▲这是灵兽第1741篇原创文章 过去太多公司证明过我能很快、我能很大、我能很热闹，但很少有人证明我能持续。 作者/李又寻欢 ID/lingshouke 在零售行业，这两年大家最怕看到两种内容：一种是"我们增长很快"，另一种是"我们找到了未来方 向"。 因为太多公司，在这两句话后面，往往接着的是关店、裁员，或者悄无声息地退场。 所以，当盒马CEO严筱磊在2026年第一天发出全员信时，真正值得看的，并不是"营收同比增长超 40%"这句话本身，而是这40%到底是怎么来的，它靠的是什么，以及它刻意没说什么。 另外，盒马的GMV从750亿冲到1000亿只是时间问题，但"赚钱"这件事在中国新零售史上一直是稀缺 品。过去太多公司证明过我能很快、我能很大、我能很热闹，但很少有人证明我能持续。 所以，如果一定要给这封全员信一个更大的意义，那不是"盒马赢了"，而是中国零售终于出现了一种可 能性——不靠概念，不靠补贴，靠业态模型和深度执行，把增长和利润重新绑在一起。 穿越周期,赢得未来,2026启航 亲爱的盒马同学们, 新年的钟声敲响,我谨代表公司向每一位伙伴致以最诚挚的问候! 2025年是零售行业深刻变革的一年,也是盒马人用行动 ...

Core Insights - The CEO of Hema, Yan Xiaolei, announced a target for overall revenue growth exceeding 40% year-on-year by 2025, with Hema Fresh and Super Hema serving over 100 million consumers [1] - Hema Fresh plans to enter 40 new cities by 2025, while Super Hema aims to open over 200 new stores [1] - The company will focus on enhancing supply chain resilience, creating an exceptional user experience, and boosting organizational efficiency to meet consumer upgrade demands [1] Financial Performance - Hema's overall GMV exceeded 75 billion yuan last year, and it achieved positive adjusted EBITA for the first time [1] - It is estimated that Hema's GMV could surpass 100 billion yuan by the end of the 2026 fiscal year [1] Strategic Focus - The strategic focus will be on Hema Fresh and Super Hema, with the former replicating successful models and the latter refining quality models [1] - Currently, Hema operates nearly 500 Hema Fresh stores and 400 Super Hema stores nationwide [1]

新浪科技讯 1月1日上午消息，盒马CEO严筱磊今天发布的新年全员信中披露，2025年盒马整体营收同 比增速超40%。 根据该全员信的内容，盒马鲜生与超盒算NB双业态已服务超1亿消费者。2025年，盒马鲜生进入了40个 新城市，超盒算NB新开门店超过200家。 严筱磊写道，盒马将围绕"深化供应链韧性、打造极致用户体验、激发组织效能"，更好地满足消费者的 消费升级需求。 责任编辑：石秀珍 SF183 新浪科技讯 1月1日上午消息，盒马CEO严筱磊今天发布的新年全员信中披露，2025年盒马整体营收同 比增速超40%。 根据该全员信的内容，盒马鲜生与超盒算NB双业态已服务超1亿消费者。2025年，盒马鲜生进入了40个 新城市，超盒算NB新开门店超过200家。 严筱磊写道，盒马将围绕"深化供应链韧性、打造极致用户体验、激发组织效能"，更好地满足消费者的 消费升级需求。 责任编辑：石秀珍 SF183 ...

Group 1: Economic Overview - The U.S. GDP growth for Q3 2025 reached 4.3%, surpassing the previous quarter's 3.8% and exceeding market expectations of 3.9%-4.0%, marking the fastest growth in two years [3][4] - The growth was driven by a 3.5% increase in consumer spending, expanded business investments, and stable trade policies, while the core PCE inflation rate rose to 2.9%, indicating some inflationary pressure [3][5] - The Federal Reserve plans to implement only one more interest rate cut in 2026, maintaining a cautious monetary policy stance to balance economic growth and inflation control [5] Group 2: Impact on Chinese Sellers - Strong consumer spending growth in the U.S. presents significant opportunities for Chinese cross-border sellers, particularly in categories like electronics, home decor, and leisure products [6][8] - Increased business investments in the U.S. indicate a rising demand for industrial equipment and digital solutions, creating a favorable environment for Chinese B2B sellers [6] - The stability in U.S. trade policies reduces risks associated with tariffs on Chinese goods, allowing for better long-term inventory planning and pricing strategies [6][8] Group 3: Strategies for Chinese Sellers - Chinese sellers should optimize product positioning and market strategies to align with U.S. consumer trends, focusing on high-demand categories [7][8] - Enhancing supply chain resilience and logistics capabilities is crucial, especially in light of ongoing global supply chain challenges [7][8] - Establishing a local entity in the U.S. can improve brand credibility and operational efficiency, with services like those offered by lngStart facilitating this process [9][10]

Core Insights - The narrative of Chinese companies expanding overseas is shifting, with a growing focus on European markets as sellers diversify away from the U.S. market due to external pressures like tariffs [1][2] - eBay has launched the "European Gold Rush Plan," highlighting Europe as a significant growth market, comparable to the U.S. market a decade ago [1][3] - The resilience of the Chinese supply chain and the adaptability of sellers are becoming more pronounced, allowing companies to deepen their roots in the U.S. market while exploring new opportunities in Europe [1][9] Group 1: Market Trends - Many sellers are increasingly recognizing the potential of the European market, especially after the U.S. imposed tariffs, leading to heightened competition [2][4] - eBay's data indicates that the online automotive parts market in Europe is projected to reach $30 billion by 2025, with significant growth in various automotive components [3] - The European market is characterized by strong consumer purchasing power, with prices often higher than in the U.S., presenting opportunities for brand premiumization [3][4] Group 2: Challenges and Opportunities - Entering the European market is more complex than the U.S. due to higher compliance requirements, including VAT registration and varying regulations across countries [5][7] - The high compliance barriers may deter less serious competitors, leading to a healthier competitive environment focused on product innovation and brand value [5][6] - Companies are advised to adopt a targeted approach rather than a broad distribution strategy, focusing on competitive niche products [7] Group 3: Resilience in the U.S. Market - The U.S. market is undergoing a significant reshuffle, with opportunities arising from product differentiation and seller evolution despite increased competition [8][9] - Sellers are finding new profit spaces through specialization and innovation, as traditional broad distribution models become less viable [9][10] - The adaptability of Chinese sellers and the robustness of the supply chain are key factors in maintaining competitive advantages, even amidst fluctuating tariff policies [9][10]

Group 1: Company Overview and Strategy - The company has established the Jerry Min Electric Energy Group to enhance its power business and integrate resources in the power sector [2] - The company has a strong focus on the development of gas turbine power generation equipment, achieving significant orders in North America due to its high standards in reliability, responsiveness, and stability [3] Group 2: Market Presence and Product Offering - The company has successfully sold and leased gas turbine generator sets in the North American market, building a solid brand reputation and performance foundation for entering the data center power generation sector [3] - The company offers comprehensive energy solutions with its power generation equipment designed for quick transport, on-site assembly, and flexible expansion, addressing challenges such as tight project timelines and limited space [3] Group 3: Supply Chain and Delivery Assurance - The company has built a global supply chain system and established strategic partnerships with major manufacturers like Siemens and Kawasaki Heavy Industries to ensure robust product delivery [4] - The company has expanded its production capacity in the U.S. to meet the demand for various equipment types, including electric drive and turbine fracturing equipment [4] Group 4: Strategic Partnerships - In October 2025, the company completed a bulk procurement layout for Kawasaki gas turbines and signed a strategic cooperation agreement to enhance market development and integrate global technology resources [5]

（来源：中国经济导报） 转自：中国经济导报 如果将这些"找朋友"的"线"画在地球上空去俯瞰，会发现它们就如同国际航线般错综复杂，有些与我们 的联系还不够紧密。中国作为全球经济的"压舱石"之一，随着国际政治经济地位提升、分量增大，朋友 多了，同时竞争对手也多了。要成功有效应对这些合纵连横的"线"和"簇"，就不能学美国搞"小院高 墙"，而应以主动开放、制度创新和务实对接，将自身发展深度融入全球经济体系，赢得更多朋友。 要巩固"基本盘"，将周边和传统伙伴关系作为战略依托，通过升级规则保持合作吸引力；也要掌握"主 动权"，在新兴领域设置议程、提供合作解决方案；还要构筑"韧性节点"，凭借在特定领域的优势，成 为全球供应链中不可或缺的一环；更要推进"制度型开放"，通过国内改革与国际规则接轨，成为连接不 同经济板块的"桥梁"。 回看2025，展望2026，我国在参与全球经济中面临的挑战不少，但只要应对得当，未来仍会是美好的。 这一年，记者观察到国家、组织之间的合作确实空前频繁。但与谁合作，合作什么，"国各有志"。例 如，阿联酋、新西兰、新加坡、瑞士等依赖贸易的14个中小型国家建立了未来投资与贸易伙伴关系，关 注公平贸易、供 ...

中新网南宁12月24日电 (蒋雪林 范立强 梁丽敏)年终盘点中国与东盟的经贸关系，一组数据令人印象深 刻：今年前11个月，东盟是中国第一大贸易伙伴，中国对东盟进出口6.82万亿元人民币，同比增长 8.5%。中国与东盟累计双向投资在今年7月已超过4500亿美元。 这不仅仅是数字的增长，更揭示了一种深刻的演变——双方正从以货物贸易为主的"贸易伙伴"，快速迈 向价值链深度互嵌、彼此成就的"产业链共同体"。近日于广西南宁举行的中国(广西)—东盟智库对话论 坛上，这一趋势成为中外专家热议的焦点。 中国与东盟的产业合作，已不再是传统的垂直分工。中国国际发展知识中心研究员龙海波研究发现，中 国对东盟的出口中，机电产品等资本品和中间品占比突出，而东盟对华出口商品结构也呈现出从资源密 集型向制造业并重的升级趋势。黄烨菁将此概括为从"成本与产能合作"向"产业链协同与智能化、绿色 化场景拓展"的转型。中国企业带来的不仅是资金，更有技术、标准和人才培训，深度参与并助推了东 盟国家的工业化进程。李向阳强调，以共建"一带一路"框架下经济走廊的升级建设为抓手，未来有望构 建起更紧密的区域性价值链网络。 图为第22届中国—东盟博览会开幕式现 ...

Core Viewpoint - The strategic partnership between Yuanfei Pet and the trendy toy brand Heyone is expected to leverage Yuanfei's supply chain advantages, enhancing production capacity and exploring new markets [1] Group 1: Strategic Partnership - Yuanfei Pet has formed a strategic cooperation with Heyone, primarily focusing on OEM production [1] - Yuanfei Pet has a well-established manufacturing and supply chain management system in the pet food and supplies sector, which is adaptable to high-quality and safety-demanding trendy toy products [1] Group 2: Brand Development - Heyone is an original IP-centric trendy toy brand that has developed recognizable IPs such as "Oh Zai," "MIMI," and "R3NA," gaining traction among young consumers [1] - The collaboration is expected to facilitate the full release of future production capacity and exploration of new fields [1] Group 3: Global Expansion and Production Capacity - Yuanfei Pet is advancing its global production layout, having established a mature management team in Cambodia, where existing production bases are operating at full capacity [1] - New production capacity is expected to be released in 2026, while the construction of a production base in Bangladesh is progressing steadily, which will enhance global supply chain resilience [1] - The trend of overseas business development is positive, and the impact of tariff adjustments on product profits is expected to be limited [1]

当胖东来宣布进军郑州，且其首店位置与规划中的山姆会员店近在咫尺时，零售界的目光瞬间聚焦。一个是以"极致服务"和"人性光辉"闻名、深耕河南的区 域零售传奇；另一个则是凭借会员制与全球供应链横扫中国中产家庭的国际仓储巨头。 两者在郑州的即将相遇，被外界渲染为一场"本土情怀"与"全球模式"的正面交锋。然而，胖东来，这位被网友亲切称为"胖东来"的零售明星，其近年来在商 品策略上的某些动向，是否意味着它正在有意或无意地借鉴山姆等会员仓储店的经典打法？本文将深入剖析。 在探讨具体策略之前，必须认清胖东来与山姆的基因有着本质区别。它们的成功，源于完全不同的商业哲学和土壤。 在大包装销售方面，山姆的大包装是其商业模式的自然产物，服务于家庭每周或每月的集中采购需求，以降低单次使用成本。胖东来在部分商品（如坚果、 零食）上也提供大规格包装，但这更多是为了满足顾客的多样化需求和对高性价比的追求，并非其核心的销售模式。 胖东来的生鲜品类依然强调"日清"和高周转，与山姆仓储式的大包装囤货逻辑存在显著区别。关于爆款单品策略，山姆是制造爆款的高手，通过强大的买手 团队和供应链能力，打造出具有社交货币属性的"网红商品"。 胖东来同样不乏人气 ...