出品：财经早察工作室 总统筹：邓红辉 执行统筹：陈晨星 祝乃娟 监制：洪晓文，曾婷芳 主播：胡光旗 编辑：洪晓文,曾婷芳 拍摄：甘俊 设计：王冰 SFC 6月以来，"苏超"在各大平台热搜上霸榜，以另一种更接地气的方式，让人们再次认识足球的 运动价值和商业价值。"苏超"现场的火爆和在互联网上泼天的流量，让许多品牌嗅到了新的 商机，也成了赞助商们的"狂欢"——5月还只有6家赞助商，到6月中旬已经暴涨到19家。从江 苏本地的银行、服装品牌，到京东、理想汽车这些全国"大厂"，全都抢着投广告。 本期编辑 江佩佩 张嘉钰 本期《财经早察》来聊聊"苏超"何以吸引多个商业巨头入场"氪金"？ 车企集体承诺缩账期，能否重塑供应链生态？ Labubu凭啥火遍全球？ 利润率不及4%！ 汽车业集体"反内卷" 21君荐读 ...

Group 1 - The core viewpoint of the article emphasizes the significant role of e-commerce in boosting consumption and the innovative strategies adopted during the "618" shopping festival to stimulate consumer demand [1][2][3] - E-commerce platforms are witnessing a shift in consumer demand from purchasing single products to seeking systematic and scenario-based solutions, suggesting a need for enhanced AI recommendations [2][3] - The "618" shopping festival serves as a critical indicator of consumer resilience and innovation in China, with a notable increase in online retail sales, which reached 60,402 billion yuan from January to May, marking an 8.5% year-on-year growth [1] Group 2 - The article suggests that e-commerce platforms should enhance consumer experience by focusing on product quality and innovation to meet the rising expectations of consumers [1][3] - The entry of instant retail platforms like Meituan Shanguo during "618" has transformed the landscape, with nearly one million active local merchants and a doubling of transaction volume in 1,574 local business districts across 164 cities [2][3] - E-commerce platforms are encouraged to expand into lower-tier markets and invest in cross-border e-commerce to tap into new consumer potential and diversify product offerings [3]

Group 1 - The number of newly established foreign-invested enterprises in China increased by 10.4% year-on-year, reaching 24,018 from January to May 2025, indicating strong confidence from foreign investors in long-term investments in China [1] - The actual foreign investment amount decreased by 13.2% year-on-year to 358.19 billion RMB during the same period, highlighting a divergence between the number of new enterprises and the actual investment amount [1] - The manufacturing sector attracted 91.52 billion RMB in actual foreign investment, while the service sector received 259.64 billion RMB, with high-tech industries drawing 109.04 billion RMB [1] Group 2 - The service industry has become the primary area for foreign investment inflows, with the Chinese government expanding pilot programs to promote service sector openness in nine additional cities [2] - Investment from ASEAN countries grew by 20.5%, while Japan and the UK saw increases of 70.2% and 60.9%, respectively, reflecting the positive impact of regional economic integration [2] - The implementation of RCEP has contributed to stable growth in foreign investment from ASEAN and Japan, emphasizing the benefits of regional economic cooperation [2] Group 3 - Future efforts should focus on optimizing the business environment, expanding open sectors, and enhancing service guarantees for foreign investors [3] - Reducing the negative list for foreign investment access will allow foreign enterprises to fully benefit from China's growing market [3] - Strengthening government services and legal protections will provide a more stable and predictable development environment for foreign investments [3]

Core Insights - The surge in LABUBU prices highlights the explosive power of the emotional economy [1] - Xianyu's "2025 NBA Player Commercial Value List" reveals that there are currently 40 million basketball enthusiasts on the platform [1] - Since the start of the 2024-2025 NBA playoffs, trading of player cards, particularly those with player signatures, has become increasingly popular, with a signed card from Stephen Curry reaching a peak transaction price of 140,000 yuan [1] Group 1 - The trading of player cards has seen a significant increase, with notable sales for cards of Kobe Bryant, Stephen Curry, Jayson Tatum, Tyrese Haliburton, and Giannis Antetokounmpo during April to May 2025 [1] - The demographic of NBA-related consumers is primarily composed of younger generations, with 44% being aged 18-24 and 20% aged 25-29 [1] - Emerging players like Ja Morant, Tyrese Haliburton, and Victor Wembanyama are gaining traction in terms of search popularity and card sales [1] Group 2 - In June, Xianyu launched an NBA community that includes all 30 NBA teams, over 170 active players, and more than 70 retired legends, with ongoing expansions [2] - The NBA community allows users to quickly access information on their favorite players' merchandise and market trends [2]

图片来源：Michael Nagle/Bloomberg via Getty Images 亚马逊（Amazon.com Inc.）CEO安迪·贾西表示，随着这家零售和云计算巨头利用AI技术处理更多任 务，他预计公司员工数量在未来几年将会减少。 在周二发给员工的一封邮件中，贾西阐述了他对这项新兴技术将如何改变工作场所的看法。他表示，生 成式AI和AI驱动的软件智能体"必将改变我们的工作方式"。 贾西写道："未来，我们完成某些现有工作所需的人手将会减少，而其他类型工作需要的人手将会增 加。虽然很难确切预知长期最终的净效应如何，但在未来几年，随着我们在全公司范围内广泛应用AI 并从中获得效率提升，我们预计这将导致公司员工总数下降。" 自AI热潮兴起之初，行业内外的担忧之声就不绝于耳，人们担心AI可能会取代人类员工。随着科技公 司推出越来越先进、能够编写代码并代表用户处理在线任务的AI系统，这种担忧更是与日俱增。 Shopify Inc.已告知员工，申请新增岗位需要说明为何AI无法胜任该工作。多邻国（Duolingo Inc.）表示 将"逐步停止"使用承包商来完成AI能够处理的工作。而微软（Microsoft Co ...

Core Viewpoint - The report highlights the financial disclosures and responses from the company regarding its prepayments, accounts receivable, and fundraising projects, indicating significant growth in prepayments and accounts receivable, along with the ongoing development of fundraising projects. Group 1: Prepayments - The company's prepayment balance for the year is 7.693 billion yuan, representing a year-on-year increase of approximately 70% [1] - The company has recognized a bad debt loss of 44 million yuan for prepayments, which is a year-on-year increase of about 182% [1] - The top ten prepayment recipients include various suppliers, with some being new suppliers and others having a controlling relationship with the company [3] - All prepayments have been delivered without delays, and the corresponding goods have been sold [3] - The prepayment turnover rate for the year is 14 times, with a turnover period of 26.07 days, which is in line with industry averages [4] Group 2: Accounts Receivable - The company's accounts receivable balance is 1.410 billion yuan, showing a year-on-year increase of 51.03% [9] - The company has recognized a bad debt loss of 32 million yuan for accounts receivable, with a significant increase in the bad debt provision ratio [9] - The top ten accounts receivable recipients have been disclosed, with no significant undisclosed relationships found between customers and suppliers [10] - The company maintains a unified credit policy for accounts receivable, which has not changed significantly from previous years [12] - The increase in accounts receivable is attributed to more customers requesting extended payment terms due to cautious cash management in the current economic environment [12] Group 3: Fundraising Projects - Three fundraising projects from the company's 2020 non-public stock issuance are still under construction, with progress rates of 34.29%, 50.22%, and 68.88% [14] - The company has used raised funds for purposes not closely related to the fundraising projects, such as sodium-ion battery production line construction [14] - The company has provided details on the main uses and outcomes of the funds invested this year, including improvements in B2B operations and office efficiency [14]

Core Viewpoint - The company, Beijing Guolian Vision Information Technology Co., Ltd., is responding to regulatory inquiries regarding its 2024 annual report, specifically addressing issues related to revenue recognition, internal controls, and prepaid accounts [1]. Revenue Recognition - The company's reported revenues for 2024 were 136.23 billion, 121.05 billion, and a decline of 16.21%, 10.23%, and 15.91% respectively for each quarter, attributed to a shift from gross to net revenue recognition for certain transactions [2]. - The company is currently verifying its revenue recognition methods in accordance with accounting standards and will provide further disclosures [2][3]. Internal Control - The company has previously corrected errors in revenue reporting for 2020 to 2022, and the auditor has issued standard opinions for the current year, indicating improvements in internal controls [3]. - The company is required to disclose its internal control requirements for revenue recognition and any changes compared to previous years [3][4]. Prepaid Accounts - The company's prepaid accounts balance reached 76.93 billion, a year-on-year increase of approximately 70%, with a significant rise in bad debt provisions for prepaid accounts [4][5]. - The company is expected to disclose details about its top ten prepaid account recipients, including transaction amounts and supplier relationships [5][6]. - The increase in prepaid accounts is attributed to the company's self-operated business model, which necessitates securing supply and stabilizing prices through advance payments [7][12]. Accounts Receivable - The company's accounts receivable balance was 14.10 billion, reflecting a 51.03% increase year-on-year, with a bad debt provision of 0.32 billion and a provision ratio of 3.25% [13]. - The company is required to disclose details about its top ten debtors, including transaction amounts and any potential relationships with suppliers [13][14].

Core Insights - The report highlights China's strategic advantages in attracting multinational companies for investment, emphasizing a multi-dimensional approach to create a favorable investment environment [1][2] Group 1: Investment Environment - China is positioned as a "safe haven" and "growth pole" for global capital, with its unique attractiveness for multinational companies [1] - The report identifies seven key dimensions that enhance China's investment appeal: certainty, safety, openness, scale, convenience, growth, and profitability [1][2] Group 2: Foreign Investment Trends - Despite a decline in foreign investment due to international circumstances, China remains a leader among developing countries in attracting foreign capital [2] - In Q1 2025, the actual foreign investment in the e-commerce service industry doubled compared to the previous year, with significant growth in biopharmaceutical manufacturing (63.8%), aerospace manufacturing (42.5%), and medical equipment manufacturing (12.4%) [2] Group 3: Strategic Recommendations - Multinational companies are encouraged to adopt inclusive and sustainable development principles, focusing on China's seven advantages to formulate long-term investment strategies [2] - The report suggests accelerating industrial transitions, deepening innovation cooperation, and optimizing regional layouts to tap into China's market potential and link with global markets [2]

许冉表示，目前可以看到的数据是PLUS会员的外卖复购率是非会员的两倍。 第一财经记者了解，会上股东对外卖业务进展、国补以及公司股票的长期价值等问题进行了提问。 会上，对于股东提及的"外卖业务最新进展和运营目标，如何评估今年的投入以及未来的利润趋势"问题，许冉回应称，京东做外卖是公司即时零售战略一个 非常自然地延伸，京东零售把即时零售作为公司核心战略已有几年时间，食品外卖在即时零售中属于一个大的品类，对京东而言发展外卖业务是一个自然而 然的结果。 截至6月1日，京东外卖的日订单量已经突破2500万单，外卖业务的上线对京东APP的流量以及新用户的增长有非常明显的拉动作用。 她表示，刚刚过去的618，京东APP的DAU创历史新高，初步看到外卖用户和核心用户之间以及跨品类的购买有很强的协同效应。在提升用户黏性方面，许 冉表示外卖业务也带动了PLUS会员的增长，目前可以看到的数据是PLUS会员的外卖复购率是非会员的两倍。 业务数据上，许冉表示目前入驻的品质餐饮门店超过150万家，全职骑手规模已经突破12万人，预计在二季度末全职骑手将超过15万人。整体看，外卖业务 发展超出预期，京东希望将其作为一个长期可持续发展的业务， ...

进一步加大力度向民间资本推介优质项目 按照既定工作安排，国家发展改革委、财政部将在7月、10月分别下达第三季度和第四季度支持以旧换新的中央资金，各地也将持续做好配套 资金支持。相关部门将指导地方进一步优化完善补贴发放方式，确保政策实施更加平稳有序、资金均衡使用到年底。 央视网消息：记者6月20日从国家发展改革委了解到，目前，消费品以旧换新补贴资金使用进度符合预期，1380亿元中央资金将在第三、四季 度陆续下达。 国家发展改革委有关负责人介绍，目前，全国消费品以旧换新补贴资金使用大致占到全年规模50%左右，整体进度符合预期。 "国补"资金包括三个部分：一是中央下达的超长期特别国债资金，规模比2024年翻了一番；二是按照有关规定，地方在中央下达资金基础上按 比例配套，按照总体9:1的原则实行央地共担；三是一些地方还将结合当地工作进度和实施情况，在中央下达以及按比例配套资金以外，再额 外安排地方资金。 记者6月20日从商务部了解到，1—5月，我国电子商务提品质扩内需，有力释放消费潜力，实现稳步增长。 其中，消费电商提品质扩内需。培育品质电商、助力外贸拓内销等行动深入推进，"政策+假期+活动"释放消费潜力。1—5月， ...