整理丨赵晓晓 本周（2024.04.21-2025.04.27）出海大事件包括 ：TikTok削弱美国高管权力，将电商业务进一步集中 于中国管理层；越南工贸部拟向Temu、SHEIN等平台发放运营许可证；SHEIN澳洲年销售额突破10 亿澳元；TikTok Shop计划进军日本；蚂蚁拟斥资28.1亿港元，要约收购香港券商耀才证券；字节跳 动据报考虑在巴西建设大型数据中心；京东物流连开韩国仁川、利川两大海外仓；日版"大众点 评"Tabelog登陆微信小程序；特朗普会见沃尔玛、塔吉特等零售商讨论关税；美国施压印度，要求全 面开放电商市场以达成贸易协议等。 出海四小龙 TikTok削弱美国高管权力，将电商业务进一步集中于中国管理层 据报道，TikTok Shop美国业务负责人Nico Le Bourgeois将被纳入木青的管理之下， Le Bourgeois还 将继续负责与美国本地商家的合作事务，但要向木青汇报。 木青此前是抖音电商副总裁，最近接管了TikTok美国电商的多个核心团队，包括创作者合作和代理商 关系团队，如今还将全面接管美国运营。Le Bourgeois于2023年加入TikTok，最初他与前Meta ...

Core Viewpoint - The kitchen small appliance industry is experiencing significant performance differentiation among companies, driven by varying progress in diversification and internationalization [1] Market Trends - The "stay-at-home economy" boosted kitchen small appliance sales in 2020-2021, but demand has since slowed, leading to a decline in sales in 2022 [2] - In 2023, some brands like Bear Electric and Supor saw sales recover due to new live-streaming e-commerce channels, but others continued to experience declines [2] - The overall retail sales of kitchen small appliances reached 60.9 billion yuan last year, a year-on-year decrease of 0.8% [2] - There is a notable price decline in the small appliance sector, attributed to weakened market demand and intense price competition [2][3] International Expansion - To overcome growth challenges, small appliance companies are increasingly looking to international markets, with exports showing positive trends [4] - In the past year, kitchen small appliance exports reached 19.9 billion USD, a year-on-year increase of 9.1% [4] - Supor's domestic revenue fell by 1.21% to 14.925 billion yuan, while foreign trade revenue grew by 21.07% to 7.502 billion yuan [4] - New Treasure and Bear Electric also reported declines in domestic revenue but increases in foreign revenue [4] Competitive Landscape - The small appliance industry is characterized by intense competition, with companies needing to innovate and adapt to survive [5] - Analysts note that the domestic market is largely saturated, prompting companies to seek growth in overseas markets [5] Product Innovation - Companies are focusing on rapid product iteration to meet changing consumer demands, with some launching over 80 new products annually [6] - The unique attributes of small appliances require manufacturers to quickly adapt to consumer preferences and trends [7] - There is a shift from single-function products to multi-functional product development to enhance value and growth potential [7][8] Consumer Preferences - Consumers are increasingly willing to pay for smart appliances with practical functions, indicating a trend towards mid-to-high-end products [8]

点击图片▲立即收听 " 中东有着我们 30 年前的人口结构， 15 年前的发展水平， 15 年后的收入水平。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这几日，广交会二期正在如火如荼地进行，我们实地走访了第一期后发现：在近17万名境外采购商中，来自中东地区的采购商占比14.3%，一举超 过欧美国家的10.5%，成为本届广交会"最积极下订单"的区域之一。 一个来自上海的自动化设备供应商告诉我们，他们的客户主要集中在印度、中东、非洲、东南亚、土耳其等市场，欧美已经不再是"默认主场"。 与此同时，在上海国际车展的现场，中东买家"榜一大哥"的身影也明显增多。媒体报道称，这些来自沙特、阿联酋等国的土豪们，最爱买的不是奔 驰宝马，而是中国国产车。有沙特友人透露，他们国家50%—60%的车都是中国品牌，国王开的也是。 中东，正在成为中国企业全球化新地图上最被低估的一块"高价值地带"。 自4月2日特朗普挑起关税战以来，越来越多中国企业开始重新思考出海的路径：美国不稳、东南亚内卷、印度不好搞，那还有哪里值得试？ 很多人这才发现，过去我们谈出海总是盯着东南亚，但真正具备增量红利、政策热情和购买力三位一体的地区，或许恰恰是那个 ...

Group 1 - The core viewpoint of the article discusses the challenges and opportunities faced by Chinese lending institutions expanding overseas, particularly in high-interest and high-default-rate markets like Indonesia and Mexico, leading to some institutions exiting or adjusting their strategies [2]. Group 2 - The article highlights the competitive landscape in overseas lending, emphasizing the intense competition in markets such as Indonesia and Mexico, which has resulted in varying degrees of success for different institutions [2]. - It notes that while some institutions have faced setbacks, others have managed to achieve significant profits, indicating a mixed outcome for Chinese lenders in international markets [2].

Group 1 - The article discusses the strategic importance of overseas expansion for companies, emphasizing the need to find the right locations for business operations [2] - It highlights the increasing trend of Chinese companies, particularly in the automotive and technology sectors, to establish research and development centers in Europe to enhance their global competitiveness [3][12] - The article notes the significant growth in revenue for companies like Pop Mart, with a reported increase of 165%-170% year-on-year in Q1 2025, driven by both domestic and international markets [15] Group 2 - The article outlines the challenges faced by the automotive industry in the U.S., where six major organizations have united to oppose the imposition of tariffs on imported auto parts, citing potential disruptions to the supply chain [12] - It mentions the ambitious plans of companies like BYD and NIO to expand their presence in international markets, with BYD targeting 550,000 vehicle sales by 2025, including 80,000 in overseas markets [12][13] - The article also discusses the emergence of new insurance products, such as the "cross-border e-commerce insurance" launched in Shenzhen, aimed at supporting local businesses in navigating international trade [11]

Core Insights - The influencer economy is experiencing a significant slowdown in growth due to macroeconomic pressures and the peak of traffic dividends, with the industry market size reaching 6.4 trillion yuan in 2023, a year-on-year growth of 18.3%, down from 48% in 2021 [1][2] - Tianxiexiu, a leading company in the influencer economy, reported a revenue of 4.066 billion yuan and a net profit of 51 million yuan for 2024, demonstrating strong operational resilience in a complex market environment [1][2] Industry Overview - The influencer economy is transitioning from rapid growth to refined operations, with the market size expected to exceed 8 trillion yuan by 2025, indicating continuous growth despite a slowdown in growth rates [2][3] - The number of registered merchants on Tianxiexiu's WEIQ platform reached 208,200, and the number of influencers increased to 3.464 million, with professional influencers growing by 44.7% year-on-year [2][3] Business Strategy - Tianxiexiu is enhancing its core business through the WEIQ influencer marketing platform, which has achieved key breakthroughs in connecting supply and demand, reflecting the increasing aggregation effect of leading companies in the influencer economy [2][3] - The company is leveraging AI technology to improve data and content services, creating a virtuous cycle that supports efficient service for small and medium-sized businesses [4][5] Technological Innovation - Tianxiexiu has introduced API technology to integrate its self-developed influencer placement platform with ByteDance's platforms, exploring new paths for technological collaboration [3] - The company's AIGC product "Linggan Island" has established three differentiated advantages, including a vast marketing database, a functional matrix for content creators and businesses, and compliance certifications [4][5] Global Expansion - The global influencer marketing market is projected to grow rapidly, reaching $32.55 billion by 2025, with Tianxiexiu's overseas marketing strategy focusing on both "technology output" and "resource integration" [5] - The company has launched Japanese and English versions of Linggan Island to support cross-border marketing, while its Japanese subsidiary has obtained cross-border agency qualifications [5]

"上次印尼工人来给我们公司装修，带着吉他，中午时，他们在工地边唱边跳，载歌载舞。他们是娱乐第一，工作第二。"在首都雅加达，一位中国创业者 告诉我，这是印尼人的日常。 印尼人口2.8亿，排名第四，是人口数量最多的穆斯林国家，世界第7大经济体。但是因为之前的社会动荡和风波，这对大多数中国人来说，是一个很熟悉 的陌生国家。 2025年，我前往印尼，历经约1个月时间，在印尼雅加达泗水巴厘岛等地，和超过10位来自中国的创业者深聊。他们分布在地产、消费、教培、线下娱 乐、自媒体、制造等多个行业。一起交流包括印尼的机会、陷阱、政策、人文、趋势等。 一、印尼的中国企业爆发 | 阶段 | 时间 | 核心产业 | 代表企业 | | --- | --- | --- | --- | | 资源开发 | 1990-2006 | 矿产、石油 | 中海油、中矿集团 | | 产业转移 | 2007-2013 | 纺织、家电 | 海尔、青山控股、申洲国际 | | 高速增长 | 2014-2021 | 电子、物流 | OPPO、lalamove、极兔快递 | | 数字经济 | 2022-现在 | 电商、消费 | Tik Tok、蜜雪冰城 | | ...

Core Insights - BYD has launched three new high-end models under its brands Yangwang, Tengshi, and Fangchengbao, aiming to establish itself as a global automotive leader through technological innovation and market expansion [1][3] - In 2024, BYD surpassed SAIC Motor to become the domestic sales champion and overtook Tesla to lead global electric vehicle sales, with ambitions to become the "Toyota" of the global EV market [1][2] Brand Development - BYD's strategy for high-end brand development mirrors Toyota's approach with Lexus, focusing on technological differentiation and premium pricing [2] - The Tengshi brand was established in collaboration with Daimler in 2010, marking BYD's initial foray into the high-end market, followed by the launch of Yangwang and Fangchengbao in 2023 [3][4] Market Positioning - BYD's three high-end brands target different market segments: Tengshi and Fangchengbao focus on the 300,000-500,000 RMB range, while Yangwang aims for the ultra-luxury market above 1 million RMB [4][7] - The company has established a strong leadership position in the sub-200,000 RMB market, but is now shifting focus to high-end and international markets for profit growth [4][6] Financial Performance - BYD's estimated profit per vehicle is approximately 8,500 RMB, compared to Tesla's 29,000 RMB, indicating a need for higher-margin products to enhance profitability [5] - The recent launch of the Tengshi N9 at a lower price point aims to capture market share amidst competitive pressures from other brands [6][8] Strategic Challenges - BYD faces challenges in brand recognition and market positioning, with current brand awareness for Tengshi at only 60% [5][9] - The company is adopting a volume-driven strategy, with the Tengshi N9 being sold at a loss to build market presence and support long-term growth [8][9] Supply Chain Dynamics - Rapid growth is essential for BYD to maintain supplier relationships and manage supply chain pressures, highlighting the importance of scaling production [9]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the upcoming launch of S086, a hypertension treatment, which is expected to have significant market potential. The company Sinopharm is highlighted as a key recommendation [3][8] - The report suggests that the pharmaceutical sector is poised for growth due to several factors, including innovation, international expansion, and an aging population. It also notes that the industry has completed a transition from old to new growth drivers [20][39] Summary by Sections 1. S086 - S086, developed by Sinopharm, is the second ARNI drug to enter clinical trials globally, with a significant market potential due to the high prevalence of hypertension in China [12][13] - The drug has shown superior efficacy in clinical trials, particularly in managing nighttime blood pressure and reducing uric acid levels, which positions it favorably against competitors like Novartis' Entresto [12][13] 2. Industry Perspective - The pharmaceutical index has shown a decline of 0.36% from April 14 to April 18, with a year-to-date decline of 1.45%. The report notes that the sector is experiencing a mixed performance with both rising and falling stocks [20][25] - The report identifies key investment themes: innovation, international expansion, and the impact of an aging population on healthcare demand [20][39] 3. Investment Recommendations - The report recommends focusing on innovative pharmaceutical companies and medical devices, particularly those with strong international growth potential and those benefiting from domestic policy support [39][41] - Specific companies highlighted for investment include Sinopharm, Hengrui Medicine, and Kelun Pharmaceutical, among others [39][42]

Investment Rating - The industry investment rating is "Outperform the Market" [1][50]. Core Insights - Eli Lilly's first oral small molecule GLP-1 drug, Orforglipron, has successfully completed Phase 3 clinical trials, which is expected to change the landscape of weight loss medications [3][4]. - The ACHIEVE-1 trial showed that Orforglipron significantly reduced HbA1c levels by 1.3% to 1.6% from a baseline of 8.0% after 40 weeks, with over 65% of patients achieving HbA1c levels ≤6.5% [3][4]. - Patients receiving the highest dose of Orforglipron lost an average of 7.3 kg, indicating potential for further weight loss [4]. - Eli Lilly plans to submit a global application for Orforglipron for weight management by the end of this year and for type 2 diabetes treatment in 2026 [4][5]. Summary by Sections Industry Overview - The successful Phase 3 trial of Orforglipron positions it as a potential second oral GLP-1 drug in the U.S., following Novo Nordisk's Rybelsus [5]. Investment Strategy - Focus on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [7]. - Recommended companies include innovative drug developers and those with strong overseas market potential [7]. Key Companies to Watch - **Nocera Health**: Expected to achieve over 1 billion yuan in revenue from its core product, with a projected 49% year-on-year growth [8]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [11]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [13]. - **Aier Eye Hospital**: Benefiting from increasing demand in ophthalmology and ongoing overseas expansion [22]. Market Performance - The pharmaceutical sector saw a decline of 0.36% last week, while the broader market index rose by 0.59% [25][36].