行业周报：闪购业务订单数创新高，即时零售行业竞争持续升级-20250713

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the rapid growth of instant retail, with daily order volumes for Taobao Flash Sale and Meituan Flash Sale reaching new highs, indicating a competitive landscape among major platforms [5][25] - The report emphasizes the shift in the instant retail industry from speed competition to comprehensive strength competition, driven by significant investments from major e-commerce platforms [26] - The report suggests focusing on high-quality companies in high-growth sectors driven by emotional consumption themes [8][29] Summary by Sections Retail Market Review - The retail industry index rose by 2.20% during the week of July 7 to July 11, outperforming the Shanghai Composite Index by 1.11 percentage points [7][14] - The internet e-commerce sector showed the largest increase among retail sub-sectors, with a weekly rise of 4.37% [17][20] Retail Insights: Instant Retail Competition - Taobao Flash Sale and Meituan Flash Sale reported daily order volumes exceeding 80 million and 150 million, respectively, contributing significantly to market growth [5][25] - Major platforms are implementing substantial subsidy programs to support merchant transformations, indicating a trend towards a three-way competitive landscape [26] Focus on High-Growth Quality Companies - Investment themes include: - Gold and Jewelry: Focus on brands with differentiated product offerings, recommending companies like Laopuhuangjin and Chaohongji [8][29] - Offline Retail: Emphasizing companies that adapt to trends, with recommendations for Yonghui Supermarket and Aiyingshi [8][29] - Cosmetics: Highlighting domestic brands with strong differentiation, recommending brands like Maogeping and Pola [8][29] - Medical Aesthetics: Focusing on companies with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company-Specific Insights - Zhou Dafu: FY2025 revenue of 89.66 billion HKD (-17.5%), net profit of 5.916 billion HKD (-9.0%), focusing on product structure optimization [31][36] - Laopuhuangjin: FY2024 revenue of 8.506 billion CNY (+167.5%), net profit of 1.473 billion CNY (+253.9%), benefiting from brand expansion [31][36] - Chaohongji: 2025Q1 revenue of 2.252 billion CNY (+25.4%), net profit of 189 million CNY (+44.4%), driven by differentiated product offerings [31][39] - Mao Ge Ping: FY2024 revenue of 3.885 billion CNY (+34.6%), net profit of 881 million CNY (+33.0%), focusing on high-end cosmetics [31][39] - Polaya: FY2024 revenue of 10.778 billion CNY (+21.0%), net profit of 1.552 billion CNY (+30.0%), maintaining a strong position in the domestic market [31][39]