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 Viewpoint - The company, Saimite, is facing challenges in its upcoming IPO due to concerns over its operational focus, particularly the balance between marketing and research and development (R&D) efforts, as well as frequent changes in its board and management structure [6]. Group 1: IPO and Regulatory Feedback - Saimite has received feedback from the regulatory authority regarding its overseas listing, which includes inquiries about shareholding changes, employee stock incentive plans, and compliance with investment regulations [1][4]. - The company is required to clarify the rationale behind share pricing for new shareholders and whether there are any legal restrictions on shareholding by certain entities [4][5]. Group 2: Business Operations and Financial Performance - The company’s business scope includes data processing services, internet data services, and advertising, among others, and it must demonstrate compliance with necessary licenses and foreign investment policies [2][5]. - In the first half of 2025, Saimite's revenue growth slowed significantly to 9.75% year-on-year, while net profit declined by 4%, indicating a potential issue with prioritizing marketing over R&D [6]. - The company has seen a substantial increase in R&D outsourcing expenses, which now represent a growing proportion of its total R&D spending [6]. Group 3: Management and Governance - There have been frequent changes in the board and supervisory positions within Saimite, with some directors resigning within a year of their appointment [6]. - Following aggressive mergers and acquisitions, the company's goodwill now accounts for over 20% of its net assets, raising concerns about potential impairment risks if subsidiary performance declines [6].

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for 13 companies, including Yongli Technology, regarding compliance issues related to their equity control structure and domestic entity compliance [1][2] - Yongli Technology's holding company, Kokobots Group, submitted an IPO application to the SEC in July, with the stock code "KOKO" [1] - AC Sunshine Securities is the sole book manager for this transaction [1] Group 2 - The CSRC requested Yongli Technology to clarify the compliance of its equity control structure, including adherence to foreign exchange management, overseas investment, foreign investment, and tax management regulations [1] - The company must provide a legal opinion from its lawyers regarding the compliance of acquiring the domestic entity, Shanghai Yongli Information Technology Co., Ltd., and the tax declaration status of the transfer parties [1] - Yongli Technology is required to explain the pricing basis and rationale for the new shareholders' investment within the last 12 months [2] Group 3 - The company must detail its business model, processes, and services related to autonomous driving technology, including any involvement in mapping and whether its domestic operations fall under foreign investment restrictions [2] - Yongli Technology is required to disclose the scale of customer information collected through its website, apps, and mini-programs, and whether it shares personal user data with third parties or overseas [2] - The company must outline its measures for personal information protection and data security before and after the IPO, as well as whether a cybersecurity review is necessary [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Stone Technology, regarding their overseas listing [1] - Stone Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange, with the board approving relevant proposals on June 6, 2025 [2] - The company is actively discussing with intermediaries about the H-share issuance and listing, with specific details yet to be determined [2] Group 2 - The CSRC has requested Stone Technology to clarify its business operations related to value-added telecommunications services and advertising, including compliance with foreign investment regulations [1] - The company must provide details on its data collection practices, user information storage, and measures for personal data protection before and after the listing [1] - Stone Technology is required to explain discrepancies in the identification of its controlling shareholder and provide a conclusive opinion on this matter [1]

Group 1 - The core viewpoint of the article highlights that Jinjiang Hotels is pushing for an "A+H" listing while facing challenges such as domestic price cuts to maintain occupancy and significant overseas losses [1] - Jinjiang Hotels has received feedback from the China Securities Regulatory Commission regarding its overseas listing, which includes several inquiries about compliance with regulations [1][2] - The company is required to clarify whether its subsidiaries meet the criteria for overseas issuance and listing as per the relevant regulations [3] Group 2 - The regulatory feedback requests detailed information on the company's websites, apps, and data handling practices, including user information collection and cross-border data flow [1][3] - Jinjiang Hotels must provide legal opinions confirming compliance with tobacco retail licensing and foreign investment policies for its domestic subsidiaries [3] - The company is also asked to explain the intended use of raised funds and ensure alignment with overseas investment regulations [2][3]

Financial Data and Key Metrics Changes - Net sales increased by 5.1% to $10.7 billion in Q2 compared to $10.2 billion in the same quarter last year, driven by strong performance from new stores and the mature store base [7] - Gross profit as a percentage of sales was 31.3%, an increase of 137 basis points, primarily due to lower shrink, higher inventory markups, and lower inventory damages [17] - Operating profit for Q2 increased by 8.3% to $595 million, with operating profit as a percentage of sales rising by 16 basis points to 5.6% [19] - EPS for the quarter increased by 9.4% to $1.86, exceeding internal expectations [20] - Merchandise inventories decreased by 5.6% year-over-year to $6.6 billion, with a 7.4% decrease on an average per store basis [20] Business Line Data and Key Metrics Changes - Same store sales increased by 2.8%, driven by a balanced growth of 1.5% in customer traffic and 1.2% in average basket size [8] - Positive comp sales growth was observed across all categories, including consumables, seasonal, home, and apparel [8][9] - The $1 value merchandising set, comprising over 500 rotating SKUs, saw same store sales growth more than twice the overall company rate [12] Market Data and Key Metrics Changes - Market share grew in both dollars and units for highly consumable product sales, as well as in non-consumable product sales [8] - Customers across all income brackets increased spending, with notable growth from middle and higher-income customers [9][10] Company Strategy and Development Direction - The company is committed to maintaining everyday low prices, operating within three to four percentage points of mass retailers [11] - Focus on enhancing the value and convenience proposition for customers, with a substantial offering of items at or below the $1 price point [11] - Continued investment in real estate, with plans for 4,885 projects in 2025, including 575 new store openings in the U.S. and up to 15 in Mexico [23] - Digital initiatives are being expanded, including partnerships with DoorDash and Uber Eats to enhance delivery options [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for shrink reduction to contribute more than 80 basis points toward the operating margin goal of 6% to 7% [17][24] - The company raised its financial outlook for 2025, expecting net sales growth of approximately 4.3% to 4.8% and same store sales growth of approximately 2.1% to 2.6% [23] - Management acknowledged potential uncertainty in consumer behavior as the year progresses, particularly in Q4 [23] Other Important Information - The company is transitioning to a new CFO, Donnie Lau, who is expected to begin in October [14] - The company is focused on improving its debt metrics to support a commitment to middle BBB ratings by S&P and Moody's [22] Q&A Session Summary Question: Expectations on operating margin due to shrink reduction - Management is optimistic about potentially outperforming shrink expectations but maintains a target of 6% to 7% for the operating margin [40][41] Question: Gross margin expectations for Q3 and execution progress - Management expects year-over-year improvement in gross margin but anticipates tougher comparisons in Q4 [46][47][49] Question: Insights on delivery partnerships and incrementality - The DoorDash partnership has driven significant sales growth, and the company is optimistic about the new Uber Eats partnership [53][54][56] Question: Customer behavior and value proposition - Management noted that customers are resilient and seeking value, with a strong value proposition across all income cohorts [63][64][66] Question: Relationship between shrink and inventory damages - Management highlighted that improvements in shrink are positively impacting damages, with expectations for continued improvement [100][101]

Core Insights - The article discusses the challenges faced by programmers in the internet industry, including long working hours, tight project deadlines, and slow salary growth, leading many to consider side jobs [1] - It emphasizes the advantages programmers have when pursuing side jobs, such as strong technical monetization capabilities, access to internet resources, and project-oriented thinking [2] - The article concludes that if programmers choose the right direction for their side jobs, they can often start faster than individuals from other industries [3] Summary by Sections - **Challenges in the Industry** - Programmers face issues like excessive overtime, project pressures, and slow salary increases, prompting thoughts about side jobs [1] - **Advantages of Programmers** - Strong monetization ability due to coding skills - Ability to create websites, small programs, and automation tools that can be directly monetized - Greater exposure to internet resources and side job opportunities - Project-oriented mindset that aids in task breakdown and execution [2] - **Potential for Success** - Choosing the right direction for side jobs allows programmers to gain a head start compared to others [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Jiyi Technology, which must comply with the regulations outlined in the "Trial Measures for the Administration of Overseas Issuance and Listing of Domestic Enterprises" [1] - Jiyi Technology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] - The CSRC has requested Jiyi Technology to clarify the personnel composition and changes in various incentive plans, as well as any potential conflicts of interest with other shareholders and management [1][2] Group 2 - Jiyi Technology is recognized as a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China, focusing on driving brand growth through digital technology and efficient operations [3] - According to Frost & Sullivan, Jiyi Technology ranks second among digital retail comprehensive operation service providers in China by GMV in 2024, and fifth among e-commerce operation service providers [3] - Jiyi Technology is also the top-ranked service provider in cross-border import e-commerce operations in China, based on GMV in 2024 [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Jiyite Technology [1] - Jiyite Technology is required to clarify whether there are any prohibitive circumstances for overseas issuance and listing according to the relevant regulations [1] - The company has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 2 - Jiyite Technology must provide detailed information regarding its incentive plans, including personnel composition and any potential conflicts of interest with shareholders and management [1][2] - The company is also required to explain the reasons for the significant price differences in the incentive share grants among its various incentive plans [1][2] - The CSRC has requested clarification on the compliance of the decision-making process for certain incentive plans that were established in December 2020 but only executed in April 2025 [1][2] Group 3 - Jiyite Technology is recognized as a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China [3] - According to Frost & Sullivan, Jiyite Technology ranks second among digital retail comprehensive operation service providers in China by GMV for 2024, and fifth among e-commerce operation service providers [3] - The company is also the top-ranked service provider in cross-border import e-commerce operations in China, based on GMV for 2024 [3]