2025年，中国国民经济在承前启后的关键节点呈现出"稳中有升、质效双优"的鲜明特征，前三季度国内 生产总值达近102万亿元，同比增长5.2%。与2024年相比，增速稳中有升，经济运行的稳定性、协调性 进一步增强。其中工业生产强势领跑，消费市场持续回暖，重点领域投资精准发力，成为支撑经济大盘 的"三驾马车"。数据显示，前三季度制造业增加值同比增长6.5%，信息传输、软件和信息技术服务业增 速高达11.2%，入境游门票订单同比增长180%，经济增长的内生动力不断巩固。 在发展的实践中，我们不断深化规律性认识、积累重要经验。八年来，界面财经年会始终以实践为基、 向变革而行，深耕企业创新前沿，解码每一次主动求变的决策智慧；以共生为道、破局为先，搭建科技 与产业的协同桥梁，加速创新成果向现实生产力转化。与各方携手，共同锚定高质量发展航向，奔赴行 稳致远的强国征程。在此背景下，由上海报业集团作为指导单位、智通财经主办的第八届【界面财经年 会】于2025年12月16日在上海阿纳迪酒店成功举办。集结国内政商学界领袖与专家学者最强阵容，围 绕"拥抱变革·破局共生"主题，重点关注宏观经济、产业发展、AI应用及商业化、可持续商业、 ...

Noumena打造了一个AI原生的"增长智能（Growth Intelligence）"系统，帮助品牌重塑 增长。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 不可否认的是，过去几年对绝大多数品牌而言并不"好过"——从宏观上来看，大环境具有一定的挑 战；从微观上来看，流量红利正逐渐被摊薄，广告投放的ROI亦无法达到一个理想的结果。 AI时代的到来，或有望让品牌重新"拿回主动权"。 在前SAP全球副总裁、前第四范式总裁裴沵思看来，这一代AI非常强的一点就是对外部环境有一个更 好的感知。基于这一代技术栈最核心的能力之一，品牌增长的难题就有机会"破解"。 因此，在第四范式完成港股IPO里程碑后，裴沵思自2024年年初起便深耕这一领域并创办了物自体 科技（Noumena），核心目的就是通过自己打造的增长智能体系，让品牌方越来越主动，并最终在 平台上拿到主动权。 具体而言， Noumena打造了一个AI原生的"增长智能（Growth Intelligence）"系统，让营销能够 假设、验证、行动、洞察的循环，不断自我学习与进化。 "我们现已形成了两大闭环，相当于是两个模型— ...

Core Insights - The WISE 2025 Business King Conference aims to address the urgent needs of business operators in a fragmented market, focusing on user insights, technology-driven product reconstruction, and new strategies for globalization [2][3]. Group 1: Conference Themes - The conference will explore how brands can identify real user needs in a chaotic environment where consumer loyalty is minimal and product life cycles are extremely short [5]. - Keynote speeches will include topics such as the evolution of Chinese brands from mere presence to defining authority in the market [6][8]. Group 2: Notable Speakers and Presentations - Notable speakers include leaders from Nielsen, Huaxi Biological, and Ma Liu Ji, who will share insights on building brands from the ground up [3][9]. - The "Future Super Brand Directory" will be released, serving as a strategic blueprint for brand competition in the current market landscape [9][11]. Group 3: Technological Integration - The conference will highlight how technology is transforming consumer products, with a focus on AI as a growth engine for brands [26][27]. - Discussions will include the integration of technology into traditional consumer goods, emphasizing the need for brands to adapt and innovate [32][34]. Group 4: Globalization and Market Strategies - The concept of "ecological symbiosis" will be introduced as a new approach for Chinese companies entering global markets, moving away from merely replicating Chinese models [38]. - The conference will feature discussions on how to leverage local insights and data to redefine global brand strategies [41][49]. Group 5: Future Trends and Consumer Insights - The final session will focus on key consumer trends and structural changes anticipated for 2026, aiming to uncover deeper insights beyond surface-level trends [60]. - The importance of personal branding in all industries will be emphasized, encouraging leaders to become their own "chief trust officers" [63].

Financial Data and Key Metrics Changes - Amer Sports reported a 30% growth in sales for Q3, with an adjusted operating margin expansion of 130 basis points and adjusted EPS more than doubling [4][19][20] - Adjusted gross margin increased by 240 basis points to 57.9%, driven by favorable channel, geographic, product, and brand mix [20] - Adjusted net income for Q3 was $185 million, compared to $71 million in the prior year, with adjusted diluted EPS of $0.33 versus $0.14 last year [21] Business Line Data and Key Metrics Changes - Technical apparel revenues increased by 31% to $683 million, led by Arc'teryx, with direct-to-consumer growth of 46% [21][22] - Outdoor performance segment saw revenues increase by 36% to $724 million, driven by strong performance in Salomon footwear and apparel [26] - Ball and racket segment revenue increased by 16% to $350 million, with soft goods more than doubling in the quarter [32][33] Market Data and Key Metrics Changes - Regional growth was led by Asia-Pacific, which increased by 54%, followed by China at 47%, EMEA at 23%, and the Americas at 18% [20] - Salomon footwear experienced strong demand across all regions, particularly in Asia, with significant growth in both sports style and performance products [12][13] - The company noted a strong pull demand in Europe, particularly for Salomon, which is experiencing accelerating demand [14] Company Strategy and Development Direction - Amer Sports aims to leverage its unique portfolio of premium brands to capture market share in the sports and outdoor sectors [5] - The company is focusing on expanding its direct-to-consumer channels and optimizing its retail footprint, particularly in Greater China [6][25] - The strategy includes opening new flagship stores and enhancing brand presence in key metro markets globally [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong brand performance and market demand [5][19] - The company is raising its full-year revenue, margin, and EPS expectations based on strong Q3 results and continued momentum [19][38] - Management acknowledged challenges from recent incidents but emphasized a commitment to community engagement and brand recovery [6][41] Other Important Information - The company plans to open approximately 25 net new Arc'teryx stores for the full year, with a focus on North America [23] - Amer Sports is also expanding its presence in the U.S. market with new Salomon and Wilson stores, targeting key urban areas [30][34] - The company expects inventory growth rates to normalize in the second half of 2026 [37] Q&A Session Summary Question: Has there been a sales impact in China following the fireworks incident? - Arc'teryx's sales trends were softer at the beginning of Q4 but have since rebounded as weather has cooled, with no impact on Q4 guidance [41][42] Question: Can you elaborate on the confidence in guiding 2026 revenue growth to mid-teens? - Management expressed confidence in achieving mid-teens growth patterns in 2026 based on a solid foundation built in 2025 [42] Question: What is the status of Salomon's distribution in the U.S.? - Salomon is focusing on building its presence in the U.S. market, with a strategy to open more epicenter stores and enhance brand awareness [46][48] Question: What is the long-term opportunity for Tennis 360 stores outside of China? - The Tennis 360 concept is still in early stages in North America, with plans for expansion in southern and coastal markets [51] Question: How is the margin outlook for the fourth quarter? - The fourth quarter is expected to see some margin headwinds due to tariffs and ongoing investments, but management remains optimistic about overall performance [59]

Financial Data and Key Metrics Changes - In Q2, net sales increased by 14% year-over-year, reaching $344 million, following a 40% growth in the same quarter last year [20][22] - Adjusted EBITDA for Q2 was $66 million, down 4% compared to the previous year [22] - Adjusted net income was $41 million, or 68 cents per diluted share, compared to $45 million, or 77 cents per diluted share a year ago [22] - Gross margin for Q2 was 69%, down approximately 165 basis points year-over-year, primarily due to increased tariff costs [21][22] Business Line Data and Key Metrics Changes - The acquisition of Rhode contributed $52 million, or approximately 17 percentage points, to net sales in Q2 [20][22] - Organic net sales, excluding Rhode, were down approximately 3% this quarter [3][20] - e.l.f. brand grew 7% in Q2, significantly outpacing the overall category growth of approximately 2% [2][3] Market Data and Key Metrics Changes - U.S. net sales grew 18% year-over-year in Q2, while international net sales grew 2% [20][21] - e.l.f. Beauty gained 140 basis points of market share in Q2, marking the 27th consecutive quarter of market share gains [2][3] Company Strategy and Development Direction - The company aims for full-year net sales growth of 18%-20% year-over-year, building on the 28% growth achieved in fiscal 2025 [4][25] - The addition of Rhode is expected to enhance long-term growth, with projected contributions of about $200 million in net sales for fiscal 2026 [5][26] - The company is focused on expanding its international presence, with launches planned in Poland and the Gulf Cooperation Council [13][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of consumption trends and market share gains, indicating a positive outlook for fiscal 2026 [4][27] - The company anticipates that shipments will remain below consumption in fiscal 2026, particularly as they cycle through significant distribution gains from the previous year [4][27] - Management noted that the pricing strategy is designed to maintain price sanctity across retailers, which has been successfully resolved after initial delays [38] Other Important Information - The company has successfully transitioned to SAP for its ERP system, marking a significant milestone in its operational capabilities [23] - The marketing and digital investment for Q2 was 23% of net sales, slightly down from 24% in the previous year [22] Q&A Session Summary Question: Can you provide more insight into the corporate top-line guidance and the impact of shipments versus underlying consumption? - Management noted that consumption outperformed category growth, with e.l.f. brand growing 7% compared to the category's 2% [34] - The disconnect between consumption and shipments was primarily due to pricing issues, which are expected to normalize in the second half [34][35] Question: What are the expectations for organic growth in the second half? - Management expects organic growth of 2%-5% in the second half, driven by strong consumption trends [35][36] Question: How does the company view tariffs and their impact on inventory? - Management indicated that tariffs have been reduced to 45%, which is expected to improve gross margins in the second half [44][45] Question: What is the strategy for Rhode's distribution between wholesale and DTC? - The company plans to focus on both wholesale and DTC channels, with exclusive drops on their DTC site to drive sales [57] Question: Can you elaborate on the expected slowdown in organic growth for the core business? - Management highlighted that while consumption remains strong, the expected slowdown is due to cycling space expansions from the previous year [72][74]

Group 1: Mergers and Acquisitions - Sequoia Capital and Source Peak are competing to acquire Burger King China, as the foreign restaurant industry in China experiences a wave of mergers and acquisitions [2][3] - RBI Group, the parent company of Burger King, has struggled with the brand's growth in China, leading to a decision to seek new buyers to accelerate growth [3] Group 2: Corporate Leadership Changes - Walmart China appointed Liu Peng as the new president of Sam's Club, following a visit from CEO Dong Mingzhu, indicating a strategic shift in leadership amid procurement controversies [4][5] - Liu Peng brings nearly a decade of experience from Alibaba, which may enhance Walmart's brand management and operational efficiency [4] Group 3: Financial Performance - Adidas reported a record Q3 sales of €6.63 billion, a 12% year-on-year increase, driven by effective inventory management and a new product strategy [6][7] - Procter & Gamble established a new "Brand Growth Department" in China to enhance operational efficiency and adapt to market changes, reflecting a shift towards a more business-oriented talent strategy [8][9] Group 4: Market Trends - Sam's Club is expanding rapidly in China, with plans to open five new stores by the end of the year, while facing increasing competition in the membership store sector [5] - Farmer Spring's revenue for the first half of 2025 reached ¥25.622 billion, a 15.56% increase, with a significant rise in high-end water sales [10][11] Group 5: Brand Collaborations - Luckin Coffee collaborated with the Ewenki ethnic group for a marketing campaign, emphasizing the blend of traditional and modern elements [13] - McDonald's partnered with Mercedes-Benz for a cross-promotional campaign, enhancing brand image and reaching a broader audience [14] Group 6: Investment Activities - Bain Capital is in informal talks to acquire Domino's Pizza Enterprises, with a potential deal size of approximately AUD 4 billion [20] - Hillhouse Capital is leading the bidding for Starbucks China, with the transaction estimated at around USD 4 billion [21]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported net revenues of $4.8 billion, an increase from $4.58 billion in the previous year, reflecting a year-over-year sales growth of 2.3% in the U.S. and over 5% in Mexico [22][24] - Adjusted EBITDA for Q3 was $633 million with an adjusted EBITDA margin of 13.3%, compared to $660.4 million and a margin of 14.4% in Q3 2024 [22][24] - The effective tax rate for the quarter was 25.6%, with a year-to-date rate of 25% [24] Business Line Data and Key Metrics Changes - The Case Ready and prepared foods segments saw increased volumes, contributing to overall revenue growth [22][24] - In the U.S., adjusted EBITDA for Q3 was $479.1 million, down from $499.4 million a year ago, while adjusted EBITDA margins decreased to 16.9% from 18% [22][24] - In Europe, adjusted EBITDA margins were 7.9% for Q3 compared to 8.6% last year, driven by pricing actions to address lower European hog market prices [22][24] Market Data and Key Metrics Changes - The USDA indicated a 2.7% year-over-year growth in Ready to Cook Production for the U.S., with a forecasted 2% increase in broiler production for 2025 [5][6] - Chicken is the only protein expected to see an increase in availability, while beef, pork, and turkey are projected to decline [7] - Demand for chicken remains strong across retail and foodservice, with notable growth in boneless chicken breasts and thighs due to price competitiveness against beef [8][9] Company Strategy and Development Direction - The company is focused on diversifying its portfolio and enhancing operational efficiencies to mitigate volatility in commodity markets [5][19] - Investments in growth projects are on schedule, including the conversion of a Big Bird facility to case ready and the establishment of a new prepared foods facility [18][26] - The company aims to leverage its strong position in the chicken market, particularly in the retail segment, to drive future growth [15][18] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer behavior is shifting towards chicken due to its affordability amid rising food prices, with expectations of continued demand growth [8][40] - The company anticipates a stable pricing environment moving into Q4, with promotional activities expected to support demand [100][102] - Concerns about inflation and SNAP dollar reductions were acknowledged, but management remains optimistic about the resilience of chicken demand [101][102] Other Important Information - The company has reduced its scope 1 and 2 emissions intensity by 23% since 2019 and improved its global safety index by over 77% [20][21] - The company continues to emphasize cash flows from operating activities and disciplined investment in high-return projects, maintaining a strong balance sheet [25][26] Q&A Session Summary Question: Can you clarify the main drivers of the recent commodity price changes and expectations for Q4? - Management indicated that lower food traffic in foodservice has led to promotions featuring chicken, resulting in a 4% volume growth in foodservice and a 3% growth in retail chicken demand [39][40] Question: What percentage of pricing contracts is exposed to commoditized pricing? - Approximately 25% of the company's portfolio is exposed to commodity markets, with efforts to differentiate offerings even within the Big Bird category [42] Question: How do you view the input cost headwinds and export challenges in the EU UK segment? - Input costs are expected to stabilize as inventory flushes through, while export challenges are being addressed through differentiated offerings and long-term arrangements with key customers [62][67] Question: What is the outlook for the EU UK segment's profitability journey? - The company is focused on organic growth and innovation in Europe, with expectations for chicken production to grow by 20% over the next two years [72][73] Question: How has the portfolio changed in terms of exposure to commodity markets? - The company has reduced its exposure to pure commodity pricing by negotiating fixed prices with key customers, allowing for more stability in pricing [104]

Financial Data and Key Metrics Changes - Total revenue increased by 2% in reported dollars but decreased by 1% in constant dollars, showing an improving trend compared to the previous quarter [6][19] - Operating income reached $330 million, exceeding guidance of $260 million - $290 million [6][19] - Net debt, excluding lease liabilities, decreased by $1.5 billion year-over-year, representing a 27% reduction [6][23] - Adjusted earnings per share was $0.52, down from $0.60 in the same quarter last year [22] Business Line Data and Key Metrics Changes - The North Face revenue grew by 4%, with growth in both wholesale and direct-to-consumer channels [8][19] - Timberland also saw a 4% revenue increase, driven by strong demand in the Americas [10][19] - Altra experienced significant growth, with revenue up over 35% year-over-year [12] - Vans revenue declined by 11%, impacted by channel rationalization actions [14][19] Market Data and Key Metrics Changes - The Americas region revenue was down 1%, EMEA was flat, and APAC decreased by 2% [19] - Direct-to-consumer sales were down 2%, while wholesale remained flat [20] Company Strategy and Development Direction - The company is focused on returning to growth and has made progress in its turnaround strategy, with 65% of its business by revenue growing [6][7] - Plans to divest the Dickies brand for $600 million to pay down debt and focus on core brands [8][17] - Emphasis on product innovation and marketing strategies to drive brand engagement and growth across all brands [9][10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain global environment but expressed confidence in the company's strategy and ability to execute [5][26] - The company expects Q3 revenue to decline by 1% to 3% in constant dollars, but remains optimistic about the holiday season [23][26] - Management highlighted the importance of maintaining a lower promotional environment while preparing for price increases in Q4 [46][48] Other Important Information - Free cash flow through Q2 was -$453 million, consistent with expectations due to seasonal working capital needs [22] - The company is on track to achieve medium-term targets of $500 million - $600 million in operating income expansion by fiscal 2028 [25] Q&A Session Summary Question: Path back to growth for Vans - Management indicated that increasing new product offerings and enhancing marketing strategies are key to returning Vans to growth, with expectations of improved performance as new products are introduced [30][32] Question: Gross margins and cost discipline - Management noted that gross margins were impacted by FX and lower promotions, but overall cost discipline initiatives are on track [38][41] Question: Promotional recapture and pricing plans - Management confirmed that they are well on track with promotional recapture and expect to operate in a lower promotional environment moving forward [46][48] Question: Performance in Asia - Management acknowledged a stabilizing period in APAC, particularly in China, but remains optimistic about growth opportunities in other regions [57][60] Question: Debt deleveraging strategy - Management expressed confidence in achieving a leverage ratio of 2.5 times or below by 2028, focusing on fundamental improvements and growing EBITDA [121]

Core Insights - The article emphasizes the need for brands in the food industry to adapt to the trends of "health, technology, and diversification" while navigating challenges such as high costs, lack of innovation, and fragmented channels [2][3] Group 1: Event Overview - The "Growth Star Entrepreneur Closed-Door Private Board Meeting" is organized by Worldpanel, Huatang Yunchang, and Shiye Toutiao, focusing on three core growth themes [2][3] - The event aims to provide a comprehensive support system through "data insights, resource connections, and trend interpretations" [3][5][6] Group 2: Key Themes and Discussions - **Theme 1: New Growth Opportunities in Consumer Transformation** - The focus is on identifying true opportunities within the health trend and addressing the challenges of fragmented channels [7] - Insights will be drawn from Worldpanel's data on 273 million households to pinpoint high-growth areas in the food and beverage sector [7][8] - **Theme 2: Product Innovation in a Competitive Era** - The discussion will cover how to leverage user thinking to create "less but better" new products [9] - The session will reveal successful product development methodologies and case studies from the food and beverage industry [9][10] - **Theme 3: Effective Advertising Strategies** - The focus will be on maximizing advertising effectiveness and ensuring that every advertising dollar translates into business [11] - The session will utilize real media effectiveness evaluation cases to guide brands in making data-driven advertising decisions [11] Group 3: Event Details - The private board meeting is scheduled for October 13, 2025, in Nanjing, with limited seating for 30 participants [12] - Participants will gain access to exclusive industry trend analysis reports and have opportunities for networking and discussions with peers and experts [13][14]

Core Insights - The article highlights the rise of the e-commerce industry in Northeast China, particularly through the innovative strategies of Zhimai E-commerce's Shenyang branch, which leverages a one-stop operation service model combining Pinduoduo, Tmall, and Douyin to drive growth for brands across the region [1][15]. Industry Background: Strategic Opportunities for Northeast E-commerce - The e-commerce sector in Liaoning is supported by policy incentives and technological advancements, with over 5,000 registered companies in three national-level cross-border e-commerce pilot zones [3]. - The application of blockchain technology has reduced customs clearance times by 60%, while AI-driven smart port systems achieve a 98% automatic inspection rate, enhancing operational efficiency for e-commerce service providers [3]. Demand for Services Driven by Consumer Upgrades - Job demand for e-commerce operation roles in Liaoning is projected to grow by 185% by 2025, with Shenyang accounting for over 60% of this demand [4]. - Brands are increasingly turning to professional operation agencies to meet consumer demands for immediacy, personalization, and contextualization, as evidenced by a 200% increase in order volume for a specific industrial parts store after engaging Zhimai's services [4]. Zhimai E-commerce Shenyang Branch: Three Core Competencies - **Technology Platform**: Zhimai's proprietary "Eagle Eye" data analysis platform tracks over 200 key metrics across major e-commerce platforms, enabling dynamic operational strategies that have led to a 40% increase in advertising ROI for brands [5]. - **Talent Matrix**: The company employs over 300 staff, including 30 senior operation managers and 15 certified trainers, creating a closed-loop team for strategy, execution, and review [6]. - **Resource Network**: As an official service provider for Pinduoduo, Tmall, and Douyin, Zhimai has facilitated significant sales achievements, such as a single-day sales record of 8 million yuan for a home appliance brand during the 2025 "618" shopping festival [6]. Service Model: Comprehensive Empowerment from Traffic Operation to Brand Growth - **Pinduoduo**: Zhimai employs a four-step method tailored to Pinduoduo's low-price strategy, resulting in a food brand's annual sales growth from 8 million yuan to 42 million yuan, with a 38% repurchase rate [8]. - **Tmall**: The company offers full-cycle services including store setup, content marketing, and member operations to enhance brand presence on Tmall [9]. - **Douyin**: Zhimai has developed a matching model for content-driven commerce, utilizing predictive models and competitive monitoring systems to optimize advertising strategies [9]. Future Outlook: Building a Northeast E-commerce Service Ecosystem - **Technological Deepening**: Zhimai plans to launch an "Intelligent Customer Service 2.0" system by 2026, utilizing NLP technology for automated responses to 90% of common inquiries [12]. - **Resource Integration**: The company aims to collaborate with the Shenyang government to establish the "Zhimai E-commerce Ecological Park," which will reduce operational costs for merchants by over 30% [13]. - **Global Expansion**: By 2027, Zhimai intends to initiate a "Northeast Brand Going Global" plan, assisting 100 local companies in entering the RCEP market through platforms like TikTok and Amazon [14].