作者：子超@宠业家 导读：8年前的这一天，中国宠物行业迎来了第一家深交所主板上市公司。 宠业家消息，在亚宠展开幕的第二天，中宠股份在今天（8月21日）迎来了上市8周年。 如今，中宠股份正以势不可挡的姿态，向"50亿元俱乐部"全速进发，开启中国宠物行业高质量发展的新篇章。 中宠股份上市敲钟 八年前的今天，中宠股份创始人、董事长郝忠礼先生挥臂敲响深交所那口象征资本跃迁的铜钟，钟声激荡，宣告中国宠物食品行业首家企业成功登陆深交 所主板。这一刻，不仅铸就了中宠股份发展史上的里程碑，更推动中国宠物行业迈入资本化、规范化发展的全新时代。 在上市至今的8年时间里，中宠股份强势跻身"40亿元俱乐部"，营收与净利润持续双增长，展现出强劲的发展势头。尤其亮眼的是，其主粮业务去年同比 飙升超90%，境内营收更实现超30%的突破性增长。 中宠股份烟台总部 上市8周年 中宠股份将继续书写中国宠物行业传奇 8月6日，中宠股份迎来27周年里程碑。自1998年从一家租赁的小型宠物食品加工厂起步，现已发展成为在全球拥有超22间现代化生产基地、业务覆盖超85 个国家的国际化宠物食品头部企业。 多年来，中宠股份始终以技术创新为引擎，以自主品牌为战 ...

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Emerging Opportunities - The concept of a "low-desire society" does not equate to a lack of opportunities; instead, it presents new avenues for business growth [4]. - Consumer behavior is shifting towards second-hand markets, with significant growth in platforms like Xianyu and Zhuanzhuan, indicating a rising demand for second-hand goods [6][9]. - The pet economy is booming, with brands like Guobao and Zhongchong seeing strong sales as consumers prioritize spending on pets over traditional family structures [11][12][15]. - The adult care market is expanding, particularly in China, where products like adult diapers are expected to see significant growth due to an aging population [16][18]. - The beauty and wellness sectors are thriving, with products like collagen supplements and at-home beauty devices gaining popularity, reflecting a continued consumer focus on aesthetics [23]. - Outdoor and leisure activities are on the rise, with brands in camping and outdoor gear experiencing increased sales as consumers seek experiences over material possessions [24][30]. - The emotional economy is gaining traction, with products that provide comfort and joy, such as low-alcohol beverages, becoming increasingly popular [25][26]. - The "lazy economy" is emerging, driven by younger generations who prefer convenience, leading to growth in frozen food and smart home appliances [29][31]. Group 2: Market Trends and Strategies - The article suggests that the current economic climate, often viewed as a "winter," actually presents opportunities for those willing to invest in counter-cyclical sectors [33]. - The upcoming event, "Black Horse Consumption Rise," aims to provide insights into how Japanese and Chinese companies can thrive in a stock market era through product innovation and brand expansion [34][39]. - The importance of understanding consumer needs and market segmentation is highlighted, with successful companies focusing on niche markets and innovative product offerings [42]. - The article discusses the significance of global branding and the need for Chinese companies to build trust in international markets through effective storytelling and cultural adaptation [43][49].

每经AI快讯，8月21日，中信证券认为，7月现制饮品行业仍受益于第三方外卖平台补贴带来的高景 气，全国奶茶、咖啡门店总数均呈现较快增长。部分投资者担忧行业明年高基数下的表现，我们认为具 备产品创新、线下引流能力的头部品牌有望穿越周期，同时积极关注海外市场可能增长的品牌。 ...

Core Viewpoint - Jiangsu Yanghe Brewery Co., Ltd. reported a revenue of 14.796 billion yuan and a net profit attributable to shareholders of 4.344 billion yuan for the first half of 2025, amidst increasing competition and changing consumer preferences in the liquor industry [1] Group 1: Financial Performance - In the first half of 2025, Yanghe Brewery achieved a revenue of 14.796 billion yuan and a net profit of 4.344 billion yuan [1] - The company increased its R&D investment by 58.60% year-on-year to 73.2027 million yuan, driven by an increase in R&D projects [1] Group 2: Industry Context - The liquor industry is facing intensified competition and changes in consumer demand, which are impacting the company's development [1] - The industry is experiencing a trend of rational consumption, with consumers increasingly favoring liquor products that offer better quality-to-price ratios [1] Group 3: Strategic Initiatives - Yanghe Brewery plans to enhance product innovation, experience innovation, and model innovation to meet diverse consumer needs [1] - The company aims to optimize its product structure, leverage its strengths, and expand market channels while innovating marketing models to improve overall competitiveness [2] - Yanghe Brewery is focusing on upgrading the quality of its main products, such as "Hai Zhi Lan," to provide higher quality offerings to consumers [2]

科沃斯2024年度可持续发展报告 本文为"科沃斯（603486）"篇。 8月16日，科沃斯发布2024年可持续发展报告。 此外，科沃斯与本地供应商合作紧密。服务机器人和添可的江苏省本地供应商占比分别为43.44%和 66.12%，这不仅降低了物流成本、减少温室气体排放，还促进了当地经济发展。 | 事业部名称 | 国内供应商数量 | 海外供应商数量 - 江苏本地供应商数量 本地供应商采购比例 | | | | --- | --- | --- | --- | --- | | 服务机器人 | 316 | 4 | 139 | 43.44% | | 不可 | 365 | | 242 | 66.12% | 资料来源：科沃斯2024年度可持续发展报告 科沃斯机器人股份有限公司创始于1998年，拥有"ECOVACS科沃斯"与"TINECO添可"两大科技品牌。科 沃斯集团作为服务机器人与高端智能电器两大行业的引领者和开拓者，旗下科沃斯品牌推出了中国第一 台扫地机器DEEBO地宝，添可品牌推出了中国首台智能洗地机FloorOne芙万。 从ESG表现上看，科沃斯在绿色供应链、光伏应用、产品创新等关键议题上表现亮眼，但也不乏有待改 善 ...

马上赢数据显示，2023 年Q1至 2025 年Q1，包括素毛肚在内的魔芋爽产品在休闲零食大类中的市占率 从 0.87% 提升至 1.4%，市场份额持续上升。目前包括卫龙、盐津铺子、来伊份、良品铺子、百草味、 王小卤、比比赞、口水娃等在内的三十多个品牌陆续布局魔芋零食赛道，不仅丰富了消费者的选择，也 推动着魔芋市场的发展。 2025年，小魔芋持续释放大"魔"力，成为健康零食新宠儿。截止2025年7月底，抖音平台上#魔芋爽 话 题高达48.1亿次播放——具有低热量、高膳食纤维、强饱腹感特性的健康食材魔芋，已经成为"爆款零 食制造机"。 一、天然健康属性：魔芋零食变身休闲食品新宠儿 魔芋成为零食界的 "新宠"，源于它精准踩中了当代人对健康与美味的双重需求。作为天然低卡食材，其 富含的葡甘聚糖既能提供扎实的饱腹感，还能促进肠道蠕动，瓦解了消费者"既想吃又怕胖"的健康焦 虑。 其超强可塑性让它能化身多样形态：Q弹的素毛肚、酥脆的锅巴、软糯的蒟蒻果冻……从追剧小食到代 餐搭档，适配多种场景需求。此外，魔芋对调味料的吸附力极强，无论是重口味还是小清新，都能完美 承载，让健康零食告别 "寡淡" 标签。这种 "低负担 + 高 ...

8月20日，江西阳光乳业（001318）股份有限公司（以下简称"阳光乳业"）发布的2025年半年度业绩报 告显示，上半年实现营业收入约为2.37亿元，同比减少7.03%；实现归属于上市公司股东的净利润约为 5981.95万元，同比增加8.27%。 当前国内乳制品行业仍然维持"两超多强"竞争格局，大体上可分为少数几家全国性龙头企业和多家深耕 多省市的区域性企业以及众多限于单个省份或城市内经营的地方性企业三类市场竞争主体共存，乳制品 企业数量众多，市场竞争激烈，阳光乳业作为区域性乳企凭借低温奶优势，依然保持了不错的业绩。 低温奶竞争优势明显 资料显示，阳光乳业起源于1956年，具有69年的历史沉淀，公司以送奶上户为主的销售渠道满足消费者 长期性、规律性的饮用需求，更加贴近消费者。公司产品已在消费者群体中取得了良好的口碑和树立了 品牌形象，获得"中华老字号"企业认定。经过多年耕耘，阳光乳业品牌在江西省拥有较高的知名度和市 场美誉度，现已发展成为中部地区具有重要影响力的乳品企业和品牌之一。 对于保质期较短的低温产品，由于本地品牌本地化生产，运输距离更短，产品更新鲜，居民在选择乳制 品时相对会更青睐选择本地产品，特别是 ...

回顾近期中国的出口情况，高技术、高附加值产品已成为新的增长引擎。根据海关总署的统计，2024年3D打印机出口 额同比增长超过35.4%；2025年上半年，工业机器人出口9.42万台，对应总金额7.46亿美元，同比增长59.74%。智能家 居、健康科技等品类的跨境销售额同样保持强劲的增长势头。 2025年的跨境电商市场正经历深刻变革。关税战、地缘政治冲击、全球供应链重构等外部因素推动行业加速转型。在 欧美、东南亚等重要市场，行业竞争重心已从"拼价格"的粗放增长转向"拼价值"的精耕细作。而在这个新阶段，产品 创新已成为企业穿越周期的第一要务——没有优质创新产品和独特产品力，单纯的低价策略就如同无源之水，难以支 撑长久竞争。 这种转变并非偶然，而是全球电商格局演化的必然结果。根据市场研究公司eMarketer的预测，2025年，全球电商销售 额在零售总额中的占比首次突破20%，全球线上购物人群将达到30亿。这一数据意味着，线上消费仍在稳步扩张，全 球跨境电商赛道依然向好。另外，他们还有一项预测指出，Z世代作为新兴消费主力，网购人群的比例预计在未来四 年从83.3%攀升至90.3%，增速超过其他任何世代。这一代消费者 ...

国际拓展+商业革新，新康哲释放新价值 2025年4月公司公告拟拆分德镁医药以实物分派形式介绍上市，德镁医药已建立全面、差异化皮肤健康 产品组合，该行认为独立上市有望释放高速增长皮肤健康业务独立价值;同时，2025年7月公司于新加坡 交易所主板实现二次上市，该行认为有望进一步把握新兴市场增量红利，打造多区域增长新格局。 集采影响逐步出清，1H25业绩重回上升轨道 根据公告，全按药品销售收入计算，1H25分产线，心脑血管及相关疾病线收入22.16亿元(YoY+0.6%)， 消化/自免相关疾病线收入14.11亿元(YoY+4.9%)，皮肤健康线(德镁医药)收入4.98亿元(YoY+104.3%)， 眼科线收入3.58亿元(YoY+17.7%)，其他产品1.87亿元(YoY-2.3%)。同时，公司主要独家/品牌及创新产 品收入达到29.0亿元(YoY+20.6%)，收入占比同比提升6.0ppt至62.1%，带动公司整体收入增长。 创新管线深入布局，驱动长期可持续成长 公司以海外授权+国内合作+自主研发多元方式驱动产品创新，童颜针(丽真然)已于2025年7月获批，公 司预计重磅品种芦可替尼乳膏(白癜风)2H25获批上市 ...

Summary of Key Points from the Conference Call Industry Overview - The personal care industry is benefiting from the rise of new channels like Douyin, which drives innovation in product functionality and emotional value [1][3] - The beauty and personal care categories are characterized by high frequency and ease of innovation, showing resilience during economic fluctuations [1][9] - The market capacity in China is significantly large, with per capita consumption far below that of developed countries, indicating substantial growth potential [1][10] Core Insights and Arguments - The market size of the beauty and personal care industry is currently around 1 trillion yuan, with expectations to reach 3 to 5 trillion yuan in the medium to long term [10] - Content e-commerce platforms like Douyin help emerging domestic brands quickly establish market recognition and complete sales conversions [1][19] - The trend of domestic substitution is clear, but the pace varies across different categories, with new local brands rapidly gaining market share in the baby care sector [1][14] Competitive Landscape - The competitive landscape is changing, with traditional brands responding slowly to new demands due to their large scale and reliance on offline channels, while new brands are agile and quick to adapt [5][6] - Domestic brands face significant scale disadvantages compared to foreign groups, particularly in skincare and hair care categories [1][15][16] - The beauty and personal care industry can be divided into three competitive tiers: foreign brands with strong brand power, traditional domestic brands with regional recognition, and new domestic brands that excel in innovation [5][6] Product Innovation Trends - Product innovation in the beauty and personal care industry focuses on functionality and emotional appeal, with examples including the evolution of laundry detergents and shampoos [11][22] - Different categories exhibit varying innovation directions and rhythms, with skincare often relying on ingredient iteration and baby care focusing on category innovation [24] Market Dynamics and Consumer Behavior - Consumers are less sensitive to price changes in personal care products, allowing for acceptance of higher-priced innovative products [5][9] - The younger generation shows a higher marginal propensity to consume in beauty and personal care, despite lower actual income levels [10] Future Development Directions - The future of the beauty and personal care industry includes expanding product categories to achieve group growth, building multi-brand matrices to tap into domestic market potential, and exploring international markets [4][27] - Domestic brands are expected to leverage organizational efficiency and product innovation to capture market opportunities and grow into large-cap companies [26][27] Additional Insights - The concentration of the baby care category in China is significantly lower than in overseas markets, indicating potential for future consolidation [12] - Content e-commerce platforms are reshaping consumer perceptions of domestic brands, providing new opportunities for growth even as channel advantages may diminish [20][21]