经营 " 成为她上任后的核心使命。 2025 年末，随着境内外债务重组的全面收官、 管理层换防 ，她在集团月度管理会议上首次 提 出 " 二次创业 " 的宣言，标志着碧桂园 的经营重心从 " 保交 房 、稳资债 " 的攻坚阶段， 转向 正常经营秩序的全面恢复 ， 也将 从大规模、快周转的增量开发 模式 ，转向 品质化 、精细化 运营 新阶段 。 债务重组收官 债务重组是杨惠妍上任后破解危局的关键一役 。 重组带来的成效是显著的 。 碧桂 ...

刘畅想过，如果有一天卸下新希望的担子，她就去开这样一家 小小的鱼蛋粉店。别人听了可能觉得有点"二"，但她知道，这 是穿越风浪之后，生活最舒展、最"刘畅"的模样。 作者： 阿茹汗 封图：受访者供图 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图 谱。 电视里播放着2017年的一档访谈节目：刘畅坐在新希望集团的北京办公室，主持人许知远问："金钱对你意味着什么？"刘畅说："金钱还是很重要啊， 物质基础是得去追求的……我对这个（账面上有25个亿）一点感觉都没有，你不可能用这么多……" 然而，撕下这些外界贴上的标签，她更渴望一种内在的自洽。在被家族与社会设定的命运轨道上，她想要辨认并守护住那个更真实的自我。 因此，当2025年末，在屏幕上再次看到2017年那张"二"劲十足的脸时，刘畅感慨万千："它记录了一个相对真实的我，没有被标签化。从懵懂到成熟， 现在或许更辛苦，但对生活更加感恩，对事业更多敬畏。" 字 节奏感 前不久出差途经洛阳，刘畅特意挤出时间看望了90多岁的二姥姥。老人一见面，就拉着她聊起小时候的事，也打开了刘畅尘封已久的记 ...

2025 企业家画像 年度系列评论(1 型 = 旅 一张印着"风清扬"三字的新版工牌，宣告阿里创始人马云在2025年的正式回归。那是4月10日，在杭州的阿里云新财年启动会上，马云与员工挥手致意， 满面春风。 他在这次露面的演讲中说，高科技绝不仅是征服星辰大海，更应该呵护人间烟火；科技人员的责任，不是让AI取代人类，而是让AI更懂人类、更好地服 务人类。显然，这是对阿里AI战略的价值宣言。 马云的归来，并非突如其来，而是踩在阿里二次创业的关键节点上。 2024年5月，在一封联合署名的致股东信中，阿里巴巴集团主席蔡崇信和CEO吴泳铭表示："在接下来的10年里，我们将再次视自己为一家初创企业，坚 守'让天下没有难做的生意'的使命初心，以创业的精神持续创新。" 当年11月，马云卸任后首次现身于正式启用的阿里杭州全球总部新园区，引发关注；12月，马云出席蚂蚁集团20周年活动，强调"我不是为过去的20年而 来，而是为了未来的20年而来"。 4月那次以"风清扬"工牌亮相之后，马云的曝光就更加频繁，几乎每月都会出现在媒体镜头之下。 特别是5月9日，第21个"阿里日"前夜，身穿一袭白衣的马云，与吴泳铭一起现身阿里总部"创业公寓 ...

Core Insights - The 2026 strategy conference held by Yong'an Futures in Hangzhou focused on exploring wealth management strategies amid complex macroeconomic changes, emphasizing the importance of collaboration and innovation in the financial sector [1] - Yong'an Futures aims to become a leading derivatives investment bank, focusing on six key areas: deepening industry services, enhancing wealth management, accelerating internationalization, strengthening research capabilities, promoting digital transformation, and adhering to long-term investment principles [1] Macroeconomic Environment and Asset Allocation - The chief economist of Caitong Securities highlighted the divergence between nominal and real economic indicators, suggesting reliance on fiscal and monetary policies to navigate the complexities of the macroeconomic landscape [2] - A multi-asset allocation strategy was proposed, emphasizing the importance of balancing risk and return while adapting to changing economic conditions and enhancing residents' risk appetite [2] Commodity Market Outlook - The head of Yong'an Futures Research Center projected a recovery in commodity prices driven by proactive domestic policies and external demand, particularly in the non-ferrous metals sector, which is supported by AI and new energy demands [3] - Structural opportunities in the market were identified, with a focus on sectors experiencing supply disruptions and increased demand [3] Investment Philosophy and Strategies - Investment strategies discussed included a focus on "probability thinking" and "low correlation" to create resilient portfolios capable of withstanding economic cycles [2][3] - The importance of a balanced investment approach was emphasized, with a focus on redemptive assets as a foundation for navigating market fluctuations [3] Discussions on Asset Management and Technology - Roundtable discussions addressed the transition from product-centric to client-centric investment approaches, highlighting the need for collaboration and innovation in asset management [5] - The role of AI in enhancing quantitative investment processes and risk management was a key topic, with insights into how AI can redefine investment strategies [5] Future Directions - Yong'an Futures plans to reshape its research ecosystem with a focus on customer-centric services and data-driven decision-making, aiming to set a benchmark in the commodity research field [6]

Core Insights - The rapid growth of the new energy vehicle market in China has led to a significant division in the automotive market, with distinct trends emerging in the price segments below and above 200,000 yuan [1][2][5] Market Trends - In November, vehicles priced above 200,000 yuan occupied four spots in the sales rankings, with the Model Y selling over 47,000 units and the AITO M7 selling over 25,000 units [1] - Conversely, vehicles priced below 100,000 yuan also claimed four spots, with the Hongguang MINIEV selling over 56,000 units and the BYD Seagull selling over 21,000 units [2] - The market has bifurcated into segments below 100,000 yuan and above 200,000 yuan, leaving the 100,000-200,000 yuan segment relatively quiet [2][5] Sales Performance - The top-selling models in the overall automotive market for November included the Hongguang MINIEV, Model Y, and others, with significant sales figures indicating a preference for lower-priced vehicles [4] - The sales figures for electric vehicles showed a notable increase, with pure electric vehicles selling 7,155 units and plug-in hybrids 28,213 units [4] Consumer Behavior - The shift in consumer behavior reflects a change from purchasing vehicles out of necessity to buying based on emotional appeal, particularly in the above 200,000 yuan market [7] - The lower-priced market is seeing a mix of consumption downgrade and upgrade, with traditional brands like Geely and BYD dominating this segment, while new entrants struggle to penetrate [7][8] Competitive Landscape - New energy vehicle brands such as Xiaomi and Hongmeng Zhixing are gaining traction, with Xiaomi achieving over 40,000 units sold in November, marking its entry into the top three for the first time [9][10] - Traditional automakers are facing challenges in the above 200,000 yuan market, where they need to enhance their overall offerings to regain competitive advantage [19][20] Industry Evolution - The automotive industry is undergoing a "second entrepreneurship," with traditional manufacturers transitioning from fuel vehicles to smart new energy vehicles, while new entrants are establishing themselves in the market [20]

Core Viewpoint - Country Garden has made significant progress in its debt restructuring efforts, with the Hong Kong High Court approving a $17.7 billion offshore debt restructuring plan, while also achieving favorable outcomes for its domestic debt restructuring [2][26]. Group 1: Debt Restructuring - The offshore debt restructuring plan involves a total debt of $17.7 billion, making it the second largest in the industry, surpassing other troubled real estate companies like Sunac and R&F [5][29]. - The restructuring aims to reduce debt by up to $11.6 billion, extend maturity periods up to 11.5 years, and lower the average borrowing cost from 6% to 2% [6][30]. - The restructuring process took 329 days, with the plan receiving creditor approval on November 5 and the court's sanction on December 4 [7][31]. Group 2: Organizational Changes - Country Garden initiated a restructuring of its organizational framework, reducing its property regions from 13 to 10, and appointed Cheng Guangyu as the new president, replacing Mo Bin, who has been with the company for 15 years [3][34]. - Cheng Guangyu is considered a trusted executive by Yang Huiyan, the new leader of Country Garden, who has also made significant changes to the company's structure [3][39]. Group 3: Future Outlook - The successful debt restructuring is seen as a critical first step in the company's self-rescue efforts, with Yang Huiyan emphasizing a "second entrepreneurship" phase for the company [19][43]. - Despite the positive developments, challenges remain in achieving sustainable profitability and adapting to a market that has shifted towards quality over quantity in real estate development [22][47]. - The company reported a significant revenue drop of 28.9% in the first half of the year compared to the previous year, highlighting ongoing market difficulties [23][47].

Core Insights - The article highlights the transformation of Yunshe Village in Guizhou Province, where the local Tujia ethnic community has shifted from a focus on traditional tourism to showcasing their daily lives as a unique attraction for visitors [1][2]. Group 1: Tourism Development - Yunshe Village began its tourism development in 2002, leveraging its proximity to Fanjing Mountain and its ancient architecture, but initially faced challenges due to poor infrastructure and low visitor retention [4]. - The village underwent a significant transformation by improving the environment, enhancing sanitation facilities, and restoring traditional buildings, all while maintaining the authenticity of local life [4]. - The village has successfully integrated local culture into the tourism experience, offering performances and activities that allow visitors to engage with Tujia traditions [4]. Group 2: Visitor Experience - There has been a notable shift in visitor behavior, with tourists now staying longer in the village, often for several days, to experience the local lifestyle rather than just sightseeing [2][6]. - The village currently boasts 42 guesthouses and 28 farmhouses, with 80% of the villagers involved in tourism-related industries, indicating a strong community engagement in this economic shift [6]. - Since 2025, Yunshe Village has welcomed over 600,000 visitors, with local specialties like cured meat and traditional snacks becoming popular souvenirs [6].