每经记者｜陈晴 每经编辑｜程鹏 张喜威 王晓波 ~~~文末有福利~~~ 标题点睛： 9月16日，有消息称，在长春航展现场两架小鹏汇天eVTOL（电动垂直起降器）相撞后坠机。对此，小鹏汇天方面回应称："9月16日下午，广东汇天通航 在长春航展预演结束后，参与双机编队演练的两架飞行器因飞行间距不足发生接触。 1 隔夜市场 美股三大指数集体收跌，道指跌0.27%，标普500指数跌0.13%，纳斯达克综合指数跌0.07%；大型科技股涨跌互现，特斯拉涨超2%，甲骨文涨超1%，微 软、英伟达跌超1%。中概股多数上涨，纳斯达克中国金龙指数涨1.76%，创下自2022年2月以来新高；蔚来涨超8%，百度涨超7%，京东、爱奇艺涨超 3%，阿里巴巴涨超2%。 国际贵金属期货收盘涨跌不一，COMEX黄金期货涨0.23%，报3727.5美元/盎司；COMEX白银期货跌0.19%，报42.88美元/盎司。 国际油价强势上扬，美油主力合约收涨1.97%，报64.55美元/桶；布伦特原油主力合约涨1.59%，报68.51美元/桶。 欧洲三大股指收盘全线下跌，德国DAX指数跌1.77%报23329.24点，法国CAC40指数跌1%报7818. ...

Group 1 - The State Administration of Foreign Exchange allows foreign investors to reinvest foreign exchange profits generated in China, facilitating capital inflow and investment [2] - Nvidia is under further investigation by the State Administration for Market Regulation for violating antitrust laws related to its acquisition of Mellanox Technologies [3] - The Ministry of Commerce opposes the U.S. request for G7 and NATO members to impose tariffs on China based on its imports of Russian oil, labeling it as unilateral bullying and economic coercion [5] Group 2 - The Financial Regulatory Bureau, People's Bank of China, and China Securities Regulatory Commission launched a financial education campaign aimed at enhancing public understanding of financial rights and services [6] - The State Council emphasizes the need for online travel platforms to strengthen personal information protection and ensure compliance with regulations to safeguard consumer rights [8] - The Beijing Market Supervision Administration is investigating the ongoing controversy surrounding the pre-made dishes of the restaurant chain Xibei [9] Group 3 - CATL's sodium-ion battery has become the first in the world to pass the new national standard certification [11] - Longxin Technology has completed the development of its first GPGPU chip, expected to be delivered within the third quarter [13] - Kanglong Chemical's subsidiary has successfully passed an FDA inspection [14] - Shandong Push's application for H-share issuance has been accepted by the China Securities Regulatory Commission [20]

Core Viewpoint - The Beijing Municipal Market Supervision Administration is monitoring the ongoing controversy surrounding Xibei's prepared dishes and is further investigating the related situation [1] Group 1 - The controversy regarding Xibei's prepared dishes has been escalating recently [1] - The parent company of the Xibei restaurant chain is Inner Mongolia Xibei Catering Group Co., Ltd., with Beijing Xibei Enterprise Management Co., Ltd. as its largest shareholder [1]

Summary of Key Points from Conference Call Records Industry Overview Baijiu Industry - The baijiu sector has reached a bottom in fundamentals, with valuations at low levels and market expectations recovering. Demand-side pressures are dissipating, and seasonal catalysts are expected to boost interest in brands like Luzhou Laojiao and Zhenjiu Shede for short-term opportunities, while Moutai, Fenjiu, and Gujing Gongjiu are recommended for long-term investment [1][2][4] Beverage and Snack Industry - The beverage sector is favorable for leading companies such as Nongfu Spring and Dongpeng Beverage, while the snack sector shows good alignment between valuation and growth potential. Key products to watch for Q4 catalysts include Weijia and Yanjinpuzi, with Yili identified as a bottom-value recovery company [1][5] Whisky Industry - In 2024, whisky imports are expected to decline by approximately 40%, with high-aged whisky's share also decreasing. Instant consumption channels now account for over 30% of sales, with dining and home consumption being the primary scenarios [3][13] Beer Industry - Both Yanjing Beer and Zhujiang Beer have seen their valuations drop to attractive levels, with Yanjing at 23-24 times earnings and Zhujiang at 21 times, both reflecting 2025 valuation levels. These companies are noted for their growth potential driven by flagship products [19] Company-Specific Insights Zhenjiu Lid - Zhenjiu Lid has launched an equity payment plan to bind the interests of alliance merchants, with the first quarter's alliance contributing approximately 320 million yuan in revenue. The acupuncture business is projected to account for 5% of the company's total revenue in 2024 [6][8][7] Baijun Co., Ltd. - Baijun's major shareholder transferred 6% of shares to Homa's Liu Jianbo, which is expected to empower Baijun in business expansion and overseas market development. The shareholding structure remains stable, providing opportunities for deeper collaboration [12] Restaurant Chain Industry - The restaurant chain sector has shown signs of recovery since Q2 2025, with stable performance from leading companies like Lihua Bao and Baba Foods. The frozen food leader Anjins has also shown significant improvement in revenue [10][11] Zhujiang Beer - Zhujiang Beer is focusing on expanding its market share through its flagship product, Pure Draft 97, while also launching new products to maintain competitiveness. The company is developing its "15th Five-Year Plan" for future growth [15][17][18] H&H International Holdings - H&H International expects high single-digit revenue growth for the year, with EBITDA margins around 15%. The health supplement business is performing well, while the milk powder segment anticipates low double-digit growth [20] Jianhe Health - Jianhe Health's fundamentals are improving, driven by new consumer customer acquisition in China and profitability improvements in its overseas subsidiaries. The company is expected to see good performance in Q3 due to new orders [21][22] Additional Insights - The baijiu sector is currently viewed as a mid-to-long-term value investment opportunity, with market expectations warming up as demand-side pressures ease [2] - The innovative model of the Wan Shang Alliance is expected to have a significant impact on the company's financials, with a focus on long-term development and binding interests with distributors [9]

Group 1 - The State Administration of Foreign Exchange allows foreign investors to reinvest foreign exchange profits generated in China [2] - Nvidia is under further investigation by the State Administration for Market Regulation for violating antitrust laws [3] - The Ministry of Commerce opposes the U.S. request for G7 and NATO to impose tariffs on China based on its imports of Russian oil, labeling it as unilateral bullying [5] Group 2 - The Financial Regulatory Bureau, People's Bank of China, and China Securities Regulatory Commission launched a financial education campaign to enhance public understanding of financial rights [6] - The State Council emphasizes the need for online travel platforms to strengthen personal information protection and improve service quality [8] - Beijing's market supervision authority is investigating the ongoing controversy surrounding the pre-prepared dishes of the restaurant chain Xibei [9] Group 3 - Shanghai Construction Group clarifies that recent news regarding the Koka Gold Mine is not related to current information [11] - Longxin Zhongke has completed the development of its first GPGPU chip, expected to deliver within the third quarter [11] - Kanglong Chemical's subsidiary has passed an FDA inspection [11] - Shandong Jining's stock may face delisting risks due to prices falling below 1 yuan [11]

Core Viewpoint - The ongoing dispute between Luo Yonghao and Xibei has escalated, with Luo deciding to abandon legal action against Xibei's CEO, Jia Guolong, despite previous intentions to pursue a defamation lawsuit. This decision is influenced by a desire to avoid unnecessary conflict and focus on addressing actual issues within the company [6][7]. Group 1: Company Actions and Responses - Xibei's parent company, Inner Mongolia Xibei Catering Group Co., Ltd., has been under scrutiny from the Beijing Market Supervision Administration regarding the situation [1]. - Xibei issued an apology letter on September 15, which was later modified to include quotation marks around the word "abuse," indicating a lack of sincerity in the apology [11]. - Luo Yonghao has publicly committed to monitoring Xibei's promised reforms, which are expected to be completed by October 1 [8]. Group 2: Legal and Consumer Rights - Luo Yonghao has decided to forgo legal action against Jia Guolong unless further defamatory statements are made, indicating a shift in focus from personal grievances to broader consumer rights issues [7]. - Luo has offered to assist consumers who wish to pursue collective legal action against Xibei for allegedly misleading practices regarding pre-prepared dishes, providing a contact for legal support [8]. Group 3: Industry Standards and Consumer Awareness - Luo Yonghao advocates for transparency in the use of pre-prepared dishes in the restaurant industry, emphasizing the need for consumer awareness regarding the nature of the food being served [8]. - The National Health Commission has reportedly passed a draft national standard for the safety of pre-prepared foods, which Luo is eager to see implemented [8].

Core Viewpoint - The article discusses the recent developments between Luo Yonghao and Xibei, highlighting Luo's decision to abandon legal action against Xibei despite previous intentions to pursue a defamation lawsuit [2][6][7]. Summary by Sections Luo Yonghao's Statements - Luo Yonghao expressed disappointment that Xibei's official apology did not include a personal apology to him, and he criticized the company's owner, Jia Guolong, for not addressing the allegations of defamation [6][7]. - He reflected on the foolishness of prioritizing personal pride over business integrity, especially in light of Jia's stubbornness that could jeopardize the company and its employees [7]. Decisions Made by Luo Yonghao - Luo decided to abandon the planned legal action against Jia Guolong unless further defamatory statements are made [7]. - He also chose not to reward Jia Guolong with a cash prize for exposing Xibei's practices, recognizing it as an act of spite rather than constructive criticism [7]. - Luo committed to providing legal assistance to consumers who wish to pursue collective action against Xibei for misleading practices regarding pre-prepared dishes [7][8]. Xibei's Response - Xibei issued an apology acknowledging the gap between their production practices and customer expectations, promising to rectify the situation by October 1 [12][13]. - The initial apology was quickly retracted and revised, indicating a sensitive public relations situation [13]. Industry Context - Luo emphasized the importance of consumer rights, particularly the right to know about the use of pre-prepared ingredients in restaurant dishes, and expressed support for upcoming national standards on food safety for pre-prepared dishes [8][10].

专题：专题|罗永浩硬刚预制菜，西贝后厨曝光，创始人贾国龙道歉 问题呢?我仔细想了半天,确信几乎是没有 的。但是为了避这个嫌,为了不让贾老板的愚 蠢固执害死这家我当年喜欢过的连锁餐馆,我 反复权衡之后,决定还是算了。接下来,我只 要解决真正的实际问题,尽量不掺杂一丝一毫 的意气用事,所以做了如下三个决定。 1. 我说过我要发起对贾国龙诽谤污蔑我的法律 诉讼,这或多或少涉嫌"面子"和"较劲",现在决 定放弃(除非他再次发出类似的言论); 2. 我说过我要提取十万元现金去西贝公司奖励 贾国龙为揭露西贝内幕的作出的贡献,这是对 一个欺骗公众的企业家进行讽刺和侮辱的行 为，涉嫌"意气用事",现在决定放弃（除非他 再次做出荒谬的言行）； 3. 西贝常年用预制菜或半预制菜欺骗消费者, 导致这一次有很多人打算对西贝发起集体诉 讼,我公开答应过要帮助他们,这个没法失 s and and the see and the many of the same of the sense of the sense of the sent of the see and a 信。有这个需求的朋友们可以写信到 wujialu@qq.com 我来 ...

Core Viewpoint - The ongoing controversy between Luo Yonghao and Xibei regarding the classification of pre-prepared dishes has sparked significant public discourse, with Xibei's founder firmly denying the allegations and taking legal action against Luo [4][16]. Group 1: Controversy Details - Luo Yonghao criticized Xibei for allegedly serving mostly pre-prepared dishes at high prices, which brought the brand into the spotlight [4]. - Xibei's founder, Jia Guolong, responded by stating that according to national standards, Xibei's offerings are not classified as pre-prepared dishes and announced plans to sue Luo for damaging the brand's reputation [4][16]. - A visit to a Xibei location revealed that only beef strips are processed in a central kitchen, while other dishes are prepared on-site [8][10]. Group 2: Consumer Feedback and Perception - The store manager explained that the dishes may not be served hot due to various factors, including delays in serving and air conditioning affecting food temperature [9]. - The chef clarified that the lamb chops are not pre-prepared but undergo multiple cooking processes before being served [10]. - Despite the controversy, the store manager noted that customer traffic remained stable and no inquiries about pre-prepared dishes had been made [12]. Group 3: Industry Standards and Definitions - According to a 2024 notification from the State Administration for Market Regulation, pre-prepared dishes are defined as those that are industrially pre-processed and require heating or cooking before consumption [13][16]. - Experts suggest that Xibei's offerings do not fall under this definition, as central kitchen-produced dishes are excluded from the pre-prepared category [16]. - There is a discrepancy between official definitions and public perception regarding what constitutes pre-prepared dishes, with consumers often judging based on taste and preparation methods [16]. Group 4: Financial Performance and Strategy - Xibei reported a record revenue exceeding 6.2 billion yuan in 2023, with a strategic focus on children's meals contributing to its competitive edge [20]. - The average profit margin for Xibei in the first half of the year was below 5%, with raw material and labor costs being the largest expenses [20]. - The brand operates approximately 351 locations, with an average consumer spending of 85.03 yuan per visit [17].

Core Viewpoint - The ongoing controversy between Luo Yonghao and Xibei regarding the classification of pre-prepared dishes has sparked significant public interest and debate about food quality and pricing in the restaurant industry [4][17]. Group 1: Controversy Overview - Luo Yonghao criticized Xibei for allegedly serving mostly pre-prepared dishes at high prices, which led to a public outcry and media attention [4]. - Xibei's founder, Jia Guolong, firmly denied these claims, stating that according to national standards, Xibei's offerings do not qualify as pre-prepared dishes and announced plans to sue Luo for defamation [4][16]. - Xibei has introduced a "Luo Yonghao menu" that allows customers to monitor and return dishes, aiming to address consumer concerns [4]. Group 2: Consumer Feedback and Store Operations - A visit to Xibei's Wudaokou store revealed that only beef strips are processed in a central kitchen, while other dishes are prepared on-site [5][9]. - The store manager explained that various factors contribute to dishes being served warm rather than hot, including delays in service and air conditioning effects [10]. - Xibei's cooking process involves multiple steps, ensuring that even items delivered from the central kitchen undergo further preparation before serving [11]. Group 3: Market Position and Financial Performance - Xibei reported a revenue exceeding 6.2 billion yuan in 2023, marking a historical high for the company [20]. - The restaurant chain has successfully differentiated itself in a competitive market by implementing a "children's meal" strategy, selling over 20 million children's meals and attracting nearly 6.5 million child customers [20]. - Despite facing criticism for high prices, Xibei maintains a "quality at a reasonable price" strategy, with an average profit margin of no more than 5% in the first half of the year [20].