出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 编辑 | 王毓婵 头图 | IC photo Busy Money 周六福通过港交所主板上市聆讯 "仙饼嫂"品牌获千万级天使轮融资 6月5日，"仙饼嫂餐饮"宣布其核心品牌"仙饼嫂"已成功完成千万级人民币天使轮融资。本轮融资金 额达1000万元人民币，由国内知名投资机构领投。资金将用于供应链升级、仙饼嫂门店拓展及数字 化建设，加速地方美食现代化。 传笛亚壳获千万元A轮投资 近日，传笛亚壳千万元A轮投资，投资方为奇成资本。传笛亚壳是一家潮流文化品牌提供商，以潮 流、艺术与文化为内核，整合展会与策划、短期与长期实体运营、创意IP孵化设计及线上传播矩阵布 局，首创打通营销、运营、IP孵化及流量的潮流文化次元全域型公司，公司自有的潮流展会 IP"T&ARTCON潮博会"。 康渡酒业集团获数千万元A轮融资 近日，康渡酒业完成数千万元的A轮融资。此次融资将助力康渡酒业在酒业市场持续深耕，进一步巩 固其行业领先地位，并加速新零售模式的推广。康渡酒业是一家酒类生产商，该公司主要从事酱酒、 清新果酒及特色露酒研发、生产、销售业务，以满足消费者需求。 ...

Core Viewpoint - The company has emerged from a significant downturn, with a focus on adapting its strategies and embracing a "high-end cost-performance" approach to regain market share and revenue growth [3][6][20]. Group 1: Company Recovery and Strategy - The company faced a prolonged decline in revenue and profit after its IPO in 2019, marking a peak followed by a four-year low [3][4]. - A pivotal moment occurred in late 2022 when executives recognized that the company's products were priced too high, leading to a strategic shift [5][21]. - The company has successfully leveraged platforms like Douyin (TikTok) to boost sales, achieving 2.2 billion yuan in sales in 2023, surpassing Tmall for the first time [8][6]. Group 2: Organizational Changes and Adaptation - The company adopted a "weaker" mindset to better align with market demands, simplifying processes and adjusting pricing strategies [12][16]. - A focus on small changes and empowering frontline managers has been crucial in driving transformation [18][21]. - The company is expanding its product range with 33 new proprietary brands across various categories, including pet food and convenience products [8][38]. Group 3: Supply Chain and Market Position - The company is building a "super supply chain" to enhance efficiency and reduce costs, with plans to establish four major supply chain bases by the end of the year [23][25]. - The company aims to create a closed-loop system from supply chain to retail, allowing for greater control over production and distribution [25][38]. - The company recognizes the importance of community-based retail, planning to open convenience stores and lifestyle shops to capture local market demand [28][39]. Group 4: Future Outlook and Philosophy - The company emphasizes the need for continuous adaptation and learning from failures, viewing setbacks as opportunities for growth [9][62]. - The leadership believes that true success comes from navigating challenges and maintaining a realistic perspective on future performance [53][62]. - The company is committed to exploring new product categories and maintaining a flexible approach to market changes, ensuring resilience in a competitive landscape [36][44].

Core Viewpoint - The article emphasizes the importance of game operation in the current market, highlighting that success or failure often hinges on effective player engagement and retention strategies in a saturated gaming environment [6][18][56]. Group 1: Game Operation and Player Engagement - The recent incident in "Battlefield 2" illustrates how crucial game operation is, as player dissatisfaction arose from perceived operational flaws despite the game's initial success [3][5]. - Tencent's strategic officer noted that stagnation in a game often points to issues within the operational team rather than the game itself, stressing the need for the right personnel to manage player engagement [15]. - The gaming industry is transitioning from a phase of rapid growth to one focused on retaining existing players, making player operation more critical than ever [17][18][19]. Group 2: Challenges in Player Retention - In 2024, China's gaming user growth was only 0.94%, indicating a shift towards a more competitive landscape where retaining existing players is paramount [17]. - Companies are now tasked with keeping older games engaging for long-term players, which presents unprecedented challenges for player operation roles [19][30]. - Effective player operation involves monitoring user behavior and intervening before players decide to leave, utilizing data-driven strategies to enhance user experience [28][30]. Group 3: Evolution of Game Operation - The evolution of player operation has been significant, moving from basic customer service to a comprehensive lifecycle management approach that addresses user needs at every stage [49][52]. - The cost of acquiring new players has increased dramatically, necessitating a focus on retaining existing users to justify the investment made in acquiring them [55][56]. - Companies are learning from successful long-standing games, implementing strategies to extend their lifecycle and maintain player interest [57][58]. Group 4: The Role of Player Operation Teams - Player operation teams are now expected to provide "exceeding expectations" services, creating emotional connections with players to enhance retention [43][48]. - Successful player operation involves not just addressing complaints but also proactively engaging with players through personalized interactions and community-building activities [43][44][67]. - The emotional aspect of player operation is highlighted, as operators often form bonds with players, which can lead to increased loyalty and reduced churn [66][72].

但得先换个中国名字。 作者 | 彭倩 编辑 | 乔芊 提到"老人头"，不少中国消费者首先想到的大概是一个同名的国产品牌和各类"老头乐"穿搭，实在很难和专业高端的户外品牌联系在一起。 "老人头"是中国驴友和海外华人对一个名为 Norrøna 的挪威高端户外品牌的昵称，因其 logo 酷似老人头像而得名。 对绝大多数中国消费者而言，Norrøna 是一个相对陌生的品牌：品牌名本身是个挪威单词导致发音难以把握，甚至没有正式的中文名字可以称呼。线下还 没有开出独立门店、线上没有官方店铺，难以形成品牌认知和复购。 Norrøna（挪威语，译为"北方的"） 成立于 1929 年，与 klattermusen（攀山鼠）、Haglöfs（火柴棍）被誉为北欧三大户外巨头，Norrøna 更是被冠 上"北欧始祖鸟"、"户外无冕之王"的称呼。创立初期，创始人 Jørgen Jørgensen 为了抵御挪威恶劣的气候和严苛的户外环境，开始动手制作耐用的户外 装备，发展出了名为 Norrøna 的户外体育用品公司和皮革制品工厂，基于实用性、遵循功能极简主义，设计皮质背带，帆布背包和棉质服装等高端户外产 品。1933年 Norrøna ...

Core Viewpoint - The company prioritizes the interests of merchants and consumers over short-term platform profits [2][22]. Financial Performance - In Q1 2025, the company reported revenue of 957 billion, a 10% year-on-year increase, which was below market expectations of 1,016 billion [3]. - Operating profit for the quarter was 161 billion, down 38% year-on-year, while net profit attributable to ordinary shareholders was 147 billion, a 47% decline [4]. - Revenue from online marketing services and other services was 487 billion, a 15% increase from 425 billion in Q1 2024, exceeding the market expectation of 480 billion [6]. - Revenue from transaction services was 470 billion, a 6% increase from 444 billion in Q1 2024, but fell short of the expected 542.3 billion by over 70 billion [6]. Strategic Focus - The company is committed to a high-quality development strategy, sacrificing short-term profits for long-term investments [7][8]. - Initiatives such as "100 billion subsidy," "e-commerce westward," and "new quality merchant support plan" have been launched to support merchants [7]. - The company emphasizes the importance of supporting merchants to create a better platform ecosystem, as stated by CEO Chen Lei [8][22]. Marketing and Support Initiatives - Marketing expenses in Q1 reached 334 billion, a 43% increase from 234 billion in the same period last year, exceeding market expectations [12]. - The "100 billion subsidy" program has significantly reduced store security deposits for various categories and increased support for small and medium-sized merchants [13]. - The company has introduced a "merchant rights protection committee" to enhance communication and support for merchants [23]. Market Position and Future Outlook - Despite the overall industry growth slowing to single digits, the company managed to maintain a 10% growth rate, which is considered commendable [10]. - The company's stock price fell nearly 14% following the earnings report, reflecting market skepticism about its long-term strategy [11]. - The company is focused on creating a resilient future by prioritizing merchant growth, which in turn benefits consumers and ensures sustainable platform development [22]. Industry Context - The company has maintained a consistent focus on e-commerce, avoiding diversifications into other sectors, and has reinvested profits into merchant support initiatives [26][27]. - The company aims to expand its support to small and medium-sized merchants, enhancing their operational efficiency and reducing costs [27]. - The company's initiatives have led to significant growth in sales for many merchants, demonstrating the effectiveness of its support strategies [29][30].

SHEIN's IPO Plans - SHEIN is reportedly planning to shift its IPO focus to Hong Kong, aiming to submit an application to the Hong Kong Stock Exchange soon and complete the IPO within the year [2] - The company's IPO journey has faced multiple setbacks since 2020, including a failed attempt to go public in the U.S. due to geopolitical changes and subsequent adjustments to its corporate structure [2][3] - In 2024, SHEIN's sales are projected to increase by nearly 40% to approximately $10 billion, with overall revenue growth expected to reach 19% to $38 billion, although profits are anticipated to be significantly lower than the company's expectations [3] Birkenstock's Price Increase - Birkenstock plans to raise global prices to offset the impact of a 10% tariff on EU goods imposed by the U.S., with some styles seeing price increases close to 10% [4] - The company reported a revenue of €574.3 million in Q2 2025, a 19% year-over-year increase, with the Americas market growing by 23% [5] - Birkenstock is expanding its presence in Asia, particularly in China, India, and the Middle East, with a focus on online retail [5] Walmart's Restructuring and Layoffs - Walmart plans to lay off approximately 1,500 employees as part of a restructuring effort to simplify operations and reduce costs, primarily affecting its global tech department and e-commerce fulfillment operations [6] - The company will raise prices on certain products starting at the end of May due to increased costs from tariffs, with CEO Doug McMillon stating that the company cannot absorb all tariff pressures [6] - This marks the second round of layoffs for Walmart in 2023, following earlier job cuts in February [6][7] Jacquemus Group Formation - French designer brand Jacquemus has established a holding company, Jacquemus La Maison Mère, marking its transition to a group structure [18] - The new company has an overall valuation of €576.1 million, following a strategic partnership with L'Oréal, which acquired a 10% minority stake in Jacquemus [18][19] Dior's Creative Director Resignation - Maria Grazia Chiuri has resigned as the artistic director of Dior's women's wear, ending speculation about her future [21] - Under her leadership, Dior's sales grew from €2.2 billion in 2017 to €9 billion in 2023, making it one of the fastest-growing brands in the luxury fashion sector [21] ELF Beauty's Acquisition - ELF Beauty announced the acquisition of Hailey Bieber's skincare brand, Rhode, for a total of $1 billion, marking the largest acquisition in ELF's 18-year history [24] - The deal will involve an initial payment of $800 million, with the remaining $200 million contingent on Rhode meeting specific revenue targets from 2025 to 2027 [25] POLA Group's Exit from China - POLA Group has announced the dissolution and liquidation of its wholly-owned subsidiary in China, raising concerns about the potential exit of its ORBIS brand from the Chinese market [26] - The subsidiary has experienced continuous declines in operating and net profits from 2022 to 2024, with 2024 revenue estimated at only 40 million RMB [26]

Group 1 - ListenHub, an AI podcast generation platform, has completed a multi-million dollar angel round financing led by Sequoia China, aiming to enhance technology and market expansion [3] - The handmade milk tea brand Deng's Grandma has secured several million yuan in Series B financing from Zhongjing Investment Holdings, with funds allocated for supply chain development and market expansion [4] - Tea supplier Liyuan Sanbao has received A-round financing from Lushan Ke Investment, focusing on optimizing production processes and enhancing product quality [5][6] - The 24-hour self-service KTV chain "Zhu Chang Xiu" has completed 20 million yuan in A-round financing, which will support market expansion and smart entertainment development [7] - Cleaning brand Dishang Technology has completed several million yuan in angel round financing, aimed at optimizing product lines and enhancing R&D capabilities [8] - Rocket manufacturer "Yushi Space" has announced nearly 100 million yuan in angel+ round financing, with funds directed towards product development and team expansion [9] - Horizon Robotics' "Diguo Robot" has completed a $100 million Series A financing round, with multiple investment firms participating to accelerate the development of embodied intelligence ecosystems [10] Group 2 - Lemon tea brand Ningji has announced an international strategy, signing contracts for 15 overseas stores, with plans for further expansion in Southeast Asia after initial challenges in the U.S. market [11][12] - JD.com and Xiaohongshu have launched the "Red Jing Plan" to enhance advertising and sales conversion, allowing brands on JD to use Xiaohongshu's "grass planting" feature [13] - Sweet Lala has introduced a new product "Peach Cool Bucket" in response to the competitive ready-to-drink tea market, with bucket tea gaining popularity among Gen Z [14][15][16] - The total box office for new films during the Dragon Boat Festival has exceeded 100 million yuan, with top films including "Mission: Impossible 8" and "Doraemon: The Movie" [17]

Core Viewpoint - The collaboration between Meituan and Marriott International aims to create a seamless membership experience that integrates accommodation and local lifestyle services, targeting younger consumers and emerging markets [3][5][10]. Group 1: Strategic Collaboration - Meituan and Marriott announced a strategic partnership to launch a joint membership program, providing a comprehensive travel service that includes "accommodation+" offerings [3][4]. - The partnership focuses on increasing Marriott Bonvoy membership registrations by leveraging both companies' resources in accommodation, dining, and local experiences [5][6]. - The collaboration is expected to enhance customer loyalty and attract high-value younger members amid intense competition in the hotel industry [5][11]. Group 2: Membership Benefits - The membership benefits include tier matching, where Meituan and Dazhong Dianping users can upgrade to corresponding Marriott Bonvoy levels based on their existing membership status [7][8]. - New members registered through Meituan or Dazhong Dianping can access low-threshold challenges to achieve higher Marriott membership tiers, significantly reducing the requirements compared to traditional pathways [8][10]. - Additional benefits include dining vouchers and discounts for new Marriott members, enhancing the overall value proposition for consumers [8][10]. Group 3: Market Trends and Consumer Insights - The hotel industry is witnessing a shift towards younger consumers, with a significant portion of Marriott's membership base being aged 30-40, alongside a growing number of younger families and students [10][11]. - Meituan's data indicates that 96% of platinum and above members have hotel accommodation needs, with a high demand for hotel stays among younger demographics [10][11]. - The collaboration is expected to drive significant increases in hotel bookings, as evidenced by an 88% surge in reservations on the first day of the membership integration [11][12]. Group 4: Expansion into Lower-Tier Cities - Marriott is focusing on expanding its presence in lower-tier cities, with 30%-40% of new hotel openings planned for third and fourth-tier cities, capitalizing on the growing consumer base in these regions [15][17]. - The trend shows that high-star hotel consumption in lower-tier markets is increasing, with notable growth in hotel bookings during peak travel periods [17][18]. - Meituan serves as a vital platform for reaching high-value consumers in these emerging markets, enhancing Marriott's ability to penetrate these areas effectively [14][17]. Group 5: Future Opportunities - The partnership opens up various possibilities for integrating services beyond traditional hotel offerings, such as dining, entertainment, and travel experiences, creating a more holistic consumer journey [20][25]. - The collaboration is positioned as a starting point for deeper integration of resources between Meituan and Marriott, aiming for a synergistic effect that exceeds the sum of their individual contributions [27].

城市更新不是推倒重来，而是让新和旧都能呼吸。 作者 | 贺哲馨 编辑 | 乔芊 安福路正变得更国际化。 5月20日，阿迪达斯三叶草旗舰店在安福路322号正式开业，这是阿迪达斯在上海的首家三叶草全球旗舰店，配合新店开业首发的宠物系列吸引了不少人 流，一度造成了交通阻塞。 大约从去年起，这家德国运动巨头正在中国打造一个由一二线城市核心商圈的品牌中心和旗舰店、与经销商合作的多元化门店组成的金字塔型渠道网络 ——毫无疑问，安福路门店正属于这个渠道网络的顶端。 相比其他规格的门店，安福路门店的产品更新频率更高，相比别类门店按月甚至按季的上新速度，"每一周都有新鲜的产品上市"。此外，限量款和联名 款也可以第一时间在这里找到。阿迪达斯大中华区运动时尚品牌营销副总裁卢震瀚向我们表示，选择安福路就意味着选择年轻人，"在这里开业的意义和 我们在淮海路、南京东路上开店的意义一样重大。" "我们希望做一个好邻居。"阿迪达斯大中华区企业公关吴亮告诉36氪，这也是几乎所有品牌入驻安福路的统一动作。为此，阿迪达斯在门店改造上也颇 费一番功夫，为了更贴近旧址的风貌，这家门店在二楼的鞋类陈列区域做成了放映厅的风格，一楼的地板也特地打造成老上海 ...

编辑 | 乔芊 在AI扮演 互联网大厂 主 业务 角的一季度，拼多多的心思并不在此。 舍「利」守江山。 作者 | 李小霞 它有太多的事情需要应对。之于主站，拼多多要守江山，通过加大补贴力度，来维持平台的价格竞争力；之于跨境电商，它要在关税的刀口下寻找更好的 生存方式。 重重压力下，拼多多该季度营收、利润再次双miss。 这样的局面早在去年二季度电话会上就已经被高管强调： 随着业务规模扩大及新挑战的出现，增长速度的放缓是不可避免的。 不过，放缓的速度还是出人意料。今年一季度，拼多多实现营收957亿元，同比增长只有10%。市场尽管对该季度的预期已经不高（预期营收1016亿 元），实际情况还是miss了近60亿，营收已经连续三个季度不及预期。 虽说前几个季度，自我对照下，拼多多的增长已不似过去凶猛，但放置到行业里，依然称得上优秀，上一年Q4的增速还在20%以上。现在几近个位数的 增长，意味着拼多多优于同行的增长故事也落下帷幕。 更大的震撼则是来自利润的大幅下跌。 该季度拼多多经营利润为161亿元，相比去年同期下降38%；净利润147亿元，同比下降47%。 业绩也并非全是坏消息。其主站广告收入487亿元，同比增长15 ...