Core Viewpoint - JD Industrial has made a significant investment of HKD 3.5 billion to acquire part of the China Construction Bank Tower in Hong Kong's Central District, coinciding with its sixth IPO, signaling a commitment to expanding its presence in Hong Kong and accelerating internationalization [1][8][9]. Group 1: Acquisition Details - JD Industrial acquired 100% of Surearn Profits Limited, which holds part of the office space in the China Construction Bank Tower, covering approximately 11,202 square meters [1][15]. - The China Construction Bank Tower is a prominent Class A skyscraper located at 3 Connaught Road Central, known for its strategic location and direct access to the Central MTR station [3][17]. Group 2: IPO and Financial Performance - JD Industrial's IPO price was set at HKD 14.1 per share, and despite an initial drop of over 8% on opening, the stock rebounded to HKD 14.09, with a market capitalization exceeding HKD 37.7 billion [13][27]. - The company reported revenues of RMB 14.14 billion, RMB 17.33 billion, and RMB 20.40 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 20.1% [10][24]. - JD Industrial has transitioned from a loss of RMB 1.3 billion in 2022 to a profit of RMB 760 million in 2024, with further growth expected in 2025 [10][24]. Group 3: Market Position and Challenges - JD Industrial is recognized as the largest MRO (Maintenance, Repair, and Operations) procurement service provider in China, with a market share of 4.1% projected for 2024, nearly three times that of its closest competitor [9][23]. - Despite rapid revenue growth, JD Industrial faces challenges such as slowing revenue growth rates, with projections of 36.63%, 22.65%, and 17.66% for 2022 to 2024, respectively [12][26]. - The company has also seen an increase in inventory value from RMB 607 million to RMB 1.25 billion and an increase in inventory turnover days from 17.9 to 23.1 days from 2022 to mid-2025 [12][26].

"十四五"即将收官，回望中国商用车这5年，一条清晰的产业升级曲线跃然眼前——从"制造"到"智造"，从国内到全球，从传统动力到新能源引领。在 此进程中，宇通以"电动化、智能网联化、高端化、国际化"战略为舵，以持续的科技创新为帆，以高质量发展的答卷，为中国商用车产业提供了生动样本。 创新驱动 构筑核心竞争力"护城河" 创新是引领发展的第一动力，在商用车新能源化由政策驱动迈向市场驱动的进程中，创新贯穿始终，这一点在宇通身上得到了深刻印证。早在1997年，宇通 率先布局新能源商用车领域，1999年推出首款纯电动客车，凭借前瞻视野在"十城千辆"计划时已占得先机。 "十四五"期间，宇通以商用车领域共性的安全、效率、节能及产业化能力等为切入点，持续加大研发投入，年均占营收5％以上，组建了超3000人的研发团 队和多个国家级、省级研发平台。持续高强度的投入带来了丰硕成果，集中体现在新能源核心技术的自主可控与突破上，在电池、电机、电控、电驱、电 桥"五电"领域，技术标准、可靠性、竞争力及产业化能力行业领先，并第四次荣获国家科学技术进步奖。 高端化是中国制造业迈向全球价值链中高端的必由之路，宇通深刻理解这是一场考验耐心和实力的" ...

Core Insights - Both Alibaba and JD.com are significantly increasing their investments in Hong Kong, indicating confidence in the market and proactive positioning for a new business cycle [19][21]. Group 1: Investment Activities - Alibaba and Ant Group announced an investment of 7.2 billion HKD to acquire a multi-story office building in Hong Kong's Causeway Bay, marking the largest office transaction in Hong Kong since 2021 [20][21]. - JD.com acquired part of the China Construction Bank Tower in Central Hong Kong for approximately 3.473 billion HKD, further intensifying the competition between the two companies [22][24]. Group 2: Strategic Focus - JD.com aims to continuously invest in supply chain, retail, logistics, and technology development to better integrate into the Hong Kong market [24]. - The acquisition of the China Construction Bank Tower is seen as a critical step in JD.com's global expansion strategy, moving beyond merely securing office space [24][30]. Group 3: Long-term Vision - JD.com has been gradually establishing its presence in Hong Kong since 2015, with significant developments in logistics and e-commerce operations [25]. - The company is also focusing on technological innovation, as evidenced by its collaboration with Hong Kong University to establish a joint laboratory for AI applications in supply chain management [26][30]. Group 4: Market Trends - The competitive landscape of the internet industry is shifting, with companies needing to integrate supply chain, technology, and localization capabilities to create value [35][36]. - The saturation of user growth and traffic in the domestic market is pushing companies to seek opportunities abroad, with Hong Kong serving as a strategic entry point for international expansion [38][40].

12月9日上午，乳源瑶族自治县广东宝华农业科技股份有限公司厂区内，两辆满载茶油护肤品基础油的 货车鸣笛启程，驶向欧盟市场。这标志着韶关茶油首次正式进入国际高端美妆原料供应链，也标志着这 座粤北林区城市在油茶产业高端化、国际化道路上迈出关键一步。 活动现场，两项签约为产业发展再添"引擎"。宝华农科党支部与翁源县新江镇梁桥村党支部签署共建框 架协议，围绕山茶油、护肤品基础油、红花油茶林基地建设深化合作，以党建引领产业联农带农；宝华 农科与盒马鲜生签署战略合作协议，在产品研发、渠道拓展、品牌共建等方面进一步深化协作。 随着两轮发车依次启动，首批出口欧盟的茶油护肤品基础油与供应国内市场的山茶油个护系列基础油同 步启运。这既是韶关油茶产业链向高端延伸的重要标志，也是林业特色产业积极融入国内国际双循环的 生动实践。 当天，韶关茶油"妆食同源、吃干榨净"溯源暨茶油护肤品基础油出口欧盟发车仪式在此举行。 ...

2025年12月11日，山城重庆，聚势启新。 东风商用车将于重庆国际博览中心隆重举行2026 年度合作伙伴大会。本次大会以"定赛道、聚合力、携手跃新程"为主题，全国经销商、战略供 应商、权威媒体及特邀嘉宾等千余名精英伙伴汇聚一堂，共叙合作情谊，共绘发展蓝图，携手 迈向高质量发展的新征程。 锚定可靠根基，2025跑出发展加速度 2025年，商用车行业在新能源化、智能化、网联化、国际化的赛道上加速竞逐。面对经济结 构调整和新能源化、智能化转型升级，东风商用车作为中国商用车领域的"国家队"，始终以可 靠为基因，坚定品牌向上战略，全链条协同，稳舵奋楫，成果斐然：全年预计完成批发销量 13.1万台，同比增长24%；传统能源市场份额提升至16%以上，份额跑赢大市；新能源商品 销量过万，同比增长98%，跑出发展加速度。 第一商用车网的读者朋友们可以通过左侧二 维码,进入第一商用车网读者交流群 这份成绩单背后，是东风商用车"全价值链革新"的定力。战略洞察上，东风商用车坚持"传统 能源与新能源并进" ，前瞻性地布局纯电、氢燃料、混动等多能源技术路线，为不同运营需求 的客户提供全面选择；自主创新领域，东风商用车核心技术自主攻关取 ...

Core Viewpoint - Yuan Chuang Technology Co., Ltd. (stock code: 001325.SZ) has officially launched its IPO, with 19.6 million shares being offered at a price of 24.75 yuan per share, representing 25% of the total post-issue share capital [1] Group 1: Company Overview - Yuan Chuang Technology specializes in the research, production, and sales of rubber track products, including agricultural and engineering machinery rubber tracks [1] - The company has established strong partnerships with well-known manufacturers in the agricultural and engineering machinery sectors, such as Wode Agricultural Machinery and SANY Heavy Industry, and has built a global sales network covering multiple continents [2] Group 2: Financial Performance - The company's revenue from 2022 to the first half of 2025 is projected to be 1.261 billion yuan, 1.141 billion yuan, 1.349 billion yuan, and 652.54 million yuan, respectively [1] - The net profit before and after non-recurring gains and losses for the same period is expected to be 137 million yuan, 176 million yuan, 150 million yuan, and 72.56 million yuan, respectively, indicating stable revenue and profit performance [1] Group 3: Technological Innovation - Yuan Chuang Technology has participated in drafting national standards for rubber tracks and has obtained a total of 38 patents, including 12 invention patents, 24 utility model patents, and 2 design patents [2] - The company has received multiple industry honors, reinforcing its reputation as a leading enterprise in the rubber track sector [2] Group 4: Future Outlook - The funds raised from the IPO will be primarily allocated to production base construction, technology center development, and working capital supplementation, aimed at enhancing production intelligence and optimizing product structure [3] - The company plans to focus on the rubber track business while adapting to trends in manufacturing, such as smart, green, and international development, to strengthen its core competitiveness [3]

豫园股份 20251208 摘要 豫园股份以东方生活美学为战略，通过产业运营和投资双轮驱动，致力 于成为全球一流的家庭快乐消费产业集团，拥有 19 个中华老字号和多 个国内外领先品牌，并加速国际化。 受宏观消费和房地产市场影响，公司 2025 年业绩出现波动，采取瘦身 健体、轻重并举策略，聚焦主业并调整业务结构，剥离非核心资产，并 在大源板块收入确认和出海业务扩张方面取得进展。 公司核心业务包括产业运营（占比 73%）、物业开发与销售（占比 21%）以及商业综合运营与物业服务（占比 6%）。产业运营占比上升， 地产占比下降，体现了公司提质增效及改善抗风险能力的举措。 珠宝时尚是主要收入来源（占比 64%），以老庙和亚一为驱动，覆盖平 价到高端市场。门店数量调整至 4,115 家，转向精细化管理，计划提升 一口价产品占比至 10%-15%。 公司整合成立豫源商置集团，聚焦文商旅、产业办公和高端住宅场景， 加速存量退出。不再开展纯地产项目，转向商业综合体运营，核心商业 物业为上海豫园商圈。 Q&A 御园股份的战略升级及当前业务结构是怎样的？ 御园股份自 2018 年重大资产重组后，成为复星集团的快乐产业旗舰平台， ...

| 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任原因 | 是否继 续在上 而公司 及其控 股子公 司任职 | 是否存 在未展 行完毕 的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | | 聋德雄 | 董事长、执 行童事、战 略与可持 续发展委 | 2025 年 12 | 2027年11 | 工作调动 | 否 | 否 | | | 员会主任 | 月8日 | 月 21 日 | | | | | | 委员、新酬 | | | | | | | | 与提名委 | | | | | | | | 员会委员 | | | | | | 根据公司《章程》等规定，在新任董事长任职前，由公司副董事长鲁伟铭代为履行董事长、法定代表人 及香港联交所授权代表职责。 12月8日晚，东方证券发布公告称，公司于近日收到龚德雄的辞职报告。因工作调动原因，龚德雄申请 辞去公司董事长、执行董事和董事会战略与可持续发展委员会主任委员、薪酬与提名委员会委员等职 务，辞职后不再担任公司及控股子公司任何职务。原定到任日期为2027年11月21日。 公司董事会对龚德雄为公司发展作出的卓越贡献表示 ...

高效协同、全链向前是客车行业高质量发展的应有之义，产业链各方唯有互利合作，才能共荣共赢。 本次大会，中通客车对2025年度最佳质量奖、优秀供应商奖、合作贡献奖、研发协同奖、战略合作奖获得者进行了表彰和嘉奖。现场发布并签署了中通客 车质量承诺书、中通客车供应商伙伴阳光采购公约，与全体供应商协力打造高质量供应链体系，助力全球交通运输产业向绿色化、智能化、高端化加速迈 进。 本次大会，中通客车从市场、研发、质量、采购四方面总结了2025年的成绩与经验，明晰了2026年的规划、目标与路径。面对"十五五"新发展阶段，中通 客车将以更具竞争力的供应链实力，赋能道路运输行业高质量发展。 12月6日，中通客车2026供应链战略合作伙伴大会在济南莱芜区召开，本次大会以"链通全球 质赢未来"为主题，广邀全球近200家供应商参与，共商合 作，共享机遇，共促发展！ 中通客车党委书记、董事长王兴富 全链向前 2025年稳步增长跑赢大盘 当前商用车行业正迎来技术迭代加速、市场竞争加剧、全球化布局深化的新形势，绿色低碳转型与智能化升级成为产业高质量发展的核心命题。2025年， 中通客车在产业链伙伴的鼎力支持之下，着力打造产业链新生态，提升 ...

回溯上市筹备历程，牧原股份（002714）于今年初正式启动港股发行计划，5月27日首次向港交所递交 上市申请，因未在6个月内完成聆讯，招股书于11月27日自动失效。在招股书失效当日，公司已完成境 外发行上市备案手续，并于次日向港交所更新并递交上市申请。 根据规划，牧原股份拟发行不超过5.46亿股境外上市普通股，募集资金将用于拓展海外市场、加强全产 业链技术研发，并投入育种、智能养殖等核心环节。 加速国际化进度是牧原股份此次港股上市最为核心的任务。此前，牧原股份董秘秦军表示，赴港 IPO"完成发行本身比融资规模更重要"，主要目的是提升全球市场"可信度"。 支撑牧原股份国际化野心的，是其依托"垂直一体化"模式建立的全球规模优势。据弗若斯特沙利文统 计，自2021年起，牧原股份按生猪产能及出栏量计算已稳居全球第一。 不过，此时牧原股份站在港交所门口，正值生猪行业步入新一轮价格下行周期，"全球猪王"牧原股份也 难逃行业周期的影响。财报数据显示，今年前三季度，牧原股份营收1117.9亿元，同比增长15.52%；归 母净利润147.79亿元，同比增长41.01%。其中，受猪价低迷影响，三季度营收353.27亿元，同比下降 ...