逆势开出了2000家店，今年更是翻倍增长！这是新茶饮品牌茉莉奶白在2025年交出的成绩单。 茶饮行业整体承压背景下，茉莉奶白用逆势扩张，验证了其独特商业模式的成功。这不仅是渠道的胜 利，还是其多年深耕创意内容和IP运营后市场给予的自然反哺。 不同于其他新茶饮品牌，茉莉奶白品牌有着强烈的人格化特征——原创IP"茉莉"，一个拥有花色头发与 灵动大眼睛的小女孩。这个经常在社交媒体上刮起旋风的IP，早就成为茉莉奶白品牌价值的载体。收 集"茉莉"冰箱贴、参与联名活动、体验季节限定产品，已经成为"茉莉控"们的日常。 新茶饮的竞争已经进入下半场，单靠产品创新或门店扩张，已经难以构建持久的品牌壁垒。茉莉奶白用 自身实践，向市场提供了一个范本：以文创思维重塑品牌，将激发怎样的增长潜力？茉莉奶白正在打开 的，正是这样一个充满想象力的新空间。 不只卖奶茶 还卖情绪 从"秋天第一杯"奶茶，到超级蔬果的健康打卡热潮，新茶饮已经超越了单纯的解渴功能，成为一种典型 的情绪消费。年轻一代消费者购买的不仅是茶饮本身，更是其背后所承载的情感慰藉、社交连接和生活 仪式感。 视觉体验是情感消费的重要起点。茉莉奶白独特的"摩登东方茶"理念，注重门店空 ...

Group 1 - The core viewpoint of the report is that the潮玩 (trendy toy) industry is experiencing rapid growth in China, driven by factors such as rising disposable income, emotional consumption, and the emergence of quality domestic IPs. The market size is projected to grow from 229 billion to 763 billion yuan from 2020 to 2024, with a CAGR of 35.11% [3][40]. -潮玩 is characterized by its integration of trendy culture, art, design, and various elements, appealing primarily to individuals aged 15 and above, and it serves as a collectible with social and emotional connections [2][19]. - The潮玩 industry value chain is centered around IP, with upstream IP suppliers having strong bargaining power based on the scarcity and popularity of their IPs, while midstream manufacturers face intense competition and lower bargaining power [6][22]. Group 2 - The Chinese潮玩 market is currently fragmented, with the top five companies holding only 26.4% of the market share, indicating significant room for growth compared to Japan's 45% [3][8]. - The report draws parallels with the Japanese toy industry, which saw growth despite economic downturns due to a shift in consumer focus towards anime and gaming, suggesting that similar trends may occur in China as emotional consumption rises [7][26]. - The rise of quality domestic IPs, such as《原神》 and《黑神话:悟空》, is expected to enhance the潮玩 market, although there remains a significant gap in IP value and revenue compared to the US and Japan [3][10]. Group 3 - Multiple factors are driving the expansion of the潮玩 market in China, including increased disposable income, a shift towards emotional consumption, and the growth of the泛二次元 (broad two-dimensional) user base, which is projected to reach 503 million by 2024 [40][48]. - The emotional consumption trend is particularly strong among younger demographics, with 78% of emotional consumers being born in the 1990s and 2000s, highlighting a shift in consumer behavior towards seeking emotional fulfillment through purchases [44][47]. - The rapid increase in offline潮玩 retail stores, such as泡泡玛特 and TOPTOY, enhances consumer experience and supports market growth, with泡泡玛特's store count rising from 329 to 401 between 2022 and 2024 [52][54].

记者丨王滢 编辑丨江佩霞 "人均消费上百元""年轻人排队3小时也要吃"……近两年，一股云贵川bistro的热潮席卷网红商圈，刷屏 各大社交平台。 据21世纪经济报道记者实测某网红品牌，人均消费可达上百元，云贵本地餐馆里25元的铜锅油焖鸡，在 云贵川bistro里标价86元。其他bistro餐厅更是将当地街边8元的酸汤米线卖到48元，溢价6倍。对此，社 交平台上有不少网友纷纷表示"被刺"。 bistro是什么？为什么云贵川菜系加上一个英文后缀就火了？让年轻人上头的原因是什么？ 其中，Ameigo梅果·云贵川bistro在全国已开设超120家门店，仅在广东省就布局了10家。其在广州正佳 广场的新店开业后，迅速晋升为商场"新晋顶流"，每天打卡的年轻人挤满通道。网红品牌山野板扎不到 3年就在全国开设57家门店，所到之处几乎都能登顶当地餐饮热度榜，杭州单店月营业额更是突破200万 元。另一头部品牌野果yeego全国门店数已达51家，共同推动着这一品类的快速扩张。 云贵川bistro成商圈新晋"排队王" 这个秋天，北上广的年轻人似乎都在忙着同一件事：排队吃云贵川bistro。 "4:00多取号，8:30才吃上""排到最后 ...

记者丨王滢 编辑丨江佩霞 "人均消费上百元""年轻人排队3小时也要吃"……近两年，一股云贵川bistro的热潮席卷网红商圈，刷屏各大社交平台。 据21世纪经济报道记者实测某网红品牌， 人均消费可达上百元，云贵本地餐馆里25元的铜锅油焖鸡，在云贵川bistro里标价86元。其他bistro 餐厅更是将当地街边8元的酸汤米线卖到48元，溢价6倍。 对此，社交平台上有不少网友纷纷表示"被刺"。 bistro是什么？为什么云贵川菜系加上一个英文后缀就火了？让年轻人上头的原因是什么？ 云贵川 b ist r o成商圈新晋"排队王" 这个秋天，北上广的年轻人似乎都在忙着同一件事：排队吃云贵川 b istro。 "4:00多取号，8:30才吃上""排到最后只剩倔强""拿号2小时，过号一瞬间"——在小红书等社交平台上，满屏都是吃货们的"排队血泪史"。 情绪价值高，"漂亮饭"的仪式感 21世纪经济报道记者 甘俊摄 这场"云贵川 b istro热"来得又快又猛。21世纪经济报道记者注意到，一批带着"山""云""野""果"字样的云贵川 b istro，正快速占领上海、北 京、西安、武汉、南京等城市的各大商圈。 大众点评数据显示，截 ...

"人均消费上百元""年轻人排队3小时也要吃"……近两年，一股云贵川bistro的热潮席卷网红商圈，刷屏各大社交平台。 据21世纪经济报道记者实测某网红品牌，人均消费可达上百元，云贵本地餐馆里25元的铜锅油焖鸡，在云贵川bistro里标价86元。其他bistro餐厅更是将当 地街边8元的酸汤米线卖到48元，溢价6倍。对此，社交平台上有不少网友纷纷表示"被刺"。 bistro是什么？为什么云贵川菜系加上一个英文后缀就火了？让年轻人上头的原因是什么？ 云贵川bistro成商圈新晋"排队王" 这个秋天，北上广的年轻人似乎都在忙着同一件事：排队吃云贵川bistro。 "4:00多取号，8:30才吃上""排到最后只剩倔强""拿号2小时，过号一瞬间"——在小红书等社交平台上，满屏都是吃货们的"排队血泪史"。 这场"云贵川bistro热"来得又快又猛。21世纪经济报道记者注意到，一批带着"山""云""野""果"字样的云贵川bistro，正快速占领上海、北京、西安、武汉、 南京等城市的各大商圈。大众点评数据显示，截至目前，以"云贵川bistro"为关键词搜索，上海有35家，北京22家，广州14家。 近年来，电视剧《去有风的地方 ...

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

Core Viewpoint - The article discusses the rise of parody brands and their appeal among young consumers, highlighting the tension between imitation and originality in the fashion industry [4][12][29]. Group 1: Brand Imitation and Consumer Behavior - The emergence of parody brands like "始祖马" (Ancestor Horse) and "始祖猫" (Ancestor Cat) reflects a trend where consumers seek to challenge traditional luxury brands by embracing humorous and abstract imitations [7][12]. - Young consumers are increasingly drawn to these parody products as a form of self-expression and to critique blind adherence to mainstream trends [12][29]. - The popularity of these parody items is partly driven by the high visibility and desirability of original luxury brands, such as Ralph Lauren, which reported a 17% increase in net income to $2 billion for Q2 of FY2026 [24]. Group 2: Market Dynamics and Economic Factors - The global economic instability has led to a shift in consumer preferences towards cost-effective options, with 53.6% of consumers perceiving current prices as "high" [28]. - The consumer sentiment report indicates a decline in the consumption willingness index, suggesting a growing market for affordable yet appealing products [28]. - The luxury market is being redefined by younger consumers who prioritize personalization, cultural identity, and sustainability over mere brand recognition [29]. Group 3: Legal Implications and Brand Protection - The rise of parody brands poses potential legal challenges regarding intellectual property rights, as seen in Ralph Lauren's ongoing litigation against counterfeiters [36][38]. - The recent court ruling affirmed Ralph Lauren's "POLO" trademark as a well-known brand, leading to significant penalties for infringers [38]. - The article warns that while parody brands may achieve short-term success, they risk legal repercussions and consumer abandonment without original creative backing [38].

消费是拉动经济增长的主引擎。党的二十届四中全会提出，以新需求引领新供给，以新供给创造新需 求，促进消费和投资、供给和需求良性互动。当前，消费需求正向高品质消费升级，尤其是年轻消费群 体越来越愿意为能带来情绪价值的产品和服务买单。一座城市如何拨动年轻消费者心弦？辽宁省沈阳市 有自己的"独门绝技"。 调查显示，年轻人的消费理念和消费需求正从功能性向情绪性转变，消费行为承载着个性表达、情感陪 伴与社交价值等多重意义。面对消费者结构和需求变化，该怎样撬动年轻群体消费？ 沈阳市精研社会消费心理，以丰富多元的情绪价值供给，打开了诱人的消费"盲盒"，吸引"头回客"变回 头客。喜剧周、音乐节、旗袍节、体育赛事等遍地开花，百变沈阳总有新花样来"宠粉"。利用首发经 济、演出经济、赛事经济等各种活动场景释放情绪价值，正成为沈阳拉高消费热度的"流量密码"。 悦己—— 从松弛感到满足感 "快乐是免费的，特别快乐可能就得花点儿。"这是"搞笑圈"脱口秀主理人刘海斌的口头语。 幽默是一门生意，沉浸式体验也是一种产业。"抓住年轻人的心，就等于抓住了年轻人的消费。我们在 推销一种年轻时尚的生活方式。"刘海斌说，在沈阳中街可以体验多样的幽默艺术， ...

Core Insights - Emotional consumption is becoming a rigid demand among consumers, with over 90% of young people recognizing "emotional value" and nearly 60% willing to pay for it [1][4][6] Group 1: Market Trends - Emotional consumption, defined as consumer behavior aimed at obtaining emotional value, is rapidly rising as a new consumption form, driven by the acceleration of digitalization and fast-paced lifestyles [4][5] - The growth of emotional consumption reflects a societal shift from material accumulation to spiritual enrichment, with over 60% of consumers believing that spending helps relieve stress [4][9] - The market for emotional consumption is expanding, with over 3,700 patents related to "emotion" currently registered, indicating increased corporate focus on emotional value [3][5] Group 2: Consumer Demographics - The Z generation (born between 1995 and 2009) constitutes a significant portion of the consumer base, with over 70% of the 500 million users in the broader subculture market belonging to this group [6] - Consumers aged 26 to 30 show a growing preference for emotional support services, while older adults are also engaging in emotional consumption through cultural and wellness products, creating a multi-generational consumer landscape [6][7] Group 3: Industry Innovations - New consumption scenarios are emerging, such as "theater-style shopping" and unique experiential spaces that blend shopping with emotional experiences, leading to increased foot traffic and consumer engagement [6][7] - Companies are innovating to create emotional consumption experiences, with examples like Tianjin's Henglong Plaza and Shanghai's Bailing Mall implementing creative concepts to enhance customer interaction [6][7] Group 4: Challenges and Regulations - The emotional consumption sector is still in its early stages, lacking clear industry standards and regulations, which has led to issues such as low-quality products and impulsive buying behaviors among consumers [8][9] - There is a pressing need for industry standards to be established, including service content, personnel qualifications, and platform operation rules, to mitigate risks associated with emotional consumption [8][9]

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