以下为公告全文： 上海九颂山河股权投资基金管理有限公司（以下简称"公司"）沉痛公告，公司近日收到公司实际控制人、 执行董事管金生先生家属的通知，管金生先生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。 每日经济新闻消息，10月9日深夜，九颂基金通过微信公众号发布公告，公司实际控制人、执行董事管金 生先生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。 管金生先生作为中国证券行业的先驱，毕生致力于金融事业的创新与发展。1988年，他创办万国证券，开 创了中国证券市场的多个先河，被誉为"中国证券教父"。其深厚的专业素养与前瞻性视野，为行业培养了 大批人才，对中国资本市场的规范化、国际化进程作出了不可磨灭的贡献。2016年，管金生先生创立上海 九颂山河股权投资基金管理有限公司，继续投身于私募基金领域，为推动科技创新与产业升级倾注心血， 为公司的发展做出了巨大的贡献。公司全体员工向其致以崇高的敬意和衷心的感谢，对其逝世表示沉痛哀 悼。尽管无比悲痛，但我们将化悲痛为力量，秉承其遗志，继续前行。在此，谨向管先生家人致以最深切 的慰问。 管金生先生的逝世不会影响公司的正常运作，目前公司各项生产经营活动均有 ...

10月9日深夜，九颂基金通过微信公众号发布公告，公司实际控制人、执行董事管金生先生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。 以下为公告全文： 上海九颂山河股权投资基金管理有限公司(以下简称"公司")沉痛公告，公司近日收到公司实际控制人、执行董事管金生先生家属的通知，管金生先生因突 发疾病抢救无效，不幸于2025年10月7日与世长辞。 管金生先生作为中国证券行业的先驱，毕生致力于金融事业的创新与发展1988年，他创办万国证券，开创了中国证券市场的多个先河，被誉为"中国证券 教父"。其深厚的专业素养与前瞻性视野，为行业培养了大批人才，对中国资本市场的规范化、国际化进程作出了不可灭的贡献。2016年，管金生先生创 立上海九颂山河股权投资基金管理有限公司，继续投身于私募基金领域，为推动科技创新与产业升级倾注心血，为公司的发展做出了巨大的贡献。公司全 体员工向其致以崇高的敬意和衷心的感谢，对其逝世表示沉痛哀悼。尽管无比悲痛，但我们将化悲痛为力量，秉承其遗志，继续前行。在此，谨向管先生 家人致以最深切的慰问。 管金生先生的逝世不会影响公司的正常运作，目前公司各项生产经营活动均有序开展。公司将根据《中华人民 ...

10月9日深夜，九颂基金通过微信公众号发布公告，公司实际控制人、执行董事管金生先生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。 以下为公告全文： 每经编辑｜何小桃 上海九颂山河股权投资基金管理有限公司(以下简称"公司")沉痛公告，公司近日收到公司实际控制人、执行董事管金生先生家属的通知，管金生先生因突 发疾病抢救无效，不幸于2025年10月7日与世长辞。 管金生先生作为中国证券行业的先驱，毕生致力于金融事业的创新与发展1988年，他创办万国证券，开创了中国证券市场的多个先河，被誉为"中国证券 教父"。其深厚的专业素养与前瞻性视野，为行业培养了大批人才，对中国资本市场的规范化、国际化进程作出了不可灭的贡献。2016年，管金生先生创 立上海九颂山河股权投资基金管理有限公司，继续投身于私募基金领域，为推动科技创新与产业升级倾注心血，为公司的发展做出了巨大的贡献。公司全 体员工向其致以崇高的敬意和衷心的感谢，对其逝世表示沉痛哀悼。尽管无比悲痛，但我们将化悲痛为力量，秉承其遗志，继续前行。在此，谨向管先生 家人致以最深切的慰问。 管金生先生的逝世不会影响公司的正常运作，目前公司各项生产经营活动均有序开展。公 ...

Core Viewpoint - The article discusses the journey of LKK Design's founder, Jia Wei, highlighting the challenges faced after a devastating fire in 2018 and the subsequent transformation of the company and its leadership perspective on entrepreneurship [4][6][9]. Group 1: Challenges and Transformation - The fire in July 2018 destroyed many client projects and financial documents, hindering the company's plans to go public in 2019 [4][5]. - This event marked a dark moment for the company, prompting a deep reflection on identity, purpose, and future direction [6][9]. - The aftermath of the fire led to a series of challenges, including venture capital buyback agreements and financial issues, which were compounded by other significant events [12][9]. Group 2: Self-Reflection and Learning - Jia Wei emphasizes the importance of accepting pain and impermanence as part of the entrepreneurial journey, leading to a rebirth and renewed understanding of what it means to be an entrepreneur [9][10]. - The period from 2018 to 2023 is described as a time of humility and learning, contrasting the previous arrogance and ignorance about the broader world [10][11]. - The realization that entrepreneurship involves both gains and losses, and that success is not guaranteed, is a key takeaway from this experience [11][12]. Group 3: Evolution of Leadership Perspective - Jia Wei's evolution from a designer to a design manager and eventually to an entrepreneur reflects a significant shift in mindset, recognizing the need for management skills alongside design expertise [14][15][17]. - The article highlights the necessity of continuous learning and adaptation, particularly in understanding market dynamics and consumer needs [17][18]. - The development of a comprehensive skill set, including resilience and the ability to lead teams, is portrayed as essential for successful entrepreneurship [18]. Group 4: Upcoming Event - The article promotes an upcoming immersive course titled "Black Horse Consumption Rise," featuring industry leaders who will share insights on product innovation and brand expansion in the current market landscape [19][21][31].

Core Insights - The air conditioning market in China is experiencing significant changes, with Midea, Gree, and Xiaomi leading in sales as of July 2025. Xiaomi stands out with a remarkable year-on-year growth rate of 53.9%, making it the only top brand to maintain positive growth [1][2]. Market Share and Growth - Midea holds the largest market share at 26.8%, but has seen a decline of 5.3% compared to the previous year [2]. - Gree ranks second with a market share of 17.2%, experiencing a substantial drop of 16.9% year-on-year [2]. - Xiaomi's market share has increased from 8.9% to 13.7%, narrowing the gap with Gree from 11.8% to just 3.5% [1][2]. Competitive Strategies - Xiaomi's success is attributed to its competitive pricing strategy, particularly with its "Giant Energy Saving Pro" series, which can be priced as low as 1500 yuan after government subsidies, offering significant savings compared to Gree's products [4]. - The energy efficiency of Xiaomi's products is highlighted, with an APF efficiency ratio of 5.65, allowing users to save approximately 30% on monthly electricity bills [4]. Technological Advancements - Xiaomi's air conditioners support remote control via the Mi Home app and voice control through Xiao Ai, contrasting with Gree's traditional remote control approach [5]. - The innovative "Pro Air Outlet" model utilizes advanced millimeter-wave radar technology for human sensing, enhancing user comfort by intelligently adjusting airflow [5]. Supply Chain and Business Model - Xiaomi's unique supply chain management, integrating resources from established manufacturers like Changhong, allows for quality assurance while significantly reducing manufacturing costs [5]. - This asset-light operational model provides Xiaomi with greater flexibility and cost advantages in a competitive pricing environment, contrasting with Gree's heavy asset strategy [5]. Industry Challenges - Gree faces challenges in adapting to market changes, as highlighted by the ongoing patent disputes initiated by its CEO, Dong Mingzhu, against Xiaomi [6]. - Analysts suggest that Gree's reliance on patent barriers and traditional sales channels may not be sufficient to counter Xiaomi's innovative approach [6]. - Gree is attempting to respond to market competition by accelerating its own smart transformation with new products and applications [6].

Core Insights - The interview features Wu Yangguang, the chairman of Reitz Intelligent, who shares his entrepreneurial journey from humble beginnings to leading a company in the magnetic levitation fan industry [1][2]. Company Overview - Reitz Intelligent was founded in 2011, initially focusing on traditional electromechanical product sales before transitioning to developing its own products [4][5]. - The company faced legal challenges from a former employer after Wu replaced imported products with cheaper alternatives, leading to a shift towards product innovation [7][8]. Entrepreneurial Journey - Wu started his entrepreneurial journey with only 20,000 yuan and faced significant challenges, including delivering products alone [3][4]. - He emphasized the importance of perseverance and learning from hardships, which shaped his approach to business [11][12]. Market Position - Wu received a buyout offer from a Fortune 500 company, valuing his company at several hundred million yuan, but chose to continue building the business independently [2][3]. - The company aims to innovate in the magnetic levitation technology space, previously dominated by foreign firms, by leveraging local expertise and resources [8]. Leadership Perspective - Wu describes the role of a boss as challenging, highlighting the responsibility of managing employee welfare and the financial health of the company [13][14]. - He contrasts the public perception of business owners with the reality of their struggles, emphasizing the sacrifices made for the company's success [13].

Core Insights - The article discusses a prevalent industry phenomenon where investment strategies are increasingly resembling a "religious model," characterized by a strong belief system rather than empirical analysis [6][19]. Group 1: Characteristics of the Religious Model - The religious model constructs a "worldview" rather than a "toolbox," providing followers with a comprehensive belief system that offers a sense of control over investment decisions [6]. - It promises "certainty" instead of "possibility," presenting investment outcomes as guaranteed results, which appeals to risk-averse investors [6]. - The model redefines "risk perception" as a philosophical challenge rather than a mathematical problem, encouraging followers to endure market volatility as a test of faith [6]. - It emphasizes the role of "spiritual leaders" over professional advisors, where followers trust the personal narratives and philosophies of influential figures [7]. - The model offers "exclusive secrets" instead of transparent tools, creating a dependency on proprietary indicators that enhance user engagement [8]. - It fosters a sense of "community belonging" rather than independent decision-making, reinforcing shared beliefs among members [9]. Group 2: Internet Thinking - "Internet thinking" focuses on "traffic" as the core asset, aiming for scalability and efficiency in operations [10]. - It prioritizes standardized products to serve a large user base, facilitating rapid replication and expansion [11]. - User retention is paramount, achieved through continuous content output and community engagement [11]. - The growth strategy hinges on ensuring that the lifetime value of users exceeds acquisition costs, allowing for sustainable business models [13]. Group 3: Interaction of Models - The combination of the religious model and internet thinking creates a synergistic effect, enhancing user conversion and business closure [15]. - The religious model aligns perfectly with internet thinking by transforming investment content into a product that maximizes traffic conversion [15]. - The model's approach to "traffic as king" utilizes compelling narratives and attractive return promises to draw in users [16]. - It standardizes investment solutions into a one-size-fits-all product, simplifying complex investment strategies for mass appeal [18]. Group 4: Industry Impact - The religious model's rapid expansion can lead to short-term gains for platforms and fund companies, but it risks undermining the industry's foundational trust [30]. - It may erode the trust that is essential in the investment industry, as discrepancies between promised and actual returns can lead to widespread disillusionment [31]. - The model reinforces incorrect expectations about investment simplicity, potentially leading to a cycle of seeking out more aggressive and misleading products [32]. - It hinders deep investor education by promoting a "cognitive outsourcing" approach, which diminishes the motivation for investors to develop their own strategies [33]. Group 5: Positive and Negative Effects - While some investors benefit from the model by achieving better returns than they would independently, it risks commodifying investment products [36]. - The model serves as a "guide" for novice investors, lowering barriers to entry and providing psychological support during market volatility [36]. - However, if this model becomes mainstream, its long-term damage may outweigh short-term benefits, as it prioritizes growth and efficiency over investor welfare [36].

Core Insights - The article discusses the entrepreneurial journey of Lei Jun and the founding of Xiaomi, highlighting the challenges and strategies that led to its success [4][20][21] - It emphasizes the importance of hard work, learning from failures, and maintaining a user-centric approach in building a great company [5][6][36] Group 1: Entrepreneurial Journey - Lei Jun's early experiences with Kingsoft and the challenges faced during the launch of the "Pangu" office suite shaped his understanding of market needs and user demands [12][13][16] - The transition from Kingsoft to founding Xiaomi in 2010 was driven by a deep reflection on the essence of the internet and the desire to create a significant company [19][20] - Xiaomi's initial marketing strategy involved extensive engagement on social media to find early adopters, which was crucial for its launch [21][22] Group 2: Challenges and Resilience - Xiaomi faced a "death spiral" in 2015 due to declining sales and supply chain issues, which required a strong response from the leadership to regain market confidence [33][34] - The company's ability to unite its team and maintain user trust during tough times was pivotal in overcoming challenges [35][36] Group 3: Key Principles and Strategies - The article outlines 36 entrepreneurial principles derived from Lei Jun's experiences, emphasizing the importance of focus, trust, and continuous improvement [27][28][29] - It highlights the significance of creating a strong team and fostering a culture of innovation and resilience within the company [30][31][32] - The concept of "explosive products" is introduced, suggesting that successful products are the result of effective production, appropriate pricing, and user-oriented innovation [87][89][92]

Group 1 - The core announcement of the event was the launch of Xiaomi's first SUV model, the Xiaomi YU7, which achieved over 200,000 orders in just 3 minutes and 289,000 in 1 hour, marking a significant milestone in the Chinese automotive industry [1][6][10] - Xiaomi YU7 is positioned as a "luxury high-performance SUV" and features advanced technology such as the Xiaomi V6s super motor, smart chassis, and an 800V silicon carbide high-voltage platform, with a CLTC range of up to 835 km [5][6] - The company aims to increase production capacity significantly, with plans for a total annual output of 300,000 vehicles across its Beijing factories, and the first phase of the factory has already been completed and operational [10][11] Group 2 - Xiaomi YU7 is seen as a direct competitor to established models like the Xpeng G7, Tesla Model Y, and Li Auto L7, with a pricing strategy that undercuts the Model Y [6][11] - The company has set ambitious sales targets for the YU7, expecting it to outperform the previous model, the SU7, which has already seen strong sales growth [7][11] - Xiaomi's automotive business is becoming a crucial part of its overall strategy, with projected revenues of 365.9 billion yuan for 2024, a 35% increase year-on-year, and a focus on leveraging user data for product optimization [7][11] Group 3 - In addition to the YU7, Xiaomi also launched its first AI glasses, which are positioned as a personal smart device and AI entry point for the next era [12][15] - The AI glasses feature capabilities such as photo and video recording, translation in 10 languages, and support for third-party applications, indicating a strong push into the smart wearable market [16][18] - The global smart glasses market is expected to grow significantly, with an estimated shipment of 12.05 million units by 2025, highlighting the competitive landscape as major players like Xiaomi enter the field [17][18]

Core Viewpoint - The success of Xiaomi's automotive business is fundamentally rooted in the "Xiaomi Methodology," which has allowed it to "disrupt" the traditional automotive industry over the past 2-3 years. Unlike the product-driven logic of traditional automakers, Xiaomi employs a user-driven approach, leveraging big data to optimize product quality and expand its market presence [2][6]. Group 1: Product Strategy - Xiaomi aims for a comprehensive product layout, focusing on strengthening its presence in the market above 200,000 yuan with models like SU7 and YU7, while also targeting the market below 200,000 yuan, similar to its Redmi phone strategy [2][6]. - The company is committed to executing its "user-car-home ecosystem" strategy, emphasizing brand elevation and globalization, ensuring that its automotive business aligns with its overall strategic goals [2][3]. Group 2: Technology Strategy - Xiaomi positions itself as a "fast follower" in technology, with a focus on enhancing electric and intelligent driving capabilities. The company plans to allocate approximately 30% of its annual R&D budget, which is no less than 30 billion yuan, to automotive research and development [3][6]. Group 3: Market Performance - Since the official delivery of the SU7, Xiaomi's automotive revenue and gross margin have been on the rise, achieving a gross margin of 23.2% in Q1 2025. The average selling price (ASP) per vehicle remains around 240,000 yuan, with single-vehicle operating losses gradually narrowing [38][40]. - The SU7 has surpassed the Tesla Model 3 to become the best-selling electric sedan in its price range, with an average monthly sales of 26,500 units in the first five months of 2025 [49][52]. Group 4: User Demographics - The user demographic for the SU7 shows a higher proportion of female users compared to Xiaomi's smartphone users, with a significant focus on young consumers aged 25-35. The vehicle's design and performance appeal to this demographic, particularly in first- and second-tier cities [53][54]. Group 5: Sales and Distribution - Xiaomi's automotive sales strategy employs a "t+N" model, where "t" represents self-operated delivery centers and "N" includes partnerships with top automotive dealers. As of May 31, 2025, Xiaomi has established 298 brand stores across 82 cities, with plans to expand further into emerging markets [43][44].