年过花甲的老商户盯着手机屏幕，学习如何开通跨境电商账 号；年轻的直播主播在镜头前展示着最新款的智能行李箱；物 流园区内，自动分拣系统高效运转，准备将当天的订单发往世 界各地。 以前的白沟，是北方的白沟；现在的白沟，是中国 的白沟；未来的白沟，将是世界的白沟。 作者： 王雅洁 封图：图虫创意 "南有义乌，北有白沟"。这句在商贸领域流传多年的俗语，勾勒出白沟在中国商业版图中的独特地 位。 如今，这座小镇每年产出近500亿元的箱包产值，产品销往全球199个国家和地区。日均120万件的 快递业务量，见证着这片土地从传统集市到数字化贸易高地的蜕变。 箱包堆积如山，快递车辆川流不息，直播间里女主播手持新款皮包酣战电商。 走进白沟，仿佛踏入一个由商品、物流与数据构成的庞大机器，每一刻都在吞吐着财富与梦想。 从北京出发，沿京雄高速向南行驶，不到一小时，"白沟"的路牌便映入眼帘。 这座位于雄安新区北部的城镇，曾是历史上著名的商埠，如今以"世界箱包之都"的身份焕发新生。 清晨的白沟，是在物流货车的引擎声中醒来的。 箱包市场门口，工人们熟练地装卸货物；街边早餐摊上，商贩们边吃驴肉火烧边核对手中的快递 单；不远处，直播基地的灯光彻夜 ...

从北京出发，沿京雄高速向南行驶，不到一小时，"白沟"的路牌便映入眼帘。 这座位于雄安新区北部的城镇，曾是历史上著名的商埠，如今以"世界箱包之都"的身份焕发新生。 清晨的白沟，是在物流货车的引擎声中醒来的。 记者 王雅洁 箱包堆积如山，快递车辆川流不息，直播间里女主播手持新款皮包酣战电商。 走进白沟，仿佛踏入一个由商品、物流与数据构成的庞大机器，每一刻都在吞吐着财富与梦想。 "南有义乌，北有白沟"。这句在商贸领域流传多年的俗语，勾勒出白沟在中国商业版图中的独特地位。 如今，这座小镇每年产出近500亿元的箱包产值，产品销往全球199个国家和地区。日均120万件的快递 业务量，见证着这片土地从传统集市到数字化贸易高地的蜕变。 从古老渡口到现代商埠 白沟的商业基因，深植于这片土地的历史记忆中。 位于雄安新区北部的白沟，依托新区深厚的历史文化积淀。历史上，白沟曾是重要的水陆码头，舟楫往 来，商贾云集。其商业繁荣可追溯到宋辽时期，作为边境贸易的枢纽，各地货物在此集散，形成了包容 开放的商业传统。 这种商业血脉延续至今。 走在白沟街头，遇到的本地人仿佛都能聊上几段市场变迁的故事。 65岁的李爷爷在箱包城经营着一家10平方米 ...

交易完成后，蜜雪集团成为福鹿家控股股东，田海霞持股降至29.43%。 蜜雪冰城创始人张红甫的配偶田海霞，从福鹿家最大股东变身为第二大股东，而蜜雪集团则以2.97亿元的价格获得了53%的控股权。这场资本运作背后， 是一个年增长超12%的鲜啤市场。 10月1日，蜜雪集团在香港联交所发布公告，宣布以2.97亿元收购鲜啤福鹿家53%股权。 一家是拥有5.3万家门店的全球现制饮品巨头，一家是拥有1200家门店的现打鲜啤新秀，这场并购远非简单的资本操作。 鲜啤福鹿家实际控制人田海霞是蜜雪集团CEO张红甫的配偶，这使得交易带有明显的关联属性，但也正因为这层关系，两家企业的协同整合可能更为顺 畅。 资本棋局 蜜雪集团的收购由两部分组成：以2.856亿元向福鹿家增资认购51%股权，同时以1120万元从独立第三方股东赵杰处受让2%股权。 福鹿家等品牌通过"现打现饮"模式，将啤酒从标准化工业产品转化为体验式消费，满足了Z世代对"新鲜、健康、社交属性"的需求。 这种即时消费场景与瓶装啤酒的"计划性消费"形成鲜明对比。 福鹿家整体估值约2.74亿元，落在独立估值师评估的2.45亿至2.77亿元价值区间内，显示出定价的合理性。 对于蜜雪 ...

以"优惠补贴+民俗体验+场景互动"为核心，厦门商圈既守住了传统韵味，又玩出了潮流新意，童话场 景的潮流玩法更让这里成为"打卡胜地"。 来到厦门大悦城，5.5米高的海德薇装置率先映入眼帘——雪白羽翼展开如云朵垂落，爪间"信件"缀着 金箔。 音乐剧《英雄厦儿》以中山路为舞台展开首演，带来沉浸式观演体验。（本报记者 林雯 摄） 磐基中心地中海风"小镇"上空，紫藤花与国际品牌巨幅广告相映，淡紫浪漫铺满天际；厦门万象城L5天 空花园，粉嫩的Pinky Puppy簪花小狗装置前，年轻人举着手机排队合影，快门声不断；中山路骑楼之 下，百年建筑与"五月天"公仔同框，歌迷们驻足打卡，笑声与快门声交织……国庆中秋假期，厦门组织 了170多场促消费活动，用创新场景、首展首秀与优惠福利，让消费市场充满烟火气与新鲜感。 深入学习贯彻习近平总书记在福建、厦门考察时的重要讲话精神，厦门立足市民游客需求，以丰富多元 的消费供给激活市场活力，让内需动力在节庆氛围中持续涌动。 传统韵味十足 170多场促消费活动"宠粉" "早听说八宝丹是厦门一'宝'，没想到在这儿邂逅了！"国庆中秋假期，在繁华的中山路，一颗承载400 余年历史底蕴的神奇"药丸"— ...

"我们引入近30家来自上海、成都、贵州等地的面包品牌，还有20余家咖啡品牌作为'面包搭子'，让这 场'碳水之旅'更加惬意。"湖南运达贸易有限公司总经理苏华介绍。 欢度长假，湖南各地体验式消费场景真不少。第七届长沙城市咖啡节、首届长沙全民爱好者咖啡大赛及 星沙非洲咖啡嘉年华，吸引"咖啡星人"集合；长沙滨江文化园的"无限返场・青年大会"，有市集、有展 览；浏阳以"河畔季风"消费季暨蒸菜嘉年华迎接八方来客，并推出万份蒸菜邀请大家免费品尝，还将用 两场焰火晚会点燃整座城市的消费热情，满足游客对于假日的更多期待。 华声在线全媒体记者 彭可心 通讯员 张埕 "刚刚出炉的蛋包洋芋恰巴塔，趁热吃风味最佳！"10月1日中午，长沙桂花里步行街上，来自贵州的小 袁在"HALO面包社"摊位前忙得满头是汗。她告诉记者："开摊1个多小时，已经卖出将近100个面包。" 国庆中秋长假首日，运达汇第二届超级长沙面包节在桂花里步行街拉开帷幕，全国100余家人气品牌集 体亮相，整条街上挤满了"闻香而来"的人们，有的开心品尝，有的打卡拍照。这场专为"面包脑袋"定制 的碳水盛宴，将一直持续至10月3日。 长沙本土面包品牌"一口面包"已连续两次参加超级 ...

Core Insights - The company, Giant Star Legend, has expanded its IP matrix by launching a new original IP character "WAKAEMO" [1] - The limited-time pop-up store for the brand "Zhou Classmate Black Label" opened in Shanghai and will run until November 30 [1] - The new IP "WAKAEMO" is designed to resonate with human emotions and is characterized as cold, stable, and somewhat awkward, serving as an emotional companion [1] Product Launch and Market Trends - The pop-up event will feature a range of new products including pillows, bags, and eye masks, along with limited edition gift boxes [3] - Fans holding tickets from Jay Chou's concert can receive exclusive themed stickers at the store [3] - According to the "2025 Xianyu Trendy Toy Consumption Insight Report," the trendy toy market is expected to see explosive growth, with a 330.2% increase in order volume and a 309.7% rise in transaction value in Q2 [3] Industry Dynamics - The domestic trendy toy market is currently dominated by Chinese original IPs, with only four overseas IPs making it to the top 20 sales list in the first half of the year [3] - The market is experiencing a polarization trend, with original IPs entering a golden period of growth, particularly those that are rebellious and unique [3] - The company is strategically positioning itself in the personalized and emotional consumption trends of the trendy toy market [4] Strategic Initiatives - Giant Star Legend is deepening its operations around Jay Chou's official IP while also entering the original IP market to enrich its IP matrix [4] - The company launched a global co-creation plan with international trendy artists, marking a significant step towards internationalization in IP operations [4] - The introduction of "WAKAEMO" is seen as a crucial step in building a sustainable IP ecosystem, enhancing the company's core competitiveness in content creation [4]

Core Viewpoint - The closure of the Madame Tussauds wax museum in Beijing on October 1 marks the second closure of a Tussauds location in China within six months, following the closure of the Chongqing museum in May. Currently, only the museums in Hong Kong, Shanghai, and Wuhan remain open in China [2][3]. Background of Madame Tussaud - Madame Tussaud, originally named Marie Grosholtz, was born in 1761 in Strasbourg, France. She learned wax modeling skills from a doctor and wax sculptor named Curtius. At the age of 16, she created her first wax figure of the famous writer Voltaire, gaining recognition [3]. - After marrying engineer François Tussaud, she became known as Madame Tussaud. In 1802, she took her wax figures to London, where she eventually opened the first permanent Madame Tussauds museum in 1836 [4]. Current Challenges - The Madame Tussauds brand has seen a significant decline in profitability, particularly in the Chinese and UK markets, leading to a decrease in brand value [5]. - The museum's appeal has diminished as experiential consumption has become mainstream, with alternatives like concerts, theme parks, and immersive experiences drawing visitors away from static wax figure displays [5][6]. - The high operational costs, including expensive rent in prime locations and the costly maintenance of wax figures, have contributed to the financial struggles of the museums. For instance, the production cost of a high-quality wax figure is approximately 1.5 million RMB [7]. Strategic Response - Merlin Entertainments, the parent company of Madame Tussauds, has been restructuring its business in response to market changes. This includes the closure of the Beijing and Chongqing locations, as well as previous closures in San Francisco and Istanbul [8]. - The company is focusing on expanding its theme park operations, particularly Lego-themed parks, which attract millions of visitors annually. The first Lego park in China opened in Shanghai in July [10].

秋日的南京商业市场正迎来"首店盛宴"，超15家全国及区域首店在九月密集开业，提前引爆国庆消费热潮。法国百年护肤PAYOT全国首店入驻德基广 场，Yohji Yamamoto和Uma Wang的江苏首店亮相JLC，华东首家"宠物版山姆"Pet Tribes即将登陆金鹰世界。值得注意的是，JLC以超40%的首店占比成为 南京商业新风尚地标，从德基到JLC，从新街口到河西，这些新鲜面孔正在重塑南京的商业基因。 8月31日，德基广场B1层，法国院线护肤品牌PAYOT全国首店正式开业。这个拥有百年历史的品牌以"院线级功效护肤"为卖点，祛痘膏、霞光油等明星产 品吸引了不少油痘肌消费者。值得一提的是，店内还设置了专业SPA房，将"法式护肤沙龙"体验原汁原味带到南京。 全国首店扎堆，国际品牌为何偏爱南京？ JLC的表现同样亮眼。9月19日，这座香港置地打造的商业地标正式开业。记者在现场看到，国际时尚名品与先锋潮流品牌交相辉映：Christian Louboutin、PLEATS PLEASE ISSEY MIYAKE等国际品牌南京首店，Yohji Yamamoto、Uma Wang等江苏首店，以及I.T南京首店等设计师品牌齐 ...

Core Insights - The article highlights a competitive market event among international beauty brands at Nanjing Deji Plaza during the Qixi Festival, showcasing strong consumer engagement and brand strategies [1][3][12] Group 1: Market Performance - Nanjing Deji Plaza is projected to achieve a revenue of 24.5 billion yuan in 2024, solidifying its position as a leading high-end shopping destination in China [3] - The opening of Louis Vuitton's first independent beauty store globally at Deji Plaza received a positive market response, with some limited edition products selling out on the first day [3][14] - Dior's Qixi marketing campaign led to significant sales growth, particularly for its new lipstick series, which has become a market highlight [3][5] Group 2: Consumer Trends - There is a notable increase in interest and purchasing intent among younger consumers for Gucci's fragrance and makeup products during the Qixi Festival [5] - The beauty sector at Deji Plaza is undergoing brand adjustments and upgrades, with new entries like Le Labo, enhancing its high-end beauty brand matrix [8] - Market surveys indicate that over half of Chinese consumers show a strong interest in personalized products and services, driving brands to enhance experiential offerings [12] Group 3: Marketing Strategies - Brands are innovating their marketing strategies by focusing on experiential consumption, with Dior's "Stunning Red Pavilion" featuring interactive areas like smart makeup mirrors [9] - Gucci's "Dream Garden" created an immersive fragrance experience, effectively boosting sales and consumer engagement [9][11] - Louis Vuitton's personalized engraving service and limited product offerings successfully created a sense of exclusivity and urgency among consumers [11] Group 4: Market Outlook - The results of the Qixi marketing campaigns reflect a recovery trend in the high-end beauty market, with expectations for steady growth in the second half of the year [14] - As traditional consumption peaks like Mid-Autumn Festival and National Day approach, brands are preparing new marketing initiatives to capitalize on the market momentum [14]

Financial Data and Key Metrics Changes - The company's net revenues for Q2 2025 grew by 37.4% year over year and 29.5% quarter over quarter to RMB 2,469 million [25] - Revenues from monetized hotels increased by 26.5% year over year and 25.9% quarter over quarter to RMB 1,299 million [25] - Adjusted net income for 2025 increased by 30.2% year over year, with an adjusted net profit margin of 17.3%, a decrease of 0.9 percentage points year over year due to a rise in the overall effective tax rate [31][57] Business Line Data and Key Metrics Changes - RevPAR for the hotel business was RMB 343 in Q2 2025, representing 95.7% of the level in the same period of 2024 [7] - Retail business GMV rose by 84.6% year over year to RMB 1,144 million, with online channels accounting for over 90% of total GMV [17] - Revenues from the retail business increased by 79.8% year over year and 39.1% quarter over quarter [27] Market Data and Key Metrics Changes - The total number of monetized hotels increased from 1,382 as of June 30, 2024, to 1,800 as of June 30, 2025 [26] - The number of hotels under development reached 816, supporting the strategic goal of 2,000 premier hotels [10] - The retail segment's revenue accounted for around 38% of total revenue, up from 29% the previous year, indicating a structural change in revenue outlook [56] Company Strategy and Development Direction - The company aims to maintain a long-term quality-first approach in hotel openings and closures, with a target of 500 new hotel openings in 2025 [41] - The focus is on building a strong brand moat through customer reputation and product innovation across both hotel and retail businesses [5][6] - The company plans to enhance R&D capabilities and optimize supply chain management to drive high-quality growth in the retail business [22][51] Management's Comments on Operating Environment and Future Outlook - The management noted that while overall demand is recovering, challenges remain due to market supply increases [36] - The company expects RevPAR pressure in Q3 to ease compared to Q2, with a gradual improvement in full-year RevPAR recovery [36] - The adjusted comprehensive tax rate is expected to rise to 30% this year, impacting the full-year net profit margin [57] Other Important Information - The company opened 118 hotels in Q2 2025, maintaining a steady pace of expansion [8] - The first Sahe flagship hotel opened in Shenzhen and received widespread acclaim for its unique experience [14] - The membership program surpassed 102 million registered individual members, representing a 34.7% year-over-year increase [22] Q&A Session Summary Question: RevPAR trend performance in Q3 and full-year outlook - Management indicated that overall demand has not yet recovered to last year's levels, but summer leisure travel shows resilience, expecting RevPAR pressure to ease in Q3 [36] Question: Changes to hotel openings and closures guidance - Management confirmed a target of 500 new hotel openings for 2025, with 34 closures expected, maintaining a focus on high-quality properties [41][42] Question: Full-year revenue guidance for the retail business - The retail business raised its full-year growth guidance to 60% year over year, driven by new product launches and strong market feedback [50] Question: Full-year adjusted net income margin outlook - Management anticipates a decline in full-year net profit margin due to structural changes in revenue and an increase in the effective tax rate [57] Question: Strategic focus on new hotel brands - The Sahe brand aims to control expansion while establishing a benchmark in experience, with several projects in key cities planned [62]