在铜质文创领域，除了杭州人耳熟能详的朱炳仁•铜，另一个以"铜装饰界的小米"自诩的品牌——铜师 傅，凭借雷军投资的文创公司标签正悄然崛起，并征战二级市场。近日，铜师傅向港交所递交了招股 书，计划在主板挂牌上市，拟募资冲击"中国铜质文创第一股"。 如果说泡泡玛特做的是潮玩，铜师傅做的则是铜制传统题材的潮玩。创始人俞光，花了10年，将一门高 度依赖手工的小众生意做到年销超过5亿元。 年均上新574款，客单价超过750元，这个被雷军称赞为最像小米的非生态链企业，在铜制品这个小众赛 道，真的能成功登陆资本市场吗？ 一座售价120万元的铜关公像，引发的创业 想深入了解一家企业，一定少不了了解企业背后的创始人。 和有家学渊源的朱炳仁一样，铜师傅的创始人俞光也是绍兴人。1991年，19岁的俞光毕业于绍兴市中等 专业学校87届工艺美术班。在20世纪80年代，比起当年更吃香的师范专业，俞光学的工艺美术，算是冷 门专业。因此，从学校毕业之后，俞光卖过保险、做过包工头搞装修，围绕的大都是地产行业。 自嘲"这辈子从来没追上过风口"的俞光，终于在他30岁那年赶上了外贸出口的快车道。那年，俞光创办 雅鼎卫浴。仅一年后，他就凭借如雪花般飞来 ...

Core Insights - The article discusses a significant shift in the Chinese consumer market, emphasizing that traditional beliefs about targeting core consumer groups in first and second-tier cities are being challenged by emerging brands that are gaining traction in lower-tier markets [2][5][15]. Group 1: New Consumption Trends - New retail companies, such as Miming Hen Mang and others, are achieving remarkable growth and performance, indicating a shift in consumer preferences and market dynamics [2][3]. - The success of these new brands, often founded by younger entrepreneurs, highlights a departure from traditional consumer behavior and brand loyalty [2][5]. - The article suggests that the so-called "new consumption" is not truly new but rather a reflection of outdated thinking among traditional brands and investors [6][11]. Group 2: Market Dynamics and Consumer Behavior - The rise of brands like Miming Hen Mang, which plans to submit IPO materials by April 2025, showcases the potential of lower-tier markets, with 58% of its 14,000 stores located in counties and towns [3][5]. - The article notes that consumer behavior is evolving, with younger generations prioritizing emotional value over traditional brand prestige, leading to a decline in loyalty to established brands [9][21]. - The shift in consumer preferences is evident in the growing demand for value-driven products, as consumers increasingly seek quality at lower prices, challenging the traditional brand and channel strategies [22][23]. Group 3: Future Trends in Consumption - The article identifies three key trends that will dominate the consumer market in the next decade: the empowerment of the silent majority, the rise of self-oriented consumption, and the pursuit of value for money [15][21][22]. - The Z generation is becoming a significant consumer force, with their preferences and spending habits diverging from those of previous generations, emphasizing personal interests and experiences [16][18]. - The article predicts that the focus on self-satisfaction and emotional fulfillment will reshape consumption patterns, moving away from social status-driven purchases [21][22].

以下文章来源于三联生活实验室 ，作者Lily 三联生活实验室 . Never Bored 城市Cool Guy生活样本 本文来自微信公众号： 三联生活实验室 ，作者：Lily，题图来自：AI生成 对于年轻人来说，为了在大城市里给自己挑选一个安乐窝，不仅需要学会跟二房东斗智斗勇，还得掌 握一门花小钱办大事的哲学。"北漂们用距离换便宜，把五环外的通州、东坝和亦庄当根据地；沪漂 不愿牺牲居住体验，则把月租几百块的阁楼，爆改成了咂劲的老上海故居。" 如今，在鱼龙混杂的租房市场里，年轻人还发掘出了一个冷门的赛道——西晒房。 图源：鹤了个鹤 所谓西晒房，指的就是 朝向西边的房子，一天当中整个下午都能晒到阳光。 "老一辈住房追求的是 个南北通透，阳光整天都能把房间晒得暖烘烘的；而西晒房早上见不着太阳，一天当中只能看到个夕 阳。" 大家对西晒房的诟病，大多集中在上午没阳光、下午日照时间太长又会很闷热。殊不知，在如今的房 产市场，西晒房已经悄悄走红，成了咱打工人的梦中情房。 "打工人每天早出晚归，太阳在的时候没睡醒，睡醒了太阳就走了，在家待的时间也只有下班之后的 几小时。西晒房虽然看不到日出，但 等你忙忙叨叨一天后回家，开门便 ...

新一轮的"腥风血雨"，即将席卷中国汽车市场。 上周五（5月23日），在没有任何预告的情况下，比亚迪主品牌旗下的"王朝网"和"海洋网"各自的销售负责人（路天，张卓）在微博上，先后发布了各自体 系全新一轮促销动作——对比亚迪目前主力销售的22款产品，全部提供"限时一口价"折扣。 BHD 恒佳 礼遇 一夏 限时一口价 海洋智驾版车型 5 .58 ? 海鸥智驾版官方指导价:6.98万元 - 5.58.2 海狮05DM-i智驾版官方指导价:10.28万元 | 同学 | JJ JL | | --- | --- | | - ■ 行 | (75KM豪华型) | 海豚智驾版官方指导价:9.98万元 一份 7878 宋PLUS DM-i智驾版官方指导价: 13.58万元 - 9.98 7.6 海豹07DM-i智驾版官方指导价:15.58万元 -0 10 28 7 7 125KM精英型) 宋PLUS EV智驾版官方指导价:14.98万元 -0 11.78 22 KM #2 ) 海狮07EV智驾版官方指导价:18.98万元 -14.98 38 海豹05DM-i智驾版官方指导价:7-98厅元 -日分 2.98 2.4 海豹06DM-i ...

对于年轻人来说，为了在大城市里给自己挑选一个安乐窝，不仅需要学会跟二房东斗智斗勇，还得掌握一门花小钱办大事的哲学。"北漂们用距离换便 宜，把五环外的通州、东坝和亦庄当根据地；沪漂不愿牺牲居住体验，则把月租几百块的阁楼，爆改成了咂劲的老上海故居。" 图源：喜欢看海 有人说，没人要的西晒房，就是性价比拉满的"阳光房平替"。"别人嫌弃西晒房，是没有住过朝北的房子。只要你在北上广被朝北的房子狠狠教育过，就 会发现房间里只要能见着太阳，就比什么都强。" 如今，在鱼龙混杂的租房市场里，年轻人还发掘出了一个冷门的赛道——西晒房。 图源：鹤了个鹤 所谓西晒房，指的就是朝向西边的房子，一天当中整个下午都能晒到阳光。"老一辈住房追求的是个南北通透，阳光整天都能把房间晒得暖烘烘的；而西 晒房早上见不着太阳，一天当中只能看到个夕阳。" 大家对西晒房的诟病，大多集中在上午没阳光、下午日照时间太长又会很闷热。殊不知，在如今的房产市场，西晒房已经悄悄走红，成了咱打工人的梦中 情房。 "打工人每天早出晚归，太阳在的时候没睡醒，睡醒了太阳就走了，在家待的时间也只有下班之后的几小时。西晒房虽然看不到日出，但等你忙忙叨叨一 天后回家，开门便是夕阳 ...

1、 《 Comac Medical Group 收购 ILIFE Consulting 》 摘要 ■ 英国总部、由 EdgeCap Partners 支持的 Comac Medical Group 宣布收购法国巴黎的专业合同研究 组织（CRO） ILIFE Consulting 。 ■ ILIFE 专注于 肿瘤学 、 罕见病 和 复杂的早期生物技术临床试验 ，这些均为创新密集、增长潜力大 的医疗细分领域。 ■ ILIFE 拥有深厚的法国及西欧市场经验，增强 Comac 在西欧地区的立足点，与其在英国、德国和美 国的近期扩展形成协同效应。 ■ ILIFE 创始人兼 CEO Marina Iché 将继续担任领导职务并成为集团重要股东，有助于确保企业文化与 服务连续性，支持未来增长战略。 ■ 背后私募股权基金 EdgeCap Partners 专注于欧洲高质量中型企业，管理层具有 Morgan Stanley、 Citi、Goldman Sachs 等顶级机构背景，具备强大资本与并购执行力。 ■ 对投资者而言，此次并购显著加强了 Comac 在早期临床试验领域的技术与服务能力，提升其吸引 新兴生物技术客户的竞争 ...

情绪价值重构消费逻辑 港股新消费成为资本市场焦点。 5月23日，在富国基金第十二届论坛上，"潮玩、茶饮、金饰"等新消费需求成为权益分论坛上最受关注 的话题趋势。 "经历多年调整的消费板块正显现出结构性投资机会。"富国消费精选30基金经理周文波会上分析称，随 着政策支持加码、南向资金持续涌入，叠加Z世代消费习惯变革，港股新消费板块正迎来估值修复和成 长突破的双重机遇。 "左手奶茶，右手黄金这是我们观查到的新消费趋势，"会议期间一位机构分析人士对记者称，当前港股 市场汇聚了稀缺的消费标的，包括潮玩IP、金饰、医美、自动驾驶等。这类消费股以服务消费与情绪消 费为主导，更贴近Z世代服务消费升级趋势，情绪价值正在重构消费逻辑。 资金面上，据Wind统计，2025年以来南向资金净流入额达到6228.67亿港元，其中非必需消费板块居 首。从估值角度看，目前中证港股通大消费主题指数的市盈率为20倍，但新消费股的市盈率普遍远高于 该指数。 截至5月23日，泡泡玛特(09992.HK)的市盈率为87.5倍；老铺黄金（06181.HK）的市盈率89.7倍，毛戈 平(01318.HK)、蜜雪集团(02097.HK)分别为为56倍、4 ...

Core Viewpoint - The company has experienced significant revenue fluctuations in recent years, with a strategic shift towards diversifying its product offerings and enhancing supply chain efficiency to regain its position in the market [1][3]. Group 1: Revenue and Financial Performance - The company's revenue increased from 9 billion in 2014 to 102 billion in 2019, but then declined to over 70 billion in 2022 and 2023, before rebounding to 106.22 billion in 2024, marking a 49.30% year-on-year growth [1][5]. - The net profit attributable to the parent company for 2024 was 4.08 billion, up 85.51% year-on-year, with nut products generating 53.66 billion, accounting for 50.5% of total revenue [5]. - In Q1 2025, the company reported revenue of 37.23 billion, a 2.13% increase year-on-year, while net profit decreased by 22.46% [5]. Group 2: Strategic Initiatives - The company has acquired three firms in October 2024, entering the bulk snack, discount supermarket, and nut milk sectors, and has launched sub-brands in pet food and personal care [1][2]. - The company is currently incubating 33 sub-brands, aiming to disrupt unhealthy profit distribution systems in various retail categories [2]. - The company has adopted a "high-end cost-performance" strategy, focusing on supply chain integration and internal management to maintain competitive pricing while ensuring profitability [3]. Group 3: Supply Chain and Production - The company has increased its self-production ratio through the establishment of its own factories, enhancing product quality control [1][4]. - Despite concerns about high investment costs and risks, the company claims to minimize waste through meticulous cost management and a testing model for new products [5].

Core Viewpoint - The article discusses the rise of affordable dining options in China, highlighting the success of the fast-food brand Chao Yixing, which offers low-cost meals while maintaining quality and safety standards [3][5][11]. Group 1: Company Overview - Chao Yixing, founded in 1993, has evolved from a local eatery to a fast-food chain with 729 stores, primarily in northern China, and an average consumer spending of 14.93 yuan [3][8]. - The brand's growth strategy includes a focus on community dining and a commitment to providing high-quality, affordable meals [4][10]. Group 2: Market Dynamics - The current consumer trend emphasizes value for money, with customers prioritizing safety and taste in their dining choices [11][12]. - The fast-food industry is experiencing a shift from product-driven growth to supply chain efficiency, with brands competing on the basis of repeat purchases rather than just location [10][19]. Group 3: Expansion Strategy - Chao Yixing has begun its regional expansion, opening stores in Hebei and Beijing, with prices slightly adjusted to accommodate local market conditions [16][18]. - The brand's operational model relies on a centralized kitchen system that ensures consistent quality across its locations, which is crucial for maintaining its low pricing strategy [13][18]. Group 4: Competitive Landscape - The article notes that the restaurant industry lacks absolute barriers to entry, with scale being the primary competitive advantage [19]. - Chao Yixing targets a consumer base that is cautious about spending but shows high loyalty once a brand is accepted, positioning itself well for sustainable growth [19].