海外心智的建立是每一家品牌出海的核心难点。面对东南亚文化、消费习惯差异较大的市场环境， Lazada在东南亚各国均建立了专业的本地团队，通过自建物流网络，Lazada的履约体验可保障到"最后 一公里"；根据不同国家消费者的习惯，Lazada制定了本地节庆营销策略，通过直播电商以及联动当地 网红，帮助品牌一步步在东南亚市场站稳脚跟。 "项目设计的核心就是降低品牌出海的门槛，让大家可以更低成本试水东南亚市场，同时保留逐步向本 地化演进的路径。"Lazada内部人士表示。 东南亚一直被认为是国内品牌出海第一站。墨腾创投《2025东南亚电商报告》显示，2024年，东南亚电 商市场规模达1284亿美元，其中Shopee、Lazada与TikTokShop已在东南亚合计超过80%市场份额，形成 三足鼎立格局。 9月16日，记者从公司获悉，阿里旗下东南亚电商平台Lazada首次向天猫商家全面开放东南亚本地化运 营能力，目前，蕉下、babycare、飞利浦、乐扣乐扣等多家知名品牌已确认加入。 据公司内部人士介绍，这是天猫和Lazada首次进行系统级打通。加入项目协议的商家可以拥有一间和天 猫一样的LazMall店铺迎接东南亚 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 39.81 CNY per share [2][8]. Core Views - The company's OBM (Original Brand Manufacturing) business is driving growth, while profits are under short-term pressure. The first half of 2025 saw revenue of 5.347 billion CNY, a year-on-year increase of 11.3%, but net profit attributable to shareholders decreased by 17.55% to 181 million CNY [2][8]. - The OBM business achieved approximately 2.96 billion CNY in revenue in the first half of 2025, reflecting a year-on-year growth of about 26.8%, with cross-border e-commerce being the main growth driver [8]. - Traditional ODM/OEM business revenue was approximately 2.359 billion CNY, down 4.1% year-on-year, primarily due to a reclassification of sales channels [8]. - The company implemented effective cost control measures, resulting in a decrease in sales, management, and financial expense ratios [8]. - The report forecasts net profits of 369 million CNY, 504 million CNY, and 679 million CNY for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 12, 9, and 7 [8]. Financial Summary - For the first half of 2025, the company reported total revenue of 5.347 billion CNY, with a net profit of 181 million CNY, reflecting a decline in profitability [2][8]. - The projected total revenue for 2025 is 12.905 billion CNY, with a year-on-year growth rate of 17% [4]. - The company’s gross profit margin for the first half of 2025 was 17.88%, down 3.28 percentage points year-on-year [8]. - The company’s total assets are projected to reach 11.883 billion CNY by 2025, with a debt-to-equity ratio of 94.8% [9].

Group 1 - The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference was held on September 15, focusing on themes such as cross-border finance, commercial law, artificial intelligence, and biomedicine, attracting over 1,200 representatives from 30 countries and regions [1][2] - The conference emphasized the importance of open cooperation in addressing global economic uncertainties, with Guangdong officials stating their commitment to high-quality development and deep integration into international supply chains [2][3] - The conference provided a platform for cross-border e-commerce to engage with government, financial institutions, and research organizations, enhancing the Greater Bay Area's influence in the global economy and promoting regional economic collaboration [3] Group 2 - The "Guangdong-Hong Kong-Macao Greater Bay Area Supply Chain Promotion Report" was released, outlining the current state of the supply chain promotion system and emphasizing the region's advantages in industrial systems and economic complementarity [4][5] - The report identified opportunities arising from the supply chain promotion system, including enhanced innovation capabilities for enterprises and new spaces for broader industrial cooperation [5][6] - The "2024 Annual Development Report of the Guangdong-Hong Kong-Macao Greater Bay Area Exhibition Industry" highlighted a robust growth trend, with 924 exhibitions planned for 2024, representing a 1.32% increase compared to 2023 [6]

"只需后台一键打通，就能进入东南亚市场。不需要国际运费，也不需要负担境外售后成本。"一位受邀 品牌方人员表示。 据项目内部人士介绍，这是天猫和Lazada首次进行系统级打通。加入项目协议的商家可以马上拥有一间 和天猫一样的LazMall店铺迎接东南亚消费者，商品信息经AI翻译后同步上架。整个过程中，商家无需 重新注册、无需组建本地团队、无需复杂运营；商家仅需供货至国内中转仓，后续的多语言客服、广告 投入、国际运费均由Lazada负责，商品出境后的跨境退货成本，也将由平台全额兜底。 【环球网科技报道 记者 李文瑶】9月16日，记者获悉阿里旗下东南亚电商平台Lazada首次向天猫商家全 面开放东南亚本地化运营能力，目前，蕉下、babycare、飞利浦、乐扣乐扣等多家知名品牌已确认加 入。 "项目设计的核心就是降低品牌出海的门槛，让大家可以更低成本试水东南亚市场，同时保留逐步向本 地化演进的路径。"Lazada内部人士表示。 | 大部 600145 日本工作部 | Q RENNEMERANERAL O | | ● 公告 · 2025年中秋节报名进行中 · | | 他发 图片 | 60 0 湖路 | B 投资 | 日 ...

Core Insights - The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference was held on September 15, focusing on themes of empowerment and new opportunities, attracting over 1,200 representatives from 30 countries and regions [1][2] Group 1: Supply Chain Promotion Report - The "Guangdong-Hong Kong-Macao Greater Bay Area Supply Chain Promotion Report" was released, providing a new professional perspective for enterprise decision-making and emphasizing high-quality development of the supply chain [5][6] - The report outlines the current development status of the supply chain promotion system in the Greater Bay Area, highlighting five key aspects: efficient infrastructure connectivity, deepening regulatory standards, supply chain optimization, significant effects of digital and green technologies, and enhanced financial services [5][6] Group 2: Economic Impact and Future Projections - The Greater Bay Area's economic output is projected to exceed $2 trillion in 2024, contributing to 1/9 of the national economic total while occupying less than 0.6% of the country's land area and 6% of its population [4] - Guangdong Province has over 210,000 registered foreign-invested enterprises, accounting for 1/4 of the national total, and continues to attract significant foreign investment in sectors like electronic information and green petrochemicals [4] Group 3: Exhibition Industry Development - The exhibition industry in the Greater Bay Area has shown steady development over the past decade, with 2023 witnessing a recovery that surpassed pre-pandemic levels, achieving a new high in exhibition scale [7] - In 2024, a total of 924 exhibitions are planned, representing a 1.32% increase compared to 2023 [7]

Core Viewpoint - Shaanxi Xifeng Liquor Group is leveraging Chinese liquor culture to expand its brand internationally, marking a strategic upgrade from "product export" to "brand export" as it engages in the Belt and Road Initiative [1][3]. Group 1: Brand Expansion and International Activities - Xifeng Liquor, with over 3,000 years of heritage, is a representative of Chinese Fengxiang-style liquor and is actively participating in the Belt and Road Initiative to enhance its global market presence [1][2]. - In 2024, Xifeng Group will be the exclusive partner for the liquor industry in the "Silk Road Ten Thousand Miles Journey" event, traveling through over 10 countries and reaching Paris, France, showcasing its brand to a wider audience [1]. - The "Silk Road Brand Export" launch ceremony in August 2025 marked the entry of Xifeng Liquor into ASEAN countries such as Cambodia, Malaysia, and Singapore, highlighting its unique appeal [2]. Group 2: Cultural Promotion and Market Integration - Xifeng Group employs a "brand communication + channel construction + cultural exchange" system to drive the integration of Chinese liquor with international markets [2]. - The series of themed events in Cambodia, Malaysia, and Singapore not only showcased the distinct flavor of Xifeng Liquor but also included traditional performances, enhancing the cultural experience for international guests [2]. - The company emphasizes collaboration with local distributors in its international expansion, strengthening partnerships through various activities to deepen understanding of Chinese liquor culture [3]. Group 3: Future Outlook - Xifeng Liquor's international expansion is a practical embodiment of its commitment to the high-quality development of the Belt and Road Initiative, aiming to share the beauty of Chinese culture and liquor with global consumers [3]. - The company plans to continue its journey along the Belt and Road, telling the story of Chinese brands and promoting Chinese liquor culture [3].

编者按：国务院办公厅日前印发《关于释放体育消费潜力进一步推进体育产业高质量发展的意见》（以 下简称《意见》），提出到2030年，培育一批具有世界影响力的体育企业和体育赛事，体育产业发展水 平大幅跃升，总规模超过7万亿元，在构建新发展格局中发挥重要作用。 《意见》对体育产业面临的挑战和机遇看得准、看得深，推出的举措针对性强，为企业指明发展方向， 增添了安踏集团坚守实体经济、推动高质量发展的决心和动力。《意见》特别提出实施中国体育品牌海 外推广计划，支持具备条件的体育企业"走出去"，培育具有国际竞争力和影响力的体育企业集团。 2021年，安踏集团成立30周年之际发布了"单聚焦、多品牌、全球化"的新十年战略，以及在2030年"成 为世界领先的多品牌体育用品集团"的愿景目标。近年来，集团持续深耕东南亚市场，并于2023年在新 加坡正式设立安踏东南亚集团总部，业务覆盖安踏集团及其控股的亚玛芬体育旗下其中的6大品牌，服 务东南亚及周边消费者；同时集团通过海外物流、数字化系统及供应链整合的积极探索，将安踏经验赋 能全球。集团还在中东开设分公司；在北美及欧洲进驻Foot Locker及DSG等主要市场渠道，在全球顶级 商圈美 ...

Core Insights - The event "B2B Brand Going Global" marketing summit and "Guangzhou Development Zone Brand Week" was successfully launched in Guangzhou, focusing on how brands can become new growth engines for foreign trade [1][2] - The initiative aims to enhance the international brand competitiveness and global influence of local enterprises, injecting new momentum into the transformation and upgrading of the manufacturing industry in the Guangzhou Development Zone [1][2] Group 1: Event Overview - The event gathered nearly 300 representatives from B2B foreign trade factories, integrated trade enterprises, and cross-border e-commerce companies to explore new paths for Chinese manufacturing brands going global [1] - The "Guangzhou Development Zone Brand Week" project is led by the Guangzhou Development Zone Commerce Bureau and aims to provide systematic support for enterprises to transition from "product export" to "brand export" [4][17] Group 2: Industry Trends and Insights - The global economic environment is complex, and brands have become the core competitiveness for enterprises entering international markets, with a focus on transitioning from selling products to building brands [2][10] - Google and LinkedIn representatives emphasized the importance of digital marketing strategies and data insights in helping Chinese brands effectively reach international decision-makers and enhance brand loyalty [8][10][12] Group 3: Support and Resources - The project will integrate resources from platforms like Google, LinkedIn, and Yandex to provide comprehensive solutions for brand building, digital marketing, and cross-border compliance [4][17] - The initiative is part of a broader strategy to support the high-quality development of cross-border e-commerce and aims to create a public service platform for brands in the Guangdong-Hong Kong-Macao Greater Bay Area [16][17]

Core Insights - The article discusses the launch of the upgraded "Sailor Star Program" by Amazon Advertising and Amazon Global Store, marking the fifth anniversary of the original "Sailor Program" [1] - The new season focuses on seven themes, including market expansion in Europe, niche market breakthroughs, and global brand building, reflecting the transition of Chinese companies from manufacturing to intelligent and creative production [1] Group 1: Brand Innovation and Strategy - HOVERAir emphasizes differentiation through innovation, creating a "water sports camera" based on user insights and adapting to local regulations in Japan with a lightweight product [1][2] - JisuLife's strategic shift from a multi-category approach to specializing in portable fans has led to significant improvements in product performance, enhancing battery life to two days and changing market perceptions [2] - Emotional resonance is becoming a key competitive advantage for brands, as seen with Heybike's shift from traditional advertising to emotional storytelling and community engagement [3] Group 2: Localization and Market Adaptation - Localized operations are critical for success in international markets, with HOVERAir and JisuLife implementing strategies to overcome cultural barriers through local teams and tailored marketing [3] - The concept of "Glocalization" is emerging as a new paradigm for Chinese brands going global, combining supply chain advantages with localized operational capabilities [3] Group 3: Role of AI in E-commerce - Approximately 45% of cross-border e-commerce companies are utilizing generative AI for product innovation, with 86% of small to medium-sized brands viewing AI as a key driver for marketing success [4] - AI tools are helping companies save time and optimize processes, allowing for a greater focus on market research and product innovation [5]

Core Insights - The narrative of "Chinese manufacturing" is evolving into "Chinese brands," indicating a shift in international competitiveness and brand perception [1][3][10] - Chinese brands are increasingly recognized for quality and innovation, moving from low-cost products to high-end offerings in global markets [3][5] Group 1: Market Trends - Chinese brands are experiencing a diversified and clustered ecosystem in international markets, with rising overseas revenue and improved profit margins [1][4] - In 2024, China led the world in generative AI patent applications, and cross-border e-commerce reached 2.63 trillion yuan, growing by 10.8% [1] - The number of Chinese companies participating in the IFA 2025 Berlin International Consumer Electronics Show reached approximately 764, accounting for about 38% of exhibitors [3] Group 2: Brand Performance - Pop Mart's LABUBU IP saw significant success, with a revenue increase of 204.4% year-on-year, and overseas sales contributing nearly 40% of total revenue [4] - Chinese brands dominate the high-end market, particularly in products priced over $500, with significant pricing power in flagship categories above $800 [5] Group 3: Challenges in Brand Expansion - Companies face challenges in efficient budget allocation and effective marketing strategies, as traditional advertising methods are becoming less effective [6] - Localization remains a critical issue, with many brands focusing on sales volume rather than building brand narratives and understanding local cultures [7] Group 4: Consumer Behavior - Consumer trust is shifting from price to innovation, with 89% of consumers trusting personal recommendations over advertisements [8] - The purchasing journey has become more complex, requiring brands to establish trust through local partnerships and community engagement [8][9] Group 5: Future Directions - The next phase for Chinese brands will involve building a cooperative network based on cultural resonance and value co-creation [10] - Companies are increasingly recognizing the importance of strategic partnerships to enhance brand credibility and market penetration [9][10]