Core Viewpoint - The article discusses the health issues of U.S. President Donald Trump, particularly focusing on his long-term use of high doses of aspirin and its implications for his health as he approaches his 80th birthday [1][4]. Group 1: Health and Medication - Trump has been taking a high dose of aspirin (325 mg daily) for 25 years, which he believes helps to thin his blood, despite doctors recommending a lower dose [1][4]. - He acknowledges that this medication has led to visible bruising on his hands, which he attributes to the high dosage [2][4]. - Trump's health issues include chronic venous insufficiency, confirmed by the White House, which causes swelling in his legs [1]. Group 2: Lifestyle and Activity - Despite his age, Trump claims to maintain a busy schedule, working long hours in the Oval Office and holding numerous meetings [5]. - He admits to having trouble sleeping and often sends messages to aides late at night, indicating potential signs of aging [6]. - Trump has shown little interest in exercise beyond playing golf and has abandoned wearing medical compression socks, which were recommended for his condition [8]. Group 3: Diet and Nutrition - Trump's diet is characterized by high-calorie foods, as illustrated by a past meal that included a giant burger and fries [8]. - He has been prescribed medications to manage cholesterol levels, indicating some awareness of dietary impacts on health [9]. - Trump attributes his ability to maintain energy levels at an advanced age to genetics, citing his parents' vitality in their later years [10].

新一轮东西部协作开展以来，鲁甘两省重点打造万亩马铃薯高产示范基地项目 这里的"甘"薯有"鲁"味 一个峁接着一座塬，一条沟连着一条壑，这是甘肃陇中典型的黄土高原地貌。甘肃省定西市鲁家沟 镇大、小岔村和花岔村的土地，大都在高高的塬上。 从塬上向下望去，聚鑫农民专业合作社理事长李聚东感慨万千。曾经的山区旱坡地已经发生了巨 变，细窄的山腰地变成了水肥一体灌溉的梯田。 "今年亩产在六七千斤，好的地块能达到八九千斤。"李聚东赶在11月气温下降前，将合作社2800亩 马铃薯收获完毕，这么高的产量，放在以前他想都不敢想。 这得益于万亩马铃薯高产示范基地的建设。该项目是2021年新一轮东西部协作启动以来，鲁甘两省 重点打造的项目。在山东4500多万元帮扶资金的支持下，项目引水上山，将1.14万亩的山区旱坡地改造 成了高标准农田，马铃薯亩均产量从2500斤提高到8500斤。 引水上山建基地 甘肃陇中，曾以"苦瘠甲于天下"闻名。翻山越岭担水，打井掘窖储水……千百年来，一部生存史， 半部找水记。 2021年9月引洮供水工程主体全线告竣，汩汩清水流入千家万户。然而，水到了山脚下，却难上黄 土塬。 2023年秋，一个消息传遍周边村落。" ...

冬日时节，六盘山下的宁夏固原市一派繁忙景象：西吉县将台堡镇火集村的村民大会上，蔬菜代办 正向村民分析消费市场新变化，共商明年冷凉蔬菜基地发展计划；雪川六盘山食品(宁夏)有限公司将当 地人日常烹饪的"小土豆"，通过现代工艺转化为畅销全球多个国家和地区的薯条产业…… 品质是品牌的生命。过去，固原市蔬菜种植多停留在"一家一户、自给自足"的传统模式。2017年开 始，当地推广使用拱棚辣椒、设施甜瓜、蒜苗复种西蓝花等标准22项，制定芹菜覆膜压沙穴播标准化栽 培技术规程和拱棚辣椒标准化生产技术规程，引进推广穴盘育苗、水肥一体化、病虫害防控大处方等健 康栽培实用技术19项，逐步构建起冷凉蔬菜全产业链标准体系。 目前，固原市万亩以上规模的蔬菜单品已突破10个，冷凉蔬菜种植面积稳定在50万亩，产量超200 万吨，产业链产值超过45亿元，80%的蔬菜销至华北、华中、华南等地区。 深加工卖好价 近年来，固原市立足资源禀赋，培育壮大冷凉蔬菜、肉牛、马铃薯等特色产业。搭乘"六盘山"品牌 的快车，当地农产品加速"出村进城"，从田间走向车间、从本地迈向全国，源源不断送上千家万户的餐 桌，稳步融入消费大市场高质量发展。这是固原市推进品牌战略 ...

目前，固原市万亩以上规模的蔬菜单品已突破10个，冷凉蔬菜种植面积稳定在50万亩，产量超200万 吨，产业链产值超过45亿元，80%的蔬菜销至华北、华中、华南等地区。 图为宁夏固原市原州区中河乡马铃薯种植基地。（资料图片） 冬日时节，六盘山下的宁夏固原市一派繁忙景象：西吉县将台堡镇火集村的村民大会上，蔬菜代办正向 村民分析消费市场新变化，共商明年冷凉蔬菜基地发展计划；雪川六盘山食品（宁夏）有限公司将当地 人日常烹饪的"小土豆"，通过现代工艺转化为畅销全球多个国家和地区的薯条产业…… 近年来，固原市立足资源禀赋，培育壮大冷凉蔬菜、肉牛、马铃薯等特色产业。搭乘"六盘山"品牌的快 车，当地农产品加速"出村进城"，从田间走向车间、从本地迈向全国，源源不断送上千家万户的餐桌， 稳步融入消费大市场高质量发展。这是固原市推进品牌战略的生动实践。通过着力擦亮品牌、强化产业 赋能，实现了提质增效，有效带动了农民增收，为推进乡村全面振兴注入动力。 擦亮特色品牌 固原市气候冷凉、土壤污染少，孕育出了优质的冷凉蔬菜等特色农产品。然而，长期以来，这些优质农 产品因缺乏品牌支撑，多作为低价原料流通。"过去守着好资源却卖不出好价钱，关键在于 ...

Core Viewpoint - McDonald's has quietly raised prices on several menu items in China, indicating a strategic shift in pricing amidst a competitive market and expansion plans [2][3]. Pricing Strategy - Starting December 15, McDonald's increased prices by 1 yuan for items like the Big Mac and Chicken McNuggets, and by 0.5 yuan for fries and McFlurry [2]. - The "poor man's meal" remains at 13.9 yuan, but adding a classic double cheeseburger now costs an additional 1 yuan, effectively raising the price to 14.9 yuan [2]. - The pricing strategy appears to be a deliberate "price filtering" approach, maintaining basic meal options for cost-conscious customers while slightly increasing prices on popular items to differentiate between customer segments willing to pay more [2][3]. Market Context - Despite a competitive environment in the Chinese food delivery market, where many competitors are offering promotions, McDonald's has opted for price increases [2]. - In contrast, McDonald's in the U.S. is lowering prices to regain a "value" image due to declining customer traffic, highlighting a divergence in strategy based on market conditions [2]. - The confidence in raising prices in China may stem from a deep understanding of the local consumer market, where brand loyalty and convenience still drive purchases even at higher prices [2]. Expansion Plans - McDonald's aims to open nearly 1,000 new stores this year as part of its goal to reach 10,000 stores by 2028, which necessitates balancing expansion costs with profitability [3]. - The recent price adjustments may serve as a test to balance the company's ambitious expansion goals with its profit targets, using basic meal options to retain core customers while experimenting with price increases on individual items [3].

Group 1 - The sports endorsement market in China remains highly active in 2025, despite the absence of the Olympics, with brands focusing on long-term partnerships with athletes rather than just short-term exposure during major events [2] - Brands are increasingly selecting high-quality athletes for endorsement deals, indicating a shift towards valuing long-term relationships and consistent consumer engagement over fleeting moments of glory [2] - The endorsement landscape for top Chinese table tennis players, particularly Sun Yingsha, has seen a significant increase, with her securing 24 brand partnerships across various industries, showcasing her high commercial value [3][5] Group 2 - Sun Yingsha's endorsements include major consumer brands like Nestlé, Unilever, and Meituan, reflecting her strong influence in the consumer goods sector [5][6] - Other top players like Wang Chuqin and Fan Zhendong are also securing numerous endorsements, indicating a peak in brand partnerships for Chinese table tennis athletes in a non-Olympic year [6][7] - Major sports brands like Nike and Adidas are actively updating their endorsement rosters, with Nike signing K-pop star Karina and Adidas engaging a variety of athletes and celebrities throughout the year [7][9] Group 3 - The outdoor brand sector is witnessing a surge in endorsements, with brands like Under Armour and The North Face signing influential celebrities to enhance their market presence [10] - The upcoming 2026 Winter Olympics is generating significant interest, with brands already partnering with athletes like Gu Ailing and Su Yiming, who are expected to attract more endorsements as the event approaches [11][13] - The ice and snow sports market in China is projected to exceed 1 trillion yuan, highlighting the growing commercial potential in this sector as the Winter Olympics draws near [11]

Core Insights - The strategic partnership between CPE Yuanfeng and RBI aims to revitalize Burger King's operations in China, where it has struggled to grow compared to competitors like KFC and McDonald's [1][2][9] - Burger King's store count in China has stagnated, decreasing from 1,300 in 2019 to approximately 1,250 currently, while KFC and McDonald's have significantly expanded their presence [1][9] - The shift in competitive dynamics in the Chinese market emphasizes the importance of local operational capabilities over foreign brand prestige [2][12] Company Performance - Burger King China has approximately 1,474 stores as of the end of 2024, while its global parent, RBI, has a total of 6,701 stores in the U.S. and fewer than 1,000 in other markets [9] - The partnership with CPE Yuanfeng involves an initial investment of $350 million to support expansion, marketing, and operational improvements [9][10] - The previous exclusive franchise rights held by TFI Group allowed for rapid expansion, increasing store count from about 50 to 1,000 in six years [8] Market Dynamics - The entry of foreign fast-food brands into China has evolved, with local partnerships becoming crucial for success, as seen with KFC and McDonald's [2][10] - The competitive landscape has shifted, with local brands like Tasting rapidly increasing their market share, highlighting the need for foreign brands to adapt [1][6] - The operational challenges faced by Burger King in China stem from its initial high-end positioning and slow adaptation to local market demands [6][12] Investment Trends - Chinese investment firms are increasingly acquiring foreign brands' operations in China due to established brand trust and user bases, which lower risks compared to building local brands from scratch [13][16] - The financial attractiveness of these acquisitions is underscored by the valuation differences between local and global operations, making them appealing to investors [13][16] - The potential for operational synergies and local market expertise is a key driver for these investments, as seen with CPE Yuanfeng's previous investments in other consumer brands [16][17]

Acquisition Dynamics - Kimberly-Clark plans to acquire Kenvue for approximately $48.7 billion, including debt, with an equity value of about $40 billion [3] - Kenvue shareholders will receive $21.01 per share, representing a 46.2% premium over the previous closing price [3] Strategic Partnerships - Starbucks has entered a strategic partnership with Boyu Capital to form a joint venture for its retail operations in China, with Boyu holding up to 60% equity [5] - The enterprise value of the joint venture is estimated at $4 billion, and Starbucks expects its total retail business value in China to exceed $13 billion [5] - The joint venture aims to expand Starbucks' store count in China from 8,000 to 20,000 [5] Company Developments - Simplot has completed the acquisition of Belgian fries company Clarebout, enhancing its global production base to 23 facilities [7] - A2 Milk Company has sold a 75% stake in Mataura Valley Milk to Open Country Dairy, with plans for a NZ$100 million investment to boost capacity [10] Brand Dynamics - ZARA has opened its first Zacaffè coffee shop in Japan, aiming to strengthen customer engagement [12] - SSENSE has entered bankruptcy protection, owing approximately CAD 93 million to various fashion brands, highlighting vulnerabilities in the luxury e-commerce sector [15] - Ele.me has officially rebranded to Taobao Shanguo, part of Alibaba's strategy to unify its instant retail branding [18] Operational Changes - Coucou has launched a dual-point model nationwide, focusing on high-quality offerings to attract new customers and enhance repurchase rates [20] - Sam's Club has responded to user complaints regarding its app update, committing to improve the display of product information [23] Personnel Changes - JAB has appointed José Cil as the global consumer business leader, bringing over 30 years of experience in the sector [26]

| | | 利群商业集团股份有限公司 2025 年第三季度经营数据 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所的相关规定，现将公司 2025 年第三季度主要经营数据 （未经审计）公告如下： 一、报告期内公司门店变动情况 报告期内，公司大型零售门店情况无变动；小型门店方面：新开便利店 4 家，关闭便利店 3 家，关闭品类专营店 3 家。 1 情况说明： 二、报告期末主要经营数据 （一）主营业务分业态情况 | 单位：元 | | --- | | 经营业态 | 主营业务收入 | | | 毛利率 | | | | --- | --- | --- | --- | --- | --- | --- | | | 本期 | 上期 | 同比 | 本期 | 上期 | 同比 | | 零售连锁 | 998,596,286.61 | 1,112,725,415.73 | -10.26% | 21.93% | 20.88% | 5.03% | | 物流供应链 | 412,116,048.58 | 420,388,183.05 | ...

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (referred to as "Jintian Animation" or "the Company") has submitted its listing application to the Hong Kong Stock Exchange, with a heavy reliance on licensed IP for its revenue, raising concerns about potential undisclosed related party transactions and governance issues [1][12]. Group 1: Company Overview - Jintian Animation focuses on the research, design, production, promotion, and sales of animated leisure foods, combining anime with food concepts to target the youth market [2]. - The Company holds licenses for several major IPs, including Ultraman and Detective Conan, and is recognized as the largest IP fun food enterprise in China by revenue, with a market share of 7.6% [2]. - As of June 30, 2025, Jintian Animation is reported to have the most IP licenses among IP fun food companies in China [2]. Group 2: Ownership and Control - The actual controller, Cai Jianchun, holds 100% of the shares in Jintian Animation, raising concerns about the potential for abuse of control and lack of independent oversight [3]. - Cai Jianchun's compensation has seen significant increases, with a 184.9% year-on-year rise in 2024, which is notably higher than other board members [5]. Group 3: Financial Performance - Jintian Animation's revenue has shown rapid growth, with figures of 596 million, 664 million, 877 million, and 444 million RMB over the reporting periods, alongside net profits of 36.86 million, 75.73 million, 131 million, and 70.30 million RMB [13]. - The Company's gross margin has consistently exceeded industry averages, with rates of 26.6%, 32.6%, 33.7%, and 34.7% across the reporting periods, indicating strong profitability compared to peers [14]. Group 4: IP Dependency and Risks - The Company is highly dependent on licensed IPs, with revenue from IP fun foods accounting for 96.6%, 97.6%, and 98.8% of total revenue from 2022 to 2024, projected to reach 99.5% by mid-2025 [15]. - The top five IPs contributed 90%, 88.7%, 85.9%, and 85.7% of revenue, with Ultraman being the largest source, highlighting the risks associated with reliance on a limited number of IPs [17]. Group 5: Market Challenges - The Company faces potential operational risks due to the expiration of IP licenses, particularly with the exit of key stakeholders like Sun Jian, who was involved in licensing agreements [18]. - The changing demographics, particularly the declining birth rate in China, pose long-term challenges for the market size of IP fun foods, which primarily target children [19].