Core Viewpoint - Lao Gan Ma has successfully returned to peak revenue levels despite a challenging market environment, demonstrating a unique strategy of minimal marketing and a focus on product quality and overseas expansion [6][10][26]. Group 1: Revenue Recovery - In 2024, Lao Gan Ma's sales reached 5.391 billion yuan, nearing its historical peak of 5.403 billion yuan in 2020 [6][10]. - The company experienced a significant revenue drop of 20% in 2021, attributed to the pandemic's impact on offline consumption [10][13]. - From 2022 to 2024, Lao Gan Ma's revenue steadily increased from 5.26 billion yuan to 5.391 billion yuan, alleviating market concerns [17]. Group 2: Marketing Strategy - Lao Gan Ma has adopted a "lying flat" approach, avoiding regular live streaming and influencer marketing, relying instead on natural consumer repurchase [6][19]. - The company has ceased updates on its social media accounts, with the last posts dating back to 2022 [19]. - Despite the lack of marketing activity, Lao Gan Ma's revenue has continued to grow, indicating a successful product strategy [20][26]. Group 3: Product Development and Market Expansion - The company has not halted new product development and has made significant strides in expanding its overseas market presence, reaching 160 countries by 2024 [20][21]. - Lao Gan Ma's overseas market grew by 30% in 2023, driven by increasing popularity on social media platforms [21]. - The brand has diversified its product line, introducing over 20 new products since 2020, including hot pot base and spicy fermented tofu [23][24]. Group 4: Competitive Landscape - Other brands like Fuling Mustard and Zhongjing Foods have faced challenges in maintaining growth, highlighting the competitive pressures in the condiment market [15][16]. - The pricing strategy in the condiment market has been constrained, with traditional brands like Lao Gan Ma and Zhongjing Foods operating within a price range of around 10 yuan [24]. - New entrants in the market are focusing on health trends, such as low-fat products, which Lao Gan Ma has yet to fully embrace [25].

Core Insights - The article discusses the contrasting market performance of two Guizhou-based consumer brands, Moutai and Lao Gan Ma, highlighting Lao Gan Ma's revenue recovery amidst a consumer downgrade environment [4][5]. - Lao Gan Ma's sales reached 5.391 billion yuan in 2024, nearing its historical peak of 5.403 billion yuan in 2020, despite a previous decline due to the pandemic [4][6]. Revenue Recovery - In 2020, Lao Gan Ma's revenue peaked at 5.403 billion yuan but fell by 20% to 4.201 billion yuan in 2021, attributed to the pandemic's impact on offline consumption [6][8]. - From 2022 to 2024, Lao Gan Ma's revenue steadily increased from 5.26 billion yuan to 5.391 billion yuan, alleviating market concerns about its performance [11][12]. Marketing Strategy - Lao Gan Ma has adopted a unique approach by not engaging in regular live streaming or influencer marketing, relying instead on natural consumer repurchase [4][13]. - The brand's social media accounts have been inactive, with no significant online marketing efforts, which contrasts with competitors who heavily invest in e-commerce and live streaming [13][15]. International Expansion - Lao Gan Ma has significantly expanded its international presence, growing from 90 countries in 2019 to 160 countries by 2024, with a 30% increase in overseas market revenue in 2023 [15][16]. - The brand's popularity abroad has surged, particularly among non-Chinese consumers, aided by social media trends and endorsements from international celebrities [16][20]. Product Development - Despite perceptions of stagnation, Lao Gan Ma continues to innovate, developing new products and expanding its product line, which includes over 20 new items since 2020 [18][20]. - The brand's pricing strategy remains competitive, with most products priced around 10 yuan, focusing on volume sales to maintain profitability [20][21]. Market Challenges - The article notes that while Lao Gan Ma has found success, it faces challenges in adapting to changing consumer preferences, particularly the rising demand for healthier options in the condiment market [21]. - Competitors like Hu Bang and Chuan Wa Zi are introducing low-fat and zero-fat products, which Lao Gan Ma has yet to address in its product offerings [21].

以下文章来源于豹变 ，作者詹方歌 茅 台 跌价，老干妈营收重回巅峰 ，消费降级大环境下的市场情绪，被两家来自贵州的消费企业狠狠拿捏住了。 最近 发布的《 2025贵州企业100强》数据 显示 ，老干妈 2024年销售额达到53.91 亿元，已接近 2020年54.03亿元的历史最高水平。 在众多品牌忙于直播带货、线上营销的当下，老干妈 看似采取了 近乎 "躺平"的策略。 它 在抖音等平台几乎没有常态化直播和达人投放，社交媒体账号 也已长期停更，主要依靠消费者的自然复购维持线上销售。 但根据老干妈陶华碧和公司管理层的叙述，公司其实没有停止新品开发，海外市场的拓展也卓有成效。 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 不运营社交媒体，几乎零直播投放的 老干妈怎么躺着把钱赚了？ 文 ｜ 詹方歌 编辑 ｜ 邢昀 来源｜ 豹变（ID：baobiannews） 封面来源 ｜ 老干妈官网 "躺赢"或许不是这场突围的本质，"有攻有守"才是 。 营收 重回巅峰 2020年，老干妈的营业收入达到历史最高峰——54.03亿元，次年突然下滑20%至 42.01亿元 ，被外界认为是国民品牌跌下神坛。 不过，当 ...

以下文章来源于豹变 ，作者詹方歌 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 本文来自微信公众号： 豹变 ，作者：詹方歌，编辑：邢昀 茅台跌价，老干妈营收重回巅峰，消费降级大环境下的市场情绪，被两家来自贵州的消费企业狠狠拿 捏住了。 最近发布的《2025贵州企业100强》数据显示，老干妈2024年销售额达到53.91亿元，已接近2020年 54.03亿元的历史最高水平。 在众多品牌忙于直播带货、线上营销的当下，老干妈看似采取了近乎"躺平"的策略。它在抖音等平台 几乎没有常态化直播和达人投放，社交媒体账号也已长期停更，主要依靠消费者的自然复购维持线上 销售。 但根据老干妈陶华碧和公司管理层的叙述，公司其实没有停止新品开发，海外市场的拓展也卓有成 效。 "躺赢"或许不是这场突围的本质，"有攻有守"才是。 营收重回巅峰 2020年，老干妈的营业收入达到历史最高峰——54.03亿元，次年突然下滑20%至42.01亿元，被外界 认为是国民品牌跌下神坛。 不过，当时正值疫情，线下消费受影响相对严重，而老干妈一直以来以线下为重，营收下滑也就在所 难免。 如果在行业内横向对比，同样作为国民下饭菜品牌的 ...

东方证券研究所 黄燕铭 陈至奕 站在2025年末，消费是否能够成为明年宏观乃至资本市场的热点存在很大分歧。尽管投资对于增长数字 而言确实比较重要，但消费很可能会产生超预期的亮点，在这个社零10月单月同比增幅2.9%、资本市 场相应板块信心也较为低迷的时点，对消费无需悲观。 消费结构正在不断向"限额以上"转变。新旧动能转换的背景下，"消费降级"成为热点话题，这一现象理 应带来限额以下消费更好的表现，但与直觉不同的是，当前限额以上受益于政策（地方消费券、"以旧 换新"、消费贷贴息等措施主要都作用于限额以上），增速明显更高，而限额以下增速，不论是商品还 是餐饮，已经有相当长的时间停留在0增长的附近。这并非近期特点，而是长期趋势。拉长周期看，不 论经济增速如何表现，中国居民限额以上消费的占比总体呈现提升趋势，背后是消费品工业化、人口城 镇化的推动，这也有利于更高标准、更高质量的消费供给龙头胜出。 值得注意的是，外资选择彰显了中国消费机遇。一些观点认为汉堡王、星巴克、黛安芬等外资近期集中 卖出控制权或退出中国市场是国内市场规模不足的体现，但恰恰相反。不难发现，外资商品品牌撤出中 国，往往是将品牌、运营都撤出，化妆品最为 ...

Core Viewpoint - The article discusses the contrasting strategies of two Guizhou-based consumer brands, Laoganma and Moutai, in the context of market dynamics and consumer behavior, highlighting Laoganma's return to peak revenue despite a seemingly passive approach [6][22]. Revenue Recovery - Laoganma's sales reached 5.391 billion yuan in 2024, nearing its historical peak of 5.403 billion yuan in 2020 [6][12]. - After a significant drop in revenue to 4.201 billion yuan in 2021, attributed to the pandemic's impact on offline consumption, Laoganma has seen a steady recovery in revenue since 2022 [9][12]. Market Positioning - Laoganma has adopted a low-key marketing strategy, with minimal engagement in live streaming and social media, relying instead on natural consumer repurchase [6][14]. - Despite the lack of marketing noise, Laoganma's revenue has continued to grow, indicating a strong brand loyalty and market presence [12][22]. Product Development and Innovation - The company has not ceased product development; it continues to innovate and expand its product line, launching over 20 new products since 2020 [20]. - Laoganma has shifted its focus to overseas markets, expanding its presence from 90 countries in 2019 to 160 countries by 2024, with a 30% year-on-year growth in overseas sales in 2023 [16][17]. Competitive Landscape - Other brands like Fuling Mustard and Zhongjing Foods have faced challenges in maintaining growth, with Fuling's revenue growth slowing from 14.23% in 2020 to 1.18% in 2022 [10]. - The article notes that the condiment market is evolving, with new entrants like Hubang Sauce adopting different marketing strategies compared to traditional brands like Laoganma and Zhongjing [19][20]. Consumer Trends - The article highlights a shift in consumer preferences towards healthier options, with competitors introducing low-fat products, while Laoganma has not yet adapted its offerings to align with these trends [21][22]. - Despite criticism regarding changes in taste, Laoganma's brand recognition and pricing strategy have allowed it to maintain a strong market position both domestically and internationally [12][17].

Core Viewpoint - The article discusses the contrasting performance of two consumer brands from Guizhou, Moutai and Lao Gan Ma, highlighting Lao Gan Ma's revenue recovery amidst a consumer downgrade environment, while Moutai experiences price declines. Group 1: Lao Gan Ma's Revenue Performance - Lao Gan Ma's sales in 2024 reached 5.391 billion yuan, nearing its historical peak of 5.403 billion yuan in 2020 [2] - After a significant revenue drop of 20% in 2021 to 4.201 billion yuan, attributed to the pandemic's impact on offline consumption, Lao Gan Ma's revenue has been on the rise since 2022 [3][4][7] - The company has maintained a steady revenue recovery from 5.26 billion yuan in 2022 to 5.391 billion yuan in 2024, alleviating market concerns [7] Group 2: Marketing Strategy and Consumer Engagement - Lao Gan Ma has adopted a "laid-back" marketing strategy, with minimal engagement on social media and no regular live streaming, relying instead on natural consumer repurchase [2][9] - Despite the lack of marketing activity, Lao Gan Ma's revenue growth continues, indicating a strong brand loyalty among consumers [8][11] - The company has shifted focus to overseas markets, expanding from 90 countries in 2019 to 160 countries by 2024, with a 30% growth in overseas market sales in 2023 [11][12] Group 3: Product Development and Market Position - Lao Gan Ma has not ceased product development, with ongoing efforts to innovate and expand its product line, including over 20 new products by 2020 [6][15] - The brand remains a leading Chinese condiment in international markets, benefiting from social media popularity and diverse usage among foreign consumers [12][13] - Despite the emergence of new brands in the domestic market, Lao Gan Ma's established presence and product familiarity continue to drive its sales [16][17]

Group 1 - McDonald's has raised prices on several menu items, including a 1 yuan increase on main burgers and a 0.5 to 1 yuan increase on popular snacks, leading to an overall increase of 3-5 yuan per meal for consumers [1][3] - The "1+1 Flexible Combo" package, popular among price-sensitive consumers, has not seen a price change, but some lower-cost options have been replaced with higher-cost items, resulting in a form of "hidden price increase" [3][6] - The primary reason for the price increase is the rising cost of raw materials, including chicken, beef, cooking oil, and packaging logistics, which have collectively increased by over 8% since the second half of 2024, along with pressures from labor and rent costs [3][6] Group 2 - The timing of the price increase at the end of the year serves to test consumer elasticity and reserve profit margins for the 2026 Spring Festival [6] - Public reaction to the price increase has been mixed, with some consumers joking about the minimal increase while others express concern over the rising cost of meals amid inflation and consumption downgrade [6] - The 1 yuan price increase reflects consumers' appreciation for "certainty in happiness," emphasizing that despite rising prices, the taste of familiar products like the Big Mac should remain unchanged [6]

邱 林 当1499元"地板价"被市场击穿，茅台正面临消费断层与奢侈品转型困局的拷问。当下，炒作泡沫破裂，或许才是茅台真正该有的样子——回到寻常百姓的餐 桌。换句话说，茅台从神坛到凡尘的坠落，揭示了消费逻辑与投资生态的深刻变革。 茅台集团也想过办法，出了个小瓶装的茅台，结果销量惨淡。至于00后，那更是彻底不认。他们觉得白酒又辣又老气，宁愿喝果酒、葡萄酒。茅台跨界搞的 冰淇淋、巧克力，看着热闹，但真正能转化成喝酒用户的，寥寥无几。 客观的说，茅台的价格雪崩，不是"末日"，而是"回归"——回归白酒的消费本质，回归合理的价格区间，回归真实的市场需求。茅台面临的"年轻群体疏 离"问题，并非个例，而是整个白酒行业的共同挑战。 老客户流失，新客户又接不上，导致茅台在白酒市场直接被逼到墙角。冲突到这里彻底爆发：茅台要么继续守着高端市场等死，要么放下身段走进普通家庭 求生。而前面提到的价格跳水，其实就是茅台求变的第一步棋。 今年"双十一"期间，茅台向天猫、京东、拼多多等平台供货超500万瓶，较2021年增长3倍，大量平价茅台涌入市场，直接导致市场价跌破官方指导价。价格 倒挂现象的出现，进一步引发了市场的恐慌性抛售。 茅台价格雪 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In November, the online apparel and accessories sector experienced a year-on-year growth of 9.1%, with an increase in growth rate compared to October. The average temperature in November was 4.2°C, which is 0.9°C higher than the historical average but 0.9°C lower than last year, indicating robust sales despite lower temperatures [2][11] - The outdoor segment continues to lead the industry with brands like Descente, Kelong, and Aon running year-on-year growth rates of 32.8%, 32.4%, and 21.4% respectively. In the home textile and menswear sectors, brands like Luolai Life and Bosideng saw year-on-year growth of 16.0% and 8.8% respectively [2][11] - The report highlights the approval of two animal collagen products by the National Medical Products Administration, marking significant advancements in concentration, implant materials, and indications [3][13] Industry Data Tracking - In October, apparel retail sales grew by 6.3% year-on-year, with the growth rate improving from September. This was attributed to seasonal promotions and a recovery in offline store traffic due to reduced extreme weather [4][19] - The cosmetics sector also showed resilience, with retail sales increasing by 9.6% year-on-year, reflecting a 11.6 percentage point increase from September [4][29] - The jewelry retail sector continued to recover, with a year-on-year growth of 9.6% in October, supported by rising gold prices and increased regional consumer enthusiasm [4][19] Investment Recommendations - For the apparel sector, Hai Lan Home is recommended for its innovative urban outlet expansion and strong profitability, while Li Ning is expected to see a turning point in 2025 [5][27] - In the beauty and personal care segment, recommendations include Juzi Biological for its strong data resilience and Jinbo Biological for its anticipated new product launches [5][31] - The gold and jewelry sector is recommended for brands with strong market presence, such as Laopu Gold, due to the favorable gold price trends [5][31]