河南F4，没有人能逃得过

Core Viewpoint - The article discusses the rise of a new wave of consumer brands from Henan, highlighting how entrepreneurs like Zhang Hongchao, Zhang Hongfu, and Wang Ning have reshaped the commercial landscape in China by tapping into consumer emotions and innovating supply chains [4][6][7]. Group 1: Rise of Henan Entrepreneurs - The new "wealthy class" in Henan is represented by entrepreneurs like Zhang Hongchao and Zhang Hongfu of Mixue Ice City, who topped the Henan rich list with a net worth of 117.94 billion yuan [4]. - This group of entrepreneurs, including Wang Ning of Pop Mart, has surpassed traditional industry giants, indicating a significant shift in the business landscape [5][6]. - The emergence of these brands signifies a broader trend in Chinese commerce towards diversity, efficiency, and a focus on humanistic values [7]. Group 2: Consumer Insights and Brand Strategies - Mixue Ice City has successfully captured the budget-conscious consumer market, becoming known for its affordable products like ice cream priced at 2 yuan and lemon tea at 4 yuan, appealing to the "poor economy" sentiment [9]. - Pop Mart targets global middle-class consumers, leveraging social media and pop culture to create a strong brand presence, with its LABUBU toy becoming a trendy symbol [10][12]. - Fat Donglai emphasizes exceptional customer service and employee welfare, creating a unique shopping experience that resonates with consumers [13][14]. Group 3: Business Models and Supply Chain Innovations - Mixue Ice City operates primarily as a supply chain company, with 97.6% of its revenue coming from selling raw materials and equipment to franchisees, allowing for efficient expansion [18][20]. - Fat Donglai has integrated its supply chain by producing its own products, ensuring quality control and enhancing customer trust [22]. - Pop Mart benefits from a robust supply chain in the toy industry, enabling rapid global distribution of its products [22]. Group 4: Market Performance and Future Outlook - As of July 2, Mixue Ice City's stock price reached 533 HKD per share, with a market capitalization exceeding 200 billion HKD, while Pop Mart's stock was at 258.2 HKD, with a market cap nearing 350 billion HKD [23]. - Despite high valuations, there are concerns about the sustainability of Pop Mart's business model, particularly regarding the lifecycle of its IPs [25]. - The article concludes that Henan's entrepreneurs are redefining the narrative of traditional agriculture, showcasing a diverse and rich commercial landscape that offers new possibilities for ordinary people [25].