Core Viewpoint - The departure of a former Alibaba employee, Yuan An, highlights significant internal issues within the company, emphasizing the need for change and improvement in its corporate culture and management practices [1][3][15]. Group 1: Employee Sentiment and Company Culture - Yuan An's lengthy resignation letter expresses deep dissatisfaction with various aspects of Alibaba, indicating that only employees who genuinely care about the company's future will voice their concerns [1][14]. - The current employee classification at Alibaba includes "golden cows," "wild dogs," and "white rabbits," reflecting a problematic culture where performance is prioritized over values [6][7]. - The perception of a decline in the company's values and the rise of "wild dogs"—employees with poor values but high performance—has led to a toxic work environment [9][11]. Group 2: Management and Structural Issues - The lack of transparency in performance evaluations and promotions has created a culture where loyalty to superiors is prioritized over merit, leading to bureaucratic challenges [11][12]. - Yuan An's observations suggest that the company's current practices have resulted in a dilution of the value of promotions, contributing to internal inflation of job levels [11]. - The need for a more effective reward and punishment mechanism is critical, as the current system allows for manipulation by supervisors, fostering a culture of favoritism [12][15]. Group 3: Leadership Response and Future Outlook - Jack Ma's response to Yuan An's letter acknowledges the challenges of growth and the necessity of time for improvement, indicating a recognition of the issues raised [3][4]. - Despite the serious nature of the concerns outlined in the resignation letter, there is a belief that Alibaba remains one of the best companies and can overcome its internal challenges with determination and time [15][17]. - The narrative suggests that change is inevitable for both the company and its employees, and adapting to new realities is essential for survival and progress [17].

Group 1 - The core viewpoint is that the value of the US dollar has depreciated significantly against gold since the 1970s, reflecting the inherent logic of fiat currency systems [1] - Since the decoupling of the dollar from gold in 1971, the price of gold has surged, with projections indicating it could exceed $3,450 per ounce by 2025, marking a depreciation of over 99% for the dollar relative to gold [1] - Gold has historically served as a store of value rather than an appreciation tool, with its real purchasing power remaining relatively stable since 1900, while the stock market has significantly outperformed gold [2] Group 2 - Over the past decades, gold has shown strong returns, with an annualized return of 8.2% from 1971 to 2025, compared to 7.8% for the S&P 500 and 10.6% for the Nasdaq [6] - In the last five years, gold's annualized return reached 16.2%, outperforming the S&P 500 and Nasdaq [6] - Despite gold's lack of cash flow, its performance as a safe-haven asset has been particularly notable during crisis and inflationary periods [6] Group 3 - Central banks globally hold approximately 35,000 tons of gold, with the US having the largest share at about 8,133 tons [7] - Countries like Germany have faced challenges in repatriating their gold reserves, highlighting the geopolitical implications of gold holdings [7] - Developed nations maintain high gold reserves, with countries like Uzbekistan and Portugal having gold constituting over 75% of their foreign exchange reserves [8] Group 4 - The total amount of gold ever mined is estimated to be between 170,000 to 250,000 tons, which is relatively scarce when considering global distribution [9] - Gold's origins trace back to supernova explosions and neutron star collisions, emphasizing its cosmic significance [10] - Gold's unique properties, such as high chemical stability and malleability, contribute to its enduring value and utility [11] Group 5 - In 2024, the primary uses of gold are projected to be jewelry (42%), investment (24%), central bank reserves (21%), and technology applications (7%) [12] - The recycling of gold from electronic devices, such as smartphones, is becoming increasingly significant, with higher recovery rates than traditional mining [13] Group 6 - Human fascination with gold may have evolutionary roots, as its color and luster trigger positive responses in the brain [14] - The value of gold is largely constructed through social consensus, serving as a symbol of wealth and a safe haven during crises [15] Group 7 - The emergence of digital currencies is redefining gold's monetary attributes, with younger generations showing a preference for Bitcoin over gold [19] - Bitcoin's market capitalization is approximately $2 trillion, while gold's is around $20 trillion, indicating gold's continued dominance as a physical asset [19] - The transition from physical to digital assets reflects a broader societal shift, raising questions about the future forms of wealth [20]

视觉 | 诺言 "这个公司离开了谁都可以重新组织，唯一离不开的是我这个创始人。" "所有贪腐人员无论职务高低，必须在3月31日前限时交代问题、提交辞呈。" 3月3日，山东企业华熙生物，公开发布董事长赵燕的周一内部讲话全文，其言辞犀利，引发市场关注。 事后， 华熙生物对盐财经记者表示："从严治理组织是华熙生物董事会的一贯要求。" 作者｜ 张来 编辑｜ 宝珠 赵燕内部讲话全文节选 /图源：华熙生物 面对盐财经记者提出的业绩承压等具体问题，华熙生物未作答复。两名曾与媒体建立联系的华熙生物公 关人员，均告诉记者"因个人原因已离职"，并表示不方便评价公司其他信息。 事实上，此番"刮骨疗毒"并非空穴来风。自去年以来， 这家被称为"玻尿酸大王"的国内传奇医美企业， 舆论危机频出，技术骨干接连离退，业绩大幅下滑。 2 月 27 日晚间，讲话事件的3天前，华熙生物发布 2024 年度业绩快报公告，被业内锐评为"最差成绩 单"：营收53.71亿元，同比下降11.6%；归母净利润1.64亿元，同比下降72.27%；扣非净利润为1.01亿 元，同比下降79.36%。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | - ...