公司多位高管2024年薪酬大幅增加 然而，与业绩下滑形成鲜明对比的是，公司董事长以及多名高管大幅增加的薪酬。财报显示，公司董事 长薪酬自2020年以来逐年增加。2024年高达427.49万元，较上一年增加超四成。 亚宝药业（600351）是山西省医药生物行业首家上市公司。2025年上半年，公司坚持"儿科第一、成人 药补充、投资&创新"的战略，围绕"儿科引领，奋楫笃行"的年度经营主旨，以创新为第一驱动力，集 中目标和资源，将产品创新、管理创新、技术创新、营销创新全方位融合，不断提升公司运营效率，推 进产品研发进度，增强儿科产品力和品牌影响力，提高公司的市场占有率。 不过从财务数据来看，公司儿科药增长似乎迎来瓶颈，遭天津市医药采购中心关注，部分药品挂网价格 与日均治疗费用价差较大。 儿科类药物营收占比下滑 公司产品目前主要涵盖儿科领域、慢性病领域及特医领域。其中，儿科领域包括以丁桂儿脐贴、薏芽健 脾凝胶等为代表的共计36个儿童药。2023年及2024年，公司儿科类药物占营收比重明显上升，均超过 30%。然而，2024年公司儿科类、心血管系统药物的营业收入均有下滑，前者下滑8%以上，后者下滑 超过30%。 具体来看 ...

Core Viewpoint - The leisure snack industry is facing significant challenges, including declining gross margins and increasing pressure on net profit due to rising raw material costs and market competition [1][5]. Group 1: Financial Performance - Salted Fish's half-year report shows revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit of 373 million yuan, up 16.7%, but growth momentum is weakening compared to previous years [3]. - The gross margin for Salted Fish has decreased from 32.53% to 29.66%, marking a continuous decline over five years with a cumulative drop of over 12 percentage points [3]. - Other brands like Yummy and Three Squirrels also reported declines in gross margins, with Yummy's margin down 9.16% to 31.58% and Three Squirrels down 0.70 percentage points to 25.27% [4]. Group 2: Industry Challenges - The overall consumption capacity and willingness are declining, making the leisure snack industry, a non-essential category, face more severe challenges [5]. - The industry is expected to grow, with the market size projected to exceed 1.6 trillion yuan by 2025, maintaining an annual growth rate of about 6%-8% [5]. - Brands are advised to focus on upgrading supply chains and product innovation rather than relying on marketing for short-term performance [5]. Group 3: Raw Material Costs - Rising raw material costs are a direct pressure source, with some brands reporting cost increases of over 30% for key ingredients [6]. - For example, a brand's operating costs rose by 24.67% to 2.068 billion yuan due to increased prices of core raw materials [6]. - Many brands are struggling with the inability to control raw material procurement effectively, leading to increased costs and reduced profit margins [7]. Group 4: Channel Transformation - New emerging channels like snack wholesale stores and Douyin interest e-commerce are rapidly changing the growth path of traditional snack brands [8]. - Traditional channels are expected to shrink to 50% of market share by 2025, down from 80% in 2015, leading to significant revenue declines for brands reliant on these channels [8]. - Brands that adapt to new channels have seen success, with some reporting significant revenue growth through strategic partnerships [8]. Group 5: Scale vs. Profitability - Brands are expanding market scale through various strategies, but this often leads to increased costs without corresponding profit growth [10]. - Sales expenses are rising faster than revenue, with brands spending heavily on marketing to maintain competitive positions in new channels [11]. - The contradiction between scale and profitability is becoming more pronounced, necessitating a reevaluation of growth strategies and cost structures [11]. Group 6: Product Differentiation - Many brands rely on OEM models, leading to high product similarity and increased competition, which compresses profit margins [13]. - Some brands recognize the need for differentiation but face challenges in investing in R&D and production capabilities [14]. - Successful brands are investing in supply chain integration and product innovation to enhance competitiveness and profitability [15][16]. Group 7: Multi-Dimensional Strategies - Brands need to explore multiple dimensions for breakthroughs, including increasing R&D investment and innovating product offerings to meet consumer demands [17]. - There is a growing need for brands to adopt a user-centric approach, building emotional connections with consumers through storytelling and sustainable practices [18]. - The industry must achieve systematic breakthroughs in product strength, channel efficiency, and brand value to overcome current challenges [18].

二是绿色创新——锚定"双碳"目标，激活增长动能。在"双碳"背景下，要通过全链条技术突破实现绿色 转型与价值升级，让生态效益转化为发展动能。山西天泽煤化工集团股份公司的运输方式创新实践极具 示范意义。近日，该公司大颗粒吨包尿素火车运输试装取得成功。此类创新采用"公转铁"+吨包密闭运 输模式，相较于公路运输，既降低了物流能耗，还可以依托规模效应拓展远距离市场，提升了企业竞争 力。 三是制度创新——完善生态体系，筑牢创新根基。产品与技术的创新突破离不开制度体系的保驾护航。 行业要彻底摆脱"内卷"，必须构建"鼓励创新、保障创新、转化创新"的制度生态，完善创新激励机制， 通过推行创新收益分配制度，让技术开发者参与收益分成，直接激活研发积极性。潞安化工集团的《科 技项目组运行激励管理办法》就是典范。其"442"机制将科技成果收益的40%分给研发团队，40%分给 成果转化部门，20%归企业。这一机制，让企业创新活力充分释放。 总之，唯有将创新贯穿产品研发、生产运营、制度建设全流程，行业才能在高质量发展道路上行稳致 远。 当前，氮肥行业深陷同质化竞争困局，不少企业在低价竞争中艰难前行。笔者认为，突破"内卷"的关键 在于跳出" ...

Core Viewpoint - Overall, Lululemon's Q3 2025 performance exceeded the company's previous guidance, indicating a recovery in market expectations despite a generally flat performance [6][10]. Revenue Performance - In Q3 2025, Lululemon achieved revenue of $2.57 billion, a year-on-year increase of 7.1%, surpassing the market consensus and maintaining growth momentum from previous quarters [7][19]. - The North American market experienced a decline of 1.5% year-on-year, while the Chinese market saw a remarkable growth of 43%, marking a new high in nearly a year [7][26]. Product Innovation - The company improved its product launch speed, with women's apparel revenue reaching $1.65 billion, up 5.7% year-on-year, driven by organizational adjustments that enhanced collaboration between design and product departments [8][22]. - Men's apparel revenue grew by 8.1% to $600 million, indicating a slight acceleration in growth, although it remains in a transitional phase towards new product-driven strategies [8][23]. International Expansion - As of Q3 2025, Lululemon had a total of 796 stores globally, with a net addition of 12 stores, primarily in China, focusing on larger experiential retail spaces [9][31]. - The company plans to open 40-45 new stores globally in 2025, with a cautious approach in new markets until consumer acceptance is established [31]. Gross Margin and Profitability - The gross margin declined by 2.9 percentage points to 55.6%, impacted by increased supply chain costs and promotional activities [9][36]. - The overall operating profit margin decreased to 17.1%, down 3.4 percentage points, reflecting the pressures from rising costs and increased hiring for international expansion [9][40]. Guidance Update - The company raised its full-year revenue guidance from 2%-4% to 4%-6%, while projecting a Q4 revenue decline of 1%-3% [9][10].

（原标题：岚图汽车李博晓总结岚图2025:速度、质量和高端） 21世纪经济报道记者 郑植文 实习生陈韵宜 在日前举办的2025新汽车年度盛典上，岚图汽车销售服务有限公司副总经理李博晓接受了21世纪经济报 道记者的专访。 他指出，2025年岚图汽车的三大关键词分别是速度、质量和高端。2025年，岚图汽车取得了超过82%的 同比增长，远远跑赢市场。不只是量在快速地提升，岚图汽车的平均销售单价也在快速提升，比如岚图 梦想家平均单价超过了40万元，"背后支持质量的其实还是技术创新、产品创新。" 今年岚图加快了渠道布局，在用户体验方面创立了一个独特的体制，叫用户共创委员会。 "我们会花很 多的时间跟我们的用户朋友去做交流，他们给了我们很多好的输入和建议，最终都很好地落实到了我们 的产品当中。 随着补贴政策的退坡，岚图也会保持随行就市，但李博晓表示根本在于要确保岚图的产品力始终处于一 个非常有竞争力的格局当中。 ...

东鹏饮料1+6产品家族 据弗若斯特沙利文报告显示，按销量计，东鹏特饮自2021年起连续4年稳居中国功能饮料市场第一，成 为驱动品类增长的核心动力。产品创新带来的增长实效在财务数据中尤为凸显，2025年前三季度东鹏饮 料累计营收168.44亿元，同比增长34.13%，其中电解质饮料东鹏补水啦实现收入28.47亿元，占比从 9.66%升至16.91%，成为第二大品类，其他饮料收入14.24亿元（占比8.46%），进一步丰富矩阵。 近日，中国食品工业"十四五"总结暨"十五五"展望大会在郑州举行。大会以"穿越周期，共创新局"为主 题，汇聚了食品行业顶尖企业代表、权威专家学者及主流媒体人士，共同总结"十四五"发展成果，展 望"十五五"发展蓝图，为行业发展注入新动能。 其中，"致敬中国食品工业'十四五'榜样力量系列评选"自10月份启动以来，累计收到各渠道推选信息 500多条，企业报名表格800余份，300+人物/企业/品牌/产品进入网络票选阶段。经过全行业及专家线上 投票，最终评选出中国食品工业"十四五"高质量发展领军人物/标杆企业/贡献人物/品类冠军四大奖项。 凭借在产业升级、创新驱动与社会责任等领域的卓越表现，东鹏饮 ...

今天，iRobot 正式申请破产。 你不一定认识这个名字，但你或许听说过 Roomba——那个圆圆的，在家里到处乱撞的扫地机器人。而 iRobot 就是扫地机器人鼻祖 Roomba 背后的公司。 然而，这家一度市值 40 亿美元、全球市场份额超过 80% 的行业霸主，终于倒了。 更戏剧化的是，这家曾经高高在上的美国科技公司，最后的控制权落到了它的中国代工厂手里——深圳杉川机器人。 这个过程，只用了不到五年时间。 深圳杉川：从打工仔到新主人 iRobot 的破产申请文件显示，截至今年三季度末，公司现金余额仅剩 2480 万美元，总负债却高达 5.08 亿美元，已经严重资不抵债。而在这堆债务中，有 超过 70% 欠的是同一家公司——深圳杉川机器人 (PICEA)。 杉川既是 iRobot 的代工厂，又是最大债主：它通过香港子公司收购了 iRobot 的 1.907 亿美元贷款，同时 iRobot 还欠着它 1.615 亿美元的货款（其中 9090 万美元已经逾期）。两笔债务合计约 3.52 亿美元，折合人民币约 25 亿元。 想想看，这就像你欠了装修队的钱还不起，最后房子归装修队了——只不过这个「装修队」来自深圳 ...

昔日市值逼近8000亿元的粮油巨头金龙鱼，如今正深陷业绩下滑、信任危机与战略转型的多重困境。截 至2025年12月，其股价较最高点暴跌78.08%，市值蒸发超6000亿元，2024年归母净利润同比下滑 12.14%至25.02亿元，扣非净利润更暴跌26.42%至9.72亿元。这家曾被视为"消费刚需"标杆的企业，正 面临前所未有的挑战。 业绩断崖：利润依赖金融衍生品，主业失速 金龙鱼的困境在财务数据中暴露无遗。2024年，公司营业收入2388.66亿元，同比下降5.03%，连续两年 下滑；净利润的"顶梁柱"竟是金融衍生品收益——2024年衍生工具操作收益达17.87亿元，占归母净利 润的71.42%，而扣非后净利润仅9.72亿元，较2021年的49.96亿元暴跌80.54%。 从全年数据来看，下滑趋势更为明显。金龙鱼全年净利润从2020年的60亿元一路下滑至2024年的25.02 亿元。这表明公司虽然短期内业绩有所改善，但距离恢复巅峰时期的盈利能力尚有很长的路要走。 季度间的波动也引发了市场担忧。2025年第二季度，金龙鱼实现营业收入566.03亿元，环比减少 4.19%；实现净利润7.74亿元，环比下降21. ...

每经评论员孙宇婷 知名运动品牌lululemon(露露乐蒙)于12月11日突然宣布，CEO(首席执行官)卡尔文.麦克唐纳将于2026年 1月离职。出人意料的是，该消息公布后的首个美股交易日(12月12日)，公司股价收盘逆势上涨9.60%。 这一反常走势背后，实则暗藏市场对企业现状的复杂预期。 回顾过去一年，lululemon股价跌幅超过50%，是标普500指数中表现最差的股票之一。在此前的风头最 劲时期，lululemon市值超过500亿美元，甚至一度超越运动巨头阿迪达斯，成为行业第二。从巅峰期陆 续蒸发至市值不足210亿美元(12月11日收盘市值)，华尔街对其管理层信心的丧失早已成了市场公开的 秘密。 必须承认，麦克唐纳在任内曾创造了惊人的增长奇迹。在他执掌lululemon的7年间，他将lululemon从单 一的瑜伽品牌扩张成为横跨训练、跑步、男装和鞋类的全球运动时尚巨头，并成功将其推上"中产三 宝"的神坛。千元瑜伽裤所代表的"健康成功学"生活方式，成为品牌独特的"护城河"。 然而，盛景难续。尽管今年以来受关税政策等外部挑战影响，国际运动品牌的日子大多不好过，但 lululemon的核心困境在于其产品创 ...

Group 1 - The rise of seasonal consumption reflects the shift from ownership to experience in consumer behavior, emphasizing emotional experiences and cultural symbols [1][2] - Seasonal consumption is rooted in ancient wisdom and is being integrated into modern life through new forms like seasonal pastries and herbal teas, enhancing consumer awareness of seasonal changes and traditional culture [1][2] - Brands are leveraging seasonal changes to create limited products and immersive experiences, turning seasonal themes into compelling reasons for consumption [2] Group 2 - Consumers who value ritual also demand high product quality and practicality, indicating that seasonal consumption should not be superficial or short-lived [2] - Brands that successfully create a sense of ritual while maintaining product quality and service are more likely to earn consumer trust and loyalty [2] - The trend of seasonal consumption is fundamentally linked to consumption upgrades and product innovation, providing opportunities for revitalizing the market [3]