以下文章来源于盐财经 ，作者蔡胤 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 来源丨 盐财经 （ nfc-yancaijing ） 作者丨 蔡胤 来源丨 杨园园 图源丨AI制作 12月圣诞氛围正浓，海外社交平台上满是圣诞树的温馨分享，东莞市立合惠商贸有限公司的仓库里， 数月的忙碌终于暂告一段落。 对公司创始人罗总来说，2025年的圣诞季来得格外早。早在八月暑气蒸腾时，工人们就忙着将圣诞 树打包装箱发往美国。这股反季节的忙碌，源于公司TikTok Shop店铺"Bringstar Store"从盛夏就 没停过的订单提示音。罗总对此感到惊喜：整个工厂的所有销售渠道，唯有TikTok Shop，能在盛夏 时节就实现圣诞树的大量出货。 消费者。和所有外贸工厂一样，他们几乎试遍了主流电商平台，也投入了巨额资金自建海外仓，过程 周折。 2025年5月，在朋友的建议下，公司在TikTok Shop开设了"Bringstar Store"自运营店铺，起初只 是抱着试水心态，仅由运营负责人梁金斌一人兼顾。而店铺主推的折叠式圣诞树，成了这场意外惊喜 的主角。 这是一棵与传统印象迥异的圣诞树。 在大多数人的印象里 ...

作者｜ 蔡胤 统筹｜ 杨园园 视觉 | 顾芗 12月圣诞氛围正浓，海外社交平台上满是圣诞树的温馨分享，东莞市立合惠商贸有限公司的仓库里，数 月的忙碌终于暂告一段落。 2025年5月，在朋友的建议下，公司在TikTok Shop开设了"Bringstar Store"自运营店铺，起初只是抱着试 水心态，仅由运营负责人梁金斌一人兼顾。而店铺主推的折叠式圣诞树，成了这场意外惊喜的主角。 这是一棵与传统印象迥异的圣诞树。 在大多数人的印象里，布置圣诞树是项满含仪式感却格外繁琐的活儿：得先把分段树体逐一拼接牢固， 再逐根掰开被挤压的枝条，反复调整出蓬松造型；最后还要小心翼翼地缠绕灯串、挂满琳琅满目的饰 品。整套流程忙下来，少说也要耗上一个小时。 而Bringstar Store的折叠式圣诞树，把这些繁琐步骤压缩到了短短数秒：开箱后撑开底部支架卡牢，拎起 树顶轻轻松手，收拢的枝桠便 "唰" 地舒展开，自动成型饱满树形。接通电源，一棵近两米高、自带绚丽 灯效与精美饰品的圣诞树便瞬间"绽放"。罗总对这款产品充满信心，因为它有着超越传统的创新，视觉 冲击力也很强、很炫酷。"但确实没想到，它在TikTok Shop上能这么火。" ...

综合自:智通财经 万宁1972年创始于香港，2004年进入内地市场，2011年门店超200家，覆盖33城，主营护肤、健康等品类。2015年开设跨境业务，近年受线上冲 击，线下零售压力增大。竞争对手屈臣氏同期优化内地店铺组合，关闭人流不足门店，线上订单处理中心增至394家。 长和2025年财报显示，屈臣氏全球店铺数增长2%至16935家，中国区门店减少4%，亚洲及欧洲业务表现稳健。行业专家指出，万宁因早期市场策 略保守，未能适应电商转型，面临经营困境，需通过科技创新寻求突破。 知名连锁品牌万宁宣布关闭中国大陆所有门店。根据12月16日官网公告，因业务战略调整，线下门店将于2026年1月15日停止运营，线上官方商城 （小程序）12月28日关闭，天猫、京东等旗舰店12月26日停售，售后服务截止2026年1月25日。会员需在对应日期前使用积分，跨境商城将继续运 营。 ...

Costco第一财季营收增长8.2%至673.1亿美元，EPS为4.50美元，双双超出华尔街预期。净利润从去年同期的18亿美元增至20亿美元，增幅11.1%。电 商转型效果喜人，网站流量增24%，App流量激增48%。公司绩后股价小幅下跌0.68%。 得益于其线上销售的增长和新店的开设，美国中产的最爱的仓储式超市好市多（Costco）第一财季业绩超出华尔街预期。 周四美股盘后， Costco第一财季报告表现强劲，与去年同期相比，营收增长了8.2%。电商转型效果喜人，电商销售额暴增20.5%。 ：第一财季营收673.1亿美元，同比增长8.2%，每股收益4.50美元，均超华尔街预期；净利润20亿美元，同比增长11%。 电商转型提速 ：电商销售暴增20.5%，网站流量增24%，App流量激增48%；黑色星期五单日非食品订单突破2.5亿美元创纪录。 会员体系扩张 ：付费会员达8140万，同比增5.2%，会员费上调政策从9月生效开始贡献利润；美国和加拿大的续费率92.2%。 门店扩张计划 ：一季度新开8家仓储店，全球总数达921家；未来每年计划开设30家以上新店。 此外季度利润增长超过预期，这表明对价格敏感的美国消费者 ...

得益于其线上销售的增长和新店的开设，美国中产的最爱的仓储式超市好市多（Costco）第一财季业绩超出华尔街预期。 周四美股盘后，Costco第一财季报告表现强劲，与去年同期相比，营收增长了8.2%。电商转型效果喜人，电商销售额暴增20.5%。 此外季度利润增长超过预期，这表明对价格敏感的美国消费者仍在追求物美价廉的商品。财报具体表现来看： 公司绩后股价小幅下跌0.68%。今年迄今为止，截至周四收盘，该股累计下跌3.5%，而标普500指数同期上涨17%。 营收增长的背后逻辑 公司第一财季营收673.1亿美元，同比增长8.2%，这个数字超出了华尔街预期。 但需要注意的是，这一增长很大程度上依赖于门店扩张和会员费提价两大因素。 分析认为，全球可比销售增长6.4%，美国市场为5.9%，这个增速在通胀背景下并不算特别亮眼，更多反映的是消费者在寻求"性价比"而非消费能 力的真正提升。 CFO Gary Millerchip强调会员费上调（9月在美加地区生效）开始贡献收益。付费会员增至8140万，同比增5.2%，持卡人达1.459亿。 财务表现强劲：第一财季营收673.1亿美元，同比增长8.2%，每股收益4.50美元，均超 ...

报道显示，这不仅包括房产、现金等资产，也涵盖其持有的约28亿元市值的苏宁易购股票。即便部分股票因质押或冻结暂无法过户，他也承诺将未质押部 分的完整权益及已质押部分的超额收益权全部让渡给信托。换言之，若方案获批，张近东个人将实质上"一无所有"——38家苏宁系公司归信托所有，个人 财产亦悉数充公。 谁曾想到此前长期在中国福布斯富豪榜上，一度高居第四的超级富豪张近东资产一夜清零了。 据智通财经近日报道，苏宁电器集团等38家公司实质合并重整草案的表决期被再次延期至12月14日。暂停追偿的条件之一即为，原实际控制人张近东及其 配偶刘玉萍承诺将其名下全部个人资产于信托计划成立之日起3个月内注入信托计划，并签署信托文件。这等于是张近东"净身出户"。 苏宁申请破产重组已经筹划了许久，今年1月份开始拖到4月份，当时38家苏宁系公司合并重整，电器、置业、体育、文化、酒店、商管、院线、金控等被 一网打尽。然后又拖到9月，再度弄出一份重组草案，草案是出台了，表决一拖再拖，直到拖到了11月。 | 序号 | 公司名称 | 序号 | 公司名称 | | --- | --- | --- | --- | | 1 | 苏宁电器集团有限公司 | 2 ...

Core Viewpoint - Baozun E-commerce reported a total net revenue of 2.156 billion yuan in Q3, representing a year-on-year growth of 4.8% compared to 2.057 billion yuan in the same period last year [1] Financial Performance - In Q3, the operating loss significantly narrowed to 10.8 million yuan under non-GAAP standards [1] - The e-commerce business revenue grew by 2% to 1.8 billion yuan, while brand management business revenue increased by 20% to 400 million yuan [1][3] - Historical performance shows Baozun E-commerce has been near the loss margin, with revenues of 9.396 billion yuan in 2021 (up 6.15%) and losses of 220 million yuan, followed by 8.401 billion yuan in 2022 (down 10.6%) with losses of 653 million yuan [2] Strategic Transformation - The company is undergoing a strategic transformation, with a focus on expanding its own brand portfolio, including the acquisition of GAP's China business for 40 million USD and the purchase of the UK brand Hunter [2] - In March 2023, Baozun E-commerce announced an upgrade to its business layout into three lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) [2] Brand Management and Market Position - The transformation effects are beginning to show, with GAP's brand visibility increasing significantly, achieving 1.27 billion exposures and 9.05 million interactions in Q3 [3] - Despite initial successes in developing proprietary brands, the company still faces challenges in a competitive market, particularly in the fast fashion segment where local brands like UR and international brands like Uniqlo and Zara are strong competitors [3] Future Outlook - The CEO of Shenzhen Sisheng Company believes that Baozun E-commerce's expertise in online operations can help brands like GAP establish their brand image and drive traffic to offline stores, enhancing the company's competitive edge [3]

Core Points - Zhang Jindong, once a prominent figure on China's Forbes rich list, has seen his assets wiped out overnight due to the restructuring of Suning Electric Group and its 38 subsidiaries [2][4] - The restructuring plan has been delayed multiple times, with a new vote scheduled for December 14, and requires Zhang and his spouse to transfer all personal assets into a trust [2][3] - Suning's total liabilities amount to 238.7 billion yuan, while its assessed asset value is only 63.7 billion yuan, indicating a significant financial shortfall [4][16] Company Overview - Suning Electric Group, founded by Zhang Jindong in 1990, rapidly expanded and became a leading player in the home appliance retail sector [5][13] - The company went public in 2004, and by 2010, Zhang's net worth reached 38 billion yuan, ranking him fourth on the Forbes list [6][7] - Suning's business model faced challenges with the rise of e-commerce, particularly from competitors like JD.com, leading to a decline in market share [13][16] Financial Situation - The restructuring plan involves creating a bankruptcy trust to manage the assets of the 38 companies, effectively transferring ownership from Zhang and his family [3][4] - Despite the restructuring, there remains a debt gap of over 190 billion yuan, which even Zhang's peak wealth could not cover [4][16] - The company's financial struggles have been exacerbated by failed investments, including significant losses in the real estate and sports sectors [8][10] Strategic Missteps - Zhang's aggressive expansion into various sectors, including sports and e-commerce, did not yield the expected returns and strained the company's finances [8][12] - Suning's late entry into online retail and reliance on traditional retail strategies hindered its ability to compete effectively in the evolving market [13][16] - The company's failure to adapt to digital transformation and maintain technological competitiveness has been a critical factor in its decline [16][17]

Core Viewpoint - Baozun E-commerce reported a total net revenue of 2.156 billion yuan in Q3, representing a year-on-year growth of 4.8% compared to 2.057 billion yuan in the same period last year. The operating loss significantly narrowed to 10.8 million yuan under non-GAAP standards, indicating progress in the company's strategic transformation [1][3]. Group 1: Financial Performance - In Q3, the e-commerce business revenue grew by 2% to 1.8 billion yuan, while brand management business revenue increased by 20% to 400 million yuan [3]. - Over the past two years, Baozun E-commerce has been operating at a loss, with revenues of 9.396 billion yuan in 2021 (up 6.15%) and a loss of 220 million yuan, followed by 8.401 billion yuan in 2022 (down 10.6%) and a loss of 653 million yuan [3][4]. Group 2: Strategic Transformation - The company has been pushing for reform and transformation, expanding its own brand portfolio. In March 2023, Baozun announced an upgrade of its business layout into three major lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) [3][4]. - In late 2022, Baozun acquired GAP's China business for 40 million USD, and in 2023, it acquired the UK high-end footwear and outdoor brand Hunter, as well as the Chinese operations of the yoga apparel brand Sweaty Betty [4]. Group 3: Market Challenges - Despite initial success in developing its own brands, Baozun E-commerce continues to face challenges in achieving profitability. The fast fashion market in China is highly competitive, with local brands like UR and international brands like Uniqlo, Zara, and H&M intensifying their market presence [5]. - Experts suggest that while Baozun's expertise in online operations can help brands like GAP establish their brand image and drive traffic to physical stores, the long-term development remains to be observed [5].

Core Points - The 2025 Wuhan (Hankou North) Commodity Fair will open on November 20, continuing its 16-year tradition of attracting numerous businesses to showcase their products and innovations [1] - The fair has evolved from a sales-focused event to a platform for launching new products and exploring business collaborations [4][5] Group 1: Company Participation and Impact - Companies like Feidiao Electric have participated multiple times, using the fair as a key platform for brand visibility and product showcase, leading to a nearly 30% increase in sales [3] - Wuhan Jing Tian Yi Shang Trading Co. has shifted its focus from merely selling products to showcasing new designs and seeking e-commerce partnerships, reflecting a broader trend among participants [4] - The founder of Wuhan Tangqihe Coffee noted a 50% increase in sales after leveraging the fair for brand promotion and expanding service offerings [5] Group 2: Business Transformation and Growth - Wuhan Qimengdie Clothing Co. transitioned from traditional wholesale to e-commerce, inspired by the fair's dynamic environment and the presence of online influencers [5][6] - The fair has facilitated significant business growth for participants, with some like Wang Jitao expanding their operations and securing contracts worth millions annually [10] Group 3: Diverse Offerings and International Appeal - The fair features a wide range of products, including fresh flowers from around the world, attracting both local and international buyers [7][8] - The event has become a vital networking opportunity, allowing businesses to connect with potential clients and partners, enhancing their market reach [9][10]