12月6~7日，由《中国企业家》杂志社主办的2025（第二十三届）影响力企业家年会（原中国企业领袖 年会）在北京召开。在"弧光600秒"环节，梓如集团创始人兼董事长廖任熙分享了她的决策故事。 以下为精彩观点： 专题：2025《中国企业家》影响力企业家年会 那些真正决定企业高度的，往往是在巨大的压力下、在你为自己决策而买单的那个瞬间。 文|《中国企业家》记者 邓双琳 1．如果一个企业没有核心竞争力，就没有未来，所以唯有转型。 2．那些真正决定企业高度的，往往是在巨大的压力下、在你为自己决策而买单的那个瞬间。 3．在无人喝彩的时候，我们要相信自己的判断，在至暗时刻，要坚守住内心的那道微光。 4．在创业的海洋里，我们需要有劈波斩浪的极致，更需要有坚定航向的孤勇。 以下为演讲内容整理（有删减）： 今天（12月6日）刚好也是我们企业创立18周年的纪念日，接下来我将用三道弧光来分享一下我的心路 历程。 第一道弧光为"断腕之光"，它发生在2017年。那一年我们完成了第一个目标：挂牌新三板。其实内心是 无比煎熬的，因为当时公司的主业是做OTA（在线旅游）和机票批发，前方被OTA（在线旅游）平台流 量挤压，后方又有航空公司的各 ...

Core Viewpoint - Xiaomi's stock price has experienced significant volatility, with a nearly 100% increase in the first half of the year followed by a decline of over 35% from its June peak, reflecting the challenges faced by the company and its founder Lei Jun's influence on market sentiment [1] Group 1: Stock Buyback and Market Response - Lei Jun's recent investment of over 100 million HKD in Xiaomi shares and the company's aggressive stock buyback strategy, with a single buyback amount reaching up to 400 million HKD, are seen as efforts to instill confidence in the market [1] - Following these actions, Xiaomi's stock price rose over 5% on November 25, returning above 40 HKD, indicating a potential recovery trend [1] Group 2: Business Challenges - Xiaomi's smartphone business, a cornerstone of the company, reported a revenue of 46 billion CNY in Q3 2025, a year-on-year decline of 3.2%, with a gross margin dropping to 11.1% due to rising manufacturing costs and aggressive pricing strategies from competitors like Huawei [2] - The IoT and lifestyle products segment, while showing a revenue growth of 5.6% to 27.6 billion CNY in Q3, faced a 15.7% decline in smart home appliance revenue, attributed to reduced government subsidies and intensified competition [2] Group 3: Automotive Business and Trust Issues - Xiaomi's automotive division has seen rapid growth, with the 500,000th vehicle rolling off the production line in just over a year, but it faces scrutiny over product quality and marketing practices, leading to a potential trust crisis [4] - Controversies surrounding the SU7 Ultra model, including legal disputes over marketing claims, have raised questions about the integrity of the company's messaging and the founder's accountability [5][6] Group 4: Industry Implications - The challenges faced by Xiaomi reflect broader issues within the Chinese electric vehicle industry, which is transitioning from a focus on hardware to software reliability and ethical data use, highlighting the need for improved transparency and communication [6] - The company's reliance on founder Lei Jun's personal brand and the need for a shift from a "celebrity-driven" model to one based on product reliability and service quality are critical for regaining consumer trust [7]

老牌零售巨头中百集团抛出了一份"减法"方案。 12月4日晚间，中百集团发布公告称，公司在2025年上半年已关闭13家仓储大卖场，截至目前，公司共计关闭了30家仓储大卖场，预计因此产生的关店损 失高达1.8亿元。 超七成被裁撤仓储大卖场长期亏损 根据中百集团披露的公告，公司关闭的30家仓储大卖场分布广泛，涵盖湖北省内多个城市。 《每日经济新闻》记者注意到，对于近年来业绩承压的中百集团而言，这一损失无疑是一记重拳。面对线下折扣店、会员店的激烈竞争以及渠道分流的加 剧，传统实体商超大卖场客流量持续减少。 今年前三季度，中百集团营收、净利润双降，其中，归母净利润亏损5.80亿元，同比下降74.83%。此次大规模关店不仅是中百集团对长期亏损资产的一次 集中出清，也是其在行业变革浪潮中试图通过"断臂求生"来换取转型空间的无奈之举。 从关闭原因来看，"门店亏损"是主要原因。有23家门店的关闭原因被明确标注为"门店亏损"，占比高达76.7%。 因"门店亏损"关闭的包括开业近20年的老店，如2005年12月开业的武穴购物广场门店，以及2008年开业的嘉鱼潘家湾店、崇阳购物广场门店等。这些门店 承载着当地的消费记忆，也曾是中百集 ...

每经记者｜彭斐 每经编辑｜何小桃 魏官红 老牌零售巨头中百集团（000759.SZ，股价7.16元，市值47.44亿元）抛出了一份"减法"方案。 12月4日晚间，中百集团发布公告称，公司在2025年上半年已关闭13家仓储大卖场，截至目前，公司共计关闭了30家仓储大卖场，预计因此产生的关店损 失高达1.8亿元。 《每日经济新闻》记者注意到，对于近年来业绩承压的中百集团而言，这一损失无疑是一记重拳。面对线下折扣店、会员店的激烈竞争以及渠道分流的加 剧，传统实体商超大卖场客流量持续减少。 今年前三季度，中百集团营收、净利润双降，其中，归母净利润亏损5.80亿元，同比下降74.83%。此次大规模关店不仅是中百集团对长期亏损资产的一次 集中出清，也是其在行业变革浪潮中试图通过"断臂求生"来换取转型空间的无奈之举。 超七成被裁撤仓储大卖场长期亏损 根据中百集团披露的公告，公司关闭的30家仓储大卖场分布广泛，涵盖湖北省内多个城市。 从关闭原因来看，"门店亏损"是主要原因。有23家门店的关闭原因被明确标注为"门店亏损"，占比高达76.7%。 因"门店亏损"关闭的包括开业近20年的老店，如2005年12月开业的武穴购物广场门店 ...

Core Viewpoint - Chitianhua (600227.SH) is struggling in a loss-making situation due to the dual impact of industry cyclical downturn and internal transformation failures, with no signs of recovery in sight. The latest financial report indicates a decline in revenue and an expansion of net profit losses [1][9]. Group 1: Financial Performance - In the first three quarters of 2025, Chitianhua reported a revenue of 1.569 billion yuan, a year-on-year decrease of 7.96%, and a net profit attributable to shareholders of -152 million yuan, a decline of 340.46% [2][10]. - The third quarter performance was particularly poor, with revenue of 439 million yuan, down 31.10% year-on-year, and a net profit of -104 million yuan, a staggering decline of 4960.36% [2][10]. - The company's gross margin fell by 2.41 percentage points to 8.9%, while the net margin dropped by 7.69 percentage points to -9.72% [3][11]. Group 2: Operational Challenges - The revenue decline was primarily due to maintenance shutdowns at its subsidiary Tongzi Chemical, leading to reduced production and sales [3][11]. - The increase in coal production and operating costs, along with inventory write-downs, contributed to the profit decline [3][11]. - Despite the losses, the operating cash flow remained positive, largely due to a 67.27% decrease in accounts receivable [3][12]. Group 3: Business Segments - Chitianhua's main business has evolved from a single chemical enterprise to a diversified group across chemicals, healthcare, and coal [5][13]. - The chemical segment, still the largest revenue source, saw mixed performance with urea sales down 8% to 447,600 tons and a 17.92% drop in average selling price to 1,686.07 yuan per ton, resulting in a revenue decline of 24.51% [6][14]. - The coal business, initiated through an asset swap in September 2023, reported a significant increase in coal production but incurred a gross loss of 58.34 million yuan due to high production costs and low market prices [7][15]. Group 4: Future Outlook and Risks - The coal asset acquisition was made at a high premium, with a valuation increase of 419.47%, but the acquired assets were already in a loss-making state [8][15]. - Performance commitments for the coal assets are unlikely to be met, raising concerns about future profitability [8][16]. - The healthcare segment, operated by Daqin Hospital, has not shown significant improvement and remains in a loss position due to high fixed costs [8][16].

近日，武商集团股份有限公司（以下简称"武商集团"）发布公告称，其全资子公司武汉江豚数智科技有限公司（以下简称"江豚数科"）与杭州小电科技股份 有限公司（以下简称"小电科技"）的创始人唐永波签署意向协议，拟收购小电科技70%-100%股权，这一跨界并购旨在推动传统零售企业向商业科技公司转 型，也让曾经站在共享经济风口的小电科技再次成为市场焦点。 本次并购交易分为两步，第一步，武商集团受让标的公司小电科技70%股份，剩余30%由唐永波和员工持股平台等持有；第二步，盈利承诺期届满后，武商 集团按照届时协商确定条件收购剩余30%股份。 作为"中国商业第一股"，武商集团的发展轨迹近年略显波折。自1992年上市以来，该公司虽在湖北本地市场积累了深厚基础，但数十年间未能有效突破地域 限制，超九成收入仍依赖本地市场，核心业态集中于10家购物中心和超市。 在电商冲击与消费需求迭代的双重影响下，武商集团业绩呈现波动态势。2022年至2024年该公司营收从63.37亿元波动至71.78亿元后回落至67.04亿元；归母 净利润连续3年维持在2亿-3亿元区间，未能实现实质性增长。2025年前三季度武商集团营收同比下滑11.64%，第三 ...

Core Viewpoint - Shangwei Co., Ltd. plans to invest 520 million yuan in Sichuan Zhongfu Taihua New Materials Technology Co., Ltd., increasing its registered capital from 500 million yuan to 1.02 billion yuan, with Shangwei holding a 51% stake post-investment [1] Group 1: Investment Details - The investment will be funded by 220 million yuan from Shangwei's own funds and a 300 million yuan special loan from its controlling shareholder, Fuhua Chemical [1] - The entire investment amount will be utilized for the existing and planned project construction of Sichuan Zhongfu Taihua [1] Group 2: Strategic Implications - This capital increase is a significant step for Shangwei to expand its electronic chemicals business, transitioning from a single specialty cable manufacturing model to a dual-driven model of "cables + chemicals" [1] - The move aims to cultivate a second growth curve for the company [1]

Core Viewpoint - Yuwang Bio Nutrition Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for expansion and financial relief amid concerning financial signals [1][3]. Financial Performance - Yuwang Bio is the largest supplier of food-grade refined fish oil globally, holding an 8.1% market share, surpassing the combined share of its next four competitors [3]. - The company reported a significant drop in net profit by 74% in the first half of 2025, with a net profit of only 22.76 million yuan [3][6]. - Revenue decreased by 27.13% year-on-year in the first half of 2025, with gross margin falling from 29.6% to 20.7% [6]. Dividend and Debt Concerns - The company distributed a substantial dividend of 320 million yuan prior to its IPO, which exceeds its total net profit over the past three years, raising questions about its financial management [3][5]. - As of the end of 2024, the company's debt-to-asset ratio reached 90.39%, indicating a high-risk financial position [3][5]. Governance and Ownership Structure - Yuwang Bio exhibits a typical family-controlled governance model, with the founding family holding over 84% of the shares, leading to concerns about decision-making being heavily influenced by family interests [4][5]. - The management team holds less than 1% of the shares, which raises questions about alignment with broader shareholder interests [4]. Market Position and Challenges - The company relies heavily on a single product category, with over 98% of revenue coming from fish oil products, making it vulnerable to fluctuations in raw material prices [6]. - The price of the core raw material, crude fish oil, has seen significant volatility, impacting profit margins [6]. - Yuwang Bio's sales are largely dependent on third-party intermediaries, limiting its control over the market and brand pricing power [7]. Customer Base and Market Strategy - The number of customers has decreased significantly, with domestic and international clients dropping from 310 and 240 in 2024 to 190 in the first half of 2025 [8]. - The company's revenue from its most important overseas market, the U.S., has declined from 15.5% in 2022 to 11.9% in the first half of 2025, indicating growing risks associated with its export-dependent business model [8]. Future Outlook - The new leadership under Liu Rucui aims to transform Yuwang Bio into a global nutrition company, focusing on international market expansion [9]. - The upcoming IPO is seen as a critical step for the company to secure necessary funding for technological upgrades and to alleviate financial pressures [5][9]. - However, the company faces skepticism regarding its governance structure and the sustainability of its profits, which could hinder its IPO success [9].

门店结构调整与加盟转型虽推动营收增长，却未能遏制亏损扩大；面对行业竞争与品控挑战，来伊份的 破局之路依然漫长。 10月29日，来伊份公布2025年三季报，公司营业收入为28.5亿元，同比上升13.1%；归母净利润自去年 同期亏损4262万元变为亏损1.25亿元，亏损额进一步扩大；扣非归母净利润自去年同期亏损7515万元变 为亏损1.36亿元，亏损额进一步扩大；经营现金流净额为7822万元，同比下降64.5%；EPS（全面摊 薄）为-0.3748元。 其中第三季度，公司营业收入为9.14亿元，同比上升25.2%；归母净利润自去年同期亏损5755万元变为 亏损7466万元，亏损额进一步扩大；扣非归母净利润自去年同期亏损6626万元变为亏损7966万元，亏损 额进一步扩大；EPS为-0.2232元。 01 增收不增利，转型代价显现 来伊份营收增长与利润下滑并存的现象，折射出公司当前战略调整的代价。公司持续推进的"万家灯 火"战略，重心已从规模扩张转向单店盈利模型优化和加盟推广。 这一转变带来的直接影响是直营门店规模的收缩和加盟门店占比的提升。 门店结构调整过程中产生的各类成本，成为拖累利润的重要因素。直营门店转为加 ...

Group 1: Chromologics Financing - Danish biotechnology company Chromologics has completed a financing round of €7 million (approximately ¥57.22 million) [3] - The funding will be used to obtain regulatory approvals for its natural red pigment product Natu.Red from the European Food Safety Authority (EFSA) and the U.S. Food and Drug Administration (FDA) [3] - Chromologics focuses on developing fermentation-based natural pigments that are heat-resistant and stable in pH, suitable for vegetarians and not limited by seasonal agricultural constraints [3] Group 2: China Beverage Industry - China Resources C'est Bon Beverage has increased its registered capital from approximately $83.29 million to about $253 million, a growth of approximately 204% [5] - This capital increase will significantly enhance the company's financial strength, providing a solid funding guarantee for business expansion and optimizing the supply chain [5] - The company aims to invest more in environmentally friendly packaging and smart production to adapt to changing market demands due to consumer upgrades [5] Group 3: Burger King China - Burger King China has increased its registered capital from approximately $460 million to about $475 million, an increase of over 3% [7] - This capital increase aligns with RBI's earlier plan to invest $150 million in Burger King China, reflecting confidence in the long-term development of the Chinese market [7] Group 4: Kering's New Investment Department - Kering's CEO Luca De Meo plans to establish a new department named "House of Dreams" to identify and invest in emerging brands with growth potential [9] - This initiative aims to create new revenue streams for Kering and reduce reliance on underperforming brands [9] Group 5: LVMH's Investment in Le Parisien - LVMH will inject €150 million into its struggling newspaper Le Parisien to improve its financial situation [11] - The group has requested a loss reduction plan from the management by the end of the year to restore financial balance [11] - While selling the newspaper is not currently on the agenda, it remains a possibility if consensus on the loss reduction strategy is not reached [11] Group 6: Prada's Real Estate Acquisition - Prada Group announced a significant real estate transaction worth €66.6 million to expand its headquarters in Milan [14] - The acquisition aims to consolidate offices and showrooms currently scattered across multiple buildings in Milan, enhancing operational efficiency [14] Group 7: EssilorLuxottica's Stake in Armani - EssilorLuxottica is reportedly interested in acquiring a 5%-10% stake in the Italian luxury brand Armani Group [17] - The acquisition would not involve operational participation or board seats for EssilorLuxottica [17] Group 8: Pronovias Sale Process - Bain Capital and MV Credit have initiated a sale process for the high-end bridal group Pronovias [20] - The sale follows multiple injections of capital to avoid bankruptcy since acquiring majority ownership in late 2022 [20] Group 9: lululemon Leadership Changes - lululemon's Americas President Celeste Burgoyne will resign after 19 years, remaining until the end of 2025 for a smooth transition [23] - André Maestrini has been appointed as President and Chief Commercial Officer, responsible for global business strategy and brand expansion [23] Group 10: Shake Shack CFO Departure - Shake Shack's CFO Katherine Fogertey will officially leave on March 4, 2026, transitioning to a senior advisor role [26] - The company has established a "CFO Office" to ensure financial functions continue smoothly during the transition [26]