导语 纳琳威的实践表明，在材料领域，单纯依赖外部供应链难以实现快速迭代与成本优化。 纳米级的创新正重塑中国材料产业的竞争格局。在材料科学领域，纳米技术正成为产业升级的关键驱动力。成立十年的纳琳威，以无机纳米应用研发为核 心，探索出一条以垂直整合和快速创新为核心的独特路径。 纳琳威创始人肖琳认为，纳琳威在新材料产业的核心优势就在于材料、工艺、装备与智能控制四大环节的协同。底层制造能力的打通是灵活响应市场需求 的基石。 从垂直整合到平台化运营 在材料行业，技术护城河的构建始于对产业链关键环节的掌控。纳琳威自2015年成立以来，便将核心资源投入自研技术，是一家集纳米金属氧化物粉体制 备、分散研磨、湿法造粒、双向拉伸薄膜、流延等加工制造于一体的垂直型全产业链集团企业。 纳琳威的实践表明，在材料领域，单纯依赖外部供应链难以实现快速迭代与成本优化。在PET光学薄膜研发中，公司可以通过自研设备与工艺，将纳米分 散均匀性提升至新高度，从而打破国外厂商的垄断。这种技术路径虽需长期投入，却能为企业带来更强的定价权与定制化能力。 从行业视角看，新材料企业正普遍从传统的垂直整合向平台化运营转型。这种转型源于市场需求的多变和技术融合的 ...

在材料行业，技术护城河的构建始于对产业链关键环节的掌控。纳琳威自2015年成立以来，便将核心资源投入自研技术，是一家集纳米金属氧化物粉体制 备、分散研磨、湿法造粒、双向拉伸薄膜、流延等加工制造于一体的垂直型全产业链集团企业。 纳琳威的实践表明，在材料领域，单纯依赖外部供应链难以实现快速迭代与成本优化。在PET光学薄膜研发中，公司可以通过自研设备与工艺，将纳米分散 均匀性提升至新高度，从而打破国外厂商的垄断。这种技术路径虽需长期投入，却能为企业带来更强的定价权与定制化能力。 纳米级的创新正重塑中国材料产业的竞争格局。在材料科学领域，纳米技术正成为产业升级的关键驱动力。成立十年的纳琳威，以无机纳米应用研发为核 心，探索出一条以垂直整合和快速创新为核心的独特路径。 从行业视角看，新材料企业正普遍从传统的垂直整合向平台化运营转型。这种转型源于市场需求的多变和技术融合的加速。据行业调研，超过60%的材料企 业正在建设类似的底层技术平台，以降低对单一产品的依赖。然而，这种模式对企业的技术积累和管理能力提出了更高要求，初期投入大、回报周期长成为 主要门槛。 纳琳威创始人肖琳认为，纳琳威在新材料产业的核心优势就在于材料、工艺 ...

2025年初，当宇树科技的人形机器人穿着花棉袄登上春晚舞台扭起秧歌，一股由"猎奇效应"点燃的机器 人租赁热潮迅速席卷华强北。 相关店铺纷纷改弦更张 "最热的时候，这层楼有好几家都是机器人租赁的，现在有的要么搬走，要么就开始卖一些AI机器人、 直播设备之类的。"在华强北的赛格电子市场五楼，商户老板刘强（化名）向记者表示，2025年一季度 是机器人租赁最火的阶段，当时机器人租赁占据最显眼的铺位。"租金水涨船高，单台人形机器人日租 金被炒至1.8万元—2.5万元之间，最高峰时期更是一机难求。" 但这种新奇感支撑的行情并未持续很久。近日，记者再次走访时，发现赛格电子市场的指引虽写着五楼 主营业务有机器人，但机器人租赁的店铺已经全然"改头换面"。这种变化具体什么时候开始的，刘强也 说不清楚："就是人越来越少，慢慢地有些店铺改卖小型的AI陪伴机器人，有的店铺转租了。" 取而代之的是，数百米之外的曼哈商业广场二楼一家由汪星人（广东）供应链科技有限公司运营的全球 机器人选品中心。2025年11月19日，全球机器人选品中心在深圳华强北正式开业。与早期散点式的机器 人租赁不同，这家选品中心并未将"出租机器人"作为唯一卖点，而是将 ...

全链布局筑优势，数字赋能领未来 ——访内蒙古诺厄工业科技有限公司董事长薛丽 以数字化重构工业供应链，用平台化链接产销两端。内蒙古诺厄工业科技有限公司，正是在这样的产业 背景下应运而生的一家新型工业品供应链整合服务商。它并非传统的生产型或简单的贸易型公司，而是 致力于构建一个连接万厂与万企的数字化协同平台，以创新的运营模式，推动工业品采购从关系驱动向 价值驱动的深刻变革。 数字化赋能则是该体系的引擎。面对百万量级的SKU和复杂的客户需求，诺厄工业选择自主开发并持续 优化供应商协同管理系统与数字化选型匹配平台。他们将海量产品数据进行结构化处理，建立多维度标 签体系，如应用工况、技术参数、材质规格、认证标准等。当终端客户发布招标需求或提出采购计划 时，公司的系统便会基于算法，快速从资源库中精准筛选出符合技术要求、性价比最优的多个产品选 项，并生成专业、详尽的技术应答方案与报价。这种"资源整合+数字化赋能"的运营模式，极大地提升 了需求响应的速度与精度，使公司能够快速响应国央企及上市公司的物资招标项目，成为工业供应链中 的重要链接者。 凭借扎实的运营基础与清晰的战略规划，内蒙古诺厄工业科技有限公司迅速在行业内站稳脚跟 ...

Core Viewpoint - Lakala is seeking to list its shares on the Hong Kong Stock Exchange, aiming for an "A+H" share structure, amidst challenges of declining revenue and net profit, as well as shareholder reductions, while focusing on international expansion and a "Payment+" transformation strategy [4][22]. Company Background - Lakala, originally founded as QianKun Times in January 2005, transitioned to its current brand in 2009 and became a public company in 2019. It has established itself as a leading independent digital payment service provider in China, primarily serving small and medium-sized merchants [5][6]. Revenue Challenges - Despite leading market share, Lakala has faced significant revenue fluctuations, with a reported revenue of RMB 59.28 billion in 2023, a slight decrease to RMB 57.54 billion in 2024, and a further decline of 11.2% in the first half of 2024 [7][8]. The company reported a total revenue of RMB 40.7 billion for the first three quarters of 2024, down 7.33% year-on-year [8]. Profitability Analysis - Lakala's net profit has shown considerable volatility, with figures of -RMB 14.38 billion in 2022, RMB 4.57 billion in 2023, and RMB 3.51 billion in 2024. The first half of 2024 saw a 45% decline in net profit compared to the previous year [13][18]. The decline is attributed to reduced revenue from its core digital payment services due to changing customer payment habits and stricter merchant entry standards [13][22]. Margin Insights - The overall gross margin improved from 22.8% in 2022 to 29.9% in 2024, with digital payment services' gross margin rising from 20.2% to 27.2% during the same period. However, the gross profit for the first half of 2024 decreased by 32.6% year-on-year [9][10]. Shareholder Dynamics - Lakala has experienced significant shareholder reductions, with major shareholders like Lenovo Holdings and Sun Haoran reducing their stakes in the company. This has raised concerns about the company's financial stability [21][22]. Regulatory Environment - The implementation of the "Non-Bank Payment Institutions Supervision and Management Regulations" in May 2024 has increased compliance pressures, potentially leading to higher operational costs and stricter business limitations [22][23]. Strategic Focus - Lakala is focusing on international expansion and platform-based operations, planning to use the funds raised from the Hong Kong listing to enhance its overseas market presence and technological capabilities. The company reported a 70.4% year-on-year increase in cross-border payment business clients [23][25]. Industry Trends - The payment industry is shifting towards platform-based solutions, with a growing emphasis on cross-border payments and integrated service offerings. Lakala aims to adapt to these trends to remain competitive in a rapidly evolving market [25].

Core Viewpoint - Guoshin Securities has given a "better than market" rating to Shangmei Co., predicting net profit attributable to shareholders of 1.107 billion, 1.388 billion, and 1.702 billion yuan for 2025-2027, with EPS of 2.78, 3.49, and 4.27 yuan per share respectively, and a target price range of 104.5-120.9 HKD per share [1] Group 1: Company Performance - The company is positioned as a leading domestic beauty brand, leveraging inclusive mechanisms, in-depth R&D, and diverse channels to solidify its performance base through its main brand, Han Shu, which has expanded its product categories and achieved breakthroughs with popular products [1][2] - The main brand Han Shu has achieved significant sales with its Hongman Waist set, ranking first on Douyin's beauty list for eight consecutive months in 2023, and has launched the X Peptide cream to achieve a breakthrough in single product sales [2] Group 2: Market Dynamics - The cosmetics industry has entered a phase of stable growth post-pandemic, with diminishing channel benefits and increasing competition from new brands, leading to a shortened growth lifecycle for single products [1] - Platform-based operational capabilities are crucial for beauty companies to overcome growth bottlenecks, allowing them to adapt to market changes and build a sustainable multi-brand and multi-category business matrix [1] Group 3: Multi-Brand Strategy - The company has developed reusable foundational capabilities in channels, R&D, and marketing, resulting in a platform-based development approach with multiple categories and brands [2] - The company has successfully penetrated niche markets with its multi-brand strategy, including high-end maternal and infant products, anti-hair loss care, and sensitive skin products, contributing to a diverse growth curve [2]

Core Viewpoint - Guosen Securities has given a "better than market" rating to Shangmei Co., predicting net profit attributable to shareholders of 1.107 billion, 1.388 billion, and 1.702 billion yuan for 2025-2027, with EPS of 2.78, 3.49, and 4.27 yuan per share respectively, and a target price of 104.5-120.9 HKD per share [1] Company Summary - Shangmei Co. is positioned as a leading domestic beauty brand, leveraging inclusive mechanisms, in-depth R&D, and diverse channels to solidify its performance base through its main brand, Han Shu, which has expanded its product categories and achieved significant sales through bundled offerings [1] - The company has developed reusable foundational capabilities in channels, R&D, and marketing, leading to a platform-based development model with multiple categories and brands [2] - The main brand Han Shu has achieved breakthroughs with products like the Hongman Waist Set and X Peptide Cream, while also expanding into hair care, men's products, and cosmetics [2] Industry Summary - The cosmetics industry has entered a stable growth phase post-pandemic, with diminishing channel benefits and increasing competition from new brands, resulting in shorter product growth life cycles [1] - Platform-based operational capabilities are crucial for beauty companies to overcome growth bottlenecks, allowing them to adapt to market changes and build a sustainable multi-brand and multi-category business matrix [1] - Companies like Shanghai Jahwa, Proya, and currently Shangmei have successfully established platform systems to achieve sustainable growth through industry fluctuations [1]

Core Insights - The article emphasizes the role of technology-driven private enterprises in enhancing the resilience and vitality of the Chinese economy, with a focus on the digital empowerment of physical businesses by the company [1] Group 1: Company Strategy - The company launched the "Cross-Industry Alliance Ground Promotion Project" in March 2022, marking a significant step in its platform strategy aimed at breaking industry boundaries and promoting cross-sector business cooperation [3] - The core "altruistic" philosophy of the company translates into operational mechanisms such as resource sharing, joint marketing, and cross-referral, significantly enhancing market responsiveness and customer loyalty for merchants [3] - The company has successfully integrated nearly 400,000 alliance merchants, over 80,000 business representatives, and 25 million members, creating an efficient collaborative network across the country [3] Group 2: Service Expansion and Employment - The company is expanding its services and new employment forms through the establishment of a specialized customer service platform, a lecturer training mechanism, and grid-based ground promotion, which enhances operational efficiency and creates diverse job opportunities [3][5] - The company effectively connects online malls, offline supermarkets, and alliance business circles, promoting the circulation of traffic and allowing small merchants to access broader consumer markets [5] - The company provides a digital supply chain management system, smart store tools, and operational training, facilitating the digital transformation of traditional small and medium-sized merchants, thereby enhancing their competitiveness and risk resistance [5] Group 3: Strategic Developments - On August 8, 2025, during the "New Start · Long-term Vision 2025 Technology Strategy Release and Comprehensive Training Conference" held in Hainan, the company announced its global headquarters relocation and strategic upgrade, demonstrating its commitment to long-term planning [5] - The event strengthened government-enterprise collaboration and marked the company's entry into a new phase of comprehensive deepening and ecological co-construction [5] Group 4: Industry Impact - The company's practices illustrate that private enterprises can achieve self-breakthroughs through platform and ecological innovation paths while driving broader market participants to grow together [7] - The company is evolving from a technology enterprise into a significant force in advancing the evolution of physical commerce [7]

Core Viewpoint - The market value and valuation of Zijin Gold International can be roughly determined following the disclosure of more details regarding its IPO, with an expected market value of approximately HKD 187.85 billion after listing [1][4]. Summary by Sections IPO Details - Zijin Mining announced the progress of its spin-off listing, planning to issue between 349 million to 401 million shares, representing approximately 13.3% to 15% of the total shares post-global offering, at a price of HKD 71.59 per share [1][3]. - The anticipated annual net profit for Zijin Gold International is estimated at around USD 1.04 billion, leading to a price-to-earnings (P/E) ratio of about 23 times, significantly higher than Zijin Mining's current P/E ratio of around 15 times [1][6]. Market Impact - The IPO is set to raise over HKD 20 billion, marking it as the second-largest IPO in the Hong Kong market this year, following CATL [1][8]. - The total market capitalization of the "Zijin system," including Zijin Mining, Cangge Mining, and Zijin Gold International, is expected to approach RMB 1 trillion [1][6]. Strategic Importance - The spin-off listing of Zijin Gold International is a crucial part of Zijin Mining's market value management strategy, aimed at enhancing the overall value and shareholder value of the company [2][6]. - Zijin Gold International will remain a controlled subsidiary of Zijin Mining, contributing to the consolidation of its gold assets and improving asset securitization levels [2][6]. Future Prospects - Zijin Gold International is projected to become a key platform for Zijin Mining's international gold business, focusing on overseas gold mines, while domestic assets remain unintegrated [11][15]. - The company is expected to pursue further resource acquisitions, supported by the funds raised from the IPO, to enhance its resource reserves and project development [9][11].

Core Viewpoint - The article discusses the upcoming IPO of Zijin Gold International, a subsidiary of Zijin Mining, highlighting its potential market value and the strategic implications for the company and its shareholders [1][3]. Group 1: IPO Details - Zijin Gold International plans to issue between 349 million to 401 million shares at a price of HKD 71.59 per share, which could result in a market capitalization of approximately HKD 187.85 billion post-listing [1][4]. - The expected annual net profit for Zijin Gold International is estimated at around USD 1.04 billion, leading to a price-to-earnings ratio of about 23 times, significantly higher than Zijin Mining's current valuation of around 15 times [1][6]. Group 2: Market Impact - The IPO is set to be the second-largest in the Hong Kong market this year, raising approximately HKD 24.985 billion, which will support Zijin Mining's future resource acquisitions [8]. - The total market capitalization of the "Zijin system," including Zijin Mining, Zijin Gold International, and other strategic investments, is approaching RMB 1 trillion [5][10]. Group 3: Strategic Positioning - The listing of Zijin Gold International is part of Zijin Mining's broader strategy to enhance its market value and asset securitization, particularly during a rising gold price cycle [3][6]. - Zijin Gold International will focus on overseas gold operations, while Zijin Mining continues to manage various domestic assets, indicating a strategic separation of operations [10][11].