【开栏的话】新一轮"出海潮"澎湃，"走出去"成为中企发展壮大的战略选择。作为全球最具增长潜力的新兴市场之一，非洲成为许多出海中国企业的选择。 与此同时，国际环境日趋复杂，不确定性因素明显增多，中企出海非洲也面临多重风险，如何正确认识和把握、有效防范和化解海外风险成为中企出海非洲 必须面对的课题。日前，由新华社直属机构中国经济信息社自主研发的"非洲探针"正式发布，致力于构建对非经贸数智化"信息枢纽"和覆盖中企出海非洲全 流程的开放、专业、可信、高效的信息服务生态。新华财经特开设"非洲探针"栏目，定期发布风险信息分析，助力中企出海行稳致远。 风险事件呈现多发态势 "非洲探针"数据显示，2025年上半年，南非累计发生各类风险事件共计778起，平均每月发生风险事件约130起，呈现多发态势。从具体月份看，2025年1 月、2月、5月风险事件发生频率较高，分别达到138起、136起、136起。 从事件类型看，南非风险事件涉及社会治安、政治安全、社会动荡、交运安全、社会治理、政府干预、自然灾害、网络安全等多个类别。其中，社会治安事 件风险占比达78.92%，明显高于其他类型事件的占比。 作为非洲最为发达的经济体之一，南非一 ...

Group 1 - eBay hosted an annual auto parts overseas conference in Guangzhou, focusing on expanding into the European market, attracting over 500 participants from various regions [2] - The Chinese automotive parts industry is enhancing its competitive strength and forming industrial clusters, with cross-border e-commerce breaking traditional trade barriers and opening up international market opportunities [2] - eBay's General Manager for Greater China stated that the current period is a golden opportunity for Chinese auto parts to accelerate global expansion, particularly in the mature and stable European market [2] Group 2 - eBay launched a special incentive program for auto parts sellers to help them seize opportunities in Europe, including traffic boosts, subsidies, big data product selection, and customized training [3] - Traditional auto parts such as exterior components, chassis parts, and engine systems continue to be strong sellers, with significant sales growth reported in Germany and the UK over the past three years [3] - The demand for new energy-related products is rapidly increasing in Europe, with sales of Chinese-made charging stations on eBay's German site soaring over 600% compared to three years ago [3] Group 3 - A cross-border e-commerce company reported that after ten years on eBay, Europe has become one of their fastest-growing markets, maintaining double-digit growth this year [4] - European buyers are characterized by strong professionalism and loyalty, with purchasing power exceeding expectations, facilitating smooth business development in Germany and France [4]

盐津铺子 002847.SZ 公司研究 | 动态跟踪 | | 买入 （维持） | | --- | --- | | 股价（2025年07月01日） | 81.35 元 | | 目标价格 | 91.84 元 | | 52 周最高价/最低价 | 99.98/35.02 元 | | 总股本/流通 A 股（万股） | 27,278/24,572 | | A 股市值（百万元） | 22,191 | | 国家/地区 | 中国 | | 行业 | 食品饮料 | | 报告发布日期 | 2025 年 07 月 02 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 0.28 | -7.9 | 21 | 89.83 | | 相对表现% | -0.71 | -10.57 | 19.58 | 76.47 | | 沪深 300% | 0.99 | 2.67 | 1.42 | 13.36 | 谢宁铃 xieningling@orientsec.com.cn 执业证书编号：S0860520070001 ⚫ 出海布局升级，开启全球化第二增长曲线。 ...

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Core Viewpoint - Company is transitioning from "product export" to "supply chain + brand export," aiming to establish a global growth trajectory through local manufacturing and branding strategies [1][2] Group 1: Overseas Expansion Strategy - Company announced an investment of 220 million yuan to establish its first overseas factory in Thailand, focusing on konjac and potato chip products, leveraging local low-cost raw materials and labor advantages [1] - The chairman set a target for overseas business to account for 10%-20% of total revenue within 3-5 years, indicating a significant strategic shift towards international markets [1] Group 2: Market Potential and Product Performance - The konjac market is experiencing rapid growth, with the "Big Devil" konjac product projected to achieve a 76% year-on-year revenue increase in 2024, highlighting its status as a phenomenon in the industry [1] - The Chinese konjac snack market has surpassed 30 billion yuan, with an expected five-year CAGR of 28%, indicating strong growth potential [1] Group 3: Channel and Organizational Evolution - The company is undergoing a channel transformation, with the share of supermarkets decreasing from 54% in 2017 to 3.6% in 2024, while e-commerce and new retail channels now account for over 96% [1] - The company has established a foundation for "standardized replication" across supply chain, branding, and channels, supporting its ability to replicate success in overseas markets [1] Group 4: Financial Performance and Projections - In Q1 2025, the company reported revenue of 1.537 billion yuan, a 25.7% increase, and a net profit of 178 million yuan, an 11.6% increase, with a net profit margin of 11.5% [2] - The gross profit margin was 28.5%, down 3.6 percentage points year-on-year, primarily due to changes in channel and product category structures [2] - Forecasts for net profit attributable to the parent company for 2025-2027 are 783 million yuan, 999 million yuan, and 1.215 billion yuan, reflecting adjustments due to fluctuations in raw material and labor costs [2]

Core Viewpoint - The Chinese潮玩 (trendy toys) industry is experiencing significant growth in overseas markets, transitioning from the 1.0 era to the 2.0 era, characterized by increased competition and innovation in product offerings [4][6]. Group 1: Market Expansion and Competition - The潮玩 market is expanding rapidly overseas, particularly in regions like Southeast Asia, Japan, and Europe, with many Chinese companies entering these markets [4][6]. - The competition among潮玩 manufacturers has intensified, leading to a phenomenon known as "involution," where companies are innovating in product design, marketing strategies, and supplementary products [5][6]. - The overseas潮玩 market has seen a surge in demand, with companies reporting significant revenue growth, such as泡泡玛特's overseas revenue reaching 50.7 billion yuan, a 375.2% increase year-on-year [32]. Group 2: Product Innovation - The潮玩 industry is witnessing a shift in product forms, with搪胶毛绒玩具 (rubber plush toys) becoming dominant, combining visual appeal with tactile experiences [13][14]. - Companies are exploring new product forms, including scented潮玩, to enhance emotional connections with consumers [16][18]. - The trend of creating personalized accessories for潮玩 is growing, with factories in China producing clothing and accessories tailored to popular潮玩 characters [23][27]. Group 3: Marketing Strategies - The use of TikTok for marketing and sales has proven effective, with significant sales generated through live streaming and viral content [20][21]. - Companies are leveraging social media influencers to boost product visibility, as seen with celebrities promoting Labubu, leading to substantial sales figures [20][21]. - Despite the success in some regions, challenges remain in markets like Southeast Asia and Japan, where live streaming sales have not gained traction due to cultural differences [19][21]. Group 4: Market Challenges and Risks - The潮玩 industry faces uncertainties in various markets, with economic fluctuations impacting sales and growth potential [31][35]. - Companies are cautious about entering new markets, particularly in regions like the Middle East and Japan, where cultural and economic factors pose challenges [36][37]. - Tariff issues in the U.S. market continue to be a concern for潮玩 companies, affecting pricing and competitiveness [37].

Core Insights - The pet consumption market has transitioned from short-term pandemic-driven growth to a long-term growth paradigm driven by demographic changes, emotional needs, and technological empowerment. The global market size exceeds $150 billion, with the pet supplies category becoming the second-largest growth segment after pet food [1][2]. Group 1: Market Growth and Trends - The global pet supplies market grew to $44.36 billion from 2015 to 2021, with a compound annual growth rate (CAGR) of 6.7% [1]. - As of April 2025, there are 4.474 million pet-related enterprises in China, more than three times the number in 2021, with over 77% established within the last three years [1]. - During this year's overseas 618 shopping festival, over 30,000 pet merchants participated on Tmall, with more than 1,000 merchants seeing their cross-border transaction volumes double year-on-year [1]. Group 2: Competitive Landscape - The influx of new players has diversified overseas supply and reshaped market competition, leading to overall price declines, particularly in high-ticket product markets like Europe and North America [1][2]. - New brands emerging from the new consumption trend are leveraging e-commerce and social media marketing to penetrate Southeast Asian markets, while facing challenges in mature markets like Europe and North America due to brand barriers and price competition [2][3]. Group 3: Company Strategies - Supply chain enterprises typically start with "manufacturing overseas" through OEM/ODM models, while new consumer brands focus on building their own brand identity and market understanding [3][4]. - Tianyuan Pet, a representative supply chain enterprise, has expanded its international presence through acquisitions and establishing production bases in Vietnam and Cambodia, while also setting up a subsidiary in the U.S. for overseas warehouse operations [4]. Group 4: Product Innovation and Market Dynamics - The global smart pet products market reached $4.2 billion in 2023, with the U.S. being the largest market, where over half of American adults purchase smart devices for pets [6]. - Despite initial success, the market for smart pet products is becoming increasingly competitive, with a significant rise in similar products leading to price compression [7]. - The penetration rate of smart pet products in the U.S. is currently below 20%, indicating limited acceptance of these products among consumers [7]. Group 5: Brand Development and Consumer Behavior - The pet supplies market has a low concentration ratio, with the top five companies holding only 15.2% of the market share, creating opportunities for new entrants [9]. - Building brand awareness and customer loyalty through product quality and service is essential for long-term success, as pet supplies typically have lower repurchase rates compared to pet food [10][11]. - New consumer brands are focusing on establishing their own independent platforms and building brand influence before negotiating with large retail chains [11].

Core Viewpoint - The recent announcement by the Shanghai Medical Insurance Bureau regarding the adjustment of coronary stent reimbursement standards is expected to provide new ideas for diversified payment methods in the industry [1][5]. Group 1: Policy Changes - The new reimbursement rules categorize coronary stents into three payment categories: full reimbursement for selected products, a reduced maximum payment for non-selected products, and a percentage payment for products outside the selection [1][5]. - The policy aims to create a competitive environment for high-value innovative devices alongside selected products, potentially increasing their market presence [1][5]. Group 2: Market Impact - The shift in policy is seen as beneficial for non-selected products, allowing hospitals more freedom to use them after fulfilling procurement obligations for selected products [2][5]. - The coronary stent market has experienced significant price reductions due to centralized procurement, with average prices dropping from approximately 13,000 yuan to around 700 yuan [3][4]. Group 3: Industry Dynamics - The coronary intervention medical device sector is highly competitive, with domestic and international companies vying for market share through technological advancements and product offerings [6][7]. - Companies like Sientra have reported substantial growth in sales of their stent products, indicating a positive response to the new procurement policies [6][7]. Group 4: Future Outlook - The industry is expected to focus on innovation and international expansion as key strategies for growth, with companies exploring new business models and enhancing product lines [7][8]. - The global medical device market is substantial, with opportunities for Chinese companies to expand their presence internationally, driven by policy adjustments and technological advancements [8].

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the gaming sector with expectations of outperforming the benchmark index [4]. Core Insights - In June 2025, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, showing a significant increase compared to the same period in 2024, which is expected to boost market confidence in the gaming industry [4]. - Key games approved include titles from major companies such as Tencent, NetEase, and Giant Network, which are anticipated to contribute positively to their financial performance [4]. - The report highlights the strong performance of several companies, including Tencent's long-standing games, Giant Network's new releases, and the proactive measures taken by companies like Kaiying Network in AI gaming [4]. Company Summaries - **Kaiying Network**: Market cap of 37.5 billion, with a 2025 EPS forecast of 0.98 and a strong recommendation rating [2]. - **Giant Network**: Market cap of 41.4 billion, with a 2025 EPS forecast of 0.84 and a strong recommendation rating [2]. - **Yaoji Technology**: Market cap of 11.2 billion, with a 2025 EPS forecast of 1.79 and a strong recommendation rating [2]. - **Shenzhou Taiyue**: Market cap of 22.1 billion, with a 2025 EPS forecast of 0.65 and a strong recommendation rating [2]. - **G-bits**: Market cap of 19.8 billion, with a 2025 EPS forecast of 14.80 and a strong recommendation rating [2]. Industry Scale - The gaming industry consists of 161 listed companies, with a total market capitalization of 1,740.9 billion and a circulating market capitalization of 1,580.9 billion [2]. Industry Index Performance - The absolute performance of the industry over the last 12 months is 42.6%, indicating strong growth [3]. - Relative performance metrics show positive trends, with expectations of continued growth in the coming months [3]. Related Reports - The report references several related analyses that discuss ongoing trends and performance in the gaming sector, highlighting the continuous improvement in revenue and the emergence of new gaming titles [3].

绿源的成功源于以"庖丁解牛"的精准创新，直击产业痛点与用户需求。面对电动两轮车行业从增量市场 转向存量竞争的现状，倪捷指出："点石成金的时代结束，行业必须回归产品本质。"在同行追逐功能堆 砌和概念炒作时，绿源保持了难得的务实态度。 绿源提出的"全场景轻出行"战略，是基于对用户多样化需求的深入洞察。这一战略捕捉了上下班通勤之 外的接送孩童、宠物出行、即时配送、短途休闲等多种"中短途、中低速、中低负载"轻出行场景。这种 场景化思维，将庞杂需求条分缕析：针对电机寿命短，首创液冷电机技术并承诺十年质保，大幅提升耐 用性；针对刹车磨损快、安全隐患大，研发陶瓷刹车并承诺三年质保，显著提升安全基准；针对用 户"里程焦虑"，突破SOC精准电量显示技术，让剩余里程一目了然。 这种聚焦实际问题的创新方式，为中国制造业突破瓶颈提供了启示：真正的技术突破不在于参数竞争， 而在于能否解决用户的实际问题。 7月2日，《新华社》刊发对绿源集团创始人、董事局主席倪捷的专访，回顾了这家民族企业28年来深耕 实业、以技术突破实现成长的历程。从金华一家小厂发展到行业标杆企业，绿源的成长轨迹反映了中国 制造业从规模扩张到质量提升的转变过程。这家企业 ...