过去二十年，中国企业级服务的增长逻辑非常朴素。 我们习惯了依靠两条腿走路，一条腿是廉价的工程师红利，让我们能以极低的成本开发功能复杂的软 件；另一条腿是廉价的销售与实施红利，支撑起庞大的地面部队去填平市场的沟壑。 在很长一段时间里，这套线性增长模型行之有效，只要招更多的人，就能签更多的单，获得更高的增 长。 然而，随着人口结构的变化和薪资水平的攀升，这两大红利正在迅速消退。 如今，维持一支千人规模的直销铁军，成本已高到让企业难以承受；而客户在被互联网深度教育后，对 软件体验的挑剔程度也呈指数级上升，单纯靠堆人力做交付的模式，边际效益几近归零。 传统的 To B 商业模式正面临结构性失效，企业如果不能从根本上改变生产关系，继续依赖人海战术， 增长将无从谈起。 正是这种压力，催生了商业物种的代际更替。 我们将目光投向中国 To B 发展史上的三个切片，试图厘清这场进化的脉络。 1.0 时代，以用友、广联达为代表的资源型企业，利用渠道和行业壁垒完成了早期的跑马圈地； 01 陆军时代：一切为了管控 在云计算尚未普及、移动互联网连影子都看不到的 1.0 时代，中国 To B 市场是一片广袤而荒芜的处女 地。 那时的企业 ...

"电商企业收入核算不是以收款为标准，而是以客户取得商品控制权为核心，掌握9个关键步骤就能合规高效落地"。这篇教程适配B2C、B2B等主流电商模 式，帮你精准解决收入确认时点、平台费用处理、退款退货核算等核心难题，读完即可掌握电商企业收入核算全流程实操技巧。 一、前置准备：核算前必备的3项基础工作 行业调研显示，超七成电商企业因准备不足导致收入核算出错，做好以下准备是顺利推进的前提： 制度与准则准备 二、分步实操：电商企业收入核算9个核心步骤 步骤1：订单接收与合同识别，奠定收入核算基础 步骤2：识别履约义务，明确收入确认单元 明确执行《企业会计准则第14号——收入》（2024年修订版）的"五步法"模型（识别合同→识别履约义务→确定交易价格→分摊价格→确认收入） 制定电商收入核算专项制度，明确收入确认时点、退款处理流程、平台费用核算标准等关键事项 建立订单状态与收入确认的对应规则（如"交易成功"状态对应收入确认，"待发货""已发货未确认"状态不确认收入） 工具与数据准备 通用工具：财务软件（支持多平台对账功能）、Excel对账模板、电子凭证归档系统 数据资料：各平台结算单、订单明细、物流签收记录、退款记录、平台 ...

Group 1 - Hg Capital is in advanced talks to acquire financial software manufacturer OneStream [1][2] - OneStream has been exploring various strategic options, including a potential sale, since November last year [1][3] - OneStream is headquartered in Birmingham, Michigan, and provides financial software products that assist executives in reporting financial statements to regulators and investors [1][3] Group 2 - OneStream's stock price has declined approximately 35% over the past year, making it a potential acquisition target [2][4] - The current market capitalization of OneStream is reported to be $4.48 billion [2][4]

Group 1: Wang Wenjing and Yonyou Network - Wang Wenjing, born in December 1964, founded Yonyou Network Technology Co., Ltd. in 1988, transforming it into a global leader in enterprise software and cloud services [3][6] - Yonyou Network has over 230 branches and more than 7,000 ecosystem partners, serving over 5.97 million clients, showcasing its extensive market reach [5][6] - In 2023, Wang's wealth was estimated at 36 billion RMB, ranking him 553rd on the Hurun Global Rich List, making him the richest person in Shangrao and Jiangxi [6] Group 2: Cheng Wei and Didi Chuxing - Cheng Wei, born in May 1983, founded Didi Chuxing in 2012, seizing the opportunity in the mobile internet transportation sector [7][9] - Didi Chuxing has rapidly grown into a globally recognized ride-hailing platform, significantly impacting the transportation industry [9] - In 2020, Cheng's net worth was reported at 18 billion RMB, placing him 1097th on the Hurun Global Rich List and 7th on the Hurun Rich List for Jiangxi merchants [9] Group 3: Yu Huiyong and Baiguoyuan - Yu Huiyong, born in 1968, established Baiguoyuan in 2002, which has become a well-known fruit retail chain in China [10][12] - Baiguoyuan focuses on quality and supply chain management, ensuring fresh and high-quality fruits for consumers, which has strengthened its market position [12] - Yu's family wealth is approximately 3.9 billion RMB, reflecting his significant contributions to the fruit retail industry [12] Group 4: Overall Impact - The success stories of Wang Wenjing, Cheng Wei, and Yu Huiyong highlight the entrepreneurial spirit in Shangrao, inspiring young individuals to pursue their dreams and contribute to economic development [12]

Core Insights - Workday has announced the acquisition of AI startup Sana for $1.1 billion, aiming to enhance its capabilities in autonomous AI solutions [1] - The company is facing pressure from slowing subscription revenue growth, with approximately 70% of its revenue derived from human capital management products [2] - Workday's second-quarter earnings exceeded Wall Street expectations, reporting a 71% increase in earnings per share to $0.84 and a nearly 13% rise in revenue to $2.348 billion [4] Group 1: Acquisition and Strategy - Workday's acquisition of Sana is part of a broader trend among software companies to integrate AI technologies [1] - The company has previously acquired several AI startups, including Evisort and Flowise, to bolster its product offerings [2] - An analyst day is scheduled to coincide with Workday Rising, where the company is expected to provide updates on its long-term strategy [3] Group 2: Financial Performance - Workday's Q2 earnings rose significantly, surpassing analyst expectations of $0.75 per share, while revenue slightly exceeded forecasts [4] - The stock has seen a decline of about 12% in 2025, reflecting market concerns over revenue guidance [3] - Workday's Composite Rating stands at 71 out of a possible 99, indicating moderate growth potential [5]

Group 1 - The stock price of Yonyou Network is 17.13 yuan, down 0.17 yuan from the previous trading day, with a daily trading volume of 1.474 billion yuan [1] - Yonyou Network is a leading provider of enterprise management software and cloud services in China, headquartered in Beijing, focusing on digital and intelligent solutions for enterprise clients [1] - The latest semi-annual report shows that Yonyou Network achieved operating revenue of 3.581 billion yuan in the first half of the year, a year-on-year decrease of 5.9%, and a net loss attributable to shareholders of 949.5 million yuan, which is an increase from a loss of 794 million yuan in the same period last year [1] Group 2 - The company attributes the revenue decline primarily to the performance drag in the first quarter, but reports a recovery in the second quarter with revenue of 2.203 billion yuan, a year-on-year increase of 7.1% [1] - On August 26, the net outflow of main funds was 118 million yuan, with a cumulative net outflow of 19.5979 million yuan over the past five trading days [1]

Core Viewpoint - Yonyou Network is facing significant financial challenges, including increasing net losses, declining revenue, and cash flow pressures, raising questions about its upcoming IPO in Hong Kong as a potential lifeline or a desperate gamble [1][8]. Financial Performance - The company forecasts revenue between 3.56 billion and 3.64 billion yuan for the first half of 2025, representing a year-on-year decline of 4.3% to 6.4% [3]. - Expected net losses for the same period are projected to be between 925 million and 1.025 billion yuan, continuing a trend of poor financial performance [3]. - In 2023, Yonyou reported a loss of 933 million yuan, marking its first loss since going public, with losses expected to widen to 2.07 billion yuan in 2024 [3]. - The first quarter of 2025 saw a net loss of 736 million yuan, a year-on-year decline of 62.41% [3]. Cloud Service Transition - Despite cloud service revenue increasing from less than 60% in 2021 to around 75% in 2024, the growth rate plummeted from 55.5% in 2021 to -3.4% in 2024 [4]. - Yonyou's cloud service performance contrasts sharply with competitors like Kingdee International, which saw a 13.4% growth in cloud service revenue in 2024 [4]. - The company is struggling with a "customization trap," leading to difficulties in scaling R&D investments and negatively impacting gross margins, which fell below 40% in Q1 2025 [4]. Cash Flow and Debt - As of the end of Q1 2025, current liabilities increased by 11.80% to 11.44 billion yuan, with nearly 6.5 billion yuan in short-term borrowings and payables [5]. - Cash reserves dropped by 29.66% to 2.889 billion yuan, insufficient to cover upcoming liabilities, indicating a critical need for external funding [5]. - The company submitted its IPO application to the Hong Kong Stock Exchange on June 27, 2025, aiming to alleviate short-term debt pressures [5]. Management and Organizational Challenges - Frequent changes in management since 2019 have led to instability, with multiple leadership transitions affecting strategic execution [6]. - The company has undergone significant layoffs, reducing its workforce by over 5,000 in less than two years, yet management costs have risen due to increased severance payments [6]. - Despite investments in AI and cloud services, the company has not effectively enhanced its core business sales capabilities, with high sales expenses still driving revenue growth [6]. Competitive Landscape - Yonyou faces intensified competition from SAP, Huawei's MetaERP, and Kingdee International, which are encroaching on its market share [7]. - Economic downturns have led to reduced IT budgets for small and medium enterprises, further shrinking the market and intensifying price competition [7]. Strategic Outlook - The upcoming IPO may provide necessary funding and help stabilize the company, but addressing management stability and optimizing organizational structure are crucial for long-term recovery [8].

Core Insights - The China International Supply Chain Promotion Expo showcases China's comprehensive supply chain capabilities and its strong appeal to global participants [1][2][4] Group 1: Event Overview - The expo is the world's first national-level exhibition focused on supply chains, highlighting the deep integration of global industrial chains [1] - Many international exhibitors and attendees expressed admiration for the variety of products available from Chinese suppliers [2][4] Group 2: International Participation - Foreign exhibitors, such as those from South Africa and Mexico, noted the organizational efficiency and high quality of Chinese suppliers [4][5] - Companies like Rio Tinto and China Baowu Steel Group collaborated to demonstrate the connection between upstream and downstream supply chain entities [5] Group 3: Key Features of Chinese Supply Chains - Honeywell's China president identified three standout characteristics of Chinese supply chains: comprehensiveness, rapid response to demand, and a strong talent pool of engineers [6] - The engineering capabilities and speed of Chinese suppliers were highlighted as significant advantages for international companies [5][6] Group 4: Collaborative Opportunities - Many foreign companies are eager to collaborate with Chinese suppliers, citing positive past experiences and a mature understanding of business practices [7] - The expo serves as a platform for foreign firms to explore partnerships and expand their operations in China [7]