以下文章来源于i黑马 ，作者江南春 i黑马 . 让创业者不再孤独@i黑马 江南春 分众传媒董事长 黑马导师 整个社会都在喊没钱了，为什么这些公司反而年赚百亿？ 日本"失落 30年的秘密" ， 就在这八个行业里面 。 低欲望社会 ， 不等于没机会。 消费分级 ， 需求迁移 ， 才是最大的商业机遇 。 当人们不买房子，不追奢侈品的时候，钱都流向了哪里？ 第一，二 手经济 在中国， 红布林 、 胖虎， 同样业务大涨。 买不起爱马仕、 LV ， 但 抢着买二手。 但在日常消费品领域， 闲鱼 日活破亿， 转转 的 GMV 也大幅飙升。 闲置不是垃圾，是流动的黄金。 第二 ， 宠物经济 年轻人不太生孩子，但可以给猫买高级的罐头。 日本二手奢侈品市场，以 大黑屋 为代表，收入暴涨。 日本 Inaba 靠猫粮上市，中国乖宝 （ 中宠 ） 股价强劲 。 诚实一口、凯锐思、 疯狂小狗、 伯纳天纯、比瑞吉、 网易严选、 卫仕 等宠物品牌，销量持续攀升。 宠物不仅是主粮零食营养品，以 新瑞鹏 为代表的宠物医院，以 泰 淘气 为 代表 的宠物益生菌 、 保健品 ， 都大幅飙升 。 宠物开支逆势增长， " 毛孩子 " 才是真刚需。 第三 ...

以下文章来源于棱镜 ，作者温世君 ------------------------------ 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 作者：温世君 来源：棱镜 "说真的，我也好久没吃泡面了。"北京国贸写字楼里的陈宇（化名），端起办公桌上已经有点凉的 外卖奶茶，轻轻吸了一口。 十多年前他在宿舍赶论文时，康师傅红烧牛肉面是他的深夜战友。撕开调料包时指尖沾到的油渍、 开水注入后升腾的香气和热气，还有等待三分钟时的急迫感，似乎已经与青春的记忆一起，慢慢变 得模糊。 如今，外卖大战依然硝烟四起，国民茶饮品牌更是层出不穷。在骑手的敲门声与奶茶店叫号声的交 织中， 年逾六旬、执掌康师傅多年的CEO陈应让，正式官宣退休 。 所以魏宏丞目前最迫切的任务是： 康师傅这个承载着国民记忆的品牌，如何重拾增长？ 01 陈应让退休，带走了那个黄金时代 作为台商赴大陆创业的代表性企业，康师傅自1992年首款"好吃看得见"的红烧牛肉面在天津正式 投产至今，品牌发展历程已逾33年。虽然经历数轮的融资和扩张，但丝滑的代际交接背后，证明这 家企业仍旧牢牢地掌握在魏氏家族手中。 康师傅控股公告披露，魏氏家族"家庭成员及亲属实益拥 ...

Core Viewpoint - The article discusses the transition of leadership at Master Kong (康师傅) as CEO Chen Yingrang retires, highlighting the challenges faced by the company in a changing market environment and the expectations for new CEO Wei Hongcheng to revitalize growth [7][8][11]. Company Transition - Chen Yingrang, who has led Master Kong for many years, will retire at the end of 2025, with Wei Hongcheng set to take over as CEO starting January 1, 2026 [7]. - Wei Hongcheng is the third son of the founder and is part of the Wei family, which has maintained control over the company [9]. Financial Performance - In the first half of 2025, Master Kong reported revenues of 40.092 billion yuan, a decrease of 1.109 billion yuan or 2.69% year-on-year [7]. - The number of distributors decreased from 67,215 at the end of 2024 to 63,806 in the first half of 2025, indicating a significant reduction from 76,875 at the end of 2023 [7][18]. Market Challenges - The rise of the food delivery industry has significantly impacted the demand for instant noodles, which were once a staple for consumers [13]. - Master Kong faces intense competition from major internet companies like Alibaba, Meituan, and JD.com, which have reshaped consumer habits [13]. - The company’s beverage segment, which contributes 65.74% of total revenue, saw a revenue decline of 2.61%, while the instant noodle segment, contributing 33.59%, experienced a 2.52% decline [17]. Strategic Adjustments - Master Kong is attempting to adapt by implementing a "one code for one item" strategy to enhance channel control and reduce gray market profits [18]. - The company has also seen a decline in customer prepayments, which dropped to 912 million yuan in the first half of 2025 from 1.25 billion yuan in 2024 and 1.521 billion yuan in 2023, indicating waning confidence among distributors [20][21]. Profitability Measures - Despite revenue declines, Master Kong reported a net profit of 2.271 billion yuan in the first half of 2025, up over 20% from 1.885 billion yuan in the previous year [23]. - The company has pursued strategies such as product premiumization and cost reduction, alongside price increases for key products, to maintain profitability [23]. Competitive Landscape - The competitive landscape for ready-to-drink tea has shifted, with Master Kong's market share in this segment decreasing from 29.5% to 27.7%, while competitors like Nongfu Spring's "Oriental Leaf" have increased their share from 19.9% to 24.8% [27]. - The article highlights the significant market capitalization gap between Master Kong and emerging tea brands, indicating a shift in consumer preferences [15][27].

"我们对自己感到不满（discontented with ourselves）。" 这是詹姆斯·昆西在2025年10月的第三季度财报电话会上，留下的一句耐人寻味的话。当时，可口可乐刚刚交出了一份看起来还不错的成绩单：净营收增 长5%，每股收益增长30%。在大多数CEO选择开香槟庆祝的时候，昆西却使用了"不满"这样带有负面情绪的词汇。 三个月后，这种"不满"转化为了具体的行政指令。 根据WARN文件的细节，这次裁员具有极强的"定点清除"意味。受影响的不是工厂里的灌装工人，也不是在一线跑市场的销售代表，而是集中在亚特兰大 总部的职能部门。 在跨国公司的组织社会学中，总部往往是最容易滋生"大企业病"的地方。随着公司规模的膨胀，各种协调员、分析师、项目经理层出不穷。他们不直接生 产一瓶饮料，也不直接卖出一箱货，他们的工作是"管理流程"。而昆西和即将上任的布劳恩，显然达成了某种共识：在AI时代，这些中间层是多余的。 近日，一份流传于可口可乐内部的《工人调整和再培训通知》（WARN）显示，这家市值超过3000亿美元的饮料企业，将于2月28日正式裁撤亚特兰大总 部的75名员工。 值得注意的是，裁员生效的时间点（2月底）正好 ...

Core Viewpoint - Shanghai is implementing a beverage "nutritional choice" grading system, marking a national first aimed at reducing sugar consumption, particularly from sugary drinks [4][5][6]. Group 1: Grading System Overview - The grading system categorizes beverages into four levels: A, B, C, and D, with A being the healthiest and D the least healthy [9]. - Manufacturers are required to label C and D grade beverages, effectively informing consumers about their health risks [9][10]. - The grading is based on three criteria: sugar content, saturated fat content, and the presence of non-sugar sweeteners [10]. Group 2: Comparison with Singapore - Singapore has already implemented a similar grading system since late 2022, which has now expanded to include freshly prepared drinks [5][6]. - The Singaporean system is considered one of the strictest globally, with penalties for non-compliance, including advertising bans for D grade beverages [14]. Group 3: Health Implications - The average sugar intake in Singapore is significantly above the World Health Organization's recommended limit, with many people consuming around 60 grams daily, primarily from sugary drinks [37]. - In contrast, China's average daily sugar intake is lower, at about 21 grams, suggesting that the grading system could be beneficial if adapted [38][42]. Group 4: Beverage Analysis - Common beverages like carbonated drinks and fruit juices often fall into C or D grades due to high sugar content, while unsweetened teas and sodas are more likely to achieve A grades [24][30]. - The grading system may not favor certain products like full-fat milk, which could receive lower grades due to saturated fat content, despite their nutritional benefits [26][29]. Group 5: Consumer Behavior and Alternatives - The rise of non-sugar sweeteners in beverages is a response to sugar reduction efforts, but their health implications are still debated [49][52]. - The World Health Organization has raised concerns about the potential health risks associated with excessive consumption of non-sugar sweeteners, suggesting that moderation is key [54][55].

Group 1 - The core issue is why Wahaha, despite generating over 50 billion in annual revenue, has refused to go public for 37 years, with concerns that listing would expose its financial practices and valuation bubble [1][4] - Wahaha's founder, Zong Qinghou, has created a complex capital structure that allows for profit transfer through parallel companies, avoiding scrutiny that would come with a public listing [3][5] - The beverage industry is witnessing a shift where competitors like Nongfu Spring are leveraging public financing for innovation, while Wahaha remains stagnant due to its reluctance to embrace transparency [6] Group 2 - The investigation into a joint venture with Danone revealed that Zong's family had registered 87 offshore companies, which generated significant profits without authorization, highlighting the hidden financial maneuvers of Wahaha [3] - The potential for valuation inflation in capital markets is illustrated through hypothetical funding rounds, emphasizing that Wahaha's true profitability would be revealed if it were to go public [4] - The intricate structure of Wahaha, including its dual company setup with state-owned shares, presents significant barriers to listing, such as competition with non-listed entities and complex ownership arrangements [5]

在这通被电流声干扰的电话里，他试图回溯1999年自己刚来到中国时的故事。那时他29岁，名字还叫 Rupert Hoogewerf，是安达信会计师事务所的一名审计师，往返于伦敦和上海。 在上海，他利用业余时间翻阅报纸、上市公司年报和厚厚的企业黄页，他问身边的中国同事："谁是中国最 富有的人？" 没有人能给他一个确切的名字。 那是中国经济野蛮生长的年代，财富处于隐秘和不透明的状态，没有人统计，也没有人愿意被统计。 出于好奇，他用最原始的查阅方式，制作了一份包含50人的中国富豪榜单，这或许是中国历史上第一份聚 焦于"当下"财富人群的排行榜。中信集团的奠基人荣毅仁在这份榜单中被排在了第一位。 在刚刚过去的四分之一个世纪里，胡润从一个旁观者，变成了 中国商业史的一个贴身观察者。他记录了中国财富的激荡与流 转，也见证了"首富"这个词，如何从一个烫手的标签，变成一 个行业的坐标。 作者： 郑晨烨 封图：受访者供图 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故 事，共绘一幅属于这段岁月的集体记忆图谱。 2025年12月9日，厦门。胡润在电话那头显得有些匆忙，信号断断续续— ...

名为酸奶实际上是"小甜水"乳饮料，"可生食鸡蛋"客服却不建议生食，"虫草蛋"只是饲料有虫有草， 某"骆驼奶片"驼乳粉含量仅有2%，看着像"东方树叶"然而是"东方爽茶"，"多半""壹号土"都是注册商 标…… 2025年以来，新京报推出多期《消费质量报告》专题及调查报道。新京报记者调查发现，包装成新概念 或其他品类、注册"擦边"商标用于产品名称、突出宣传概念性添加成分、"傍名牌""搭便车"，均已成为 食品名称混淆视听的营销噱头。 包装成新概念或其他品类实施误导 伴随人们对健康的关注度越来越高，一些食品商家通过创造或利用看似高端、健康的词汇来命名产品。 然而部分"新概念"实为营销噱头，经不起推敲。还有产品名称与实际类别严重不符，仅通过名称误导消 费者。 "可生食鸡蛋"是近年来的市场宠儿，然而新京报记者调查发现，"可生食鸡蛋"普遍宣称的"无菌"，多仅 强调"无沙门氏菌"，对其他致病菌检出标准不一。针对一款"德青源金牌宝宝可生食鲜鸡蛋"的可生食 性，店铺客服甚至给出"不建议生食"的回答。而永辉农场可生食鲜鸡蛋的包装上，也标注着"建议老年 人、孕妇、婴幼儿、肠道不耐受以及免疫功能较弱人群，应充分加热后食用"。随机调查的3 ...

三得利在中国市场正遭遇前所未有的挑战。这家曾凭借"国货"形象打开市场的日本饮料巨头，在2025年 前三季度营收达到12781亿日元，利润却同比下降9.2%。 更严峻的是，其在中国无糖茶市场的份额被持续蚕食。 市场监测数据显示，2024年第二季度至2025年第一季度，农夫山泉旗下"东方树叶"市场份额均值超过 70%，而三得利仅为8.7%，且呈现季度性下滑趋势。曾经的无糖茶市场开拓者，现在面临增长困境。 昔日开拓者遭遇利润增长瓶颈 三得利2025年第三季度财报揭示了一个严峻现实：公司前三季度营业利润1265亿日元，同比下降 9.2%；第三季度单季利润917亿日元，同比降幅达9.9%。 这不是孤立现象，而是一个持续趋势。 仔细观察三得利近期的区域市场表现，唯一实现营收与利润双增长的是欧洲市场。亚太地区和日本本土 市场均呈现利润双位数下滑。中国市场所在的亚太区域，三得利的瓶装水和茶饮料业务销售均出现下 滑，增长尚未恢复。 被84%中国消费者误认为是国货的日本饮料三得利，在2025年第三季度营业利润同比下降9.2%，中国 市场的战略短板正在全面暴露。 无糖茶市场增速整体放缓的行业背景加剧了三得利的困境。据马上赢品牌CT ...

Core Insights - The article reflects on the evolution of the "Hurun Rich List" over 25 years, highlighting the transformation of wealth perception and the changing landscape of China's economy [2][3][12]. Group 1: Historical Context - In 1999, the first "Hurun Rich List" was created, featuring 50 individuals, with the founder of CITIC Group, Rong Yiren, ranked first [2][3]. - The list initially faced skepticism and fear among entrepreneurs, as many listed individuals later faced legal troubles, leading to the term "killing pig list" being used to describe it [5][6][9]. Group 2: Changes in Wealth Dynamics - By 2025, the list expanded to 1,434 individuals, with the threshold for inclusion set at 5 billion RMB, indicating significant growth in China's private economy [3][13]. - The composition of the list has shifted dramatically, with real estate moguls dominating in the early years, but by 2025, only one real estate entrepreneur, Wu Yajun, remains in the top 100 [20][21][24]. Group 3: Emerging Industries - The industrial products sector now leads the list with 16.5% representation, followed by consumer goods and life sciences, reflecting a shift in wealth creation from real estate to technology and innovation [24][25]. - Notable figures in 2025 include Zhong Shanshan, Zhang Yiming, and Ma Huateng, with wealth derived from sectors like bottled water, technology, and pharmaceuticals [25][26]. Group 4: Globalization and New Generations - The article discusses the new generation of entrepreneurs who are inherently globalized, with many starting their businesses with a global market focus, unlike previous generations [36]. - The transition of leadership to the next generation is highlighted, with examples of heirs taking over large enterprises, indicating a potential for continuity in business values and networks [37][39]. Group 5: Cultural Shifts - There is a notable cultural shift among Chinese entrepreneurs, with a growing emphasis on education and networking, as many pursue advanced degrees even after achieving success [28][30]. - The article emphasizes the importance of transparency in wealth, with Hu Run advocating for wealth to be openly discussed and legally recorded as a sign of a mature business society [12][26].