SIASUN(SZ:300024) 3 6 Ke·2025-11-20 01:41Core Viewpoint - The personal care brand Lefan is shifting its focus from online sales to offline retail, opening its first flagship store in Shenzhen and planning to expand to 300 stores by 2026 across 20 cities [1][6]. Group 1: Offline Strategy - Lefan's offline retail strategy is set to enter a high-growth phase by 2026, with plans to cover 20 cities and establish 300 stores [1][6]. - The value of offline channels is being reassessed as they serve not only as sales points but also as key locations for brand display, user experience, and service closure [2][3]. - Other personal care brands have successfully transitioned to offline strategies, with examples like usmile focusing on beauty channels and high-end department stores, and Chasing's offline layout emphasizing immersive experiences [3]. Group 2: Challenges and Opportunities - Transitioning from online to offline presents challenges such as product trials, cost structures, operational logic, and user relationships [3][4]. - Lefan's strategy involves leveraging its previous experience with large supermarkets and chain stores to gain initial offline exposure and user reach at a lower cost [5]. - The introduction of new product categories, such as electric toothbrushes and shavers, has provided Lefan with the confidence to open independent stores [5][6]. Group 3: Store Types and Features - Lefan's future stores will include three types: "pop-up stores" in shopping centers, "brand image stores" for medium to long-term operations, and multifunctional "flagship stores" [7]. - The flagship store in Shenzhen offers not only sales functions but also after-sales support, DIY customization, offline experiences, and cultural creative services [8][10]. Group 4: Sales Structure and Product Development - The sales structure in Lefan's offline stores differs from online, with electric toothbrushes and shavers achieving sales parity with hair dryers, indicating a shift in consumer preferences [12]. - The establishment of a super factory has enabled Lefan to enhance production capacity and quality control, addressing previous bottlenecks in product availability [13][15]. - Lefan plans to release the most new product categories in 2026, with upcoming launches including the second generation of its vibrating electric toothbrush [15][17].