品牌出海这个词近年来出现频率越来越高，简单来讲，品牌出海就是企业在全球化发展的大背景下，将自身品牌及其产品、服务推向国际市场，通过在海 外开展业务，拓展市场份额，提升品牌在全球范围内的影响力和知名度，从而实现企业国际化发展的过程。 所以，品牌出海，并不是简单的把自己的产品卖到海外，它涉及到品牌在国际市场的 认知构建、 市场拓展等一系列问题。而在这一过程中， 官网的作用 至关重要，它是品牌出海的第一步，也是关键一步。 首先， 官网是唯一不受平台规则限制的营销阵地。无论是展示认证、欧盟CE标志，还是发布多语种产品手册，企业都拥有绝对内容自主权。官网能无限 承载广告信息，这是任何第三方平台无法提供的自由。 其次，当TikTok、Instagram等平台获客成本飙升时，官网的SEO流量价值反而凸显。通过关键词布局， 官网持续吸引精准采购商。更关键的是，这些流 量通过会员系统可直接转化为私域资产。 另外，跨境电商平台的账期限制、佣金抽成、政策风险，这在企业自己的官网上并不存在。支持PayPal、信用卡等多币种支付，配合物流API接口， 官网 完全可构建属于品牌自有的闭环交易生态。 官网在品牌出海过程中具有不可替代的商业 ...

Core Viewpoint - The report highlights that Zhongchong Co., Ltd. (002891) is experiencing strong domestic growth and has promising prospects for brand expansion overseas, leading to an "Accumulate" rating from Shanxi Securities [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [2]. - For Q2 2025, the company reported revenue of 1.331 billion yuan, a 23.44% increase year-on-year, and a net profit of 112 million yuan, reflecting a 29.79% year-on-year growth [2]. Product Performance - The company's staple food products continue to grow rapidly, while snack products maintain steady performance. In H1 2025, snack and staple food revenues were 1.529 billion yuan and 783 million yuan, respectively, with year-on-year growth of 6.37% and 85.79% [3]. - The gross margins for snacks and staple foods were 30.63% and 36.63%, respectively, indicating an ongoing optimization of the product structure with an increasing share of staple food products [3]. Domestic Business Growth - Domestic business revenue reached 857 million yuan in H1 2025, a 38.89% increase year-on-year, with a gross margin of 37.68%, up 0.89 percentage points year-on-year [3]. - The company's self-owned brand "WANPY" has launched successful new products, and the "TOPTREES" brand has become the first in the pet food industry to establish a strategic partnership with CCTV [3]. Global Expansion - The company's overseas business generated revenue of 1.575 billion yuan in H1 2025, a year-on-year increase of 17.61%, with a gross margin of 27.95%, up 4.04 percentage points year-on-year [4]. - The establishment of a factory in Mexico has strengthened the supply chain in North America, while the company's global capacity layout supports its brand expansion efforts [4]. Investment Outlook - The company is expected to enhance its brand operation capabilities, with projected net profits of 464 million yuan, 555 million yuan, and 681 million yuan for 2025, 2026, and 2027, respectively [5]. - The current stock price corresponds to a PE ratio of 38.5 times for 2025 and 32.2 times for 2026, maintaining an "Accumulate-A" rating [5].

证券日报网讯 怡亚通8月7日发布公告，在公司回答调研者提问时表示，随着全球一体化进程加速，国 际贸易格局深刻变化，企业对供应链高效性、智能化和可持续性要求提高，市场机遇与挑战并存。怡亚 通作为国内领先的供应链企业，凭借多年客户积累和行业经验，跟随品牌出海，推动客户服务全球化。 出海战略重点行业与核心市场重点聚焦于新能源、机电设备、电子产品等优势行业，同时会考虑拓展国 内品牌出海业务。中国品牌在全球影响力提升，公司将帮助国内品牌布局海外市场，拓展领域具备关联 性和延展性，如新能源设备等。全球网络第一阶段以东南亚、美国为主；第二阶段计划向中东等地区拓 展。 （编辑 王雪儿） ...

老铺黄金(06181)涨超5%，截至发稿，涨5.27%，报808.5港元，成交额10.27亿港元。 东吴证券研报指出，老铺黄金是我国古法金品类的头部企业，在高净值客户中有较好的口碑，以较好的 产品品质设计和服务保持了较好的行业地位，2025H1销售持续亮眼，近期公司处于持续"出圈"的趋势 当中，品牌势能仍处提升期，看好25H2新开门店贡献。受益于海外门店扩张，公司长期品牌力出海值 得期待。 消息面上，8月2日，老铺黄金全新门店在上海新天地（301277）正式开业，并给出开业限时折扣(即日 起至8月10日，每满1000元减100元，不与其它折扣政策同享)，吸引众多消费者排队购物。据上海黄埔 公众号，现场排队人数有数百人。原本10点30分开业的店铺，也提前到10点开门。此外，该公司近期发 盈喜，预计上半年实现收入120亿至125亿人民币，同比增长241%至255%；实现净利润22.3至22.8亿人 民币，同比增长279%至288%。 ...

Core Viewpoint - Ruoyuchen is planning to issue H-shares and list on the Hong Kong Stock Exchange as part of its global strategy, aiming to enhance its international presence and competitiveness in brand expansion and supply chain globalization [1][3]. Group 1: Company Overview - Ruoyuchen, established in 2011, is a global consumer brand digital management company primarily engaged in brand operation [1]. - The company went public on the Shenzhen Stock Exchange in 2020, becoming the first listed company in the brand operation sector [1]. Group 2: Financial Performance - In 2021, Ruoyuchen reported revenue of 1.288 billion yuan, a year-on-year increase of 13.44%, but net profit fell by 67.02% to 29.2 million yuan [1]. - In 2022, revenue decreased to 1.217 billion yuan, down 5.55%, while net profit increased by 15.55% to 33.74 million yuan [1]. - In 2024, Ruoyuchen's revenue and net profit grew by 29.26% and 94.58%, respectively, driven by the performance of its own brands [2]. Group 3: Strategic Initiatives - Ruoyuchen launched its own brand "Zhanjia" in 2022, focusing on the "special care for special clothes" concept, with a strategic product, fragrance laundry liquid, achieving over 100 million yuan in sales within months [2]. - The revenue from Ruoyuchen's own brands increased by 90.28% in 2024, accounting for 28.37% of total revenue [2]. - The company plans to continue building a multi-brand matrix and deepen its ecological layout in the industry [3]. Group 4: Market Context - Other beauty brand operators are also facing challenges, with competitors like Liren Lizhuang experiencing continuous losses and Baozun e-commerce hitting growth bottlenecks [2]. - The decline in e-commerce growth has prompted brands to seek new growth avenues [2].

[Table_Title] 研究报告 Research Report 6 Aug 2025 中宠股份 Yantai China Pet Foods (002891 CH) 1H25 归母净利润符合市场预期，自有品牌和海外工厂高增 1H25 net profit attributable to the parent company was in line with market expectations, driven by strong growth in proprietary brands and overseas factories 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 8 月 06 日，烟台中宠食品股份有限公司（简称"公司"）发布 2025 年半年度报告。 2Q25 中宠收入超市场预期，归母净利润符合市场预期。1H25 公司实现总营业收入 24.3 亿，同比+24.3%；实现归 母净利润 2.03 亿，同比+42.6%；扣非归母净利 ...

Core Viewpoint - Ruoyu Chen is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and capitalize on international capital integration [3][4]. Group 1: Company Overview - Ruoyu Chen, established in 2011, focuses on digital management of global consumer brands and primarily operates as a brand agency [3]. - The company went public on the Shenzhen Stock Exchange in 2020, becoming the first listed brand agency on the main board [3]. Group 2: Financial Performance - In 2021, Ruoyu Chen reported revenue of 1.288 billion yuan, a year-on-year increase of 13.44%, but net profit fell by 67.02% to 29.2 million yuan [3]. - In 2022, revenue decreased to 1.217 billion yuan, down 5.55%, while net profit increased by 15.55% to 33.74 million yuan [3]. - For 2024, Ruoyu Chen's revenue and net profit grew by 29.26% and 94.58%, respectively [5]. Group 3: Business Transformation - The company has initiated a transformation by launching its own brand, Zhanjia, in 2022, with a focus on household cleaning and health products [4]. - Zhanjia's strategic product, a scented laundry detergent, achieved sales exceeding 100 million yuan within months of launch [4]. - By 2024, revenue from Ruoyu Chen's own brands increased by 90.28%, accounting for 28.37% of total revenue [5]. Group 4: Market Challenges - The decline in e-commerce growth has affected Ruoyu Chen and other brand agencies, necessitating a search for new growth avenues [4]. - The agency business continued to decline, with revenue from this segment falling by 18.95% to 764 million yuan in 2024 [5]. Group 5: Future Strategy - Ruoyu Chen plans to continue building a multi-brand matrix and deepen its ecological layout across the industry [5]. - The upcoming Hong Kong listing is seen as a crucial step to secure funding for global expansion and brand incubation [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has initiated a plan for H-share listing to accelerate global expansion and enhance capital internationalization, aiming to strengthen capital strength and competitiveness while building an international brand image [7] - The company is expected to achieve significant revenue growth, with projected total revenue reaching 3,014 million yuan in 2025, representing a year-on-year growth rate of 70.7% [6] - The company’s net profit is forecasted to be 180 million yuan in 2025, with a year-on-year growth rate of 70.6% [6] - The company is focusing on the Southeast Asian market, where the cleaning products sector is expected to grow at a compound annual growth rate of no less than 5% [7] - The company’s new brands, VitaOcean and Nuibay, are anticipated to open new growth avenues in the high-end health supplement and affordable ingredient markets, respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 1,766 million yuan, with a year-on-year growth rate of 29.3% [6] - The company’s gross profit margin is expected to be 49.4% in 2025, with a return on equity (ROE) of 14.3% [6] - The earnings per share (EPS) is forecasted to be 0.82 yuan in 2025, with a price-to-earnings (PE) ratio of 59 [6]

Group 1 - The motorcycle export market has three rare attributes: overseas sales potential is over ten times that of the domestic market [1] - The core markets for motorcycle exports are Europe and Latin America, while the US market accounts for less than 1% of the global total capacity [1] - The product strength of domestic brands has undergone a significant qualitative change in the past five years, with overseas market share currently below 5%, indicating potential for rapid growth from 1% to 10% [1]

Core Viewpoint - The company, XGIMI Technology, is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness while expanding its overseas market presence [1][3]. Financial Performance - In 2024, XGIMI achieved a total revenue of 3.405 billion yuan, a decrease of 4.27% year-on-year, with a net profit of 120 million yuan, down 0.30% year-on-year [3][8]. - The company reported overseas revenue of 1.086 billion yuan in 2024, representing a year-on-year growth of 18.94%, with a gross margin of 45.44% [7]. - For the first half of 2025, XGIMI expects to achieve a revenue of 1.626 billion yuan, an increase of 1.63% year-on-year, and a net profit of 88.6622 million yuan, reflecting a significant growth of 2062.33% year-on-year [10]. Research and Development - In 2024, XGIMI invested 368 million yuan in R&D, acquiring 80 new authorized invention patents, bringing the total to 402 [6]. - The company has a dedicated R&D team of 606 personnel, covering various fields including optical display, algorithm development, and software testing [6]. Market Position - XGIMI maintained the leading position in the Chinese mid-to-high-end projector market in 2024, with a market share of 35% [5]. - The company is actively expanding its product offerings, including the launch of new models such as the portable Play6 and the flagship RS20 series [10]. Global Expansion Strategy - XGIMI is committed to a brand globalization strategy, with products entering major retail channels in Europe, North America, Japan, and Australia [6][11]. - The company aims to enhance brand recognition and product awareness among overseas consumers through refined operational strategies [11].