报告期内，面对宏观经济环境影响、公司部分客户预算收紧、行业竞争加剧等多重压力，公司坚持聚焦 数据复制、灾难恢复及数据韧性等核心领域，在金融、政企及海外市场等重点方向持续推进业务布局， 公司整体营收保持稳定，同时也为可持续高质量增长提供坚实支撑。公司在外部市场环境仍具挑战的背 景下，持续推进组织架构优化与精细化运营管理，通过提升资源配置效率、优化成本结构及强化重点行 业拓展，相关费用同比下降，实现经营效率的显著改善。综上因素，公司2025年营业收入整体保持稳 定，亏损规模较上年同期大幅收窄，盈利能力持续修复，经营质量稳步提升。 格隆汇2月27日丨英方软件(688435.SH)公布2025年度业绩快报，2025年度公司实现营业收入1.89亿元， 较上年同期减少1.04%；实现归属于母公司所有者的净利润-1396.98万元，较上年同期减亏1461.52万 元，归属于母公司所有者权益的扣除非经常性损益的净利润-3055.17万元，较上年同期减亏1418.33万 元；2025年末公司总资产11.94亿元，较期初增加0.24%，归属于母公司的所有者权益为10.96亿元，较 期初减少1.56%。 ...

2026.01. 29 本文字数：2655，阅读时长大约4分钟 作者 | 第一财经 邹臻杰 近日，新修订的《药品管理法实施条例》（下称《条例》）正式对外公布，这是23年来《条例》首 次进行全面修订。新修订《条例》包括9章节共89条内容，将于2026年5月15日起施行。 第一财经了解到，此次新修订《条例》中修改的条款达90%以上，除了第一条以《药品管理法》作 为立法依据的条款没有修改外，其余条款均有调整或者修改。其中，鼓励新药研制与创新，加强市场 独占期、数据保护、分段生产等是企业、行业关注的核心。 中国药科大学药品监管科学研究院执行院长邵蓉表示："自2019年新修订的《药品管理法》出台以 后，2020年前后实操性很强的各类行政规章陆续发布实施，新修订《条例》将实践中探索过、行之 有效的措施纳入，将其上升为行政法规或明确了法规依据，如四个加快审评审批程序、药物警戒质量 管理规范制定等都是如此。" 鼓励新药研制与创新 南开大学法学院院长、南开大学医药卫生法研究中心主任宋华琳表示，之前在部门规章《药品注册管 理办法》中，对"药品加快上市注册程序"进行了制度化安排，但规章位阶较低；此次在国务院行政 法规中，以我国近年 ...

《条例》鼓励新药研制与创新，加强市场独占期、数据保护、分段生产等是企业、行业关注的核心。 近日，新修订的《药品管理法实施条例》（下称《条例》）正式对外公布，这是23年来《条例》首次进 行全面修订。新修订《条例》包括9章节共89条内容，将于2026年5月15日起施行。 第一财经了解到，此次新修订《条例》中修改的条款达90%以上，除了第一条以《药品管理法》作为立 法依据的条款没有修改外，其余条款均有调整或者修改。其中，鼓励新药研制与创新，加强市场独占 期、数据保护、分段生产等是企业、行业关注的核心。 中国药科大学药品监管科学研究院执行院长邵蓉表示："自2019年新修订的《药品管理法》出台以后， 2020年前后实操性很强的各类行政规章陆续发布实施，新修订《条例》将实践中探索过、行之有效的措 施纳入，将其上升为行政法规或明确了法规依据，如四个加快审评审批程序、药物警戒质量管理规范制 定等都是如此。" "新修订《条例》通过行政保护，使得在市场独占期内，获得上市许可的儿童药、罕见病药的生产企 业，能够在竞争中处于相对优势的地位。进一步地，使得这些药企能够实现法律与社会政策的良好目 的，保证公众有平等获得罕见病、儿童药药品 ...

Core Viewpoint - TikTok has appointed Adam Presser, an internal candidate with strong ties to the entertainment industry, to lead its newly established U.S. entity, TikTok U.S. Data Security Joint Venture, amidst ongoing concerns about data security and regulatory scrutiny [1][6]. Group 1: Leadership and Structure - Adam Presser has been chosen to oversee a platform valued at least $14 billion, which has over half of its users in the U.S. [3][8]. - Presser is considered one of the most influential leaders of TikTok in the U.S. and has been viewed as a strong contender for the CEO position [3][8]. - He reports directly to Shou Zi Chew, TikTok's global leader, who in turn reports to ByteDance's co-founder and CEO Liang Rubo [3][8]. Group 2: Background and Experience - Presser has a notable educational background, having attended Harvard-Westlake School, Yale University, and further studies at Harvard Business School and Harvard Law School [3][8]. - His professional experience includes roles at Ticketmaster Entertainment in China and WarnerMedia, where he served as Executive Vice President of International Business [3][8]. Group 3: Responsibilities and Challenges - Presser's role includes overseeing the protection of U.S. user data, content moderation, and ensuring the security of the content recommendation algorithm leased from ByteDance [6][12]. - He has been actively involved in addressing content moderation issues and has responded to calls for action from influencers regarding anti-Semitism on the platform [11][12]. - The establishment of the new entity comes in response to U.S. legislative actions requiring TikTok to sever ties with ByteDance in the U.S. market to avoid potential bans [5][9]. Group 4: Political Context - Former President Donald Trump has expressed that TikTok played a significant role in his political strategy, particularly in appealing to younger voters [3][12]. - Presser's new position may facilitate closer ties with Trump, who has been a vocal supporter of the app [12].

的确，欧盟在数据使用及其保护方面是极其严格的。2012年欧盟委员会公布了《一般数据保护条例》（GDPR），计划对此前的个人数据保护 指令进行修订，经过充分讨论，2016年4月，《一般数据保护条例》得以通过并于2018年5月生效。许多观点都认为，GDPR意味着欧盟对数据 保护更加严格。 另外，欧盟于2017年以滥用搜索引擎市场支配地位为由，对谷歌处以24.2亿欧元反垄断罚款的案件，也令人印象深刻。所以，足以看出，欧洲 人在数据使用、电子化以及数字化方面，相对比较谨慎，宁可像作者书中写到的"慢一拍"。书中也写到，他们有些人觉得现状也不错，也保持 了原有比较"纯粹"的生活方式，比如大街小巷仍然随处可见明信片和贺卡。 《欧洲是个天秤座》是一本对欧洲的观察笔记，作者的视角既专业又细微，既理性又感性，既冷静又活泼，像极了该书的名字——天秤座蕴含 的种种特征。这本个人视角的"欧洲笔记"是作者傅苏在旅居欧洲的观察、个人专栏文字为基础写成，作者深谙欧洲文化，对日常现象中的文化 因素解读非常到位，值得阅读。生动的文字描述，仿佛带读者畅游了欧洲一般。 书名极具考究，天秤座这个星座的特质，可能最为人所知的就是其以追求平衡为核心特质， ...

Core Viewpoint - TikTok has established a joint venture in the U.S. named TikTok USDS Joint Venture LLC, which will manage data protection, algorithm security, content moderation, and software assurance for American users, while ByteDance retains ownership of the algorithm's intellectual property [1][4][11]. Group 1: Joint Venture Structure and Leadership - TikTok USDS will be led by Adam Presser as CEO and Will Farrell as Chief Security Officer, both of whom have prior experience in managing user data protection at TikTok [2][5]. - The joint venture is majority-owned by American investors, including Oracle, Silver Lake, and MGX, each holding 15%, while ByteDance retains a 19.9% stake [9][10]. Group 2: Data Protection and Algorithm Security - The joint venture will operate under a comprehensive data privacy and cybersecurity program, ensuring U.S. user data is protected in Oracle's secure U.S. cloud environment [8]. - The content recommendation algorithm will be retrained and updated using U.S. user data, secured within Oracle's cloud [8]. Group 3: Business Operations and Compliance - The joint venture will oversee the U.S. content ecosystem, implementing strict trust and safety policies and content moderation [8][29]. - TikTok's global operations will continue to manage e-commerce, advertising, and marketing, ensuring that the user experience remains consistent [12][18]. Group 4: Market Implications and Seller Dynamics - The establishment of TikTok USDS reduces policy uncertainty for U.S. sellers, allowing for more stable long-term operations in the North American market [27]. - However, stricter compliance standards may lead to increased costs and challenges for smaller sellers who rely on aggressive marketing tactics [30][31].

整合全球数据合规规则 在当今紧密相连的世界中，信息跨越国界自由流动，已成为商业活动，特别是跨境贸易的基石。然而，这种流动并非毫无边界，它正面临着日益复杂和多样 化的全球数据合规规则的约束。对于任何涉及国际业务的企业而言，理解并整合这些规则，已从一项竞争优势转变为生存与发展的必要条件。 数据合规的核心在于尊重和保护个人信息，同时确保数据在商业使用中的安全与合法。不同地区基于其文化传统、法律体系和监管重点，制定了各具特色的 数据保护法规。这些规则虽然初衷相似，但在具体条款、执行标准和监管力度上存在差异，形成了一个错综复杂的全球合规版图。企业，尤其是活跃于国际 贸易中的中小型企业，在享受全球市场机遇的同时，也多元化应对这一合规迷宫，否则可能面临法律风险、经济处罚乃至商誉损失。 整合全球数据合规规则，并非要求企业机械地遵守每一套独立法规的简单叠加，而是需要构建一个灵活、系统且具有前瞻性的内部治理框架。这个过程可以 遵循以下关键路径： 1.建立全局视野与风险评估机制 企业首先需要打破地域思维局限，树立全球数据合规的整体观。这意味着不仅要熟悉主要市场如欧洲的通用数据保护条例、北美相关法案以及亚太地区各具 特色的数据保护法 ...

Group 1 - The core point of the article is that South Korean companies are increasing their spending on data protection due to rising threats of customer information theft, with a projected growth of 14.3% in 2025 compared to the previous year [1][2] - In 2023, South Korean companies' spending on data protection is reported to be 2.4 trillion KRW (approximately 16.7 billion USD), up from 2.1 trillion KRW in 2024 [1] - The analysis is based on regulatory filings from 773 companies, indicating a growing interest in data protection within the corporate sector [1] Group 2 - The number of employees dedicated to data protection this year is reported to be 8,506, which is an increase of 10.7% from 7,681 employees in 2024 [2] - The increase in spending and personnel in data protection reflects a heightened interest from companies in this area [2] - By industry, the average spending on data protection is 8.5 billion KRW for financial and insurance companies, and 6.2 billion KRW for information and communication companies [2]

AI Dynamics - The prospectus of Zhipu, the first domestic large model company, reveals significant financial losses, with net losses of 143 million yuan in 2022, 788 million yuan in 2023, and projected losses of 2.958 billion yuan in 2024, totaling over 6.2 billion yuan by mid-2025 [1][2] - The prospectus highlights the importance of low hallucination rates as a key indicator of model reliability, with Zhipu's GLM-45 ranking second globally and lowest in China for hallucination rates by September 2025 [1][2] - Regulatory changes and compliance issues are emphasized as potential risks, with the prospectus noting that future laws may impose additional obligations that could adversely affect business operations and financial performance [2][3] - User data compliance is a critical concern, as the prospectus acknowledges the uncertainty surrounding the interpretation and application of data protection laws, which may impact the company's ability to safeguard user data [3][4] - Training data compliance is identified as an unstable factor, with the prospectus indicating that Zhipu may source training data from third-party vendors and public datasets, raising concerns about the legality and compliance of such data [4][5] - The potential misuse of AI technology by users poses a reputational risk to the company, as any negative outcomes could significantly impact business performance and financial outlook [5] Platform Governance - The newly issued "Internet Platform Pricing Behavior Rules" prohibit platforms from forcing or indirectly compelling operators to adopt automatic pricing systems or engage in unreasonable pricing practices [7][8] - TikTok has announced the establishment of a new joint venture in the U.S. focused on data protection, algorithm security, content review, and software assurance, named "TikTok USDS Joint Venture LLC" [8] - The Supreme People's Court has updated the civil case categories to include data and virtual property disputes, reflecting a growing focus on legal frameworks surrounding digital assets and intellectual property [9]

Core Viewpoint - TikTok's parent company ByteDance has signed an agreement with three leading investors to establish a new joint venture, TikTok USDS Joint Venture LLC, to sell over 80% of its U.S. assets and comply with U.S. regulations, marking a significant development in the ongoing business challenges faced by TikTok [5][6]. Group 1 - The new entity will be jointly owned by Oracle, Silver Lake, and Abu Dhabi's MGX, which will collectively hold 45% of the shares, aligning with previous reports [5][6]. - The new entity will be responsible for data protection, algorithm security, content moderation, and software assurance for TikTok in the U.S., while ByteDance will retain ownership of TikTok's algorithm and charge licensing fees [5][6]. - A seven-member board, predominantly composed of U.S. citizens, will oversee the new entity, ensuring compliance and governance [7]. Group 2 - The new investor alliance will hold a total of 50% of the shares, with Oracle, Silver Lake, and MGX each owning 15%, while ByteDance's existing investors will hold 30.1%, and ByteDance itself will retain 19.9% [6]. - The transaction is expected to be completed by January 22, 2026, allowing TikTok's 170 million U.S. users to continue using the platform without interruption [7].