当我们回顾商业史，总会发现一些令人扼腕的事件： 柯达，发明了数码相机，却因为迷恋胶片的利润，最终被数字时代埋葬。 诺基亚，功能机的王者，曾嘲笑初代iPhone"不耐摔"，最终在智能机的浪潮中轰然倒下。 他们做错了什么？他们的产品曾经是最好的，他们的管理一度是顶尖的。他们唯一的错误，就是低估了时代变革的力量，在趋势面前，选择了固守和观望。 现在，请您思考三个问题： 1、你的客户，未来在哪里？ 您的客户，尤其是年轻客户，他们的生活已经完全数字化。他们习惯在网上解决一切：吃饭点外卖，购物上淘宝京东，社交在微信，娱乐在抖音。他们 的"数字身份"的重要性，已经远远超过了"物理身份"。 您没有小程序，就意味着在您客户的"数字世界"里，您没有提供一个符合他们习惯的、便捷的、现代化的服务接口。您是在强迫他们回到过去，用"传统"的 方式和您打交道。结果就是，您会慢慢地被新一代的消费者无情地抛弃。 2. 你的生意，未来靠什么增长？ 过去靠位置，靠口碑，靠广告。未来靠什么？未来必然靠 "数据驱动"和"私域流量"。 我们正站在一个前所未有的历史节点上：整个中国社会，正在完成一次全面的、深刻的数字化转型。从消费互联网到产业互联网，从国 ...

智通财经APP获悉，11月21日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月17日— 2025年11月21日)》。中国证监会国际司公示7家企业补充材料要求，其中，公示提到要求瘦西湖文旅补 充说明公司及子公司开发、运营的网站、APP、小程序等产品情况。据港交所9月26日披露，江苏瘦西 湖文化旅游股份有限公司(简称：瘦西湖文旅)向港交所主板提交上市申请书，光大证券国际为独家保荐 人。 中国证监会请瘦西湖文旅补充说明以下事项，请律师核查并出具明确的法律意见： 一、公司及子公司经营范围涉及出版物批发及零售、广告制作设计代理及发布、经营性演出、船舶运输 等，请补充说明是否实际开展相关业务及取得必要的资质许可，本次发行上市前后是否持续符合外商投 资准入政策要求。 二、请补充说明公司及子公司开发、运营的网站、APP、小程序等产品情况，收集及储存的用户信息规 模、数据收集使用情况，是否涉及向第三方提供个人用户信息，上市前后个人信息保护和数据安全的安 排或措施。 招股书提到，瘦西湖文旅是扬州唯一的水上游船观光持牌运营商，且公司的游船是扬州水域内唯一指定 交通方式。公司拥有蜀冈—瘦西湖风景区水上游船观光20年 ...

同时，证监会要求其补充说明(1)东风集团股份的历史沿革及主营业务，就本次交易履行决策程序的情 况；(2)除公司股权外，东风集团股份股东是否有现金选择权，是否涉及现金支付，如有请说明资金来 源。公司设立时股东出资资产情况；公司历次股权变更履行国资管理程序情况；就公司历次股权变更合 法合规性出具结论性意见。 此外，说明补充说明开发、运营的网站、APP、小程序等产品情况，收集及储存的用户信息规模、数据 收集使用情况，是否涉及向第三方提供个人用户信息，上市前后个人信息保护和数据安全的安排或措 施。 招股书显示，岚图汽车的目标人群定位于新时代中坚力量，产品主要覆盖人民币20万元至人民币50万元 价格带。岚图汽车于2021年8月开始交付第一款车型岚图FREE，2024年4月累计生产的第10万辆车下 线，2025年4月累计生产的第20万辆车下线。根据灼识咨询的资料，岚图汽车的销量在2022年至2024年 期间复合年增长率为103.2%，是增速第3快的中国高端新能源汽车品牌。 11月21日，中国证监会公布境外发行上市备案补充材料要求公示(2025年11月17日—2025年11月21日)。 证监会要求岚图汽车补充说明本次交易履 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 790, indicating a potential upside of 26.7% from the last closing price [4][55]. Core Insights - The company's Q3 2025 performance showed robust growth driven by AI efficiency and ecosystem expansion, with revenue reaching RMB 193 billion, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [1][6]. - Non-IFRS net profit for Q3 2025 was RMB 70.6 billion, reflecting an 18% year-on-year growth and a 12% quarter-on-quarter growth, indicating improved operational efficiency and profit quality [1][6]. - The gaming segment showed strong performance, with domestic game revenue of RMB 42.8 billion, up 15% year-on-year, and international game revenue of RMB 20.8 billion, up 43% year-on-year [2][8]. Summary by Sections Financial Performance - Q3 2025 revenue was RMB 193 billion, with a gross profit of RMB 108.8 billion, resulting in a gross margin of 56%, up from the previous year [1][6][10]. - The increase in gross profit was attributed to high-quality advertising inventory and improved content structure in gaming [10]. Gaming Business - The value-added services revenue reached RMB 95.9 billion, a 16% year-on-year increase, with strong contributions from social networking and gaming [2][8]. - Key titles like "Delta Force" and "Honor of Kings" maintained strong daily active users (DAU), with "Honor of Kings" achieving a historic high of 139 million DAU [2][8]. Marketing Services - Marketing services revenue grew by 21% year-on-year to RMB 35.8 billion, driven by the expansion of core ecosystem scenarios like video accounts and mini-programs [3][9]. - AI-driven improvements in eCPM and automated ad placement through AIM+ contributed significantly to revenue growth [27][29]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue reached RMB 58.2 billion, a 10% year-on-year increase, supported by strong online and offline payment activities [3][44]. - The company maintained a low bad debt ratio in its consumer credit business, reflecting its strong risk management capabilities [44][46]. Future Outlook - The report anticipates continued high-quality growth in advertising and gaming, driven by the recovery of advertising budgets and the ongoing expansion of the ecosystem [40][55]. - The integration of AI in advertising is expected to enhance efficiency and contribute to a new phase of sustainable growth [40][55].

Group 1: Public Utilities and Environmental Protection - The profitability of waste incineration power generation companies has significantly increased, with net profits for major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) showing substantial growth in Q3 2025 [7][12] - The improvement in cash flow for waste incineration companies is attributed to capacity expansion, increased utilization rates, and enhanced heating services, with profit increments of approximately 80 yuan per ton of waste [8][12] - The biofuel sector has also seen a substantial increase in profitability, driven by rising prices for used cooking oil (UCO), which increased by 16.7%-22.2% year-on-year [10][12] Group 2: Infrastructure and Construction - In the first ten months of 2025, the broad infrastructure growth rate was slightly positive at 1.51%, while narrow infrastructure (excluding electricity) saw a minor decline of 0.10% [19][20] - Significant projects under the "14th Five-Year Plan" are expected to sustain investment resilience, including major constructions like the Yajiang Hydropower Station and the New Tibet Railway [19][20] - The construction sector is recommended to focus on high-dividend and low-valuation stocks, with companies like Sichuan Road and Bridge and Jianghe Group highlighted for their potential [21][22] Group 3: Media and Internet - Apple has introduced a partnership plan for mini-programs, reducing the revenue share for developers from 30% to 15%, which may enhance the growth of Tencent's mini-program ecosystem [24] - The collaboration is expected to drive traffic growth for WeChat, benefiting Tencent's advertising and gaming business [24] - The media industry is advised to focus on new channels and content directions, with a positive outlook on the ongoing industry recovery [34] Group 4: Specialty Materials - Global Pearl Pigments International has emerged as a leader in the pearl pigment industry, with a CAGR of 36.58% in revenue from 2017 to 2024 [35][36] - The company has strategically acquired international brands to penetrate the high-end market and plans to expand its domestic production capacity to approximately 48,700 tons [37][38] - The pearl pigment industry is characterized by high growth potential and low price sensitivity, making it an attractive investment opportunity [36][37]

Core Insights - The State Council's recent implementation opinion emphasizes accelerating the application of digital technology in the cultural and tourism sectors, promoting digital performances, digital arts, and immersive experiences [1] Group 1: Digital Technology in Cultural and Tourism - Digital technology is being utilized to enhance visitor experiences in museums and tourist areas, such as interactive exhibits and AI-guided tours [2][4] - The integration of technologies like VR and 3D displays allows visitors to engage with cultural artifacts in innovative ways, making history more accessible and interactive [2][4] Group 2: Smart Tourism Services - The shift from traditional sightseeing to immersive experiences is facilitated by smart services, including self-check-in at hotels and AI companions for tourists [5][6] - In Zhejiang, a QR code system enables seamless access for international tourists, allowing them to book tickets and navigate various services effortlessly [9][10] Group 3: Data-Driven Management Solutions - Tourist attractions are adopting smart platforms to manage large visitor flows effectively, transitioning from single-point management to comprehensive data-driven oversight [13][14] - The Jiangsu province's smart tourism platform has accumulated over 400 million industry data points, providing valuable insights for managing tourist trends and enhancing visitor experiences [15]

Core Insights - Apple has launched the "App Store Mini App Partner Program," allowing developers to enjoy a 15% commission reduction on eligible in-app purchases, resulting in an 85% revenue share [1] - Developers must meet two core conditions: their mini-programs must be built using web technologies like HTML5 and JavaScript, and they must support specific App Store technologies [1] - The program applies to all developers, regardless of size, enabling major platforms like WeChat, Alipay, and Douyin to benefit from the reduced commission rate [1] Industry Response - WeChat's official account welcomed Apple's initiative, expressing eagerness to provide developers with access services to build a healthy ecosystem [2] - Tencent's President Liu Chiping acknowledged the ongoing collaboration with Apple and expressed a constructive attitude towards the development of the mini-game ecosystem [5] Financial Context - Apple's service revenue reached $28.75 billion in Q4 FY2025, a 15.13% year-over-year increase, marking a historical high, with total service revenue for FY2025 surpassing $100 billion [6] - The ongoing debate around the "Apple Tax," which refers to the 30% commission Apple charges developers, has drawn global regulatory scrutiny [6][7] Regulatory Environment - In response to regulatory pressures, Apple has adjusted its payment policies in major markets, allowing U.S. consumers to use third-party payment options without incurring commissions [6] - Despite these adjustments, China remains under strict regulations, with users required to use Apple's App Store and IAP for digital purchases, leading to consumer complaints against Apple's market practices [7] - The "Mini App Partner Program" is seen as Apple's latest concession to regulatory pressures, aimed at expanding business opportunities for mini-program developers while maintaining customer experience [7]

2017 年，马化腾、张小龙等腾讯管理层前往美国苹果总部，拜访 CEO 库克，并送上一份中国特色剪纸作为礼物。 2017 年 9 月马化腾等腾讯高管拜访苹果 CEO 库克 ｜ 图片来源：网络 八年之后，库克已经习惯了每年数次前往中国这个重要市场，苹果也与腾讯再一次在应用生态上选择「握手」，一起推送下一次影响意义深远的变化。 11 月 14 日上午，苹果公司正式宣布推出小程序合作伙伴计划（Mini Apps Partner Program），首次为「小程序」这一在中国市场举足轻重的应用形态， 建立起制度化的合规框架。 这个计划最核心的信息是：参与计划的开发者，在符合条件的小程序应用内购买销售额中，仅需支付15% 的优惠佣金费率。 这一消息公布后，迅速在科技圈引发震动。考虑到苹果 App Store 标准的 30% 抽成（即「苹果税」），佣金直接「腰斩」，这无疑是对海量开发者，尤其 是长期依赖广告变现的小游戏和轻量服务提供商的重大利好。 更重要的是，这意味着过去七年多长期处于 iOS 生态商业化「灰色地带」的小程序，终于进一步在 iOS 生态汇总获得了属于自己的生态位。 而就在昨晚，彭博社关于腾讯与苹果已达成协议 ...

Core Viewpoint - Apple announced a reduction in the App Store commission rate from 30% to 15% for certain developers, contingent upon their participation in the new "Mini Apps Partner Program" [1][3]. This move is seen as a strategy to balance interests with platforms like WeChat, Alipay, and Douyin [1]. Group 1: Apple and Tencent Agreement - Tencent has reached an agreement with Apple, allowing Apple to handle payments for WeChat mini-games and apps, taking a 15% cut [3]. - Currently, Apple charges a 30% commission on digital revenue for apps earning over $1 million annually, while those earning less pay 15% [3]. - Tencent's president acknowledged the strong relationship between Tencent and Apple, indicating ongoing discussions to enhance the mini-game ecosystem [3]. Group 2: Revenue Sharing and Market Impact - The new revenue-sharing model between Apple and Tencent is expected to impact the commercial ecosystem, although the exact effects remain to be seen [7]. - Most digital content apps and mini-programs primarily generate revenue through In-App Purchases (IAP), In-App Ads (IAA), or a hybrid model, with the 15% commission likely applying only to IAP [8]. - Advertising revenue typically does not go through Apple's payment channels, complicating the revenue-sharing structure [9]. Group 3: Market Dynamics and Developer Incentives - The mini-program market is rapidly growing, with projections indicating a revenue of 398.36 billion yuan in 2024, a 99.18% increase year-on-year [12]. - The agreement allows Tencent to tap into this growing market, which has been negatively impacted by the lack of in-app purchase support on iOS [12]. - The new arrangement may lead to more paid applications transitioning to mini-programs, potentially strengthening the market power of these platforms [14]. Group 4: Regulatory Context and Compliance Risks - Apple's adjustments in commission rates and payment processing are partly driven by increasing antitrust scrutiny in various regions [16][17]. - The "Mini Apps Partner Program" requires developers to integrate Apple's official software technologies, which may raise compliance risks under antitrust laws [18][20]. - The requirement for data sharing and the prohibition of third-party payment channels could be seen as an abuse of market dominance [20].