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古越龙山:走出江浙沪舒适区,同步拓展全国化和全球化
Cai Jing Wang· 2025-09-26 07:26
(上证路演) 9月26日,古越龙山举办2025半年度业绩说明会。会上管理层提到,今年,公司将继续坚持高端化、年 轻化、全球化、数字化发展思路,扎实推进运营管理各项基础工作,力争酒类销售增长6%以上,利润 增长3%以上。 面对激烈的酒类市场竞争,公司重点做好以下几方面工作:一是在文化和品牌输出方面,从库藏资源、 品牌历史、文化传承等时间积淀中挖掘稀缺性和独特性,做好黄酒高端引领;二是在科技赋能方面,从 黄酒产业园5G智能工厂投产、加大研发投入科技创新中汲取动力,提升生产效率和效能 ;三是在触达 新消费群体方面,分析洞察Z世代消费趋势持续进行品类创新,构建新型消费场景,从年轻化策略中捕 捉增长机会;四是在全球化布局方面,在目前江浙沪以外市场销售占比达42%的良好局势下,继续勇于 开拓和破局,带头走出江浙沪舒适区,同步拓展全国化和全球化。随着高端黄酒认知不断深化、品牌势 能不断提升、全国化网络日益完善以及产业园投产后的产业集群优势都将持续转化为市场竞争力。 (编辑:林辰)关键字: 古越龙山 黄酒 ...
奇瑞汽车登陆港股:中国汽车全球化与新能源转型的双重样本
Xin Lang Cai Jing· 2025-09-26 03:03
Core Viewpoint - Chery Automobile officially listed on the Hong Kong capital market on September 25, 2023, with an opening price of HKD 34.2 per share, an increase of 11.22% from the issue price [2][4]. Group 1: Company Overview - Chery Automobile, founded in 1997, has become the second largest independent brand car manufacturer in China and the eleventh globally, with projected global sales exceeding 2.295 million units in 2024, a year-on-year increase of 49.4% [5]. - From 2022 to 2024, Chery's revenue surged from CNY 92.6 billion to CNY 269.9 billion, with a compound annual growth rate (CAGR) of 70.7%, while net profit increased from CNY 5.8 billion to CNY 14.3 billion, with a CAGR of 57.1% [5][6]. Group 2: Growth Model - Chery's unique "four-track" growth model allows it to achieve strong growth across fuel vehicles, new energy vehicles, domestic markets, and overseas markets simultaneously, providing a diversified revenue source and reducing risks associated with single market dependence [6][10]. - The IPO was oversubscribed by approximately 10 times, indicating strong market demand, with the final issue price set at HKD 30.75 per share, resulting in a market capitalization of HKD 177.34 billion [6][11]. Group 3: New Energy Transition - Chery's transition to new energy vehicles is gaining momentum, with a projected year-on-year sales increase of over 265% in 2024, reflecting its commitment to becoming a leading player in the new energy sector [7][10]. - The company employs a multi-technology approach, including pure electric, plug-in hybrid, and range-extended technologies, addressing market concerns such as range anxiety [10]. Group 4: Globalization Strategy - Chery has maintained its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years, with over 3,169 overseas dealerships and sales exceeding 13 million vehicles globally [12][14]. - The company has established local R&D centers in various countries, enhancing its ability to provide customized products and services that meet local market demands [14][15]. - Chery's overseas revenue accounted for 32.8% to 38.5% of total revenue from 2022 to Q1 2025, showcasing its ability to mitigate regional market fluctuations and benefit from both emerging and developed markets [15].
2023丨直击 TikTok 听证会,日益收紧的包围圈
晚点LatePost· 2025-09-26 00:35
Core Viewpoint - TikTok faces significant challenges in the U.S. due to increasing scrutiny from lawmakers and potential legislative actions that could lead to its breakup or ban, reflecting a growing resistance to globalization in a politically charged environment [3][5][6]. Group 1: Hearing Overview - The U.S. Congress held a hearing on TikTok, marking the first time in three years that the company’s CEO, Shou Zi Chew, attended to address concerns about data privacy and national security [3][4]. - The hearing lasted nearly five hours, during which Chew struggled to provide detailed answers due to frequent interruptions from lawmakers, highlighting the contentious nature of the inquiry [4][9]. - Lawmakers expressed concerns that TikTok poses a serious threat to American citizens by potentially allowing foreign governments to access sensitive data and influence content [7][8]. Group 2: User Engagement and Growth - TikTok has become deeply embedded in American society, with approximately 150 million monthly users, a threefold increase since 2020, and daily active users exceeding 80 million [5][39]. - Despite its growth, TikTok's penetration rate in the U.S. remains at about 24%, significantly lower than Douyin's (its Chinese counterpart) 54% [42]. Group 3: Legislative Environment - The Biden administration has provided TikTok with two options: either divest its U.S. operations or face a ban, reflecting a bipartisan consensus in Congress regarding the platform's risks [5][38]. - Recent legislative proposals, such as the RESTRICT Act, aim to empower the government to ban foreign applications deemed a threat to national security, with bipartisan support [38]. Group 4: Data Security Measures - TikTok is implementing the "Texas Project," which involves migrating its U.S. operations to Oracle's servers in Texas, aiming to alleviate concerns over data security and foreign access [46][50]. - The project is expected to cost TikTok between $700 million to $1 billion annually, with a focus on establishing a firewall for U.S. user data [46][50]. Group 5: Challenges and Comparisons - TikTok's advertising revenue generation is significantly lower than that of competitors like Facebook, with the platform struggling to monetize its user base effectively [42][43]. - The platform's e-commerce initiatives in the U.S. have been slow to develop, with plans for expansion being postponed due to regulatory pressures and competitive challenges [44][46].
2022丨谁在管理 TikTok:五年五任管理者,没有中心的网状组织
晚点LatePost· 2025-09-26 00:35
TikTok 的成败,将验证一个全球化协作的公司形态,还能不能适应这个对全球化不再那么友好的时代。 本文首发于 2022 年 04 月 07 日 文 丨 高洪浩 李晓蕾 编辑 丨 黄俊杰 高洪浩 没有哪个产品,像 TikTok 如此快地在全球范围攻城略地——上线 5 年,现在每月就有超过 12 亿人用 它消磨时光。同样是大平台扶持的新产品,Instagram 被 Facebook(Meta)收购 6 年后,月活才到 10 亿。 也没有第二个这样成功的产品在如此频繁的管理者更迭下完成——TikTok 上线 5 年,换了五任负责 人。 类似抖音,TikTok 目前为止取得成功所依靠的,仍然是字节跳动体系的力量:来自抖音管理团队和成 熟的业务方法论、强大的集团中台支撑、创始人张一鸣对国际化长期坚定的投入。 但在经历了 2020 年因地缘政治冲突而起的一系列危机后,TikTok 正在和这个体系逐渐拉开距离。这 也是 TikTok 管理者频繁变动的主要原因。 早期,TikTok 由从抖音成长起来的年轻中国高管负责。现在,它被交给了具有外国国籍、有丰富海外 背景和政商关系的高管。 高管更迭同时,TikTok 开始弱化自己 ...
韧性生长!TCL全球化跋涉不停歇
近日,德国柏林国际消费电子展(IFA 2025)隆重举办。在这场全球消费电子与家电领域的顶级盛会 上,TCL推出了第四代液晶电视Q10L Pro等一系列新品,吸引了大量观众驻足体验,成为展会的一个焦 点。 从单一市场突破到全球布局深耕,从中国制造到世界制造,从产品出海到能力出海,TCL的出海之路不 仅是企业自身的成长篇章,也是中国企业"走出去"的一个缩影。 出海,成为TCL不得不走的一步棋。TCL全球化策略包括三大方面:一是走高端化路线;二是践行本土 化;三是赋能当地产业链,实现共赢与可持续发展 时至今日,江彪依然清晰记得2016年12月底前往法国接手欧洲业务时面对的挑战——当时,TCL的欧洲 业务连年亏损,仅2016年一年,亏损额便接近1.5亿元。 "TCL已建立起相对完善的全球产业链、供应链体系,海外产品营收占总营收的近一半。"TCL创始人、 董事长李东生今年初在美国拉斯维加斯消费电子展(CES 2025)上表示,经过40余年的砥砺前行,全 球化已成为TCL最亮眼的标签。 危机倒逼:品牌出海成为必走之棋 1997年1月,李东生首次在TCL工作会议上提出,着手开拓国际市场,实施国际化经营战略。当时, TCL ...
评论丨21年数度“折戟”,奇瑞为何此时敲开港交所大门?
Mei Ri Jing Ji Xin Wen· 2025-09-25 13:02
Core Viewpoint - Chery Automobile successfully completed its IPO on the Hong Kong Stock Exchange, raising approximately HKD 9.145 billion, marking the largest IPO for a car company in the Hong Kong market in 2025, with an initial price increase of over 13% on the first day [1][6] Group 1: IPO Journey - Chery's IPO journey began in 2004 but faced multiple setbacks, including complex equity relationships with SAIC Motor Corporation that delayed its plans [3][4] - In 2009, Chery sold 20% of its shares for CNY 2.9 billion, signaling a potential preparation for an IPO, but the plan was postponed in 2011 due to "related party transaction issues" [4] - Attempts to list Chery New Energy through a backdoor listing in 2016 failed due to the complexity of the proposal and unclear policies regarding new energy vehicles [4][5] Group 2: Recent Developments - The successful IPO in 2025 was facilitated by Chery's improved financial performance, with revenues exceeding CNY 269.9 billion and net profits reaching CNY 14.3 billion in 2024 [6] - Chery restructured its equity and organizational framework, introducing diverse investors and establishing a domestic business unit to enhance strategic focus and resource integration [6][7] - The company launched the "Yaoguang 2025" strategy to strengthen its position in the new energy sector and partnered with Huawei to enhance its smart vehicle offerings [6][7] Group 3: Market Reception and Future Challenges - The IPO attracted 13 cornerstone investors who collectively subscribed for USD 587 million, indicating strong market confidence in Chery's dual strategy of technology and international expansion [7] - Despite the successful listing, challenges remain, including the fact that new energy revenue accounts for less than 30% of total income and reliance on external partnerships for smart technology [7][8] - The company plans to allocate 35% of the raised funds for developing various passenger vehicles, 25% for next-generation automotive technologies, and 20% for global expansion, aiming to leverage capital for a "smart breakthrough" and "global upgrade" [7][8]
国泰海通 · 洞察价值丨合集
国泰海通证券 | 研究所 国泰海通证券 研究所 格局先于需求触底,中国材料 在产业升级和全球化中突围 行业核心洞察 鲍雁辛 研究所副所长、政策和产业研究院 副院长、建材首席分析师 国泰海通证券 | 研究所 新消费时代:供需错位, 营销助力,新消费爆发。 行业核心洞察 晨 漫 所长助理、消费组长、食品饮料/化 妆品首席分析师 国泰海通证券 | 研究所 缩量提质稳市场,好房 好价塑信心 行业核心洞察 先进制造组长、房地产直席分析 日小市值三创新船权联盟或中央北十年 国泰海通证券 大药的诞生,才是医药 的未来 行业核心洞察 重视配置的力量, 非银估值修复年 行业核心洞察 新消费、新技术、新渠道 行业核心洞察 刘欣琦 金融组长、非银行金融首席分析师 岛通证券 国泰海通证券 | 研究所 刘越男 /零售首席分析师 】国泰海通证券 | 研究所 新材料的交易本质在于对 未来需求的预期与流动性 现实的双击 行业核心洞察 国泰海通证券 | 研究所 迎接转折之年,看好钢铁 龙头长期配置机会 行业核心洞察 李鹏 钢铁首席分析师 国泰海通证券 | 研究所 科技创新领头燕,IPO有 望稳步提速 行业核心洞察 士政之 国泰海通证券 | 研 ...
深夜中国资产大爆发,一场会议在广州讨论如何“做多中国”
美股三大指数09月24日收盘全线下跌。截至收盘,道琼斯工业平均指数比前一交易日下跌171.5点,跌幅为0.37%;标准普500指数下跌18.95点,跌幅为 0.28%;纳斯达克综合指数下跌75.61点,跌幅为0.33%。 热门科技股涨跌不一,英特尔涨超6%,消息称英特尔正寻求苹果对其进行投资,特斯拉涨近4%,谷歌跌超1%,英伟达、苹果跌近1%。 纳斯达克中国金龙指数收涨2.83%,热门中概股普涨,阿里巴巴、万国数据涨超8%,百度、京东涨超5%,蔚来涨超2%。 世界贸易组织总干事伊维拉不久前发出警告,关税正对国际贸易体系造成80年来"前所未见"的破坏。数据显示,全球在世贸组织条款下进行的贸易占比已 降至72%,并且可能进一步下滑。 地缘政治、关税壁垒与供应链区域化重组,正在将世界推向一个高摩擦、低信任的贸易时代。中小企业在这场重构中首当其冲,供应链中断与成本激增已 成为常态。世贸组织追踪数据显示,自特朗普对美国贸易伙伴加征关税以来,在"最惠国"待遇下开展的全球贸易持续减少,国际贸易体系的"黄金时代"正 遭遇严峻挑战。 但这并不意味着全球化的终结,而是标志着它以新的形态演进,一个以区域协作、数字基建和弹性供应链为 ...
别再说“走出去”了!瞎出海,同样出局
凤凰网财经· 2025-09-24 14:08
Core Viewpoint - The urgency for domestic companies to globalize is emphasized, but caution is advised against reckless expansion without proper understanding of local markets [2][8]. Group 1: Globalization Trends - The global economic outlook for 2025 is significantly deteriorating, with rising tariffs and trade policy uncertainties increasing production costs and slowing down corporate investments [7]. - Despite challenges, globalization is seen as an inevitable trend, with companies needing to adapt to a complex environment characterized by tariff barriers and a multipolar world [8][10]. - The former Deputy Governor of the People's Bank of China, Li Dongrong, highlights that the underlying logic of globalization remains strong, driven by the pursuit of optimal resource allocation and efficiency maximization [12][17]. Group 2: The Nature of True Globalization - True globalization extends beyond merely selling products; it involves deep localization and integration into foreign markets [18][24]. - Chinese companies are increasingly moving from simple sales to a more systematic approach in their global strategies, becoming vital links between the Chinese and global economies [20][21]. - The concept of "selling goods" is insufficient; companies must build brand loyalty through localized services and community engagement [25][36]. Group 3: Localization Strategies - Effective localization requires companies to become integral parts of the local ecosystem, rather than just temporary visitors [37][41]. - The example of BYD's successful entry into the Los Angeles market illustrates the importance of understanding local needs and engaging with community stakeholders [38]. - Xiaopeng Motors emphasizes that true globalization involves establishing local R&D and manufacturing capabilities, fostering long-term partnerships, and creating a win-win situation for both the company and the local community [39][40].
科沃斯(603486):如何看待科沃斯未来潜力空间
Xin Lang Cai Jing· 2025-09-24 12:27
Core Viewpoint - The company has reached a performance bottom in 2023, with a turning point expected in the first half of 2024-2025, highlighting future potential through product cycles, globalization, platformization, and supply chain advantages [1] Group 1: Globalization Space - The industry is entering a new penetration cycle, with the company holding a significant first-mover advantage and a comprehensive strategy, leading to a 73% market share in online drum retail by the first half of 2025, with further growth expected in Q3 [2] - Future growth drivers include penetration growth against national subsidy baselines and international expansion, with potential revenue catch-up of 5 billion yuan annually from overseas contributions of brands like Ecovacs and Roborock [2] - The overseas average price is significantly higher, indicating potential for margin improvement as the company expands its international footprint [2] Group 2: Platformization Space - The company's third growth curve has transitioned from early losses to profitability, with platformization enhancing growth certainty [3] - Preliminary estimates suggest that the third growth curve, focusing on consumer-grade robots like lawn mowers and window cleaners, could generate over 5 billion yuan in profit and a scale of over 50 billion yuan in the long term [3] Group 3: Supply Chain Space - The company's robotics industry chain has been successfully incubated over a decade, with strategic investments in over 100 technology companies since 2016, providing future growth options [4] - Potential outcomes include new high-quality projects contributing directly to performance and expanded collaboration opportunities through investment empowerment and cost reduction [4] Conclusion - Revenue projections for the company are 19 billion, 22.9 billion, and 25.7 billion yuan for 2025-2027, with year-on-year growth rates of 19%, 16%, and 12% respectively, and net profits of 2.1 billion, 2.6 billion, and 3 billion yuan, with growth rates of 155%, 27%, and 16% [4] - The company is expected to achieve a profit of 2.5 billion yuan from floor and drum cleaning machines and an additional 500 million yuan from the third growth curve by 2027, supported by the robotics industry chain providing further growth options [4]