2026年，消费市场在跌宕中升温。HBN母公司护家科技递交招股书冲击港股IPO、BeBeBus 成功登陆港交所，花知晓、溪木源持续获得珀莱雅等巨头或一线 机构的资本加持，泡泡玛特与老铺黄金在二级市场的强劲表现打破增长天花板…… 在这背景下，北京大学国家发展研究院本周发布的快消行业新锐品牌专题报告就显得格外值得关注，报告在"中国线上消费品牌指数（CBI）"系列研究的基 础上，不仅更新了季度"快消行业新锐品牌榜"，同时也首次进行了"快消行业细分类目分析"，对淘宝天猫快消行业下的个护、家清、母婴、美妆四个行业数 百个类目进行分析，并且公布了品牌和赛道的具体评分，信息量巨大。 | | | | ▼ 综合评分由12项指标得分加权平均得出详见《中国线上消费品牌指数 快消行业新锐品牌专题报告(2025年第三季度)》 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 美妆 2 STATE | | | 美妆 3 -- 美妆 3 -- 美妆 4 -- 母婴亲子 5 -- 家清 6 | | | 美妆 7 一个护 8 母母要亲子 ...

2026年2月9日，北大国发院依托淘宝天猫平台2025年第三季度的真实消费行为，发布了"快消行业新锐 品牌榜"，聚焦日用个护、日用清洁、日用美妆与母婴亲子四个快消子行业的新兴品牌。花知晓、 HBN、至本跻身榜单前三，BeBeBus成为母婴行业第一，希望树成为家清行业第一，Off&Relax成为个 护行业第一。 除了品牌排名，本次专题研究还借鉴学者Kim和Mauborgne的"红海/蓝海战略"理论，对于快消行业四个 子行业的近200个细分类目进行了综合评分，利用进入壁垒、搜索成交增速差、新品牌占比等指标，挖 掘更具成长潜力的类目，为行业培育激活消费新增量提供参考。 这意味着中国快消行业第一次有了可量化的赛道"红蓝海指数"。研究显示，2025年第三季度，这项"红 蓝海"评分最高的五个赛道依次为：头发清洁、面部护理套装、化妆水/爽肤水、婴童护肤、童装套装。 | 中国线上消费品牌指数(CBI) | | | | | --- | --- | --- | --- | | 快消行业"红蓝海指数" | | | F | | 2025年第三季度 | | | | | 北京大学国家发展研究院编制 淘天集团技术支持 | | | | | ...

Core Insights - The Chinese maternal and infant industry is undergoing significant changes, marked by a historical low in newborn population and rising prices for infant formula products [1][2] - Major players like Feihe are facing declining revenues and profits, while companies like Kidswant are expanding through acquisitions and showing strong performance [1][4] Industry Overview - The newborn population in China has decreased from a peak of 18.67 million in 2016 to 7.92 million in 2025, marking a significant demographic shift [2][3] - The decline in birth rates has led to increased pressure on leading maternal and infant companies, with Kidswant reporting a revenue increase of 8.10% year-on-year in the first three quarters of 2025 [4][10] Company Performance - Kidswant's revenue for the first half of 2025 was 4.91 billion yuan, with a net profit of 209 million yuan, reflecting a strong performance despite challenges [4][10] - Feihe's revenue has fluctuated, with a reported decline of 9.36% in the first half of 2025, following a trend of revenue and profit decreases since 2022 [1][4] Market Trends - The maternal and infant market is shifting towards online sales, with offline sales decreasing from 69.4% in 2022 to 59.7% in 2024, indicating a change in consumer purchasing habits [5] - The average price of maternal and infant products is rising, with a reported increase of 8.1% in January 2025, as consumers show a preference for higher-quality products [12] Strategic Moves - Kidswant is expanding its business through acquisitions, including a 16 billion yuan purchase of LeYou International and a 16.5 billion yuan acquisition of SiYu Industrial, diversifying its offerings beyond traditional maternal and infant products [11] - Feihe is targeting the adult nutrition market, launching its first AI-powered nutritional product aimed at older adults, reflecting a strategic shift in response to demographic changes [11] Consumer Insights - There is a growing acceptance of higher-priced infant formula among consumers, with over 60% preferring mid to high-end products priced above 200 yuan per can [12] - Different consumer segments in various city tiers have distinct purchasing priorities, with urban consumers focusing on product safety and shopping experience [12] Conclusion - The maternal and infant industry in China is transitioning from a focus on new user acquisition to deepening customer engagement and maximizing lifetime value, necessitating product innovation and brand strengthening [18]

Group 1 - The core message of the summit is the global strategy of the BeBeBus brand, emphasizing the importance of courage in taking the first step towards globalization [1] - BeBeBus identifies two main directions for globalization: achieving global integration centered around China and implementing local practices to adapt resources and services to local markets [1] - The company plans to leverage China's high-end supply chain and R&D advantages, highlighting the cost-effectiveness of Chinese white-collar workers compared to their American counterparts [1] Group 2 - BeBeBus adopts the philosophy that "every place is its own headquarters," promoting local adaptation in all aspects except for R&D and supply chain, moving away from a traditional headquarters-led model [2] - The company outlines three key strategies for globalization: focusing on original markets and channels, valuing local government relations, and integrating into local ecosystems while avoiding policy violations [2] - The company emphasizes that entering international markets is akin to starting a new venture, requiring strategic focus, long-term investment in core competencies, and a commitment to experimentation and innovation [2]

WIM2025创新者年会·未来消费峰会以"价值深耕·品牌长生"为主题，聚焦未来消费核心逻辑：以用户真 实需求为锚，深挖产品功能、情感与精神价值，构建差异化壁垒。摒弃短期流量思维，以长期主义打磨 全触点体验，让品牌价值成为用户心智烙印。在消费升级浪潮中，唯有扎根价值、动态迭代，才能穿越 周期，实现品牌与用户的长久共生。 本次峰会，BeBeBus品牌创始人、不同集团董事局主席兼执行董事汪铂言发表了《中国品牌全球化战 略》主题演讲。 全球化没有中心化，每个国家都是独立的总部，产品、组织、市场需本土化落地。 12月4日，由亿欧主办的"WIM2025创新者年会·未来消费峰会"在北京威斯汀酒店正式拉开帷幕。 以下为演讲内容整理： 大家好，我是BeBeBus创始人汪铂言。今天和大家分享一下个人对中国品牌走向全球战略的理解。 BeBeBus是一个创立于2019年的年轻品牌，今年9月登陆港股市场，同时开启全球化布局。今天，我想 和大家分享不同集团及BeBeBus未来的全球化路径，这更多是对未来的畅想，目前我们没有实现真正的 全球化，2025年才是布局的起点。 做任何事，首要的是明确目标。我们的唯一目的就是实现BeBeBus品牌 ...

Core Insights - BeBeBus, a high-end baby product brand, has gained popularity among young parents in China despite its products being priced above 2,000 yuan, reflecting a lifestyle choice rather than just a product purchase [1][5][6] - The brand's high pricing strategy is supported by a differentiated value narrative that meets the deep-seated needs of contemporary middle-class families in parenting consumption [1][6] Group 1: Premium Positioning - BeBeBus avoids price competition in the mass market, opting for a high-end and differentiated approach to fill the gap in the domestic high-end baby product market [1][6] - The brand emphasizes design and aesthetics, utilizing fashionable colors and streamlined appearances to transform baby products into stylish items [2][6] - Technological innovation and safety narratives are key pillars of its premium pricing, with the brand being one of the first to promote the "spinal protection" concept in baby strollers [2][7] Group 2: Growth Strategy - The rapid rise of BeBeBus is closely linked to its intensive and targeted marketing efforts on social media platforms, which have proven effective but raise concerns about the sustainability of its business model due to high investment [3][8] - The brand has built a vast network of over 16,000 influencers, leveraging user-generated content to lower the decision-making threshold for new customers [3][9] - High marketing expenditures, which constitute a significant portion of revenue, have led to scrutiny regarding whether the brand's growth relies more on continuous traffic investment or solid product fundamentals [3][9] Group 3: Market Challenges - As BeBeBus expands its scale and channels, challenges in price management on second-hand platforms pose potential threats to its carefully maintained premium positioning [4][9] - The brand is often compared to Apple in the tech industry, with expectations for it to define the market through continuous innovation [4][10] - BeBeBus has extended its product line to include high-repurchase items like diapers and is beginning to explore overseas markets, indicating a strategic shift in response to changing demographics and increased competition [4][10]

Core Viewpoint - Youzan (08083) has seen a significant increase in stock price, rising over 10% in early trading, attributed to its announcement of a transfer application to the main board of the Hong Kong Stock Exchange, which is expected to enhance its valuation if successful [1] Group 1: Stock Performance - Youzan's stock price increased by 9.69%, reaching HKD 0.215, with a trading volume of HKD 15.1325 million [1] Group 2: Corporate Actions - Youzan submitted an application for a transfer to the main board on October 28, 2025, under the main board listing rules Chapter 9B, without issuing new shares [1] - According to Guozheng International's report, the current valuation of the company is negatively impacted by its listing on the Hong Kong Growth Enterprise Market, and a successful transfer to the main board could improve its valuation due to better operational performance [1] Group 3: Strategic Partnerships - Youzan announced a collaboration with TCL Industries to explore the application of AGI (Artificial General Intelligence) in retail scenarios, aiming to reshape the "people-goods-market" relationship [1] - Additionally, Youzan has formed a strategic partnership with BeBeBus, a leading brand in the maternal and infant sector, to explore the deep application of AGI in maternal and infant consumption scenarios [1]

Core Viewpoint - Youzan (08083) has submitted an application for a transfer to the main board of the Hong Kong Stock Exchange, which is expected to enhance its valuation if successful [1] Group 1: Stock Performance - Youzan's stock price increased by over 10% in early trading, currently up 9.69% at HKD 0.215, with a trading volume of HKD 15.1325 million [1] Group 2: Corporate Actions - The company submitted a transfer application to the Hong Kong Stock Exchange on October 28, 2025, under the main board listing rules Chapter 9B, without issuing any new shares [1] - Guo Zheng International previously reported that the current valuation of the company is negatively impacted by its listing on the Growth Enterprise Market, and a successful transfer to the main board could improve its valuation in light of positive operating performance [1] Group 3: Strategic Partnerships - Youzan has announced a collaboration with TCL Industries to explore the application of AGI (Artificial General Intelligence) in retail scenarios, aiming to reshape the "people-goods-market" relationship [1] - The company has also formed a strategic partnership with BeBeBus, a leading brand in the maternal and infant sector, to jointly explore the deep application of AGI in maternal and infant consumption scenarios [1]

Core Insights - The consumer investment landscape is showing signs of recovery, with both primary and secondary markets indicating positive trends [2][3] - The CBI index is becoming a crucial tool for evaluating brand performance and investment opportunities, reflecting real consumer behavior and market trends [4][11] Primary Market Insights - Tmall's 618 sales event reported a 10% year-on-year increase in GMV, with several brands experiencing significant growth [2] - The transition from profitability to substantial profits is evident among various brands [2] Secondary Market Insights - Notable consumer stocks like Mixue Ice City, Laopu Gold, and Pop Mart have seen consecutive trading halts, establishing a new PE reference for consumer investments [3] - There were 10 successful IPO exits in the first half of the year, with an average return multiple of 5.1 times [3] Investment Trends - The investment logic has shifted, with institutions now favoring brands that have demonstrated the ability to scale from niche to mass markets [8][19] - Brands with overseas expansion capabilities and AI application potential are increasingly favored by investors [8][19] CBI Index and Brand Evaluation - The CBI index incorporates various metrics, including search volume and transaction growth among younger consumers, providing a comprehensive view of brand performance [4][11] - The index highlights that brands focusing on specific market segments and consumer needs are more likely to succeed [13][15] Brand Investment Principles - The principles for investing in brands have evolved, with a greater emphasis on sustainable profitability rather than just GMV [6][22] - Brands that can establish barriers to entry and demonstrate technological innovation are more attractive to investors [8][22] Market Dynamics - The focus has shifted from large-scale brands to niche markets, where brands can effectively address specific consumer pain points [15][22] - Emotional marketing and product innovation are key factors influencing consumer purchasing decisions [17][22] Conclusion - The current environment presents a favorable opportunity for investment in consumer brands, particularly those that have survived market challenges and demonstrated resilience [6][22]

Core Insights - BeBeBus, a popular maternal and infant brand, successfully went public, driven by strong product appeal and effective marketing strategies [2][11] - The brand has gained significant traction among middle-class parents, with over 3 million members by mid-2025 [2][11] - Despite high gross margins, the company faces challenges with declining revenue growth and reliance on an outsourcing model for production [6][11] Group 1: Brand Performance and Market Position - BeBeBus has established itself as a leading brand in the high-end maternal and infant market, with a revenue increase from 507 million yuan in 2022 to 1.249 billion yuan in 2024 [5][11] - The brand's products are characterized by high aesthetic appeal and functionality, which resonate with the demands of modern parents [4][11] - The company has effectively utilized social media platforms, particularly Xiaohongshu, to drive brand awareness and sales, generating over 83,000 promotional posts from March 2023 to September 2024 [4][5] Group 2: Financial Performance - BeBeBus reported a gross margin exceeding 47% for three consecutive years, reaching 50.4% in 2024 [6][11] - Sales and distribution expenses from 2022 to mid-2025 totaled 1.09 billion yuan, consistently accounting for over 30% of revenue [4][5] - The average transaction value for orders containing at least one core product remains above 2,400 yuan [5] Group 3: Production and Quality Concerns - The company primarily relies on an outsourcing model, with 76.3% of total sales costs attributed to outsourced products [6][11] - Quality issues have been reported by consumers regarding popular products, raising concerns about the sustainability of the outsourcing strategy [6][8] - The brand's products are noted to have a degree of replicability, with similar items available at significantly lower prices from other manufacturers [7][10] Group 4: Market Challenges and Future Outlook - BeBeBus faces increasing competition from second-hand and wholesale platforms, which disrupt its pricing strategy [9][10] - The company has expanded its product line to include baby care items, but these new categories face challenges in terms of lower gross margins and intense competition [11] - As consumer preferences shift towards quality and innovation, the brand's future success will depend on its ability to enhance product development and quality control [11]