以下文章来源于观潮新消费 ，作者王尔德 激发国牌无限可能 来源丨 观潮新消费（ID：TideSight） 作者丨 王尔德 编辑丨 杜仲 图源丨Midjourney 这一年，「黄金」开启了狂飙模式。 观潮新消费 . 一边是屡破纪录、一路攀升的金价，一边是越来越火，已然成为奢侈品的 "中式黄金饰品"。 日前，兰州黄金手工艺术品牌「琳朝珠宝」宣布完成日初资本独家亿元级战略投资；紧接着， 杭州本 土高端黄金珠宝品牌 「 寶蘭 」 （宝蓝 Borland）官宣完成挑战者创投领投的过亿元A轮融资。 "富时当首饰，穷时当盘缠。" 虽然今年的金价让人却步，但 主打手工工艺、传承的古法黄金，给了 年轻人继续持有的理由。 当中式审美开启新一重认知，古法黄金背后的国潮使得消费 "含金量"越来越高。 被资本看上的黄金新贵 成立于 2006年，琳朝珠宝创始人马朝贤出生于黄金加工世家 ， 14岁便能制作戒指 ， 是个 妥妥的 "金 三 代 " 。 琳朝珠宝以传统考究的设计文化、繁复高难的精湛工艺 著称， 是一家号称打磨过程可能耗时数月甚 至长达一年的高端黄金珠宝品牌 。 据了解， 投资方 日初资本创始人陈峰 甚至 历时一年多、十多次到访 ...

Core Insights - The trend toy market is experiencing significant growth, driven by unique designs, aesthetic appeal, and the integration of popular culture, with a focus on collectible value and resale potential [3][5]. Market Overview - The global trend toy market has shown a consistent double-digit growth rate, with the market size increasing from $20.3 billion in 2020 to $41.8 billion in 2024, reflecting a compound annual growth rate (CAGR) of nearly 20% [3]. - In China, the trend toy market is booming, with the market size projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan in 2024, achieving a CAGR of 35% [5]. Product Categories - The trend toy market is diverse, with blind boxes representing the largest segment, accounting for over one-third of the market share in 2024. Additionally, assembly toys and building sets make up nearly one-fifth of the market [1]. Policy Support - Recent government initiatives, such as the measures issued by the State Council in January 2025, aim to promote the development of fashionable domestic products, including trend toys, by encouraging collaborations in various sectors [7][10]. - Policies emphasize the integration of traditional Chinese culture into product design and support the development of original intellectual property (IP) brands, which is expected to enhance the trend toy market [8][10]. Consumer Behavior - The trend toy market appeals to younger consumers as a means of self-expression and social interaction, with urbanization and rising disposable incomes contributing to increased consumer engagement [11]. - Innovative products like blind boxes create emotional connections with consumers, enhancing their willingness to purchase and increasing repurchase rates due to the anticipation of "hidden" and "popular" items [11].

Core Insights - The traditional liquor industry is facing significant challenges, with a notable decline in the number of large-scale liquor enterprises and a 5.8% decrease in production in the first half of 2025 [3][4] - Despite the overall market downturn, certain brands like Jinjiu and Fenjiu are experiencing growth, indicating a shift in consumer preferences towards younger demographics and new consumption patterns [1][7] Group 1: Market Conditions - The white liquor industry is experiencing a "cold" phase, with over 100 large-scale enterprises exiting the market and an average inventory turnover period of 900 days [3][4] - 60% of enterprises are facing price inversion issues, and 19 listed liquor companies reported declines in both revenue and net profit, with a revenue drop of 18.42% in the third quarter [3][4] Group 2: Consumer Trends - There is a fundamental shift in consumer logic, with younger consumers moving away from traditional drinking culture and seeking experiences that offer relaxation and emotional resonance [5][7] - Brands that successfully capture this new consumer logic are finding new growth paths, moving from a focus on distribution channels to defining value through consumer engagement [7][10] Group 3: Brand Strategies - Brands are adopting a "de-oldification" strategy by reconstructing products to allow for user customization and creativity, as seen with Jinjiu's smaller bottle sizes and lower alcohol content [8][10] - Successful brands are also breaking away from traditional drinking scenarios, focusing on emotional healing and social experiences, which resonate with younger consumers [10][12] Group 4: Success Formula - The success of brands like Jinjiu, Fenjiu, and Guolifang is attributed to a combination of adaptable products, open narratives, and agile organizational structures [12][14] - The core of their success lies in establishing genuine emotional connections with the new generation of consumers, emphasizing product quality and brand trust over temporary market trends [12][14]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 804.64 HKD, indicating a strong potential for growth in the coming years [5][7][15]. Core Insights - The company, Laopu Gold, is a pioneer and leader in the ancient gold concept in China, focusing on high-end products and continuously achieving record-breaking performance due to rising gold prices and increasing consumer demand for gold as a store of value [1][23]. - The market for ancient gold is experiencing significant growth, with its market share expected to rise from 30% in 2023 to 52% by 2028, reflecting a shift in consumer preferences towards younger demographics and fashion-oriented gold products [2][13]. - Laopu Gold differentiates itself through unique product designs and craftsmanship, leading to higher profit margins compared to competitors, with a gross margin of 38.1% and a net margin of 18.4% in the first half of 2025 [3][39]. Summary by Sections Company Overview - Laopu Gold is recognized as the first brand to promote ancient gold in China, establishing a strong brand presence and achieving high sales performance in premium markets [24][25]. - The founder, Xu Gaoming, has extensive experience in the industry and personally oversees product design, contributing to the brand's innovative edge [34]. Market Trends - The gold jewelry market is evolving, with a notable shift towards younger consumers who value design and emotional significance in their purchases, moving beyond traditional gifting occasions [2][13]. - The ancient gold segment is projected to grow significantly, with its market size expected to reach 421.4 billion RMB by 2028 [2][26]. Competitive Advantage - Laopu Gold's differentiation strategy allows it to avoid the intense competition faced by traditional gold brands, achieving a high overlap rate with luxury brands like LV and Cartier [3][39]. - The company maintains a robust brand moat due to its unique craftsmanship and high-end positioning, which competitors find difficult to replicate [3][39]. Financial Projections - Revenue forecasts for Laopu Gold indicate substantial growth, with expected revenues of 267.44 billion RMB in 2025, 361.68 billion RMB in 2026, and 460.94 billion RMB in 2027, reflecting year-on-year growth rates of 214.4%, 35.2%, and 27.4% respectively [5][6]. - The company's net profit is projected to reach 47.63 billion RMB in 2025, with a growth rate of 223.3% [5][6]. Growth Drivers - The company's growth is supported by both internal product innovation and external market expansion, including international market penetration [14][15]. - The online sales channel is expected to grow rapidly, with a projected increase of 490% in 2025, driven by younger consumers seeking convenient purchasing options [12][14].

Group 1 - In the first three quarters of this year, China's export of holiday goods, dolls, and animal-shaped toys exceeded 50 billion yuan, reaching over 200 countries and regions globally, indicating a significant impact on modern global consumer culture [1] - The rise of "interest consumption" is driving the popularity of niche products in the mass market, allowing small-scale products to gain traction [2] - Chinese manufacturing capabilities are advancing towards the high-end of the value chain, supporting the global success of Chinese trendy toys [2] Group 2 - Cultural products' appeal is rooted in their cultural charm, with a diverse range of offerings from traditional arts to modern digital content, reflecting a shift from "single-point breakthroughs" to a "multi-dimensional matrix" in cultural export [2] - Effective communication is crucial for cultural export, as cultural differences and language barriers can affect the acceptance of cultural products abroad [3] - Successful cultural export requires a blend of global vision and local strategies, ensuring respect for local cultures while enhancing understanding of Chinese culture [3] Group 3 - A robust cultural industry and market system are essential for driving innovation and expanding the reach of cultural exports [4] - The performance of companies in the cultural sector is notable, with the number of overseas publishing contracts signed by a major online literature company increasing by 80% year-on-year, and the authorization amount rising by over 200% [4] - As of June this year, over 600 cultural enterprises have settled in the National Cultural Trade Base (Nanjing), with projected total revenue exceeding 30 billion yuan for the 2024 fiscal year [4]

Group 1 - The core viewpoint is that domestic brands in China are reshaping the consumer market landscape by occupying prominent positions across various sectors, including smart home appliances, beauty products, and new energy vehicles [1][2] - By the first three quarters of 2025, China's exports of holiday goods, dolls, and animal-shaped toys exceeded 50 billion yuan, reaching over 200 countries and regions globally [1] - The rise of domestic brands reflects a significant transformation in consumer psychology and market environment, moving from being a secondary option to a primary choice for consumers [1][3] Group 2 - In the first ten months of this year, China's cumulative exports of new energy vehicles surpassed 2 million units, with brands like BYD and NIO excelling in core technologies such as battery management and intelligent driving [2] - Cultural confidence is a key driver of the rise of domestic brands, allowing for a creative transformation that resonates emotionally across different age groups and regions [2] - The integration of traditional cultural elements into modern products, such as the Palace Museum's creative products and Li Ning's sportswear, showcases the blend of culture and innovation [2] Group 3 - The ability of domestic brands to quickly adapt to market dynamics and meet upgraded consumer demands is supported by a resilient supply chain backed by a complete industrial system in China [3] - China's industrial system includes 41 major industrial categories, enabling full control from design to manufacturing, which enhances competitiveness in global markets [3] - Domestic brands have achieved a balance between quality and price, offering products that exceed consumer expectations in emotional value, thus upgrading overall product value [3]

让传统文化在当代生活中轻盈起舞，将中国汉服融入每个人的日常，是十三余一直秉持的初心和使命。 而几乎从名字开始，十三余便宣示了自己要做的不只是服装，更是一种文化表达与内容创作。 "娉娉袅袅十三余，豆蔻梢头二月初"，十三余与其创始人的网名'小豆蔻儿'均源自唐代诗人杜牧的七言 绝句。"此诗句生动描绘了少女青春美好的形象，最初便为品牌注入了古典美学的基因。 时间回溯到2016年，还在读大学的小豆蔻儿因加入弓箭社和汉服社而沉浸于传统服饰之美。这段经历， 成为她日后创业的初心。凭借在内容平台积累的近千万粉丝和深厚的内容创作功底，小豆蔻儿从一名国 风UP主转型为品牌创始人，将个人对汉服的热爱，升华为一个引领风潮的商业实践与文化使命。 小豆蔻儿为十三余品牌的汉服产品定下了一个清晰而宏大的目标——成为年轻人"衣柜里的第一套汉 服"。"十三余不仅仅是服装制造商，更是一家'内容创作'公司。"十三余渠道负责人王蓝苹表示，创始人 团队坚信，唯有通过高质量、高审美的内容叙事，才能真正打动年轻一代，让那些沉睡在古籍与博物馆 中的纹样、形制、礼仪和美学精神，自然地"走"进当代都市生活场景里。 当千年前的明代汉服穿越至现代，一场由短视频引发的 ...

每经AI快讯，12月10日，据海南省人民政府官网消息，《中共海南省委关于制定国民经济和社会发展 第十五个五年规划的建议》发布。其中提到，做优"三篇消费文章"，推动"买全球精品"。促进免税购物 提质升级，进一步挖掘国潮、海南独家、科技新品等供给，有序构建"离岛免税＋岛内居民日消品免税 ＋跨境电商"多层次供给格局。持续提升中国国际消费品博览会的规模和影响力。 ...

在消费环境尚未明显回暖的背景下，户外业务对李宁而言兼具进攻与防守的双重意义。 年初的业绩发布会上，联席CEO钱炜曾表示，虽然目前户外在公司整体的生意占比不大，但我们希望未 来迅速培养出一个独立的、能够成为生意推手的品类。 此外，门店特别设立"户外社群角"，计划定期组织线下户外活动，旨在连接更多都市户外爱好者。 新店落成意味着，继在产品层面一年多的试水之后，李宁终于将其户外线推向了更加独立的前台。 从定位来看，李宁此次瞄准的是轻户外赛道，聚焦徒步旅游、近郊露营、城市通勤等高频场景。 主力产品定价也贴合大众市场："肖战同款"万龙甲Breath防暴雨高透气冲锋衣位于1500元价格带；鞋履 产品中，行野PRO户外休闲鞋、行川PRO户外徒步鞋零售价分别699元、899元。 从整体市场容量看，轻户外虽已过爆发期，仍是增长较快的细分赛道，日常需求也在持续向户外场景靠 拢。 只是眼下户外已成红海，"迟来"的李宁究竟能在户外吃下多少份额，尚未可知。 在北京朝阳大悦城，李宁新开了一家名为"COUNTERFLOW 溯"的户外独立门店。 店内集中展示了李宁户外全场景产品矩阵，包括主打专业防护的户外御水系列、以"探山河"为主题的限 定 ...

中华老字号作为承载民族技艺与文化记忆的"活化石"，其传承与创新不仅关乎品牌自身的兴衰，更维系 着优秀传统文化的赓续发扬与实体经济的高质量发展。《中共中央关于制定国民经济和社会发展第十五 个五年规划的建议》明确提出，"强化品牌引领、标准升级、新技术应用，推动商品消费扩容升级""推 进文化和科技融合""讲好中国故事，展现可信、可爱、可敬的中国形象"，给老字号的发展提供了指 引。 近年来，中华老字号彰显出向好向新的发展态势，呈现出产业智能化、绿色化、融合化转型趋势。一些 中医药行业"链主"企业新建数字化基地，集中精力开展关键核心技术攻关，推动"经典名方二次开发"。 一些家纺行业标杆企业，积极采用新技术推动智能化转型，实现柔性制造，生产效率大幅提升、成本大 大降低。一些餐饮行业老字号推出文创消费新场景，通过"老字号+年轻态"沉浸式互动，让人们在享受 美食的同时，体验非遗文化，拓展消费边界。2024年，中华老字号线上销售额大幅增长55.1%，13.7% 的老字号实现跨国经营，国潮"出圈"势如破竹。 商务部不久前发布的数据显示，2024年，中华老字号企业营业收入超2万亿元，利润额超3500亿元，海 外营收超500亿元。亮 ...