本报讯 （记者刘钊）日前，中国上市公司协会公布"2025上市公司董事会最佳实践案例"评选结果。海 信视像凭借成熟完善的治理体系、规范高效的董事会运作以及在可持续发展领域的突出表现，荣 获"2025上市公司董事会最佳实践案例"。 2025年前三季度，公司实现营业收入428.3亿元，同比增长5.4%；归母净利润16.3亿元，同比增长 24.3%，盈利能力持续提升。稳健的经营表现进一步印证了治理体系优化与战略落地执行的协同效应。 作为行业领军企业，海信视像持续推动技术创新和产业升级。今年公司全球首发"RGB三维控色液晶显 示技术"，攻克三维控色关键算法及控光核心器件等关键技术及产业化瓶颈，推出全球首颗RGB光色同 控信芯AI画质芯片和新一代RGB-Mini LED发光芯片，实现从"单一控光"到"光色同控"的代际跨越。截 至目前，公司已将此项最新技术应用到UX、U7S-Pro、E8S-Pro等系列RGB-Mini LED旗舰产品，构建起 领先行业的先发优势，极大提升了海信电视在高端市场上的竞争力。其中，U7S Pro上市6周就跻身线下 销额畅销榜TOP5，并带动海信RGB-Mini LED电视在双十一周期全渠道销额占 ...

11月18日，身着深色西装的张勇以FirstLight Capital（晨壹基金）管理合伙人的身份，出现在了香港的一场论坛上。这不仅是因为他执掌阿里8年的显赫履 历，更因为这是他自2023年卸任阿里董事局主席兼CEO后，首次以投资人的新身份，在公开场合深度剖析自己的转型之路。 伴随新身份亮相的，是一个重磅消息。有知情人士告诉华尔街见闻，张勇与刘晓丹联手，正寻求为其首支美元基金募集10亿美元。该基金将聚焦于中国相 关的消费、科技和医疗健康领域，核心策略是"Buy&Build（投资+建设）"。 三大机遇浮现 FirstLight Capital这支新的美元基金，目标非常明确：中国并购（China Buyouts）。 基金将聚焦于消费、科技和医疗健康等领域。区别于早期并购基金主要依靠"杠杆收购"的财务运作模式，张勇准备打造的这支基金，策略的核心不仅仅是 把企业买下来，更重要的是通过深度的运营和整合，把它建设好。 选择此时下场，张勇的判断是，中国并购市场的"黄金窗口期"正在开启。 回顾过去40年，中国经济的关键词只有一个：增长。无论是VC还是PE，本质上都是在赚增长的钱。 但如今，市场共识变了。中国经济进入高质量增长 ...

Core Viewpoint - Chery's recent marketing stunt, intended to showcase the performance of its Fengyun X3L model by challenging the Tianmen Mountain, ended in failure, leading to a brand crisis and raising concerns about the company's risk management and operational capabilities [4][10][31]. Marketing Challenge and Brand Image - The Tianmen Mountain challenge was initially designed to replicate Land Rover's successful marketing campaign from 2018, which highlighted its vehicle's capabilities [16][19]. - The failure of the challenge not only resulted in financial losses but also damaged the product image of Fengyun X3L, which was marketed as a high-performance vehicle [11][23]. - Chery's quick apology following the incident indicates a recognition of the issue, but it also suggests an attempt to mitigate negative publicity [6][14]. Financial and Operational Implications - The incident has raised concerns in the capital markets regarding Chery's governance and risk management practices, which could affect investor confidence [14][27]. - The total costs associated with the incident, including potential compensation and damage to brand reputation, are difficult to estimate but are expected to be significant [13][24]. Risk Management and Governance - The failure of the safety measures during the challenge highlights serious shortcomings in Chery's operational execution and risk management [25][26]. - Chery's acknowledgment of insufficient risk assessment and detail management points to systemic issues within the company's governance structure [26][28]. Environmental and Social Responsibility - The challenge raised questions about the appropriateness of conducting high-risk marketing activities in protected natural areas, emphasizing the need for a balance between commercial interests and environmental conservation [30][31]. - The incident serves as a reminder that a company's reputation should be built on reliable product performance and social responsibility rather than risky marketing stunts [30][31].

Group 1 - Toyota Motor's acquisition plan for Toyota Industries is facing obstacles due to Elliott Investment Management's significant shareholding and concerns over undervaluation and governance standards [1][2] - Elliott has communicated its views to the management and board of Toyota Industries, claiming to be one of its largest shareholders, with a reported holding of 3.26% as of September 30, and close to 5% currently [1][3] - The proposed acquisition price of 16,300 JPY per share represents a 23% premium over the price before the announcement in April but is an 11% discount compared to the closing price on the announcement day in June [3] Group 2 - Toyota Motor holds approximately 25% of Toyota Industries, while Toyota Real Estate owns 5.42%, both companies are committed to advancing the delisting transaction while considering all stakeholders [2] - Toyota Industries has maintained constructive dialogue with shareholders and plans to continue this communication approach [3] - Elliott has been active in Japan and South Korea, previously pressuring Kansai Electric Power and engaging in notable campaigns with Samsung Electronics and Hyundai Motor [4][5]

Core Viewpoint - The proposed $1 trillion compensation plan for CEO Elon Musk faces significant opposition from major investors, including Norway's sovereign wealth fund and Calpers, which may impact Tesla's governance and future direction [1][2][3]. Group 1: Opposition to Compensation Plan - Norway's sovereign wealth fund announced plans to vote against Musk's $1 trillion compensation proposal at Tesla's upcoming annual shareholder meeting [2]. - Calpers, the largest public pension fund in the U.S., also plans to oppose the compensation plan, citing its excessive scale compared to peer companies [3][4]. - Both funds express concerns over the potential dilution of shares and the concentration of power among a single shareholder [2][3]. Group 2: Potential Consequences of Vote - If the compensation plan is not approved, Tesla's board chair warned that Musk might leave the company, which could lead to significant value loss for Tesla [5]. - The compensation plan is designed to incentivize Musk to lead Tesla for at least another 7.5 years, with ambitious performance targets set for the company [5][6]. - The outcome of the vote on November 6 will not only determine Musk's compensation but also influence Tesla's governance structure and strategic direction [7]. Group 3: Performance Metrics and Goals - The compensation plan includes performance benchmarks that Musk must meet to receive full payment, including increasing Tesla's market value from approximately $1 trillion to $8.5 trillion and achieving various operational goals [5][6]. - The plan aims to align Musk's interests with shareholder value and long-term company growth, despite facing significant resistance from institutional investors [6]. Group 4: Broader Implications - The shareholder vote will also address other proposals, including a potential change in Tesla's registered location, with results expected to be announced after the voting concludes [8].

Core Viewpoint - The emphasis on strengthening the construction of a clean culture in the new era is highlighted, with a focus on anti-corruption and building a clean political environment as a major political task for the party [1] Group 1: Strengthening Ideological Foundation - The company prioritizes ideological and political education to enhance self-awareness against corruption through layered and categorized education [2] - It integrates the study of Xi Jinping's thoughts into political tasks and conducts various educational activities to instill a sense of integrity among employees [2] - The company emphasizes disciplinary education by incorporating knowledge of the Communist Party's disciplinary regulations into learning plans [2] Group 2: Innovative Methods for Cultural Penetration - The company explores localized and scenario-based methods to enhance the penetration of clean culture [3] - Activities such as "clean family letters" and family discussions are organized to extend supervision beyond work hours [3] - The company promotes the signing of integrity commitments tailored to job responsibilities to embed integrity requirements into job descriptions [3] Group 3: Cultivating a Clean Ecosystem - The company implements a "six-entry" approach to embed clean culture requirements into various governance aspects [4][5] - It emphasizes the importance of leadership in promoting clean culture within the company [4] - The company focuses on risk prevention by integrating supervision mechanisms into business processes and project management [5]

Core Insights - The current international market presents significant investment opportunities due to a notable discount compared to US markets and improving earnings growth expectations [5][6][7] Investment Diversification - The average US investor holds approximately 8-9% of their portfolio in non-US stocks, while academic research suggests a target allocation of around 30% [3][4] - The increasing concentration in US equities has led to a growing interest in diversifying into international markets [2] Market Performance - International markets are currently trading at a 32% discount to US markets, which is significantly higher than the long-term average discount of 14% [6] - Earnings growth expectations for international markets, such as MSCI Europe, have risen from 7.5% to 11.5% over the year, while US earnings growth expectations have decreased from 14% to 13% [7] Growth Drivers - The growth in international markets is attributed to improving fundamentals and corporate governance reforms, particularly in regions like Europe and Japan [10][13] - Germany is implementing major fiscal reforms to stimulate economic growth, indicating proactive government measures [11] Opportunities in Specific Markets - There are emerging high-quality investment opportunities in international markets that were previously overlooked, suggesting a shift in market sentiment [9] - Japan is experiencing improvements in corporate governance, which may enhance investment attractiveness, while Korea is also making strides in focusing on shareholder value [13][14]

Core Insights - Recent adjustments in corporate governance, particularly among state-owned enterprises, have garnered significant attention due to their impact on decision-making processes, talent incentives, and risk management [3][5][8] Group 1: Importance of Governance Adjustments - Effective corporate governance is essential for clarifying responsibilities, improving decision quality, and balancing stakeholder interests, especially for large and complex enterprises [3][5] - Optimized decision-making mechanisms allow companies to respond more swiftly to market changes by streamlining approval processes and enhancing decision-making transparency [3][5] Group 2: Talent Incentives - Enhanced talent incentive mechanisms are crucial for motivating employees, with companies adopting diverse approaches such as performance bonuses and career development pathways [3][6] - These measures focus not only on short-term performance but also on long-term value creation, aiding in attracting and retaining top talent [3][6] Group 3: Risk Management - A robust risk management system is vital for identifying, assessing, and managing various risks, with some companies establishing dedicated risk management committees and early warning mechanisms [5][6] - Successful risk management practices have enabled companies to avoid potential losses, as demonstrated by a trading company that implemented price monitoring and risk thresholds [6] Group 4: Supervision and Transparency - Strengthened supervision mechanisms, including internal audits and compliance management, ensure effective execution of corporate policies and processes [5] - Improved information transparency through timely and accurate disclosures enhances trust among stakeholders and supports informed decision-making [5] Group 5: Continuous Improvement - Corporate governance is an ongoing process that requires continuous adaptation to internal and external changes, emphasizing the need for companies to remain open to learning and adopting advanced management practices [8][9] - The integration of digital technologies, such as big data and AI, is expected to play a significant role in future governance developments, optimizing decision-making and enhancing corporate social responsibility [9] Group 6: Overall Trends - A clear trend towards more flexible, efficient, and transparent governance models is emerging, which not only improves individual company performance but also contributes to the overall health of the economic system [8][9]

与上一次以退为进不同，宗馥莉这一次无疑是"一拍两散"。 一年前的辞职风波以宗馥莉稍占上风告终，在国资股东多方协调下，宗馥莉重回公司。而这一次被视为 宗馥莉与娃哈哈渐行渐远的分水岭。 种种迹象显示，此番辞呈并非"临时起意"，而是经过多线考虑、反复博弈后的理性回撤。 宗庆后离去引发的遗产之争、公司股权之争接连爆发，个人财富分割与娃哈哈控制权争夺纵横交织，将 娃哈哈与宗馥莉一同置于聚光灯下，接受社会舆论的次次考问。 而这一兼具国民情感附着与当代流量汇聚的老牌饮料企业，亦成为中国当代企业治理所面临难题的典型 镜像，大量崛起于扩大开放的家族企业，都在经历公司治理与二代接班的结构性矛盾。 事实上，数十年来围绕娃哈哈的控制权，已经发生过多次或明或暗的争斗，但始终绕不过二代接班权力 更迭的终极命题。 500多天前，许多人都以为这会是一场顺利的交接班，市场默认"独女"走上台前，开启属于她的娃哈哈 新时代。 然而，在过去的500多天里，围绕娃哈哈与宗馥莉上演的一幕幕，很像短剧，剧情跌宕起伏，形势常在 一个节点骤然生变。 但，现实终究不是"爽剧"，在远超想象的复杂性面前，没有那么多编剧们臆想的大女主。 从眼前来看，有的只是一个急于 ...

Core Viewpoint - The Chinese beauty brand Chando, after 24 years of establishment, is making its debut in the Hong Kong capital market, having recently completed a financing round that valued the company at over 7.1 billion yuan [1][2]. Group 1: Company Overview - Chando has received significant investments from L'Oréal's Meiting, which invested 442 million yuan for a 6.67% stake, and Huachuang Capital, which invested 300 million yuan for a 4.20% stake [1][2]. - The company is primarily controlled by the Zheng family, with the four family members holding over 80% of the voting rights prior to the IPO [1][4]. Group 2: Financial Performance - Chando's net profit has shown volatility, with a 117% increase in 2023 to 302 million yuan, followed by a 37.1% decrease in 2024 to 190 million yuan, and a recovery in the first half of 2025 with a net profit of 191 million yuan [5][8]. - The company's revenue heavily relies on its main brand, Chando, which accounted for over 94% of total revenue from 2022 to the first half of 2025 [3][5]. Group 3: Market Position and Strategy - Chando is the third-largest domestic cosmetics group in China by retail sales as of 2024 [4]. - The brand's online sales channel has been increasing, with its revenue share rising from 59.7% in 2022 to 68.8% in the first half of 2025, while offline sales have decreased from 32% to 16.9% [4]. Group 4: Investment and Governance - The entry of strategic investors like L'Oréal is expected to enhance market confidence in Chando, although investors will ultimately focus on the company's fundamentals and growth potential [3][8]. - Concerns exist regarding the governance structure of the family-controlled company, as the concentrated ownership may pose challenges for minority shareholders [8].