周大生：聚焦四大品牌矩阵，产品升级和品牌差异化构建完整体系-20250528

Investment Rating - The report does not explicitly state the investment rating for Chow Tai Seng, but it emphasizes a focus on transformation and stabilization for the main brand by 2025, indicating a positive outlook for the company's strategic direction [2][3]. Core Insights - Chow Tai Seng is focusing on a four major brands matrix to build a complete system that covers different consumption levels through product upgrades and brand differentiation [2][9]. - The main brand is undergoing a transformation towards a retail-oriented business model, with a priority on the One-Pool Inventory strategy to enhance product structure and profitability [2][3]. - The company aims to create a core model store with annual sales exceeding 100 million RMB through high-end positioning and product quality improvements under the Chow Tai Seng x National Treasure brand [4][11]. - The organizational structure is being optimized to strengthen talent reserves and incentive mechanisms to support the company's transformation [12]. Summary by Sections Brand Strategy - Chow Tai Seng is focusing on four major brands: Chow Tai Seng Consolidated (main brand), Chow Tai Seng x National Treasure, Chow Tai Seng Classic, and Turning Pearl Pavilion, each targeting different consumer segments and emphasizing product differentiation [2][9]. - The main brand is set to enhance its product offerings and shift towards a retail model, while the National Treasure brand aims for high-end positioning with unique product craftsmanship [4][11]. Inventory and Marketing - The One-Pool Inventory strategy is being deepened, with graded management of franchisees and a focus on creating explosive products through enhanced marketing efforts [3][10]. - The company is investing in both online and offline marketing to strengthen brand awareness and drive sales [10]. Organizational Development - The company is optimizing its organizational structure to clarify corporate values and strategic systems, aiming for a win-win situation for all stakeholders [12]. - A focus on leadership development and talent management is being emphasized to support the company's strategic goals [12].