来源：36氪 文｜乌彦祖假正经 封面来源｜IC Photo "奶茶霸总"跟"光伏女神"结婚了！ 近日，一张光伏龙头天合光能创始人高纪凡之女高海纯与霸王茶姬创始人张俊杰的结婚请柬在网上流传。 正当大家讨论事情真假之时，11月20日晚，天合光能证实了消息，高海纯与张俊杰相识于青年企业家学习活动，已登记结婚，双方将于近期举行婚礼。 一个是光伏二代、布朗大学学霸，如今执掌448亿上市公司，是商界公认的"光伏女神"。一个是白手起家，身家135亿茶饮新贵，两家上市公司市值加起来 超600亿。 网友感慨，这种"剧本"也就是小说敢这么写。以后"千金二代"结婚就按照这个标准来，既要才子佳人，又要找个跟自己实力匹配的人，联合成"双霸总"模 式。 633亿跨界联姻！"光伏女神"牵手 近日，一张光伏龙头天合光能创始人高纪凡之女高海纯与霸王茶姬创始人张俊杰的结婚请柬在网上流传。11月20日晚，天合光能证实了消息，高海纯与张 俊杰相识于青年企业家学习活动，已登记结婚，双方将于近期举行婚礼。 "茶饮新贵"，才子佳人都是CEO 11月19日，网上传出一张请柬。"家主"高纪凡和吴春艳发出请帖，邀请嘉宾参加新郎张俊杰、新娘高海纯的婚礼。婚礼的日 ...

11月23日，据红星新闻援引媒体报道，俞敏洪又写了一封主题为"让我们一起努力"的全员信，再次向员工道歉，并详细解释了自己写信的缘由和初衷。 俞敏洪首先向员工表达了歉意，写信时在南极，因此用了一些南极的描述和比喻，触发了一些员工的不满，并没有要向大家炫耀在南极的意思，而是一直 希望能够真诚和大家分享我的观点和情况。"一个愿意和大家分享的老板，总比一个神秘的老板更加让员工放心和安心。" 对于用红色字体，俞敏洪也道歉。老一代人，红色基因很深。红色对于老一代人来说代表着喜庆和欢庆，所以并没有别的意思。对于"用员工的血汗钱旅 游"的说法，俞敏洪认为这样的表达不妥，你在努力工作的同时，老板们也在拼命努力，并承担更大的风险，确保公司的正常发展，为你提供工作保障， 是互相成就、互相合作、双向选择的过程。俞敏洪承认，这次到南极来，确实有一定的个人旅游的味道，但同时也是为了工作。奚志农老师邀请他过来， 是为了就青少年自然探索教育的问题进行深入探讨。这次在南极，还碰到了几位优秀的人才，都是做自然教育和探索的专家，未来有可能进入新东方工 作。俞敏洪表示，如果在新东方工作，并且没有放弃这份工作，就有责任维护新东方的发展和形象。如果工作 ...

每经编辑｜程鹏 向江林 11月23日，据红星新闻援引媒体报道，俞敏洪又写了一封主题为"让我们一起努力"的全员信，再次向员工道歉，并详细解释了自己写信的缘由和初衷。 俞敏洪在南极旅游。图/视频截图 俞敏洪首先向员工表达了歉意，写信时在南极，因此用了一些南极的描述和比喻，触发了一些员工的不满，并没有要向大家炫耀在南极的意思，而是一直 希望能够真诚和大家分享我的观点和情况。"一个愿意和大家分享的老板，总比一个神秘的老板更加让员工放心和安心。" 对于用红色字体，俞敏洪也道歉。老一代人，红色基因很深。红色对于老一代人来说代表着喜庆和欢庆，所以并没有别的意思。对于"用员工的血汗钱旅 游"的说法，俞敏洪认为这样的表达不妥，你在努力工作的同时，老板们也在拼命努力，并承担更大的风险，确保公司的正常发展，为你提供工作保障， 是互相成就、互相合作、双向选择的过程。俞敏洪承认，这次到南极来，确实有一定的个人旅游的味道，但同时也是为了工作。奚志农老师邀请他过来， 是为了就青少年自然探索教育的问题进行深入探讨。这次在南极，还碰到了几位优秀的人才，都是做自然教育和探索的专家，未来有可能进入新东方工 作。俞敏洪表示，如果在新东方工作，并且没 ...

Core Viewpoint - The recent acquisition plan by Heshun Petroleum to purchase a stake in Kuixin Technology has stirred the capital market, highlighting the company's shift from traditional fuel retailing to the semiconductor industry amid declining performance in its core business [1][3]. Company Overview - Heshun Petroleum primarily operates in the retail of refined oil in Hunan, facing challenges as the market for fuel vehicles declines with the rise of electric vehicles [3]. - The company has experienced a significant drop in profitability since its IPO in 2020, with net profit decreasing from 170 million yuan to approximately 29.27 million yuan in 2024 [3]. Acquisition Details - Heshun Petroleum plans to acquire at least 34% of Kuixin Technology, aiming to control 51% of voting rights, with the total transaction value not exceeding 540 million yuan [1]. - Kuixin Technology, established in 2021, specializes in semiconductor solutions and has raised over 100 million yuan in funding since its inception [5][6]. Market Reaction - Following the acquisition announcement, Heshun Petroleum's stock price surged nearly 60% within a short period, raising concerns about the sustainability of this price increase given the company's poor financial performance [4][12]. - The stock's rapid rise has been attributed to speculation surrounding the semiconductor acquisition rather than fundamental business improvements [4][12]. Financial Performance of Kuixin Technology - Kuixin Technology reported revenues of 146 million yuan in 2023, with projected revenues of 193 million yuan in 2024 and 110 million yuan in the first half of 2025 [7]. - The company has a high asset-liability ratio of 65.29%, indicating potential financial instability [10]. Valuation Concerns - Heshun Petroleum's market capitalization has approached 6 billion yuan, leading to concerns of overvaluation, with a price-to-earnings ratio exceeding 741 times [12]. - Analysts suggest that the valuation is disconnected from the company's declining profitability and that the stock price may face corrections if the acquisition does not meet expectations [12].

Core Viewpoint - Huaheng Biological has submitted a listing application to the Hong Kong Stock Exchange for an "A+H" dual listing, with Huatai International as the sole sponsor. The company specializes in the research, production, and sales of bio-based products, holding the largest global market share for L-alanine and L-valine as of 2024. However, it faces significant challenges including declining product prices, sharply reduced profit margins, and intensified industry competition [1][2]. Financial Performance - From 2022 to 2024, Huaheng Biological's revenue is projected to grow from 1.419 billion to 2.178 billion yuan, indicating a strong growth trend. However, net profit is expected to drop from 319 million yuan in 2022 to 185 million yuan in 2024, reflecting a year-on-year decline of 58.67%. In the first three quarters of 2025, revenue reached 2.194 billion yuan, a year-on-year increase of 42.53%, but net profit still fell by 5.1% to 159 million yuan [2][3]. - The company's gross margin has significantly decreased from 40.4% in 2023 to 24.8% in 2024, and further down to 23.5% in the first three quarters of 2025, nearly halving from its peak [2][3]. Product Pricing and Market Dynamics - The decline in profitability is attributed to a comprehensive drop in market prices across nearly all product lines. For instance, the average price of amino acid products has fallen from 18,900 yuan per ton in 2022 to 15,000 yuan per ton in the first half of 2025, a decrease of over 20%. Specifically, the price of L-alanine dropped from 35,000 yuan per ton at the beginning of 2025 to 20,000 yuan per ton by mid-year, a decline of approximately 42.86% [3][4]. Supply and Demand Changes - The market's supply-demand dynamics have shifted significantly, with many sub-markets transitioning from high growth to stagnation. For example, the compound annual growth rate for valine is expected to drop from 60.2% (2020-2024) to 8.6% (2024-2030) and further to 3.4% (2030-2035). The inositol market is projected to experience nearly stagnant growth during the same period [4][5]. - The oversupply situation is exacerbated by rapid capacity expansion driven by high previous profits, alongside a slowdown in downstream demand due to macroeconomic factors. This has led to increased price competition [4][5]. Industry Competition and Strategic Shifts - Other companies in the industry are also expanding capacity, with significant new production planned for L-valine by competitors such as Yipin Biological and Jinhai Biological, which will further intensify competition [5][6]. - In response to the fierce competition in its core business, Huaheng Biological is attempting to pivot towards high-value beauty and personal care ingredients. However, this transition faces challenges due to the importance of patent barriers, brand effects, and channel control, areas where the company currently lacks strength [6][7].

Core Insights - The article discusses the transformation of Marubi, a 23-year-old beauty brand, from a primarily offline sales model to an online-focused strategy due to the pandemic's impact on consumer behavior and retail channels [1][2][3] Group 1: Strategic Transformation - Marubi initiated a strategic shift in 2021, moving from a 70% offline and 30% online sales model to an 80% online and 20% offline model, which has revitalized the company's growth [2][3] - The company set a performance target of 4 billion yuan for the current year, which is seen as achievable based on past growth rates of approximately 30% year-on-year over the last ten quarters [2][3] Group 2: Market Position and Consumer Base - The pandemic led to a significant change in consumer habits, making it difficult for offline retail to recover, prompting Marubi to adapt to the new market dynamics [2][4] - The user base has expanded significantly post-transformation, retaining older offline customers while attracting younger online consumers, thus broadening the overall market reach [9][12] Group 3: Brand Strategy and Product Development - Marubi's approach emphasizes profitability and sustainable growth, focusing on product quality, user experience, and brand trust rather than merely chasing online traffic [10][15] - The company has invested in research and development, holding over 600 patents, with a focus on effective and continuous investment rather than just high spending [14][16] Group 4: Challenges and Future Outlook - The transition has not been without challenges, as the company faced a 30% decline in performance, which necessitated a reevaluation of its strategies and priorities [7][8][20] - Marubi aims to reduce reliance on single online channels and is aware of the competitive pressures in the beauty industry, indicating a long-term focus on sustainable growth rather than short-term gains [19][22]

Core Points - The core issue revolves around the controversy sparked by the founder of New Oriental, Yu Minhong, sending a letter from Antarctica to employees on the company's 32nd anniversary, which was perceived as disconnected from the employees' realities [1][3][4] Group 1: Company Background and Events - New Oriental celebrated its 32nd anniversary on November 16, with Yu Minhong reflecting on the company's journey and future plans in a letter themed "Perseverance in the Ice and Snow" [1] - The letter, intended to motivate employees, instead led to backlash as many employees felt unable to empathize with the founder's experience while they were working overtime [1][3] - Following the controversy, Yu Minhong responded in a video on November 18, stating that his trip to Antarctica was to discuss the future of natural education for Chinese children, announcing plans to establish a youth exploration center [1][3] Group 2: Employee Sentiment and Public Reaction - The letter's content, which emphasized Yu Minhong's personal experiences in Antarctica, was criticized for lacking acknowledgment of employee pressures, leading to a perception of a disconnect between management and staff [3][4] - Social media reactions highlighted the stark contrast between the founder's luxurious trip and employees working during the anniversary, coining the phrase "boss in Antarctica, employees working" [3][4] - The public interest in Yu Minhong surged, with the WeChat index for his name rising from around 150,000 on November 16 to nearly 20 million by November 18 [1] Group 3: Financial Performance and Business Strategy - New Oriental has been facing challenges in its business transformation, particularly after the departure of key personnel, which has affected the performance of its subsidiary, Oriental Selection [6][7] - Financial reports indicate that for the fiscal year 2025, Oriental Selection's revenue, profit, and gross merchandise volume (GMV) are expected to decline significantly, with net profit projected at only 6.2 million [7] - New Oriental's overall revenue for the fourth quarter of fiscal year 2025 was reported at $1.243 billion, a year-on-year increase of 9.4%, but it also faced an operating loss of $8.674 million, a significant decline compared to the previous year [7] Group 4: Future Directions and Challenges - New Oriental aims to explore the tourism sector as a third growth curve, with plans for a separate IPO for its tourism business, which has yet to show significant results in financial performance [8][9] - The company has established numerous subsidiaries under its tourism brand and invested in various travel-related ventures, indicating a strategic shift towards diversifying its business model [10] - Experts suggest that while the tourism direction is promising, the company must innovate its offerings and build a comprehensive service system to differentiate itself in the competitive market [10]

11月16日，新东方迎来成立32周年纪念日，创始人俞敏洪身处南极发布内部信，向全体员工及支持者致谢。该文开篇即细致描绘"浩瀚的洁白、翡翠般的 冰山"等南极景观，称当地"几乎24小时充满阳光"的环境让他对"时间的力量与坚守的意义"有了更深感悟。 记者丨刘雪莹 编辑丨江佩霞 然而这封饱含"南极感悟"的信函并未收获预期的共鸣，有员工在社交媒体暗指老板的"远方"与员工的"现场"形成鲜明对比。更直白的吐槽来自企业邮箱留 言称，看到信中对南极风光的描述"只觉得讽刺"。 "老板在南极，员工在加班。"这是不少网友在看到俞敏洪的最新全员信后的第一反应。 截至发稿，新东方官方及俞敏洪本人尚未对相关争议作出回应。 新东方仍处于转型关键期，面临着现实经营压力。据2025财年第四季度财报显示，其净利润骤降73.7%至710万美元，主要受东方甄选业务拖累及商誉减 值影响。此外，核心教育业务增速逐季放缓，2025财年营收增速从上一财年的43.9%降至13.6%。 ...

长江商报消息 ●长江商报记者 沈右荣 俞敏洪再度陷入舆论风波。 2025年11月16日，是新东方（09901.HK、EDU.US）成立32周年纪念日，远在南极旅游的创始人、实际控制人俞 敏洪，发了一封感谢信，以此表示纪念。 在信中，俞敏洪提出，新东方要成为"希望的播种者"，东方甄选应成"商家良知的代表"，新东方文旅要"让更多的 人把世界装在心里"。 但内部信发布后并未收获预期效果，反而招来吐槽。通篇内部信中，17次提"我"，5次提"南极" ，鲜少提及当下 员工的工作压力，引发争议。有员工表示无法与正在旅游的老板共情。 11月18日，港股市场上，新东方收跌2.17%，近五个交易日有四天下跌。美股市场上，截至美东时间17 日，新东 方连续四个交易日下跌。 新东方正面临着经营压力。2026财年第一季度（即2025年6月1日至8月31日），新东方增收不增利，净利润同比下 降1.92%。 这封信的主题是"冰雪中的坚守"。在这封信中，俞敏洪简要回顾了新东方32年发展史，并表示，新东方要成为"希 望的播种者"，东方甄选应成"商家良知的代表"，新东方文旅要"让更多的人把世界装在心里"。 这封信，是俞敏洪在南极旅游时发的。在信 ...

【导读】梦天家居终止筹划收购川土微电子控制权和控制权转让事项 停牌十余天后，梦天家居（603216）（证券代码：603216）筹划的重大资产重组事项和控制权转让事项双双宣告终止。 11月18日晚间，梦天家居公告称，因交易各方就核心条款未达成共识，决定终止筹划以发行股份及支付现金方式收购上海川土微电子股份有限公司（以下 简称川土微电子）控股权，并终止实控人余静渊筹划的控制权转让事项。公司股票将于11月19日复牌。 川土微电子是一家专注于高端模拟芯片研发设计与销售的企业，刚在今年7月份完成股改，还曾传出独立上市的计划。此次重大资产筹划事项终止，意味 着梦天家居试图通过跨界芯片领域以扭转主业颓势的短期战略受挫。 同时，梦天家居实控人筹划的控制权转让事项也宣告终止，但其仍计划转让部分股权。同日晚间，梦天家居公告称，控股股东梦天控股及其一致行动人梦 家投资拟向嘉兴汇芯企业管理合伙企业（有限合伙）转让6.8636%股权。 跨界芯片计划折戟 梦天家居本次筹划的重大资产重组事项始于11月5日。当日晚间，公司宣布筹划通过发行股份及支付现金方式收购川土微电子控制权，并募集配套资金。 官网显示，川土微电子成立于2016年，是一家专 ...