星标 ★ IPO日报 精彩文章第一时间推送 最近，作为全球第三大运动鞋零售商、两度入选《财富》500强的斯凯奇（SKECHERS），其退市消息于2025年5 月空降微博热搜，引发市场震动。 这家凭借 "平价舒适" 定 位在全球鞋类市场占据一席之地的巨头，在上市二十余年后选择私有化的背后，似乎 剑指"美国关税政策"。 来源： 天猫 旗舰店 3G溢价收购 2025年4月25日，斯凯奇发布的一季度财报成为退市导火索： 中国市场销售额同比下滑16%，全球营业利润下降 11.3%，创下新的季度营销纪录，同时，该公司取消了今年的业绩指引，原因是美国的全球贸易战颠覆了企业的 计划。 公司撤回全年业绩指引，斯凯奇在一份声明中称："由于全球贸易政策带来的宏观经济不确定性，公司目前不提供 财务指导，并撤回我们在2025年2月6日发布的2025年年度指引。" 同时，斯凯奇在SEC文件中明确警示，全球贸易政策变动对其业务构成重大风险。 斯凯奇称，美国市场占斯凯奇 全球销售额的38%，但其进口产品超六成来自中国、越南等亚洲国家。关税政策导致采购成本大幅攀升，挤压利 润率。 斯凯奇表示，关税推高终端价格，削弱价格竞争力，可能会减少消费者 ...

Core Insights - The 137th China Import and Export Fair (Canton Fair) showcased over 280,000 foreign buyers, marking a historical high, despite the ongoing US-China trade tensions, reflecting the resilience and innovation of Chinese foreign trade [1][4][5] Group 1: Trade Performance - Approximately 31,000 enterprises participated in the fair, with nearly 900 more than the previous session, indicating sustained high interest [3] - The fair recorded an intention for export transactions amounting to $25.44 billion, representing a 3% increase [4] - The number of foreign buyers increased by 17.3% year-on-year, with participation from 219 countries and regions [4] Group 2: Innovation and Technology - Over 4,200 new exhibitors participated, with around 3,700 companies focusing on digital technology and smart manufacturing [5][6] - The fair introduced a dedicated area for service robots, showcasing advancements in artificial intelligence [5] - The trend towards high-value, high-tech products is evident, with over 1,100 exhibitors in the smart technology sector displaying 320,000 smart products [8] Group 3: Cultural Exchange and Global Cooperation - The fair served as a platform for cultural exchange, enhancing the cohesion of international trade relationships [11] - Products infused with Chinese cultural elements gained popularity among foreign buyers, reflecting a growing cultural confidence [12] - The fair highlighted China's commitment to high-level openness and shared development, with international cooperation being a key theme [10][12]

Group 1 - Li Ziqi's appearance at the 2025 CCTV Spring Festival Gala highlighted the popularity of peony porcelain accessories, which combine traditional craftsmanship with modern aesthetics [1] - The peony porcelain products, including rings, earrings, bracelets, and hair accessories, have become a popular representation of "Guochao" culture, appealing to younger consumers [1] - The production of peony porcelain reached nearly 70,000 pieces last year, showcasing the growth of this traditional craft [2] Group 2 - The peony porcelain gained international recognition as a "national gift" during the China-ASEAN Expo, featuring a stunning plate that symbolizes the beauty of Eastern aesthetics [2] - The development of peony pastries has evolved, with a new "pure peony" recipe achieved in 2023, enhancing the product's quality and appeal [3] - The extended product line of peony-related items, including paintings, pastries, and teas, has led to an annual output value exceeding 60 million yuan, demonstrating the economic potential of this industry [4]

Core Insights - The 137th Canton Fair's third phase focuses on the theme of "Beautiful Life," with the "Play and Pets" section gaining significant attention [1] - The pet supplies sector is rapidly evolving towards smart and emotional products, showcasing resilience and vitality in the face of market challenges [1][2] Industry Trends - The Chinese pet market is expanding, driven by an increasing number of pet owners, with the pet supplies exhibition attracting international buyers [2] - There is a noticeable rise in interest for smart pet products, such as smart cat litter boxes and feeders, reflecting a shift in young consumers' demands towards interactivity and technology [4] Company Innovations - Companies like Tianyuan Pet Products are launching numerous new products monthly, focusing on interactive toys and upgraded pet supplies, including fashion items targeted at young female consumers [6] - The company emphasizes enhancing emotional connections between pets and owners, integrating eco-friendly designs, and incorporating AI technology into smart devices [6] Market Dynamics - Tianyuan Pet Products is expanding its overseas operations to mitigate risks from changing international trade environments, with a significant portion of its revenue coming from international markets [8] - The toy export market is experiencing a decline in 2024, but exports to Central Asian countries are on the rise, indicating a shift in market focus [8][10] Competitive Strategies - Companies are diversifying their markets beyond the U.S. to Europe, Southeast Asia, and the Middle East, leveraging China's cost advantages and robust supply chains [10] - Investment in R&D is crucial, with companies like Nanjing Kete Toys allocating 5%-10% of their annual output value to innovation, enhancing their competitive edge in global markets [12]

Core Viewpoint - The luxury goods industry is facing challenges, while domestic brand Laopu Gold has emerged as a significant player, achieving remarkable financial performance and gaining attention in both capital and consumer markets [1][2]. Financial Performance - In 2024, Laopu Gold reported revenue of 8.506 billion yuan, a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, up 253.9% [2][3]. - The company opened 36 self-operated stores across 15 cities, achieving an average sales performance of 328 million yuan per store in mainland China [2]. - The same-store revenue growth rate exceeded 120.9% [2]. Brand Positioning and Strategy - Laopu Gold positions itself as a high-end brand competing with international luxury brands, focusing on "ancient method gold" as its core selling point [1][5]. - The company maintains a stable gross profit margin of over 40% and employs a "one-price" pricing model [1][4]. - The brand has successfully created a consumer consensus around being the "first brand of Chinese ancient method handmade gold" [3][4]. Product Development and Innovation - Laopu Gold's revenue from online platforms reached 1.055 billion yuan, a 192.2% increase, accounting for approximately 12.4% of total revenue [3]. - The company invested 190 million yuan in research and development, a year-on-year increase of 78.8% [4]. - The product line includes unique offerings such as "gold inlaid diamonds" and "gold body burning blue," integrating traditional cultural elements [5][6]. Market Competition and Challenges - The ancient method gold market has seen explosive growth, reaching a scale of 157.3 billion yuan in 2023, with increasing competition from brands like Chow Tai Fook and Chow Sang Sang [8]. - Laopu Gold's market share in the ancient method gold jewelry market is only 2%, ranking seventh among competitors [8]. - The company faces scrutiny regarding its outsourcing practices, with nearly 40% of its products produced externally, raising concerns about craftsmanship authenticity [9][10]. Pricing Power and Consumer Perception - Laopu Gold has established pricing power, allowing it to adjust retail prices in response to gold price fluctuations, maintaining stable profitability [6][7]. - The brand's pricing strategy aligns with luxury market trends, where consistent price increases enhance perceived value among consumers [7]. - However, the brand's premium largely relies on material and craftsmanship rather than a strong historical narrative, which is crucial for luxury branding [7].

试问孔子博物馆里最受欢迎的"镇馆之宝"是什么？想必多数游客都会把票投给出土于鲁国故城遗址 的战国时期文物黄玉马。为了迎接"五一"假期，黄玉马不仅在加入创意后变身成了茸茸马、贴贴马，更 融合了数字屏、代码等现代技术，变成了可触摸、可交互的"科技马"，促成了今人与孔子的隔空对话。 文旅业态创新持续释放"化学反应"。不论深入邹东山区，驾驶越野车体验一把山野间的"速度与激 情"；还是重温《水浒传》经典IP，在"梁山好汉真人秀""水浒人物沉浸式游园""好汉闯关"打卡挑战等水 浒主题互动场景中完成任务挑战、探索文化解谜；抑或去太白湖九春里山河音乐嘉年华，欣赏音乐与光 影的跨界融合，亲手触摸水幕电影与激光矩阵在湖面投射出的"运河帆影"……济宁文旅在业态上的创新 突破，将在"五一"假期得到一次集中的游客巡礼。 4月28日，在与孔子博物馆仅一公里之隔的亦乐田园，工作人员正在排练即将于"五一"首演的《亦 乐问礼》沉浸式实景剧。为让游客更直观地感受到儒家礼乐文化的精髓，剧目主创人员选择以"两小儿 辩日"等生动的传统文化故事为切入，用现代戏剧语言重构孔子与弟子的哲思交流。"在严格考据春秋时 期礼乐仪轨，确保服饰、动作、道具符合历史文 ...

Core Viewpoint - The company reported a total revenue of 20.96 billion yuan for the fiscal year 2024, reflecting a slight decline compared to the previous year, while the net profit attributable to shareholders decreased significantly by 26.88% to 2.16 billion yuan, indicating challenges in the current market environment [1][2]. Financial Performance - The company's revenue decreased by 2.65% from 21.53 billion yuan in 2023 to 20.96 billion yuan in 2024 [2]. - The net profit attributable to shareholders fell from 2.95 billion yuan in 2023 to 2.16 billion yuan in 2024, a decline of 26.88% [2]. - The net cash flow from operating activities dropped by 55.70% to 2.32 billion yuan [2]. - Basic earnings per share decreased by 32.35% to 0.46 yuan [3]. - The weighted average return on equity decreased by 7.00 percentage points to 12.47% [3]. Market Context - The national retail sales of consumer goods in China grew by 2.7% year-on-year, with the retail sales of clothing, shoes, and textiles showing a marginal increase of 0.3% [3]. - The company demonstrated resilience in a challenging market by leveraging its diversified brand portfolio and integrated online and offline channels [3]. Brand Strategy - The company has a diversified brand matrix covering various categories, including men's, women's, children's, and sportswear, aiming to meet diverse consumer needs [4]. - The main brand, Haier, maintained a 5% market share in the men's clothing sector, ranking first for 11 consecutive years [4]. - The company aims to become a world-class, leading Chinese apparel retail group [4]. Innovation and Product Development - The company has introduced culturally inspired product lines, such as the Lunar New Year series, showcasing its innovative capabilities [6]. - New brands like OVV and Black Whale target specific consumer segments, enhancing the company's appeal among young consumers [6]. Channel Development - The company is focused on deepening the integration of online and offline channels, achieving a total revenue of 15.74 billion yuan from offline sales and 4.42 billion yuan from online sales, with online sales growing by 35.63% [12][15]. - The company operates 7,178 stores, with a net increase of 289 direct stores [13]. - The company has expanded its international presence, generating 355 million yuan in revenue from overseas markets, a growth of 30.75% [15]. Future Outlook - The company aims to enhance its brand, channel, and product capabilities to become a "super national brand" [17]. - The company plans to continue its focus on product quality, supply chain management, and brand operation to better serve the Chinese consumer market [17].

以下文章来源于凤凰WEEKLY ，作者刘三金 凤凰WEEKLY . 有温度、有情感、有趣味的新媒体。 物是鸟非。 文 ｜ 刘三金 编辑 ｜ 章鱼 来源｜ 凤凰WEEKLY（ID： phoenixweekly） 封面来源 ｜ Pixabay 办公室的时尚达人小K下班后去商场逛街 ，结果却在工作群里大发感慨： 她熟悉的太平鸟，似乎消失在商场了？ 情感上，太平鸟几乎是编辑部所有女性的白月光。它是不少人初入职场时买下的第一件大人衣服，也是年终奖到账后小心翼翼犒劳自己的战利品。 太平鸟虽然不算奢侈，却足够体面。 不知道从什么时候开始，太平鸟渐渐淡出了我们的视野。翻开太平鸟的财报，我们惊讶地发现：2024年太平鸟新开门店477家，关闭低效门店835家，净 减少358家。 打开社交媒体搜索太平鸟，满页都是歪歪斜斜四个大字： 物是鸟非。 太平鸟，成了"烧钱鸟"？ 在社交媒体搜索太平鸟，第一个关键词，就是 贵 。 虽然十年前的太平鸟也是中端女装，一件大衣的价格通常要在一两千左右。 但现在，打开太平鸟的官方店铺，大衣的售价直逼打折的maxmara。 一件大衣定价在4000上下徘徊，即便金价来到历史高位，依然可以买到4克还多的黄金 ...

丈量城市 . 走进华高莱斯创始人李忠的顾问思维世界，用城市战略专家的视角丈量城市，一起"看世界"。 以下文章来源于丈量城市 ，作者华高莱斯 来源丨丈量城市（Measure-the-World） 作者 | 杨思洁 图源丨摄图网 摇摆的Z世代，县城的机会！ 在快速城镇化、「抢人大战」、「青年发展型城市建设」这一场场没有硝烟的战争中，县城往往是向城 市输送年轻人的那方。「小城镇→县城→城市」，似乎已经成为小镇青年一条序列严格的迁移路径。 这样的故事还会继续在Z世代身上上演吗？ 1. Z世代眼中的县城，不再是大城市的「蓄水池」 作为数媒土著，Z世代天然消除了城乡认知差。在互联网普及之前，城乡二元的一大表现就是城乡信息不 对称，对上几代年轻人来说，「见世面」是驱动他们前往发达城市的核心因素之一。 而Z世代，不像上几代人中途接入互联网，他们是直接嵌入互联网，这就使他们在成长过程中可以接触同 样的动漫、网文，追同一部爆款网剧，打同一款热门手游，讨论同一个热点话题，足不出户看世界。不 同级别城市之间，大家的认知被拉平了。 一方面，「高线」在祛魅，大城市没那么好。 当前中国已经从追求经济高速发展，进入到「满足人民日益增长的美好 ...

以下文章来源于轻食online ，作者cici 轻食online . 轻食圈行业资讯、深度观察 奶酪+馒头 反差感CP火了 这届年轻人，连馒头都要吃出仪式感。在小红书平台上搜索"奶酪馒头"，相关笔记已达1万+篇，其中一 款高赞笔记就是对盒马奶酪馒头的复刻教程，可以看出年轻人对这款产品的喜爱。 以盒马这款"手作奶酪馒头"为例，品牌介绍添加了四重奶制品入馅，0香精、0色素、0泡打粉、0防腐 剂、0食用盐，5大0添加；奶酪的加入一定程度上改善了馒头易干裂的问题，口感更加轻柔绵软，满满 奶酪馅心，奶酪中的蛋白质、钙等营养元素被完美融入进去，无论是蒸制还是空炸都能激发出美味。 图片来源：盒马鲜生 深挖健康诉求 根据盒马APP，平均一个奶酪馒头卖到3.3元，头部品牌蒸笼头凭借"能蒸能烤会爆浆"的奶酪馒头年销 破6000万。 [1] 在盒马华东区，季节限定款樱花莓莓奶酪馒头才上架半个月，周环比销售增长直接飙 升50%，单店铺月销售1.3万单，成了当之无愧的爆品。 图片来源：小红书@苏苏爱吃醋 为什么年轻人会爱上一款"中西结合"的奶酪馒头？ 除了高颜值和中西合璧的反差感外，奶酪馒头爆火的底层逻辑，是消费者对早餐从"要吃饱"到 ...