文 | 增长工厂，作者 | 嘉辛，编辑 | 赵元 扫地机器人行业的"开山鼻祖"，倒下了。 2025年12月16日，iRobot公告称，由于公司自愿启动破产程序，纳斯达克已决定将公司普通股退市。此 前一天，iRobot在特拉华州法院提交了第11章破产保护申请。 在这份破产文件里，能看到iRobot当下的窘迫：账上现金仅剩2480万美元，总负债却飙升至5.08亿美 元，最大债权人是它的中国代工厂深圳杉川。 谁能想到，这个曾占据全球80%市场份额、市值巅峰近40亿美元的巨头，如今市值缩水至不足2500万美 元，彻底沦为中国企业的"接管对象"。 iRobot的倒下，不是单一因素的偶然，而是全球化战略全面失当的必然：技术上故步自封、市场上傲慢 轻敌、供应链上拱手让人，每一步都踩错了全球化的节奏。 与之形成鲜明对比的是，IDC 2025年三季度全球智能扫地机器人市场报告显示，中国品牌已包揽全球出 货量前五——石头、科沃斯、追觅、小米、云鲸，合计市占率超64%。 这场一衰一兴的较量，为所有出海企业写下最鲜活的教材：全球化从来不是"一套产品卖全球"，而 是"跟着市场做本地"。 一、走进技术路线的死胡同 1990年，iRobo ...

Core Insights - Chery Group has reported a significant increase in overseas sales, exporting approximately 1.1996 million vehicles in the first 11 months of 2025, marking a year-on-year growth of 14.7% [1][2] - The company has established a strong presence in the global market, covering over 120 countries and regions, and has been recognized as the leading exporter of automobiles in China [1][2] - Chery Group is committed to sustainable development, implementing a multi-level governance structure and actively pursuing carbon neutrality goals [1] Sales Performance - In November 2025, Chery Group sold 272,500 vehicles, with exports accounting for 136,700 units, reflecting a year-on-year increase of 30.3% [2] - Cumulatively, from January to November 2025, the company sold 2.5615 million vehicles, achieving an 11.1% year-on-year growth [2] - The total number of global users has surpassed 18.28 million, with over 5.7 million users located overseas [2] Product Development - Chery Group has launched several new models, including the fifth-generation Tiggo 8 and various electric and hybrid vehicles, enhancing its product lineup to cater to diverse market needs [3] - The company showcased 34 key models across five brands at the 2025 Guangzhou Auto Show, covering mainstream segments such as sedans, SUVs, and off-road vehicles [3] Brand Strategy - Chery Group's globalization strategy has evolved from merely exporting products to a more integrated approach involving brand collaboration and ecosystem development [4] - The company has established a diverse brand matrix, including OMODA, JAECOO, EXEED, CHERY, JETOUR, iCAUR, and LEPAS, to cover various market segments from mass to premium [4] - The launch of the luxury hybrid off-road vehicle, Zongheng G700, in Dubai has received high praise from international media, enhancing the brand's image and value [4] Research and Development - Chery Group has implemented a global R&D system, ensuring products meet stringent local standards and diverse market demands [5] - The company has achieved significant milestones in vehicle reliability, with the Jietu T1 successfully completing the Pan-American Highway challenge [5] - Chery's EXEED brand has received a five-star safety rating from Euro NCAP, with a total of 56 models achieving various five-star safety certifications, leading among Chinese automakers [5] Robotics Development - Chery Group has made notable advancements in the field of intelligent robotics, with its Chery Mocha robots entering over 30 countries [6][7] - The first humanoid robot, Mornine, has received multiple EU certifications, marking a significant achievement in the robotics sector [6] - The company plans to expand its robotics sales strategy from automotive 4S stores to broader public service sectors, aiming for substantial sales growth by 2030 [7]

"原来我的包裹，是从这里出发的。"一位海外网友在直播间留言。屏幕另一头，传送带正在运转，一件件包裹从香港出发，飞向世界各地。 今天，菜鸟开启了一场持续数小时的"云监工"慢直播，带全球观众走进菜鸟香港智慧港。全球货运量第一的香港国际机场智慧物流枢纽，首次以沉浸式直 播形式呈现在公众眼前，吸引了来自美国、英国、新加坡等多个国家和地区的几十万网友在线围观。香港TVB艺人高海宁也作为特邀探秘官参与直播，亲 身体验无人物流的高效运转，揭开国货出海"五日达"背后的提速密码。 从跨境出海到履约交付，全景呈现全链路自动化能力 直播首先来到智慧货运中心，香港首个安检前置货运场景自动化码垛系统运作流程首次亮相——安检完成后，机械臂以"6秒一个"的速度精准抓取包裹， 依次完成码垛、组托等步骤，实现安检后处理的一体化衔接。原本高度依赖人工的作业流程，如今被系统化、自动化地串联起来，让包裹处理速度更高 效。正如货站负责人在直播中介绍："每一件货物抵达仓库后，最快4小时即可完成货物处理，登上飞往全球的航班。" 随后，镜头转向智慧港内菜鸟香港供应链中心的自动化仓库，多机位近距离展示了AGV在立体货架之间穿梭作业的场景。通过AI算法的统一调 ...

Core Viewpoint - Shenghui Integration (603163.SH) has received a significant order from Peng Shen Technology (Thailand) Co., Ltd., amounting to approximately RMB 432 million, which represents 21.5% of the company's projected revenue for 2024, indicating strong business growth and expansion into overseas markets [1][2][3]. Group 1: Business Performance - Shenghui Integration's revenue for the first three quarters of 2025 reached RMB 2.116 billion, reflecting a year-on-year increase of 46.29%, while net profit attributable to shareholders grew by 29.09% to RMB 95.6469 million [6]. - The company has a robust order backlog of RMB 2.214 billion as of September 30, 2025, marking a 21.21% increase from the previous year, with significant contributions from the IC semiconductor sector [3][4]. - The company reported a net cash flow from operating activities of RMB 121 million for the first three quarters of 2025, a substantial increase of 450.34% year-on-year, driven by higher pre-received project payments and revenue collection [4]. Group 2: Market Expansion - Shenghui Integration's recent order from Thailand is part of its strategy to accelerate overseas market expansion, with the company successfully securing contracts in Southeast Asia [2][3]. - The company has also recently won a contract in Vietnam worth RMB 27.8 million, further demonstrating its capability to penetrate international markets [3]. - The overseas revenue for the first half of 2025 reached RMB 684 million, accounting for 52.84% of total revenue, a significant increase of 191.58% year-on-year, indicating a shift in revenue generation towards international operations [4]. Group 3: Financial Health - As of September 30, 2025, Shenghui Integration's cash reserves stood at RMB 626 million, with a debt-to-asset ratio of 49.71%, indicating a solid financial position to fulfill contractual obligations [4]. - The company has maintained a consistent dividend payout ratio of around 60% of net profit since its listing, with cumulative cash dividends amounting to RMB 235 million [6]. - The stock price has seen a remarkable increase of approximately 144% in 2025, closing at RMB 62.68 per share, reflecting strong market confidence in the company's growth prospects [6].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights strong financial performance with a revenue of 28,400 million RMB in Q3 2025, representing an 8.2% year-over-year growth, and a net profit of 8,600 million RMB, with a non-GAAP net profit of 9,500 million RMB, both showing double-digit growth [3][14] - The gaming business remains the core revenue driver, contributing approximately 82% of total revenue, with Q3 gaming revenue reaching 23,300 million RMB, up 11.8% year-over-year [5][18] - The company is focusing on long-term operations, new product launches, and global expansion as key growth strategies [28] Financial Performance - In Q3 2025, the company achieved a gross profit of 18,200 million RMB, with a gross margin maintained at a high level, and a net cash flow from operations of 12,900 million RMB, accounting for about 45% of revenue [3][14][17] - The company’s total assets reached approximately 214,500 million RMB, with a significant net cash position of 153,200 million RMB, providing a buffer against external uncertainties [16] - The net profit margin is approximately 30%, indicating robust profitability [14] Business Development - The gaming segment continues to thrive, with a gross margin of about 69% and deferred revenue increasing by 25% year-over-year, driven by popular titles and new game launches [5][18] - The cloud music segment reported a slight revenue decline of 1.8% to 1,964 million RMB, but improved profitability with a gross profit of 695 million RMB, reflecting effective cost management [20] - The innovative business segment, particularly Youdao, saw a revenue increase of 3.6% to 1,600 million RMB, with a significant rise in operating profit driven by AI subscriptions and online marketing [21] Profit Forecast - The company expects a revenue growth of 10.0% and a net profit growth of 9.2% for 2025, with corresponding PE ratios of 17.41, 25.66, and 20.65 for 2025-2027 [6][8]

智通财经APP获悉，近日，J&T极兔速递(01519)在泰国曼谷成功举办投资者开放日活动。集团与泰国管理层与来自全球的投资机构、分析师齐聚一堂，本 次开放日线下参会人数达80人，线上同步接入超百人，均创下历次活动新高，充分显示了资本市场对极兔东南亚战略与经营成果的高度关注。 此次活动通过主题演讲、互动问答及实地走访，全面展示了极兔扎根本土、持续创新的核心能力。 活动伊始，J&T极兔速递首席财务官Dylan Tey回顾了与投资人的"泰国之约"：两年多前，极兔上市前路演曾选择尚未盈利的泰国，旨在让市场理解其在国 际化初期的战略投入；如今，泰国不仅成为集团盈利的重要贡献者，更被内部视为"海外竞争最激烈的国家"中杀出重围的重要案例。 极兔泰国CEO Winsome Huo在主题演讲中以详实的数据勾勒出公司的增长曲线。据弗若斯特沙利文数据，极兔今年上半年业务量已位居泰国公开市场第 一，并连续三年获得调研服务机构Thailand Social Awards给出的"服务好评率第一"评价。尤为关键的是，公司已在激烈市场竞争中实现盈利，标志着极兔 的商业模型在海外成熟市场得到了有效验证。 J&T极兔速递首席财务官Dylan T ...

浪潮涌动，又一锂电企业计划赴港二次上市。 12月12日盘后，鹏辉能源（300438.SZ）公告，筹划发行H股并在香港联交所上市，以深化全球化战略布局，提升公司在国际市场的综合竞争 实力，同时打造公司国际化资本运作平台，增强境外融资能力。 鹏辉能源于2015年在深圳证券交易所创业板上市，截至目前累计募资70.32亿元，其中首发时募资3.12亿元，股权再融资32.98亿元，间接融资 34.22亿元。 尽管上市以来已通过多渠道募集资金，但面对大规模的扩产计划和全球化布局，公司当前资金压力不小。 其三季报显示，截至2025年9月末，公司货币资金17.03亿元，同期短期借款高达14.60亿元，应付账款50.71亿元，应付票据22.15亿元，资金链 处于紧平衡状态。 业绩修复期 从上市公司业绩来看，鹏辉能源也正处于业绩修复的关键期。 2024年，正值锂电行业价格激烈博弈的关键期，鹏辉能源上市以来首次亏损，全年归母净利润为-2.52亿元，到2025年上半年仍亏损8822.67万 元。不过，三季报显示，报告期内公司实现营业收入75.81亿元，同比增长34.23%；归母净利润实现扭亏1.15亿元，同比增长89.33%。三季度 ...

Core Viewpoint - Penghui Energy plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and improve its international competitiveness while creating a platform for overseas financing [2][13]. Financial Performance - Since its listing in 2015, Penghui Energy has raised a total of 7.032 billion yuan, with initial public offering (IPO) proceeds of 312 million yuan and subsequent financing of 3.298 billion yuan and 3.422 billion yuan through indirect means [4]. - The company reported its first loss since listing in 2024, with a net profit attributable to shareholders of -252 million yuan, and continued to incur losses of 88.23 million yuan in the first half of 2025 [5]. - However, the third quarter of 2025 showed a significant recovery, with revenue of 7.581 billion yuan, a year-on-year increase of 34.23%, and a net profit of 115 million yuan, marking a year-on-year growth of 89.33% [5]. Production and Capacity - The demand for lithium batteries has rebounded in the second half of the year, leading to a structural recovery for the company, with full production capacity for major energy storage products [6]. - The company has initiated an aggressive expansion plan starting in the second half of 2024, with total investments reaching 8.3 billion yuan, funded by its own or self-raised capital [10]. Cash Flow and Financial Health - Despite the recovery in performance, the company's cash flow remains under pressure, with a net cash flow from operating activities of -11.51 million yuan in the first three quarters of 2025, although this is a significant improvement from -481 million yuan in the same period last year [7]. - By the end of 2024, the company's cash balance was 1.646 billion yuan, a decrease of 26.55% year-on-year, while accounts receivable increased by 57.28% to 2.601 billion yuan due to slower payment speeds from large energy storage projects [9]. Strategic Initiatives - The company is focusing on solid-state batteries as a key project, with plans for mass production of a 1GWh semi-solid battery project and ongoing construction of a solid-state battery pilot line expected to be completed by the end of 2026 [11][12]. - The move to list in Hong Kong is part of a broader trend among Chinese new energy companies seeking to secure funding and maintain growth amid tightening IPO and refinancing conditions in the A-share market [14][15].

Core Viewpoint - Penghui Energy plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and improve its international competitiveness while addressing funding pressures from its expansion plans [1][10]. Financial Performance - In 2024, Penghui Energy reported its first loss since listing, with a net profit of -252 million yuan, and continued to incur losses in the first half of 2025, amounting to -88.23 million yuan [2]. - The company's Q3 report showed a revenue of 7.581 billion yuan, a year-on-year increase of 34.23%, and a net profit of 115 million yuan, a significant turnaround with a growth of 89.33% [2]. Market Demand and Production Capacity - The recovery in demand for lithium batteries in the second half of the year has led to a structural rebound, with Penghui Energy's major storage products operating at full capacity and prices increasing compared to the first half of the year [3]. - The company’s production capacity utilization rates for its large and small storage production lines are at full capacity, with orders extending into 2026 [3]. Cash Flow and Financial Health - Penghui Energy's net cash flow from operating activities for the first three quarters of 2025 was -11.51 million yuan, although this was a significant improvement from -481 million yuan in the same period the previous year [5]. - As of the end of 2024, the company's cash balance was 1.646 billion yuan, a decrease of 26.55% year-on-year, while accounts receivable increased by 57.28% to 2.601 billion yuan due to slower payment speeds from large storage projects [6]. Expansion Plans - Despite financial pressures, Penghui Energy has initiated an aggressive expansion plan starting in the second half of 2024, with a total investment of 8.3 billion yuan focused on storage cells and systems, as well as semi-solid batteries [7]. - The company is prioritizing solid-state batteries as a key project, with plans for mass production expected by 2026 [9]. Global Strategy - The move to list in Hong Kong aligns with a broader trend among renewable energy companies seeking to secure funding amid tightening IPO and refinancing conditions in the A-share market [10]. - The Hong Kong market offers a more flexible financing channel and serves as a "capital springboard" for companies aiming for sustainable development in a competitive landscape [10].

"跑鞋品牌特步公布将与马来西亚深耕逾50的渠道商Bonia组建合资公司，共拓当地市场。有分析指出， 特步此举将加速中国特步成为东南亚跑步第一品牌。值得注意的是，此次新的战略方向落地也伴随着对 马来市场原有业务合作模式进行了调整。基于特步集团整体战略调整的需求，特步在马来西亚的业务模 式将由单一独家经销升级为多元化渠道布局。原独家经销商VGO将转为"非独家经销商"，并继续作为 特步的重要合作伙伴深耕当地市场。在与Bonia开启合作前，渠道商VGO是特步在当地的独家合作方， 作为特步登陆马来西亚市场的初始合作伙伴，VGO为特步品牌在马来西亚市场的成功入驻奠定了良好 的基础。特步未来将继续与VGO的合作，在他们擅长的渠道推进特步品牌的发展。Bonia则聚焦助力特 步最大化在当地核心商圈与跑步聚集地的品牌能见度打造。 马来西亚是特步出海东南亚的桥头堡，此次业务模式转型对特步落地2022年提出的"世界跑鞋 中国特 步"战略至关重要。Bonia在东南亚的销售网点覆盖马来西亚、新加坡、印度尼西亚和泰国等，与当地各 大购物中心关系紧密稳定，对当地消费者需求有着深刻理解，且具备扎实的跨国零售能力。 特步于2024年进驻马来西亚 ...