时隔半年，友阿股份收购半导体公司的草案出炉！ 作为一家曾经冲刺IPO的公司，尚阳通在IPO时期的业绩蒸蒸日上。然而此次"牵手"上市公司，其基本面表现发生了较大变 化…… 业绩下滑75% 据悉，尚阳通聚焦高性能半导体功率器件研发、设计和销售。而友阿股份以百货零售为主要业务，此次并购将构成跨界收 购。 值得一提的是，标的公司尚阳通曾闯关科创板IPO。 上交所官网显示，尚阳通科创板IPO于2023年5月30日获得受理，当年6月22日进入问询阶段，不过2024年7月3日IPO撤单。 IPO终止不足半年，尚阳通便拟借并购曲线上市。 重组草案显示，2023—2024年，尚阳通实现的营业收入分别为67339.36万元、60572.66万元，净利润分别为8270.47万元、 4567.14万元，经营活动产生的现金流量净额分别为-22094.90万元、18352.17万元。 可以看出，尚阳通近两年的业绩波动较大。2024年，标的公司的收入下滑10%，净利润下滑44.78%，经营活动产生的现金 流量净额虽然远超当期净利润，但2023年—2024年累计流出3742万元。 5月27日晚间，湖南友谊阿波罗商业股份有限公司（下称"友阿股 ...

Core Viewpoint - Jiyuan Holdings Group Co., Ltd. has been announced to be delisted from the Shenzhen Stock Exchange due to its stock price falling below 1 yuan for twenty consecutive trading days, with the delisting effective on May 29, 2025 [1] Group 1: Company Performance and Financials - Jiyuan Holdings, originally a chemical company, transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3] - The company engaged in aggressive acquisitions, acquiring over ten companies within three years, with its pharmaceutical segment accounting for 70% of total revenue at its peak, leading to a market capitalization exceeding 5 billion yuan [3] - However, the acquired companies' performance deteriorated post-acquisition, with Zhejiang Yalida Gelatin Co., Ltd. reporting a 94% drop in net profit in 2019, and Changchun Puhua Pharmaceutical Co., Ltd. incurring direct losses [3] - Since 2019, Jiyuan Holdings has been in a continuous loss state, accumulating losses exceeding 3.7 billion yuan [4] Group 2: Attempts at Restructuring and Ownership Changes - The company has made several attempts to change ownership in response to its financial struggles, but all efforts have failed [5] - In 2019, an agreement to transfer shares to Jilin Jisheng Asset Management was terminated due to disagreements on key terms [5] - A proposed acquisition of Xiu Zheng Pharmaceutical was also abandoned due to regulatory uncertainties, leading to scrutiny from the Shenzhen Stock Exchange [5][6] - In 2020, a deal to transfer control to Ben Cao Hui Pharmaceutical faced disputes over payment, resulting in legal proceedings [6]

本次交易前，ST联合主营业务包括互联网数字营销、旅游目的地运营和"跨境购"业务。润田实业则主 要从事包装饮用水的生产和销售，其主要产品包括"润田"纯净水及苏打水、蜂蜜水等新品和"润田翠"矿 泉水。2024年，润田实业位列中国饮料行业包装饮用水、天然矿泉水"全国双十强"。 值得一提的是，作为江西知名矿泉水品牌，润田实业曾有冲刺上市的计划，公司曾于2022年9月办理上 市辅导备案，拟在上交所主板上市，但此后并未有实质性进展。 对于ST联合而言，此次收购有望增强上市公司盈利能力。"报告期内，标的公司收入及利润总体保持持 续增长的势头，本次交易将显著增强上市公司的盈利能力和核心竞争力。"交易预案显示，根据未经审 计的财务数据，润田实业2023年和2024年分别实现净利润1.47亿元、1.77亿元。 从ST联合自身来看，其归母净利润已连续2年亏损，公司2023-2024年归母净利润分别为-0.13亿 元、-0.64亿元。另外，2025年一季度，公司实现营收0.87亿元，同比下滑29.16%；归母净利润亏损 853.63万元，同比下滑94.98%。 消息面上，5月28日，ST联合披露发行股份及支付现金购买资产并募集配套资 ...

Core Insights - The rise of "main operator brands" is driven by consumer demand for personalized and high-quality experiences, emphasizing brand stories, values, and cultural significance [2][3] - These brands are characterized by their unique positioning and innovative business models, becoming essential components of retail and commercial spaces while fostering emotional connections with consumers [3] Industry Overview - Main operator brands initially gained popularity in niche markets such as streetwear and music, but have since expanded into various sectors including retail, dining, entertainment, and home goods [3] - Examples include: - Qianyuan Qipao in Nanjing, a heritage brand for traditional Qipao [3] - "Yangying's Fire Pit," evolving from a youth hostel to a bar that combines folk music and bonfire experiences [3] - MOF Girls' Department Store, established in 2020, now boasts over 2 million loyal fans [3] Restaurant Sector - Metal Hands Coffee, founded in Beijing in 2016, has gained international recognition, ranking 38th among the world's best cafes [4][6] - Jumping Sea Tavern, launched in 2019, has rapidly expanded to 41 locations across 16 cities, with plans to double its store count by mid-2024 [7][9] - Bistro Strong, known for high-quality lamb dishes, has been featured in the Michelin Guide for three consecutive years [10][12] - Nongfu, focusing on "Asian light meals," has established 12 locations, primarily in Shenzhen [13][15] Retail Sector - 1807, a lifestyle brand founded in 2015, has over 200 million fans and operates 30 stores, with plans to open an additional 10-15 by 2025 [16][18] - Badmarket, a trendy convenience store, has expanded from Guangzhou to multiple cities, gaining popularity among young consumers [19][21] - "Eat Tea Go," known for its original designs, saw a 259% increase in sales during a promotional period [23] - COCO ZONE, a high-end women's fashion brand, achieved a GMV of over 5 billion in 2023 and plans to integrate live retail with physical stores [24][26] Experience Sector - Super Monkey, founded in 2014, has over 260 locations, offering a unique no-membership fitness model [33][34] - LeKe Sports, with a focus on smart equipment and a multi-brand strategy, plans to expand to 2,000 locations by early 2025 [35] - Nai'erbao, a family-oriented entertainment brand, has opened 43 indoor parks across 21 cities, serving over 40 million families [36][38] - Yangying's Fire Pit combines live music with a unique social experience, expanding its presence in multiple cities [39][41] - Dongjiao Home, an O2O massage service platform, has over 30,000 registered technicians and plans to go public by 2027 [42][44] Commercial Insights - Main operator brands are rapidly emerging in the commercial sector, driven by unique cultural elements and personalized services [45] - Continuous innovation and deepening personalization are essential for maintaining competitiveness [46] - Digital marketing and online channel expansion are becoming increasingly important for brand visibility and consumer engagement [47] - Cross-industry collaborations can enhance brand appeal and market reach [48] - Emphasizing product quality and brand reputation is crucial for long-term success [49]

"中国文旅市场的活力正在不断释放，尤其是在中国政府持续推动文旅消费、提振内需的背景下，我们 看到了双重利好：一方面是入境游持续回暖，另一方面是本地旅行需求向更多元、更深度的方向延 展。"希尔顿集团大中华区及蒙古商务发展高级副总裁黄劼近日在接受经济日报记者采访时表示。 目前，希尔顿集团在中国已开设酒店超过840家，遍布中国260多个目的地。黄劼表示，中国市场具有巨 大的消费潜力，集团相信，凭借希尔顿的全球网络、强大的会员生态和本地化运营经验，希尔顿能持续 为中国宾客带来更高品质、更具个性化的旅行体验。 希尔顿集团日前宣布与滴滴出行达成战略合作，以实现双方会员生态互通。双方将整合住宿与出行场景 资源，推出"住行一体"会员权益体系，实现会员价值在住宿与出行两大场景的衔接与延伸。 此次希尔顿集团与滴滴出行达成战略合作，是集团首次将出行场景深度融入酒店会员权益体系。黄劼表 示，会员的需求正在变得越来越多元，他们更重视会员身份带来的体验与价值感。 此次合作也标志着希尔顿荣誉客会在本地生活服务领域的又一次拓展。 消费者的需求是什么？如何为会员创造更多价值？这是希尔顿集团探索合作领域创新与业务深度拓展的 核心问题。"当我们的 ...

Group 1 - The AI + Low Altitude Economy Investment Summit Forum was held in Shenzhen, showcasing the integration of technology and culture as a driving force for innovation [1] - The first "Low Altitude AI Smart Retail Store" was launched, marking the implementation of the "Low Altitude Economy + Consumption" innovation model [2][3] - The store features immersive smart consumption scenarios, integrating humanoid robots and intelligent flying devices, creating a comprehensive ecosystem of technology display, product experience, and consumption conversion [2] Group 2 - Strategic partnerships were formed with art and cultural spaces to enhance the retail experience, aiming to create a "Technology and Culture Complex" [2][3] - The debut of a series of portrait paintings of academicians by local artist Zhang Wuchang highlighted the fusion of high-end art and technology consumption scenes [2][4] - The low altitude AI smart retail store plans to implement a "buy and return" tax refund policy, positioning itself as a "Technology and Cultural Landmark" for global visitors [3] Group 3 - The integration of technology, art, and consumption in a single space aims to create a "city living room" for innovation in China [3][4] - The forum outlined a blueprint for the low altitude economy, emphasizing the importance of combining hard technology with soft power for future urban development [4]

5月25日—29日，以"深化改革增动能 扩大开放促发展"为主题的第二十届中国 西部国际博览会在 成都举行，作为本届西博会"唯一指定用酒"，五粮液携全链成果亮相，立体展现了其"因酒而生，却 不止于酒"的产业跨界融合风采，以多个领域的科技创新，展现东方酿造的产业链革新之路。 开幕式现场 西博会发端于西部大开发、始创于2000年，至今已成功举办了19届，是西部地区规模大、门类全、 影响力强的开放合作展会平台，作为中国对外开放的重要窗口，已经成为世界了解中国西部、中国西 部走向世界的重要桥梁和纽带。 作为川酒代表和行业龙头企业，五粮液积极参与西部大开发，坚持"做强酒业 做优非酒 做大平台"发 展战略，迅速成长为一家以酒业为核心，涉及绿色包装、机械制造、智慧物流、金融投资、大健康产 业等领域的特大型国有企业集团。 跨界融合发展 "因酒而生，却不止于酒" 今年西博会上，五粮液深度参与各项活动，并在欢迎会上，展示中国传统酿造技艺的深厚底蕴，以一 杯"大国浓香"架起中国与世界美美与共的交流桥梁。与此同时，五粮液还创新展陈方式，"从一粒种 子到一瓶美酒，从一瓶美酒到美好生活"，全产业链展示了以酒业为根，多元协同发展，以科技创新 ...

余花荣提到的警务室于2022年10月正式开始运营；同期挂牌内设的还有江宁博望/跨界一体化联合人民 调解委员会（下称"调解委员会"）；2025年4月，以横溪街道便民服务中心为依托的两省一街社会综合 治理政务服务中心（下称"服务中心"）正式入驻。 上述这一融合了公安警力、司法调解、政务服务等部门资源的示范性跨界"综合体"，共覆盖了江宁、博 望两个区域共约16万居民。警务室方面，两地居民的身份证、户籍、证明类等业务已实现了互办互认； 调解委员会方面，自设立以来已调解跨省居民和企业纠纷200余件；服务中心方面，政务服务便民窗口 可办理的事项清单有32项，窗口累计办件1504件。 关于司法调解促进两地产城融合，江苏省江宁区丹阳司法所所长周德宏介绍称，从过去经验来看，江 宁、博望两个区域的司法案件和纠纷主要集中在建设施工、工伤理赔、公共事务等领域。比如，建设施 工方在跨界工程建造中把博望当地百姓田地的排水沟堵住了，当地司法所就需要在接到投诉后第一时间 处理；再如，博望当地百姓之前进行家用水表拆分，但由于供水水管设在丹宁，这就需要协调丹宁水务 部门来操作。 融合了公安警力、司法调解、政务服务等部门资源的示范性"综合体"，正 ...

记者：伍秀 2013 年，杨旭毕业于剑桥大学，进入摩根大通从事投资与财务分析工作。2019 年，她加入纽约证券交 易所，出任中国区负责人。在任期间，凭借敏锐的市场判断力与战略执行力，她将纽交所在中国的市场 份额从 22% 提升至 90%，成功协助 30 余家亚太地区的领先企业登陆资本市场，累计融资金额超过 170 亿美元，显著提升了纽交所在全球市场的影响力。 转型进入私募股权投资领域后，杨旭在华平投资主导消费科技板块，参与多个标志性项目；随后在 Hedosophia 深耕金融科技与 SaaS 领域，带领团队发掘出一系列高成长潜力的优质公司。 2024 年，杨旭开启职业生涯新篇章，创立 Buttonwood Capital 并成功完成 8000 万美元的首期基金募 集，随即主导了对物理仿真平台 Flexcompute 的 5300 万美元投资。与此同时，她也成为 Flexcompute 的 联合创始人兼总裁，与 Cadence、NVIDIA 等行业巨头建立深度合作关系，正式迈入"投资人 + 创业 者"并行的新阶段。 从剑桥学子、华尔街分析师，到全球资本市场的操盘手，再到深度参与技术创业的创始人，杨旭每一次 职业 ...

Core Insights - The潮玩 industry is transitioning from a focus on figurines to a broader range of products, driven by consumer demand for emotional connection and social value [1][11] - Companies are diversifying their product offerings and pricing strategies to cater to a wider audience, moving beyond traditional toy categories [4][10] Category Expansion - The潮玩 market has expanded from primarily figurines to include plush toys, building blocks, jewelry, and card games, creating differentiated competitive advantages [3] - The plush category is expected to perform particularly well by 2025, as evidenced by the successful global launch of泡泡玛特's LABUBU series, which topped the App Store shopping charts in the U.S. [3][4] Financial Performance - 泡泡玛特's latest financial report indicates an increasing revenue share from the plush category, reflecting a shift in consumer interest towards diverse product experiences [4] - The company is implementing differentiated pricing strategies to cover various consumer segments, enhancing market penetration [4] Cross-Industry Collaboration - The collaboration between潮玩 brands and popular IPs, such as the film《哪吒之魔童闹海》, has proven to enhance product value and market reach [6][7] - Cross-industry partnerships are seen as a growth engine, allowing潮玩 brands to tap into new consumer demographics and cultural experiences [7] Content Ecosystem - The潮玩 industry is evolving from mere visual appeal to a focus on storytelling and cultural significance, with IP-driven content ecosystems becoming essential for consumer loyalty [8][10] - Companies are investing in both internal IP development and external collaborations to enrich their content offerings and enhance brand engagement [10] Emotional and Cultural Transformation -潮玩 products are increasingly viewed as cultural symbols that allow consumers to express individuality and seek community recognition [11] - The industry is exploring interactive experiences, such as theme parks and social events, to strengthen emotional ties between consumers and IPs [11]