1 凌晨三点翻朋友圈，看到自己三年前写的那段"防老登化"文字，自己都觉得脸疼。这三年，眼看着多少当年风光无两的品牌，从神坛跌落的速度比爬上去 还快。创始人从"某某总"变成"送外卖的某某"，朋友圈从三天可见变成一条横线——这种故事，我微信里能找出十几个。 我们总在喊"品牌老化"，使劲给品牌换皮肤、投年轻流量、编新故事。但我越来越觉得，这事儿就像骂镜子里的自己显老——镜子没毛病，是老的那张 脸。 去年见一位前辈，他的办公室像作战指挥中心，大屏滚动着各种曲线和数据。聊了两小时，他句句都是"行业共识""大家都这么看"。我小心翼翼提了 句："但年轻用户好像不这么想……"他摆摆手："他们不懂，烧完钱教育他们就懂了。" 那一刻我懂了。他花了几十年建起高楼，然后把电梯拆了，楼梯封了，自己坐在顶层，每天听下属汇报"楼下风景独好"。数据是筛选过的，人是筛选过 的，观点自然也是。他不是在决策，而是在给自己的过去盖章。 这就是创始人最大的陷阱——成功会帮你把世界调成"舒适模式"。你听到的都是你想听的，看到的都是你想看的。可怕的是，每个人都在真心实意地对你 好，没人想害你。但这种"好"，正在温柔地杀死你的判断力。 2. 从"海盗"变成 ...

Core Viewpoint - The term "Old Deng" has become a widely recognized label in various sectors, indicating traditional industries and brands that are perceived as outdated or lacking innovation, particularly among younger consumers [5][10]. Group 1: Characteristics of "Old Deng" Brands - "Old Deng" brands are typically from traditional industries with low technological content, heavily reliant on channel construction and often family-owned, maintaining strong ties with political and business relationships [5][10]. - The essence of "Old Deng" consumption focuses on "preservation of value," with products like Moutai liquor, fuel vehicles, luxury goods, and cultural artifacts being favored, reflecting a preference for stability and understated sophistication [5][10]. - Brands that have been labeled as "Old Deng" often fail to resonate with younger consumers due to a lack of empowerment in decision-making during social drinking scenarios, leading to a negative perception of products like liquor [8][9]. Group 2: Evolution of Brands - The phenomenon of "brand aging" occurs as consumer demographics shift, with brands that were once popular among older generations losing appeal to younger consumers, exemplified by the transition of Hai Lan's Home from a trendy brand to one associated with older generations [17][18]. - The historical context of brands shows that many successful companies emerged during the rapid urbanization of the 1990s, capitalizing on the economic boom, but they now face the risk of becoming "Old Deng" as consumer preferences evolve [22][24]. - The case of Gome and its founder Huang Guangyu illustrates how a once-innovative business can struggle to adapt to changing market conditions after a significant period of absence from the industry [28][30]. Group 3: The Future of "Middle Deng" Companies - Current "Middle Deng" companies, which have validated their business models and possess strong cash flows, face the challenge of avoiding the "Old Deng" label as they struggle to innovate and grow user bases [35][36]. - Companies like Alibaba and Baidu are at risk of becoming "Old Deng" as their core businesses mature, but their ventures into AI and other emerging technologies provide opportunities to remain relevant [36][39]. - The ongoing technological advancements in areas such as drones, robotics, and AI suggest that companies maintaining their innovative spirit are less likely to transition into the "Old Deng" category [39].

文 | 《BUG》栏目 徐苑蕾 雀巢中国正深陷一场 "渠道危机"。 多位雀巢分销商向《 BUG》栏目表示，被拖欠垫付款等约百万元，拖欠时间长达数年。 而 这些分销商的遭遇或仅是雀巢渠道乱象的冰山一角。据报道，今年 4月，有华南经销商 因费用核销问题集体维权， 但 被雀巢方面告知 "只愿支付50%欠款"。 截至发稿，雀巢中国对此暂无官方回应。不过据《 BUG》栏目了解，雀巢大中华区新任 CEO马凯思上任后，雀巢方面已在近几个月着手解决线下渠道的欠款问题。雀巢愿意支付 比例或达到70%，但前提是渠道商提供的证明材料必须得到其认可。 一位雀巢离职业务员透露，为冲销量，业务员往往会按指示让分销商以低于进货价的价格出 货，公司再以营销费补贴价差。这种做法不仅导致大量垫付款被长期拖欠，更造成雀巢产品 价格倒挂普遍、窜货严重的现象。 分销商 ： 百万垫款 成烂账 ？ 另 据 "食品内参"报道，今年4月，就有多位雀巢华南经销商因费用拖欠问题集体到雀巢中 国总部沟通，所涉费用高达千万。报道称，在沟通过程中，雀巢相关负责人坦承，早在 2017年，公司就曾欠下上百家经销商的费用。然而对于累积的欠款，该负责人称，雀巢最 多只愿意支付 ...

关于内衣业务，艾格曾于2015年将该业务引入中国，开始研发亚洲版型，并在中国上海开出第一家内衣 门店。2017年初，艾格在上海静安寺商圈的晶品Crystal Galleria购物中心开出第二家内衣门店。 值得注意的是，艾格内衣的退场并非个例。近日，黛安芬宣布年底关闭所有线下门店。这背后是不断加 剧的行业竞争和新兴品牌崛起带来的影响。 近几年，内衣行业崛起了一批更关注舒适、功能性的新兴品牌。如2016年成立的ubras，其在2018年推 出的"无尺码内衣"解决了女性在购买内衣时面临的尺码选择难题，随后在2020年，ubras成为"双11"内衣 品牌的销售冠军。与此同时，主打舒适无钢圈的内外（NEIWAI）、无标签的蕉内等品牌备受追捧，并 抓住近两年的运动风口，在运动、舒适领域不断拓展。据不完全统计，近几年以来，获得资本青睐的新 兴内衣电商品牌已超过10家，包括内外、DARE ONE、兰缪（La Miu）等。显然，这些更年轻的品牌对 艾格等造成了一定冲击。 要客研究院院长周婷表示，老牌内衣企业自身普遍存在品牌形象老化、产品创新乏力、客群定位模糊等 问题。此外，随着消费需求变化以及市场竞争加剧，舒适安全环保已经代替 ...

关于内衣业务，艾格曾于2015年将该业务引入中国，开始研发亚洲版型，并在中国上海开出第一家内衣门店。2017年初，艾格在上海静安寺商圈的晶品 Crystal Galleria购物中心开出第二家内衣门店。 值得注意的是，艾格内衣的退场并非个例。近日，黛安芬宣布年底关闭所有线下门店。这背后是不断加剧的行业竞争和新兴品牌崛起带来的影响。 近几年，内衣行业崛起了一批更关注舒适、功能性的新兴品牌。如2016年成立的ubras，其在2018年推出的"无尺码内衣"解决了女性在购买内衣时面临的尺 码选择难题，随后在2020年，ubras成为"双11"内衣品牌的销售冠军。与此同时，主打舒适无钢圈的内外（NEIWAI）、无标签的蕉内等品牌备受追捧，并抓 住近两年的运动风口，在运动、舒适领域不断拓展。据不完全统计，近几年以来，获得资本青睐的新兴内衣电商品牌已超过10家，包括内外、DARE ONE、兰缪（La Miu）等。显然，这些更年轻的品牌对艾格等造成了一定冲击。 要客研究院院长周婷表示，老牌内衣企业自身普遍存在品牌形象老化、产品创新乏力、客群定位模糊等问题。此外，随着消费需求变化以及市场竞争加剧， 舒适安全环保已经代替塑形搭配 ...

Core Insights - Samsonite's dominance in the high-end luggage market is fading, with a significant decline in brand perception and consumer preference [3][4] - The company faces challenges in appealing to both business professionals and younger consumers, as its product design and quality have come under scrutiny [4][5] Sales Performance - In the first half of the year, Samsonite reported net sales of $1.662 billion, a decrease of 6% year-over-year [5][7] - Operating profit fell to $238 million, down 24.2% compared to the previous year [5][7] - Profit attributable to equity holders decreased by 30.2% to $118 million [5][7] Consumer Perception - There are numerous complaints regarding the quality of Samsonite products, with consumers noting issues such as wheel breakage and overall durability [3][4] - The brand's initial appeal was based on its lightweight, durable, and practical design, which is now being questioned by consumers [3][4] Market Positioning - Samsonite's high-end positioning is becoming less distinct, with its designs perceived as ordinary and lacking in luxury appeal [4] - The shift of retail locations from high-end malls to outlet stores may dilute the brand's premium image [4] Target Demographics - Younger consumers, particularly Gen Z, prioritize aesthetics and fashion over durability, which poses a challenge for Samsonite's traditional product offerings [4] - Despite attempts to introduce more colorful and trendy designs, the overall impact on brand perception has been minimal [4]

Core Viewpoint - The closure of 85°C stores in Jinan reflects a broader trend of established bakery brands facing challenges, including rising costs, brand aging, and increased competition from new entrants in the market [2][4][5]. Group 1: Company-Specific Developments - 85°C has announced the closure of its store on Shanshi East Road in Jinan, leaving only one remaining store in the city [2]. - The closure is attributed to high rent and insufficient profits, despite the store having operated for 13 years and having a loyal customer base [2][3]. - In the second half of 2023, multiple 85°C locations in Jinan closed, indicating a trend of store closures due to declining customer traffic and performance [3]. Group 2: Market Trends and Challenges - The bakery industry is experiencing a wave of closures among established brands like 85°C, Bread618, and others, primarily due to intense competition and market saturation [5]. - Factors contributing to the struggles of these brands include rising rental and labor costs, product innovation stagnation, and a shift in consumer preferences towards healthier options [4][5]. - New brands such as UH Youhe and Stone Mr. Oven are gaining popularity among younger consumers by focusing on product innovation and quality [5]. Group 3: Future Outlook - The domestic bakery market is projected to grow, with an expected increase of 5.2% in 2024, reaching a market size of 1,105 billion yuan [5]. - Experts suggest that the bakery industry must adapt by lowering costs and making products more accessible to sustain growth and meet changing consumer demands [6].

Core Viewpoint - The performance of China Wangwang Holdings Limited shows stagnation despite the evolving snack food industry, with a slight revenue increase but declines in profit margins and net income [1][2]. Financial Performance - For the first half of the fiscal year 2025, Wangwang reported revenue of 11.108 billion yuan, a year-on-year increase of 2.1%, but experienced declines in gross profit, operating profit, and net profit attributable to shareholders, which fell by 0.2%, 11%, and 7.8% respectively [1][2]. - The operating profit decreased to 2.261 billion yuan, while gross profit and net profit attributable to shareholders were 5.132 billion yuan and 1.717 billion yuan respectively [1]. Business Segmentation - The dairy and beverage segment accounted for approximately 53% of total revenue, while rice snacks and leisure food contributed about 46% [2]. - Revenue from the dairy and beverage segment was 5.941 billion yuan, down 1.1%, while revenue from rice snacks grew by 3.5% to 2.130 billion yuan, and leisure food revenue increased by 7.7% to 2.940 billion yuan [2]. Market Position and Challenges - Wangwang's flagship product, Wangzai Milk, has seen a decline in revenue, reflecting challenges in attracting younger consumers as the brand struggles with competition from healthier alternatives offered by major players like Yili and Mengniu [7][8]. - The company is attempting to innovate and expand into new markets, including launching low-GI snacks and entering the AD calcium milk segment, targeting younger demographics and children [7][8]. Management and Future Strategies - The next generation of Wangwang's leadership, including the founder's three sons, is actively involved in exploring new growth avenues and engaging with younger consumers through social media [4][9]. - Wangwang is also investing in new ventures, such as a themed hotel and a coffee brand, aiming to diversify its offerings and enhance brand appeal [10].

Core Insights - The closure of the 85°C store on Shanshi East Road in Jinan marks a significant reduction in the brand's presence, leaving only one store in the city [2] - The closure is attributed to high rent and insufficient profits, despite the store's long-standing customer base [2][3] - The brand is facing challenges from increased competition and a lack of innovation, leading to a broader trend of closures among established bakery brands [4][7] Company Summary - The 85°C store in Jinan has been operational for 13 years and will close on November 30, 2023, due to high rent and low profitability [2] - The brand initially entered the Jinan market in 2011 and expanded rapidly, but has since faced a decline in customer traffic and sales [2][3] - Other stores in Jinan have also closed recently, indicating a trend of contraction for the brand [2][4] Industry Summary - The bakery industry is experiencing significant challenges, with many established brands like Duolezhiri, Bread618, and Royal Meifu also closing stores [7] - Factors contributing to this trend include high operational costs, market saturation, and a shift in consumer preferences towards healthier options [4][7] - Newer brands are gaining popularity by focusing on product innovation and quality, while the overall bakery market is projected to grow, reaching 1,160 billion yuan by 2025 [7][8]

Core Insights - Dali Food Group has successfully transitioned leadership to the second generation, with Xu Yangyang, daughter of founder Xu Shihui, officially taking over as president [1][7] - The company, founded in 1989, has established itself as a major player in the Chinese snack food industry, with annual revenues exceeding 20 billion yuan from 2018 to 2021 [1][6] - Xu Yangyang's leadership journey mirrors that of other second-generation heirs in the industry, particularly in her gradual rise through various roles within the company [7][8] Company Background - Dali Food Group originated from Xu Shihui's establishment of Meili Food Factory in 1989, focusing on high-quality packaged biscuits during a time of limited snack options [2][4] - The company gained significant market share by launching competitive products, such as Dali Garden's egg yolk pie, which was priced lower than its Korean competitor [4][5] - By 2012, Dali Food had entered the 10 billion yuan revenue club, with a notable market share in various snack categories [5][6] Financial Performance - From 2016 to 2019, Dali Food's revenue grew from 17.84 billion yuan to 21.37 billion yuan, with the Xu family being recognized as the richest in Fujian province during this period [6] - However, the company faced challenges post-2020, with revenues declining to 19.96 billion yuan in 2022 due to reliance on offline distribution and brand aging [6][9] - In June 2023, Dali Food announced plans for privatization after a significant drop in stock price, leading to its delisting from the Hong Kong Stock Exchange [6][9] Leadership Transition - Xu Yangyang, born in 1983, has been with Dali Food since 2008, working her way up through various positions before becoming president [1][7] - Her leadership style and approach to business development are seen as more stable compared to other industry counterparts, such as Zong Fuli of Wahaha [8][9] - Under Xu Yangyang's guidance, Dali Food is expected to focus on international expansion and revitalizing its core brands to address market challenges [9]