Core Viewpoint - The article discusses the challenges and failures associated with the co-CEO model in the Chinese internet industry, highlighting the case of Himalaya and other companies that have adopted this structure, ultimately questioning its effectiveness in a fast-paced and competitive environment [1][2][3]. Group 1: Co-CEO Model Challenges - The co-CEO model can lead to inefficiencies, decision-making delays, and internal conflicts due to shared responsibilities and differing strategic visions [1][2][3]. - Companies like Himalaya, Bitmain, and Kuaishou have experienced significant struggles under co-CEO leadership, often resulting in strategic misalignment and operational chaos [3][5][6]. - The co-CEO structure may initially provide stability during transitions, but it often fails to deliver long-term success in the rapidly evolving tech landscape [1][2][3]. Group 2: Case Studies - Himalaya, despite having a strong market position with approximately 300 million MAU and 60% of mobile audio listening time in China, faced four failed IPO attempts and struggled with monetization [2][3]. - Bitmain's co-CEO model led to internal strife and a decline in market position, with the company failing to adapt to competitive pressures and ultimately stalling its IPO process [5][6][8]. - Kuaishou's dual leadership initially thrived but later faced challenges as the need for decisive action increased, leading to a restructuring of its management [22][25]. Group 3: Conditions for Success - Successful co-CEO arrangements are rare and typically require clear division of responsibilities, mutual respect, and a higher authority to make final decisions [17][29][30]. - In stable industries or during transitional phases, co-CEO structures may provide temporary benefits, but they are less effective in the dynamic and competitive environment of the internet sector [28][30][31]. - The article suggests that co-CEO models may work better in companies with distinct, independent business lines or where one leader has ultimate decision-making authority [29][32].

7月11日，据苏富比拍卖行通报，在周四举行的巴黎拍卖会上，爱马仕原版柏金包以858.25万欧元（约 合1000万美元，7200万元人民币，包含佣金和手续费）成交。据悉，这款黑色皮革爱马仕手袋是1984年 由时任爱马仕首席执行官的让·路易·迪马（Jean-Louis Dumas）为已故英国歌手兼演员简·柏金（Jane Birkin）特别定制。 近日，据法国财经杂志Challenges最新公布的2025年度法国财富榜单，LVMH董事长兼首席执行官 Bernard Arnault不再位列法国首富，其位置被爱马仕创始家族超越。这也是自2017年以来，Bernard Arnault首次失去法国首富头衔。 公开数据显示，2025年第一季度，爱马仕收入同比增长9%，在多数高端品牌增长停滞甚至下滑的背景 下，表现亮眼，反观LVMH同期有机收入则出现3%的下滑。（闫妍） 柏金包是由爱玛仕于1984年推出的一款手提包，这款包是以长期居住在法国的英国歌手珍·柏金（Jane Birkin）命名的。新闻报道对于这款包的起源有很多种说法，其中最为著名的是，柏金包起源于简·柏金 和让·路易·迪马在航班上的一次偶遇，简当时抱怨没有一款足够大 ...

（原标题：腾讯音乐两个动作，价值300亿美元） 7月7日，腾讯音乐娱乐集团市值突破300亿美元大关，首次挤进中国互联网公司市值TOP 10。 凭借海量的版权和音乐内容，腾讯音乐一度笼络住了广泛的用户基础，市场份额遥遥领先，旗下QQ音 乐、酷狗音乐、酷我音乐和全民K歌四大产品矩阵撑起了一个音乐帝国。 不过，在国内市场在线音乐用户规模趋于饱和的当下，行业头羊也不能独善其身，始终面临着用户增长 趋缓、收入动能不足的双重压力。据腾讯音乐集团第一季度财报数据显示，其月活跃用户已经连续多个 季度流失，一季度该数字为5.55亿，环比减少了100万。 为缓解增长乏力，腾讯音乐双手入泥，拓展韩娱资源，收割饭圈，更斥重金收购头部音频平台，用于进 攻字节系同类型产品，已逐渐成效。 回顾历史，每当人们开始彷徨焦虑、省吃俭用的时候，总会出现一些娱乐产品，帮助他们宣泄情绪，释 放压力。腾讯音乐娱乐集团最近的这两步新棋，就切中了用户的精神需求，推着腾讯音乐过一个肥年。 抵御番茄 曾经的在线音乐平台信奉版权，谁能手握有更多的独家优质版权，谁就能拥有坚实的护城河，但随着独 家版权时代的终结，行业的"胜负手"正在悄悄转移。如今，在线音乐行业早已 ...

Group 1 - The core viewpoint of the articles highlights the transition of China's economy from high-speed growth to high-quality development, leading to increased merger and acquisition (M&A) activities among companies to better meet market demands [1] - Chinese companies are increasingly capable of engaging in M&A and expanding globally, driven by a shift in management power from the "first generation" to the "second generation" or professional managers, along with a greater emphasis on management incentives [1][2] - Since 2023, regulatory bodies have encouraged M&A and implemented various optimization measures, with multiple supportive policies introduced in 2024, including the new "National Nine Articles" and the revision of management regulations for major asset restructuring [1][2] Group 2 - The domestic M&A market has been heating up, with notable transactions such as Anta's acquisition of Jack Wolfskin and Tencent Music's proposed acquisition of Himalaya, alongside significant involvement from private equity and venture capital firms [2] - Local state-owned enterprises are increasingly establishing M&A funds, with Shenzhen launching a 4 billion yuan fund and Shanghai's state-owned fund matrix totaling over 50 billion yuan, indicating a growing trend in state-backed M&A initiatives [2] - The high valuations in emerging industries have begun to correct, creating favorable conditions for companies and investors seeking M&A opportunities, while the pressure on fund managers to exit investments is rising due to regulatory scrutiny [3]

以下文章来源于字母榜 ，作者彦飞 字母榜 . 让未来不止于大 将投中网设为"星标⭐"，第一时间收获最新推送 半个月砸200亿，腾讯版图再度扩张。 作者丨 彦飞 编辑丨 王靖 来源丨 字母榜 在从投资矩阵中"拆"掉京东和美团两年半后， 腾讯正悄然步入"合"的新周期。 6月中旬，腾讯音乐宣布，将以12.6亿美元现金，外加不超过5.1986%的腾讯音乐股票，全资收购 在线音频平台喜马拉雅。以此计算，这笔交易的总规模约为205亿元人民币。 腾讯是喜马拉雅的老股东，曾多次参与对后者的投资。去年4月，喜马拉雅递交赴港上市的招股书， 腾讯通过子公司持股5.33%。然而，喜马拉雅冲刺IPO最终失利，一年多后被腾讯音乐收入囊中。 稍早时候，腾讯还参与了对另一位"老朋友"万达的投资。 5月底，腾讯与太盟珠海、高和丰德、京东潘达、阳光人寿等公司共同设立合营企业，收购大连万达 商管旗下的48家万达广场项目，分布在北京、广州、成都、杭州等一、二线城市。 半个月砸出200亿，腾讯的版图出现了再度扩张的迹象 。 2021~2022年间，腾讯高居"拆"字旗，大笔出清被投公司的股权，先是在2021年底将手里的京东 股权派发给股东，持股比例从1 ...

以下文章来源于螺旋实验室 ，作者螺旋君 螺旋实验室 . 公众情绪瞭望者 古典互联网的黄昏， 终于在一代人的叹息中降临。 文 ｜ 追命 编辑 ｜ 坚果 来源｜ 螺旋实验室（ID：spiral_lab） 封面来源 ｜ Unsplash 近日，互联网老粉那些死去的记忆又开始发起攻击。短短半个月内，互联网领域就先后爆出了两起并购案——迅雷以5亿吞下虎扑，腾讯音乐29亿美元收 购喜马拉雅。 虎扑和喜马拉雅虽然是不同细分领域的独角兽企业，但两者都有一个共同点，就是都有着古典互联网的"味儿"。可惜的是，这两家成立超十年，拥有亿级 用户的垂类王者，最终却都以低于巅峰时期一大截的市值卖身求生。 不过，也有网友表示，相较于天涯论坛在2023年彻底关闭的命运，虎扑和喜马拉雅能够"卖身续命"已经是最好的结局。 更早之前，猫扑、天涯论坛、人人网等内容社区早已先后关闭，留下来的豆瓣、虎扑，要么躺平任由用户流失，要么积极转型求变。古典互联网的退潮已 成定局，属于一代人的互联网记忆，又还能保留多少呢？ 一代人的记忆 2012年，余建军创建喜马拉雅时，或许想象过另一种结局。2021年，喜马拉雅在第一次寻求上市时其估值一度高达约50亿美元。 根 ...

Core Insights - The study published in "Nature Plants" indicates that birch trees, once dominant in the Himalayas, are being gradually replaced by slower-growing coniferous trees, specifically firs, which may reshape habitats for other species and alter the Himalayan ecosystem [1][2]. Group 1: Research Findings - The research focused on forests near Mount Everest and the western Annapurna Conservation Area, selecting sites with minimal human disturbance and similar climatic conditions [1]. - Fir trees have shown more active reproduction in recent decades, while birch trees peaked in reproduction between 1920 and 1970, with lower rates in recent years [2]. - The tree line for firs is moving upward approximately 11 centimeters per year, compared to 6 centimeters for birch trees [2]. Group 2: Climate Change Impact - The researchers compared three climate warming scenarios (low, medium, and high) against pre-industrial levels to predict changes in tree lines by 2100 [2]. - Fir trees thrive better in warmer and drier conditions, while birch trees struggle to adapt, suggesting that firs may continue to ascend and occupy higher territories under most warming scenarios [2]. Group 3: Societal and Ecological Implications - The shift in tree species may negatively impact local wildlife, such as snow leopards, which prefer open terrains for hunting [3]. - The encroachment of forests into grazing lands has led to conflicts with pastoral interests, prompting locals to cut down trees to reclaim pasture for yaks and sheep [3]. - The research aims to provide tools for local residents and forestry managers to predict how tree lines will shift with climate change, aiding in future planning [3].

Core Viewpoint - The recent acquisitions of Hupu by Xunlei for 500 million and Himalaya by Tencent Music for 2.9 billion highlight the decline of classical internet platforms, which, despite having significant user bases, are selling at valuations far below their peak [2][3][10]. Group 1: Company Acquisitions - Hupu was acquired by Xunlei for 500 million, a significant drop from its estimated valuation of 7.7 billion in 2019 when ByteDance purchased a 30% stake [3]. - Himalaya, once valued at approximately 5 billion during its IPO attempt in 2021, was sold to Tencent Music for 2.9 billion, reflecting a substantial decrease in its market value [2][3][10]. - Both companies represent a trend of classical internet platforms struggling to maintain their market positions amid changing consumer preferences and competition from newer platforms [11][12]. Group 2: Industry Trends - The decline of classical internet platforms is attributed to the rise of mobile internet and social media, which have changed content consumption habits and reduced the relevance of traditional content communities [11][12]. - The shift towards short video content has further fragmented user attention, making it difficult for text-based platforms to retain users [11][12]. - Many traditional platforms have attempted to pivot or innovate, but success has been limited, with most facing challenges in monetization and user retention [9][14]. Group 3: Financial Performance - Hupu's financial struggles included two failed IPO attempts due to high accounts receivable and significant revenue fluctuations, indicating poor risk management [9][14]. - Himalaya reported cumulative losses of 3.166 billion from 2018 to 2022, only achieving profitability in 2023, which prompted its decision to sell [10][14]. - Both companies have seen a decline in user engagement and monetization effectiveness, with Himalaya's subscription revenue constituting over 50% of its total revenue but facing a decreasing conversion rate [16][21]. Group 4: Future Outlook - Despite the decline of classical internet platforms, niche content platforms like Xiaohongshu have thrived by adapting their business models and focusing on community engagement [17][19]. - The competition from internet giants with extensive ecosystems poses a significant challenge for smaller platforms, as they struggle to maintain user loyalty and advertising revenue [14][21]. - The future of community-driven content platforms will depend on their ability to balance content quality with monetization strategies, as user interaction remains a critical component of their value proposition [21].

Core Viewpoint - The announcement of Tencent Music's intention to acquire Ximalaya for $1.26 billion in cash and stock highlights a significant drop in Ximalaya's valuation, raising questions about its market position and future prospects [2][3]. Group 1: Acquisition Details - Tencent Music plans to acquire Ximalaya for a total of $1.26 billion, which translates to an estimated valuation of approximately $2.9 billion or 20.9 billion RMB [2]. - This valuation is significantly lower than Ximalaya's peak valuation of nearly $5 billion to $10 billion, indicating a "fire sale" price [2]. - Ximalaya had previously rejected higher offers from Tencent, including one exceeding 30 billion RMB four years ago [3]. Group 2: Financial Performance - Ximalaya's revenue figures for 2021 to 2023 were 5.857 billion RMB, 6.061 billion RMB, and 6.163 billion RMB, respectively, showing a decline in revenue growth rate from 43.7% to 3.5% and then to 1.7% [4]. - Advertising revenue for Ximalaya has also decreased from 1.488 billion RMB in 2021 to 1.423 billion RMB in 2023 [4]. - Despite having over 300 million daily active users, Ximalaya only has 15.8 million paying users, resulting in a low platform-wide conversion rate of 5.3% compared to Tencent Music's 15.9% and NetEase Cloud Music's 20% [4]. Group 3: Market Competition - Ximalaya faces increasing competition from platforms like ByteDance's Tomato Listening, as well as long video platforms and other music services, which are capturing market share [4]. - The shift in the audio industry from a "burning money for growth" model to profitability has intensified competition, with more players entering the market [3]. Group 4: Operational Challenges - Ximalaya has attempted to go public four times without success, with the latest attempt in April 2024 still pending [6][8]. - The company has undergone significant layoffs, reducing its workforce from 4,342 employees at the end of 2021 to 2,637 by the end of 2023, indicating operational challenges [8]. Group 5: AI and Future Prospects - Ximalaya is investing in AI and has launched an audio generation model, aiming to leverage AI for content creation and user engagement [9]. - The company has developed a library of 535 synthetic voices and a one-stop AI audio production tool, indicating a strategic pivot towards technology integration [9]. - Despite the challenges, Ximalaya's position as a leading platform in the online audio industry presents potential for growth, especially with the backing of Tencent Music post-acquisition [10].

6月11日至13日，第十八届SNEC PV+国际太阳能及智慧能源（上海）展览会圆满落幕。 作为异质结技术的全球引领者，华晟携喜马拉雅、珠峰和昆仑三大系列组件与多款"光伏+"创新产品及 解决方案重磅亮相，凭借在技术突破、场景创新及可持续发展等方面的卓越表现，华晟荣获多项重磅荣 誉，充分彰显了其在全球绿色能源产业中的引领地位与品牌影响力。 聚焦"光伏+"应用蓝海，多元产品精彩亮相 展会现场，华晟以场景化创新为导向，重磅发布了三大战略级产品解决方案，深度开拓能源转型蓝海。 昆仑系列异质结垂直组件依托近100%超高双面率与创新结构设计，实现"早晚双峰"精准发电，与电网 负荷深度匹配。其独特的垂直安装方式突破传统光伏对土地的依赖，广泛适用于城市立面、农田边界与 道路沿线等，有效提升单位面积发电收益，为高密度环境下的清洁能源供给提供了创新范式。 在交通能源领域，华晟携手金彭集团推出汽车光伏产品，通过0BB组件与曲面玻璃的融合设计，打造日 发电量1.2度、续航提升约25公里的高效车顶光伏解决方案，为绿色出行注入持续动力。 面向城市住户，华晟推出兼具效率与美学的多彩阳台光伏系统，集成彩色封装、预组装支架与即插即用 微逆架构， ...