黛安芬将于2025年底退出中国大陆市场。 第一财经记者采访了解到，部分商场内的黛安芬门店近期已经准备撤柜，有些专柜正在进行折扣清仓甩 卖，打折幅度在5折到8折。有门店的店员透露，线下门店的生意比较差，客流量和销售额一直都不太理 想。 黛安芬是来自德国的全球知名内衣品牌，创立于1886年。对于撤离中国大陆市场的原因，有业内人士认 为，黛安芬虽然品牌知名度高，但随着其他本土品牌的崛起，市场竞争激烈，中纺联数据显示，2024年 中国内衣市场规模达2237亿元，本土品牌CR5首超外资品牌。价格也是一大问题，黛安芬的产品价格大 多在200元以上，有些甚至可达近千元，非常不具备价格竞争力。且目前一片式、无感内衣等新品快速 迭代，相比之下，黛安芬的产品比较陈旧。与此同时，电商平台的销售量越来越大，也导致黛安芬的线 下门店销售受到影响，加之商场租金成本和人工等成本高企，都使得黛安芬的整体经营压力变大。 黛安芬官方服务号11月21日发布信息称，Triumph集团决定自2025年12月31日起停止在中国大陆市场的 运营。 黛安芬官方服务号表示，Triumph黛安芬微信小程序将最迟于2025年12月10日24：00起停止售后服务； ...

多位小米经销商对智通财经确认了此事。经销商们表示，空调售后主要是安装，小米目前有送装一体和 先送后装两种选择，让售后服务商"二选一"会减少小米对线下服务商的绑定，仍有第三方合作商可以选 择，只要不乱收费不会对空调服务有太大影响。 【#美的被曝禁止售后服务商接小米和格力业务#】11月21日，智通财经获悉，美的近期不再允许售后服 务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向合作商传达，涉及小米、格 力等其他品牌的空调售后及安装维修。 对此消息，美的公关回应称不清楚此事。 一位美的中国区员工告诉智通财经，此次政策主要针对的是小米，今年小米空调的大卖让美的感受到了 威胁，10月份下发了该通知。（智通财经，德塔） ...

根据招股书，自2016年开始，if在中国香港椰子水市场连续9年蝉联榜首，2024年的市占率约为60%。 2017年if进入内地市场，根据灼识咨询的报告，按零售额计，IFBH自2020年起在中国内地椰子水饮料市 场连续五年位居榜首，2024年市场占有率约34%。 截至11月21日午间收盘，IFBH报收17.96港元/股，收跌超过4%，总市值约47.89亿港元，相比发行价市 值近"腰斩"。 6月30日， IFBH Limited在港交所正式挂牌上市。财报显示，截至6月30日的2025年上半年，IFBH取得 收益9446.4万美元，同比增加31.49%；母公司拥有人应占溢利1497.6万美元，同比减少4.82%；毛利率 33.7%，同比下降4.7个百分点。毛利率下降主要是由于报告期内泰铢兑美元升值，汇率变动产生不利影 响。 其中，椰子水收益较去年同期增加33.3%，占总收益的96.9%；其他椰子水饮料收益较去年同期减少 48.2%，占总收益的0.7。其他饮料收益较去年同期增加57.2%，占总收益的2.4%。 公开资料显示，IFBH是一家根植于泰国的即饮饮料及即食食品公司，公司于2013年创立if品牌，并将即 饮天然 ...

Core Insights - A significant number of public and private fund managers visited DJI in mid-November for research, despite DJI stating no financing or IPO plans, focusing instead on the upcoming Avata 360 drone, which is seen as a competitor to Insta360's Antigravity A1 [1] - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, leading to significant price reductions on their products [1][4][8] Market Share Discrepancies - A report from Jiuyan Consulting indicated that as of Q3 2025, Insta360 held a 49% market share while DJI had 43%, contrasting sharply with a later report from S&P Global that claimed Insta360's share was 75% and DJI's was only 17.1% [2] - The conflicting data has raised questions about the true market landscape, especially since the S&P report was taken down twice after its release, indicating potential issues with data accuracy [2][3] Sales Performance - DJI reported a Q3 shipment of 290,000 panoramic cameras with a revenue of 860 million yuan, aligning with Jiuyan's report that estimated DJI's market share at 43% of a total market revenue of 2 billion yuan [3] - Insta360's financial report for the first three quarters showed a revenue of 6.611 billion yuan, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9] Competitive Pricing Strategies - During the Double 11 sales, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, highlighting a price difference of approximately 559 yuan [6][8] - Both companies have significantly reduced their prices compared to their launch prices, indicating a highly competitive market environment [8] Internal Challenges - Reports of internal issues at Insta360 surfaced, including allegations of unpaid virtual stock dividends to former employees, raising concerns about the company's management practices [12][13] - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with management and compensation, suggesting potential risks to its workforce stability [14]

Core Viewpoint - A significant number of public and private fund managers are conducting research on DJI, focusing on the upcoming Avata 360 panoramic drone, amidst intense competition with Insta360's Antigravity A1. DJI has stated it has no financing or IPO plans [1][2]. Group 1: Market Competition - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, with DJI's products being priced approximately 400-500 yuan lower than Insta360's comparable products [2][5]. - During the Double 11 event, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, leading to a price difference of 559 yuan [5][8]. - Both companies have significantly reduced their product prices compared to their launch prices, indicating a fierce market competition [8]. Group 2: Market Share Discrepancies - A report from Jiuqian Consulting indicated that as of Q3 2025, Insta360 held a 49% market share in the global panoramic camera market, while DJI followed closely with 43% [3]. - In contrast, a report from Frost & Sullivan claimed that Insta360's market share was as high as 75%, with DJI only at 17.1%, raising questions about the accuracy of these reports [3]. - The discrepancies in market share data have led to confusion in the industry, with DJI reporting a Q3 shipment of 290,000 units and sales revenue of 860 million yuan, aligning with Jiuqian's report [3][10]. Group 3: Financial Performance - Insta360 reported a revenue of 6.611 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9]. - In Q3 alone, Insta360's revenue reached 2.940 billion yuan, a significant year-on-year growth of 92.64%, but the net profit decreased by 15.9% [8][9]. - The company attributed its profit decline to investments in chip customization and algorithm optimization, which are seen as long-term growth strategies [9]. Group 4: Internal Challenges - Reports of internal issues at Insta360 have emerged, including allegations of unpaid virtual stock dividends to former employees, highlighting potential management problems [10][11]. - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with the company's management practices and compensation structures [12].

Core Insights - A significant number of public and private fund managers visited DJI for research, focusing on the upcoming Avata 360 drone, amidst competitive tensions with Insta360's Antigravity A1 [2] - DJI has no current plans for financing or an IPO, while both companies are engaged in aggressive price competition during the Double 11 shopping festival [2][6] - Discrepancies in market share reports from different consulting firms have raised questions about the true competitive landscape between DJI and Insta360 [3][5] Market Competition - During the Double 11 sales event, DJI and Insta360 engaged in price cuts, with DJI's products being approximately 500 yuan cheaper than Insta360's comparable offerings [6][10] - For instance, DJI's Osmo 360 was priced at 2197 yuan, while Insta360's X5 was priced at 2656 yuan, leading to a price difference of 559 yuan [8] - Both companies have seen significant price reductions from their initial launch prices, indicating intense market competition [10] Financial Performance - Insta360 reported a revenue of 66.11 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but its net profit decreased by 5.95% [10] - In Q3 alone, Insta360's revenue was 29.40 billion yuan, reflecting a substantial year-on-year growth of 92.64% [10] - Despite revenue growth, Insta360's net profit for Q3 fell by 15.9%, attributed to increased spending on chip customization and algorithm optimization [10] Internal Challenges - Both companies face internal issues, with reports of employee dissatisfaction at Insta360 regarding unpaid virtual stock dividends, highlighting potential management weaknesses [12][13] - DJI is also experiencing talent retention challenges, with former employees indicating a disconnect between management and staff, which could lead to further talent loss [14]

监管方指出，整合后市场将由两大运营商主导，存在通过捆绑销售排挤小型竞争者的风险，因此禁 止整合方采用相关策略，并要求其竞争重点集中在主导运营商Claro，而非削弱小型运营商。监管机构 还警告，在82个仅由Tigo和Movistar竞争的市镇，合并可能带来涨价和服务质量下降，整合后的企业不 得在当地提高资费或降低服务水平。鉴于Movistar在光纤网络企业On Net持股可能影响其他运营商接 入，监管方亦要求设立严格的信息隔离机制，并取消整合方在该公司的否决权。通信监管委员会则指 出，移动网络批发市场已高度集中，整合可能推高资费并增加协调行为风险，正推进批发补偿机制、用 户保护及本地连接框架改革。业内对合并评价不一，有专家担忧市场集中度进一步提高，也有意见认为 影响取决于后续监管执行力度。 据哥伦比亚《观察家报》11月14日报道，哥工商监管署已批准哥两大电信巨头Tigo与Movistar的合 并，但附加多项限制以防市场竞争受损。 （原标题：哥伦比亚两大电信公司将合并） ...

Core Viewpoint - Pizza Hut's UK operations are facing a severe crisis, with the franchisee DC London Pie entering bankruptcy management, resulting in the permanent closure of 68 dine-in restaurants and 11 delivery points, leading to the loss of 1,210 jobs [4][6]. Group 1: Company Overview - Pizza Hut UK began its journey in 1973 and once had over 700 locations at its peak, becoming a staple for many British families and students [4][8]. - The brand has faced significant challenges over the past decade due to increased market competition and changing consumer habits, leading to a decline in its appeal [4][6]. Group 2: Recent Developments - This marks the second bankruptcy management for Pizza Hut UK within a year, with previous debts reaching approximately £40 million [6]. - Directional Capital intervened earlier this year as a "white knight" to acquire the franchise rights, but the number of locations decreased from 139 to 132 shortly after their takeover [6][7]. Group 3: Financial and Operational Challenges - The UK operations of Pizza Hut are burdened with substantial debt and tax issues, highlighting deeper structural problems within the business [7]. - The recent intervention by Yum Brands, the global parent company, has saved 64 remaining restaurants and preserved 1,277 jobs, but the long-term outlook remains uncertain [7][12]. Group 4: Industry Context - The UK casual dining sector is experiencing a broader crisis, with a 13.1% year-on-year increase in businesses facing financial distress, particularly in pubs and restaurants, which saw a 31.2% rise in such cases [12][13]. - The combination of the pandemic, inflation, rising energy costs, and tax pressures has severely impacted the restaurant industry, with energy bills for some establishments increasing by up to 300% [13][14].

Core Insights - Recent trends indicate a shift in foreign brands' operational strategies in China, with companies like Starbucks and Burger King selling significant stakes to local investors, raising concerns about foreign brands' future in the Chinese market [1][2][6] Group 1: Foreign Brands' Strategic Adjustments - Starbucks announced the sale of 60% of its Chinese operations to local capital, while Burger King followed suit by selling a majority stake to a Chinese entity [1][2] - The ongoing rumors about potential sales of other foreign brands, including Haagen-Dazs and Decathlon, reflect a broader trend of foreign brands reassessing their positions in the Chinese market [2][3] - Industry experts suggest that these moves are part of a localization strategy, driven by increased competition and declining performance of some foreign brands in China [3][4] Group 2: Performance Challenges - Haagen-Dazs has experienced a double-digit decline in traffic in China, while Decathlon's growth has slowed significantly, prompting a shift towards higher-end products [4] - IKEA's sales in China dropped from 12.07 billion yuan to 11.15 billion yuan, a nearly 10 billion yuan decrease year-on-year, highlighting the pressures faced by foreign retailers [4] - Burger King's store count in China has been in decline, contrasting with competitors like McDonald's, which have adapted more effectively to the local market [4] Group 3: Market Dynamics and Consumer Preferences - A report by Accenture indicates that by 2025, domestic brands will surpass international brands in consumer preference across various sectors, including beauty and electronics [7] - The competitive landscape is shifting, with local brands gaining ground due to better pricing and product offerings, forcing foreign brands to adapt to changing consumer demands [7][8] - Experts emphasize that foreign brands are not exiting the Chinese market but are instead adjusting their operational models to better align with local market conditions [8] Group 4: Investment and Future Outlook - The recent transaction involving Burger King China includes a $350 million investment from CPE Yuanfeng to support expansion and operational improvements, indicating a commitment to growth in the local market [8] - Shanghai continues to attract foreign investment, with a notable increase in the number of foreign enterprises, particularly in high-tech and financial sectors, suggesting a robust environment for foreign brands [9]

Core Viewpoint - Tencent Music's stock price experienced a significant drop of nearly 13%, reaching a low of 73.95 HKD, despite reporting strong third-quarter earnings with a year-on-year profit increase of 36.01% [1] Financial Performance - For the third quarter ending September, Tencent Music reported a shareholder profit of 2.153 billion HKD, which is a 36.01% increase year-on-year [1] - The basic earnings per share were reported at 0.7 HKD [1] - Under non-IFRS standards, the net profit attributable to equity holders was 2.405 billion HKD, reflecting a year-on-year increase of 32.58% [1] Market Reaction - Following the earnings announcement, Tencent Music's stock saw a trading volume exceeding 300 million HKD [1] - Bank of America noted that the earnings were generally in line with expectations but highlighted the absence of disclosed SVIP numbers, which were 15 million in the previous quarter [1] - Concerns regarding competition from ByteDance have increased among investors, potentially impacting short-term market sentiment [1] Analyst Ratings - Bank of America maintains a "Neutral" rating for Tencent Music, with a target price of 98.13 HKD for the Hong Kong stock and 25 USD for the US stock [1]