12月25日，苏州江天包装科技股份有限公司（以下简称"江天科技"）在北交所上市，成为苏州今年上市的第18家企业。 招股书显示，江天科技主要从事标签印刷产品的研发、生产与销售，产品包括薄膜类和纸张类的不干胶标签，主要应用于饮料酒水、日化用品等消费领 域。在日化领域，其客户包括联合利华、宝洁、养生堂、蓝月亮等。 上市首日，江天科技收盘价59.51元，涨幅180.58%，成交额7.34亿元，总市值39.32亿元。不过，今日其股价大幅回落。截至收盘，江天科技股价51.99 元，跌幅12.64%。 年入5亿元 养生堂贡献四成收入 江天科技的营收结构高度聚焦，核心围绕薄膜类与纸张类不干胶标签两大主力品类展开，二者合计贡献超九成主营业务收入。 其中，薄膜类不干胶标签以聚丙烯、聚乙烯等为基材，经加工涂布背胶后制成。比如，东方树叶瓶身的浮雕触感标签、蓝月亮洗衣液包装的耐水抗油标签 等，均应用了该材料。 数据显示，2024年，江天科技的薄膜类不干胶标签业务实现营收4.28亿元，占全年总营收的79.81%；纸张类不干胶标签营收7937.5万元，占比14.79%。 招股书显示，江天科技的前五大客户高度集中，养生堂/农夫山泉连续4年稳 ...

每经评论员 孙宇婷 近日，泡泡玛特一则人事变动引发广泛关注。 12月10日，泡泡玛特宣布任命LVMH（路威酩轩）大中华区集团总裁吴越为非执行董事，年薪约300万 港元。与此同时，黑蚁资本合伙人退出董事会。这场人事"换血"正值泡泡玛特股价自高点回调超40%的 波动期。 泡泡玛特此举，是为了提振信心，还是在谋划一场更为深远的转型？ 过去几年，泡泡玛特的崛起，是一个典型的"中国新消费叙事"——依托强大的IP孵化能力（如 MOLLY、DIMOO、LABUBU等）、成熟的盲盒商业模式，以及精准拿捏年轻一代情感需求（孤独、陪 伴、收藏欲、社交货币等），迅速成为潮玩赛道的现象级企业。 泡泡玛特卖的其实不是玩具，而是"情绪价值"。然而，情绪价值虽强，却难抵资本市场的周期性审视。 当增长故事从爆发期进入平台期，投资者开始追问：潮玩的热度能否持续？IP的生命周期如何延长？单 一模式的天花板在哪里？近期泡泡玛特股价的回调，也在一定程度上反映出了这种担忧。 "泡泡玛特不只有LABUBU"，这句话意味深长。它意味着，一个健康的品牌生态，不能仅靠一两个顶流 IP支撑，而需要建立起持续孵化IP的能力，并将IP价值延伸到更广阔的场景。 LV ...

Core Viewpoint - The controversy surrounding the Xiaomi SU7 Ultra's "carbon fiber perforated hood" has led to a significant trust crisis for the brand, despite the company's impressive financial performance and profitability in its automotive business [1][3][15]. Group 1: Controversy and Legal Issues - The first court hearing regarding the "Xiaomi SU7 Ultra perforated hood" dispute took place, with Xiaomi's legal team presenting 84 pages of new evidence, leading to public outcry over the statement "Lei Jun does not understand structure" [1][11]. - The initial delivery of the Xiaomi SU7 Ultra revealed that the advertised "dual air duct" feature did not function as claimed, prompting customers to accuse Xiaomi of false advertising and seek refunds [9][20]. - Xiaomi's legal defense emphasized that Lei Jun had warned consumers about the product's high price and that the promotional content was not part of the purchase contract, which they argued did not constitute a breach of contract [11][13]. Group 2: Financial Performance - Xiaomi Group reported a revenue of 113.12 billion RMB for Q3 2025, a 22.3% year-on-year increase, marking the fourth consecutive quarter of revenue exceeding 100 billion RMB [15][19]. - The adjusted net profit for Q3 2025 reached 11.31 billion RMB, reflecting an 80.9% increase year-on-year, with a total adjusted net profit of 32.82 billion RMB for the first three quarters, up 73.5% [15][17]. - The automotive segment, described by Lei Jun as his "last entrepreneurial venture," saw revenues soar to 29.01 billion RMB in Q3, a staggering 199.2% increase, achieving profitability within a year of operation [20][21]. Group 3: Brand Image and Consumer Trust - The legal team's assertion that "Lei Jun does not understand structure" undermines his image as a core brand ambassador for Xiaomi, which has relied heavily on his personal brand to build consumer trust [13][14]. - The shift in consumer sentiment towards valuing product performance and safety over marketing narratives indicates a changing landscape where brand loyalty is increasingly tied to tangible product quality [22][23]. - Moving forward, Xiaomi must focus on building brand value through standardized management, transparent information, and professional services to restore consumer trust [23].