记者 唐烨 清明小长假的杨浦区五角场商圈，一派热闹景象：百联ZX造趣场内外都是年轻人的身影，模玩、 卡牌和谷子周边店内人头攒动；合生汇中庭的泡泡玛特快闪店迎来一拨又一拨消费者，多家餐饮店就餐 高峰时排队半小时起…… 热闹的背后是消费实实在在的增长。今年以来，五角场商圈增速亮眼：春节7天，消费额同比增长 5.2%，在上海12个重点市级商圈中增速排名第一；1、2月份，五角场市级商业中心累计消费同比增长 38.3%，在19个上海市级商业中心中增速排名第三。 "五角场商圈正在抢抓年轻消费力！"不少商家这样说。杨浦是上海"最年轻"的中心城区，每四个常 住人口中就有一个18岁至35岁的青年人；五角场周围更是集聚着18万"永远年轻"的大学生，大量互联网 大厂、高校等"心态年轻"的中青年消费群体。这两年，杨浦引导五角场商圈加速转型，推动文旅商体展 融合发展，打造数字化、年轻化、沉浸式场景，吸引年轻人与"年轻态"消费者集聚。 聚力打造二次元主题商圈 "五角场又变样了！感觉比前两年'又年轻了5岁'。"一年多没来五角场商圈的小邵惊喜地发现：五 角场商圈多了很多年轻的面孔，"朝气蓬勃、意气风发"。 去年年底，老牌购物中心"悠迈生活广 ...

Core Viewpoint - The recent price increases by Huangjiu companies Kuaijishan and Guyuelongshan have drawn significant attention, with Kuaijishan's management stating that moderate price adjustments will help restore product value and enhance profitability [1] Group 1: Industry Challenges - The Huangjiu industry is facing development challenges, including a trend towards lower-end products and difficulty in expanding beyond the Jiangsu, Zhejiang, and Shanghai markets [1] - Companies are focusing on high-end and youth-oriented strategies to break through these challenges, but achieving high-end market aspirations remains distant [1] Group 2: Company Performance - Kuaijishan reported a revenue of 1.631 billion yuan in 2024, a year-on-year increase of 15.6%, and a net profit of 196 million yuan, up 17.74% [2] - In contrast, competitors Guyuelongshan and Jinfeng Liquor experienced significant declines in net profit, down 48.17% and 94.49% respectively [2] Group 3: Strategic Initiatives - Kuaijishan is implementing a dual-brand strategy with Kuaijishan and Lanting, focusing on high-end products, particularly the Lanting series [2] - The company has increased marketing expenditures significantly, with sales expenses rising by 46.54% in 2023 and 60.25% in 2024, particularly in advertising and promotional costs [4] Group 4: Pricing Strategies - Kuaijishan announced price increases for several product lines, with adjustments ranging from 4% to 9%, effective April 1 [5] - Guyuelongshan also implemented price increases of 2% to 12% for select products, aiming to enhance brand strength and competitiveness [6] Group 5: Youth Market Focus - Kuaijishan is targeting the youth market through collaborations with social media influencers and product redesigns, while Guyuelongshan is developing new products like coffee Huangjiu [6] - Despite these efforts, the success of youth-oriented strategies in revitalizing the Huangjiu market remains uncertain, with Kuaijishan's revenue from ordinary Huangjiu products declining by 7.94% in 2024 [6][7]

Core Viewpoint - The article highlights the contrasting performance of two beverage companies targeting young consumers in the Hong Kong stock market: Mixue Ice City and Helen's. While Mixue Ice City has shown significant growth post-IPO, Helen's has faced substantial declines in revenue and profitability, raising concerns about its business model sustainability in a competitive market. Group 1: Financial Performance - Mixue Ice City achieved a revenue growth of 22.29% in 2024, reaching 24.83 billion yuan, with a net profit increase of 41.41% to 4.44 billion yuan [1] - Helen's reported a revenue of 0.752 billion yuan in 2024, a significant decline of 37.8%, with alcohol beverage revenue dropping over 54% [3][5] - Helen's net profit for 2024 was a loss of 0.078 billion yuan, marking a stark contrast to its previous profitable years [3] Group 2: Market Position and Strategy - Helen's has expanded its store count to 579 by adding 81 new stores in 2024, with a significant portion located in lower-tier cities [5] - The company has shifted from a direct ownership model to a partnership model, indicating challenges in maintaining its previous direct control strategy due to rising costs [5] - The average daily sales per store have declined, with direct and franchise stores averaging 7,000 yuan, down 300 yuan year-on-year [5] Group 3: Competitive Landscape - The small bar segment, where Helen's operates, has become increasingly competitive, with traditional breweries and new market entrants diluting its customer base [7] - Helen's price advantage is being eroded by competition from convenience store cocktails and craft beer bars, leading to a loss of its unique selling proposition [7] - The company's market capitalization has plummeted over 90% from its peak, reflecting investor concerns about its future viability [1][8] Group 4: Investor Sentiment - Helen's stock price has seen a drastic decline from its initial listing value of 31.88 yuan to just 1.50 yuan, indicating a loss of investor confidence [8] - The removal of Helen's from the Hong Kong Stock Connect list in March 2024 further underscores the waning trust in its business model [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for 2024 is expected to be 28.236 billion yuan, a decrease of 18.8% year-on-year, with a net profit of 1.272 billion yuan, down 51.8% year-on-year. The decline is attributed to a temporary vacuum in demand due to safety incidents and increased adaptation costs during the transition to new national standards [1][2] - The company plans to distribute a final dividend of 0.22 HKD per share plus a special dividend of 0.23 HKD, totaling 1.368 billion HKD, which represents 99.6% of the net profit for 2024, highlighting its commitment to shareholder returns [2] - The industry outlook is positive, driven by the "old-for-new" policy and new national standards, which are expected to boost demand and optimize supply dynamics [3] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 15.2%, a decrease of 1.7 percentage points year-on-year, primarily due to inventory clearance and product structure adjustments. The total expense ratio was 11.70%, reflecting a rise in costs amid declining revenues [2] - The sales volume for 2024 was approximately 13.0205 million units, a decrease of 21.2% year-on-year, with electric bicycles accounting for 69.8% of total sales [1] Industry Outlook - The "old-for-new" policy is expected to continue and strengthen through 2025, with average subsidies ranging from 500 to 1000 yuan, leading to an acceleration in replacement demand [3] - The new national standards will raise entry barriers for the industry, benefiting compliant and responsive companies like the report's subject, which is well-positioned to capture market share [3] Strategic Initiatives - The company is focusing on product innovation and brand positioning, with new high-end models launched to attract specific consumer segments, including women [4] - The company is expanding its overseas presence, with factories in Indonesia and Vietnam starting operations, and plans to enhance its retail footprint in Southeast Asia and Europe [9] Profitability Forecast - Revenue projections for 2025-2027 are 41.307 billion yuan, 49.770 billion yuan, and 56.923 billion yuan, respectively, with expected growth rates of 46.3%, 20.5%, and 14.4% [10] - The net profit forecast for the same period is 3.207 billion yuan, 3.808 billion yuan, and 4.377 billion yuan, with growth rates of 152.0%, 18.7%, and 14.9% [10]

Core Viewpoint - The article highlights two significant trends observed at the 22nd China International Wine Expo: the shift towards lower alcohol content in baijiu and the ongoing struggle for yellow wine to attract younger consumers [2][3]. Group 1: Baijiu Trends - The consensus in the baijiu industry is a move towards lower alcohol content, driven by both industry adjustments and changing consumer preferences [3][4]. - At the expo, popular low-alcohol products from brands like Luzhou Laojiao, Yanghe, and Fenjiu attracted considerable attention, indicating a consumer shift towards these offerings [5][7]. - Consumers expressed a preference for low-alcohol baijiu due to its smoother taste and quicker recovery after drinking, which aligns with the evolving drinking habits across different age groups [8][9]. Group 2: Yellow Wine Challenges - Yellow wine, despite its historical significance, struggles with low consumer awareness among younger demographics, with traditional consumers primarily being over 35 years old [11][12]. - Leading yellow wine companies are focusing on product innovation and youth-oriented marketing strategies, introducing sparkling and flavored yellow wines to appeal to younger consumers [12][14]. - Observations at the expo indicated a growing interest in sparkling yellow wine among younger attendees, suggesting a potential shift in market dynamics if these products gain traction [16][19].

周均3.3次，一次1.3个小时 , 健身成年轻人生活标配 健身，已经和「你吃了么」一样, 成了年轻人交流的一种「常用语」 , 这个话题，随便谁都能交谈上几句。 数据显示，越是年轻，健身热情就越高涨。 尤其是00后，他们的健身热情高达7.63分, 妥妥地成为健身房的主力军。 不同年龄层的健身热情程度 85后 00后 90后 95后 7.49分 7.63分 7.55分 7.54分 满怀一腔热血走进健身房的年轻人, 两腿一迈，就是开练, 超５成人的健身时长都在1小时以上! 从跑步到举铁，从瑜伽到普拉提, 全方位「卷」了起来。 年轻人的平均健身时长 50 42.1% 37.1% 40 30 20 10.4% 7.4% 10 3.0% () 1-1.5 1.5-2 7/1/AJ | | | 年轻人单次平均健身时长在1.3个小时 . 脑补一下，看来一套健身标配基操是- 1个小时无氧训练+前后跑步15分钟。 那么干什么类型的工作，最爱往健身房跑? 可以猜到. 「自由职业」以7.83的高分荣登TOP1。 打完工锻炼、锻完炼马上又打工， 这种生活节奏， 再也没法用「工作太忙没时间」 做逃避锻炼的借口 討。 跻身前三的还有「事业 ...

文/林鑫 "今年30，工作偏商务，一年四季衣服基本都是比音勒芬的。" "32岁，今年刚接触，买了几件，面料版型真的好。" 对差旅、商务人士来说，创立于2 0 0 3年的比音勒芬品牌，几乎是通勤或正式场合的标配。 尤其是能够遮盖啤酒肚、适合亚洲人的小领T，一度在中年商务人士心中，没有对手。 儒雅、高端、舒适、体面，比音勒芬像一个六边形战士，强势占领着4 0 - 5 5岁年龄段男性 的衣柜。品牌某种程度上，变成了一种符号——成功人士的社交名片，外界对其的形象， 安上了"叔圈" "爹味" "衣中茅台"这样颇有年代感的"人设"。 事实上，在简单的消费者沟通里，发现比音勒芬正在变化，不再只是中年人的专属了，年 轻新贵、青年精英的购物清单里，对比音勒芬的偏好正在快速上升。 新一轮消费代际需求变化之下，一批年轻消费者正在成为主力军，"得年轻人者得天下"成 为大势，对比音勒芬而言，抓住这一轮的消费红利，同样势在必得。 但究竟如何吸引年轻人的目光，抓住年轻人的喜好？走出中年人衣柜的比音勒芬，演绎了 一次年轻化转型的高效、全面的先锋战役。 蓄势待发 消费潮流的辐射，往往是年长者被年轻人带动，反之则很难。这种单向不可逆的流动，让 ...

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 将投中网设为"星标⭐"，第一时间收获最新推送 年轻人又找到了新的"灵魂保养方式"。 作者丨陈梓洁 编辑丨 付晓玲 曹宾玲 来源丨表外表里 保时捷、路虎......目之所及的豪车含量，让阿乐恍惚自己不是被堵在佘山公园的门口，而是置身在某 个车展。 他知道，这里面有不少人跟自己一样，是来"打野"的——作为网上公认的上海挖野菜圣地，最近每到 周末，佘山公园都被驱车来寻找野趣的摩登青年包围。 甚至以精致、时髦闻名的沪上年轻人，还是最早发起、最全情投入的那一波——武康路Citywalk不香 了，外滩bistro、淮海中路咖啡厅也不再是Date首选，魔都年轻一代吻上了崇明岛的野菜坡。 他们身着时尚休闲服，手持小巧的园艺铲，在草丛间寻觅野菜的踪迹，挖累了便支起便携桌椅，泡上 一壶咖啡，混着青草的清香，饮下别具一格的春日风味。 小红书上，"上海挖野菜地方"话题已累积3万多篇秀照笔记；甚至"大佬"带队、单价98-198元不等的 付费组团野采，也应运而生。 显然，继在露营、徒步、路亚等活动之后，年轻人又找到了新的"灵魂保养方式"。 不是露营去不起 而是挖 ...

和老一辈人讲究"实用就好"不同 当代年轻人买车用车 早已不只是代步工具那么简单了 他们就想"既要又要"—— 年轻人 ： "上车即走，就要快人一步！" （点击图片可翻转） 02 安全 既要动力强，还要省油 既要黑科技，又要高安全 既要开得爽，又要用得爽... 老一辈 VS 年轻人 用车究竟有多大差别？ 01 启动 老一辈 ： "热车三分钟，发动机才舒服！" 老一辈 ： "安全=开慢点！" 年轻人 ： "安全=开得放心！" （点击图片可翻转） 03 智能 老一辈 ： 盯导航、听广播" 年轻人 ：" 智能科技全覆盖" 04 乘坐 老一辈 ： "座椅硬点没关系，习惯就好" 年轻人 ： "座椅必须舒服，坐车也是享受" 05 空间 老一辈人 ： "车子大点好，东西全塞后座后备箱" 年轻人 ： "随时住下，车就是移动的家" 07 选择 老一辈："总是在面临选择" 年轻人 ： "大空间+灵活布局才是王道！" （点击图片可翻转） 06 生活 老一辈人 ： "自驾露营？还是找个地方住吧" 年轻人："ALL IN" 08 预算 老一辈 ： "预算有限，便宜就行" 年轻人 ： "不是高性价比不考虑" 年轻人需要的车？奇瑞风云T10， ...

2025 年轻人 文 娱 消费趋势图鉴 The Cultural Consumption Trend 图片来源：@REDstudio影像科 2025年 艺恩出品 这届年轻人，正在用他们的方式重塑文娱消费的版图。他们不再是被动的接受者，而是主动的探索 者、创造者和分享者。 他们追求沉浸式体验，在沉浸式戏剧中逃离现实，在剧本杀中体验人生百态，在乙游里编制爱情； 他们渴望精神远方，在逃不出的现实生活里用真实的剧综实现即时满足；与此同时，快节奏的生活也催 生了年轻人对"碎片化学习"和"速食内容"的追求。 他们利用通勤时间听播客学习新知识，在短视频平台 获取资讯，用十分钟看完一部电影。他们渴望高效地获取信息，快速地提升自我，在有限的时间里体验 更丰富的内容。 01 沉浸式体验 02 04 碎片提升 05 速食主义 图片来源：@只洒一些脱 图片来源：@西耶谢 在兴趣中寻找自我，在多元体验中感受生活的年轻人们正在赋予着文娱产业及品牌营销无限可能。 图片来源：@廖上觉和廖下觉 CON- TENTS 女性叙事 03 精神乌托邦 图片来源：@碳酸饮料拜拜 图片来源：@顶尖海报（DinDesign） 图片来源：@FORNINES ...