Core Insights - Yang Huiyan has led Country Garden through a challenging period since taking over as chairperson, marking over 1000 days in leadership [3][14] - The company faced significant difficulties, with sales dropping from 219.98 billion yuan in 2023 to 60.48 billion yuan in 2024 and further to 40.28 billion yuan in 2025, leading to a shift in focus towards stabilizing operations and debt management [3][14] - The announcement of a "second entrepreneurship" phase indicates a transition from crisis management to normal operational recovery, emphasizing quality and refined operations [3][14] Debt Restructuring - Debt restructuring has been a critical strategy for the company under Yang Huiyan's leadership, with significant losses anticipated in the first half of 2023 due to unfavorable market conditions [4][15] - The company announced a debt restructuring proposal on January 9, 2025, with a total of approximately 177 billion USD in foreign debt and 13.77 billion yuan in domestic debt successfully restructured by December 4, 2025 [4][15][16] - The restructuring is expected to reduce the overall debt burden by over 90 billion yuan and significantly lower financing costs to 1%-2.5%, alleviating cash flow pressures and enhancing net assets [5][16] Management Changes - On December 4, 2025, the company announced new management appointments, with Mo Bin becoming co-chairman and Cheng Guangyu taking over as president, aimed at enhancing strategic operations and addressing business challenges [6][17][18] - The management reshuffle aligns with the company's efforts to restore normal operations following the successful debt restructuring [6][18] Strategic Direction - The company is entering a new development phase, focusing on optimizing debt structure and restoring normal operations, as highlighted in a joint New Year's message from Yang Huiyan, Mo Bin, and Cheng Guangyu [8][20] - Yang Huiyan emphasized a shift in operational thinking from large-scale development to refined operations, integrating customer-centric approaches into all processes [9][22] - The "one body, two wings" strategy, which includes real estate development and technology construction, is expected to align with current policy directions and create new growth opportunities [9][21] Market Position and Challenges - The real estate market has shifted to a buyer's market, necessitating a change in operational strategies to meet localized demands and enhance customer satisfaction [10][23] - Despite the positive developments, the company still faces challenges, including numerous legal issues and outstanding debts totaling over 6.3 billion yuan [10][23]

资料图。 杨惠妍接班1000天 王琳 接过碧桂园董事会主席的权杖已逾 1000 天，杨惠妍终于带领这家深陷行业调整期的龙头房企走 过了最艰难的时刻。 2023 年 3 月，杨惠妍接棒父亲杨国强时，面对的是 " 公司创办以来最大的困难 " 。地产行业深 度调整之下，碧桂园的销售业绩遭遇滑铁卢，中指研究院数据显示，其 全口径 销售额从 2023 年的 2199.8 亿元（位列行业第七）骤降至 2024 年的 604.8 亿元（位列第十六） 以及 2025 年 的 402 . 8 亿元 （ 位列行业第十九 ） ，流动性压力褪去了 " 中国女首富 " 的光环， " 保交房、 稳资债、保经营 " 成为她上任后的核心使命。 2025 年末，随着境内外债务重组的全面收官、 管理层换防 ，她在集团月度管理会议上首次 提 出 " 二次创业 " 的宣言，标志着碧桂园 的经营重心从 " 保交 房 、稳资债 " 的攻坚阶段， 转向 正常经营秩序的全面恢复 ， 也将 从大规模、快周转的增量开发 模式 ，转向 品质化 、精细化 运营 新阶段 。 债务重组收官 债务重组是杨惠妍上任后破解危局的关键一役 。 重组带来的成效是显著的 。 碧桂 ...

刘畅想过，如果有一天卸下新希望的担子，她就去开这样一家 小小的鱼蛋粉店。别人听了可能觉得有点"二"，但她知道，这 是穿越风浪之后，生活最舒展、最"刘畅"的模样。 作者： 阿茹汗 封图：受访者供图 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图 谱。 电视里播放着2017年的一档访谈节目：刘畅坐在新希望集团的北京办公室，主持人许知远问："金钱对你意味着什么？"刘畅说："金钱还是很重要啊， 物质基础是得去追求的……我对这个（账面上有25个亿）一点感觉都没有，你不可能用这么多……" 然而，撕下这些外界贴上的标签，她更渴望一种内在的自洽。在被家族与社会设定的命运轨道上，她想要辨认并守护住那个更真实的自我。 因此，当2025年末，在屏幕上再次看到2017年那张"二"劲十足的脸时，刘畅感慨万千："它记录了一个相对真实的我，没有被标签化。从懵懂到成熟， 现在或许更辛苦，但对生活更加感恩，对事业更多敬畏。" 字 节奏感 前不久出差途经洛阳，刘畅特意挤出时间看望了90多岁的二姥姥。老人一见面，就拉着她聊起小时候的事，也打开了刘畅尘封已久的记 ...

2025 企业家画像 年度系列评论(1 型 = 旅 一张印着"风清扬"三字的新版工牌，宣告阿里创始人马云在2025年的正式回归。那是4月10日，在杭州的阿里云新财年启动会上，马云与员工挥手致意， 满面春风。 他在这次露面的演讲中说，高科技绝不仅是征服星辰大海，更应该呵护人间烟火；科技人员的责任，不是让AI取代人类，而是让AI更懂人类、更好地服 务人类。显然，这是对阿里AI战略的价值宣言。 马云的归来，并非突如其来，而是踩在阿里二次创业的关键节点上。 2024年5月，在一封联合署名的致股东信中，阿里巴巴集团主席蔡崇信和CEO吴泳铭表示："在接下来的10年里，我们将再次视自己为一家初创企业，坚 守'让天下没有难做的生意'的使命初心，以创业的精神持续创新。" 当年11月，马云卸任后首次现身于正式启用的阿里杭州全球总部新园区，引发关注；12月，马云出席蚂蚁集团20周年活动，强调"我不是为过去的20年而 来，而是为了未来的20年而来"。 4月那次以"风清扬"工牌亮相之后，马云的曝光就更加频繁，几乎每月都会出现在媒体镜头之下。 特别是5月9日，第21个"阿里日"前夜，身穿一袭白衣的马云，与吴泳铭一起现身阿里总部"创业公寓 ...

Core Insights - The 2026 strategy conference held by Yong'an Futures in Hangzhou focused on exploring wealth management strategies amid complex macroeconomic changes, emphasizing the importance of collaboration and innovation in the financial sector [1] - Yong'an Futures aims to become a leading derivatives investment bank, focusing on six key areas: deepening industry services, enhancing wealth management, accelerating internationalization, strengthening research capabilities, promoting digital transformation, and adhering to long-term investment principles [1] Macroeconomic Environment and Asset Allocation - The chief economist of Caitong Securities highlighted the divergence between nominal and real economic indicators, suggesting reliance on fiscal and monetary policies to navigate the complexities of the macroeconomic landscape [2] - A multi-asset allocation strategy was proposed, emphasizing the importance of balancing risk and return while adapting to changing economic conditions and enhancing residents' risk appetite [2] Commodity Market Outlook - The head of Yong'an Futures Research Center projected a recovery in commodity prices driven by proactive domestic policies and external demand, particularly in the non-ferrous metals sector, which is supported by AI and new energy demands [3] - Structural opportunities in the market were identified, with a focus on sectors experiencing supply disruptions and increased demand [3] Investment Philosophy and Strategies - Investment strategies discussed included a focus on "probability thinking" and "low correlation" to create resilient portfolios capable of withstanding economic cycles [2][3] - The importance of a balanced investment approach was emphasized, with a focus on redemptive assets as a foundation for navigating market fluctuations [3] Discussions on Asset Management and Technology - Roundtable discussions addressed the transition from product-centric to client-centric investment approaches, highlighting the need for collaboration and innovation in asset management [5] - The role of AI in enhancing quantitative investment processes and risk management was a key topic, with insights into how AI can redefine investment strategies [5] Future Directions - Yong'an Futures plans to reshape its research ecosystem with a focus on customer-centric services and data-driven decision-making, aiming to set a benchmark in the commodity research field [6]

自本土市场新能源转型引爆以来，20万以上市场的快速增长已经成为显学，而仔细观察近期榜单，新能源市场另一个颇受瞩目的现象同样在强化。以11月 销量为例，来看看今天的新能源市场、乃至整体本土市场的演化—— | | 宏光MINIEV | 6 | Model 3 | | --- | --- | --- | --- | | | ★★★★★ 4.43分 3.28-9.99万 | ↑ 55 | ★★★★★ 4.35分 23.55-33.95万 | | 2 | Model Y | 7 | 问界M7 ★★★★★ 4.51分 | | 18 | ★★★★★ 4.40分 26.35-31.35万 | ↑ 11 | 24.98-37.98万 | | | 星愿 ★★★★★ 4.62分 | 8 | 海狮06 ★★★★★ 4.47分 | | | 6.88-9.88万 | 13 | 13.98-16.38万 | | 4 | 秦PLUS | 9 | 针7 | | J1 | ★★★★★ 4.60分 7.98-17.98万 | 11 | ★★★★★ 4.45分 17.98-21.98万 | | 5 | 小米YU7 | 10 | 泡喝 | | | ★ ...

文 ｜ 吴遮编辑 ｜ 孙春芳 几天前，碧桂园（02007.HK）完成了自救的关键一步。 12月5日，碧桂园发布公告，在前一天，香港高等法院做出了"认许令"，批准了他们的境外债务重组计划，该计划涉及债务总额177亿美元。 几乎同时，碧桂园的境内债务重组也迎来了利好消息，他们最后一笔境内债券的重组方案通过了债权人会议。 就在债务重组获得重大进展之际，碧桂园又进行了组织架构、高层人事的调整。 12月3日，碧桂园启动新一轮组织架构调整，将13个房产区域精简至10个。第二天晚间，碧桂园披露重大人事变动，担任了15年总裁的莫 斌，被调任联席主席，总裁一职由45岁的程光煜接任，后者被视为杨惠妍最信任的高管之一。 "轻装上阵"，碧桂园的前路不仅关乎债权人、员工和成千上万的业主，更是中国房地产行业能否走出泥潭的一个重要参考。 329天的漫长博弈 177亿美元，这是一个什么概念？ 在众多出险房企中，碧桂园的这个境外债务重组的规模，可以排在行业第二，远高于融创、富力、龙光等房企。比如融创，其境外债务重组 规模为96亿美元，今年11月5日，融创的境外债务重组方案获得了香港高等法院的批准。 与境内债务重组相比，境外债务重组的难度要大很 ...

Core Insights - The article highlights the transformation of Yunshe Village in Guizhou Province, where the local Tujia ethnic community has shifted from a focus on traditional tourism to showcasing their daily lives as a unique attraction for visitors [1][2]. Group 1: Tourism Development - Yunshe Village began its tourism development in 2002, leveraging its proximity to Fanjing Mountain and its ancient architecture, but initially faced challenges due to poor infrastructure and low visitor retention [4]. - The village underwent a significant transformation by improving the environment, enhancing sanitation facilities, and restoring traditional buildings, all while maintaining the authenticity of local life [4]. - The village has successfully integrated local culture into the tourism experience, offering performances and activities that allow visitors to engage with Tujia traditions [4]. Group 2: Visitor Experience - There has been a notable shift in visitor behavior, with tourists now staying longer in the village, often for several days, to experience the local lifestyle rather than just sightseeing [2][6]. - The village currently boasts 42 guesthouses and 28 farmhouses, with 80% of the villagers involved in tourism-related industries, indicating a strong community engagement in this economic shift [6]. - Since 2025, Yunshe Village has welcomed over 600,000 visitors, with local specialties like cured meat and traditional snacks becoming popular souvenirs [6].

1995年，安利在广州黄埔建成第一家工厂，正式开启中国之旅。30年过去，当年的黄土地已发展为占地14.1万平方米的现代化生产基地，支撑着安利全球 55%的产品供应，服务超过50个国家和地区，是安利全球供应链的重要枢纽。 "我当时在这个生产线上时，装箱的环节需要6个人一起，但现在已经不需要了。"站在广州黄埔的安利工厂里，生产主管张章擎指着流畅运转的自动化设备 对来访的记者介绍变化，他当时在生产线上还需要人工的环节，逐渐都实现了自动化。 行走在工厂的车间，透过透明玻璃，随处可见的是各类自动化的机械臂和设备，传送带上的产品在各个站点完成智能分装、自动装盒、自动打包、激光打 码、X射线检测……这些流水线工作都被机器接管，严谨、精确、可视化。 安利投资中国的30年，是扎根与共生的30年。在安利（中国）三十周年庆典上，安利（中国）总裁余放介绍，30年来，安利已陆续在广州、上海和无锡设立 研发中心，从最初的"搬运工—copy美国总部产品"，到现在，"中国市场已经成为全球创新中心"。 这一路径映射出一家跨国企业在中国市场的深度融入与价 值重构。 "投资中国就是投资未来。"安利全球总裁兼首席执行官迈克尔·尼尔森表示，中国已连续 ...

两面针又要扩产了，还是针对酒店牙膏和拖鞋项目。 作为原本的国民牙膏品牌，两面针在被"挤出"主流家用牙膏市场后，逐渐将旅游牙膏作为业务重点。只是，尽管保持着行业领先的市占率，但其盈利能力 出现明显的下滑。 要知道，在第三季度，两面针一支旅游牙膏只卖8分钱。并且，这样的售价几乎维持了近十年时间。 深耕酒店业务，似乎并没有让两面针发扬壮大。押宝酒店，但又困于酒店，这不是两面针一家企业面临的难题。几乎所有传统耗品企业品牌都有类似的遭 遇。 究竟是酒店赛道天然存在利润不足，还是外界多重因素压榨了供应链企业的利润？这非常值得我们关注。 酒店牙膏，是解药也是毒药？ 在扬州杭集镇，两面针正在筹划建设中草药功能性口腔护理产品生产基地扩建项目。该公司计划投资6885.22 万元，建设一个牙膏生产车间和酒店用拖鞋 生产车间。 图源：两面针公告 前者将整合现有牙膏生产线，满足公司酒店牙膏生产需要的同时，满足客户 OEM 等定制类产品要求。后者则将有效降低对外采购依赖，完善产品配套能 力，巩固并提升市场份额。 两面针的确需要扩大酒店牙膏产能，因为原本设计的产能几乎已经满产了。 两面针最近一次披露产能利用率是在2024年财报中。 数据显 ...