(文/陈海亮)"财务工作的终点，从来不是一份漂亮的报表，而是一个经得起推敲的商业决策。"在北京物 资学院的办公室里，王静副教授如此定义她深耕二十七年的领域。窗外是校园的宁静，窗内是她所连接 的那个充满数据、风险与机遇的商业世界。 与许多财务专家不同，王静的形象很难被单一标签定义——她既是让上万名学生感受到财务学魅力的教 授，也是企业关键时刻寻求理性依据的顾问，更是将国际财务理论成功"中国化"的译者与研究者。她的 职业生涯，如同一座精心建造的桥梁，横跨在常常彼此孤立的学术高塔与商业实战之间。 王静在第八届中国商贸流通企业发展论坛暨人工智能下企业管理变革高峰会上发表讲话 王静的专业之路始于扎实的学术钻研。中国农业大学运筹与管理专业的博士背景，赋予她一种系统化的 分析框架和结构化的思维方式。然而，她很快发现，教科书上关于市场有效性、资产定价的经典模型， 在面对中国转型经济中企业的实际困境时，往往显得力不从心。 王静的职业拼图中，还有一个常被忽略但至关重要的部分，那就是公共服务。她作为"地方人大全口径 预算决算审查监督研究"课题组核心成员，连续多年参与北京市通州区地震局、财政局、司法局等政府 机构的年度预算执行与预算 ...

智通财经记者 | 黄锫坚 徐美慧 程璐 周末 陆柯言 伍洋宇 黄姗 李欣媛 周姝祺 马悦然 商业世界如同深海潜流，表面波澜不惊，深处早已换了人间。 当我们把过去几年的"风光财经人物"名单摊开，会发现这不仅仅是名字的更迭，更是一部浓缩的中国商业进化史。三年前，企业家们还在存量废墟中寻 找"救世主"，在迷雾中渴求"孤胆英雄"，而今天，我们终于学会了在确定性中寻找属于每个人的方向和价值。 两年前的2023年春天，人们充满焦虑与渴望，在直播间里通过董宇辉的温情或小杨哥的喧嚣，去抵御某种下坠的失重感。我们崇拜的是那些能在红海中杀出 血路的奇迹制造者。拼多多的陈磊代表了效率，名创优品的叶国富代表了某种全球野心。大家在问：谁能带我们赚快钱？谁能在这个存量时代再造一个增长 神话？我们像溺水者抓住浮木一样，抓住每一个具有"造富潜能"的符号。 而2024年的关键词是"突围"。人们意识到，仅仅靠卖货和喊麦无法支撑一个大国的商业尊严。我们开始崇拜那些"能做出硬核产品"的人。雷军在三年的非议 中交付了小米SU7，冯骥在孤寂中磨出了《黑神话：悟空》。郑钦文和潘展乐走红的背后，是人们对"中国梦"的一种全新定义——不再是隐忍和含蓄，而是 直 ...

2025年的中国酒业，正经历一场深层次的行业洗牌：99%的名酒价格倒挂，半数烟酒店面临生死考验，经销商在去库存与保利润之间艰难挣扎。当"躺平"与 观望成为行业常态，酒仙集团却选择逆势启动"奔跑计划"，在凛冬中跑出了一条逆势上扬的增长曲线。 12月19日，酒仙集团"破局2026——酒业冬天里的破局之道"郝鸿峰迎新演讲于北京举办。董事长郝鸿峰以一句话总结其突围心法："当别人选择'躺平'时，我 们只要站起来，便已战胜80%的同行；当我们全力跑起来，就能赢过99%的竞争者。" 这句话背后，不仅是一家企业的行动哲学，更代表了一种主动进化的商业态度。它重新定义了行业调整期的生存逻辑：低谷，不是终点，而是价值回归与专 业主义崛起的真正起点。 逆流而上：不纠结、不矫情、不抱怨、拼命干 2025年的市场寒意刺骨。郝鸿峰用数据勾勒出严峻现实：名酒价格普遍下滑超30%，六七八月份市场呈断崖式下跌，悲观与观望蔓延，80%的从业者选择了 收缩与停滞。 然而，酒仙集团选择了截然相反的道路——加速奔跑。"行情越冷，越要动起来。"郝鸿峰表示，"别人减少出差，我们增加走访；别人砍掉市场费用，我们 加大品鉴会投入；别人停止学习，我们组织跨行业研 ...

Core Insights - The article emphasizes the transition of China's snow sports economy from scale growth to quality enhancement, highlighting the role of outdoor apparel brands in connecting sports experiences with industry development [1][8] - The event "Dancing with Snow" organized by the brand Tambor in the Altay region serves as a practical example of this trend, showcasing the brand's commitment to professional quality and its impact on the snow sports ecosystem [1][3] Group 1: Event and Brand Connection - The "Dancing with Snow" event at the Altay mountain not only showcased Tambor's products but also established a deep connection between the brand and its users through an authentic experience [2][3] - The choice of location at the Altay mountain, a historical site for skiing, aligns with Tambor's strategy to bridge professional sports and mass consumer engagement [2][3] - The event addressed key pain points in the snow apparel market, offering versatile products that balance functionality for professional skiers and aesthetic appeal for casual users [2][3] Group 2: Product Quality and Technology - Tambor has a strong focus on high-quality materials, with over 90% of its outdoor apparel made from nylon, significantly exceeding industry averages [4] - The brand's ski apparel features advanced technology, such as DERMIZAX fabric with impressive waterproof and breathability ratings, ensuring optimal performance in extreme conditions [4][5] - Tambor's commitment to quality extends through the entire production process, utilizing high-quality down and ergonomic designs to enhance user experience [5] Group 3: Industry Ecosystem and Cultural Integration - Tambor is evolving from a product-centric approach to an ecosystem-building strategy, aiming to empower the entire snow sports industry [6][8] - The brand has established a presence in key ski resorts, creating experience centers that serve both as retail points and cultural hubs for snow sports education [6][7] - Tambor integrates local cultural elements into its product design, promoting a narrative that connects outdoor gear with the natural environment and emotional values [7][8] Group 4: Market Positioning and Future Outlook - The snow apparel market is shifting from a price competition to a value-driven approach, with Tambor setting a benchmark through its quality and experiential marketing strategies [8] - The brand's initiatives, from local events to international partnerships, position it as a leader in the evolving landscape of China's snow sports economy [8]

Core Insights - China Pacific Insurance (CPIC) launched new high-end products and upgraded customer club rights, focusing on high-net-worth clients' core needs in wealth management, risk defense, and service enhancement [1][6] Group 1: Wealth Management and Economic Insights - Renowned economist Ma Guangyuan emphasized the importance of respecting economic cycles in wealth management, stating that the essence of wealth is cyclical and that long-term and professional investment strategies are crucial in navigating uncertainties [2] - The current wealth cycle in China is undergoing significant changes, necessitating the construction of optimal asset portfolios that include professional financial assets like insurance and banking [2] Group 2: Customer-Centric Approach - CPIC prioritizes customer needs by providing professional insurance products for family risk protection and leveraging its asset-liability management capabilities to share investment returns with clients [3] - The company has adapted to profound internal and external changes by exploring diverse customer needs and redefining its role beyond traditional insurance services, aiming to help clients achieve a "prosperous life" in the new era [3] Group 3: High-Net-Worth Client Focus - The event highlighted a shift in high-net-worth clients' core needs from "growth" to "inheritance" in wealth management and from "ownership" to "experience" in lifestyle pursuits, with a move towards personalized services [6] - CPIC introduced two new products: the Taibao Hongfu Tainian (Yuxiang Version) annuity insurance and the Taibao Shengshi Hongyun (Yuxiang Version) whole life insurance, designed to meet the stable asset growth and inheritance needs of high-net-worth families [6] - The upgraded "1+6" private rights system offers 24/7 dedicated concierge services and covers six areas: health, retirement, education, career, life, and art, providing clients with access to CPIC's quality investment ecosystem and global service resources [6]

Core Insights - The trend in Tmall's Double 11 this year indicates a shift from chaotic live commerce to a more sustainable model centered around professional niche hosts [1] - These hosts are not relying on emotional tactics like "last 100 orders" or "lowest prices," but instead are building trust through industry expertise and rigorous product selection [1] Group 1: Professional Hosts - Cao Miya has transitioned from an English teacher to a trusted "electronic nutritionist," focusing on health products with a strong emphasis on responsibility and user education [2][5] - Her live stream sales during the Double 11 pre-sale period saw a 70% year-on-year increase, highlighting her effective approach to consumer engagement [5] - Tangyuan, who began her career in civil service, has established herself as a reliable partner for brands by maintaining high standards for product selection and fostering long-term relationships [6][10] Group 2: Trust and Quality - Tangyuan's meticulous selection process ensures that she only collaborates with brands that meet her stringent criteria, enhancing her credibility among consumers [7][9] - Shanshan has transformed her live stream into an educational platform, teaching viewers about fabric quality and garment construction, which has helped her build a loyal following [11][14] - The emphasis on professionalism and trust is reshaping the value logic of live commerce, moving away from price competition to a focus on expertise and reliability [15] Group 3: Industry Transformation - The evolution of these hosts reflects a deeper transformation within the Tmall live streaming ecosystem, where the focus has shifted from mere sales to building lasting consumer relationships [15] - Tmall has committed to investing 11 billion yuan to support professional hosts and quality content, indicating a strategic pivot towards enhancing the overall quality of live commerce [15] - The success of niche hosts during this year's Double 11 demonstrates that true growth in the industry is now driven by professionalism rather than sensational selling tactics [15]

Core Viewpoint - Several brokerage firms have raised the target price for Jianhe Group, indicating a positive outlook despite overall demand pressure in the maternal and infant industry [1] Financial Performance - Jianhe Group achieved revenue of 7.02 billion RMB in the first half of the year, a year-on-year increase of 5.2% [1] - The infant nutrition (BNC) segment generated revenue of 2.501 billion RMB, growing by 12.5%, with sales of formula milk in mainland China increasing by 10.0%, significantly higher than the industry average growth of 0.2% [1] - The overall gross margin for Jianhe Group in the first half of 2025 was 62.5%, with a net cash flow of 999.8 million RMB and an adjusted comparable net profit of 363 million RMB, maintaining a net profit margin of 5.2% [5] Competitive Advantage - Jianhe Group's competitive edge stems from a complete chain of "raw materials - processes - research," ensuring product quality and brand loyalty [2] - The company sources its core milk supply from high-quality farms in Normandy, France, and utilizes advanced production techniques from the century-old French dairy company Isigny Sainte-Mere [2] - Jianhe Group has established the Jianhe Nutrition and Care Research Institute (BINC) over a decade ago, collaborating with 60 renowned research institutions to advance research in maternal and infant health [2] Channel Strategy - The company's channel strategy emphasizes long-term stable partnerships, providing consistent product quality and pricing to avoid price wars [3] - Jianhe Group enhances its relationship with channel partners through training, co-creation of educational content, and public welfare projects, fostering a strong bond beyond mere supply relationships [4] Market Positioning - The maternal and infant industry has high entry barriers, but once trust is established, partnerships tend to be strong and long-lasting [4] - Jianhe Group's online strategy includes leveraging social media for brand awareness and expert endorsements, leading to effective conversion through e-commerce channels [4] Future Outlook - The "professionalism + long-termism" business model of Jianhe Group is expected to continue strengthening its valuation anchor, with key indicators for future observation including the conversion of research results, changes in high-end market share, and improvements in channel efficiency [5][6]

Core Viewpoint - Several brokerage firms have raised the target price for Jianhe Group, indicating a positive outlook despite overall demand pressure in the maternal and infant industry [1] Financial Performance - Jianhe Group achieved revenue of 7.02 billion RMB in the first half of the year, a year-on-year increase of 5.2% [1] - The infant nutrition (BNC) segment generated revenue of 2.501 billion RMB, growing by 12.5%, with sales of formula milk in mainland China increasing by 10.0%, significantly above the industry average growth of 0.2% [1] - The overall gross margin for Jianhe Group in the first half of 2025 was 62.5%, with a net cash flow of 999.8 million RMB and an adjusted comparable net profit of 363 million RMB, maintaining a net profit margin of 5.2% [5] Competitive Advantage - Jianhe Group's competitive edge stems from a complete chain of "raw materials - processes - research," ensuring product quality and brand loyalty [2] - The company sources its core milk supply from high-quality farms in Normandy, France, and utilizes advanced production techniques from the century-old French dairy company Isigny Sainte-Mere [2] - Jianhe Group has established the Jianhe Nutrition and Care Research Institute (BINC) over a decade ago, collaborating with 60 renowned research institutions to advance research in maternal and infant health [2] Channel Strategy - The company's channel strategy emphasizes long-term stable partnerships, providing consistent product quality and pricing to avoid price wars [3] - Jianhe Group enhances its relationship with channel partners through training, co-creation of educational content, and public welfare projects, fostering a strong bond beyond mere supply relationships [4] Market Positioning - The maternal and infant industry has high entry barriers, but once trust is established, partnerships tend to be strong and long-lasting [4] - Jianhe Group has excelled in online marketing through social media and expert endorsements, leading to significant sales growth during promotional events [4] Future Outlook - The "professionalism + long-termism" business model of Jianhe Group is expected to continue strengthening its valuation anchor, with key indicators for future observation including the conversion of research results, changes in high-end market share, and improvements in channel efficiency [5][6]

Group 1 - The core philosophy of the company, Pang Donglai, emphasizes a "Buddhist" management approach that prioritizes employee happiness and a healthy work-life balance over traditional competitive metrics like KPIs and profit margins [2][3] - Pang Donglai's founder, Yu Donglai, advocates for an "advanced way of living," which includes respecting life and fostering a spirit of freedom, contrasting with the traditional "slave mentality" that hinders personal and professional growth [4][5][7] - The company promotes the idea of "living for oneself" as a fundamental responsibility, encouraging individuals to prioritize their own happiness and well-being rather than merely fulfilling societal or familial expectations [8][10] Group 2 - The company believes in the importance of balancing work and life, asserting that true quality in business comes from passion rather than mere profit-seeking [12][13] - Pang Donglai emphasizes the significance of understanding one's profession deeply, suggesting that true expertise and passion lead to long-term success and fulfillment [18][19] - The company has implemented a culture of openness and shared learning, where employees are encouraged to engage in meaningful exchanges rather than just rote learning [21][23] Group 3 - Pang Donglai's educational initiatives focus on instilling values of sincerity, kindness, trust, and respect, which have led to a more relaxed and genuine business environment among participants [23][24] - The company challenges the traditional notion of competition, advocating for a mindset that values personal happiness and fulfillment over comparison with others [30][32] - Pang Donglai aims to create a positive cultural environment that fosters well-being and joy, which is seen as essential for both personal and organizational success [35][36]

Core Viewpoint - The article discusses the dichotomy between "trafficism" (quick money) and "professionalism" (slow money) in business strategies, emphasizing the importance of finding a balance between the two approaches to achieve sustainable success [5][15][27]. Group 1: Business Strategies - Trafficism involves exploiting new concepts and market gaps to generate quick profits, often at the expense of quality and ethics [6][14]. - Professionalism focuses on creating high-quality products and content, believing that value will eventually attract customers over time [7][12]. - The article highlights the importance of understanding Customer Acquisition Cost (CAC) and Lifetime Value (LTV) as key metrics for evaluating business strategies [8][10]. Group 2: Personal Insights and Experiences - The author reflects on their own journey, emphasizing the need to adapt and learn from both traffic-driven and professional approaches to maximize long-term value [17][28]. - There is a recognition that solely relying on referrals may limit growth, and that embracing new media and marketing strategies is essential for business expansion [20][21]. - The author shares a personal transformation in mindset, moving from disdain for traffic-driven methods to understanding their potential value in achieving long-term goals [22][27].