12月3日晚间，雪浪环境（SZ300385，股价6.35元，市值21.15亿元）发布公告称，公司因与苏州银行股份有限公司无锡分行（以下简 称"苏州银行无锡分行"）的金融借款合同纠纷被提起诉讼，涉案金额超4900万元。 公告强调，由于本案尚未开庭审理，其对公司本期利润或期后利润的影响暂时无法准确估计。 值得注意的是，11月19日，雪浪环境已被债权人江苏鑫牛线缆有限公司（以下简称"江苏鑫牛"）申请预重整。截至2025年第三季度 末，公司负债合计超21.42亿元。此外，自2024年起，雪浪环境新增大量民事诉讼，偿债能力恶化。 11个被冻结银行账户，合计余额仅357万元 雪浪环境聚焦烟气净化与灰渣处理业务、危险废弃物处置业务以及资源化利用领域相关业务。作为国内较早涉足环保领域的专业公 司，公司已在相关领域深耕二十余年。 2020年7月，雪浪环境原实际控制人杨建平、许惠芬及股东杨建林与新苏环保产业集团有限公司（以下简称"新苏环保"）签署《股份转 让协议》，将其合计持有的雪浪环境3063.24万股股份转让给新苏环保。公告显示，新苏环保的实际控制人为常州市新北区人民政府。 同年12月，雪浪环境与新苏环保完成战略重组，正式成 ...

Group 1 - The recent fireworks show by Arc'teryx, in collaboration with Cai Guoqiang, has sparked environmental controversies and led to significant stock price fluctuations for its parent company Amer Sports and Anta Sports [1][2] - Following the fireworks event, Amer Sports' stock price dropped nearly 10% to $33.76, with a trading volume of $149 million, reflecting a 45% increase in trading activity compared to the previous week [1] - Anta Sports' stock opened down 4.6% and reached a low of 7.28% during the day, ultimately closing down 2.22%, with a trading volume of HKD 30.1 billion, indicating heightened investor caution [1] Group 2 - Arc'teryx's growth momentum is weakening, with revenue growth from $548 million in 2020 projected to reach $2 billion by 2024, indicating a slowdown in its high-growth narrative [3][4] - The outdoor functional apparel segment's growth rate has dropped from 55% in 2023 to 28% in 2024, with same-store sales growth declining from 80% in Q2 2023 to just 15% in Q2 2025 [5] - Arc'teryx faces increasing competition from both international and domestic brands, leading to heightened growth anxiety [5] Group 3 - Anta Sports has rapidly expanded through acquisitions, transforming from a local brand to a global sports giant, but this aggressive strategy has raised concerns about its management capabilities [6][9] - The company has made several significant acquisitions, including FILA in 2009 and Amer Sports in 2019, which have contributed to its revenue growth from RMB 4.627 billion in 2008 to RMB 70.83 billion in 2024 [8][9] - Despite the growth, Anta's recent financial results show a decline in net profit for the first half of the year, marking the first time in years that the company has experienced a year-on-year drop in net profit [11] Group 4 - The fireworks controversy has exposed weaknesses in Anta's multi-brand management, raising questions about its ability to integrate acquired brands effectively [9][13] - The incident may hinder Anta's global expansion efforts and lead to increased scrutiny from international investors, particularly in environmentally conscious markets [13] - The focus on aggressive acquisitions without adequate management capabilities could result in a fragile business structure rather than a robust empire [13]