览富财经网讯：12月26日，中国证监会公布最新一期《境外发行上市备案补充材料要求》，本周国际司 共对19家企业出具补充材料要求，其中对在今年10月30日，向港交所主板递交上市申请书的珀莱雅化妆 品股份有限公司（简称：珀莱雅），证监会要求其需补充说明四项事项且需律师核查并出具明确的法律 意见。 三、发行人下属公司经营范围包含设计、制作、代理、发布广告等，请说明广告相关业务开展情况，是 否取得必要的资质许可。 四、关于外资准入：（1）发行人境内下属公司经营范围包括"电影摄制服务""广播电视节目制作经 营""网络文化经营""电影发行""出版物零售""演出经纪"等，请说明相关业务开展情况及其合规性，并进 一步全面梳理发行人所有下属公司经营范围是否涉及《外商投资准入特别管理措施（负面清单）（2024 年版）》中"文化、体育和娱乐业"相关领域；（2）除上述外，请进一步说明发行人及所有境内下属公 司经营范围和实际业务经营是否涉及《外商投资准入特别管理措施（负面清单）（2024年版）》外资禁 止或限制准入领域。 具体事项为： 一、请说明发行人本次募集资金用途是否涉及境外投资，是否已履行相关审批、核准或备案程序。 二、请说明发 ...

Core Viewpoint - The article discusses the recent challenges faced by Doubao, a mobile phone assistant developed by ByteDance, which has been blocked by major apps like WeChat, Taobao, and Alipay. In response, ByteDance is seeking partnerships with hardware manufacturers to pre-install AIGC plugins on mid-range devices priced above 2000 yuan [1][3]. Group 1: Partnerships and Collaborations - ByteDance is actively pursuing collaborations with smartphone manufacturers such as Vivo, Lenovo, and Transsion to pre-install AIGC plugins on their devices [3]. - Reports indicate that Vivo employees have confirmed a partnership agreement with ByteDance, and Lenovo is also in close communication regarding potential collaborations in the smart terminal sector [3]. - The strategy of partnering with hardware manufacturers is seen as a clever move by ByteDance to address the challenges posed by major app blockages [3]. Group 2: Industry Dynamics - The relationship between internet companies and smartphone manufacturers is characterized by significant conflicts of interest, particularly regarding app store revenue sharing [4]. - Internet giants like Tencent and ByteDance have developed "mini-programs" to circumvent the revenue-sharing model imposed by hardware manufacturers [4]. - Smartphone manufacturers have historically relied on software for profitability, leading to a competitive landscape where they must depend on internet companies for revenue [6]. Group 3: AI Integration and Cost Management - Without Doubao, many second and third-tier smartphone manufacturers would struggle to develop their own AI assistants due to resource limitations [7]. - ByteDance is not only providing technology but also creating a new revenue-sharing model that allows smartphone manufacturers to participate in traffic distribution and subscription services [7]. - By absorbing the costs associated with AI token usage, ByteDance makes it financially attractive for smartphone manufacturers to adopt its AI services [8]. Group 4: Market Implications - The success of the Doubao mobile assistant with ZTE sets a precedent, encouraging more smartphone manufacturers to explore similar collaborations with ByteDance [9].

10月底，宁波市公安局江北区分局调集警力在宁波、金华等地开展集中收网行动，捣毁了这一团伙。现 场查获的涉案物品触目惊心：400余套营业执照、公章，400余部手机及15台电脑…… 办案人员表示，该团伙的行为涉嫌诈骗罪；其持有的400余份完整公司信息，更可能成为电信网络诈骗 的帮凶。目前，案件正在进一步侦办中。 公安机关再次提醒广大群众，一定要保护好自己的个人敏感信息，切勿向不明身份的机构或个人泄露， 避免成为网络犯罪的"工具人"。 (通讯员顾蔚) 今年10月，某互联网平台向宁波市公安局江北分局报案，称有团伙以虚假方式浏览广告，以此套取平台 广告分成。 接到报警后，宁波市公安局江北区分局立即成立专案组展开调查。经过多种技术手段侦查，办案民警逐 步厘清了该团伙的组织架构与作案模式。它的背后是一条"上游获取信息—中游骗取广告发布资质—下 游虚假刷量"的"黑灰"产业链。 原来，这个团伙借用亲友、员工身份信息，大量注册公司，以此骗取小程序开发商资质。随后，他们上 传粗制滥造的小程序，招募人员"模拟"正常用户浏览广告，从而骗取平台广告分成。 设立400余家"空壳公司"，利用互联网平台赋予开发者的权益，制造虚假流量骗取广告分 ...

于滨表示，在数字经济时代，家电售后服务已不再是简单的维修与更换，而是通过技术赋能，为消费者 创造更加美好的生活体验。为此，海尔服务首先聚焦数字化转型，通过构建数字服务平台，用户可以通 过海尔智家APP、小程序等，用文字、语音、视频等形式与服务师直接交互，让服务师成为用户的专属 服务管家。在服务过程中，服务标准、收费明细等线上标准化工单全程可视，过程全透明，用户可全程 监督，并可以在线随时评价服务质量。 "只有始终坚持以用户为中心，持续推动技术创新和服务升级，才能在行业中赢得先机，为用户创造真 正的价值。"于滨说。 于滨表示，海尔服务作为海尔旗下专注于智慧家庭服务生态建设的企业，始终秉持"真诚到永远"的服务 理念，通过"无处不达、无时不在、无微不至、无所不能"四维服务体系，持续为用户创造感动体验。 "有人的地方就有海尔服务，什么都阻挡不了服务的脚步。只要用户有需要，海尔服务随时都在。"于滨 介绍："今年8月，滨州一位用户出院回家，为方便护理，其家人在用户出院当天就采购空调并要求当天 紧急安装。考虑到老人的特殊情况，海尔服务师立刻调整工作安排，第一时间赶往用户家中完成安 装"。 中国质量新闻网讯（记者 庞鹤） 1 ...

在数字化时代，用户习惯通过搜索快速找到所需小程序，因此小程序搜索优化成为获取自然流量的关键。若搜索排名落后，小程序即便功能优质也可能被埋 没；而优化得当的小程序，能轻松触达目标用户，提升使用频次与商业价值。本文将从关键词布局、用户体验提升、多平台适配、数据驱动迭代四个维度， 提供适用于主流平台的小程序搜索优化方法，帮助运营者突破流量瓶颈。+pearbing 关键词是用户搜索小程序的核心纽带，直接影响搜索匹配度与排名。首先，采用 "核心词 + 长尾词 + 场景词" 的矩阵构建法，例如教育类小程序，核心词设 为 "在线课程"，长尾词可定为 "中小学在线课程"，场景词则为 "居家在线课程"，全面覆盖用户搜索需求。其次，小程序名称需遵循 "核心词前置 + 简洁易 记" 原则，控制在 8-12 字，像 "XX 英语 - 少儿在线课堂"，既突出核心功能，又符合各平台检索规则，避免过度堆砌关键词导致违规降权。此外，可借助微 信指数、支付宝商家后台数据工具，实时监测关键词热度，及时替换低流量词汇，确保关键词始终具备高搜索价值。 三、适配多平台特性，针对性优化搜索表现 不同平台小程序搜索规则存在差异，需针对性优化。微信小程序可 ...

作为对比，苹果对 App Store 游戏内购（ 虚拟支付 ）的抽成在 15% 或 30% 的水平。（ 年收入小于 100 万美元的中小开发者可享受 15% 费率 ） 表面上看，这是从 30% 降到 15%的大折扣，但实际上对于开发者来说，这是 0% 升到 15% 的 " 加税 "。 因为在此之前，由于腾讯没与苹果方面谈妥，iOS 端的微信根本就不支持苹果的虚拟支付功能，苹果无 法抽成。同时，腾讯为防止激化与苹果矛盾，也未对这部分充值流水进行抽成，iOS 对小游戏开发者来 讲这是一个低费率天堂。 11 月 14 日，苹果正式推出 " 小程序合作伙伴计划 "，对符合条件的小程序内交易仅抽取 15% 佣金。 那么，从业者对这样的改动，如何看待呢？ "弊大于利"，小游戏从业者李雾对知危坦言。 在利益直接相关的从业者角度看来，新政看似是苹果税的降低，其实在传达另一层意思：苹果税必须交 了。 李雾透露，安卓系统中，小游戏中的内购可以直接拉起微信支付，iOS 虽说不能直接拉起微信支付，但 它可以让用户先跳到腾讯的客服页面，然后由开发者自动给用户下发一个支付链接。" 打开这个支付链 接，就是用微信支付。这个叫 H5 支付或 ...

Core Insights - The article emphasizes the critical importance of digital transformation in the current business landscape, highlighting that companies must adapt to avoid obsolescence [4][10][12] Group 1: Historical Lessons - Companies like Kodak and Nokia failed due to underestimating the power of technological change and clinging to outdated business models [1][2] - The article suggests that these historical examples serve as warnings for current businesses to embrace change rather than resist it [2] Group 2: Digital Transformation in China - China is undergoing a profound digital transformation, moving from consumer internet to industrial internet, making digital tools essential for businesses [4] - WeChat Mini Programs are identified as a cost-effective and efficient interface for businesses to engage with the digital economy [4] Group 3: Customer Engagement - The article stresses that younger customers are fully digitalized, relying on online solutions for their needs, making it crucial for businesses to provide modern digital interfaces [6] - Without a Mini Program, businesses risk losing relevance and connection with the new generation of consumers [6] Group 4: Data and Private Traffic - Data is described as a new energy source, with Mini Programs serving as natural data collection tools for businesses [8] - Private traffic is positioned as a protective moat, allowing businesses to build their own customer base without relying on external platforms [8] Group 5: Industry Trends - The article outlines a clear trend where all industries should undergo digital transformation, leading to a bifurcation between efficient, digital-savvy companies and traditional, less effective ones [10] - Examples include the integration of Mini Programs in various sectors like dining, retail, and beauty services, indicating a shift towards digitalized operations [10] Group 6: Future Imperatives - The necessity of adopting Mini Programs is framed as a future requirement for survival in the market, rather than a mere option [12] - Delaying this transition could result in significant costs and potential exclusion from the market as digital norms become established [12]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, including a request for Jiangsu Shouxihu Cultural Tourism Co., Ltd. to clarify its business operations and data protection measures [1] - Shouxihu Cultural Tourism is the only licensed operator of waterborne sightseeing boats in Yangzhou, holding exclusive operational rights for over 20 years in the Shugang-Shouxihu scenic area [2] - The company operates under an indefinite exclusive arrangement for waterborne sightseeing services in the ancient canal area, with no time restrictions on its operations since its establishment [2] Group 2 - The CSRC has requested Shouxihu Cultural Tourism to provide details on its subsidiaries' business scope, including publishing, advertising, and performance, and to confirm compliance with foreign investment policies [1] - The company must also disclose information regarding its websites, apps, and mini-programs, including user data collection practices and measures for personal information protection [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Lantu Automotive regarding its overseas listing application, focusing on state asset management procedures and compliance with investment approval processes [1][2]. Group 1: Regulatory Requirements - CSRC requires Lantu Automotive to clarify the management of state assets in the transaction and the compliance with overseas investment approval processes [1] - The commission also seeks details on the historical development and main business of Dongfeng Group, as well as the decision-making process for the transaction [1] - Additional information is requested regarding cash options for shareholders, the source of funds for any cash payments, and compliance with state asset management procedures during past equity changes [1] Group 2: Company Overview - Lantu Automotive targets the new generation of core consumers, with products priced between RMB 200,000 and RMB 500,000 [2] - The company began delivering its first model, Lantu FREE, in August 2021, with plans to produce its 100,000th vehicle by April 2024 and the 200,000th by April 2025 [2] - According to Zhaoshang Consulting, Lantu Automotive's sales are projected to grow at a compound annual growth rate (CAGR) of 103.2% from 2022 to 2024, making it the third fastest-growing high-end electric vehicle brand in China [2]

Core Insights - The company reported a revenue of 193 billion RMB in Q3 2025, marking a 15% year-on-year increase and a 5% quarter-on-quarter increase, driven by the expansion of core ecosystem scenarios such as video accounts, mini-programs, and search [1] - Non-IFRS net profit attributable to shareholders reached 70.6 billion RMB, reflecting an 18% year-on-year growth and a 12% quarter-on-quarter growth, indicating improved operational efficiency and profit quality [1] - The AI's role in enhancing efficiency across various business lines is becoming increasingly significant, with a focus on precision targeting, search relevance, content generation, and game production [1] Business Segments Gaming - Value-added services revenue was 95.9 billion RMB, a 16% year-on-year increase, with domestic game revenue at 42.8 billion RMB, up 15% [1] - Key titles such as "Delta Force," "Honor of Kings," and "Peacekeeper Elite" showed strong performance, with "Delta Force" achieving a DAU of over 30 million and "Honor of Kings" reaching a record DAU of 139 million [1] - International game revenue surged by 43% to 20.8 billion RMB, driven by significant contributions from titles like Supercell's "Clash Royale" [1] Marketing Services - Marketing services revenue for Q3 was 35.8 billion RMB, reflecting a 21% year-on-year increase, with video accounts and mini-programs leading the growth [1] - The improvement in eCPM and automated ad placement efficiency driven by AI contributed to revenue growth, although traffic expansion remained a primary revenue driver [1] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue reached 58.2 billion RMB, a 10% year-on-year increase, with strong performance in commercial payments and enterprise services [1] - The company maintained one of the lowest bad debt ratios in the industry for consumer credit, while its cloud business continued to grow, supported by advancements in AI capabilities [1] Investment Outlook - The target price for the company's stock has been raised to 790 HKD, indicating a potential upside of 26.7% from the previous closing price, with a "buy" rating maintained due to improved profit margins and AI-driven returns in high-margin sectors [2]