出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 兰杰 Busy Money 挪瓦咖啡完成数亿元C轮融资 1月26日，挪瓦咖啡（NOWWA COFFEE）已经完成数亿元C轮融资。本轮融资吸引了君联资本、昇望基金、华映资本、挑战者创投、源星资本、金沙江 创投等多家机构。 据公开信息，挪瓦咖啡成立至今已经完成7轮融资。去年12月，品牌曾对外宣布，其门店数突破万家，成为继瑞幸、库迪、幸运咖之后，国内第四个迈 入"万店俱乐部"的咖啡品牌。 AI漫剧公司灵漫快创获千万元融资 36氪获悉，灵漫快创宣布获得AIGC软件A股上市公司万兴科技千万级战略投资，资金主要用于扩充团队、锁定头部编剧团队资源、强化内容发行能力。 AI原生知识内容平台"ThetaWave AI"宣布完成数百万美金融资 36氪获悉，据高瓴创投，1月28日AI原生知识内容平台"ThetaWave AI"宣布完成数百万美金融资，高瓴创投（GL Ventures）与BAI Capital、MBA Fund联合投资，老股东奇绩创坛持续加投。 ThetaWave AI成立于2023年，由两位2003年生的创业者李文轩和钟子湫联 ...

编辑 | 乔芊 直至敲钟上市，鸣鸣很忙CEO晏周才将自己置于媒体面前，这是投资人们再三建议的结果。 在这批新消费80后创业者中，像晏周这样不声不响的人并不多。这导致网络上关于他的只言片语都难以拼凑。 晏周最近一次公开发言，还要追溯到零食很忙和赵一鸣零食2023年底合并几个月后的万人大会上。 到了2025年2月，鸣鸣很忙再一次举办发布会，赵定、CFO王钰潼等人在聚光灯下讲战略、讲自有品牌，只有晏周坐在台下静静聆听。 曾做过7年房产中介的晏周观察到，七八十平的刚需房普遍销量最好，这个群体才是中国最大的消费群体。而在休闲零食赛道，虽然已经有良品铺子、三只 松鼠等品牌针对一二线城市和中高消费力人群，但更平价的大众消费市场，需求却未被满足。 一个小镇青年如何被看见。 2017年，晏周与李维、刘巍和朱浪三位联创一起，在长沙雨花区创立第一家零食很忙门店。近十年后，他带着近2万家店的公司走向了热烈沸腾的港交所。 作者 | 李小霞 头几年，埋头湖南的零食很忙并没有融资计划。直到2021年4月完成红杉、高榕、启承投资的A轮融资后，新消费投资也掉头向下，而2022年开启第二轮 融资时，新消费已彻底凉冰梦碎。 就这样，在整体消费下行 ...

Core Viewpoint - Tencent has launched a new cash red envelope campaign for the Spring Festival, offering a total of 1 billion yuan in cash rewards through its AI assistant "Yuanbao," aiming to recreate the success of past promotional events and enhance user engagement with its AI products [5][8]. Group 1: Cash Red Envelope Campaign - On January 25, Tencent's AI assistant "Yuanbao" announced a 1 billion yuan cash red envelope incentive for the Spring Festival, with individual red envelopes worth up to 10,000 yuan [5]. - The campaign is reminiscent of the 2015 collaboration between WeChat and the Spring Festival Gala, which significantly boosted WeChat Pay's user base through a 500 million yuan red envelope giveaway [8]. - The red envelope strategy is characterized as a "high investment, high return" marketing activity, aimed at promoting core business areas, with Tencent focusing on AI this time [8][9]. Group 2: Introduction of "Yuanbao Pai" - "Yuanbao Pai" is a new AI social product from Tencent, currently in internal testing, allowing users to create or join social groups where the AI acts as a "social secretary" [10][12]. - The AI can participate in conversations, summarize chat records, and assist with tasks like setting reminders and answering questions, enhancing the social experience [14]. - Features such as screen sharing and audio-video integration are designed for collaborative learning and gaming, with plans for additional functionalities like watching movies and listening to music together [17][19]. Group 3: AI Strategy and Development - Tencent's AI strategy is focused on enhancing user efficiency and experience, with a commitment to steady and thoughtful development in AI products [21]. - The company has made significant organizational changes to accelerate AI development, including restructuring its team and enhancing collaboration between its AI products and core applications [23][24]. - Tencent aims to create a decentralized AI ecosystem within WeChat, allowing third-party developers to build their own AI applications while maintaining user privacy and security [26].

Group 1: Nike's Management Change and Performance - Nike has announced a management change in its Greater China region, with current head Dong Wei stepping down and Cathy Sparks appointed as the new Vice President and General Manager [3][4] - Dong Wei has been with Nike for 20 years and was recently promoted to Chairman and CEO of Nike Greater China, but the company is facing declining performance in the region, with Q2 FY2026 revenue at 14.23 billion yuan, down 17% year-on-year [4] - The decline in revenue is attributed to a drop in direct sales and digital business, with EBIT halving, down 49% year-on-year, indicating a need for strategic reform under the new leadership [4][5] Group 2: China Duty Free Group and LVMH Partnership - China Duty Free Group has reached a strategic cooperation agreement with LVMH to acquire DFS for up to $395 million, which includes retail stores in Hong Kong and Macau and exclusive rights to several brands in the Greater China region [6][7] - DFS has shown stable financial performance, with revenues of 4.1 billion yuan and 2.7 billion yuan for 2024 and 2025 respectively, making it a valuable asset for China Duty Free Group [7] - The acquisition will enhance China Duty Free Group's high-end brand supply chain, as DFS has partnerships with over 750 global brands [8] Group 3: IKEA's New Retail Strategy - IKEA has launched an instant retail service on JD.com, marking its first foray into this business model, covering 13 stores in major cities [9] - This new service aims to improve delivery efficiency and reduce consumer barriers, with a minimum purchase of 99 yuan for free delivery within a 4 km radius [9] - IKEA's sales in China have declined, with a reported revenue of approximately 11.15 billion yuan for FY2024, down 7.6% year-on-year, indicating a need for adaptation to changing consumer preferences [10] Group 4: Haidilao's New Concept Store - Haidilao has opened its first "sugar water shop" as a thematic store, integrating hot pot and dessert offerings to cater to diverse consumer needs [12] - The shop operates independently and has already achieved over 100 orders daily, indicating a successful trial of the "store within a store" model [13] Group 5: Walmart's Collaboration with Xiaohongshu - Walmart has partnered with Xiaohongshu to open a co-branded retail experience space called "Mashi Store," focusing on customer-centric shopping experiences [14] - The store features eight "interest islands," each showcasing specific lifestyle products, reflecting Walmart's ongoing transformation to attract younger consumers [14] Group 6: Financial Updates from Various Companies - Yonghui Supermarket expects a net loss of 2.14 billion yuan for 2025, marking its fifth consecutive year of losses due to store adjustments and supply chain reforms [18] - Kraft Heinz China is restructuring its sales regions to accelerate national expansion and seek new growth opportunities [19] - Nestlé is moving forward with the sale of its water business, valued at 5 billion euros, indicating a strategic shift in its portfolio [20]

从 "海外技术高地"到"国民级主场"：一次罕见的双重确认 追觅成为《 2026年春节联欢晚会》智能科技生态战略合作伙伴。 1月初，在拉斯维加斯的CES展馆里，追觅以Aura Mini LED电视、X60 Ultra 超薄扫地机和具身智能相关技术，制造了一次罕见的"中国品牌密集存在 感"。海外媒体给出的关键词并不复杂：技术密度高、品类跨度大、风格克制但野心明确。 不到三周后，这家公司出现在了另一个完全不同的场域。 1月21日，中央广播电视总台官宣 ， 追觅科技成为《 2026年春节联欢晚会》智能科技生态战略 合作伙伴。 如果只把这次合作理解为一次 "春晚曝光"，显然低估了事件本身的分量。春晚并不缺品牌，但能以"智能科技生态"这一完整形态登场的企业 是第一次 。 它指向的不是某一款明星产品，而是一种被国家级平台认可、可面向 14亿人展示的系统性能力。 能做成这件事儿的， 为什么是追觅？ 进入 AI 与硬科技成为主旋律的阶段，春晚对合作伙伴的隐性要求正在发生转移。判断标准 从追逐吸引力的流量思考， 逐渐变成一个更本质的问题 ： 技术 如何进入日常生活本身。 回看春晚四十余年的商业合作史，本身就是一部浓缩的中国产业升 ...

Group 1 - "Xibei" completed a new round of financing, increasing registered capital from approximately 89.9 million RMB to about 102 million RMB, a growth of about 13% [3] - "WITH 1000 AI" received strategic investment from Shengbela, focusing on AI-driven automation and personalized user operations in the maternal and infant service industry [4][5] - "Today Yixiu" announced the completion of seed round financing amounting to several tens of millions RMB, with plans to launch a series of hardware and software products later this year [6] - "Noumena" secured several tens of millions RMB in Pre-A round financing, developing an AI-native marketing agent system to help brands achieve sustainable growth [7] - "Qingchuyulan" completed angel and A round financing, focusing on social experience and efficiency transformation in the AI era [8] Group 2 - "AtomForm" completed a new round of financing exceeding 100 million RMB, with a cumulative financing scale reaching several hundred million RMB, focusing on consumer-grade 3D printing solutions [10] - "Nature Select" raised over 30 million USD in a new financing round, developing the world's first 3D AI companionship application, EVE [11] - "Banmu Huatian" submitted an IPO application to the Hong Kong Stock Exchange, reporting revenues of 1.199 billion RMB, 1.499 billion RMB, and 1.895 billion RMB for 2023, 2024, and the first three quarters of 2025 respectively [12] - "Mingming Hen Mang" is set to go public, attracting a luxurious lineup of cornerstone investors and planning to issue 14.1011 million shares, raising 195 million USD [14] - "Raising a Cow" reported revenue exceeding 7 billion RMB for 2025, maintaining a steady growth trajectory with a self-sufficiency rate of over 95% for milk sources [17] Group 3 - "Pop Mart" launched a new dessert brand "POP BAKERY," expanding its product offerings into daily life scenarios [19][22] - "Wenxian" opened its first store for the high-end fragrance brand "Guibao Xiangju," aiming to integrate traditional Chinese fragrance culture into modern life [23] - "Dongbian Yaoshou" collaborated with "PANE" to launch a New Year gift box, emphasizing the relationship between hands and feet [25] - Roland Berger's report highlighted ten trends in China's consumer goods and retail industry, noting a shift towards value co-creation and the emergence of new channels [28][29] - A report by Airae revealed a significant decline in global consumer spending intentions for 2026, with a negative expectation of 18 percentage points [30]

Core Viewpoint - H&M is undergoing a transformation towards a more fashionable and premium positioning, exemplified by its collaboration with Chinese designer Jacques Wei, which aims to enhance brand visibility and appeal in international markets [8][10]. Group 1: Collaboration with Jacques Wei - The collaboration with Jacques Wei features a collection inspired by "horses," incorporating signature elements like beading, metal accessories, and animal prints, showcasing H&M's shift towards a more fashion-forward identity [4][8]. - Jacques Wei's brand, established in 2020, has achieved a revenue of €3 million and is present in over 30 international fashion retail channels, indicating strong market potential [7]. - The collection will primarily be sold in Japan, South Korea, and Australia, with a focus on more daring designs that perform better in overseas markets compared to practical styles favored domestically [8]. Group 2: H&M's Strategic Shift - H&M is in a critical phase of transformation, having recently returned to London Fashion Week after seven years, showcasing its 2025 Fall/Winter collection and high-end lines [9]. - The company has emphasized the term "premium" significantly more in its communications, indicating a strategic pivot towards higher-end offerings [11]. - H&M's collaboration strategy has diversified, with six partnerships launched since mid-2025, aiming to balance seasonal marketing with designer collaborations [10]. Group 3: Financial Performance - In Q3 of the 2025 fiscal year, H&M reported a 2% year-on-year increase in net sales, with a gross margin of 52.9%, up 1.8 percentage points from the previous year, and a 40% increase in operating profit [11]. - The company is reducing the SKU share of its lowest-priced products in the UK by 15%-25% and increasing the proportion of its EDITION series in China to elevate average transaction values [12]. Group 4: Future Outlook - H&M aims to continue seeking collaborations with emerging design talents like Jacques Wei, focusing on sustainable integration of high-fashion elements into everyday offerings [12].

Core Insights - The article discusses Walmart's transformation into a customer-centric retail model, emphasizing a shift from a traditional big-box store to a more personalized shopping experience [4][6][17] - The collaboration with Xiaohongshu (Little Red Book) is highlighted as a significant step in this transformation, showcasing Walmart's commitment to understanding and catering to the needs of urban middle-class families and single individuals [4][6][17] Group 1: Strategic Focus - Walmart's strategy has shifted from trying to satisfy all customers to focusing on urban middle-class families and single individuals, who have specific needs and preferences [6][7] - This target demographic is characterized by their urban lifestyle, fast-paced living, and desire for quality products at reasonable prices [6][7] Group 2: Customer Understanding - To better understand its target customers, Walmart has implemented an efficient user feedback mechanism, including monitoring social media platforms like Xiaohongshu for consumer insights [8][16] - The development of products, such as a 10L beer inspired by Xiaohongshu users, demonstrates Walmart's responsiveness to customer preferences and trends [8][9] Group 3: Product Development - Walmart's private label "Wojuxian" reflects a commitment to simplicity and quality, aligning with the target customers' demand for fresh and transparent products [9][10] - Over the past year, Walmart has launched over 1,000 new products based on customer feedback, creating a responsive product development cycle [9][10] Group 4: Omnichannel Strategy - Walmart's omnichannel approach integrates online and offline experiences, positioning physical stores as essential experience centers rather than just sales points [11][12] - The community store model focuses on convenience and accessibility, addressing the daily needs of local residents [12][14] Group 5: Trust Building - Trust is identified as a critical component of Walmart's transformation, with a focus on addressing negative feedback and improving customer experiences [16][17] - The collaboration with Xiaohongshu enhances trust by providing a platform for genuine customer feedback, fostering a deeper connection between Walmart and its customers [16][17] Group 6: Industry Implications - Walmart's transformation serves as a case study for traditional retailers, demonstrating that proactive adaptation and customer engagement can create new growth opportunities in a competitive market [17] - The emphasis on understanding everyday consumer needs rather than chasing trends positions Walmart favorably for future competition [17]

Core Viewpoint - Linlee is undergoing a significant brand upgrade from a "freshly made lemon tea brand" to a "lemon tea and lifestyle exploration brand," marking its third systematic brand evolution after 14 years since its first store opening [2][5][6]. Brand Evolution - The brand's journey began in 2012 with its first store in Zhanjiang, focusing on a niche market of scented lemon tea [9]. - Over 14 years, Linlee has transitioned through three phases: 1.0 (product validation), 2.0 (scale expansion), and now 3.0 (value enhancement) [10][11]. - In the 1.0 phase (2018-2021), Linlee focused on product quality and small street-side stores, proving the market viability of lemon tea [11]. - The 2.0 phase began in 2021 with significant investment and a rebranding effort, including a new visual identity and expansion into shopping malls [12][21]. Brand Recognition and IP Development - The brand aims to shift consumer perception from "the lemon tea that gives away little yellow ducks" to a clear association of "delicious lemon tea = Linlee" [7][14]. - The introduction of the "Linlee Duck" IP is central to the 3.0 upgrade, aiming to create a unique and recognizable brand character with its own personality and commercial value [16][17]. Market Position and Strategy - Linlee has maintained its position as the top-selling lemon tea brand in China for two consecutive years, with a projected GMV of over 27 billion by 2025 and a store count reaching 2000 [12][21]. - The brand is shifting from a focus on "handmade lemon tea" to a broader lifestyle exploration, emphasizing quality, experience, and emotional value [20][22]. Product and Visual Innovation - The 3.0 upgrade emphasizes a "fresh + light burden" experience, exploring new flavors and health benefits while maintaining a clear product matrix [22]. - Visual updates include a new color scheme and design that aligns with consumer preferences, particularly in shopping mall environments [22][25]. Supply Chain and Operational Efficiency - Linlee has invested heavily in building its supply chain since 2019, ensuring quality control and cost efficiency by partnering directly with lemon orchards and establishing its own tea factory [31][32]. - The brand's supply chain investments account for 12%-15% of revenue, focusing on raw material sourcing, production upgrades, and logistics [32][33]. Future Goals and Brand Philosophy - Linlee aims to reach 3000 stores and a GMV of 45 billion by 2026, with a focus on quality over quantity to protect franchisee interests [41]. - The brand's philosophy emphasizes long-term growth and stability, likening its development to a tree that must grow deep roots before expanding outward [41].

Core Viewpoint - The future of instant retail in China is increasingly reliant on lower-tier cities, with the market expected to exceed 1 trillion yuan by 2026, driven by macroeconomic policies and consumer demand in these areas [3]. Group 1: Market Potential - The growth rate of users and transaction volume in lower-tier cities has surpassed that of higher-tier cities, making these markets crucial for revenue growth in instant retail [3]. - In 2025, retail sales in county and rural areas accounted for 38.7% of total social retail sales, indicating a robust growth in consumption in these regions [5]. - The demand for high-quality products in lower-tier cities is significant, with many consumers seeking better shopping experiences that are currently lacking [10]. Group 2: Company Strategies - Dingdong Maicai has opened a new warehouse in Yancheng, Jiangsu, utilizing a self-operated front warehouse model to enhance local shopping options [3][4]. - The company plans to expand its presence in other cities in northern Jiangsu, indicating a strategic deepening in the region [4]. - Dingdong Maicai has established a comprehensive supply chain network in the Jiangsu area, which supports its expansion into lower-tier markets [12]. Group 3: Competitive Landscape - The instant retail sector has evolved from focusing solely on fresh produce to including daily necessities, especially during the pandemic, marking its transition to a more competitive phase [7]. - Major players like JD, Taobao, and Meituan are also targeting lower-tier cities, indicating a competitive environment for instant retail [10]. - Dingdong Maicai's strategy emphasizes cautious expansion and product differentiation to maintain competitiveness in these markets [19][20]. Group 4: Operational Efficiency - Dingdong Maicai has achieved a significant reduction in inventory turnover days to 2.1 days and maintains a low product loss rate of around 1.5%, showcasing its operational efficiency [23]. - The company has reported continuous profitability for twelve consecutive quarters under Non-GAAP standards and seven quarters under GAAP standards, demonstrating its sustainable growth potential [23]. Group 5: Future Outlook - As consumer spending habits mature, lower-tier cities like Yancheng are expected to become key battlegrounds for retailers [24].