Core Insights - The article highlights the 25-year journey of the company, Beiliqingsong, which has evolved from creating the first eye massager to becoming a leader in the smart portable massager industry, emphasizing the integration of traditional Chinese medicine and modern technology [2][3] Business Focus - The company has maintained a strong focus on the smart portable massager sector, continuously innovating in core technologies such as drive control, sensor interaction, and the Internet of Things, with over 1,000 patents, including nearly 200 invention patents [3] - The company underwent a pivotal transformation by narrowing its product line to portable massagers, which led to increased sales [3] - Beiliqingsong adopts a differentiation strategy rather than a cost-leadership approach, which has helped it avoid homogenization in a competitive market [3] Channel Strategy - The company has developed a comprehensive service system that includes 33 million global users, 6.6 million platform members, and 2.8 million private domain members, expanding from traditional retail to high-end venues and global networks [4] Iterative Innovation - Product iteration and innovation are central to the company's growth, having pioneered an online and offline dual-channel model as early as 2008 and launched the first smart eye massager in collaboration with Alibaba in 2019 [5][6] - The introduction of the "Relax Moment" model combines sales of technology products with immediate massage services, addressing the evolving needs of consumers [6] Collaborative Growth - The company emphasizes continuous product evolution every one to two years, integrating customer feedback to enhance product performance [7] - The company collaborates with medical experts and institutions to ensure that its products are designed based on traditional Chinese medicine principles, validated through extensive clinical trials [7] - The company aims to influence public health positively and maintain a commitment to health and wellness through its products and services [7]

日前，第十八届中国智慧城市大会在湖北武汉举行，"2025智慧城市先锋榜"系列榜单出炉，钦州市数字底座建设案例荣获优秀案例二等奖，是广西唯一获 奖案例。 颁奖现场 中国智慧城市大会创办于2001年，由中国测绘学会会同中国服务贸易协会、中国遥感委员会共同主办，是我国智慧城市领域规格高、规模大、影响力广的 行业盛会。 近年来，钦州市深入贯彻落实党中央、国务院关于推动人工智能发展战略部署和自治区党委、政府关于以"人工智能+"赋能千行百业等决策部署，加快推 动智慧城市建设，积极构建稳定可靠、集约高效、自主可控、安全可信、开放兼容的"城市服务能力体系"框架，打造了以"一云一脑一中心"为核心的钦州 市数字底座，不断提升城市智慧化、精细化管理水平。 钦州市"城市大脑"平台架构图 依托"钦点即到"小程序，自主开发了钦州市"城市大脑"平台，搭建了钦州市城市大脑运营指挥中心，全面整合雪亮工程、智慧食安、智慧应急等30多个现 有系统，成为广西首个依托本地昇腾算力、深度融合国产大模型DeepSeek的城市智慧管理平台。建设了"共享单车监管""扫码入企""政务服务云端预 约""矛盾调解""智慧门牌"等多个子系统，并开发了超过60项人工智 ...

盛夏的济南，万物勃发，一场关乎城市未来竞争力的"数字集结号"在泉城吹响。 7月8日上午，济南市互联网行业协会成立大会在大众传媒大厦4楼学术报告厅举行。这并非一场简单的 仪式，而是济南面对互联网浪潮奔涌的时代大考，主动亮剑、整合资源、塑造优势的关键落子。 在数字经济已成为城市竞争核心赛道的当下，济南以协会为支点，撬动的是整个互联网产业生态的升级 蝶变。 泉城之问 何以此刻，必须亮剑？ 济南的互联网发展图谱，既闪耀着令人瞩目的亮点，也交织着亟待突破的挑战。 近年来，济南网信战线紧紧围绕网络强市建设总目标，谋划打造"1+263"网信工作体系和"1643"数字网 信建设布局，着力构筑网上主流舆论新态势，全面构建网络安全新格局，不断提升网络综合治理新效 能，加快塑造互联网产业新优势，推动形成了网络强市建设良好局面。 济南是全国唯一连续6年获得"中国领军智慧城市"的城市，先后入选首批中小企业数字化转型试点城 市、网络安全教育技术产业融合发展试验区:"双化协同"试点城市、数字乡村建设试点城市等国家级试 点。 可以看出，济南在数字产业、互联网产业等领域具有一定的发展优势，然而繁荣之下仍然暗藏隐忧。比 如，众多中小微企业在数字 ...

Core Viewpoint - The company is reallocating 179.4 million yuan of raised funds from the "Integrated Cloud Platform Project for Basic Education Management and Services" to the "Integrated Platform Project for University Operations and Services" due to changes in market conditions and the growing demand for smart campus services [1][2][3] Fund Reallocation - The company plans to provide a loan of up to 179.4 million yuan to its subsidiary, Nipton, at an annual interest rate of 8% for the new project [2] - The loan is specifically for the implementation of the "Integrated Platform Project for University Operations and Services" and cannot be used for other purposes [2] - The original project for basic education has not yet achieved expected benefits, leading to a more cautious investment approach [2][3] Project Delays and Adjustments - The implementation of the basic education project has been postponed to December 25, 2026, due to delays in fund arrival and external market uncertainties [2] - As of June 30, 2025, 224.6 million yuan of the raised funds for the basic education project remains unused [3] Market Context and Demand - The basic education project was initiated to align with national strategies for educational modernization and digitalization, but market changes have hindered its execution [3] - The university operations project is expected to benefit from the increasing investment in campus logistics and services due to the growing number of universities and students [4] Financial Projections - The total investment for the university operations project is 199.4 million yuan, with an 18-month construction period [5] - The internal rate of return for the air conditioning sub-project is projected at 14.54%, while the hot water management system is expected to yield an 18% return [5]

Core Viewpoint - The focus of the Chinese beauty market is shifting from brand marketing to research and development, indicating a revolution centered on scientific research and manufacturing [1][2]. Group 1: R&D Strategy and Investment - Yatsen E-commerce initiated a "second entrepreneurship" strategy in 2022, emphasizing long-term investment in R&D to build a global R&D system and become a "world-class beauty innovation pioneer" [2]. - Since 2020, Yatsen has invested over 580 million yuan in R&D, maintaining a R&D expense ratio above 3% for three consecutive years, positioning it among the leaders in the global beauty industry [3][6]. - The company has established a comprehensive R&D framework, referred to as the "1-3-4-6-20" global R&D strategy, which includes one world-class beauty factory, three self-built R&D centers, four research directions, six co-built laboratories, and over 20 research cooperation projects [5]. Group 2: R&D Achievements and Innovations - The Yatsen Global Innovation R&D Center, opened in May 2024, features over 300 high-end research instruments and has achieved national certification, marking it as one of the few accredited beauty R&D labs in China [6]. - Yatsen has made significant progress in developing new functional ingredients, such as the "Renewal Essence" component, which utilizes multi-strain fermentation technology for multiple benefits, and the "Lactobacillus infantis" extract, which shows superior skin barrier repair capabilities [6][8]. - The company has successfully commercialized products like the "Bionic Film" essence lipstick, which has sold over 4.5 million units and generated over 600 million yuan in GMV, becoming the top-selling lipstick globally for Chinese brands [10][13]. Group 3: Talent and Collaboration - Yatsen's R&D strategy is supported by a global talent matrix, with 48% of its R&D team holding advanced degrees, enhancing the company's ability to convert cutting-edge technology into market-ready products [16][17]. - The collaboration between Yatsen and international experts has led to significant recognition, including multiple papers presented at prestigious conferences, establishing the company as a leader in the beauty industry [17][19]. Group 4: Sustainability and Future Outlook - Yatsen is committed to sustainable practices, achieving an ESG A rating from MSCI for two consecutive years, and is the only Chinese beauty company to do so [20]. - The company integrates AI technology into its R&D processes, enhancing efficiency and reducing experimental iterations, exemplified by its development of an anti-aging serum using advanced predictive modeling [20][21]. - Yatsen aims to create a complete R&D ecosystem that encompasses basic research, application development, commercial transformation, and sustainable future initiatives, establishing a "Chinese paradigm" for R&D value realization [22][23].

股票代码：300645 股票简称：正元智慧 债券代码：123196 债券简称：正元转 02 浙商证券股份有限公司 关于 债券受托管理人 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 （以下简称《管理办法》）、《公司债券受托管理人执业行为准则》（以下简称 《执业行为准则》）、《浙商证券股份有限公司关于浙江正元智慧科技股份有限 公司可转债公司债券之受托管理协议》（以下简称"《受托管理协议》"）等相关 规定及其它相关信息披露文件、正元智慧集团股份有限公司（以下简称"正元智 慧"，"发行人"或"公司"）出具的相关说明文件以及提供的相关资料等，由本期公 司债券受托管理人浙商证券股份有限公司（以下简称"浙商证券"）编制。浙商证 券编制本报告的内容及信息均来源于正元智慧提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所做承诺或 声明。 一、受托管理债券的基本情况 本次发行已经公司 2022 年 5 月 26 日召开的第四届董事会第五次会议和第 四届监事会第四次会议，2022 年 6 月 13 日召开的公 ...

证券代码：300645 证券简称：正元智慧 公告编号：2025-062 正元智慧集团股份有限公司（曾用名：浙江正元智慧科技股份有限公司，以下 简称"公司"或"正元智慧"）于 2025 年 7 月 7 日召开第五届董事会第四次会议，审议 通过《关于变更部分募集资金用途的议案》，为提升募集资金使用效率，优化募集 资金配置，保证募集资金合理安全有效使用，结合公司经营战略，经审慎研究论证， 董事会同意公司将"基础教育管理与服务一体化云平台项目"中的 17,940.00 万元募 集资金以向公司控股子公司浙江尼普顿科技股份有限公司（以下简称"尼普顿"）提 供有息借款的方式投入到"高校运营与服务一体化平台项目"。具体情况如下： 一、变更部分募集资金用途的概述 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意浙江正元智慧科技股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕553 号）同意注册， 公司向不特定对象发行可转换公司债券 350.73 万张，发行价为每张面值人民币 后实际收到的金额为 34,623.00 万元。另减除保荐费、律师费、验资费、资信评级费 和发行手续费等与发行可转换 ...

天眼查资料显示，中国长江电力股份有限公司，成立于2002年，位于北京市，是一家以从事电力、热力 生产和供应业为主的企业。企业注册资本2446821.7716万人民币。通过天眼查大数据分析，中国长江电 力股份有限公司共对外投资了46家企业，参与招投标项目5000次，财产线索方面有商标信息250条，专 利信息5000条，此外企业还拥有行政许可432个。 金融界2025年7月9日消息，国家知识产权局信息显示，中国长江电力股份有限公司申请一项名为"基于 水电站设备运行时间和发电量统计的智慧运行方法"的专利，公开号CN120277128A，申请日期为2025 年03月。 专利摘要显示，基于水电站设备运行时间和发电量统计的智慧运行方法，包括：Step1、最佳数据采集 周期确定；Step2、计算计划发电量；利用96点发电曲线计算出的发电量作为期望输出，通过96个数据 点的发电曲线列表，每个数据点代表一天中不同时间段的计划发电量，根据当前时间确定应该使用的数 据点，并进行插值计算，以获取实时计划发电量；Step3、实时监测和误差计算：实时监测实际发电 量，计算误差信号；Step4、闭环控制调节；Step5、定制化的运行管理策 ...

7月8日，仁和智慧医药物流园内的自动化机械臂正在搬运中医药产品。记者 刘力鑫 摄 出库环节同样智能高效。系统依据订单指令，通过自动化传输线将药品精准直达对应装卸口。全流程依 托药箱二维码实现自动识别与分拣，大幅提升了作业效率和准确性。 (活力中国调研行)传统中医药产业邂逅智慧物流 上演"效率革命" 中新网江西樟树7月9日电 题：传统中医药产业邂逅智慧物流 上演"效率革命" 记者 苏婧欣 姜涛 在偌大的医药物流仓库内，仅需25名员工即可实现日吞吐量10万件、覆盖全国2.5万个配送点……当传 统中医药产业遇上智慧物流，两者会碰撞出怎样的火花？ 8日，记者随"活力中国调研行"主题采访团探访位于江西省樟树市的仁和"863"科技园。这家科技园是集 生产、科研、物流、休闲、旅游等多种功能为一体的综合性工业园区。作为园区第四期重点项目的智慧 医药物流园，占地面积约44亩，总投资2.5亿元，是目前江西省内规模最大的智能医药物流仓库。 走进物流仓库，一箱箱药品在自动化传输带上平稳运行。传送带末端，自动化堆垛机精准抓取药箱，随 后由垂直提升设备送往高达20.8米(约7层楼高)的立体货架上的对应货位进行储存。 仁和智慧医药物流园的 ...

Core Viewpoint - The introduction of the new market value management regulations has led to significant developments in investor relations management, with 644 listed companies implementing value management systems or valuation enhancement plans since November 2022 [1] Group 1: Current State of Central State-Owned Enterprises (SOEs) - As of 2024, 492 central SOEs account for 9.14% of A-share listed companies but contribute 36.32% of total market value, 43.74% of revenue, and 59.03% of net profit, highlighting their critical role in the national economy [1] - There is a notable disparity within central SOEs, with companies valued over 50 billion yuan contributing nearly 80% of market value and over 90% of net profit, while smaller companies (under 10 billion yuan) represent 36.79% of the total but only 2.82% of market value [2] Group 2: Challenges and Recommendations for Small and Medium-Sized SOEs - Small and medium-sized central SOEs face dual pressures on profitability and valuation, with challenges including outdated capital tools and insufficient innovation [2] - Recommendations for regulatory bodies include differentiated assessments focusing on R&D conversion rates for tech companies and flexible regulations for companies in economically challenged regions [2][3] Group 3: Strategies for Transformation - For tech companies, strategies include binding core technologies to teams, establishing innovation incubation mechanisms, and creating suitable incentive systems [3] - Traditional industries are encouraged to upgrade production capacity, integrate supply chains, and pursue asset securitization [3] - Public service companies should focus on value reconstruction, achieving ESG premiums, and transitioning to smart services [3] Group 4: Implementation of Capital Tools - Companies can create a collaborative matrix of capital tools such as buybacks, ESG disclosures, and supply chain integration to enhance market value management [4] - Successful case studies include improvements in R&D efficiency and valuation recovery through innovative practices [4] Group 5: Long-term Goals - Short-term goals include restoring the valuation of 30 underperforming companies to a price-to-book ratio of 1.0 and reducing the overall discount rate of central SOEs by 15% by 2026 [5] - Mid-term objectives aim for a 15% increase in buyback amounts and a 25% rise in institutional holdings in small and medium-sized SOEs by 2027 [5] - Long-term aspirations include achieving a 6% R&D intensity and surpassing 500 billion yuan in overall R&D investment by 2030, with a total market value of central SOEs exceeding 100 trillion yuan [5]