完善质量标准、信用约束、综合治理、消费维权等制度，着力解决消费者反映强烈的突出问题，让消费 者可感可触 消费是拉动经济增长的"主引擎"。不久前，市场监管总局等部门联合印发《优化消费环境三年行动方案 （2025—2027年）》（以下简称《方案》），将深入实施优化消费环境三年行动，重点破解消费痛点问 题，推进消费供给提质，着力提高消费维权能力，创新打造共治共建格局，营造安心、舒心、省心、放 心的消费环境。 数据显示，2024年，最终消费支出对经济增长贡献率为44.5%，拉动国内生产总值增长2.2个百分点。与 此同时，消费新增长点持续涌现，"国风""国潮"等新消费概念不断涌现，社区、集市等消费场景推陈出 新。然而，消费环境中的一些问题仍然突出，如消费供给质量不高、市场秩序不够规范、维护消费者合 法权益力量不足等，影响消费者的体验和信心。进一步提振消费信心，必须完善消费环境的基础性制 度。市场监管总局等部门联合印发《方案》，目的就是进一步完善质量标准、信用约束、综合治理、消 费维权等制度，着力解决消费者反映强烈的突出问题。 优化消费环境，应坚持问题导向。当前，消费者权益保护体制机制仍有待完善，关系人们衣食住行的消 费 ...

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024 and Q1 2025, indicating a challenging market environment and weak sales performance across key product lines [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.42 billion yuan, down 49.7% year-on-year, and a net profit of 10 million yuan, down 97.7% year-on-year [1]. - For Q4 2024, revenue was 230 million yuan, a decrease of 66.2%, with a net profit of -40 million yuan, reflecting a decline of 163.7% [1]. - In Q1 2025, revenue was 340 million yuan, down 30.3% year-on-year, and net profit was 30 million yuan, down 56.8% year-on-year [1]. - The overall gross margin for 2024 was 71.4%, a decrease of 7.0 percentage points, while the net profit margin was 0.9%, down 18.5 percentage points [2]. - The company’s expense ratio for the year was 48.9%, an increase of 13.9 percentage points, with specific increases in management, sales, and R&D expenses [2]. Product and Market Strategy - The company plans to focus on product structure optimization and deep market operations in 2025, aiming to enhance operational efficiency in core markets [3]. - A "2+2+2" strategic product system will be established, with plans to eliminate 50% of inefficient SKUs and optimize price distribution [3]. - Initial signs of improvement are noted with a 95% year-on-year increase in sales indicators, suggesting that reforms are beginning to take effect [3]. Future Outlook - The company has adjusted revenue and gross margin forecasts downward for 2025-2026 while increasing expense ratio expectations [3]. - Projected earnings per share for 2025-2027 are 0.53, 0.62, and 0.96 yuan, respectively, down from previous estimates [3]. - The company maintains a target equity value of 14.9 billion yuan, corresponding to a target price of 45.89 yuan, with a buy rating [3].

Group 1 - The core viewpoint emphasizes that China's inbound tourism market is experiencing a significant surge, with Ctrip reporting a 193% year-on-year increase in inbound travel orders for the "May Day" holiday, and an 88% month-on-month increase in related search volume in Chengdu [1][3] - The influence of foreign influencer "Kakankong" is highlighted, as his immersive live broadcasts have transformed traditional tourism promotion, allowing foreign tourists to gain a deeper understanding of China [1][3] - The seamless experience showcased during the live broadcasts reflects China's technological advancements, such as 5G coverage and innovations in transportation and delivery services, which are now part of daily life in China [1][2] Group 2 - The live broadcasts also demonstrate the safety and quality of China's consumer environment, with a food safety inspection pass rate of over 97% maintained for five consecutive years, indicating solid efforts to enhance food safety [2] - The narrative of improving living standards is reinforced through various cultural and tourism activities, such as the "non-heritage experience" initiatives and local hospitality offerings, which resonate with the happiness of ordinary people [3] - China is actively inviting global tourists with initiatives like extending transit visa exemptions to 240 hours and offering tax refunds for shopping, while also addressing challenges in domestic consumption and food safety regulation [3]

证券研究报告 味知香 (605089 CH) Q1 加盟店同店收入回正，期待改善 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 28 日│中国内地 | 食品 | 24 年收入/归母净利 6.7/0.9 亿，同比-15.9%/-35.4%；24Q4 收入/归母净利 1.6/0.2 亿，同比-10.4%/-29.8%；25Q1 收入/归母净利 1.7/0.2 亿，同比 +4.2%/+3.2%。24 年以来，公司经营承压，主要系受整体消费环境平淡影 响，截至 24 年末，公司加盟店较 23 年末净减少 79 家至 1744 家，但公司 积极开拓商超渠道、贡献收入增量，24 年公司商超渠道实现营收 0.6 亿元， 同比+89.1%。截至 25Q1 末，公司加盟店较 24 年末净减少 16 家至 1728 家，25Q1 单店收入同比+7%，单店收入回归正增长通道。展望来看，随着 公司产品推新和渠道网络的多元化，期待后续业绩改善，维持"增持"。 截至 25Q1 末，公司加盟店较 24 年末净减少 16 家 24 年牛肉类/家禽类/猪肉类/羊肉类/鱼类/虾类收入 ...

文/ 《清华金融评论》 周茗一 国 务 院 新 闻 办 公 室 于 2025 年 3 月 17 日 （ 星 期 一 ） 下 午 3 时 举 行 新 闻 发 布 会，请国家发展改革委副主任李春临等领导介绍提振消费有关情况。下一 步，国家发展改革委将会同有关部门认真落实党中央、国务院决策部署， 按照职责分工切实抓好《提振消费专项行动方案》贯彻落实，加强协同联 动，完善工作机制，支持各地区因地制宜探索务实举措，加快形成促进消 费增长的强大政策合力，更好满足人民群众各层级、多样化消费需求。 关于《提振消费专项行动方案》内容亮点 国家发展改革委副主任李春临介绍，聚焦能加力、可落地、群众有实感的增量政策，全方位扩大商品和 服务消费，主要体现在三个方面： 一是供需两端综合发力。此前的消费政策大多从供给侧入手，强调以供给引领创造需求。这次《方案》 在需求侧加大政策力度，着力促进居民增收减负。 二是统筹促消费和惠民生。在《方案》起草过程中，坚持把提振消费同惠民生相结合。一方面，聚焦惠 民生，会同有关部门提出真金白银的政策举措。另一方面，结合百姓日常所需，提供更多元、更普惠的 消费供给。 三是强化消费政策协同。提振消费需要各方面 ...

文/高歌 1995年，中国消费者协会在赛特购物中心组织座谈会，王海用《我的困惑》作为发言稿的题目，他 当时想弄明白的是，围绕打假"为啥有那么多争议"。 2025年"315"前夕，王海说这个题目仍没过时。今年《中华人民共和国消费者权益保护法》（以下 简称，《消费者权益保护法》）正式颁布32周年，而以提振消费拉动内需被置于重要位置，今年也 是优化消费环境三年行动方案正式实施的第一年。 他身上的标签随着中国消费市场的换挡也在不断切换：从1995年索尼耳机事件开始进入公众视野， 经历了普通消费者、积极维权的消费者再至拥有专业团队的职业打假人。 王海现在更愿意将自己的身份定义为"吹哨人"。针对"假"——隐瞒或虚构对消费者的购买决定有实 质性影响的行为进行警示。他认为，动机不是判断是非的标准，趋利性并不影响结果的正外部性，过 分强调营利性是一种误读。 而有关职业打假人身份认同"焦虑"背后也是消费环境仍存薄弱环节的现实。 过去30年间，中国消费者的维权领域也从商品消费渗入服务消费，技术手段的升级也使一些侵权行 为变得更为"专业"、隐蔽且规模庞大。 有关消费环境的优化诸多短板待补，经营者守法、行业自律、消费者参与、政府监管和 ...

Core Viewpoint - The textile and apparel sector is expected to see a recovery opportunity by 2025, driven by a clearer consumption environment and policy expectations, with key investment themes identified for potential growth [1][10]. Group 1: Retail New Business Models - Since Q2 2023, brands have faced ongoing sales pressure and channel challenges, prompting them to actively seek changes and explore new retail business models, particularly the new urban outlet model, which is viewed positively for its long-term potential [2]. Group 2: Strong Brand Momentum - The differentiation in consumer demand has created high growth opportunities in certain segments, with some brands capitalizing on this by enhancing marketing and channel strategies, leading to the emergence of popular products and steady brand momentum that is expected to drive rapid performance growth [3]. Group 3: Consumption Recovery - As the consumption environment and policy expectations become clearer, it is anticipated that sales for various brands will stabilize and recover by 2025, with the operational pressures from the negative retail-inventory-discount cycle expected to be alleviated [4]. Group 4: Textile and Apparel OEM Leaders & High Dividend Yields - Despite external disturbances such as tariffs and trade frictions putting pressure on stock prices, leading OEMs in the textile and apparel sector are expected to maintain their core advantages and achieve long-term market share growth due to diversified production capacity and new product development capabilities, alongside stable dividend policies that offer attractive yields [5]. Group 5: Outdoor OEM Industry Turning Point - The outdoor OEM industry, which reached a peak during the pandemic due to surging overseas demand and order returns to China, has entered a down cycle since the second half of 2022. However, as downstream inventory depletion approaches its end, a demand turning point is anticipated by 2025, leading to high certainty in order and performance recovery [6]. Group 6: Specialty New Materials - Rapid technological advancements in downstream applications, along with rising demand for sustainability and environmental considerations, are expected to drive the need for specialty new materials such as renewable nylon and ultra-high molecular weight polyethylene, benefiting companies in the textile and apparel sector during the initial phase of industry penetration [8].

通过对各地政府工作报告中2025年的工作重点进行词频统计，西南证券首席经济学家叶凡发现，"创新""科 技""现代化"等与科技创新有关词汇出现频次较高，其次是"绿色""生态""消费""旅游""养老"等关键词。对应到 产业模式上，首发经济、AI+等在全国两会上提及的概率较大。 他表示，首发经济在多元化消费场景、服务消费和文化旅游业中的落地，是消费潜力挖掘的重点方向。 DeepSeek的横空出世有望催生AI应用需求爆发，预计到2035年，我国AI核心产业规模将突破1.73万亿元，占全 球30%以上。此外，2025年是国有企业改革深化提升行动的冲刺、收官之年，央国企并购重组有望持续加快， 科技、能源、农业、金融、物流等或是重点。 德邦证券研究所宏观组负责人张浩则表示，全国两会即将召开，地方两会、集体调研及集体学习是重要前瞻信 号。预计全国两会或将关注三个方面，经济增长目标或维持5%，提振消费是重中之重，财政货币与各项产 业、区域、环保等政策协同配合助力广义财政扩张是政策发力关键。 他建议，关注体制机制改革的重要牵引作用，统一全国大市场、民营经济高质量发展、深化国资国企改革和改 善消费环境、营商环境是四个重点方向。"2 ...