对于昔日的市场王者来说，真正的挑战或许还远未来临。 编辑 | 乔芊 雅诗兰黛预计将在2026财年恢复增长，前提是它需要找到新的品牌来吸引更年轻人的关注。 这家公司的首席执行官Stéphane de La Faverie在前不久的财报电话会议上对分析师说，他们正在重新考虑其投资组合，以便 "在中长期内专注于我们 回报率最高的机会。"他补充说："我们将在适当的时候分享最新进展。" Stéphane de La Faverie去年10月的上任标志着这家美妆帝国彻底告别家族管理的时代。今天的雅诗兰黛公司的日常管理中已经没有任何兰黛家族成员 的身影，仅有的四名成员——创始人雅诗兰黛夫人之孙William P. Lauder、Gary M. Lauder、祖孙女Jane Lauder、孙女婿Eric Zinterhofer主要通过 董事会和控股权来对公司施加影响。 Stéphane de La Faverie是一名改革派，他曾直言雅诗兰黛失去了对消费者口味的把握，对市场反应不够灵敏。上任之初Stéphane de La Faverie便带 头进行重大战略改革，他提出了名为"重塑美妆新境"（Beauty Reimagine ...

文 ｜ 耳山 是水到渠成的结果。 近日，海信董事长贾少谦在一次公开活动中提到，他们前段时间完成了一次关键升级 —— 把全员协作切换到飞书。 " 通过飞书现有的信息化和各种信息 资源的整合，能够感受到整个企业的管理效率正在进行改善和提升。 " 对于该动作，员工们给出的反馈普遍积极。很多年轻员工自发使用飞书，他们的共同观点是，飞书更符合他们对高效工具的期待。 很多人提到，会议效率的提升最为直观：会前资料自动挂到日程，避免了临时找文件；会中飞阅会支持实时投屏和评论，让讨论更聚焦；会后 AI 自动生 成纪要和待办，直接绑定责任人，减少了 " 散会即散场 " 。 AI 知识问答和多维表格的组合备受追捧：复杂的技术资料可以秒级召回，数据分析和文案生成也能自动完成；多维表格被认为能替代过去零散搭建的各 种小系统，让业务部门可以自己动手搭建工具，不再事事依赖 IT ，从而释放了开发人员的精力，让他们专注于更关键、更高价值的工作。 一位接近海信的人士称，此次办公平台升级被海信定义为一场 "AI 时代下敏捷高效办公的破局之战 " 。其核心目标是利用 AI 工具的力量，将组织与员工 从 " 信息散落难检索 " 、 " 任务追踪不闭 ...

整理 ｜ 贺哲馨 #Big News# 星巴克中国宣布与小红书合作，将1800家门店"改造"为兴趣社区空间 收购消息迟迟未敲定，星巴克中国的"门店改造"先提上了日程。 本周，星巴克与小红书宣布达成深度合作，联合推出"兴趣社区空间"计划，围绕宠物、手工、骑行和 跑步四大主题丰富星巴克的"第三空间"功能，也为小红书的"兴趣友好计划"提供了线下落地的场所。 所谓"第三空间"（The Third Place）是一个社会学概念，由美国社会学家雷·奥登伯格（Ray Oldenburg）提出。它指的是介于第一空间（家） 和第二空间（办公室/学校） 之间的、非正式的公 共社交场所。人们在这里感到轻松、舒适，可以进行社交、休闲、讨论或独自工作。 星巴克成功地将这一理论商业化和具象化，将其门店打造成为现代城市生活中"第三空间"的典范。 但最近几年，星巴克"第三空间"的理念开始在中国水土不服。首先，手机APP点单和外卖服务的兴起 （尤其是疫情后），使得"交易效率"和"消费便利性"的重要性大幅提升。 其次，众多新兴咖啡品牌（如瑞幸）主打"快取"模式，性价比高、速度快，对星巴克构成了直接竞 争，迫使星巴克必须在"空间"和"效率"之间找 ...

零售从来没有秘密，"顾客"是那个永恒的"第一性"。 在深圳宝安万达广场的一层临街处，沃尔玛社区店的新店十分显眼——9块9的烘焙产品、入口处颇具"老广味"的烧腊窗口都是首先就映入眼帘的元素， 配上蓝黄白搭配、明亮轻快的视觉风格，很难不驻足一看。 这是沃尔玛开出的第4家"社区店"。开业前两天，不少附近社区的居民路过时，试图进店逛逛，即便得知尚未开业，也要探头看看，再拿上一张附有部分 商品介绍的宣传单离开。 在零售领域，"社区店"不是新概念，却是近一两年的"风口"，互联网平台、传统零售商争相下场便是例证。浪潮之下，一些"共识"和"方法论"随之形 成，比如门店面积和SKU数量应当如何规划、自有品牌商品的占比要达到怎样的水平、线上业务的占比最好是多少、店与仓怎样融合，等等。 但在沃尔玛门店 CMO 祝骏的讲述里，眼花缭乱的数字与指标被全然抹去——无论具体的业态如何变化，"顾客需要什么"依然是那个唯一的思考原 点。"顾客第一"，也是沃尔玛这家零售巨头在近几年的转型期里多次强调的原则。 社区店是沃尔玛转型"重塑品牌"以来的又一个新动作，在新店开业前夕，我们进行了一次实地探访，从中看到了它对于市场与需求的更清晰的理解、一 以 ...

Group 1 - Chasing Car completed its first round of financing and is in the process of selecting a site for a new factory, which is expected to be 1.2 times larger than Tesla's Berlin factory [4] - Magic Creation completed a 6 million yuan angel round financing, focusing on developing courses and upgrading teaching platforms for children's programming and AI education [5] - Ropet, an AI pet company, completed a multi-million A1 round financing, with a focus on emotional companionship through AI [6][7] Group 2 - Controversy arose over Xibei's use of pre-made dishes, with founder Jia Guolong asserting that their dishes are not pre-made, while influencer Luo Yonghao called for transparency in the industry [8][9] - Xibei responded by publishing the preparation processes of dishes and launched a "Luo Yonghao menu" in about 370 stores to demonstrate transparency [9] - Tea Baidao has quietly entered the coffee market, with trial stores showing a 10% increase in sales after introducing freshly brewed coffee products [10] Group 3 - Ulike's anti-corruption efforts led to the transfer of 12 individuals to judicial authorities for criminal offenses, covering various business areas [11][12] - Chasing Technology plans to split multiple business units for IPOs starting from the end of next year [13] - Pop Mart's stock price has seen a significant decline, dropping approximately 20% from its peak, attributed to increased supply and reduced market interest [14][15][16] Group 4 - SHEIN responded to allegations of tax evasion in the UK, claiming compliance with local laws and regulations [17] - Eight Horse Tea Industry has submitted its fourth application for listing on the Hong Kong Stock Exchange [18] - The price of spot gold reached a historical high of $3,674.27 per ounce, reflecting its status as a safe-haven asset amid macroeconomic uncertainties [21] Group 5 - China's short drama industry is expected to reach a market size of $10 billion, with significant growth in overseas markets [22] - Shanghai recorded a historic high in inbound travelers during the summer, with tax refund amounts exceeding 600 million yuan, indicating a strong consumption trend [24]

Core Viewpoint - Disney has established itself as a leader in the global licensing business, achieving an annual retail revenue of $62 billion, significantly surpassing its competitors [3][4]. Group 1: Licensing Business Performance - Disney's licensing revenue of $62 billion is the highest globally, compared to Authentic Brands Group at $32 billion, Hasbro at $16.1 billion, Warner Bros at $15 billion, and Pokémon at $12 billion [3]. - The company continues to benefit from its strong movie IP licensing, despite discussions in the toy industry about the potential for original IPs to thrive independently of content licensing [4]. Group 2: Business Model and Strategy - Disney's business model, established by Walt Disney in 1957, centers around leveraging successful movie IPs to generate a wide range of related products and services [5]. - The company maintains a consistent approach by showcasing new movie trailers followed by related consumer products at events, emphasizing the continuous flow of new films to drive consumer interest [6][7]. Group 3: Consulting Services - Disney positions itself not just as an IP company but as a consulting firm, providing comprehensive support to partners, including product development, marketing, and retail channel strategies [7][9]. - The company offers insights and forecasts to partners, sharing market trends and consumer preferences up to 18 months in advance, which enhances its collaborative efforts [9][11]. Group 4: Market Expansion and Cross-Border Business - Disney's cross-border business in the Asia-Pacific region has seen a year-on-year growth of approximately 45%, with a focus on leveraging local market knowledge for expansion [11][12]. - The company aims to capitalize on the large population base in the Asia-Pacific region, which is crucial for its growth strategy [11]. Group 5: Focus on Emerging Trends - Disney is actively monitoring and investing in popular toy categories in China, such as trading cards, blind boxes, and plush toys, which have seen significant growth [17]. - The trading card market in China has grown from 2.8 billion yuan in 2019 to an estimated 26.3 billion yuan by 2024, with a compound annual growth rate of 56.5% [17]. Group 6: Collaborations and Innovations - Disney has collaborated with various brands, including F1, to create exclusive products, tapping into the growing market of high-net-worth consumers [19]. - The company is committed to innovation in product design, as seen in the development of toys that blend traditional concepts with modern consumer interests [19][21].

Group 1: Nestlé Leadership Change - Nestlé's former CEO Laurent Freixe was dismissed due to a violation of the company's code of conduct related to a romantic relationship with a subordinate [3] - Philipp Navratil, who has over 20 years of experience at Nestlé, has been appointed as the new CEO, effective immediately [3] - Navratil previously led Nestlé's coffee business, which generates nearly 200 billion yuan in sales and accounts for over 22% of the company's total revenue [3] Group 2: Challenges in Greater China - Nestlé's Greater China region reported a 6.5% decline in profits, amounting to a loss of 1.5 billion yuan, and a 1.8% drop in sales for the first half of 2025 [4] - The company's growth strategy in this region is shifting from channel-driven distribution to consumer demand-driven sales, while also reducing inventory [4] - The coffee business in China is a focal point, with ongoing collaboration with Luckin Coffee to enhance product development [4] Group 3: Bubble Mart's Mini Labubu Price Drop - The resale price of the Mini Labubu toy has decreased by 10% to 30% within a week of its launch, with the most popular "L" version dropping nearly 30% [7] - The rapid price decline is attributed to oversupply and consumer dissatisfaction with product quality [7][8] - Bubble Mart's production capacity has increased significantly, with plush product output exceeding ten times that of the previous year [8] Group 4: Bawang Tea's Performance - Bawang Tea reported a 23% decline in monthly GMV, the only negative growth among six listed tea brands [9] - The company is facing challenges from intensified price wars on delivery platforms, impacting customer retention [10] - Despite a strong expansion with 2042 new stores, the rapid growth has led to internal competition, diluting sales performance [10] Group 5: MaxMara's Pricing Strategy - MaxMara maintains prices in China that are over twice those in Europe, leading to consumer backlash and a thriving gray market [11] - The brand's pricing strategy aims to create a high-end image, but risks could arise from regulatory changes and increased competition [11][12] - Chinese consumers are increasingly price-sensitive, seeking value and transparency, which could challenge MaxMara's pricing model [12][13] Group 6: H&M's Expansion in China - H&M has opened two new stores in Shenzhen, including its largest flagship store in Southern China [19] - The brand is adapting to the Chinese market by enhancing its product offerings and entering new e-commerce platforms [20] - H&M's strategy focuses on maintaining affordability while transitioning towards a more fashionable and quality-oriented brand image [21] Group 7: Kweichow Moutai's Stock Performance - Kweichow Moutai regained its position as the highest-priced stock in A-shares, closing at 1476.1 yuan per share [23] - The stock's fluctuation was influenced by a brief surge in the price of another company, which was later corrected [23] Group 8: Elliott's Investment in PepsiCo - Elliott Investment Management has acquired a stake worth $4 billion in PepsiCo, becoming one of its largest investors [24] - The firm has proposed five major reform initiatives aimed at optimizing the beverage business and enhancing accountability [25] Group 9: GAP's Entry into Beauty Market - GAP announced its entry into the beauty market, testing products in 150 Old Navy stores [26] - The initiative aims to expand its product range and attract a broader customer base [26]

Group 1 - Huazhixiao, a domestic cosmetics brand, completed a Series B financing round exclusively invested by Proya, aimed at global expansion and supply chain integration [3] - Wei Yi Culture, focusing on immersive panoramic entertainment experiences, secured a multi-million angel round financing to develop key projects and operate its own IP [4] - Craft beer brand TAGSIU raised nearly 10 million in a Pre-A round to expand its retail channels and supply chain [7] Group 2 - INS New Park, a nightlife complex, raised nearly 300 million in Series A funding, achieving a post-investment valuation of 2.6 billion [8] - Health drink brand Haojise received strategic investment from Guoyang Fund, focusing on health food products [9] - ByteDance issued stock options to its Seed department employees, with monthly values ranging from 90,000 to 135,000 yuan, indicating a strong focus on AI business [10] Group 3 - Xiaohongshu is expected to double its annual profit to 3 billion USD, with a valuation reaching 31 billion USD, positioning it as a leader in the visual social platform sector [12] - LeKe, a fitness brand, ranked fifth globally in store count, with over 14 million registered members, reflecting a growing trend in affordable fitness options [14][15] - Pet service brand Pet Home announced its paid membership exceeded 100,000 within five months, indicating a positive trend in the pet economy [18] Group 4 - The summer box office in 2025 reached 11.943 billion yuan, surpassing the previous year's performance [22] - The global market for smart home cleaning robots saw a shipment of 15.352 million units in the first half of the year, a 33% increase year-on-year [23] - The AR market is expected to grow significantly, with global shipments projected to reach 600,000 units by 2025, driven by new product launches and decreasing prices [24]

Core Viewpoint - The article highlights that while leading companies in the mini-game sector continue to generate significant revenue, the opportunities for smaller developers to benefit from overseas expansion are diminishing [2][17]. Group 1: Company Performance - Century Huatong reported a revenue of 17.2 billion yuan for the first half of 2025, representing a year-on-year growth of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [3][20]. - The overseas gaming business contributed over 50% of the revenue, with "Whiteout Survival" leading the Chinese mobile game revenue rankings [3][10]. Group 2: Market Dynamics - The mini-game market is experiencing increased competition, with many developers attempting to replicate the success of "Whiteout Survival" and "Kingshot" [19][21]. - The rising costs of user acquisition are squeezing the survival space for many smaller game developers, as larger companies can afford higher advertising expenses [21][22]. Group 3: Challenges in Overseas Expansion - The article discusses the challenges faced by developers when attempting to launch mini-games overseas, including cultural and language barriers, as well as inadequate payment systems [9][19]. - The phenomenon of "skin-swapping" games, where existing popular games are rebranded for overseas markets, is becoming more common, complicating the path for original games to succeed [23]. Group 4: User Behavior and Game Design - Users are increasingly seeking lightweight games that can fit into fragmented time slots, which has driven the popularity of mini-games both domestically and internationally [18]. - "Whiteout Survival" employs a strategy of "bait and switch" in its advertising, attracting users with misleading content but managing to retain them through engaging gameplay [12][16].

Core Viewpoint - Uniqlo is attempting to break out of its comfort zone by embracing trends and creating popular items, while facing challenges in the Greater China market despite global growth [5][6][10]. Group 1: Brand Strategy - Uniqlo's "Lifewear" concept aims to resonate with a broader audience, moving beyond basic clothing sales to collaborations with designers and artists to tell compelling stories [5][9]. - The brand has historically focused on timeless basics, avoiding trends, but is now making bolder moves towards trendy collaborations and designs [8][9]. - The introduction of the "弯刀裤" (curved pants) reflects a shift towards localizing products to meet regional fashion preferences, resulting in a significant sales increase of 170% since 2025 [10][10]. Group 2: Market Performance - In the first three quarters of 2025, the Greater China region was the only market among Uniqlo's five major markets to experience negative growth [5]. - The brand's strategy includes a focus on high-visibility locations and larger stores in urban areas, while slowing expansion in lower-tier cities [18][20]. Group 3: Consumer Engagement - Uniqlo is shifting its approach to marketing by integrating shopping with experiential events, aiming to blur the lines between shopping and experience [19][20]. - The brand is leveraging social media and influencer marketing to create buzz around new products, such as the recent collaboration with Cate Blanchett [5][12]. - The company is adapting to the preferences of younger generations, emphasizing authentic feedback and emotional connections in its marketing strategies [14][20].