Investment Rating - The report assigns a "Buy" rating for Lukfook Holdings (00590.HK) for the first time [1]. Core Insights - Lukfook Holdings is a leading jewelry retailer in Hong Kong and mainland China, with a significant recovery in same-store sales and expansion into overseas markets [8]. - The company has established a comprehensive multi-brand matrix, including Lukfook Jewellery, King Fook, Heirloom Fortune, Goldstyle, Lukfook Joaillerie, and Love LUKFOOK JEWELLERY, catering to various consumer segments [8]. - The report forecasts a steady recovery in performance from FY2026 onwards, with projected net profits of HKD 1.52 billion, HKD 1.73 billion, and HKD 1.93 billion for FY2026, FY2027, and FY2028, respectively, reflecting year-on-year growth rates of +39%, +13%, and +12% [8]. Summary by Sections Company Overview - Lukfook Holdings is a prominent jewelry retailer in Hong Kong and mainland China, listed on the Hong Kong Stock Exchange since 1997. The company has expanded its brand matrix and currently operates over 3,100 retail points globally [13][8]. - For FY2025, the company reported total revenue of HKD 13.34 billion, a year-on-year decline of 13.0%, and a net profit of HKD 1.1 billion, down 37.8% year-on-year [13][8]. Multi-Brand Matrix - The company has developed a multi-brand strategy that covers various segments of the jewelry market, enhancing its market share and competitiveness [44]. - The core brand, Lukfook Jewellery, focuses on the mass market, while King Fook targets the high-end segment. Other brands cater to niche markets, ensuring a broad consumer appeal [44]. Financial Performance - The report highlights a recovery trend in financial performance, with FY2026H1 revenue reaching HKD 6.843 billion, a year-on-year increase of 25.6%, and a net profit of HKD 619 million, up 42.52% [24][23]. - The company’s gross margin improved significantly, reaching 33.1% in FY2025, an increase of 5.9 percentage points year-on-year, primarily due to rising gold prices [25][30]. Market Expansion - As of March 2025, Lukfook Holdings operates in 11 countries and regions, with a total of 3,287 stores, including 3,179 in mainland China [63][64]. - The company plans to enter three new countries and add 50 overseas stores over the next three years, with 20 new stores planned for FY2026 [63][64].

Core Insights - Amazon launched the "Next Generation Global Selling" project in Shenzhen, marking a significant upgrade in cross-border e-commerce infrastructure with the introduction of its first Global Warehouse Distribution (GWD) center [1] - This initiative aims to empower sellers to achieve "one location storage, global sales," potentially catalyzing a shift from traditional manufacturing exports to high-quality brand exports for the Shandong industrial belt [1] Group 1: Shandong Industrial Belt's Strengths and Challenges - Shandong is a key manufacturing base in China, covering over 40 cross-border e-commerce product categories, with notable advantages in sectors like agricultural machinery, chemicals, textiles, tires, and home goods [2] - Many Shandong enterprises primarily engage in OEM production, limiting their brand influence and cross-border operational capabilities, which hinders their integration into the global value chain and profitability [2] - Amazon's China VP acknowledged Shandong's strong industrial foundation but noted the region's late start in brand development, using the example of small excavators successfully entering high-end overseas markets [2] Group 2: Core Value of the "Next Generation Global Selling" - The GWD's innovative "inventory sharing and dynamic allocation" supply chain management allows sellers to store goods in domestic hubs, with Amazon automatically distributing them to destination country fulfillment centers based on real-time sales forecasts [3] - This model significantly reduces inventory risks and financial pressures for Shandong enterprises, with storage costs potentially decreasing by 20%-40% compared to existing U.S. warehousing models [3] - It simplifies cross-border logistics by providing an integrated, end-to-end logistics solution, reducing management costs and uncertainties associated with coordinating multiple service providers [3] Group 3: Key Pathways for Shandong's Leap Forward - Since signing a memorandum of cooperation with the Shandong Provincial Department of Commerce in March 2024, Amazon has been advancing specialized incubation plans for Shandong's unique product categories [4] - Amazon Business has opened 11 global sites to Chinese sellers, aligning with Shandong's strengths in chemicals, machinery, and building materials, providing a stable growth channel with lower return rates and higher transaction efficiency compared to B2C [4] - Utilizing Amazon's AI tools like "Seller Assistant" can enhance operational efficiency in compliance, advertising, and inventory management, while data tools like "Opportunity Detector" help identify unmet overseas market demands [4] Group 4: Future Outlook - The "14th Five-Year Plan" identifies cross-border e-commerce as a new driver for foreign trade development, providing dual support for the transformation of the Shandong industrial belt [6] - The industry is moving towards product quality enhancement, innovative models, and global market expansion, with the challenge for Shandong enterprises being the transition from OEM to brand building [6] - Amazon's "Next Generation Global Selling" is reshaping the operational paradigm of cross-border e-commerce, transitioning from heavy asset overseas warehouse layouts to a lightweight, intelligent global supply chain network [6]

中国大市场的广阔空间与强劲活力，让不少小产品，通过一个个消费场景，转化为产业的澎湃动能，形成大规模、大产业。 一片叶子 撑起百亿抹茶大市场 一片树叶能创造多少价值？答案是150亿。一片源于魏晋、盛于宋代的"末茶"古叶，历经千年流转，如今，这抹翠绿不仅形成了百亿级市场，更让中国成为 全球最大抹茶生产国。仅今年上半年，我国抹茶的出口量已超过去年全年总和。这缕跨越千年的"茶香"，如何成为当今市场上的宠儿？ 在贵阳一家新开张的抹茶店里，点茶师正在制作点茶，以其极具观赏性手法，吸引了不少消费者。抹茶是一种以蒸青绿茶为原料，经杀青、干燥、研磨制成 的细粉末状茶饮，可追溯于魏晋时期，盛行于唐宋时期。 除了传统茶饮，这家小店里还有抹茶拿铁、抹茶蛋糕、抹茶月饼……各式产品摆满了柜台。小店刚开业不久的超高人气，给了店主极大的信心，第二家分店 开业也提上了日程。 抹茶饮品店主理人 王梅：这个也是一个抹茶店。一个店试营业后给了我很大的信心，我就想迅速把这个店开起来，明天就正式入场装修。 据了解，仅在贵阳，今年以来新开张的抹茶店就有80多家，而在全国使用贵州抹茶的注册餐饮品牌已超过100家。未来三到五年，抹茶在新茶饮领域的用 量，年均 ...

Core Insights - The article highlights the success of the "Sanmen" brand of jackets from a small county in Zhejiang, which has over 300 manufacturers and 200 e-commerce companies, producing more than 80 million jackets annually with sales around 12 billion yuan [1][4][7] - It discusses the challenges faced by small and medium-sized enterprises (SMEs) in Zhejiang, emphasizing the need for brand building and industry upgrades to remain competitive in a market increasingly focused on quality and branding [4][6][12] Industry Overview - Zhejiang's economy is primarily driven by SMEs that have historically relied on low-cost advantages, but are now facing growth bottlenecks due to rising competition and consumer demands for quality [4][6] - The article notes that many local industries, despite having strong product quality, often serve as OEMs for international brands, leading to a lack of brand recognition and value [6][12] Brand Development Strategies - The "Sanmen" jacket industry has successfully established a public brand that sets quality standards and avoids price wars, providing a pathway for companies to transition from OEM to brand ownership [7][9] - Companies like Zhejiang Dixiang Garment Co., Ltd. have focused on quality control and building a factory brand before expanding into international markets, reflecting a shift in strategy towards brand recognition and quality assurance [9][10] Regional Brand Initiatives - The establishment of regional public brands is seen as a crucial measure for addressing challenges such as rising labor costs and supply chain shifts, helping SMEs gain credibility and market presence [4][12][14] - The article describes how local governments are implementing standards and management systems to support the development of regional brands, enhancing the overall competitiveness of the industry [12][14] Market Positioning and Future Outlook - Companies are encouraged to identify their unique market positions and avoid direct competition with high-end brands, focusing instead on niche markets where they can leverage their strengths [11][12] - The article emphasizes the importance of collective branding efforts among SMEs to enhance their market presence and combat issues like price competition and imitation [13][14]

怎么办？日前，记者采访三门冲锋衣、路桥雪地靴、温岭泵业等台州制造业产业集群，了解当地如 何"破题"中小企业竞争力问题。台州是浙江典型的制造业城市，拥有多个工业品、消费品生产的传统产 业集群，当地正构建"品牌+产业"深度融合生态，寻求产业升级的品牌路径。 台州市市场监管局党委书记、局长郦森迪告诉21世纪经济报道记者，当前台州乃至浙江产业集群面临人 工成本上升、产业链迁移等挑战，区域公共品牌正是应对这些挑战的关键举措，其核心意义在于推动整 个产业转型升级，让产业在全球产业链中占据更有利位置。特别是，区域公共品牌能为优质但缺乏自有 品牌的广大中小企业提供背书。 （原标题：告别单打独斗，"台州制造"溢价出海启示录） 21世纪经济报道记者柳宁馨 实习生蒋瑛芙 浙江报道 在浙江，传统企业通过品牌打造和集群出海，为走出低价竞争探索可复制经验。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，优化提升传统产业，增强质 量技术基础能力，强化标准引领、提升国际化水平，加强品牌建设。 浙江经济的主体是面广量大的中小企业，这些企业曾依靠低成本优势实现原始积累，但随着市场竞争日 益激烈，消费者对品质、品牌的要求不断提 ...

本文转自电商汇 12月4日至7日，2025亚马逊全球开店跨境峰会在杭州隆重举行，吸引超过万名跨境电商行业从业者到 场。金融科技公司Payoneer派安盈(纳斯达克股票代码：PAYO)受邀出席并设置专属展区，集中展示其一 站式金融全栈和跨境金融生态体系，为亚马逊卖家提供从收付款、资金管理到生态资源对接的全链路赋 能。现场人潮涌动，众多卖家驻足咨询，交流氛围热烈。 恰逢亚马逊全球开店正式在华展业十周年，本届峰会以"向优、向新、向全球"为主题，设置战略发布会 及六大平行分论坛，聚焦供应链管理、AI应用、选品拓展、品牌与流量、全球站点拓展、合规等热点 议题。作为首批加入亚马逊PSPP支付服务商计划及SPN服务商网络的支付伙伴，Payoneer派安盈与亚马 逊的合作也已步入第十年。凭借全球领先、安全合规的一站式金融全栈及丰富的全球商贸资源， Payoneer派安盈持续为亚马逊卖家提供稳定、高效的资金管理与运营支持，助力卖家在出海新阶段更加 稳健地拓展全球业务。 Payoneer派安盈大中华区市场营销总经理Victor Yuan在现场表示："品牌出海是中国跨境电商走向精耕细 作的必然趋势，我们看到越来越多的品牌卖家正在探 ...

2017年，CECONOMY 从麦德龙集团分拆独立后快速成长。 作为欧洲消费电子零售领军者，其旗下有MediaMarkt和Saturn两大品牌，在欧洲11个国家的超1000家门 店网络，年触达22亿人次消费者，拥有4300多万会员，在智能家居等新兴品类中渠道优势显著。 今年的京东海外市场布局以欧洲为核心，收购CECONOMY无疑是最关键的一步。 京东的海外布局以一场千亿级收购落下关键一子。 12月2日，京东正式宣布，在额外要约接受期结束后，已收购德国零售集团CECONOMY约59.8%的股本 和表决权，实现对这家欧洲零售巨头的控股。若叠加未来合作伙伴Convergenta保留的股份，总持股比 例将达85.2%。 7月底，京东通过全资间接子公司JINGDONG Holding Germany GmbH，以每股4.6欧元的现金价格发起 自愿公开收购要约，对CECONOMY的估值约22亿欧元（超180亿元人民币），创下中国电商出海欧洲 的单笔收购规模新纪录。 9月，德国反垄断机构联邦卡特尔局已正式批准，明确表示不会引发竞争担忧。待常规监管程序收尾 后，京东方面透露或推动CECONOMY启动退市安排。根据双方协议，C ...

Core Insights - The 2025 Amazon Global Store Cross-Border Summit was held in Hangzhou from December 4 to 7, attracting over 10,000 participants from the cross-border e-commerce industry [1] - Payoneer showcased its comprehensive financial ecosystem at the summit, providing Amazon sellers with end-to-end support for payment processing, fund management, and resource integration [1][3] Group 1: Event Overview - The summit celebrated the 10th anniversary of Amazon Global Store's operations in China, focusing on themes of "Excellence, Innovation, and Globalization" [3] - The event featured strategic releases and six parallel forums addressing key topics such as supply chain management, AI applications, product selection, branding and traffic, global site expansion, and compliance [3] Group 2: Payoneer's Role - Payoneer has been a partner of Amazon for ten years, being one of the first to join the PSPP payment service provider program and SPN service provider network [3] - The company aims to assist sellers in navigating risks and challenges by building a more complete financial stack and compliance risk control system [5][6] Group 3: Financial Solutions - Payoneer offers a one-stop financial stack that supports localized payments for Amazon's global multi-site and multi-currency operations, creating a financial closed loop for sellers [8] - The Payoneer card allows sellers to settle Amazon advertising costs in their original currency, reducing currency conversion losses and enhancing fund management [8] Group 4: Risk Management and Support - Payoneer has developed an intelligent risk control system using machine learning and AI technology to safeguard sellers' operations [8] - The "Olive Branch Program" has established partnerships with over 40 quality cross-border e-commerce platforms, facilitating sellers' entry into new markets [8] Group 5: Future Directions - Payoneer is committed to enhancing its cross-border payment infrastructure and expanding its product offerings to empower more Chinese SMEs to seize global opportunities [9] - The company focuses on providing integrated support through localized customer service, market insights, growth financing, and ecosystem collaboration [9]

但茉莉奶白选择了一条与行业惯性完全不同的道路——它没有从最容易的地方开始，而是直接将美国这一全球消费市场成熟、标准严格的高势能市场作为 首站，再逐步布局加拿大、英国、印尼等国，形成其独特的全球化布局节奏。 11月21日，茉莉奶白在印度尼西亚首都雅加达迎来双店同开，正式进入全球第六个国家。 在中国茶饮市场增速放缓、竞争加剧的当下，出海已从过去的"可选项"变为品牌今天的"必答题"。尽管如此，大多数茶饮品牌仍倾向于从文化相近、成本 友好的东南亚起步，以试水姿态迈出国际化第一步。 在这样的背景下，一个更深层的提问随之浮现：当中国消费品牌走向世界，它真正依靠的是什么？ 茉莉奶白的路径或许提供了一种答案：全球化从来不是简单的门店扩张，而是一套从产品力到运营力，再到审美与品牌文化表达的系统性能力。真正的出 海能力，不仅在于门店的物理扩张，更在于品牌能否完成从产品输出到运营体系、再到文化表达的系统性跨越。 而这或许正是中国新茶饮从"走出去"到"走进去"的关键分水岭。 01 全球化的第六个脚印：进军印尼 近日，新茶饮品牌茉莉奶白正式进军印度尼西亚，并于东南亚再次交出了一份亮眼的成绩：开业三日内，两家新店营业额就突破7亿印尼盾（ ...

奇瑞集团在全球市场的稳健表现，根植于其系统性的技术创新与产品适应性开发能力。集团构建了覆盖 全球的"1+7+N"研发体系，并严格执行包括当地法规开发、产品适应性开发、竞争力开发、差异化开发 为核心的"四个开发"战略，确保产品精准契合不同市场的严苛标准与多元需求。从高温沙漠到高原极 寒，奇瑞产品在全球严苛环境下的可靠性得到充分验证。近日，捷途T1（自由者）成功完成"穿越泛美 公路挑战"，成为全球首个成功穿越该路线的汽车品牌，印证了其卓越的耐久性与全地形适应性。 奇瑞集团发布最新海外销售数据。2025年11月，集团出口汽车136,728辆，同比增长30.3%，已连续七个 月单月出口规模稳定在10万辆以上，持续巩固其中国汽车出口领军者地位。2025年1-11月，奇瑞集团累 计出口汽车已达1,199,590辆，同比增长14.7%，平均每25秒就有一辆"奇瑞造"驶向海外。截至目前，奇 瑞集团全球累计用户突破1828万，其中海外用户超过570万，国际化基本盘日益坚实。 奇瑞将可持续发展理念深度融入全球化运营。近日，奇瑞创新实践案例《再生铝合金，撬动全球减排 的"公共解法"》成功入选生态环境部《2025企业气候行动案例集》 ...