在注意力稀缺的数字营销时代，内容成为了品牌和用户建立深度链接的关键。从短视频平台的创意到KOL的种草笔记，优质内容总是更容易让消费者对 品牌产生信任和消费。 然而当企业集体涌入内容赛道，一个尖锐的问题也浮出水面：企业还要不要品牌管理了？在品牌管理和流量之间，企业究竟要如何取舍？ 2023年，全球百大品牌中90%的CMO迫于业绩的短期ROI考核，将70%到80%的预算投入流量效果广告，导致品牌建设缩水。 大多数品牌用实际行动给出了短视的答案：他们将内容视为流量焦虑下的应急解药，为追热点而追热点，为做内容而做内容，最终让内容沦为脱离品牌资 产的"散装碎片"，导致品牌管理与流量运营严重割裂。 这给品牌营销工作带来了新的挑战：若品牌缺乏对流量的筛选与驯化能力，终将被流量的野马拖离既定的品牌轨道，遭到反噬。 安慕希邀请豪哥哥拍摄魔性短视频的操作，暴露出了流量至上的隐患。 豪哥哥作为以夸张搞笑风格走红的网红，其粉丝群体以下沉市场年轻用户为主，内容标签集中于"魔性舞蹈""土味幽默"。然而，安慕希长期塑造的品牌形 象是"高端、健康、国际化"，主打希腊酸奶的品质感与都市轻生活理念。 短视频亮眼播放量的数据狂欢背后，实则是品牌资 ...

Core Insights - Ruoyuchen has transformed from an unnoticed player to a leading company in the e-commerce operation industry, with a significant increase in revenue and profit [1][6] - The company reported a 30% revenue growth and a 95% increase in net profit for 2024, making it the most profitable e-commerce operation listed company [1][4] - The stock price of Ruoyuchen has surged over 400% in the past year, reflecting strong market confidence [1][6] Financial Performance - In 2024, Ruoyuchen's revenue reached 1.77 billion yuan, with a net profit of 100 million yuan [4][6] - The company's self-owned brand revenue grew by 90%, with a gross margin of 67%, significantly higher than the 39% gross margin from its operation business [6][11] - For Q1 2025, net profit increased by 114% year-on-year, indicating continued strong performance [1] Business Strategy - The company has shifted focus from e-commerce operation, which now accounts for about 40% of its business, to developing its own brands in health, beauty, and household cleaning [3][11] - Ruoyuchen aims to become an excellent brand management company, with plans to increase the share of self-owned brands in total revenue [3][11] - The founder, Wang Yu, emphasizes the importance of understanding consumer needs and developing products accordingly, which has been a key factor in the success of their self-owned brand, Zhanjia [9][10] Market Context - The e-commerce operation market in China reached 1.5 trillion yuan in 2021, with a growth rate of 9.9%, down from previous years, indicating a shift in market dynamics [7] - The rise of short video and live-streaming e-commerce has created new challenges for traditional e-commerce operations [7][8] - Ruoyuchen's strategy to focus on self-owned brands is seen as a response to the declining profitability in the traditional operation model [8][11] Future Outlook - Wang Yu expresses concerns about sustaining high growth rates amid increasing market expectations and competition from established brands in the household cleaning sector [14][15] - The company plans to continue investing in self-owned brands while managing operational costs effectively [15][16] - Ruoyuchen aims to maintain its growth trajectory and become a leading brand management company in the long term [15][16]

23 May 2025 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) Quality revenue growth on track Baozun released 1Q25 results: total revenue was RMB2.1bn, up 4% YoY, 2% better than Bloomberg consensus, mainly driven by the beat in Baozun Brand Management (BBM) revenue; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB57mn, better than consensus of loss of RMB65mn. Baozun E-commerce (BEC) inked revenue growth of 1.4% YoY, and BBM booked 23% YoY g ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 5.01 billion yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 5.01 billion yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands [4] Financial Projections - Total revenue is projected to grow from 1.37 billion yuan in 2023 to 4.76 billion yuan in 2027, with a compound annual growth rate (CAGR) of 31.04% [1] - Net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]

海外高端运动品牌，正在扎堆进入中国户外运动市场。 来自英国的专业跑步装备品牌soar、挪威高端户外品牌Norrøna，以及更早前的加拿大越野跑品牌norda先后进军中国户外市场，在专业圈层引发不小 关注。 值得注意的是，这些运动品牌并非单枪匹马而来，他们背后有一个共同的合作伙伴——运动零售运营商滔搏。 恐怕很多人的记忆，还停留在去滔搏买耐克、阿迪的场景。但随着近几年市场的急速变化，这样的消费习惯开始悄然淡出人们的生活。 而眼下，滔搏频频与海外运动品牌达成运营合作关系，与其说是在顺应当下市场变化，不如说是在开展一场自救行动——通过密集布局新品牌，构 建「品牌管理商」的新角色，以此摆脱对耐克阿迪的强依赖，重新撑起属于自己的生存空间。 在竞争加剧的中国运动市场，滔搏能否成功破局实现转型，还有待时间验证。但可以肯定的是，在这场运动零售运营商的生存突围赛之下，中国运 动市场的格局正在迎来新一轮洗牌。 海外合作不断 滔搏开始去「耐克化」 进入 5 月以来， 滔搏先后成为 Norrøna 和soar 的中国独家运营方 的新动作，几乎在第一时间成为业内关注的大事件。 其中，拥有百年历史的挪威国宝级户外品牌Norrøna，因为 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 30 年 月 日 海澜之家（600398.SH） 分红卓越，主业稳健，期待京东奥莱引领增长 2024 年公司收入同比-3%/归母净利润同比-27%，股利支付率高达 91%。1）2024 年公司收 入为 209.6 亿元，同比-3%；归母净利润为 21.6 亿元，同比-27%；扣非归母净利润为 20.1 亿元， 同比-26%。少数股东损益为 0.30 亿元，我们推算品牌管理（斯搏兹+京东奥莱）子公司口径全年 利润约为 1 亿元。2）盈利质量：毛利率同比持平为 44.5%；销售/管理/财务费用率同比分别 +2.9/+0.5/-1.1pct 至 23.1%/4.9%/-0.8%（我们判断销售费用率提升主要系直营渠道占比增加）； 综合以上，净利率同比-3.1pct 至 10.4%。3）单 Q4：2024Q4 公司收入为 57.0 亿元，同比-4%； 归母净利润为 2.5 亿元，同比-50%；扣非归母净利润为 2.7 亿元，同比-45%。4）公司 2024 年合 计拟分配现金股利 19.69 亿元，股利支付率约为 91%，以 2025 年 4 月 ...

Group 1: Company Overview and Strategy - The company aims to build a "new high-end luxury beauty brand management group" through high-end and global strategies, focusing on brand globalization and optimizing business structure [2][3][8]. - In 2024, the company achieved a revenue of 4.237 billion CNY, with self-owned brands generating 1.651 billion CNY, maintaining a stable revenue share [3][8]. Group 2: Self-Owned Brands Performance - The self-owned brand segment achieved a revenue of 1.651 billion CNY, with a gross margin of 74.27% in 2024, indicating an improvement in product structure and profitability [3][9]. - The French luxury skincare brand EDB saw significant growth, with a focus on high-net-worth customers and successful marketing campaigns, leading to a strong brand presence [4][17]. - The brand PA, acquired in 2024, experienced over 300% growth, with expectations for continued expansion in both domestic and international markets [6][20]. Group 3: CP Brands Performance - The CP brand segment consists of five main categories, with a focus on quality and resource allocation, although the performance of the Kefu (formerly Johnson & Johnson) brand declined significantly [8][9]. - Other CP brands, such as ESI and Mistique, reported good growth, with ESI's GMV doubling year-on-year [8][9]. Group 4: Financial Performance - The company reported a net profit of 110 million CNY in 2024, a decrease of 62.63% year-on-year, attributed to increased market expenses and external economic pressures [9][12]. - The overall gross margin improved to 63.01%, up from 58.44% in 2023, driven by a higher proportion of high-margin products [9][12]. Group 5: Research and Development - The company applied for 28 patents and published 15 papers in 2024, emphasizing its commitment to R&D and innovation [10][11]. - R&D expenses accounted for 4.98% of self-owned brand revenue, aligning with international standards for leading beauty companies [9][11]. Group 6: Market Outlook and Challenges - The company anticipates a focus on high-end brands and a strategic reduction in lower-end brands to improve profitability [27][30]. - The external economic environment remains challenging, but the company is committed to maintaining a strong brand presence and sustainable growth [11][30].

从国民品牌到服饰生活零售集团，海澜之家集团始终坚定不移地走品牌服饰发展道路。经过多年的发 展，不仅在男装、女装、童装、运动装、生活家居等品牌以及团购定制服务方面持续发展，2023发力运 动品牌管理业务，与阿迪达斯达成合作，2024年与京东合作开展奥莱业务，线上线下全渠道布局，多维 度赋能提升公司综合实力。 4月29日，公司发布2024年财报，报告显示，公司实现营业收入209.57亿元，归母净利润21.59亿元，现 金流量净额为23.17亿元，在A股服装企业中，营业收入连续六年排名第一。值得一提的是，根据2024年 年度分红预案，海澜之家拟向全体股东每10股派发现金红利1.80元（含税），这一举措充分体现了公司 对股东利益的重视和承诺。 | | | 本期比上年同期增减 | | | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023 年 | (%) | 2022年 | | 营业收入 | 20,956,516,605.34 | 21,527,549,051.48 | -2.65 | 18,561,742,244,11 | | 归属于上市公司股东的净利润 | ...