Pinecone Wisdom向香港交易所主板递交上市申请，华泰国际为独家保荐人。Pinecone Wisdom是一家中 国的共享电单车服务供货商，其核心业务是共享电单车服务，同时提供平台服务、广告服务以及电单车 及备件销售。 根据灼识咨询报告，截至2024年12月31日，该公司是中国外围发展区域最大的共享电单车运营商，在中 国整体市场中排名第四。 截至2025年9月30日，Pinecone Wisdom在全国422个市县投放了454627辆共享电单车。注册用户总数从 2023年12月31日的9900万增至2025年9月30日的1.283亿。 中国共享电单车市场交易额规模持续扩大，预计整体市场规模将从2024年的166亿元人民币增长至2032 年的1083亿元人民币，复合年增长率为26.4%。外围发展区域和市辖区区域市场均呈现强劲增长。 ...

智通财经APP获悉，据港交所1月2日披露，Pinecone Wisdom Inc.向港交所主板递交上市申请，华泰国际为独家保荐人。 公司简介 据招股书，Pinecone Wisdom Inc.是中国领先的共享电单车服务供货商。根据灼识咨询报告，按2024年交易额及截至2024年12月31日已投放的电单车数量计 算，Pinecone Wisdom Inc.是中国外围发展区域中最大的共享电单车服务营运商，并在中国整体市场中位居第四。 截至2025年9月30日，Pinecone Wisdom Inc.的共享电单车服务广受各年龄层用户认可，在全国422个市县共投放454,627辆共享电单车。该公司的注册用户总 数由截至2023年12月31日的9900万持续增至截至2024年12 月31日的1.131亿，并进一步攀升至截至2025年9月30日的1.283亿。 共享电单车服务是Pinecone Wisdom Inc.商业模式的核心。为支持Pinecone Wisdom Inc.的商业生态系统，该公司亦(i)提供平台服务以支持公司的运营合作伙 伴，包括提供特定的IT基础设施支持及人工智能营运管理系统，(ii)透过松果出行应 ...

推动动态定价、差别定价等规则公开，规范免密支付、自动续期、自动扣款等服务 价格行为是平台经营活动中的关键行为，也是平台经济常态化监管的重要环节。 为推动平台经济健康发展、规范价格竞争秩序，国家发展改革委、市场监管总局、国家网信办近日联合 发布《互联网平台价格行为规则》（以下简称《行为规则》），平台企业"反内卷"迈出重要一步。 《行为规则》共计7章29条，规定了平台经营者、平台内经营者实施价格行为应当遵守的规范。新规将 低价倾销、价格歧视、串通涨价、价格欺诈、哄抬价格等行为列入禁止清单，划清了竞争的"红 线"和"底线"。 近年来，我国平台经济快速发展，在赋能实体经济、发展新质生产力、满足人民生活需要等方面发挥了 积极作用。平台经济领域涉及的经营者众多，其价格行为关系消费者切身利益，受到广泛关注。 国家发改委有关负责同志表示，《行为规则》着力规范价格行为、推动公开透明、增强各方协同，构建 良好平台生态。根据现行法律法规规定，细化实化监管要求，为平台经营者、平台内经营者提供明确的 价格行为指引，推动形成优质优价、良性竞争的市场秩序。 在保护消费者合法权益方面，《行为规则》落实明码标价制度，推动动态定价、差别定价等规 ...

着力规范互联网平台价格行为，将推动平台企业从价格竞争加快转向价值竞争，形成优质优价、良性竞 争的市场秩序，更好构建"共赢生态"，支撑我国经济高质量发展。 ■郭锦辉 平台经济领域反"内卷"再次加码。近日，国家发展改革委、市场监管总局、国家网信办联合发布《互联 网平台价格行为规则》。我国平台经济正加快在规范中发展、在治理中转型升级。着力规范互联网平台 价格行为，将优化形成公开透明的价格环境，推动形成优质优价、良性竞争的市场秩序，更好构建良好 平台生态，推动平台经济创新和健康发展。 2025年以来，我国平台经济领域的反"内卷"呈现出"立法引领、监管约谈、平台整改"多措并举的态势。 修订后的《中华人民共和国反不正当竞争法》于2025年10月15日起施行，其明确规定，平台经营者不得 强制或者变相强制平台内经营者按照其定价规则，以低于成本的价格销售商品，扰乱市场竞争秩序。严 禁虚构原价、先涨后降、强制搭售等价格欺诈行为；计价单位须清晰标注，平台佣金等收费项目及标准 须在显著位置公示；杜绝恶意压价等不正当竞争行为……监管"利剑"直指扰乱市场秩序的行为。一些平 台企业被先后约谈，一批典型案例被曝光，对平台生态的健康发展起到了 ...

新华财经北京12月23日电 近日，国家发展改革委、市场监管总局、国家网信办联合印发《互联网平台 价格行为规则》（以下简称《规则》），并明确该规则将于2026年4月10日正式施行。此举旨在应对互 联网平台经济快速发展中出现的大数据杀熟、虚假促销、平台强制经营者降价等新型价格问题，为平台 价格行为划定清晰的合规底线。 专家普遍认为，《规则》的颁布是我国平台经济治理迈向制度化、精细化、常态化的重要里程碑，其通 过明确价格行为边界、保障经营者自主权、强化消费者权益保护，致力于构建一个更加公平、透明、可 预期的市场竞争环境，引导平台经济从粗放扩张转向规范有序、创新驱动的高质量发展新阶段。 直面核心痛点确立规则靶向 《规则》的出台直指当前平台价格领域的突出乱象，其核心目标在于建立良性竞争秩序并推动行业规范 发展。商务部国际贸易经济合作研究院副研究员戴明锋指出，此次《规则》的核心目标一是建立良性价 格竞争秩序，明确禁止低价倾销、价格串通等不正当竞争行为，引导行业形成公平的竞争环境；二是推 动平台经济规范发展，将平台价格监管推向精细化、常态化阶段，倒逼平台向技术创新、服务升级等核 心竞争力方向发展。 其所要解决的最紧迫现实问 ...

一方面，对违规招商引资行为明确"四个不得"红线，常态化监测整治"政策洼地"与"开票经济"；另一方 面，依托新出台的《互联网平台企业涉税信息报送规定》，推动超7000家平台报送涉税信息，有效遏制 刷单、虚开等乱象。此外，税务部门持续加大对偷逃税行为的打击力度，1—11月已查处包括明星网红 在内的"双高"人员1818名，查补税款超15亿元，同时对虚开骗税及违规中介保持高压震慑，有力维护了 税法权威与市场公平。 明令税务机关四"不得"严治违规招商 12月8日，国家税务总局举行例行新闻发布会，国家税务总局有关负责人表示，今年以来，税务部门聚 焦维护全国统一大市场与公平税收秩序，多措并举强化税收监管。 税务总局征管和科技发展司司长练奇峰解释，原来一些平台企业自身不开展实质性经营业务，仅通过帮 助其他主体开具发票来虚增平台注册地收入，并以此骗取地方奖补。《规定》打破了平台经济"注册地 与经营地分离"所带来的信息壁垒，使这类行为难以遁形。 此前，一些商户会要求上游供应商不开票，以此压低价格，加剧了平台经济"内卷式"竞争。《规定》实 施后，这些商户出于合规经营需要，会主动要求上游供应商为其开具发票，今年第三季度，平台内小规 ...

Core Insights - Qifu Technology (NASDAQ: QFIN; HKEX: 3660) reported a total net revenue of 5.206 billion RMB for Q3 2025, representing a year-on-year increase of 19.12% [1] Revenue Breakdown - Credit-driven service net revenue amounted to 3.869 billion RMB, compared to 2.901 billion RMB in the same period of 2024 [1] - Platform service net revenue was 1.337 billion RMB, down from 1.469 billion RMB in Q3 2024 [1] Profitability Analysis - The company's net profit for Q3 2025 was 1.432 billion RMB, reflecting a quarter-on-quarter decline of 17.22% and a year-on-year decline of 20.36% [1] - Non-GAAP net profit was reported at 1.508 billion RMB, with adjusted net profit showing a quarter-on-quarter decrease of 18.43% and a year-on-year decrease of 17.36% [1]

Core Viewpoint - The shift from commission to "take rate" reflects the evolving nature of services provided by platforms, indicating a growing complexity and diversity in the services offered, which has led to negative perceptions among operators regarding the fees they pay to platforms [1][9]. Group 1: Role of Intermediaries - Intermediaries, such as real estate agents, play a crucial role in transactions by providing information matching, verifying the authenticity of information, and facilitating the transaction process [2]. - The existence of intermediaries helps reduce transaction costs and improve efficiency, making it reasonable for both parties to pay a fee for these services [2]. Group 2: Changes in the Digital Age - In the digital era, intermediaries have expanded significantly, with platforms becoming essential infrastructure for daily activities, thus transforming low-frequency services into high-frequency services [3]. - The perception of transactions has shifted, with service providers viewing the transaction as a result of their labor, while users attribute the service to the platform, leading to a change in terminology from commission to "take rate" [4]. Group 3: Negative Connotations of "Take Rate" - The term "take rate" carries negative connotations, suggesting exploitation and a lack of transparency, especially when users feel that platforms are too dominant or fees are unclear [6]. - Unlike commissions, which imply a collaborative relationship, "take rate" emphasizes a more unilateral extraction of revenue by the platform, reflecting a shift in the perception of operators from partners to subordinates [6]. Group 4: Complexity of Fees - The fees paid by operators to platforms have become increasingly complex, often bundled with various costs, leading to confusion about what services are being paid for and fostering the impression that platforms are merely extracting revenue [7]. - The term "take rate" has gained traction in regulatory documents, indicating its acceptance in formal discourse [8]. Group 5: Market Dynamics and Future Outlook - Despite the perception of platforms having unilateral power in setting fees, market competition imposes constraints, as high take rates could drive merchants to alternative platforms, impacting the platform's revenue [9]. - The recent slowdown in growth rates in relevant sectors has heightened sensitivity to costs, contributing to the negative perception of take rates [10].

Core Insights - impact.com has demonstrated robust growth in 2025, achieving significant results in product innovation and industry influence, serving over 5,000 leading brands globally, with more than 900 new clients added in the second quarter alone [1][2] - The company emphasizes a shift in consumer purchasing behavior towards trust and value co-creation, with recommendations from creators and trusted sources becoming crucial in influencing buying decisions [1][2] Company Developments - impact.com has expanded its global strategy by entering the Spanish market, establishing an office in Madrid, and appointing local leadership to enhance customer success and operational capabilities [2] - The company now operates in 20 countries with over 1,300 employees, focusing on maximizing the growth potential of partner marketing for both local and international brands [2] Industry Trends - The 2025 Industry Mid-Year Benchmark Report indicates a fundamental change in consumer behavior, where deeper research and comparisons are made before purchasing, favoring information from trusted community sources over traditional brand advertising [1] - The Partnerships Experience (iPX) marketing summit has expanded its scale, with the 2025 China outbound marketing summit attracting over 600 representatives from Chinese brands and experts to discuss global growth strategies amid the AI wave [3]

Core Viewpoint - QFIN's stock opened up 3.18% on August 25, reaching $32.45 per share, with a total market capitalization of $4.297 billion. The company reported a total revenue of 9.907 billion RMB for the period ending June 30, 2025, representing a year-on-year growth of 19.17%, and a net profit of 3.534 billion RMB, up 38.88% year-on-year [1][2]. Group 1: Company Overview - QFIN is a leading credit technology platform in China, focused on providing innovative credit services to financial institutions, enabling consumers and small businesses to access personalized credit solutions [2][3]. - The company collaborates with 133 financial institutions, including state-owned and regional banks, to enhance credit assessment and risk management [2]. Group 2: Target Audience - The company targets consumers who are underserved by traditional financial institutions, particularly those with short credit histories and high potential for growth [3][4]. - QFIN also focuses on small and micro enterprises that lack sufficient credit history or collateral, offering tailored loan products to meet their needs [4]. Group 3: Service Offerings - QFIN provides two main types of services: credit-driven services and platform services, both designed to improve the lending process and enhance credit assessment [4][5]. - Credit-driven services involve matching potential borrowers with financial institutions, where QFIN assumes some credit risk [5][6]. - Platform services include a range of technology solutions throughout the loan lifecycle, such as borrower acquisition and credit assessment, without assuming credit risk [6][7]. Group 4: Technology and Innovation - The company utilizes its proprietary Intelligent Credit Engine (ICE) to provide smart marketing services and assist financial institutions in initial credit screening [6][7]. - QFIN has also introduced a risk management SaaS service to help financial institutions improve their credit assessment processes [7].