Core Viewpoint - The incident involving Arc'teryx and the fireworks display in China highlights the challenges multinational companies face in balancing global and local management, particularly in terms of brand values and crisis response [1][2][3] Group 1: Company Response - Arc'teryx's Chinese team issued an apology emphasizing cooperation with relevant authorities and third-party assessments, while the overseas team expressed disappointment and indicated a need for improved communication with local teams [1][2] - The differing tones in the statements from the Chinese and overseas teams reflect a lack of cohesive governance in integrating global resources [2] Group 2: Environmental Concerns - The event raised significant ecological concerns, showcasing a misalignment with modern consumer expectations, particularly among younger generations who prioritize brand values and social responsibility over mere product functionality [2] - The choice of location for the fireworks display, an important ecological area in China, indicates a potential misjudgment of contemporary consumer values by the brand [2] Group 3: Brand Management Implications - A single misstep in brand activity can severely damage the high-end outdoor image of Arc'teryx and affect the reputation of its parent company, Amer Sports, highlighting the need for refined brand management and crisis response mechanisms [2][3] - The incident serves as a warning for all multinational companies about the complexities of cultural integration, management coordination, and value co-creation in global expansion [3] Group 4: Future Opportunities - Arc'teryx has the opportunity to learn from this incident and enhance its global brand management mechanisms, aiming to transition from being "internationally known" to "globally trusted" [3]

每经评论员 孙宇婷 环境保护议题在全球范围内，特别是中国市场的重要性日益凸显。现代消费者，尤其是年轻一代，对品 牌的期待已超越产品功能本身，他们更关注品牌价值观和社会责任。在这种背景下，一个户外品牌在中 国的重要生态屏障进行可能影响环境的艺术项目，本身就显示出对当代消费者价值观的误判。而这种误 判，根源在于品牌本地化团队与全球管理层的沟通隔阂，以及战略监管的缺失。 品牌价值的建立需要长期积累，而破坏可能只在一夕之间。一次不当的品牌活动，不仅会影响始祖鸟在 消费者心中的高端户外形象，也会波及其所属的整个品牌矩阵的声誉。这种"品牌涟漪效应"在多品牌运 营中尤为明显，需要更加精细化的品牌管理和危机应对机制。 从企业治理角度看，这次事件为所有通过跨国运营实现全球化扩张的企业敲响了警钟。国际化不仅仅是 市场拓展，更是文化整合、管理协同和价值共建的复杂过程。真正的"管得好"和"协同好"需要建立现代 化的全球企业治理结构，包括统一的品牌价值观、有效的跨文化沟通机制和敏捷的危机应对体系。 始祖鸟烟花事件最终会随着时间流逝而淡出公众视野，但它所暴露的跨国企业在全球化治理中的挑战却 值得长期关注。作为一家具有全球影响力的高端户外 ...

Core Viewpoint - The recent fireworks show by the outdoor brand Arc'teryx in the Himalayas has sparked controversy, highlighting the potential risks of marketing strategies that disregard ecological and ethical considerations [1][2] Group 1: Brand and Marketing Implications - The China Advertising Association criticized Arc'teryx for attempting to enhance brand visibility through creative marketing that could harm the fragile ecosystem at an altitude of over 5000 meters, leading to a loss of consumer trust [1] - The incident serves as a reminder that brand value is built over time but can be jeopardized by a single misstep that crosses ethical boundaries [1][2] - The association emphasized that marketing creativity must respect ecological, moral, and policy boundaries to avoid backlash and damage to brand reputation [2] Group 2: Industry Standards and Responsibilities - The China Advertising Association called for the advertising industry to adhere to ethical, ecological, and social value standards, reinforcing the need for self-regulation within the industry [2] - It was noted that marketing should not be an unbounded showcase but should be rooted in correct social guidance and positive values [2] - The association expressed hope that the advertising industry would learn from this incident, stressing the importance of respecting ecological protection and moral guidelines in marketing efforts [2]

Group 1 - The incident involving the outdoor brand Arc'teryx conducting a fireworks show in the Himalayas has sparked controversy, leading to public apologies from both the brand and artist Cai Guoqiang [1] - The Chinese Advertising Association expressed regret over the brand's actions, highlighting that marketing creativity should not disregard ecological, moral, and policy boundaries [2] - The event serves as a reminder that a brand's value can be significantly damaged by a single misstep, emphasizing the importance of respecting ecological and social responsibilities in marketing [1][2] Group 2 - The Chinese Advertising Association calls for the advertising industry to adhere to ethical, ecological, and social value standards, reinforcing the need for industry self-discipline [2] - It is emphasized that advertising creativity must be grounded in correct social guidance and should reflect positive values, as any marketing that crosses ecological or moral lines will lead to public backlash [2] - The association urges the industry to learn from this incident, advocating for creativity that respects nature and consumer trust, which is essential for sustainable brand and industry development [2]

Company Overview - Tsinghua Tongfang Co., Ltd. is located in Beijing and was established on January 11, 1999, with its listing date on October 30, 2009. The company operates in two main business segments: outdoor products and semiconductor business, which belong to the outdoor goods industry and semiconductor industry respectively [1] - The revenue composition of the company includes: outdoor clothing 63.31%, semiconductor business 17.13%, outdoor footwear 13.29%, outdoor equipment 3.71%, and other service businesses 2.56% [1] Financial Performance - As of June 30, the company reported a total of 6.53 billion yuan in revenue for the first half of 2025, representing a year-on-year decrease of 7.82%. The net profit attributable to shareholders was 20.09 million yuan, down 76.50% year-on-year [2] - The company has cumulatively distributed 5.09 billion yuan in dividends since its A-share listing, with a total of 30.42 million yuan distributed over the past three years [3] Stock Performance - On September 22, the company's stock price increased by 2.50%, reaching 9.43 yuan per share, with a trading volume of 172 million yuan and a turnover rate of 2.10%, resulting in a total market capitalization of 8.33 billion yuan [1] - Year-to-date, the company's stock price has risen by 34.73%, with a 2.39% increase over the last five trading days, a 3.40% increase over the last 20 days, and a 10.55% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on April 30, where it recorded a net purchase of 115 million yuan [1] Shareholder Information - As of June 30, the number of shareholders increased to 58,000, a rise of 31.04% compared to the previous period. The average number of circulating shares per shareholder decreased by 23.69% to 15,220 shares [2]

Group 1 - The core issue revolves around Arc'teryx's controversial fireworks show in the Himalayas, which has sparked criticism for potentially harming the fragile ecosystem in a high-altitude area [1][2] - The China Advertising Association emphasizes that brand value is built over time but can be jeopardized by a single misstep, highlighting the importance of respecting ecological, moral, and policy boundaries in marketing [1][2] - The incident serves as a reminder that marketing creativity must align with ecological and ethical considerations; failing to do so can lead to public backlash and damage to brand reputation [1][2] Group 2 - The China Advertising Association calls for the advertising industry to uphold ethical, ecological, and social value standards, reinforcing the need for industry self-regulation [2] - The association stresses that advertising creativity should not be limitless and must be grounded in correct social guidance and positive values [2] - The current emphasis on social responsibility as a core competitive advantage for brands means that any marketing actions that violate ecological or moral expectations will likely result in negative public sentiment [2]

新京报讯 据中国广告协会网站消息，某户外运动品牌在喜马拉雅山区开展的烟花秀，最终落得"适得其 反"的结果，令人扼腕。作为曾凭借优质产品与品牌形象积累良好口碑的品牌，其本可在营销之路上有 更多正向探索，此次却意图借创意提升品牌声量，反因在海拔5000多米、生态极度脆弱区域举办活动， 以"敬畏自然"之名行有可能损害生态之实，让多年信任一朝受损。 我们对该品牌的行为深感惋惜，更盼广告行业以此为戒：创意可大胆，界限须坚守。广告人在追求营销 突破时，务必将生态保护、道德准则、政策导向铭记于心，让每一次创意都成为传递价值、凝聚信任的 正向行动。品牌营销的生命力，源于对社会、对自然、对消费者的尊重与责任，唯有坚守底线，以合 法、合规、合德、合情的方式展现创意，方能实现品牌与行业的健康可持续发展，避免因"越界"行为损 害形象、辜负消费者对品牌的信任。 品牌价值的构建非一日之功，却可能因一次越界行为引发危机。这一事件深刻印证了一个道理：营销创 意若脱离对生态、道德、政策的基本敬畏，越过原则界限，不仅无法实现品牌增值，反而会让品牌陷入 舆论泥沼，得不偿失。环保已成为社会发展的核心议题与国家政策导向，消费者对品牌的社会责任感与 生 ...

Core Viewpoint - The recent fireworks show in the Himalayas, intended as an artistic tribute to nature, has sparked significant public criticism due to potential environmental risks in a fragile ecosystem [1][4]. Group 1: Environmental Concerns - The fireworks were set off at an average altitude of over 4600 meters, where the ecosystem is particularly vulnerable to human interference, raising concerns about irreversible ecological damage [4]. - Despite claims that biodegradable materials were used and met international environmental standards, doubts remain about their suitability for the delicate Himalayan ecosystem [4]. - The event has prompted questions regarding its compliance with existing environmental protection laws, such as the "Ecological Protection Law of the Qinghai-Tibet Plateau" and regulations on fireworks in sensitive areas [5]. Group 2: Public Perception and Brand Responsibility - The project, branded as "Ascending Dragon," is criticized for being a commercial endeavor disguised as an artistic expression, failing to genuinely honor nature [7]. - Consumers are increasingly discerning about brands' social responsibility and authenticity, leading to negative perceptions of brands that engage in insincere marketing tactics [8]. - The backlash against the fireworks show reflects a broader trend where brands must align their marketing strategies with genuine ecological awareness to avoid public disapproval [8]. Group 3: Need for Greater Awareness and Education - The incident highlights a lack of understanding regarding the concept of "reverence for nature," indicating a need for improved education on how to coexist harmoniously with the environment [10]. - Questions arise about the adequacy of environmental assessments for large-scale projects in fragile ecosystems, emphasizing the need for stricter regulations and guidelines [10]. - The event serves as a reminder that humanity must adopt a more humble approach towards nature, recognizing that it is not the master of the environment but a part of it [11].

Group 1 - Arc'teryx issued apologies in both domestic and international markets, with the content of the statements differing significantly [4] - The international apology was criticized for distancing the brand from its Chinese team, suggesting a blame-shifting approach [4] - The controversy arose from an event involving fireworks in the Himalayas, which was a collaboration with artist Cai Guoqiang [4] Group 2 - The Chinese government is actively working on establishing national standards for pre-prepared dishes, involving multiple departments to enhance consumer rights [5] - The second-hand market for the iPhone 17 series has seen fluctuations, with some models' buyback prices dropping below official retail prices [5] - The recent price adjustments in the express delivery sector in Shanghai are aimed at curbing low-price competition, primarily affecting e-commerce shipments [7] Group 3 - Tesla faces legal action from Chinese customers over alleged fraud related to its Full Self-Driving (FSD) feature, with claims of unmet promises regarding functionality [7] - The Chinese mining company is responding to an $80 billion compensation claim in Zambia, asserting that the claim lacks basis and has engaged legal counsel [9] - The reopening of the Notre-Dame Cathedral towers marks a significant milestone in the restoration process following the 2019 fire [12]

Core Viewpoint - The collaboration between the brand Arc'teryx and artist Cai Guoqiang for the art project "Ascension Dragon" has led to a significant public relations crisis, as the event's fireworks display in a fragile ecological area has drawn widespread criticism from environmental organizations and consumers [1][3]. Group 1: Brand Crisis - The fireworks event has been perceived as a betrayal of the brand's core values of environmental respect, leading to a rapid decline in brand image [1][4]. - Following the backlash, both Arc'teryx and Cai Guoqiang issued apologies and committed to third-party ecological assessments, but these actions cannot quickly restore the damaged ecological environment or brand reputation [1][6]. - The incident is seen as a culmination of a strategic shift for Arc'teryx since its acquisition by Anta, moving from a focus on performance and environmental sustainability to chasing social media trends and exposure [3][19]. Group 2: Brand Identity and Values - Arc'teryx's previous reputation was built on its commitment to environmental sustainability and high-performance outdoor gear, which has now been undermined by the recent event [5][6]. - The brand's shift towards a "luxury sportswear" narrative has led to a disconnect with its original values, resulting in public perception of the brand as superficial and hypocritical [7][19]. - The contrasting responses from Arc'teryx's global and Chinese social media accounts highlight a lack of consistent brand identity and values post-acquisition [11][13]. Group 3: Market Position and Competition - The outdoor market is witnessing the rise of niche brands that focus on specific outdoor activities, which are gaining loyal customers through their commitment to quality and performance [21][23]. - Arc'teryx's strategy of positioning itself as a luxury brand through limited editions and high prices may lead to a loss of credibility and market share, especially as competitors like Patagonia and The North Face continue to emphasize sustainability and professional credibility [19][23]. - The recent crisis has exposed the fragility of Arc'teryx's "luxury sportswear" narrative, as the brand struggles to maintain its high-end positioning amidst growing consumer skepticism [23].