以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 来源丨快刀财经（ID：kuaidaocaijing） 作者丨朱末 图源丨Midjourney 新年伊始，万象更新，很多企业却没能挺到2026年的钟声敲响。 近日，东莞制造业再传重磅消息，有着26年历史、巅峰时超万名员工的"长荣东莞玩具厂"，因订单暴 跌四成，经营陷入绝境而宣布结业。其母公司华盛玩具董事会最终确定停产清算方案，这家制造业龙 头标杆至此谢幕，留下无数唏嘘。 一石激起千层浪，东莞的玩具产业被推上风口浪尖。作为"中国潮玩之都"，东莞聚集了超4000家玩 具生产企业和近1500家上下游配套企业，形成了强大的产业集群。 过去数十年间，东莞更是凭借着毗邻香港、劳动力及土地成本低等优势，以及实施外向带动的经济战 略，将"玩具代工"模式做到了炉火纯青，流水生产线日夜轰鸣，厂商们赚得盆满钵满。 然而，时过境迁，如今不少东莞玩具厂房门口的招工启事早已泛黄，取而代之的是"厂房招转让"的告 示，在市场的大浪淘沙中纷纷倒下：过度依赖代工模式，缺乏产品创新能力，利润越来越低， ...

Core Viewpoint - The company is transitioning from a B2B model to a B2C model, focusing on self-owned brands and domestic sales, while achieving significant revenue growth in its fitness and wellness segment [1][2]. Group 1: Company Transition and Growth - The company started as an export OEM for stationery and has recently expanded into the home fitness e-commerce sector, with a change in actual control to Ningbo State-owned Assets Supervision and Administration Commission in 2022 [1] - The company has a three-year profit commitment of 240 million yuan from 2022 to 2024, with revenue growth rates of +3% in H1 2023, +43% in H1 2024, and +20% in H1 2025 [1] - The share of self-owned brands (OBM) is expected to increase from 15% in 2020 to 30% in 2024, indicating a shift from OEM to OBM [1] Group 2: Market Performance and Supply Chain - The educational and leisure segment is stabilizing, primarily targeting the North American market, with revenue growth rates of 0.57% in 2023, 23.83% in 2024, and 3.15% in 2025 [1] - The supply chain, featuring dual bases in Ningbo and Anhui along with production capacity in Vietnam, supports flexible customization for various product categories and small-batch orders [1] - The company is developing its own brands like PAPERAGE, and the Vietnam base is not yet at full capacity, suggesting potential for further margin improvement as domestic cultural and IP businesses grow [1] Group 3: Fitness Brand Development - The fitness brand is experiencing rapid growth, with a projected revenue increase of nearly 140% in 2024, and core products ranking highly in Amazon's niche categories [2] - The company is focusing on direct sales through its official website, with website revenue surpassing Amazon's by September 2025, and has opened its first offline experience store in the U.S. in April [2] - The operational model combines multi-platform traffic generation, offline experiences, and website conversion to enhance user engagement and brand pricing power [2] Group 4: Domestic Market Expansion - The company is in the early stages of domestic market expansion, with only 1.7% of revenue from domestic sales in H1 2025, and plans to focus on three main areas: cultural products, IP toys, and AI toys [2] - The "Jinfeng" brand is collaborating with famous temples for cultural products, leveraging traditional cultural recognition and emotional value [2] - The company has established resources in both upstream IP and downstream channels, with products already in over 500 boutique bookstores and toy stores [2] Group 5: Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are 2.28 billion, 2.76 billion, and 3.40 billion yuan, with year-on-year growth rates of +17%, +21%, and +23% respectively [3] - Net profit forecasts for the same years are 118 million, 158 million, and 200 million yuan, with growth rates of +10%, +34%, and +27% respectively, leading to EPS of 0.66, 0.88, and 1.11 yuan [3] - The company is expected to benefit from synergies in IP development, channel integration, and brand promotion, with a target price of 31.61 yuan based on a 36x PE valuation for 2026, initiating coverage with a "buy" rating [3]

"十四五"以来，我国体育产业稳步发展。数据显示，2023年全国体育产业总规模已达3.67万亿元，年均 增速10.3%，增加值达1.49万亿元。2024年底，体育领域国家级专精特新"小巨人"企业达146家，比2022 年底翻了一番多。今年上半年，体育用品进出口总额超155亿美元。 从"手搓"到"智造"，从代工、贴牌到自主研发、打造自己的品牌，跑步机、椭圆机、划船机、动感单 车、羽毛球等越来越多带着"中国造"标识的体育用品出口至全世界，为经济高质量发展贡献更多力量。 从"手搓"到"智造" 11月28日，福建厦门市同安工业集中区，一家运动器材公司生产车间内，一节节钢板正被传送上激光切 割台，自动切割、打孔。这条智能化生产线，冲孔、折弯、焊接、打磨、喷涂、总装等工艺全程自动 化，仅需一天，一台跑步机就能被生产出来。 眼下，这家企业12.5万平方米的工厂处于满负荷运转。该企业总经理助理黄金生介绍："当前正是一年 中的生产、销售高峰，订单已经排到明年，我们的跑步机七成以上出口海外，销往100多个国家和地 区，其中欧美与东南亚地区销量占据较大份额。"厂区的发货平台前，10多个标准集装箱一字排开，等 待产品下线后装箱、进港， ...

Group 1: Leadership Changes - Dongfeng Group announced the board's recommendation to appoint Feng Changjun as the executive director, pending approval at the extraordinary general meeting, with an initial term of three years [1] - Following his appointment, Feng Changjun will also serve as the company's president and authorized representative under the listing rules [1] - Current executive director Yang Qing will no longer serve as the authorized representative but will continue as the executive director, chairman of the board, and a member of the remuneration and nomination committees [1] Group 2: Sales Performance - In November 2025, Dongfeng Group's sales reached 196,000 units, a year-on-year increase of 10.0%, with new energy vehicle (NEV) sales at 61,900 units, up 50.7% [5][14] - Cumulatively, from January to November 2025, total sales were 1.697 million units, a slight decline of 0.3% year-on-year, while NEV sales totaled 450,000 units, reflecting a growth of 40.6% [5][14] Group 3: Brand Performance - The growth in Dongfeng's sales is primarily attributed to the increase in NEVs, significantly driven by the performance of its own brands [16] - Lantu Motors achieved record sales in November, with 20,005 units sold, marking a 100% increase year-on-year, and cumulative sales for the first eleven months reached 132,632 units, up 92.0% [16] - The company has launched several models under Lantu, including the Lantu FREE and Lantu Dreamer, with the latest model, Lantu Taishan, being a large plug-in hybrid SUV [16] Group 4: New Product Launches - Dongfeng Nissan is accelerating its transition to new energy vehicles, with the launch of the Nissan N6 model on December 1, 2025, priced between 91,900 to 121,900 yuan [18] - The Nissan NX8, expected to launch in the first half of 2026, is designed as a mid-to-large-sized new energy SUV, featuring advanced battery technology and multiple powertrain options [20] - The market dynamics are shifting as domestic brands rise and joint ventures face unprecedented competition, indicating a critical transformation period in the Chinese automotive market [20][21] Group 5: Future Outlook - Dongfeng Group has significant opportunities for growth in enhancing its own brand capabilities and deepening its new energy business layout [21] - The ability to capture the core tracks of electrification and intelligence will be crucial for Dongfeng to overcome market challenges and seize new industry opportunities [21]

人民日报记者 窦瀚洋 今年10月，浙江义乌打造的新一代市场综合体——第六代市场核心项目全球数贸中心正式启用。自 20世纪80年代初首个小商品市场开业以来，义乌市场历经数次易址、数次跃迁，规模和能级不断提升。 记者采访了3家小商品经营商，通过他们的故事，看40多年来义乌如何从"马路市场"发展成为"世界超 市"。 ——编者 传统摊位多以批发基础款毛绒玩具为主，相比之下，何涛的店面不仅毛绒玩具种类更多，还创设了 专门的DIY体验区，更符合年轻人的消费偏好。告别传统铺货，采用"批零结合"的新模式，何涛期待着 在新店铺大展拳脚。 望远镜经营商陈嘉佳—— 毛绒玩具经营商张春花—— "市场更大了，店铺更宽敞，像在逛商场" 10月14日，浙江义乌第六代市场核心项目全球数贸中心正式启用。开业当天，73岁的张春花特意赶 到新市场，庆贺外孙何涛的新店开张。"市场更大了，店铺更宽敞，像在逛商场！"张春花说。 1982年9月，义乌正式开放稠城镇湖清门小百货市场，该市场为露天马路市场，共有705个摊位，经 营2200多种商品；1984年12月，新马路市场建成，成为义乌的第二代小商品市场，实现了由"马路市 场"向"以场为市"的转变，这里便 ...

今年10月，浙江义乌打造的新一代市场综合体——第六代市场核心项目全球数贸中心正式启用。自20世 纪80年代初首个小商品市场开业以来，义乌市场历经数次易址、数次跃迁，规模和能级不断提升。记者 采访了3家小商品经营商，通过他们的故事，看40多年来义乌如何从"马路市场"发展成为"世界超市"。 ——编者 毛绒玩具经营商张春花—— "市场更大了，店铺更宽敞，像在逛商场" 10月14日，浙江义乌第六代市场核心项目全球数贸中心正式启用。开业当天，73岁的张春花特意赶到新 市场，庆贺外孙何涛的新店开张。"市场更大了，店铺更宽敞，像在逛商场！"张春花说。 1982年9月，义乌正式开放稠城镇湖清门小百货市场，该市场为露天马路市场，共有705个摊位，经营 2200多种商品；1984年12月，新马路市场建成，成为义乌的第二代小商品市场，实现了由"马路市 场"向"以场为市"的转变，这里便是张春花经商的起点。 "水泥板固定摊位，靠头上的钢架玻璃瓦棚顶遮风挡雨。"赶上高峰期，市场摊位很紧俏，张春花每天都 要早早去市场占位，"看到空地就赶紧把布铺开，争分夺秒做生意。" 1986年9月，新马路市场迁址扩建至城中路义乌小商品市场，这里成为第三代 ...

今年10月，浙江义乌打造的新一代市场综合体——第六代市场核心项目全球数贸中心正式启用。自20世 纪80年代初首个小商品市场开业以来，义乌市场历经数次易址、数次跃迁，规模和能级不断提升。记者 采访了3家小商品经营商，通过他们的故事，看40多年来义乌如何从"马路市场"发展成为"世界超市"。 ——编 者 毛绒玩具经营商张春花—— "市场更大了，店铺更宽敞，像在逛商场" 10月14日，浙江义乌第六代市场核心项目全球数贸中心正式启用。开业当天，73岁的张春花特意赶到新 市场，庆贺外孙何涛的新店开张。"市场更大了，店铺更宽敞，像在逛商场！"张春花说。 1982年9月，义乌正式开放稠城镇湖清门小百货市场，该市场为露天马路市场，共有705个摊位，经营 2200多种商品；1984年12月，新马路市场建成，成为义乌的第二代小商品市场，实现了由"马路市 场"向"以场为市"的转变，这里便是张春花经商的起点。 "水泥板固定摊位，靠头上的钢架玻璃瓦棚顶遮风挡雨。"赶上高峰期，市场摊位很紧俏，张春花每天都 要早早去市场占位，"看到空地就赶紧把布铺开，争分夺秒做生意。" 1986年9月，新马路市场迁址扩建至城中路义乌小商品市场，这里成为第三 ...

今天上汽集团发布销量数据，1-11月销售整车410.8万辆，同比增长16.4%，销量已超去年全年。其中， 上汽自主品牌销售266.6万辆，同比增长25.7%；新能源车销售149.9万辆，同比增长38.8%；海外市场销 售96.9万辆，同比增长3.4%。预计在自主品牌、新能源、海外市场"新三驾马车"的积极拉动下，全年整 体销量有望实现较快增长。 ...

Core Insights - Guangdong's foreign trade has achieved significant growth during the "14th Five-Year Plan" period, surpassing 8 trillion and 9 trillion yuan in total trade value, marking historical highs [1] - The province's contribution to national foreign trade growth has increased from 17.8% in 2021 to 38.4% in 2024, solidifying its role as a key player in China's foreign trade [1] Trade Market Expansion - Guangdong has diversified its trade markets, with ASEAN becoming its largest trading partner, reaching an import-export scale of 1.45 trillion yuan in 2024, a growth of 33.5% [2] - Exports to emerging markets such as Latin America, the Middle East, India, Russia, and Central Asia have seen substantial increases, with growth rates of 76.8%, 55.1%, 70.8%, 103.6%, and 208.9% respectively [2] - Trade with countries involved in the Belt and Road Initiative reached 3.48 trillion yuan, growing by 36.4% and accounting for 38.3% of Guangdong's total trade [2] Trade Structure Optimization - General trade has become increasingly significant, with a 46.1% growth in general trade imports and exports, contributing to a 6.3 percentage point increase in overall trade growth [2] - The number of private enterprises engaged in import-export activities rose from 77,000 to 123,000, a 60.7% increase, with their trade value growing by 48.2% [2] Export Dynamics - The export of electric vehicles and lithium batteries has surged, with growth rates of 31 times and 1.3 times respectively, reflecting a shift towards advanced manufacturing and green low-carbon industries [3] - The export scale of integrated circuits, computers, and ships has increased by 77.5%, 70.3%, and 1.7 times compared to the end of the "13th Five-Year Plan," enhancing Guangdong's share in national exports of these products [3] - Self-branded products now account for 21.1% of total exports, up 2.6 percentage points from 2020, indicating a strong global presence of "Guangdong manufacturing" [3] Import Trends - The demand for imports has shifted towards new and high-quality products, with significant growth in the import of integrated circuits, semiconductor manufacturing equipment, and computers, showing increases of 27.1%, 190.3%, and 132.2% respectively [3] - There has been a notable rise in imports of agricultural products and pharmaceuticals, with growth rates of 26.7% and 27.4% respectively, reflecting the increasing domestic consumption needs [3]

Core Viewpoint - Longxin General is transitioning from OEM to developing its own brands, focusing on the motorcycle and general machinery sectors, with a strong emphasis on global expansion and product quality improvement through partnerships, particularly with BMW [14][15][16]. Group 1: Business Overview - Longxin General has diversified its product lines, including motorcycles, engines, ATVs, and general machinery, with a focus on the "motorcycle + general machinery" business model [3][20]. - The company aims for its motorcycle and general machinery business revenues to account for 75% and 21% of total revenue, respectively, by 2024 [3][22]. - The company has undergone a significant ownership change, with the new major shareholder being Zongshen New Manufacturing, which is expected to resolve industry competition issues [20][28]. Group 2: Market Expansion - The company is aggressively expanding its high-end motorcycle brand, Wujing, into European and South American markets, where it has already established brand recognition, particularly in Spain with a market share exceeding 5% [5][42]. - The global market for ATVs is projected to reach $15 billion by 2028, with Longxin General aiming to enhance its market share by leveraging its engine advantages [6][7]. - The company has seen a rise in motorcycle engine exports, supported by the increasing demand for Chinese motorcycles in international markets [9][43]. Group 3: Financial Performance - Longxin General's revenue has shown a compound annual growth rate (CAGR) of 10.2% from 2015 to 2024, with a significant recovery expected in 2024, driven by motorcycle exports and the recovery of general machinery business [34]. - The company's net profit is projected to increase by 92.3% in 2024, primarily due to reduced impairment losses and growth in high-end motorcycle sales [34][35]. - The gross margin is expected to improve to 17.6% in 2024, reflecting a recovery in profitability as the company reduces impairment losses and increases the share of high-margin products [35][40]. Group 4: Product Development - Longxin General has developed a comprehensive product matrix, including various types of motorcycles, engines, and general machinery, with a focus on high-performance and cost-effective products [25][31]. - The company has established stable partnerships with leading global manufacturers, enhancing its product quality and supply chain management capabilities [15][31]. - The product offerings include a wide range of motorcycles, from high-end models to ATVs, with a focus on meeting diverse market demands [25][26]. Group 5: Competitive Landscape - The global motorcycle market is dominated by Japanese and Indian brands, with Longxin General aiming to increase its market share through strategic international expansion [44][46]. - The company is positioned to benefit from the growing demand for motorcycles in emerging markets, particularly in South America and Southeast Asia, where it has identified significant growth opportunities [67][70]. - Longxin General's strategy includes a "1+N" market approach, focusing on deepening its presence in one market before expanding to similar markets, which is expected to enhance its competitive position [5][42].