5月28日，由法国里昂商学院与安迈咨询联合主办，里昂全球人力资源与组织创新中心和全球工商管理 博士Global DBA项目协办的"走进欧洲"专题研讨会在上海举行。本次论坛特邀出海专家顾问与顶尖智库 学者，共探区域化贸易时代的跨境新机遇，开启了一场融合前沿洞察与实战策略的思想盛宴。 本次会议由法国里昂商学院亚洲校区校友、企业关系和职业服务副主任彭鹏主持，法国里昂商学院副校 长、法国里昂商学院亚洲校区校长、亚欧商学院法方院长王华，安迈咨询北亚区联席主席朱伟，安迈咨 询中国董事总经理林浩日，法国里昂商学院全球人力资源与组织创新中心执行副主任、法国里昂商学院 "走进欧洲"专题研讨会现场（图片来源：主办方供图） "走进欧洲"专题研讨会现场（图片来源：主办方供图） 每经记者｜温雅兰 每经编辑｜张凌霄 风云激荡的时代，全球经贸格局正在深刻变革。 法国里昂商学院副校长、亚洲校区校长、亚欧商学院法方院长王华（图片来源：主办方供图） 安迈咨询北亚区联席主席朱伟（图片来源：主办方供图） 法国里昂商学院副校长、亚洲校区校长、亚欧商学院法方院长王华，也向与会嘉宾致以诚挚欢迎和由衷 感谢，并介绍了法国里昂商学院自建校以来至今的创新精神。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - The company is undergoing brand upgrades focusing on global expansion, while new business models are still to be validated [2] - The company experienced a revenue decline in 2024, with total revenue of 4.921 billion yuan, down 4.7% year-on-year, and a net loss of 917 million yuan, a significant shift from profit to loss [10] - The company is actively restructuring its store operations and exploring new store formats, including promoting a franchise model and expanding into international markets [10] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecast for 2025-2027 is projected at -0.15, -0.12, and 0.00 yuan respectively, with a downward adjustment in revenue and gross margin due to weak downstream demand [4] - The target price for the company is set at 1.33 HKD, based on a discounted cash flow (DCF) valuation method [4] - The company’s revenue is expected to recover gradually, with projected revenues of 5.067 billion yuan in 2025, 5.333 billion yuan in 2026, and 5.838 billion yuan in 2027, reflecting growth rates of 3.0%, 5.3%, and 9.5% respectively [6][10] Key Financial Information - In 2024, the company reported a gross margin of 63.2%, down 3.9 percentage points year-on-year, and a net margin of -18.8% [6][10] - The number of direct stores decreased by 121 to 1,453, while franchise stores increased by 264 to 345, indicating a shift towards a franchise model [10] - The company’s total assets are projected to be 6.201 billion yuan in 2025, with total liabilities of 2.568 billion yuan [13]

Core Viewpoint - Huicuilou Jewelry Group was awarded the "2025 National Chain Recommended Brand Award" at the 9th China Brand Boao Summit, highlighting its strong brand influence and recognition in the jewelry industry [1][4][6] Group 1: Event Overview - The 9th China Brand Boao Summit took place on May 25, 2025, focusing on brand development in the new era [3] - The summit gathered government representatives, industry experts, and top brands to discuss brand transformation and upgrading paths [4] Group 2: Brand Recognition - Huicuilou Jewelry has received the "National Chain Recommended Brand Award" for two consecutive years, showcasing its significant impact in the industry [4][6] - The brand has a rich history dating back to 1855 and has evolved into a large-scale chain jewelry enterprise with over 600 stores nationwide [6] Group 3: Brand Values and Innovations - The company emphasizes core values of sincerity, excellence, and shared growth, along with a customer-centric service philosophy [6] - Huicuilou Jewelry has introduced innovative service models and maintenance services to enhance customer experience and brand reputation [6] Group 4: Product Development and Future Plans - The company is committed to long-term brand development through innovation, launching diverse product lines to meet consumer preferences [7] - A brand upgrade plan is set to begin in the second half of 2025, focusing on product innovation, store redesign, and enhancing customer experience [9]

智通财经APP获悉，Canalys(现并入 Omdia)最新数据显示，2025年第一季度，全球真无线耳机(TWS)市场强劲反弹，出货量同比增长 18%，达到7800万台，创下自2021年以来的最高增速。此次增长得益于厂商在地域和价格层级上的双重扩张策略。 Canalys(现并入Omdia)研究经理陈秋帆(Cynthia Chen)指出："开放式耳机(OWS)持续快速增长，超越整体市场增速，加速了从功能性音频 设备向价值驱动、生活方式导向产品的转变。OWS正成为科技与时尚的结合点——TWS正在演变为一种个人表达的形式。主流厂商正加 大对耳挂式、耳夹式设计的投入，采用大胆的材质、颜色以及渐变涂层、水晶、金属镶嵌等装饰元素。为弥补声学表现上的局限，部分 新兴厂商正与音频实验室合作优化音质，部分产品已接近传统TWS的音频水准。OWS现已成为2025年的重点方向之一，丰富品牌产品组 合，并通过双形态策略满足多样化的消费者需求。" TWS市场正迈入一个以产品多元化、品牌升级和个性化体验为特征的新阶段。尽管形态创新和场景化应用是当前最具潜力的增长点，但 厂商能否跳脱单一的价格竞争，将决定其长期成败。满足消费者对实时翻译、健 ...

Canalys（现并入 Omdia）最新数据显示，2025年第一季度，全球真无线耳机（TWS）市场强劲反弹，出货量 同比增长18%，达到7800万台，创下自2021年以来的最高增速。此次增长得益于厂商在地域和价格层级上的双 重扩张策略。苹果（包括Beats）凭借强大的生态系统优势和对健康功能的持续整合，继续稳居全球TWS市场 领导地位，市场份额达23%。小米则跃升至全球第二，得益于其在新兴市场的增长势头，出货量同比大增 63%，首次突破900万台，创下11.5%的历史最高市场份额。三星（包括哈曼子公司）以7%的市场份额位居第 三，其以生态为核心的Galaxy系列和主打大众市场的JBL系列出货量均有所增长。哈曼近期收购了包括 Bowers & Wilkins在内的Sound United，预示其未来将在高端音频领域扩展布局。华为和印度品牌boAt分列第 四、第五，分别占据6%和5%的市场份额。 Canalys（现并入 Omdia）分析师 Jack Leathem 表示："领先的生态系统厂商正通过全球扩张策略持续推动市场 增长，特别是在东南亚、中东欧、拉美和非洲等新兴市场，通过高性价比产品和本地化运营优化，打造长 ...

Core Insights - The overall consumer market in Chongqing is under pressure in 2024, yet listed companies in the consumer sector have shown resilience through product innovation, channel transformation, and brand upgrades, achieving stable performance [1] - The five listed companies in Chongqing, including Youyou Foods, Chongqing Department Store, Chongqing Beer, Fuling Zhacai, and Baiya Co., collectively generated revenue of 38.607 billion yuan and net profit of 3.674 billion yuan in 2024, maintaining performance levels compared to the previous year [1] - Looking ahead to 2025, these companies are expected to continue leading in high-quality development through a "product + channel + brand" strategy as consumer scenarios recover and industry upgrades progress [1] Company Performance - Chongqing Department Store, a leading retail company, reported a revenue of 17.139 billion yuan in 2024, a decrease of 9.75%, while net profit increased by 0.46% to 1.315 billion yuan [2] - Youyou Foods achieved a revenue of 1.182 billion yuan and a net profit of 157 million yuan in 2024, marking increases of 22.37% and 35.44% respectively, driven by channel structure changes [3] - Baiya Co. reported a revenue of 3.254 billion yuan and a net profit of 288 million yuan in 2024, with growth rates of 51.77% and 20.74% respectively, supported by the high-end product strategy [4] Market Trends - The Chongqing consumer sector is characterized by accelerated product innovation, deepened channel transformation, and normalized ESG practices among companies like Chongqing Beer and Baiya Co. [6] - The beer industry in China has entered a "stock market" phase, with a 30% decline in total production since its peak in 2013, yet Chongqing Beer has maintained stable sales and profitability through product and marketing innovations [6][7] - Chongqing Beer reported a revenue of 14.645 billion yuan in 2024, a slight decrease of 1.15%, while its net profit decreased by 7.03% to 1.222 billion yuan [6][7] Innovation and Strategy - Companies are focusing on product innovation and channel expansion as core drivers, with Youyou Foods launching six new products and enhancing its product matrix to meet market demands [9] - Baiya Co. is optimizing its marketing system and expanding its e-commerce channels, achieving a 103.8% increase in online revenue in 2024 [4] - Chongqing Beer is accelerating product innovation, launching multiple new products and packaging to cater to diverse consumer needs, while also expanding into the beverage market [8]

Investment Rating - The report indicates a slowdown in the expansion of the new tea beverage industry, with a net decrease of 17,000 stores in the past year, highlighting a significant market consolidation [1][2]. Core Insights - The new tea beverage market in China has grown rapidly, with the market size increasing from RMB 187.8 billion in 2018 to RMB 517.5 billion in 2023, reflecting a CAGR of 22.5% [2]. - The competition among new tea brands is evolving from scale and price wars to a more complex, multifaceted competition focusing on product innovation and brand differentiation [1][2]. - The top five brands in the ready-to-drink tea market have increased their market share from 38.5% in 2020 to 46.8% in 2023, indicating a trend towards market concentration [1]. Summary by Sections Product Innovation and Marketing - New tea brands are focusing on health-oriented product innovations, with companies like沪上阿姨 launching over 100 new products annually [4][6]. - The marketing strategies of brands are diversifying, with successful collaborations and IP creations enhancing brand recognition and consumer engagement [8][15]. - The demand for healthier and higher-quality options is driving the evolution of ready-to-drink tea products, with brands prioritizing differentiation [7][19]. Franchise and Supply Chain Dynamics - The franchise model is becoming increasingly important, with 56.1% of tea beverage stores being part of a chain as of 2023, projected to rise to 72% by 2028 [17][20]. - The initial investment cost for opening a new store under沪上阿姨 is approximately RMB 275,000, which is lower than the industry average, making it attractive for potential franchisees [18]. - A robust supply chain is critical for maintaining product quality and customer loyalty, with沪上阿姨 achieving extensive national coverage for fresh ingredient delivery [21][19]. Market Trends and Future Outlook - The report highlights that the fastest growth in the ready-to-drink tea market is occurring in third-tier and lower cities, with沪上阿姨 having 49.4% of its stores in these areas as of 2023 [28][31]. - The overall revenue for沪上阿姨 in 2024 is projected to be RMB 3.28 billion, with 48.2% of this revenue coming from third-tier and lower cities [31]. - The industry is expected to continue evolving, with brands that can innovate and differentiate themselves likely to thrive, while those lacking in these areas may face significant challenges [39].

Core Viewpoint - The company is facing significant challenges in the home furnishing industry, with a reported revenue decline of 15.69% year-on-year, prompting a strategic focus on brand upgrades, multi-channel operations, product enhancements, and cost efficiency measures to navigate market competition and industry changes [3][4][18]. Financial Performance - The company achieved a revenue of 1.91 billion yuan in 2024, down from 2.26 billion yuan in 2023, marking a decrease of 15.69% [18]. - The net profit attributable to shareholders decreased by 62.93%, with a net profit of approximately 51.93 million yuan compared to 158.21 million yuan in the previous year [19][21]. - Basic earnings per share fell to 0.26 yuan from 0.70 yuan, reflecting a decline of 62.86% [18][19]. Strategic Initiatives - The company is implementing a brand upgrade strategy, targeting the mid-to-high-end market by enhancing product quality and service, including signing a brand ambassador to strengthen consumer trust [3][4]. - Multi-channel operations are being expanded, with a focus on retail and engineering channels, resulting in a 60% year-on-year revenue growth in the integrated channel business [5][6]. - The company is enhancing its product offerings through strategic partnerships with major brands, focusing on modular design and innovative materials to improve product competitiveness [6][21]. Operational Efficiency - The company is optimizing its organizational structure and procurement processes to reduce costs and improve supply chain efficiency [6][19]. - A digital transformation initiative is underway to enhance operational management and streamline production processes [6][19]. Governance and Compliance - The board of directors and supervisory board are actively overseeing company operations, ensuring compliance with legal and regulatory requirements, and maintaining transparency in financial reporting [12][14]. - The supervisory board has conducted regular meetings to monitor the company's adherence to governance standards and protect shareholder interests [12][14].

在渠道建设上，太平鸟将以旗舰店为核心，通过探索突破传统店铺的限制，探索男女服饰有机结合的新店态模式；强化单 品牌店的布局，不断完善多层次零售矩阵等方式，增强品牌影响力与消费者触达能力。 在产业升级方面，太平鸟全球时尚研发中心和卓越技术中心即将建成，太平鸟相关人士表示，未来，公司卓越技术中心将 通过构建从开发到生产交付的全链路数字化系统，率先实现精益生产模式；全球时尚研发中心则通过整合材料开发、创意设 计、数字化平台等创新资源，有望成为辐射区域经济的产业新高地。 太平鸟董事长张江平在活动现场表示，当下消费者正寻求兼具品质与风格的可持续时尚，这不仅是市场趋势，更是太平鸟 重塑品牌的内在动力。基于这一洞察，太平鸟将以"积极进取"为精神内核，聚焦中国主流时尚美学，为新一代中产打造覆盖多 元场景的质感穿搭方案，持续助力消费者提升生活品质，展现更出彩、更自信的个人表达，并满足消费者对"品质生活"的全方 位想象。 据悉，太平鸟围绕产品革新、渠道重构、科技赋能、数字转型四大维度推动品牌全面升级。在产品维度方面，太平鸟将依 据四大核心场景优化产品矩阵，融合高级简约的审美哲学与积极进取的品牌精神，在统一调性下实现品质工艺、产品价 ...

Core Insights - In 2024, the company faced significant financial losses, with a revenue of 1.405 billion yuan, a year-on-year decline of 20.10%, and a net profit of -67.38 million yuan, representing a 167.29% decrease [1] - The company's strategic adjustments revealed systemic risks, including brand positioning issues, operational inefficiencies, and an imbalanced cost structure [1][2] Financial Performance - The company's revenue for 2024 was 1.405 billion yuan, down 20.10% year-on-year [1] - The net profit was -67.38 million yuan, a decline of 167.29% compared to the previous year [1] - The basic earnings per share were -0.16 yuan [1] Strategic Challenges - The strategic shift initiated at the end of 2023 aimed to upgrade brand positioning but resulted in resource misallocation [2] - The company attempted to reposition its main brand JORYA towards a younger, more affordable luxury market, but failed to maintain loyalty among existing high-end customers [2] - The aggressive closure of underperforming stores led to a fragmented sales network, allowing emerging designer brands to capture market share in second and third-tier cities [2] Operational Efficiency - The company's sales expense ratio reached 54.36%, indicating that over 50% of revenue was spent on marketing, significantly higher than the industry average [2] - Inventory turnover days were alarmingly high at 554 days, indicating a severe disconnect between product design, supply chain responsiveness, and market demand [3] - Operating cash flow dropped by 66.41% year-on-year, highlighting a decline in the company's ability to generate cash from its core business [3] Conclusion - The company's predicament reflects the broader challenges faced by traditional women's apparel brands in balancing brand upgrades with operational efficiency [4] - Short-term solutions include optimizing inventory structure and reconstructing channel cost models, while long-term strategies should focus on reassessing brand positioning [4]