2026年刚开年，中国鞋业就上演了一出家庭伦理大戏。1月3日，84岁的双星名人创始人汪海老爷子发了 份声明，直接把儿子汪军和儿媳徐英"开除"出了家庭群聊——正式断绝关系。 这事儿看似是家务事，实则是一场酝酿多年的企业控制权争夺战。2022年，儿媳控股的公司通过增资拿 下了双星名人56.96%的股份，老爷子名义上还是创始人，实权却悄悄溜走了。到了去年5月，双方直接 撕破脸，上演"公章争夺战"。 这场父子反目，不仅是一家的伤心事，更戳中了许多中国家族企业的痛处——企业传给孩子，到底是传 承还是"传仇"？ 老爹的鞋厂，咋就成了儿媳的"嫁妆"？ 双星名人这个牌子，老一代人再熟悉不过。汪海老爷子从1980年代就开始折腾这摊生意，一双双鞋子从 他手里生产出来，卖遍大江南北。可以说，这个品牌就是他的另一个孩子。 但生意做大后，家庭戏码也开始了。2022年，一家名为"青岛星迈达工贸有限公司"的企业通过增资，拿 下了双星名人56.96%的股份，成了最大股东。而这家公司，80%的股份握在汪海的儿媳徐英手里。 这操作厉害啊！相当于儿媳妇用一笔钱，就把公公创办的企业控股权给拿下了。汪海老爷子虽然还挂着 创始人的名头，但董事会投票时， ...

Core Viewpoint - The article discusses the generational transition of control within Dongyangguang, highlighting the transfer of ownership from founder Guo Meilan to her son Zhang Yushuang, marking a significant moment in the evolution of private enterprises in China [5][9][10]. Group 1: Succession of Control - Guo Meilan transferred her entire stake in two key companies to her son Zhang Yushuang, making him the sole actual controller of Dongyangguang, which has a market value of nearly 70 billion yuan [5][9]. - The transfer was a no-cost internal family gift, avoiding complex tax structures and clarifying Zhang's authority as the sole controller [11]. - This transition reflects a modern governance structure, prioritizing corporate strategy over family sentiment, and signifies a shift in leadership to a younger generation [11][12]. Group 2: Company Growth and Strategy - Dongyangguang began as a small aluminum foil processing factory in the 1990s and has evolved into a comprehensive industrial group spanning electronic materials, new energy batteries, and biomedicine [14][15]. - The company has shown remarkable strategic determination and cross-industry integration, entering the pharmaceutical sector in 2007 and the new energy sector in 2015, with significant investments in high-value materials [15][16]. - Dongyangguang's unique "technology + capital" dual-drive model has enabled it to maintain over 5% of annual revenue for R&D, resulting in over 2,000 patents and substantial capital raising exceeding 20 billion yuan [15][16]. Group 3: Future Vision under New Leadership - Zhang Yushuang aims to establish Dongyangguang as a leader in the new energy materials sector, with plans for a zero-carbon factory and significant R&D investments [19][20]. - The company is shifting focus from generic drug production to innovative drug development, with a commitment of at least 5 billion yuan for clinical research in the next five years [20]. - Zhang's strategy includes global expansion, establishing overseas production bases, and collaborating with international biotech firms to enhance the company's global footprint [20][21].

在政策压力下，Weybourne已将逾6亿英镑资产转移至新加坡，并将部分英国实体的股本下调至象征性的1英镑。围绕继任、税务、治理与资产多元化的一 系列举措，正在重塑这个商业帝国的财富未来。 1 遗产税改革下的传承困境 12月26日，戴森集团创始人詹姆斯·戴森公开批评英国财政大臣蕾切尔·里夫斯推动的遗产税改革，称其"极具破坏性"，是"杀鸡取卵"，将使他难以将企业 完整传给子女。 根据将于2026年4月生效的新规，家族企业主去世后，仅企业资产中的前250万英镑可享受全额遗产税豁免，超出部分需缴纳20%税款。该免税门槛最初设 定为150万英镑，在英国首相介入后才上调至250万英镑。 戴森指出，若将公司留给子女，继承人将不得不筹集"数十亿英镑现金"来缴税，而这几乎不可能实现——"企业将不得不为缴税而被迫出售"。他强调，遗 产税名义税率虽为20%，但由于需要通过分红筹措现金、而分红本身也将被征税，实际负担可能接近40%。 "这意味着你必须出售企业。如果企业不能传给孩子、不能在其创立时所秉持的同一理念下继续发展，还有谁愿意去创办家族企业呢？"戴森直言，"这笔 税根本付不起。我们没有数十亿英镑的现金。企业本身也没有可直接变 ...

Core Viewpoint - The announcement of CEO Chen Yingrang's retirement and the appointment of Wei Hongcheng as the new CEO marks a significant shift in leadership at Master Kong, indicating a return of the Wei family to control after 11 years of professional management [1][6]. Leadership Transition - Wei Hongcheng, a member of the controlling Wei family and son of founder Wei Yingzhou, will take over as CEO effective January 1, 2026 [1][6]. - This transition signifies the end of the professional manager era at Master Kong, which has been in place for over a decade [6][7]. Business Performance Challenges - Master Kong's core businesses, instant noodles and beverages, experienced revenue declines in the first half of 2025, with sales down 2.5% and 2.6% respectively [8]. - The company reported a total revenue of 40.092 billion yuan, a decrease of 2.7% year-on-year, while net profit increased by 20.5% to 2.271 billion yuan [8]. - The beverage segment, which had seen consistent growth, faced a revenue decline of 2.6% to 26.359 billion yuan in the first half of 2025, raising concerns about the sustainability of its growth [7][8]. Historical Context - The Wei family began their entrepreneurial journey in 1958 with the establishment of Dingxin Oil Factory, leading to the eventual creation of Master Kong [2]. - The company successfully listed on the Hong Kong Stock Exchange in 1996 and has been recognized as one of Asia's top 50 listed companies by Forbes since 2008 [2]. Family Dynamics and Strategy - The Wei brothers maintained strong family cohesion, pooling resources into a family fund to support collective expenses, which has been crucial for the company's stability [3]. - Wei Yingzhou had been preparing for the succession of his sons since 2013, indicating a long-term strategy for family leadership [4][5]. Market Trends and Competition - The company faces internal challenges with a declining number of distributors and retail outlets, alongside external pressures from evolving consumer preferences towards healthier and more personalized products [7]. - The rise of alternative food options such as ready-to-eat meals and the decline of the "no-sugar tea" trend pose additional risks to Master Kong's market position [7].

大成律师事务所高级合伙人薛京 由北京市通州区人民政府指导，《财经》杂志、财经网、《财经智库》主办的"《财经》年会2026：预测与战略·年度对话暨2025全球财富管理论坛"于12月 18日至20日在北京举行，主题为"变局中的中国定力"。 12月20日，大成律师事务所高级合伙人薛京在发言时表示："这两年我们看到很多家族企业在传承中出现了内外动荡和整个股权价值、家族社会声望、家族 资产的损失，这是非常遗憾的。" "这不光是一个家族的课题，还是整个社会的事情和国家的课题，所以这个困局就要有人推动破局。"在她看来，股权信托是信托创新里最复杂、最难、最深 刻，也是最能够体现财富传承价值的。 薛京提到，家族企业传承涉及到所有权、控制权、经营权、受益权四权分设的系统规划，只有股权信托法律架构架构能够深刻承载、解决家族股权传承的六 大支柱问题：一是家族股权信托的顶层架构怎么设计；二是家族财富如何形成聚拢，实现家族一体进行全球资产配置；三是家族一二代接班布局和僵局的打 破；四是家族企业控制权顺利过渡和家族治理；五是家族后代人力资源的培养；六是家族股权在未来情势变更下的退出机制。 以下为部分发言实录： 林巍：我们圆桌讨论分成两个环 ...

年仅34岁、加入公司不足半年的郑虎，在父亲成为金字火腿（002515.SZ）实际控制人半年后，被迅速 推上了这家上市公司的总裁之位。 12月16日，被誉为"火腿第一股"的金字火腿发布了一则简短公告，宣布公司总裁郭波因"个人原因"辞 职。 短短几年，金字火腿经历数次实控人变化。近日，来公司仅半年的"90后"郑虎接任新总裁。郑虎是金字 火腿实控人郑庆昇之子。相比儿子火箭式当上总裁，郑庆昇今年上半年刚拿下金字火腿完成前人栽树。 父子控局速度之快，在金字火腿却并非先例。 金字火腿主业是火腿，强调要专注做强肉制品产业。但郑氏父子时代意欲进军半导体，今年7月，公司 成立福建金字半导体有限公司（简称"金字半导体"）。跨界是很多企业的选项，主业火腿跨界半导体， 这种"劈叉式"跨界，对公司发展利弊如何权衡？结合近几年金字火腿高层走马灯的情况，郑氏父子又将 会"逗留"多久？ 中国企业资本联盟副理事长、中国区首席经济学家柏文喜认为，大概率3年内见分晓。如果半导体投资 2026—2027年无法证券化，股价回调，质押盘承压，郑庆昇可能选择"逢高减持+引入战投"退出；若成 功上市，父子身价倍增，但仍需面对食品主业萎缩，可能把"壳"留给芯 ...

Core Viewpoint - The transfer of approximately 3.4 billion yuan worth of shares from the founder of Jintian Co., Ltd. to his children signals a significant generational transition in the company, with the founder's son, Lou Cheng, taking over as chairman after years of preparation and experience [1][7]. Group 1: Company Background and Development - Founded by Lou Guoqiang, Jintian Co., Ltd. evolved from a struggling grinding wheel factory into a leading global manufacturer of copper materials and advanced materials, with a current market capitalization of 18.38 billion yuan [1][6]. - The company successfully developed H59 and H62 copper rods in 1987, marking a turning point that restored its viability and solidified its focus on copper processing [2]. - In 1993, Lou Guoqiang recognized the market potential for oxygen-free copper wire, leading to significant investments that resulted in a rapid increase in company revenue [2]. - The company underwent a transformation into a group operation by 1995, diversifying its product offerings and establishing a strong market presence [2]. Group 2: Challenges and Strategic Decisions - The global financial crisis in 2008 posed severe challenges, with copper prices plummeting over 60%, but Lou Guoqiang implemented decisive measures to focus on core operations and high-value products [3][4]. - In 2009, while many companies were scaling back, Jintian Co., Ltd. expanded by investing in a high-precision copper strip project, which laid a solid foundation for future growth [3]. Group 3: Capital Market and Expansion - Lou Guoqiang's ambition to list the company on the stock market faced initial setbacks, but Jintian Co., Ltd. successfully went public in 2020, providing new capital for growth and expansion into high-end and green sectors [4][5]. - The company has established a diverse capital layout through domestic and international production bases and acquisitions, enhancing its competitive advantage globally [5]. Group 4: Generational Transition and Future Outlook - Lou Cheng, after years of experience in various roles, officially took over as chairman in 2023, marking a smooth transition of leadership within the family [7]. - In the first three quarters of 2025, Jintian Co., Ltd. reported a net profit of 588 million yuan, a year-on-year increase of 104.37%, indicating strong financial performance [8]. - The company has also made significant strides in new energy and AI-related markets, with substantial growth in sales of high-end copper products and green recycling initiatives [8].

崛起于二十世纪二十年代的郑氏家族已走过百年历程，旗下拥有新世界集团与周大福珠宝集团两大核心产业，业务覆盖房地产、酒店、珠宝等多个领域。 据《福布斯》2025中国香港富豪榜显示，郑氏家族以195亿美元（约合1400亿元人民币）身家位列第三。 近年来，新世界发展面临着巨大的债务压力，目前正通过债务重组和资产出售等措施正在努力改善财务状况。截至2025年6月30日，新世界的总债务约为 1461亿港元，净债务约为1201亿港元。此次拟出售瑰丽酒店资产，被视为郑氏家族纾困动作的重要一环。 拟出售瑰丽酒店 据报道，香港郑裕彤家族正寻求买家，计划出售家族旗下高端酒店品牌瑰丽酒店集团（Rosewood Hotel Group）的部分资产，以应对旗下地产公司新世界 发展面临的流动性挑战。 知情人士表示，郑氏家族代表已与多家公司初步接洽，就瑰丽投资组合中的资产可能出售进行探讨。这些洽谈尚处于初步阶段，最终是否成事仍有变数。 多年来，瑰丽酒店集团过往多年由郑家纯女儿郑志雯（Sonia Cheng）掌舵，由家族紧密持有的投资机构周大福企业有限公司（Chow Tai Fook Enterprises Ltd.）所有。 瑰丽品牌始于19 ...

Core Viewpoint - The article discusses the evolution and success of Merz Group, a family-owned pharmaceutical company founded in 1908, highlighting its growth into a global entity and the importance of family governance in its long-term strategy [1][2]. Group 1: Company History and Development - Merz Group was founded in 1908 by Friedrich Merz with an initial capital of 10,000 gold marks and a few drug patents, and has since grown to have a 117-year history [1][2]. - The company established a multinational market network starting in the 1930s with sales or representative offices in cities like Berlin, Vienna, Zurich, London, and Newark [3]. - Key product developments include the approval of Memantine for Alzheimer's disease in 2002 and the launch of a botulinum toxin product in 2005, which became a core product in the medical aesthetics sector [3]. Group 2: Family Business Dynamics - Merz Group remains a family business, emphasizing the role of family-owned enterprises in the European economy and the challenges of balancing family control with professional management [4]. - The company has a structured succession plan that includes a three-year training program for potential family successors, ensuring they understand the business operations and responsibilities [9][10]. - An external board of non-family members is established to evaluate candidates for leadership roles, ensuring a balance between family ties and professional governance [10][11]. Group 3: Strategic Insights and Market Challenges - Christian Baatz, a family member and managing director, attributes the company's success to long-term continuity and the ability to embrace change, particularly in expanding into the medical aesthetics field [8]. - The company faces challenges in the Chinese market, where it aims to establish a long-term presence and build brand recognition among local consumers and medical professionals [15]. - The global medical aesthetics industry is growing rapidly, presenting both opportunities and challenges, particularly in understanding diverse patient needs across different regions [16][18]. Group 4: Commitment to Safety and Quality - Merz Group emphasizes that safety is not just a slogan but a fact verified through clinical evidence, stemming from its pharmaceutical background [20]. - The company adheres to strict pharmaceutical standards, including extensive clinical trials and ongoing product quality monitoring, to ensure the safety of its medical aesthetics products [20].

Core Viewpoint - Ningbo Jintian Copper Co., Ltd. (Jintian Shares, 601609.SH) announced a change in the equity structure of its controlling shareholder, Jintian Investment, and a change in its actual controller, as the current controllers, Lu Xiaomi and Lou Guoqiang, transferred their shares to their children [1][6][12]. Group 1: Shareholder Changes - Lu Xiaomi plans to gift 50.7862% of Jintian Investment's shares to her son, Lou Cheng, while Lou Guoqiang will gift 19.9594% to Lou Cheng and 8.2018% to his daughter, Lou Jingjing [6][7]. - After the transfer, Lou Cheng will hold 70.7456% of Jintian Investment, and Lou Jingjing will hold 8.2018%, resulting in Lou Guoqiang and Lou Cheng as the new actual controllers [6][7]. - Jintian Investment currently holds 24.49% of Jintian Shares, equating to approximately 43 billion yuan in market value [8][12]. Group 2: Financial Performance - For the reporting period, Jintian Shares reported a revenue of 32.471 billion yuan, a decrease of 4.42% year-on-year, while the total profit was 248.77 million yuan, an increase of 59.66% [9]. - The net profit attributable to shareholders was 215.06 million yuan, up 30.30%, and the net profit after deducting non-recurring gains was 137.00 million yuan, a significant increase of 1,326.18% [9][11]. - The company achieved a total asset value of approximately 28.79 billion yuan, reflecting an 11.58% increase from the previous year [11]. Group 3: Company Overview - Jintian Shares has evolved from a copper smelting company to one of the largest producers of copper and copper alloy materials in China, with a comprehensive industrial chain and multiple production bases domestically and internationally [12]. - The company produced 191.62 million tons of copper and copper alloy materials in 2024, maintaining its position as an industry leader [13]. - Jintian Shares has also developed a significant rare earth permanent magnet materials business, which has become a second growth driver for the company [13].