过去一年，国货新贵Songmon山下有松（以下简称山下有松）正以惊人的速度闯入主流视野。 2025年9月，全球最大奢侈品集团LVMH董事长贝尔纳·阿尔诺现身上海前滩太古里，在这家品牌门店选购了两款包 袋；10月，品牌在巴黎举办"远山有声SONG of MONT"展览，连续第二年登陆巴黎时装周舞台；11月，山下有松一举 登上了"双十一"天猫箱包服配销售榜首位…… 然而，与这份高调的增长相伴的，还有一片庞大的灰色阴影。在各大电商平台和直播间，山下有松的仿冒品如野草般 蔓延。而在社交媒体上，消费者对设计趋同、价格虚高的质疑声渐起；除此之外，还有品控问题投诉时有浮现。另外 有人指出，一款"菜篮子"包型在2021年售价为880元，而在2025年已上涨至1380元，涨幅接近60%。 消费者吐槽设计趋同、高价低质 山下有松，一个让LVMH董事长贝尔纳·阿尔诺买来研究的中国品牌。 该品牌由毕业于清华大学美术学院的付崧在2013年创立，以"自然、自知"的东方美学为核心，不仅打破了"廉价国产 包"标签，还精准触达了"中女人群"，品牌知名度和销售数字同步跃升，也被称为包界的"老铺黄金"。 彭博在近期的一篇报道中引据BigOne L ...

当新消费品牌还在直播间烧钱抢流量、用联名款博眼球时，那个曾被唱衰"过气"的国民辣酱——老干妈，却以 53.91亿元年营收悄然杀回巅峰，几乎追平 2020年历史最高纪录。更令人咋舌的是，这一成绩，是在它"主动退网"、大幅削减营销、近乎"摆烂式经营"后实现的。 在这个速朽的时代，老干妈用一瓶辣酱告诉世界： 真正的品牌护城河，不在流量池里，而在老百姓的饭碗中。摆烂？不，它是以静制动，以不变应万变 ——毕竟，再炫的营销，也抵不过一句："妈，没老干妈了！" 于是，老干妈做了一个反直觉的决定： 退网、静音、回归本分。不再追逐流量风口，不再迎合短期热点，而是把全部精力押回最朴素的逻辑—— 守住口 味、稳住渠道、控好成本。工厂依旧在贵阳龙洞堡默默运转，陶华碧那句"不上市、不贷款、不融资"的祖训，成了抵御浮躁时代的护城河。 结果证明，市场终究认"真东西"。尽管中国辣酱市场规模已扩至580亿元，行业集中度提升，但消费者心里那瓶"油润香辣、拌饭万能"的标准答案，仍是老 干妈。数据显示，其市占率稳居第一，远超第二梯队总和，"一超多元"格局中，它仍是不可撼动的"铁王座"。 老干妈的逆袭，实则是对当下商业狂潮的一记冷眼：当所有人都在"出 ...

盘点2025 年白酒市场最大事件，莫过于茅台把"神坛价"腰斩了。 飞天茅台批发价从 2022 年的 3000 多元，一路跌到如今 1500 元以下。老酒也跟着往下掉，曾经被奉 为"理财产品"的年份茅台，突然从金融属性跌回消费品。你手里那瓶当初 3000 买来做面子的，现在别 人只认1500 的行情。 情绪价值蒸发得比酒精还快。市场跌宕背后，是经销商、囤客和消费者的焦虑。 笔者12月21日走访上海北部最大的茅台商。老板摊开账本，指着 21 年飞天说"1950直接拿，越放越 跌"。这句话放在两年前根本不可能听到。那时候的茅台，是茶余饭后的资产，是年终的硬通货，是中 产幻想里的"最后一块保值堡垒"。 如今，它变成了"库存压力"，从金融属性回归现实消费。 6月11日，散瓶批发价首次跌破2000元心理关口，随后相继失守1,900元、1,800元重要关口。 10月底，飞天茅台批发行情首次跌破1700元大关。11月末，进一步跌破1600元。截至12月中旬，批发价 已全面跌破1500元。 而今年年初，箱装飞天茅台的价格还在2300元/瓶左右徘徊，今年以来价格跌幅超过35%。 批发价格一路下行，经销商惊呼"活不下去了"，囤酒客 ...

机构：长江证券 研究员：赵刚/杨会强/马健轩 风险提示 1、消费复苏缓慢；2、业务成本上升；3、展店不及预期；4、行业竞争加剧。 火锅是中餐最大细分赛道，2024 年以超6000 亿元的市场规模占据中餐14.5%的份额，远超其他菜系， 当下已迈入存量整合阶段。火锅的品类丰富度堪称中餐之最，从川渝麻辣到粤式滋补，从酸汤到清汤， 广泛的受众基础赋予其稳定的生命力，男女老少皆可消费，适配各类聚餐场景。同时，火锅具备标准化 程度高与运营高效的双重优势，易实现供应链统一管控与门店快速复制。反映到财务上，火锅行业达成 了更高的单餐位营收与利润率，成为中餐领域的领跑者。 优质赛道面临更加激烈的竞争，当前全国火锅店数超 55 万家，个体经营的小店星罗棋布，即便身为头 部品牌的海底捞，市占率仅6.9%。如巴奴、怂火锅等凭借"毛肚火锅"、"热辣火锅"等定位特色品牌，实 现细分领域突围，不断分流高端客群，进一步加剧了行业竞争的激烈程度。 核心竞争优势：服务、管理能力与强供应链共同构筑品牌护城河海底捞以极致服务为核心竞争力，卓越 的管理能力与强大的供应链共同构筑品牌护城河。服务层面，从等位时的美甲擦鞋、用餐时的细节关怀 到售后的快速 ...

Core Viewpoint - The article expresses a strong belief in the long-term potential of Airbnb (ABNB), despite current stock price challenges, emphasizing the company's unique market position and business fundamentals. Group 1: Company Overview - Airbnb's current stock price is $120.13, with a market capitalization of $72 billion and a gross margin consistently above 70% [4][5][6]. - The company does not own properties; instead, it provides a platform for property owners to list their spaces, which creates a significant brand moat [5][6]. Group 2: Market Position - A significant 51% of properties are listed exclusively on Airbnb, compared to only 19% on Expedia's Vrbo, indicating Airbnb's strong user base and market dominance [5][6]. - Property owners are unlikely to remove their listings from Airbnb, reinforcing its necessity in the short-term rental market [6]. Group 3: Business Strategy - Airbnb's management, led by co-founder and CEO Brian Chesky, maintains an entrepreneurial spirit, aiming to test new ideas annually to potentially develop multibillion-dollar businesses [8]. - The recent addition of hotels to the platform aims to leverage the existing user base for higher profits, showcasing the company's adaptability and growth strategy [9].

Core Insights - The coffee market in China is experiencing intense competition, with Luckin Coffee being a notable player backed by the tea giant Mixue Ice City, which has recently surpassed 10,000 stores globally [1][3]. Group 1: Store Expansion - Luckin Coffee has announced that its global store count has exceeded 10,000, with significant growth driven by a low-price strategy and franchise opportunities [1]. - In 2022, Luckin Coffee opened over 2,800 new stores, bringing the total to around 3,000 [1]. - The brand has also begun international expansion, opening its first overseas store in Malaysia in August [2]. Group 2: Competitive Landscape - Luckin Coffee is competing against major players like Luckin Coffee and Kudi Coffee, which have approximately 30,000 and 15,000 stores respectively [2]. - The competitive environment is described as a "red sea" with various brands like Kenyue Coffee and Manner Coffee also vying for market share, each with unique strategies [4]. Group 3: Strategic Advantages and Challenges - Luckin Coffee benefits from the supply chain and market penetration capabilities of its parent company, Mixue Ice City, allowing for rapid expansion and cost-effective operations [3]. - Despite its rapid growth, Luckin Coffee faces challenges in brand recognition, customer loyalty, and product innovation, which are critical in a market where consumers consider factors beyond just price [4][5]. - The brand must evolve from a low-cost model to one that emphasizes product quality, customer experience, and brand identity to avoid potential pitfalls associated with rapid expansion [5][6]. Group 4: Future Considerations - The milestone of 10,000 stores presents both an opportunity and a challenge for Luckin Coffee, as it must now focus on operational efficiency and customer retention strategies [5]. - To succeed in the long term, Luckin Coffee needs to innovate its product offerings and enhance customer engagement while leveraging its existing market presence [6].

Core Insights - Leap Motor aims to achieve an ambitious sales target of 1 million vehicles annually by 2026, nearly doubling its previous target of 500,000 vehicles, which was completed 45 days ahead of schedule in 2025 [1][3] - The company has maintained its position as the monthly sales champion among new energy vehicle manufacturers for eight consecutive months, with delivery volumes exceeding 60,000 and 70,000 units in September and October, respectively [3][4] - Despite the optimistic sales forecast, Leap Motor faces significant challenges, including the reduction of government subsidies for electric vehicle purchases, intense market competition, and a market valuation that lags behind other new energy vehicle companies [1][5][6] Sales Milestones - Leap Motor took five years to reach the 500,000 vehicle milestone, while it aims to achieve the next 500,000 in just 343 days [3] - The company plans to launch four new models next year, including the recently unveiled Lafa5, which targets younger consumers with a competitive price of 92,800 yuan [3][4] Financial Performance - Leap Motor reported a net profit of 150 million yuan in Q3 2025, marking its first half-year profit and becoming the second new energy vehicle company to achieve profitability after Li Auto [4] - The company's revenue for Q3 2025 reached 19.45 billion yuan, a 97.3% increase year-on-year, with a gross margin of 14.5% [4] Market Challenges - The reduction in government subsidies is expected to impact Q4 sales, although the overall vehicle market is anticipated to recover in the long term [5] - The competitive landscape is intensifying, with brands like Geely and NIO launching products in the 100,000 to 300,000 yuan price range, posing a direct challenge to Leap Motor [5][6] Brand Development - Leap Motor is focusing on establishing a strong brand presence and expanding into international markets, having recently launched in Brazil and Chile [7] - The company aims to transition from quantity to quality, enhancing brand value and profitability while optimizing cost control and exploring niche market opportunities [7][8]

Core Insights - China's display panel market share has reached 55%, and the display materials market share is at 43%, both ranking first globally. The industry is focusing on how to further expand internationally after achieving this status [1] Group 1: Industry Growth and Innovation - The new display industry is showing strong resilience and continuous breakthroughs in technological innovation and supply chain integration, moving from scale leadership to technological leadership [1] - The production value of China's display equipment is projected to reach approximately $1.1 billion in 2024, with a global market share exceeding 13%, representing a growth of 1.85 times compared to 2021 [1] Group 2: Product Development and Market Opportunities - Companies are introducing advanced products, such as an innovative quality management system by Shuzhilian, which has been successfully implemented in a panel factory [2] - Shenzhen Caiwei Technology's unique display system targets niche markets, particularly in cultural tourism and stage performances, indicating a favorable development trend [2] Group 3: Brand Development and Market Expansion - Strategic partnerships have been formed to facilitate the export of display products to Europe, Southeast Asia, and the Middle East, highlighting the importance of building a brand "moat" for sustainable competitive advantage [3] - Companies are encouraged to shift from a production-oriented mindset to a user-centered approach, understanding local consumer preferences to succeed in diverse markets [3] - The example of TCL and SEMP in Brazil, achieving a 23.9% market share, illustrates a successful transition from an "exporter" to a "local brand" [4]

Core Viewpoint - Greebo (301260.SZ) has established a comprehensive sales model that integrates "supermarkets + e-commerce + distributors," moving beyond a pure OEM model to build its own brand with over 1500 SKUs, which is crucial for long-term sustainable development [2] Group 1: Sales Strategy - The company has developed a multi-channel sales strategy that includes both online and offline platforms, enhancing market reach and customer engagement [2] - Unlike traditional OEMs, Greebo invests in market promotion, channel maintenance, brand building, and logistics, which contributes to a stronger market position [2] Group 2: Financial Implications - The initial increase in sales expenses is expected due to the deep market penetration strategy, but it is viewed as a necessary investment for building a brand moat and gaining pricing power in the market [2] - The current level of sales expenses aligns with the company's developmental stage and strategic objectives, indicating a long-term vision for growth [2]

Core Viewpoint - Blue Moon Group (06993) saw its stock price increase by over 10% during trading, reflecting positive market sentiment following the announcement of its inclusion in the Hong Kong Stock Connect program [1] Group 1: Stock Performance - As of the report, Blue Moon Group's stock rose by 9.79%, reaching HKD 3.7, with a trading volume of HKD 330 million [1] Group 2: Market Announcement - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to the constituent stocks of the Hang Seng Composite Large, Mid, and Small Cap Indices, effective from September 8, which included Blue Moon Group among 20 companies added to the Hong Kong Stock Connect list [1] Group 3: Financial Performance - For the first half of 2025, Blue Moon Group reported revenue of HKD 30.37 billion, maintaining stability compared to the same period last year [1] - The company's losses narrowed by 34.4% year-on-year to HKD 4.35 billion, indicating significant improvements from strategic adjustments and operational optimizations [1] - The board proposed an interim dividend of HKD 0.08 per share, reflecting management's confidence in cash flow and future operations [1] Group 4: Brand Strength - In 2025, Blue Moon's laundry detergent and hand sanitizer maintained the top position in the China Brand Power Index for the 15th consecutive year, indicating a deepening brand moat [1]