产品力：Letsvan团队原创设计并推出了WAKUKU、又梨等成功大IP。 品牌力：合并后，量子之歌通过中国网球公开赛、时装周等跨界合作放大品牌声量，许多明星自发同框露出。 销售力：量子之歌团队具备40亿级别生意的操盘经验，把产品推向市场并不难。这种互补让Letsvan从"活下来"到"活得好"，实现了跨越式发展。 雷递网 雷建平 9月29日 量子之歌正在加速向潮玩领域转型，背后的核心载体是Letsvan奇梦岛。量子之歌已完成Letsvan全资控股，原中文厂牌"熠起文化"焕新为"奇梦岛"，还捧 红了WAKUKU潮玩IP，WAKUKU一个季度做到销量超过4000万元。 2025年，潮玩市场大爆发，泡泡玛特营收和市值一路大涨，其他潮玩企业也水涨船高，量子之歌先知先觉，在市场还未爆发前就控股了Letsvan，这一步 踩得很准。 而为何Letsvan会选择卖身给量子之歌？对此，量子之歌CEO李鹏在与雷递网创始人雷建平的交流中做出了解答。 李鹏说，融资只能解决资⾦问题，解决不了结构性短板。Letsvan有很强的产品力，但品牌与销售体系相比之下不完整。量子之歌提供品牌调性与销售能 力，Letsvan提供原创力，合并后形成了 ...

Core Viewpoint - The venture capital market in 2025 is entering a "differentiation and deepening phase," where investment strategies shift from "broad net" to "precision farming," and limited partners (LPs) become more cautious, focusing on "certainty" value and showing a significant preference for institutions with brand endorsement [2]. Group 1: Market Trends - The concept of "brand" has evolved from a "bonus item" for institutions to a "hard currency" that can withstand market cycles, serving as a "living business card" to attract long-term capital and connect with quality projects [2]. - The selection process for the "Most Admired Venture Capital Institutions" has been conducted for the fifth consecutive year by Chuangyebang, aiming to identify benchmark institutions with solid performance and industry reputation [2]. Group 2: Evaluation Framework - The evaluation framework includes a "main list + vertical track list," categorizing institutions into early-stage, venture, private equity, and newly added state-owned investment institutions for 2024, while the vertical track list focuses on six core areas including intelligent manufacturing and artificial intelligence [2]. - A total of 180 GP partners and frontline investors participated in the evaluation, resulting in 18,816 valid votes, reflecting genuine recognition of brand strength among institutions [2]. Group 3: Rankings - The 2025 rankings include four main lists: Top 50 Early-Stage Investment Institutions, Top 100 Venture Capital Institutions, Top 50 Private Equity Institutions, and Top 50 State-Owned Investment Institutions, along with six vertical field lists [2]. - The artificial intelligence sector saw a significant increase in the number of institutions applying for the rankings, leading to an expansion of the list to 50 institutions [3]. Group 4: Notable Institutions - The top institutions in the 2025 "Most Admired Venture Capital Institutions" list include Sequoia China, IDG Capital, and Northern Light Venture Capital among others [6][7][8]. - The top 50 early-stage investment institutions feature Hillhouse Capital, Sequoia Seed Fund, and BlueRun Ventures, showcasing a diverse range of leading players in the market [20][21]. Group 5: Sector-Specific Insights - The vertical rankings cover various sectors, including intelligent manufacturing, artificial intelligence, biotechnology, energy technology, new materials, and overseas ecosystems, highlighting the focus on new productive forces [2]. - The rankings in the intelligent manufacturing sector include institutions like Mixed Investment, Northern Light Venture Capital, and BYD Investment, indicating a competitive landscape in this area [45][46].

Group 1 - The overall performance of domestic beauty and skincare companies in the first half of 2025 remains stable, with Proya and Shiseido maintaining their positions as industry leaders, while Juzhibio leads in profit [1][2] - Proya's main brand shows a slight decline, indicating a near ceiling for single-brand growth in the domestic market, while Maogeping has entered the top five, representing the high-end trend in domestic beauty [2][10] - The financial performance of major companies shows varied results, with Proya reporting revenue of 5.362 billion yuan (up 7.21%), Shiseido at 4.108 billion yuan (up 17.30%), and Juzhibio at 3.113 billion yuan (up 22.50%) [3][4] Group 2 - Juzhibio's profit reached 1.182 billion yuan, a 20.60% increase, while Proya's profit was 799 million yuan (up 13.80%) and Maogeping's profit was 670 million yuan (up 36.10%) [5][6] - The beauty industry is facing challenges with brand positioning and organizational restructuring, particularly for established companies like Huaxi Biological and Beitaini, which have seen significant declines in performance [25][30] - Maogeping has successfully expanded into high-end skincare and fragrance markets, with a focus on diversifying its business to reduce reliance on single products [20][23] Group 3 - The emergence of new active ingredients, such as ergothioneine, is gaining attention in the beauty industry, with companies investing in research and development to innovate [39][42] - Marketing strategies are shifting towards brand strength and celebrity endorsements, with companies like Proya and Marubi actively engaging high-profile brand ambassadors [51][53] - Companies are increasingly focusing on building comprehensive sales channels that integrate online and offline strategies, as well as domestic and international markets, to adapt to changing consumer behaviors [58][60]

Group 1 - The Trade Desk (TTD) research indicates that despite global economic pressures, North American holiday retail sales are expected to grow [1][2] - Over 80% of consumers in the UK and Germany are prioritizing price in their shopping decisions, leading to increased price comparison behavior [1] - 43% of UK consumers and 56% of German consumers are considering reducing purchases from American companies, presenting new opportunities for Chinese brands [1] Group 2 - The holiday shopping season in 2025 will see consumers preparing earlier, with 50% of American consumers planning to complete most of their purchases before Black Friday [2][4] - eMarketer predicts a 1.2% year-over-year growth in US holiday retail sales for 2025, marking the lowest growth rate since 2009 [2] - Brands that maintain advertising spend during economic uncertainty are likely to achieve better ROI and sales growth, with 60% of such brands seeing improved returns [4] Group 3 - AI is becoming a crucial engine for companies expanding internationally, impacting product design, operational efficiency, and marketing tools [6] - The rapid iteration of AI technology is enabling brands to enhance their marketing strategies and operational capabilities [6] - TTD's programmatic advertising utilizes algorithms to match supply and demand in real-time, optimizing ad spend efficiency [7][8] Group 4 - Open Internet advertising is essential for brands, covering 75% of users' digital media time and facilitating cross-platform marketing strategies [8][9] - CTV (Connected TV) is the fastest-growing media channel, with 30% of digital media time spent by US consumers on CTV, enhancing brand engagement and emotional connection [9] - A premium internet multi-channel strategy centered on CTV is key for Chinese brands to boost short-term performance and build long-term brand equity during the holiday season [9]

Core Insights - The Trade Desk (TTD) has released a survey indicating that despite ongoing global economic pressures, North American holiday retail sales are expected to grow, presenting new opportunities for Chinese outbound brands [1][2] - The survey highlights new consumer shopping trends for 2025, including earlier preparation, increased rational consumption, and more complex shopping decisions across multiple platforms [1] - TTD emphasizes the importance of a premium internet omnichannel strategy centered around Connected TV (CTV) for Chinese brands to balance short-term conversions and long-term brand asset accumulation during the holiday season [1][3] Group 1: Consumer Behavior Trends - In the U.S. market, 50% of consumers plan to complete most of their purchases before Black Friday, reflecting a shift towards more rational consumer behavior [1] - Over 80% of consumers in the UK and Germany are placing greater emphasis on price in their shopping decisions, indicating a rise in price comparison behavior in Europe [1][2] Group 2: Competitive Landscape - eMarketer predicts a 1.2% year-over-year growth in U.S. holiday retail sales for 2025, marking the lowest growth rate since 2009, intensifying competition among brands [2] - Brands that maintain advertising spend during economic uncertainty are more likely to achieve better short-term returns and gain market share in the long run, with 60% of those increasing spending seeing improved ROI and an average sales growth of 17% [2] Group 3: Marketing Strategy - The average overseas consumer engages with over 2000 digital content websites and platforms daily, while 80% still plan to visit physical stores, necessitating a complex cross-touchpoint marketing approach [2] - Open Internet advertising, which covers 75% of users' digital media time, is crucial for brands to effectively reach consumers across various high-frequency holiday scenarios [3] - CTV is identified as one of the fastest-growing media channels, with 30% of U.S. consumers' digital media time spent on it, making it an effective medium for brands to enhance audience engagement and emotional connection during the holiday season [3]

Core Insights - The Trade Desk (TTD) highlights that despite ongoing global economic pressures, North American holiday retail sales are expected to grow, presenting new opportunities for Chinese brands entering overseas markets [1][3] - A shift in consumer behavior is noted for the 2025 holiday shopping season, with earlier preparation, increased rational consumption awareness, and more complex shopping decisions across multiple platforms [1][3] - The importance of balancing short-term conversion with long-term brand equity is emphasized for Chinese brands during this holiday marketing season [1][3] Market Trends - eMarketer predicts a 1.2% year-on-year growth in U.S. holiday retail sales for 2025, marking the lowest growth rate since 2009, intensifying competition among brands [3] - Brands that maintain advertising presence during economic uncertainty are more likely to achieve better short-term returns and long-term market share advantages, with 60% of those increasing spending seeing improved ROI and an average sales growth of 17% [3][4] Consumer Behavior - Overseas consumers are engaging with over 2000 digital content sites and platforms daily, with 80% still planning to visit physical stores, indicating a complex cross-touchpoint environment [4] - The value of Open Internet advertising is highlighted, as cross-scenario omnichannel marketing significantly enhances user attention and conversion rates [4] Brand Challenges - Chinese brands face the challenge of gaining trust and recognition in overseas markets, needing to convey brand values and ideologies rather than just being perceived as affordable products [5][6] - The current market is characterized by unhealthy homogenization, with many companies mimicking successful products, leading to price wars and diluted profit margins [6] Strategic Recommendations - Companies are encouraged to focus on long-term brand building and meaningful consumer communication to escape the low-price competition trap [6] - The industry should promote brands that emphasize value and quality, which will help establish a sustainable and healthy growth path for Chinese brands in international markets [6]

Core Insights - The article emphasizes the importance of a premium internet omnichannel strategy centered around CTV (Connected TV) for Chinese brands aiming to expand globally during the 2025 holiday shopping season, despite ongoing economic pressures [1][4][6] Group 1: Holiday Shopping Trends - The 2025 holiday shopping season is characterized by earlier preparation, increased rational consumer behavior, and more complex shopping decisions, with 50% of U.S. consumers planning to complete most purchases before Black Friday [3][4] - Over 80% of consumers in the UK and Germany are placing greater emphasis on price in their shopping decisions, indicating a shift towards more price-sensitive behavior [3][4] - The gap between Thanksgiving and Christmas is 28 days in 2025, longer than the previous year's 26 days, which may influence shopping patterns [3] Group 2: Market Opportunities for Chinese Brands - The 2025 holiday season is a critical growth window for Chinese brands, with U.S. holiday retail sales expected to grow by 1.2%, the lowest since 2009, intensifying competition [4] - Brands that maintain advertising spend during economic uncertainty are likely to see better returns, with 60% of those increasing their budgets achieving improved ROI and an average sales growth of 17% [4][6] Group 3: Importance of CTV and Omnichannel Strategy - Consumers are engaging with over 2,000 digital content sites and platforms daily, with 80% still planning to visit physical stores, highlighting the need for brands to navigate a complex cross-touchpoint environment [6][7] - Open Internet advertising, which encompasses CTV, streaming music, gaming, podcasts, and digital outdoor advertising, captures 75% of users' digital media time, making it a vital component of omnichannel marketing [6][7] - CTV is rapidly growing, with 30% of U.S. consumers' digital media time spent on this platform, providing brands with a powerful medium to enhance emotional connections and drive engagement during the holiday season [7]

Core Viewpoint - The wine industry is experiencing a structural adjustment, with competition shifting from price and channels to brand strength, necessitating the development of "founder IP" as a new trend for brand building and survival [1][4][16] Group 1: Shrinking Competition - The essence of shrinking competition is a final showdown of brand strength, as traditional channel-driven strategies become ineffective due to consumer empowerment and market changes [4][6] - The past reliance on price and channel networks is failing, with brand trust becoming the core of consumer purchasing decisions [4][10] Group 2: Brand Dilemma - The wine industry faces unique structural challenges, with no single wine achieving nationwide recognition akin to "Flying Moutai" in the liquor sector, leading to fragmented brand recognition [6][12] - The multi-brand agency model adopted by many wine companies complicates brand identity, making it difficult to establish a distinct market presence [6][12] Group 3: Founder IP Concept - "Founder IP" is defined as the embodiment of the founder's values, personality traits, and expertise, giving the brand a soul and making the founder the most relatable brand figure [7][9] - In a shrinking competition era, consumers seek emotional connections with brands, which "founder IP" can facilitate, fostering trust that surpasses price advantages [9][10] Group 4: Professionalism and Respect - The development of the wine industry must be grounded in professionalism and respect, ensuring high standards in product selection and consumer trust [11][15] - The misconception that professional knowledge equates to culture has alienated consumers; instead, culture should be relatable and accessible [12][15] Group 5: Cultural Attributes - To overcome industry bottlenecks, the wine sector must return to its cultural roots, integrating wine into everyday life and social contexts [13][15] - Wine should serve as a medium for connection rather than a barrier, promoting a relaxed drinking culture [13][15] Group 6: Company Pathway - Shenzhen Zhongxi Wine Industry is leveraging "founder IP" to enhance brand strength, with the founder embodying the principles of professionalism and respect [16] - The founder's latest book encapsulates years of industry insights and proposes a dual foundation of hard and soft strengths for brand resilience [16][17] Group 7: Conclusion - Shrinking competition presents an opportunity for the wine industry to abandon outdated channel logic and embrace branding and cultural integration [17] - The future of the wine industry will be characterized by a balance of professionalism and warmth, with "founder IP" as the key vehicle for navigating market cycles [17]

Core Viewpoint - The clothing industry in 2025 is experiencing a dichotomy, with outdoor sports brands thriving while traditional fashion apparel faces significant challenges. Jiangnan Buyi has reported a unique performance amidst this landscape, showcasing growth in revenue and net profit despite industry headwinds [2][3]. Financial Performance - Jiangnan Buyi's revenue for the fiscal year ending June 30, 2025, increased by 4.6% to 5.548 billion yuan, with net profit rising by 6.0% to 898 million yuan. The gross margin remained high at 65.6%, indicating strong brand premium and cost control capabilities [2][3]. - The mature brand JNBY saw a revenue increase of 2.3% to 3.013 billion yuan, accounting for 54.3% of total revenue. The growth brand segment experienced a slight decline of 0.5% to 2.174 billion yuan, representing 39.2% of total revenue. Newly acquired emerging brands reported a remarkable revenue increase of 107.4% to 361 million yuan, rising from 3.3% to 6.5% of total revenue [2][3]. Membership System - Jiangnan Buyi's core membership system is a key driver of high-quality growth, contributing over 80% of total retail sales. Active membership accounts increased to over 560,000, with those spending over 5,000 yuan exceeding 330,000 [3][6]. - The retail sales from members reached 4.86 billion yuan, contributing over 60% of offline retail sales [3]. Strategic Direction - The company aims to achieve a sales target of 10 billion yuan by 2026, aligning with its strategic planning despite the changing industry landscape [3][4]. - Jiangnan Buyi plans to continue optimizing its designer brand and product mix through self-incubation and acquisitions, enhancing design and R&D capabilities [3][4]. Channel Expansion - As of June 30, 2025, Jiangnan Buyi operated 2,117 independent retail stores globally, up from 2,025 the previous year, with the majority located in mainland China, Hong Kong, and Taiwan [4]. - The company has successfully established 22 multi-brand collection stores to increase brand exposure and provide more growth services [5]. Inventory Management - Inventory increased by 24.2% to 932.6 million yuan, attributed to supporting business growth and increased new product stocking, as well as the impact of last year's warm winter on sales [13][14]. Future Growth Engines - The company anticipates that the primary growth drivers over the next three years will stem from existing brands, particularly emerging brands, while maintaining a cautious approach to acquisitions [16][17].

Core Insights - The narrative of Chinese brands going global is not limited to giants but includes numerous smaller enterprises that are exploring and adapting in unfamiliar markets [1] - The shift from a manufacturing-centric approach to a brand-focused strategy is evident among the new generation of entrepreneurs, who prioritize brand recognition and consumer relationships over mere order fulfillment [2][5] Group 1: Brand Evolution - Chinese brands are transitioning from a reliance on low-cost manufacturing to building brand equity and consumer loyalty, marking a significant evolution in their global strategy [6][7] - Qualfort, a clothing brand, exemplifies this shift by moving from a traditional OEM model to establishing its own brand, emphasizing the importance of advertising as a long-term asset rather than a mere expense [4][14] Group 2: Market Challenges - The complexity of entering new markets is highlighted by the need for localized strategies, as cultural differences can significantly impact product acceptance [7][10] - Companies face the challenge of adapting their products and marketing strategies to diverse markets, requiring a comprehensive overhaul of their approach [7][10] Group 3: Advertising and Brand Building - The role of advertising has evolved from a tool for immediate sales to a critical component of long-term brand relationship building, as demonstrated by the success of Qualfort in utilizing Amazon's advertising tools [14][15] - The "Waterman Plan" series aims to document the diverse strategies of Chinese brands in their global expansion, showcasing both common challenges and unique solutions [8][10] Group 4: Future Directions - The next phase for Chinese brands involves not just selling products but also establishing a lasting presence and preference in various cultural contexts, which requires ongoing engagement with consumers [15][17] - The upcoming "Waterman Plan" series will provide continuous insights into the evolving landscape of Chinese brands going global, offering valuable lessons for other companies [16][17]