我们终将会败给自己曾说过的话吗？ 企查查最新信息显示，大窑品牌创始人王庆东已正式卸任公司法定代表人、董事长、董事等核心职务，由戴诚接任法定代表人及董事职务，同时兼任财务 负责人。 这一变动也被视为大窑正式步入资本化赛道烦人关键信号—— 据公开信息显示，戴诚的商业履历具有典型的国际私募股权投资（PE）背景，其代表的很有可能是在此次交易中成为大窑新股东的美国私募巨头KKR。 可站在故事的开头，创始人王庆东曾信誓旦旦地表示，"无论收购、合资，还是外资入股，我一概拒绝——大窑绝不走这条路"。 既然创始人曾明确表明不接受外资入股，大窑也可以说是近年来汽水饮料中"狂奔"的黑马，那是什么让曾经的誓言转向？ 早在今年7月，市场便有消息称美国私募巨头KKR拟收购一家中国饮料公司85%的股权，当时市场猜测就大多指向大窑。 随后市场监管总局发布的《2025年6月30日—7月6日无条件批准经营者集中案件列表》显示，KKR公司收购远景国际有限公司股权案已于7月4日办结。 据重庆市市场监督管理局官网公示信息，KKR通过其新设特殊目的公司Dynamo亚洲控股II私人有限公司，间接收购了远景国际85%的股权。 而远景国际大概率正是大窑饮品的 ...

12月24日，海尔印度出售49%股权的事引发了市场关注。 有媒体认为这是"一举三得"：既有效回收了历史资金;还更好地整合当地资源，有利于未来长期发展;又 有效规避了地缘政治风险，保障资产安全。 也有媒体认为这是"被迫割让"：把半壁江山让给了印度财阀和美国资本，自己只攥着象征性的49%。 大家对此褒贬不一。那真实的情况到底是怎么样的呢?今天就让我们来梳理一下。 当前形势下最好的选择 要了解海尔印度出售股权，首先要明白印度的投资环境，以及对中国企业的态度。 从投资环境上看，印度市场年需求超过300亿美元，已成为仅次于美国和中国的全球第三大家电市场。 然而，这片热土同时被称为"外资坟场"。印度法律体系素有"高标准立法、普遍性违法、选择性执法"之 名。其法规体系庞杂、内容模糊，在商业与经济领域存在大量涉及刑事处罚的条款，极大推高企业合规 成本与运营风险。同时，政策层面，印度政府在关税、外资持股比例、环保标准等方面频繁变动，中央 与地方对法规的解释时有差异，令投资者难以形成稳定预期。 从对中企态度看，从vivo、小米被冻结资产，到TikTok被迫退出，印度明摆着不欢迎"外来控盘者"。你 可以来赚钱，但不能当"话事人"。 ...

图源：公告 截至12月2日，艾比森报收16.01元/股，总市值59亿元。 最近，上市公司艾比森(300389.SZ)董事长丁彦辉为薪酬亲自"造反"。 公告显示，11月28日，在艾比森第六届董事会第一次会议决议中，公司同意选举丁彦辉为公司第六届董事会董事长，但丁彦辉本人却投出了全场唯一的一 张反对票，反对理由为："对董事长岗位薪酬不满意"。 这位年薪435万元的创始人，为何在拿到看似丰厚的薪酬后依然选择"公开抗议"？ 因对薪酬不满意，董事长上演"我反对我" 11月28日，艾比森第六届董事会第一次会议上，绝大多数议案获得全票通过，唯独在《关于选举第六届董事会董事长的议案》上出现了戏剧性的一幕。 表决结果显示：8票同意，1票反对，0票弃权。投出反对票的正是被选举对象——公司创始人、实际控制人丁彦辉本人。 按常理，上市公司董事长选举中，候选人通常会回避表决或投赞成票。艾比森的公告直接写明，丁彦辉"对本议案投了反对票，反对理由：对董事长岗位 薪酬不满意"。 这一罕见的公开表达不满的方式，立即引发了市场关注。丁彦辉不仅是艾比森的创始人，更是持有公司33.78%股份的实际控制人。 图源：天眼查 公开数据显示，丁彦辉2024 ...

Core Points - Nokia plans to close its significant R&D center in Munich, Germany, before 2030, affecting over 700 jobs [2] - The layoffs will occur in two phases, with the first phase cutting more than 300 jobs by 2026, and the remaining positions to be eliminated by 2030 [2] - The decision is described as difficult but necessary for maintaining long-term market competitiveness, part of a global base strategy to focus investments on sustainable development hubs [2] Company Actions - On November 4, Nokia announced its decision to apply for delisting from the Euronext Paris exchange, based on an assessment of trading volume, costs, and administrative requirements [2] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts (ADR) will remain traded on the New York Stock Exchange [2] - If approved by the Euronext board, the delisting is expected to take effect within the next three months [2]

Group 1: Burger King China Business Acquisition - CPE Yuanfeng announced a strategic partnership with Burger King to establish a joint venture named "Burger King China" [4] - CPE Yuanfeng will inject $350 million into the joint venture for restaurant expansion, marketing, menu innovation, and operational improvements [4] - Post-transaction, CPE Yuanfeng will hold approximately 83% equity, while RBI will retain about 17% [4] - The plan aims to expand Burger King's store count in China from around 1,250 to over 4,000 by 2035 [4] Group 2: Luckin Coffee's Plans for US Re-Listing - Luckin Coffee is actively pursuing a return to the US stock market, with no confirmed timeline yet [5] - The company reported a 44.57% year-on-year revenue increase to 21.224 billion yuan in the first half of the year, with a net profit rise of 125.41% to 1.776 billion yuan [5] - As of June 30, 2023, Luckin had 26,206 stores, with a net increase of 2,109 stores in Q2 [5] - The company forecasts a revenue of 34.475 billion yuan for 2024, representing a year-on-year growth of approximately 44.93% [5] Group 3: Burberry's Market Recovery - Burberry reported a revenue of £1.032 billion for the first half of the 2026 fiscal year, a 3% decline year-on-year at constant exchange rates [7] - The company narrowed its operating loss to £18 million, significantly improved from a £53 million loss in the previous year [7] - Sales in the Chinese market grew by 3% in the last three months, reversing a previous decline of 5% [7] - Burberry's new CEO has refocused the brand on its classic products, which has received a positive market response [7] Group 4: LABUBU Movie Development - Sony Pictures has signed an agreement to develop a movie based on the LABUBU IP from Pop Mart [9] - LABUBU has gained significant popularity globally, with the IP generating revenue of 4.81 billion yuan, a 668% increase year-on-year [9] - Pop Mart aims to become a global leader in cultural products, similar to Disney, and is considering collaboration with Hollywood for the movie [10] Group 5: INTO YOU's New Product Launch - INTO YOU launched the "Colorist Series" panda Menglan limited products, inspired by the giant panda [12] - The brand aims to enhance its influence in the Asia-Pacific region through global product releases [12] Group 6: Tea Yan Yue Se's Entry into Coffee Market - Tea Yan Yue Se plans to launch a new sub-brand, Tea Yan Coffee, with a new coffee menu featuring nine unique drinks [14] Group 7: Canada Goose's Financial Performance - Canada Goose reported a 1.8% year-on-year revenue growth for Q2 of the 2026 fiscal year, with a 20% increase in the Asia-Pacific market [17]

Core Insights - Electrolux is undergoing a significant restructuring to enhance its regional operations, splitting its existing business units into two independent regions: Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) starting January 1, 2026 [1][2] - The restructuring aims to improve sustainable profitability in regional markets, enhance execution efficiency, and strengthen regional synergies for new growth [2] Historical Context - Founded in 1919 in Sweden, Electrolux has profoundly influenced the global home appliance industry, but has faced increasing pressure from rising competitors, particularly from Chinese brands [3][5] - The period from 2010 to 2017 was marked as a golden era for Electrolux, achieving record revenues of approximately 121.9 billion Swedish Krona (about 14.2 billion USD) in 2017, and being recognized as one of the most innovative companies globally [4] Competitive Landscape - Since 2018, Electrolux has faced intensified competition from Chinese brands such as Haier, Hisense, Midea, and TCL, which have rapidly expanded in the European and American markets [5][6] - The rise of these competitors has been accompanied by a global economic slowdown and rising raw material costs, making it difficult for Electrolux to compete on price and supply chain management [6] Strategic Adjustments - Electrolux is not exiting Asia but is instead adjusting its focus and scaling back operations, with plans to close its Singapore office and relocate management to Thailand [7][8] - The company aims to concentrate resources on its core markets, particularly in Europe, where it still holds significant advantages in channels, branding, and service systems [9] Future Growth Opportunities - With the Asian market's weight decreasing, Electrolux must focus on maintaining its European base and leveraging emotional marketing and brand value to regain consumer trust [10] - The European market currently contributes approximately 58% of Electrolux's sales, while the combined contribution from Asia-Pacific, Middle East, and Africa is around 17% [10] - The Middle East and Africa are identified as emerging growth areas for Electrolux's strategic expansion in the next phase [10] Conclusion - The company's strategy emphasizes stability, maintaining revenue and profit in core regions, and forming competitive advantages without pursuing blind expansion, which may provide opportunities for recovery in the future [11]

Core Insights - The company reported a year-on-year decline in net profit for the third quarter, attributed to significant investments in custom chips and strategic projects. Excluding these factors, profit indicators showed year-on-year improvement, indicating a proactive strategic adjustment rather than a passive "revenue without profit" situation [1]. Group 1 - The company faced a year-on-year decline in net profit for the third quarter [1]. - Significant investments in custom chips and strategic projects impacted profit figures [1]. - Excluding these investments, profit indicators improved year-on-year [1]. Group 2 - In response to a question about competition from DJI's price war, the company's chairman stated that the competition has created conditions for market expansion [3]. - The chairman emphasized that enhancing incremental growth through market competition is a collective goal for the industry [3].

Core Insights - Starbucks has announced the sale of majority control of its China business to Hong Kong private equity firm Boyu Capital for $4 billion, marking a significant strategic shift in its operations in the world's second-largest market [1] - Boyu Capital will hold up to 60% of the equity in Starbucks' 8,000 stores in China, while Starbucks retains 40% and continues to own the brand [1] - The total value of Starbucks' retail business in China exceeds $13 billion, with the deal including the value of the equity sold, retained interests, and future licensing fees [1] Group 1 - The transaction is part of Starbucks' strategy to expand its presence in China, with plans to grow to as many as 20,000 stores, surpassing its current number of stores in North America [1] - CEO Brian Niccol emphasized that Boyu Capital's local expertise will accelerate growth in China, particularly in smaller cities and new regions [1]

Core Insights - Yuyuan Group (豫园股份) reported a revenue of 28.4 billion yuan for the first three quarters of 2025, representing a year-on-year decline of approximately 20%, while the third quarter revenue was 9.29 billion yuan, showing a year-on-year increase of about 9% [1] - Analysts believe that Yuyuan Group is accelerating adjustments to its overall business strategy and core industries, which has led to short-term performance challenges, impacting key financial metrics such as revenue and net profit attributable to shareholders [1] - The jewelry segment of Yuyuan Group is showing signs of recovery, with a gross margin of 7.73% for the jewelry segment in the first three quarters, indicating an improvement compared to the previous year [1] Industry Trends - The significant increase in gold prices this year has put pressure on companies, including Yuyuan Group, while also forcing the gold and jewelry industry to accelerate its transformation [1] - The era of merely selling materials is over; companies that can create unique value through products, branding, and customer experience will be better positioned to navigate market cycles and achieve new growth [1] - The trend towards de-materialization in the gold and jewelry industry is expected to become more pronounced, with early adopters of transformation likely to recover first [1] Strategic Adjustments - The "slimming and strengthening" strategy implemented by Yuyuan Group is causing short-term financial pressure but is expected to accelerate performance reconstruction and solidify the company's bottom line [2] - From a long-term perspective, these proactive changes are aimed at optimizing the business structure and enhancing core competitiveness, ensuring sustainable development [2] - With a mild recovery in the consumer market and favorable factors such as the advancement of the Shanghai International Jewelry Fashion Zone and deepening global layout, Yuyuan Group is expected to form new growth drivers in core business areas like jewelry fashion and commercial operations [2]

Investment Rating - The report maintains an "Outperform" rating for the company [6][4]. Core Insights - The company reported a total revenue of 4.871 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10%, but achieved a net profit attributable to shareholders of 236 million yuan, a significant increase of 125% year-on-year [6]. - The third quarter revenue was 1.54 billion yuan, showing a smaller decline of 0.82% compared to the previous year, with a net profit of 53.14 million yuan, recovering from a loss of 22.63 million yuan in the same period last year [6]. - The company is shifting its strategy from revenue-driven to profit-driven, implementing internal reforms such as sales system adjustments and resource focus [6]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7.127 billion yuan, with a projected year-on-year growth of 1.6% [5]. - The net profit attributable to shareholders is expected to be 89 million yuan in 2025, with a year-on-year growth of 63.1% [5]. - The gross margin for Q3 2025 was 18.7%, a decrease of 2 percentage points year-on-year, attributed to cost reductions and product structure adjustments [6]. Revenue and Profitability Trends - The company has seen a gradual improvement in revenue performance throughout the year, with a focus on the Beijing-Tianjin-Hebei region and fresh milk products [6]. - The number of distributors has decreased by 1,640, indicating a strategic focus on key areas and product categories [6]. - The company launched a new low-temperature product, "Beijing Fresh Milk," which has positively impacted brand recognition and sales in the Beijing area [6].