（原标题：东南亚淘金路：美妆出海如何与不确定性共存丨出海观察） 近期，21世纪经济报道记者专访了美尚集团首席财务官兼海外业务负责人赵剑，透过他的讲述，来试图 摸清美妆出海的水温和潮水走向。 "美妆出海东南亚，我们最开始是用跨境电商的方式进去的，但做着做着就会发现不去当地不行，一来 只做电商终归会有规模的天花板，很难放量，二来坐在国内办公室，你根本不知道东南亚的消费者喜欢 什么、流行在发生什么变化。"赵剑回忆起2022年底探索出海业务的情形，当时，走电商的渠道切入东 南亚市场，是投入小、风险也相对低的稳妥之策，但慢慢摸到"天花板"后，他作为海外业务的负责人， 开始调整方向，"出海有一个字就是你得'出'去，不能简单地坐在广州办公室里做出海的生意。" 去到当地后，团队看到了一些传说中的"代差"——东南亚这片市场从流行审美到产品，基本还是由欧 美、日韩这些国际品牌主导，所以不少彩妆护肤品类在色彩、质地、功效上并没有真正贴合当地人，习 惯了欧美、日韩风格的东南亚人之前普遍也对这些差异不敏感。但捕捉到这些空白的中国品牌，寻找到 了突围的突破口，也就是因地制宜地开发和丰富SKU，来精准满足当地市场需求。 南方财经 21世纪 ...

Core Viewpoint - The article discusses the rising trend of solid mango pomelo sago in the beverage industry, highlighting its popularity and the competitive landscape among various brands [2]. Group 1: Product Popularity - Solid mango pomelo sago has become a sensation, with sales reaching approximately 250,000 cups on its first day of launch across various stores [16]. - The product was quickly adopted by multiple brands, with 7 Fen Tian selling nearly 300 portions in a single day and other brands like Xian Mang Duo and Cha Bai Dao also reporting high sales [10][12][13]. - The product's appeal is attributed to its rich ingredients and unique presentation, leading to a surge in consumer interest and social media engagement, with over 600 million views on Douyin [18]. Group 2: Market Response - Many brands are racing to launch their versions of solid mango pomelo sago, with some brands like YOMOO and Qing Zhi Shou Niang also joining the trend [20]. - The demand for mango has surged, causing supply shortages in some regions, with reports of price increases for mangoes due to high demand [25][26]. - Some brands are cautious about joining the trend, preferring to observe consumer reactions before committing to new product launches [28][29]. Group 3: Consumer Behavior - The popularity of solid mango pomelo sago reflects a broader consumer trend towards comfort foods during economic uncertainty, akin to the "ice cream economics" phenomenon [37][39]. - Consumers are seeking products that provide a sense of certainty and satisfaction, as evidenced by the success of solid mango pomelo sago compared to more fluid beverages like milk tea [41][43]. - The combination of visible ingredients and appealing presentation makes solid mango pomelo sago a desirable choice for consumers looking for small pleasures in their daily lives [42][43].

Group 1: Emotional Consumption Insights - The core truths revealed by the popularity of Labubu include emotional rewards amid economic uncertainty, reflecting the "lipstick effect" in a new cycle [1] - The Z generation expresses dual themes of rebellion and healing through their consumption choices, serving as an "identity password" [1] - The desire for identity class "leap" is driven by scarcity, fostering community recognition [1] Group 2: AI Application in Midea Group - Efficiency-driven AI applications have significantly reduced costs in various scenarios, such as translating financial documents at one-tenth of the original cost and achieving 99% accuracy in installation acceptance [2] - Midea Group has saved hundreds of millions through AI applications in finance, HR, and legal areas, enhancing collaboration and operational efficiency [2] Group 3: Organizational Transformation of Midea Group - Midea's organizational transformation effectively addressed the challenges of centralized rigidity and decentralized chaos, enabling strategic implementation and operational enthusiasm [3] - The company is evolving its organization further through AI-driven initiatives, creating an open ecological organization that blurs traditional boundaries [3] - Midea's structural evolution from a divisional system to a diversified business group aligns with its strategic development, balancing shareholder, customer, and co-creation values [3]

Core Insights - The popularity of "solid mango pomelo sago" has surged in the tea beverage market, following the trend set by "milk skin candied hawthorn" [1][19] - Major brands like 7 Fen Tian and Xian Mang Duo have quickly launched their versions of solid mango pomelo sago, achieving impressive sales figures [3][5] - The product's success reflects a consumer demand for more substantial and comforting food options during economic uncertainty [20] Sales Performance - 7 Fen Tian sold over 10,000 units within three days of launching the solid mango pomelo sago, with some stores selling nearly 300 units in a single day [1][3] - On its first day, the total national sales reached approximately 250,000 cups, leading to stock shortages in many stores [5][10] - Xian Mang Duo reported selling 350 units on its launch day, prompting an early closure due to depleted raw materials [3] Market Response - The rapid success of solid mango pomelo sago has prompted other brands to join the trend, with many seeking to capitalize on the product's popularity [8][10] - Social media buzz around the product has led to over 600 million views on platforms like Douyin, indicating strong consumer interest [7] - Various brands are exploring different versions and adaptations of the product to meet consumer demand [8][19] Consumer Behavior - The trend indicates a shift in consumer preferences towards more substantial and visually appealing food items, as seen with the solid mango pomelo sago's rich ingredients and vibrant presentation [20] - Brands are responding to consumer requests for the product, with some initially hesitant but ultimately deciding to launch due to high demand [12][17] - The phenomenon reflects a broader trend of seeking "comfort food" during challenging economic times, similar to the "ice cream economics" observed in past recessions [20]

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 over the next six months [58]. Core Insights - The food and beverage sector recorded a decline in October 2025, with a component index drop of -0.58%. The performance of the liquor segment significantly dragged down the overall results, while sectors like prepared foods, health products, and baking showed positive growth [6][7]. - From January to October 2025, the food and beverage sector's cumulative performance was -0.97%, underperforming the market benchmark index, with significant contributions from the weak performance of major segments like liquor and beer [11][14]. - The valuation of the food and beverage sector is at a relative low point historically, with a current valuation of 20.06 times earnings, down 6.27% from the previous month. This is the lowest in ten years, with liquor valuations also below the sector average [17]. - In October 2025, 60.16% of individual stocks in the sector saw price increases, indicating that individual stock performance was better than the overall sector [23][29]. Summary by Sections 1. Market Performance of the Food and Beverage Sector - The food and beverage sector experienced a decline in October 2025, with a component index drop of -0.58%. The total trading volume for the sector was 20.352 billion shares, a significant decrease from September [6][7]. - The cumulative performance from January to October 2025 was -0.97%, with the sector ranking last among 31 primary industries [11][14]. 2. Valuation of the Food and Beverage Sector - As of October 31, 2025, the sector's valuation stood at 20.06 times earnings, marking a 6.27% decrease from the previous month. This valuation is lower than 20 other industries, placing it in the lower tier of industry valuations [17]. 3. Individual Stock Performance - In October 2025, 60.16% of individual stocks in the food and beverage sector increased in value, with notable performances from composite seasoning, dairy, health products, and prepared foods [23][29]. - Specific stocks that performed well included Hai Xin Foods (+12.65%), Tang Chen Bei Jian (+8.85%), and others across various sub-sectors [24][25]. 4. Industry Output and Price Factors - The food and beverage manufacturing sector saw a fixed asset investment increase of 22.9% year-on-year in 2024, with a continued high growth level into 2025 [31]. - Production trends showed a decline in liquor and wine output, while fresh meat and edible oil production maintained growth [35][37]. 5. Investment Strategy - The report recommends focusing on investment opportunities in soft drinks, health products, baking, yeast, composite seasoning, and snacks for November 2025 [54][55]. - The suggested stock portfolio includes companies like Bao Li Foods, Li Gao Foods, and Xian Le Health, all rated for potential growth [56].

Core Insights - The domestic beauty industry in China, once thriving due to traffic dividends, is showing signs of fatigue as evidenced by the financial reports for the first three quarters of 2025, with major brands experiencing significant declines in revenue and profit [2][3][8] Financial Performance - Proya's revenue for the first three quarters reached 7.098 billion yuan, a year-on-year increase of 1.89%, while net profit was 1.026 billion yuan, up 2.65%. However, in Q3 alone, revenue fell to 1.736 billion yuan, a decrease of 11.63%, and net profit dropped to 227 million yuan, down 23.64% [2][8] - Other domestic brands like Fulejia, Betaini, Huaxi Biological, and Aimeike reported declines in both revenue and net profit, with Fulejia's revenue down 11.54% and net profit plummeting 36.73% [2][8] Market Trends - The beauty market in China has grown from 131.8 billion yuan in 2014 to 420.3 billion yuan in 2024, with domestic brands achieving a compound annual growth rate of 13.18%, surpassing foreign brands for the first time in 2023 [4][5] - The "lipstick effect" is failing as consumer confidence and willingness to spend among young people have significantly decreased, impacting sales in the beauty sector [3][9] Consumer Behavior - Young consumers are increasingly opting not to wear makeup due to busy lifestyles and a shift in priorities, with many expressing a preference for sleep over makeup application [9][10] - The perception of makeup as a necessary tool for professional success is changing, with more women focusing on their professional abilities rather than appearance [10] Industry Challenges - Many domestic beauty brands are facing a "path dependence" issue, relying heavily on established marketing strategies that are becoming less effective as the market matures [11][12] - The over-reliance on social media marketing and influencer partnerships is leading to diminishing returns, with brands struggling to maintain growth in a saturated market [11][12] R&D and Innovation - There is a growing need for product innovation as consumers become more discerning and demand transparency regarding product ingredients and efficacy [15][16] - Proya's R&D expenditure was only 2.1 billion yuan in 2024, significantly lower than its sales expenses, highlighting a trend of prioritizing marketing over innovation [16][17] Strategic Shifts - Proya is shifting its focus towards digitalization and technological innovation, appointing experienced executives to enhance its product development and marketing strategies [17][18] - The company aims to leverage digital tools for better product iteration and to integrate AI into various business functions, indicating a strategic pivot towards long-term sustainability [18][19]

Core Insights - The gaming sector showed slight fluctuations after a strong opening on October 14, with the gaming ETF (159869) experiencing a peak increase of over 2% and currently showing a minor rise. [1] - As of October 13, the gaming ETF (159869) has seen a net inflow of 1.404 billion yuan over the past five trading days, indicating strong investor interest, with the product's scale reaching 10.748 billion yuan. [1] Market Size and Performance - According to Zheshang Securities, the Chinese gaming market is expected to maintain a high level in Q3 2025, although it may see a year-on-year decline due to a high base effect. [2] - The projected market sizes for July and August 2025 are 29.1 billion yuan and 29.3 billion yuan, reflecting year-on-year changes of +4.62% and -13.01%, respectively. The significant decline in August is attributed to the high base set by the game "Black Myth: Wukong" in August 2024. [1][2] - If the gaming market size in September 2025 remains relatively stable, the estimated market size for Q3 2025 would be approximately 87.4 billion yuan, showing a year-on-year growth of +0.8% and a quarter-on-quarter increase of +6.2%. [1] Factors Influencing Market Trends - The sustained high level of the gaming market in Q3 2025 is attributed to factors such as the "lipstick effect" from slowing economic growth, which boosts discretionary spending, and the release of multiple blockbuster games in the first half of 2025. [2] - Notable blockbuster games include "Endless Winter" and "Bouncing Kingdom" from ST Huatuo, "Supernatural Action Group" from Giant Network, and "Delta Action" from Tencent Holdings. [2] - The gaming market is expected to experience a slight quarter-on-quarter decline but a year-on-year increase in Q4 2025, driven by a significant rise in the number of blockbuster games compared to 2024. [2] Investment Opportunities - The gaming sector is undergoing transformations in AI, content, and commercialization models, presenting multiple catalysts for growth. [2] - The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry, highlighting potential investment opportunities. [2]

Group 1 - The core idea of the article emphasizes the sustainable practices of the Yida Group's "Ten Ru Factory" in Guilin, showcasing a new direction for Chinese manufacturing that integrates environmental and employee well-being into its operations [2][4][6]. - The factory consists of four main parts: yarn factory, garment factory, plant dyeing workshop, and office + dining area, promoting a collaborative work environment without fixed workstations [4][6]. - The factory has been recognized as a zero-carbon park this year, highlighting its commitment to sustainability [2][6]. Group 2 - Energy-saving measures include the use of low-radiation glass and solar energy to power part of the facility [6]. - The factory emphasizes material recycling, such as reusing yarn tubes and steel pipes for decoration, and employs plant-based dyes for all fabrics [6][8]. - The factory's smart spinning technology allows for a production capacity of 6,000 tons of yarn annually with only 100 workers, demonstrating high efficiency [6][8]. Group 3 - Employee welfare is prioritized through a nutritionist-designed meal plan, a dining app linked to health reports, and initiatives to reduce food waste [6][8]. - The company fosters a culture of personal responsibility among employees, encouraging them to maintain cleanliness in shared spaces [6][8]. - Housing for employees is provided in community apartments rather than factory dormitories, promoting a sense of home and equality among staff [6][8]. Group 4 - The article also discusses the shift in the fashion industry, where accessory brands are gaining prominence over traditional clothing brands, reflecting consumer behavior during economic downturns [10][11]. - Pop Mart's revenue surpassing Disney's in the first half of 2025 highlights a significant trend in the toy industry, where visual IPs are becoming more appealing than narrative-driven products [30][31]. - The contrasting growth strategies of Pop Mart and Disney illustrate the evolving landscape of consumer preferences, with Pop Mart focusing on market expansion and Disney relying on content production [33][38].

Core Viewpoint - The article discusses the paradox of increasing domestic travel in China despite economic downturns, attributing this trend to shifts in consumer behavior, reduced travel costs, specific demographic demands, and multi-faceted support from policies, businesses, and media [4][6]. Group 1: Reasons for Increased Travel - **Change in Consumer Attitudes**: Young people are prioritizing experiences over traditional luxury items like homes and cars, leading to increased travel as a form of affordable enjoyment. This aligns with the "lipstick effect," where consumers opt for lower-cost non-essentials during economic downturns [8][9]. - **Lower Travel Costs**: Despite the rise in travel popularity, average spending per trip has decreased. Many travelers are now opting for budget travel options, with a significant increase in long-distance travel orders but an 18% drop in per capita spending [11][12]. - **Surge in Specific Demographic Demand**: Retirees and those in flexible employment are increasingly traveling during off-peak seasons, reflecting a shift in priorities towards personal enjoyment and leisure [14][15]. Group 2: Support from Policies and Businesses - **Government and Business Initiatives**: The government has implemented measures like the "Hundred Cities, Hundred Districts" tourism consumption action plan, which includes issuing consumption vouchers to stimulate the tourism sector. Businesses are also offering discounts and promotions to attract visitors [17][18]. - **Media Influence**: Short video platforms are playing a significant role in shaping travel decisions, with tourism-related content achieving over 2 billion daily views, effectively driving consumer interest and engagement [17][18]. Group 3: Broader Economic Implications - **Economic Transformation**: The article suggests that the rise in travel is part of a larger economic shift, with tourism becoming a key driver for industry upgrades, job creation, cultural preservation, and regional economic balance [19][20][21][22]. - **Global Consumption Dynamics**: The influx of Chinese tourists abroad and the return of foreign tourists to China are reshaping the global consumption landscape, indicating a significant transformation in consumer behavior and economic interactions [23].

Core Insights - The article highlights a significant shift in consumer spending from traditional retail to experiential purchases, indicating a growing preference for experiences over material goods [1][3][11] Consumer Behavior - In major shopping centers, traditional retail areas are experiencing a decline in foot traffic, with some areas seeing a nearly 40% drop in customer visits, while entertainment venues are thriving [3][5] - The overall retail sales growth rate for social consumer goods in the first eight months of the year is only 3.4%, contrasting sharply with the booming cultural and entertainment market [3][5] - Consumers, particularly younger individuals, are increasingly valuing experiences, such as attending concerts or participating in immersive activities, over purchasing physical items [5][7][11] Experience Economy - The rise of the "experience economy" is evident, as businesses adapt to consumer preferences by offering lifestyle-oriented services rather than just products [11][12] - Retailers are transforming their spaces to create comfortable environments that encourage longer visits, which can lead to increased sales [12][14] - Technological advancements, such as AR fitting rooms and mobile payments, are enhancing the experience economy, making it easier for consumers to engage and purchase [14][16] Economic Impact - The experience economy is not only revitalizing local economies but also creating new job opportunities in sectors like tourism, culture, and entertainment, with a reported 21% increase in employment in these areas compared to the previous year [16][18] - Innovative roles, such as immersive experience designers, are emerging as businesses focus on creating engaging and interactive consumer experiences [18] Government Initiatives - Governments are recognizing the importance of the experience economy and are implementing policies to encourage spending on experiences, such as paid leave and cultural consumption vouchers [18][20] - The article discusses the potential for experience-based spending to serve as a new economic driver, emphasizing the need for creativity and engagement in consumer offerings [18][20]