消费降级的风刮了一年，从房价松动、车市价格战，到咖啡茶饮低价厮杀，大家都在等一场全民"薅羊 毛"的狂欢。可没想到，另一边却悄悄变了天：那些习惯了免费的东西，开始一个个收钱。更让人心慌的 是，这些小钱分散开看不算多，但攒起来，足够压得人喘不过气。 01 最离谱的，要数校园。 乐山一中学共享空调的新闻刷屏，教室开一小时9.9元，宿舍3.9元。有人家长算过账，一个夏天交的钱， 完全能买一台新空调。校方解释说"第三方投资，学校不管"，可真正尴尬的是：教室里总不能分成"交钱 区"和"不交钱区"。有的学生实在交不起，难道只能在门口听课？ 更魔幻的是，午休也成了收费项目。东莞某学校推出"趴桌午休200元/学期"，还分级收费，从趴桌到床位 一路涨价。听上去好像是"看护费"，可趴桌子打个盹，竟然也能算成服务。有人调侃："书费、学费都交 了，现在连眯一会儿也得额外交钱。" 高校也没闲着。四川工商学院图书馆把部分空间改成"付费自习室"，一间一年要六七百。对考研考公的学 生来说，这几乎成了刚需。过去抢座难，现在没得抢，只能掏钱。学习本该是公平的，可在收费的推力 下，机会被切得更细碎。 02 离开校园，公共场所也在偷偷"改造"。 高铁 ...

Core Viewpoint - The article discusses the phenomenon of price reduction in the food delivery industry, driven by supply-side initiatives rather than consumer demand, leading to a significant shift in consumer behavior and impacting traditional dining establishments [1][5][36]. Group 1: Supply-Side Price Reduction - The supply side is actively initiating lower prices, which can exceed consumer expectations [2][4]. - The competition among delivery platforms has resulted in a dramatic increase in daily orders, from 100 million to 200 million, indicating a doubling of demand [9][11]. - The aggressive pricing strategies of delivery platforms have led to substantial losses for companies like JD, which reported losses exceeding 10 billion in a single quarter [9]. Group 2: Impact on Traditional Dining - As online food delivery becomes cheaper, traditional dining establishments face significant challenges, with many forced to close due to decreased patronage [12][14]. - The article highlights a friend’s experience in the second-hand restaurant equipment recovery business, noting a sharp increase in closures, with over 100 restaurants shutting down in July alone [14]. - Consumers are increasingly opting for cheaper online options over traditional dining, leading to a decline in foot traffic for restaurants that rely heavily on in-person dining [15][30]. Group 3: Consumer Behavior Changes - The low prices offered by delivery platforms have conditioned consumers to expect lower prices, which could lead to a significant drop in demand if prices return to normal levels [20][22]. - The article emphasizes that consumers are now more price-sensitive, with many choosing online delivery over dining out, even for meals that were previously considered special [34][35]. - The normalization of low prices in the food delivery sector may hinder the long-term quality development of the restaurant industry [36].

Core Insights - The tourism industry is experiencing a surge in visitor numbers and spending, but the accommodation and dining sectors are facing severe profit declines, indicating a disconnect between revenue growth and actual profitability [1][3][4] Group 1: Profit Discrepancies - Beijing's tourism saw 180 million visitors and 338.1 billion yuan in spending, yet the accommodation sector's profits plummeted by 92.9%, with only 5.98 million yuan in total profit from 1,613 enterprises [1][4] - Shanghai reported a 9.5-fold increase in profits for the second quarter, but this was misleading as the first quarter's losses were not accounted for, leading to a 4.3% revenue decline when combined [3][4] Group 2: Changing Consumer Behavior - Despite increased visitor numbers, average spending per visitor in Beijing rose only 6.2%, indicating a trend towards more budget-conscious travel [4][5] - The disappearance of business travelers has significantly impacted high-end hotels, with a 28% drop in business bookings, as companies cut costs and employees opt for budget accommodations [5][6] Group 3: Rising Costs and Competition - The accommodation and dining sectors are grappling with rising operational costs, including rent and wages, while revenues are declining, leading to unsustainable business models [6][7] - The restaurant industry is facing intense competition, with a significant increase in the number of establishments leading to aggressive pricing strategies that further erode profitability [6][7] Group 4: Strategies for Recovery - To overcome the current challenges, the industry must shift from a reliance on foot traffic to creating unique value propositions, such as differentiated experiences and offerings [7][8] - Government support measures, such as rent reductions and digital transformation subsidies, are essential to help struggling businesses survive the current downturn [7][8]

Core Viewpoint - The company anticipates a decline in revenue for the first half of 2025, projecting approximately RMB 12.8 million, compared to RMB 60.6 million for the first half of 2024, alongside a reduction in net loss after tax [1] Revenue Expectations - Projected revenue for the first half of 2025 is approximately RMB 12.8 million [1] - Revenue for the first half of 2024 was approximately RMB 60.6 million [1] - The expected decrease in revenue is attributed to a sluggish overall economic outlook in China and a downgrade in consumer spending [1] Net Loss Projections - Anticipated net loss after tax for the first half of 2025 is approximately RMB 2.1 million [1] - The net loss after tax for the first half of 2024 was approximately RMB 3.2 million [1] - The reduction in net loss is primarily due to the reversal of impairment losses on trade receivables [1] Strategic Adjustments - The company is actively adjusting its product and service mix to adapt to changes in supply and demand in the market [1] - Cost and risk control measures are being implemented in response to the economic challenges [1]

Core Viewpoint - The company expects a significant decline in revenue and a reduction in net loss for the six months ending June 30, 2025, primarily due to a sluggish overall economic outlook in China and changes in consumer behavior [1] Revenue Summary - The estimated revenue for the six months ending June 30, 2025, is approximately RMB 12.8 million, a decrease from RMB 60.6 million for the same period in 2024 [1] - The revenue decline is attributed to a general economic downturn in China, leading to downgraded consumer spending, which has impacted both the sales prices and volumes of the company's products and services [1] Net Loss Summary - The expected net loss after tax for the six months ending June 30, 2025, is approximately RMB 2.1 million, an improvement from a net loss of RMB 3.2 million for the same period in 2024 [1] - The reduction in net loss is primarily due to the reversal of impairment losses on trade receivables [1] Strategic Adjustments - The company is actively adjusting its product and service mix to adapt to changes in supply and demand dynamics, focusing on cost and risk control measures [1]

Core Viewpoint - The article discusses the concept of "downgrading" in various aspects of life, including consumption, education, and social interactions, as a strategy to cope with economic uncertainties and personal financial stability [14][101]. Consumption Downgrade - A new term "poor shopping" has emerged, indicating that people are now browsing stores without the intention to buy, reflecting a shift in consumer behavior towards more mindful spending [16][19]. - Individuals are becoming more conscious of unnecessary purchases, opting for alternatives and prioritizing savings over impulse buys [22][24]. - The article highlights a case of a high-income individual who, after facing financial strain, shifted from luxury spending to more frugal choices, leading to a sense of security and happiness [32][36]. Education Downgrade - The narrative includes a story of a parent who invested heavily in their child's education, only to find that the degree lost value, resulting in a low-paying job for the child [52][53]. - It emphasizes that excessive spending on education does not guarantee success, and many parents are now reconsidering their approach to educational investments [70][72]. - The article advocates for a more balanced approach to education, focusing on the child's well-being rather than solely on financial investment [73]. Social Downgrade - The article reflects on the futility of excessive socializing, where individuals spend significant amounts on maintaining relationships without tangible benefits [76][81]. - It cites a statistic indicating that over half of young people allocate more than 30% of their expenses to social activities, which can lead to financial strain [94]. - The conclusion encourages individuals to simplify their social lives, focusing on a few meaningful relationships rather than broad, costly social networks [98].

Core Viewpoint - The current market performance reflects a shift in consumer behavior towards valuing quality and practicality over brand prestige, rather than a simple downgrade in consumption [1][2][3] Group 1: Consumer Behavior Changes - The term "consumption downgrade" has sparked discussions, but it may actually indicate a more discerning consumer base that prioritizes true value [1] - Consumers are increasingly moving from high-priced, low-quality products to options that offer better cost-performance ratios, driven by rational judgment rather than economic pressure [1][2] - There is a notable shift from passive acceptance of brands to active selection based on personal needs and value alignment [2][3] Group 2: Market Trends and Data - National per capita consumption expenditure has shown a compound annual growth rate of 6.8% from 2020 to 2024, significantly outpacing the average CPI growth during the same period [2] - E-commerce platforms like Pinduoduo have successfully challenged the notion that low prices equate to low quality, capturing consumer interest in practical value [2][3] Group 3: Competitive Landscape - Mid-to-high-end e-commerce platforms like JD.com face challenges as consumer sensitivity to brand premiums decreases, necessitating improvements in supply chain efficiency and service quality [3] - JD.com has managed to improve its operating profit margins through investments in logistics, quality control, and after-sales service [3] Group 4: Implications for Businesses - Companies must adapt to changing consumer demands by innovating products and services to enhance competitiveness [5] - A rational consumer mindset is essential for sustainable market development, avoiding blind pursuit of brand prestige and material accumulation [5]

Core Viewpoint - The retail landscape in China is undergoing a profound transformation, with traditional shopping malls facing significant decline while new commercial formats and county-level shopping centers are emerging and thriving [30]. Group 1: Decline of Traditional Malls - Many shopping malls across China are experiencing closures, with at least 38 malls shutting down in 2024, 76% of which had been operating for over 10 years [11]. - Major cities like Shanghai and Beijing are witnessing negative growth in retail sales, with Shanghai's social retail sales declining by 3.1% and Beijing by 2.7% in 2024 [12]. - High-end malls, such as Beijing SKP, have seen significant drops in sales, with a 17% decrease reported in 2024 [13]. Group 2: Factors Contributing to Decline - Consumer downgrade is a primary factor, as middle and lower-income groups face reduced income and spending power, leading to a decline in high-end mall patronage [12][13]. - The rise of new retail formats, particularly instant retail, is capturing market share from traditional malls, with the instant retail market projected to exceed 2 trillion yuan by 2030 [14]. - Internal issues such as lack of differentiation and oversaturation of similar brands in malls contribute to their declining attractiveness [16]. Group 3: Emergence of New Commercial Formats - Despite the decline of traditional malls, some shopping centers are thriving by innovating and adapting to consumer preferences, with over 73% of shopping centers reporting sales growth in 2024 [22]. - Unique shopping experiences, such as those offered by high-end centers like Chengdu's Taikoo Li and Beijing's SKP, are attracting consumers [22]. - The rise of independent supermarkets and convenience stores is also reshaping the retail landscape, with convenience store sales increasing by 4.7% in 2024 [24]. Group 4: Growth of County-Level Commercial Centers - In contrast to urban malls, county-level commercial centers are proliferating, driven by rising consumer demand and urbanization, with retail sales in rural areas growing faster than in urban centers [28][29]. - Developers are increasingly investing in county-level commercial projects, recognizing the potential for growth in these markets [29]. - The shift in consumer behavior towards experiential and brand-oriented shopping is evident in the success of county-level malls that cater to these needs [30].

Core Insights - The article discusses the rising debate around "consumption downgrade," suggesting that it may actually reflect a shift in consumer behavior towards valuing quality and practicality over brand prestige [2][3][5] - The perspective of Yu Donglai, founder of the supermarket chain "Pang Donglai," challenges the notion of consumption downgrade, arguing that consumers are becoming more discerning and are voting with their wallets against inferior products [3][4][5] Group 1: Consumer Behavior Changes - Consumers are increasingly prioritizing value for money, leading to a preference for lower-priced yet quality products, as evidenced by the success of platforms like Pinduoduo [15][16] - The shift in consumer behavior is characterized by a transition from passive acceptance of brands to active selection based on actual needs and value [5][6] - The concept of "consumption cognitive upgrade" indicates that consumers are now more focused on the practical benefits of products rather than being swayed by marketing or brand prestige [5][6][10] Group 2: Market Dynamics - Data shows that from 2020 to 2024, the average per capita consumption expenditure in China increased from 21,210 yuan to 28,227 yuan, reflecting a compound annual growth rate of 6.8%, outpacing the CPI growth [7][9] - The structure of consumption is evolving, with a notable decline in survival-type expenditures and a rise in service and experiential consumption, indicating a shift towards quality and experience [11][13] - The rise of platforms like Pinduoduo illustrates a successful model that combines low prices with quality assurance, challenging the traditional view that low prices equate to low quality [15][16] Group 3: Implications for Businesses - Companies must adapt to the changing consumer landscape by either offering exceptional value through low prices or providing superior experiences through enhanced service and quality [18][29] - Large brands are facing pressure to move away from reliance on brand prestige and instead focus on delivering tangible value and quality to consumers [28] - Small and medium enterprises can leverage localized operations and exceptional service to build customer loyalty and differentiate themselves from larger competitors [29][30] Group 4: International Perspectives - The article draws parallels between the current Chinese consumption trends and Japan's fourth consumption era, where consumers shift from materialism to valuing simplicity and quality [19][20] - This transition in consumer behavior suggests a broader global trend towards more rational and meaningful consumption choices, moving away from mere brand loyalty [21][22] Group 5: Future Outlook - The future of consumption is likely to be defined by a balance between quality and price, with consumers increasingly seeking products that offer real value [30][31] - Companies that can effectively communicate and deliver on the value proposition will be better positioned to thrive in this evolving market landscape [31]

Core Viewpoint - China Resources Beer experienced a stark contrast in performance between its beer and liquor businesses in the first half of 2025, with beer sales increasing while liquor sales significantly declined [2][3]. Financial Performance - The company's total revenue for the first half of 2025 was 23.942 billion yuan, a year-on-year increase of 0.8%, while net profit attributable to shareholders reached 5.789 billion yuan, marking a substantial growth of 23% and setting a historical record [2]. - Beer business revenue was 23.161 billion yuan, up 2.6% year-on-year, with a gross margin increase of 2.5 percentage points to 48.3% [2]. - In contrast, the liquor business generated approximately 0.781 billion yuan, a decline of nearly 400 million yuan year-on-year, representing a drop of over 30% [2][3]. Liquor Business Challenges - The liquor segment faced significant challenges, with revenue down 33% year-on-year to 0.781 billion yuan, attributed to a deep industry adjustment [3]. - The flagship product "Abstract" contributed nearly 80% of the liquor business revenue but saw a price drop, with some retail prices falling below 500 yuan, a decrease of over 100 yuan from peak levels [4][5]. - The overall liquor market is under pressure, particularly in the high-end segment, with sales momentum noticeably lacking [3][4]. Market Dynamics - The liquor market has shown signs of weakness, with a 15% year-on-year decline in sales during the 2025 Spring Festival and a 20% drop in the mid-to-high-end segment [4]. - Competing low-to-mid-range liquor brands are gaining market share by offering high cost-performance products, which poses additional challenges for China Resources Beer [5][6]. Investment and Strategic Moves - Since entering the liquor market in 2019, China Resources Beer has invested over 13 billion yuan in acquisitions, including a significant 12.3 billion yuan for a majority stake in Guizhou Jinsha Liquor [7][8]. - The company has established a liquor division to manage its liquor and beer businesses concurrently, aiming for synergy in channels, brands, and supply chains [8][9]. Long-term Outlook - Despite substantial investments exceeding 13 billion yuan, the liquor business has yet to break even, with cumulative revenue around 5 billion yuan [10]. - The company faces stiff competition from established high-end brands, with its liquor brands not yet ranking among the top-tier players in the market [10][12].