以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 将投中网设为"星标⭐"，第一时间收获最新推送 涨价后消费者不爱去了？ 作者丨 易浠 编辑丨 吴跃 来源丨 财经天下WEEKLY 19.9元的速干T恤、49.9元的双肩包、99元的登山鞋，这些让消费者高呼真香的迪卡侬商品，自两 年前以肉眼可见的速度消失后，去迪卡侬的消费者就变少了。 在消费者加速"逃离"中，迪卡侬开始考虑出售中国业务了。今年4月以来，迪卡侬中国业务"卖身"的 传闻就在坊间流传开来。 8月下旬，有媒体报道称，迪卡侬正计划出售中国子公司约30%的股权。 这一业务初步估值区间约10亿~15亿欧元，折合人民币约100亿元。对于市场传闻，迪卡侬中国方面 回复称："不予置评。 " 据了解，目前已有多家投资机构进入谈判阶段。 知情人士王啸告诉《财经天下》，"早就听说安踏与迪卡侬在接触，但由于价格一直没谈妥，估计年 底有结果，安踏认为迪卡侬要价高了"。 迪卡侬在中国是怎么走到今天这一步的？ 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关 ...

维斯玛队25日在声明中说："昨晚，我们机械师的卡车被人强行撬开，数辆自行车被盗……我们的 机械师团队正在努力确保车队为（环西自行车赛）第三赛段做好充分准备。（意大利）警方已对此事启 动调查。" 车队没有说明被盗自行车数量。据意大利《体育报》报道，共有18辆自行车被盗，总价值约25万欧 元（约合209.3万元人民币）。下榻同一酒店的另两支车队设备无虞。 2025年环西自行车赛23日在都灵开赛，预定9月14日在西班牙马德里落幕，比赛路线跨越四个国 家。第三赛段在意大利境内进行，全程134.6公里，终点设在意大利阿尔卑斯山区的切雷斯。 维斯玛队主力车手约纳斯·温格高24日夺得了环西第二赛段冠军。维斯玛队是一支荷兰职业公路自 行车队，目前主要赞助商为挪威软件公司维斯玛。（沈敏） 新华社北京8月26日电 意大利有部著名电影《偷自行车的人》。如今一支自行车队真的在意大利遇 到了"偷自行车的人"。 知名公路自行车队"维斯玛-租辆自行车"队（简称维斯玛队）25日报告说，该车队24日晚在意大利 都灵附近一家酒店下榻时，"数辆"自行车被盗。这支车队刚刚在环西班牙自行车赛第二赛段拔得头筹， 正准备25日的第三赛段比赛。 ...

资料图片 如何在光线不足的环境中确保安全？怎样应对突如其来的恶劣天气？又该如何在骑行中展现文明与风 度？"当面对这些问题时，说明你已经处于骑行的进阶阶段，需要熟练掌握应对策略，遵守骑行一般规 则。"四川省成都市自行车队教练郑雨林说。 如何保障夜间骑行安全 当白天的喧嚣褪去，路灯次第亮起，夜骑爱好者迎来一天中独具魅力的时刻。然而，这份魅力伴随着独 特的挑战：能见度降低、反应时间缩短、潜在危险增加。这就需要夜骑者掌握一套与日间骑行不同的技 巧。 夜骑的装备绝非点缀，而是保障安全的第一道防线。前车灯亮度不应低于300流明，后尾灯应选择带有 闪烁模式的醒目款式。别满足于车灯本身——在车轮辐条上加装反光片，穿着带有反光条纹的衣物，头 盔上也可以贴反光贴。当这些细节被灯光照射时，骑行者会成为道路上无法忽视的存在。 路线选择同样重要。夜间应主动避开没有照明的道路，打开手机导航软件，进入自行车骑行模式，选择 更安全的替代路线。特别要留意道路施工信息——白天容易避开的坑洞，在夜晚可能成为隐形陷阱。 夜间能见度低，汽车盲区对骑行者来说更危险。始终保持与停靠车辆至少一米的距离，以防车门突然打 开。遇到路口时，即使骑行者是直行且拥有 ...

Financial Data and Key Metrics Changes - The company reported a decrease in GMV from €356 million in Q1 to €296 million in Q2, indicating a decline in revenue during the second quarter [34] - The company expects a return on equity and return on capital employed to remain in the range of 18% to 28% for the year [56] Business Line Data and Key Metrics Changes - The company has acquired seven companies this year, with four already consolidated and three expected to be consolidated in the second half of the year [27] - The revenue model for the pharmaceutical segment is being evaluated, with a potential new segment being established due to significant revenue contributions from pharmaceutical companies [24] Market Data and Key Metrics Changes - The company has a strong focus on expanding its international footprint, currently generating around 75% of revenues from Germany, Austria, Switzerland, and the Netherlands [102] - The company is actively pursuing acquisitions in Southern and Eastern Europe to diversify its market presence [104] Company Strategy and Development Direction - The company aims to grow by acquiring new partners and expanding its product offerings, emphasizing that growth is driven by partners rather than industry performance [30] - The company is implementing AI across its operations to enhance efficiency and reduce costs, with all employees receiving weekly training on AI [89][90] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in certain sectors like automotive and furniture but emphasized that their growth is not dependent on industry performance [30] - The company is conservative in its approach to international expansion, preferring gradual steps to ensure profitability and risk management [104] Other Important Information - The company has shifted its auditor to Air Group, which is seen as a balanced choice between a large and small firm [21] - The company has a cash pooling system in place with its subsidiaries, allowing for efficient cash management across the group [63] Q&A Session Summary Question: What is the reason for the decrease in GMV from Q1 to Q2? - Management confirmed that the decrease is seasonal, with higher GMV typically seen in November and December due to holiday shopping [35] Question: Will the pharmaceutical segment become its own segment? - Management indicated that they are considering establishing a new segment for pharmaceuticals due to significant revenue contributions [24] Question: How does the company manage cash within the group? - The company explained that it does not require large cash reserves at the holding level due to cash pooling agreements with subsidiaries [63] Question: What is the turnover rate among partners? - The company reported a turnover rate of about 3% to 4% per year among partners [66] Question: What is the strategy for international expansion? - The company is focused on gradual international expansion, with recent acquisitions in the Netherlands and plans to enter Southern and Eastern Europe [104]

Core Viewpoint - Decathlon is planning to sell approximately 30% of its stake in its Chinese subsidiary, with an estimated valuation of €10-15 billion (around ¥100 billion) [4][6]. Group 1: Decathlon's History and Market Presence - Decathlon was founded in 1903 by Louis Mulliez in France, evolving from a textile factory to a major sports retail brand [5]. - The company entered the Chinese market in 1994, establishing a production office in Guangzhou, and opened its first retail store in Shanghai in 2003 [6]. - By 2015, Decathlon had expanded to 166 stores in China, reaching approximately 260 stores by the end of 2017, despite recent store closures [6]. Group 2: Current Business Structure and Operations - Decathlon China operates 4 owned factories, 11 industrial procurement offices, and around 400 partner factories, contributing significantly to the global supply chain [6]. - Products sourced from Decathlon's Chinese factories account for 42.5% of the group's global market [6]. Group 3: Share Sale and Investment Dynamics - The family behind Decathlon is only willing to sell 30% of the stake, indicating the importance of the Chinese market to the company [7]. - The potential transaction is expected to be structured as a mix of "capital increase and share transfer," similar to the Starbucks China deal [10]. - Multiple international private equity and sovereign funds have signed confidentiality agreements, with some investors seeking more than 30% [11]. Group 4: Broader Market Trends - The trend of acquiring the Chinese operations of multinational companies is becoming a significant direction in consumer mergers and acquisitions [13]. - Recent examples include the acquisition of McDonald's China operations by CITIC Group for $20.8 billion, which has led to substantial growth in store numbers [13].

Core Viewpoint - The article discusses the phenomenon of middle-aged and elderly individuals becoming addicted to online shopping, leading to a significant impact on family relationships and raising concerns about the quality and necessity of their purchases [1][36][38]. Group 1: Online Shopping Behavior - Middle-aged and elderly consumers are increasingly engaging in online shopping, often purchasing low-quality or unnecessary items, which has become a source of frustration for their children [1][36]. - The allure of low prices drives these consumers to buy items that are often deemed "junk" or "three-no products" (no quality, no brand, no after-sales service) [4][12]. - The convenience of online shopping has led to a surge in deliveries, with families overwhelmed by the volume of packages arriving at their homes [23][36]. Group 2: Psychological Factors - The article highlights that many elderly individuals are motivated by a fear of being left behind in a rapidly changing world, leading them to engage in online shopping as a way to stay connected [38]. - There is a psychological manipulation at play, where unscrupulous sellers exploit the elderly's desire for bargains and their lack of understanding of online shopping processes [36][38]. - The phenomenon reflects a role reversal in family dynamics, where younger generations now worry about their parents' online habits, similar to how parents once worried about their children's gaming [38]. Group 3: Market Dynamics - The article suggests that the market for online products targeted at the elderly is thriving, as businesses find it easier to sell to this demographic due to their willingness to spend [36]. - There is a growing trend of products marketed with dubious claims, such as health benefits or unique features, which appeal to the elderly's concerns about health and wellness [21][36]. - The rise of live-stream shopping has become particularly popular among older consumers, who are drawn to the interactive and engaging nature of these platforms [10][36].

Core Viewpoint - Zhonglu Co., Ltd. reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue for the first half of 2025 reached 574 million yuan, a year-on-year increase of 10.66% [1] - Net profit attributable to shareholders was -8.31 million yuan, a decline of 434.16% compared to the previous year [1] - Gross margin decreased to 14.93%, down 3.87% year-on-year, while net margin fell to -1.89%, a drop of 1676.53% [1] - Total expenses (selling, administrative, and financial) amounted to 84.60 million yuan, accounting for 14.74% of revenue, an increase of 18.22% year-on-year [1] - Earnings per share were -0.03 yuan, a decrease of 425.00% compared to the previous year [1] Business Segments - The company's revenue composition for 2024 included bicycles and children's vehicles (71.35%), electric bicycles (21.81%), rental and storage (4.40%), and high-altitude wind energy and others (2.44%) [4] - Electric bicycles and rental/storage businesses saw growth of 6.56% and 18.29% respectively compared to the previous year [4] Strategic Focus - The company aims to enhance its product structure in bicycles, focusing on green and low-carbon initiatives, and plans to develop high-end carbon fiber bicycles through collaboration with Factor [3] - Future strategies include extending the bicycle industry chain and increasing investment in high-altitude wind energy technology [3] Governance and Oversight - Independent directors are committed to protecting minority shareholders' interests and ensuring compliance and transparency in company operations [5] - The company plans to revise its governance structure in 2025 to enhance internal control and management [5] Industry Context - The bicycle industry faces intense competition due to low entry barriers and evolving consumer demands for comfort, personalization, and cost-effectiveness [5] - The company is focusing on R&D and brand building to improve product competitiveness in a challenging market [5]

Group 1 - The company has approved the establishment of a joint venture in Bulgaria to enhance its overseas business expansion and mitigate trade policy risks [2][4] - The joint venture, named Phoenix Bicycle Europe AD, has a registered capital of approximately 10 million euros and will focus on the research, assembly, and sales of mid-to-high-end electric bicycles [2][4] - The establishment of the joint venture has received necessary approvals from relevant domestic authorities, including the Shanghai Municipal Development and Reform Commission [3] Group 2 - The joint venture aims to leverage the company's technological, brand, and channel advantages to penetrate the EU market more effectively and enhance its global market influence [4] - The company anticipates that the joint venture will provide strong support for its future bicycle business development, although it may not have a significant immediate impact on overall performance [4][5]

Group 1 - Decathlon plans to sell approximately 30% of its stake in its Chinese subsidiary, with an estimated valuation between €1 billion to €1.5 billion (approximately ¥10 billion) [3][7] - The sale process has attracted interest from multiple international investment institutions, indicating a competitive environment for the acquisition [3][9] - The potential transaction is seen as a rare equity transfer in Decathlon's nearly 50-year history, as the company has primarily relied on family funds and operational cash flow for its growth [7][9] Group 2 - Decathlon's history in China began in 1994 with the establishment of a production office in Guangzhou, and it opened its first retail store in Shanghai in 2003 [6] - By 2015, Decathlon had expanded to 166 stores in China, reaching approximately 260 stores by the end of 2017, although recent years have seen a contraction in store numbers [6][7] - Decathlon has established a significant presence in China, with 4 owned factories, 11 industrial procurement offices, and around 400 partner factories, contributing to 42.5% of the group's global market procurement [6][7] Group 3 - The ongoing trend in consumer mergers and acquisitions includes major international brands like Starbucks and Häagen-Dazs exploring divestitures of their Chinese operations, reflecting a strategic shift towards local management [9][10] - The competitive landscape for acquisitions is intensifying, with notable investment firms and tech giants like Tencent and JD.com showing interest in these opportunities [10]

Core Insights - Cambodia's trade with ASEAN countries reached $9.67 billion in the first seven months of the year, marking a year-on-year growth of 5.2% [1] - The trade volume with ASEAN accounted for 26.3% of Cambodia's total international trade during the same period [1] Trade Exports and Imports - Exports to ASEAN amounted to $3.53 billion, reflecting a significant year-on-year increase of 17.8% [1] - Imports from ASEAN totaled $6.14 billion, showing a slight year-on-year decline of 0.9% [1] Major Trade Partners - Vietnam remains Cambodia's largest trading partner, with bilateral trade reaching $4.95 billion, up by 7.5% [1] - Thailand is the second-largest partner, with trade around $2.4 billion, experiencing a minor decline of 0.6% [1] - Singapore ranks third with a trade volume of approximately $900 million, increasing by 17.1% [1] - Indonesia is fourth with about $600 million in trade, down by 9% [1] - Malaysia holds the fifth position with trade also around $600 million, growing by 11% [1] Key Export and Import Goods - Major exports from Cambodia to ASEAN include agricultural products, clothing, footwear, bags, electronics, and bicycles [1] - Key imports from ASEAN consist of food and beverages, electrical and electronic equipment, construction materials, agricultural machinery, and vehicles [1]