证券日报网讯1月9日，黄山旅游（600054）在互动平台回答投资者提问时表示，公司电商相关业务主要 由公司子公司安徽途马科技有限公司负责，2025年前三季度在线交易额为12.5亿元。 ...

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：2005年成立黄山途马电子商务公司涉足电商业务， 2021年联合蚂蚁集团成立安徽途马科技有限公司，大力抢跑文旅数智科技新赛道。请问贵公司1、贵公 司已有的电商业务？2、2025年在线交易额是多少，是否产生利润？ 黄山旅游（600054.SH）1月9日在投资者互动平台表示，公司电商相关业务主要由公司子公司安徽途马 科技有限公司负责，2025年前三季度在线交易额为12.5亿元。 ...

Core Viewpoint - The company, Shanghai Lily & Beauty Cosmetics Co., Ltd., is providing guarantees for its wholly-owned subsidiary, Lily & Beauty (Hong Kong) Limited, to support its e-commerce business expansion on various platforms, with a total guarantee amount of 15 million yuan [1][2]. Group 1: Guarantee Details - The company will issue relevant statements or guarantee letters for the Hong Kong subsidiary's new brand stores and daily operations on major e-commerce platforms, with an estimated guarantee amount of 15 million yuan and a duration until June 30, 2026 [2]. - The company has approved the guarantee amount through its audit committee and board meetings held on August 25, 2025, and subsequently adjusted the guarantee amount due to the Hong Kong subsidiary's asset-liability ratio exceeding 70% [2][3]. Group 2: Progress and Necessity of Guarantee - As of December 2025, the company has not increased or decreased the guarantee amount, maintaining an external guarantee balance of 30,000 yuan, which is a negligible percentage of the company's audited net assets [4][5]. - The necessity of the guarantee is justified as it supports the Hong Kong subsidiary's need to establish new cross-border overseas stores, and the company maintains good control over the subsidiary's credit status [4]. Group 3: Board Opinions and Compliance - The board of directors believes that the guarantees provided are in line with the company's actual situation, comply with relevant laws and regulations, and do not harm the interests of the company or its shareholders, particularly minority shareholders [4].

每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 王晓波） 每经AI快讯，ST联合（SH 600358，收盘价：5.94元）12月19日晚间发布公告称，公司第九届2025年第 一次董事会临时会议于2025年12月19日在江西省南昌市东湖区福州路169号江旅产业大厦A座19层会议 室以现场结合通讯表决的方式召开。会议审议了《关于修订〈预算与审计委员会议事规则〉的议案》等 文件。 2024年1至12月份，ST联合的营业收入构成为：互联网广告占比78.61%，电商业务占比13.92%，旅游饮 食服务业占比7.38%，其他业务占比0.09%。 截至发稿，ST联合市值为30亿元。 ...

在刚刚过去的 11月份月末，沃尔玛（纽约证券交易所代码：WMT）公布了2026财年第三季度（截至2025年10月31日）业绩。在电话会上，即将 离任的沃尔玛CEO董明伦盛赞中国电商及山姆业务。 同时，沃尔玛总部换帅，中国山姆换帅，沃尔玛将从纽交所转至纳斯达克，三大事件都将带给这个连续 12年蝉联世界500强榜首的全球零售巨头怎 样的新变化？ 以下文章来源于零售圈 ，作者商仲永 零售圈 . 让大部分零售老板看见未来零售 导语：全球零售巨头换帅后，业绩猛冲？ 截止 2025年10月31日，沃尔玛中国的前三季度的净销售额分别为67亿美元，58亿美元、61亿美元，合计为186亿美元（约合超1300多亿人民 币），而202 5财年全年四个季度的净销售额分别 为57亿美元，46亿美元，49亿美元，51亿美元，合计203亿美元。今年业绩已达到去年的 91.6%，而时间过去75%，今年业绩有望大幅提升。 在 当晚的 业绩会上，沃尔玛中国电商和山姆的亮眼 业绩，被沃尔玛 CEO董明伦和高管 多次点赞。 "第三季度，我们在中国的销售额增长了22％，这反映了山姆在华持续强劲表现以及电商超过30％的增长。"沃尔玛首席财务官John ...

Core Insights - Walmart reported its Q3 FY26 earnings, showing a revenue of $179.5 billion, a year-over-year increase of 5.84%, with adjusted operating income rising by 8% to $7.2 billion, indicating a steady growth trend [4][5] - The company highlighted strong performance in its China operations, particularly in e-commerce and Sam's Club, with Q3 net sales in China reaching $6.1 billion, a 21.8% increase year-over-year [4][5] - Leadership changes are underway, with John Furner set to replace Doug McMillon as CEO in February 2026, and a strategic shift from the NYSE to Nasdaq, emphasizing a technology-driven approach [8][9] Group 1: Financial Performance - Walmart's Q3 FY26 revenue was $179.5 billion, reflecting a 5.84% increase year-over-year, and a 6% increase when excluding currency fluctuations [4] - In China, Walmart's Q3 net sales reached $6.1 billion, a 21.8% increase, significantly outperforming the international business segment's average growth of 10.84% [4][5] - E-commerce sales in China grew by 32%, with e-commerce accounting for over 50% of total sales, marking a substantial increase from the previous year [4][5] Group 2: Leadership Changes - John Furner will succeed Doug McMillon as CEO effective February 1, 2026, bringing extensive experience from his previous role as President and CEO of Walmart U.S. [8] - The transition to Nasdaq is noted as one of the largest listing migrations in NYSE history, aligning with Walmart's technology-focused strategy [9] Group 3: Strategic Focus - The appointment of Liu Peng as the new president of Sam's Club in China aligns with Walmart's AI and e-commerce strategies, reflecting a focus on innovation in retail [10][12] - Liu Peng's background in Alibaba and extensive experience in retail and e-commerce positions him well to lead Sam's Club amid rapid expansion plans [14][15]

Core Viewpoint - Alibaba's recent financial results show a mixed performance, with strong growth in AI and cloud services but significant declines in overall profitability and concerns regarding its e-commerce business [1][2] Financial Performance - For the second fiscal quarter, Alibaba reported revenue of RMB 247.8 billion, a year-on-year increase of 5% [1] - Adjusted EBITA fell sharply by 78% to RMB 9.1 billion [1] - Net profit attributable to ordinary shareholders was RMB 20.99 billion, down 52% year-on-year [1] - Non-GAAP net profit decreased by 72% to RMB 10.35 billion [1] Business Segments - The AI and cloud segments showed robust growth, with the cloud intelligence group generating revenue of RMB 39.82 billion, a 34% year-on-year increase [1] - AI-related product revenue has achieved triple-digit year-on-year growth for nine consecutive quarters [1] Market Reaction - Alibaba's stock experienced a decline of over 2% during trading, closing down 1.77% at HKD 155, with a trading volume of HKD 9.88 billion [1] - Concerns regarding the e-commerce business have increased, particularly after management indicated potential short-term fluctuations in customer management revenue and profits due to intensified competition and user investment [2]

Core Viewpoint - Alibaba's recent financial performance shows mixed results, with strong growth in AI and cloud sectors but significant declines in overall revenue and net profit, raising concerns among investors about its e-commerce business [1][2]. Financial Performance - For the second fiscal quarter, Alibaba reported revenue of RMB 247.795 billion, a year-on-year increase of 5% [1]. - Adjusted EBITA fell sharply by 78% to RMB 9.073 billion [1]. - Net profit attributable to ordinary shareholders was RMB 20.99 billion, down 52% year-on-year [1]. - Non-GAAP net profit was RMB 10.352 billion, a decrease of 72% compared to the previous year [1]. Business Segment Performance - The cloud intelligence group generated revenue of RMB 39.82 billion, reflecting a year-on-year growth of 34% [1]. - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters [1]. Market Reaction - Alibaba's stock price fell over 2% during trading, closing down 1.77% at HKD 155, with a trading volume of HKD 9.88 billion [1]. - Concerns regarding the e-commerce business have increased, particularly after management indicated potential short-term fluctuations in customer management revenue and profits due to intensified competition and user investment [2].

11月20日，美国最大零售商沃尔玛公布第三季度亮眼业绩，利润和销售额均超出预期，并上调全年指 引。 在财报公布后，截止发稿沃尔玛美股盘前涨超3%。 营收、每股收益超预期 财报显示，沃尔玛在三季度营收1795亿美元，同比增长5.8%，高于预期的1774.3亿美元；调整后运营收 益72亿美元；调整后每股收益0.62美元，高于分析师预期的0.6美元。 归属于公司的净利润为61.43亿美元，同比增长34.2%。调整后的经营利润为72.46亿美元，同比增长 8.0%，好于市场预期的70.3亿美元。 子品牌山姆会员店的销售额约236亿美元，同比增长3.1%；不含燃油的可比销售额增长约4.4%；电商增 长约22%。 | Walmart U.S. | Q3 FY26 | 03 FY25 | | Change | | --- | --- | --- | --- | --- | | Net sales | $120.7 | $114.9 | 55.8 | 5.19 | | Comp sales (ex. fuel)? | 4.596 | 5.396 | NP | 즉 즉 | | Transactions | 1.896 | 3. ...

Core Viewpoint - Walmart's Q3 performance highlights strong growth in e-commerce and overall sales, leading to an upward revision of its fiscal 2026 earnings forecast, reflecting resilience amid economic uncertainty [3][4]. Financial Performance - Q3 revenue reached $179.5 billion, a 5.8% year-over-year increase, surpassing market expectations of $177.57 billion [4] - Adjusted operating income was $7.2 billion, exceeding analyst predictions of $7.03 billion [4] - Adjusted earnings per share (EPS) were $0.62, above the expected $0.60 [4] - Walmart raised its full-year net sales growth forecast to 4.8%-5.1%, up from the previous 3.75%-4.75% [4] E-commerce Growth - Global e-commerce sales grew by 27%, with U.S. e-commerce sales increasing by 28%, driven by in-store delivery orders and advertising [7][8] - International e-commerce sales surged by 26%, while Sam's Club saw a 22% increase [7] Advertising Business - Walmart's advertising business grew by 53% globally, with U.S. advertising revenue from Walmart Connect increasing by 33% [8] Customer Trends - High-income customers are increasingly turning to Walmart for price advantages amid rising grocery prices due to inflation [9] - The company noted that delivery speed is a key factor in attracting customers, with 95% of U.S. households able to receive deliveries within three hours [10] Holiday Season Outlook - Walmart is optimistic about the holiday season, preparing competitive pricing strategies, contrasting with the cautious outlook of competitors like Target and Home Depot [12][13]