Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's retail revenue for Q1 2025 showed low single-digit growth year-on-year, with offline channels also recording low single-digit growth and e-commerce channels achieving a growth rate in the low range of 10%-20% [2][3] - The company is undergoing channel adjustments, with a net decrease of 29 stores by the end of Q1 2025, including a reduction of 6 direct-operated stores and 23 wholesale stores [3] - The company expects to maintain steady progress, with projected annual revenue for 2025 remaining flat and a net profit margin in the high single digits [4] - The company has become a partner of the Chinese Olympic Committee (COC) for 2025-2028, which is anticipated to enhance brand strength and contribute to future marketing efforts [4] Summary by Sections Performance Review - The company reported a low single-digit growth in retail revenue for Q1 2025, aligning with market expectations [2] - Offline direct sales experienced a low single-digit decline due to channel structure optimization [3] - E-commerce channels showed a growth rate in the low range of 10%-20%, with platforms like Douyin and JD.com leading the online growth [3] Future Outlook - The company aims to maintain steady growth and expects the COC partnership to contribute positively to revenue [4] - The projected revenue for 2025 is estimated at 29,031 million RMB, with a growth rate of 1.24% [10] Profit Forecast and Valuation - The company is expected to maintain stable operations, with net profits projected at 28.57 billion RMB for 2025, 31.33 billion RMB for 2026, and 32.89 billion RMB for 2027 [5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 12 for 2025, 11 for 2026, and 10 for 2027 [5]

京东最近撤销了品牌部，所有职责和人员划到市场营销部。 品牌人再次陷入对未来的迷茫和惶恐中，连企业经营者们也在思考，品牌是不是真的已经成为上个年代的陈旧产物了？ 以我的经历来看，大厂品牌部如果做的还是那些事——品牌视觉物料管理和审核、品牌活动宣传、正向认知引导等，被撤销是早晚的事儿。 "品牌"已死？ 但是！ 不是所有的公司都不需要"品牌部"，"品牌"也不会消失。 只要企业还需要和目标客户"对话"，就需要品牌部和目标客户"沟通"，只是"沟通"的方式可能不再是TVC、大型创意活动等。 只要我们还是市场经济，只要消费者还需要选择，就需要"品牌"。 去年10月份就想把"品牌"这件事讲清楚，查阅大量资料，发现大部分研究者都是围绕"品牌"聊"品牌"，即脱离商业应用聊品牌的某种"存在状态"。 结果越看越迷糊。 "品牌"离不开商业，要想搞清楚品牌是什么、企业要不要做品牌、怎么做品牌，或许还要回到最原始的商业环境里。 本文正是以这种思路，以最朴素的商业理解，结合传播的"第一性原理"、用户消费和决策行为等，试图把"品牌"这件事讲清楚。 一、什么是品牌？ 当我在网上搜索这个问题时，答案五花八门，千奇百怪。 有人说品牌是一种符号——品 ...