| 2025年5月29日星期四| 天眼查知识产权信息显示，近日，华为技术有限公司将"尚界"商标转让给上汽集团（600104）。该商标 申请于2023年11月，国际分类为运输工具，当前该商标已成功注册。今年2月，上汽集团与华为签订深 度合作协议，联合推出全新品牌"SAIC尚界"。这是继问界、智界、享界、尊界之后，鸿蒙智行家族的 第五"界"，定位中高端智能电动汽车，首款车型预计今年秋季上市。 5月28日，有消息称，长安汽车（000625）新任命了两名产品CEO，分别管理引力、启源两个品牌。担 任启源产品CEO的是原长安启源市场部总经理狄智睿，引力的产品CEO则是原本担任引力市场部总经理 的袁志雄。二人都向长安汽车执行副总裁叶沛汇报。长安汽车方面向《每日经济新闻》记者确认了上述 人事调整。据记者获悉，在此次任命之前，主管营销业务的狄智睿与袁志雄已分别参与启源和引力的产 品定义以及产品策划的决策。 点评：长安汽车新设产品CEO职位，标志着其在品牌战略与产品开发方面的决策调整。这一举措旨在加 强引力与启源品牌的市场定位与竞争力，将更加注重产品创新与市场需求的匹配。此动向可能在长安内 部推动更为灵活的管理模式，并对整个汽 ...

Summary of Water Sheep Co. Conference Call Company Overview - **Company**: Water Sheep Co. (水羊股份) - **Core Brand**: Yi Fan (一帆单品) - **Industry**: Beauty and Personal Care Key Points Performance and Growth Expectations - Yi Fan single product did not meet expectations in 2024, but Q1 2025 shows recovery with expected growth of over 10% year-on-year, aiming for an annual growth rate exceeding 20% [2][5] - Profit margins are expected to improve year-on-year due to optimized marketing strategies, shifting from celebrity endorsements to other advertising methods [2][4] Product Diversification - The company is expanding its product categories, moving from reliance on CP series (60%-70% of sales) to include new categories like sunscreen and creams, which are performing well [2][6] - This diversification is seen as a way to mitigate risks and enhance overall profitability [2] Offline Channel Development - Water Sheep Co. is investing heavily in offline channels, which currently account for about 10% of sales, with plans for continued expansion [2][7] - New stores, such as the Zhang Yuan image store and locations in SKP and Wulin Yintai, have been profitable, with expectations for offline channel growth exceeding 20% for the year [2][7] Brand Strategy and Performance - The Yuni Fang brand experienced a decline in 2024 but is being repositioned for 2025, targeting lower-tier markets with promising early results indicating a significant reduction in losses, potentially achieving breakeven [2][8] - The PA brand has completed global ownership acquisition and is positioned in the light luxury segment, with good brand assets and potential for revenue growth in 2025 [2][9] - RV brand has already generated profits, and the company plans to refine its positioning and develop products suited for Chinese consumers [2][9] Agency Business Insights - The agency business generated approximately 2.6 billion yuan in revenue in 2024, impacted by the spin-off of Johnson & Johnson's health division, leading to a decline in related agency business [2][10] - Despite a decrease in agency revenue, the introduction of new brands has stabilized overall income, with a net profit margin of about 3% [2][10] Overall Financial Outlook - The company anticipates a significant rebound in profits for 2025, with expectations of reaching over 200 million yuan in profit, supported by the recovery of various brands [2][3][11] - Water Sheep Co. is currently valued relatively low in the beauty industry, presenting a high safety margin and potential for investors [2][14] Emerging Brands and Market Trends - The Misty Bright Drink brand has shown excellent sales performance on Douyin, with potential positive contributions to overall profits if sales continue to grow [2][13] - Smaller brands like VAA and HBS are also showing promising trends, contributing to the overall improvement in company performance as they mature [2][9] Conclusion Water Sheep Co. is strategically repositioning its brands and diversifying its product offerings while expanding its offline presence. The company is expected to recover from previous losses and achieve significant profit growth in 2025, making it an attractive investment opportunity in the beauty and personal care sector.

作 者丨柳宁馨 实习生王梓欣 编 辑丨周上祺 5月12日关税调整后，志鹏店铺的老客户Khurana一口气又补货了近2万元的仿真花，她是一家 美国婚庆公司的员工，下单的同时她告诉志鹏，"不用担心，生活永远都需要花朵。" 海外618还没启动，速卖通Aliexpress平台上一家主营婚庆仿真花的广东商家志鹏迎来了一轮 小爆发——不到一周时间，来自美国的客户已经在他的店铺买走了60万元的婚庆用仿真花。 志鹏在美国婚庆市场深耕多年，积累了大量的客户，既有美国当地的婚庆公司、婚礼策划师等 小型批发类客户，也有筹备婚礼的新人们。 无论关税如何，生意总要继续做。 在志鹏看来，尽管关税上调带来了一定的成本压力，但多年积累的老客户并没有流失。 2 1世纪经济报道记者近期走访消费电子、家居用品、毛绒玩具等多个消费品细分 行业了解到，主要市场在美国、供应链较为单一在中国的企业明显感受到对美订 单的下滑和重启；市场多元化布局、已布局海外产能的企业则表示，美国关税变 化对企业影响不大。 加码俄罗斯与欧洲市场 据新华社消息，5月12日以来，中美双方大幅调整关税，也留下了90天的窗口期。 需要关注的是， 在世界贸易大变局下，中国企业考虑的不 ...

2025 年 5 月，三只松鼠在全域生态大会上宣布推出卫生巾品牌 "她至美"，这已是其半年内第 5 次跨界 动作 —— 从宠物食品 "金牌奶爸" 到精酿啤酒 "孙猴王"，从咖啡 "第二大脑" 到预制菜 "围裙阿姨"，这 家曾经的 "坚果第一股" 正以激进姿态切入 9 大全新赛道。 尽管战略成效显著，三只松鼠的跨界之路仍需警惕三大隐忧： 在 2024 年营收重回百亿之后，这家零食巨头的频繁跨界究竟意味着什么。 战略破局：全品类布局的底层逻辑与阶段性成效 随着零食行业增速下滑，三只松鼠正通过 "全品类消费品牌" 战略构建增长护城河。2024 年财报显示， 其营收同比增长 49.3% 至 106.22 亿元，核心驱动来自三方面： 一是线上渠道结构优化与抖音爆发。线上渠道贡献 74.07 亿元营收（占比 69.7%），其中抖音渠道成为 最大增量来源，全年抖音收入达 21.88 亿元，同比激增 81.73%，这一增长源于 "内容大单品" 策略。 二是线下分销整合与量贩模式突破。线下分销收入同比增长 80% 至 26.41 亿元，占总营收 24.9%。新推 出的 "一分利便利店" 采用 "40% 自有品牌 + 30% 大 ...

Core Viewpoint - The company HuTongDa Network (09878) is experiencing significant growth driven by its self-owned brand strategy and the launch of its energy-efficient air conditioning products under the brand "AltiSha" [1][2] Group 1: Company Performance - HuTongDa's stock price increased by 4.45%, reaching 18.3 HKD with a trading volume of 37.49 million HKD [1] - The AltiSha brand's new product line, the Fengshen series of energy-saving air conditioners, has seen a sales surge, particularly during the 618 e-commerce promotion, with order volume increasing by over 100% year-on-year [1] Group 2: Product and Market Strategy - The Fengshen series air conditioners exceed national energy efficiency standards by over 15%, catering to consumer demand for energy-saving appliances [1] - The AltiSha brand has achieved over 10,000 overseas orders, marking a breakthrough in international markets, with plans to expand into Eastern Europe and Middle Eastern countries [2] - The rapid growth of AltiSha in both domestic and international markets aligns with HuTongDa's "one main, two auxiliary" strategy, focusing on lower-tier market services and cross-border e-commerce [2]

Group 1 - The SIAL International Food Exhibition recently held in Shanghai attracted over 5,000 exhibitors from 75 countries and regions, showcasing the latest trends and products in the food and beverage industry [1] - Salted Fish, a leading domestic snack food company, presented several new sweet products at the exhibition, including collaborations with various brands [1] - The Chinese baking market is expected to see a trend towards combining health and taste by 2025, with a shift from "delicious" to "healthy eating" [1] Group 2 - The new products showcased by Salted Fish incorporate multiple technological innovations, such as a new generation of toast production lines and upgraded equipment to enhance flavor and texture [2] - In 2023, Salted Fish initiated a category brand strategy, establishing three business units focused on spicy, sweet, and healthy products, resulting in significant revenue growth [4] - The company achieved a revenue of 5.304 billion yuan in 2024, representing a year-on-year increase of 28.89%, and reported a revenue of 1.537 billion yuan in the first quarter of 2025, a 25.69% increase compared to the same period last year [4]

Core Viewpoint - The news reports that L'Oréal's acquisition of Stylenanda and its brand 3CE is facing challenges, including layoffs and speculation about exiting the South Korean market, although L'Oréal denies these claims [1][3][9]. Group 1: Company Performance and Strategy - Stylenanda initiated a voluntary retirement plan for employees related to the 3CE brand, indicating a contraction in its beauty segment after exiting the clothing business in 2024 [3][9]. - 3CE's revenue peaked in 2019 at 269.5 billion KRW (approximately 1.4 billion RMB), but has seen a steady decline in revenue from 2020 to 2024 [7][9]. - L'Oréal's official statement claims that 3CE has achieved double-digit growth in the South Korean market for three consecutive years, contradicting reports of its decline [9][23]. Group 2: Market Position and Competition - 3CE is reported to be the number one Korean beauty brand globally in 2023 and 2024, despite challenges in the South Korean market [10][23]. - The brand has expanded its presence in Southeast Asia and plans to re-enter the Japanese market in fall 2024, indicating a strategy to diversify its market presence [10][23]. - The competitive landscape in South Korea has intensified, with local brands gaining market share, which may impact 3CE's performance [20][23]. Group 3: Historical Context and Future Outlook - L'Oréal acquired Stylenanda in 2018 for approximately 400 billion KRW (about 2.1 billion RMB), but the exact ownership structure remains somewhat unclear [22][23]. - Previous exits of other L'Oréal brands from the South Korean market, such as Maybelline and Shu Uemura, raise concerns about the sustainability of international brands in this market [15][18]. - The future trajectory of 3CE will depend on L'Oréal's strategic decisions and its ability to adapt to changing consumer preferences and market dynamics [23].

来源丨 深响 （ID： deep-echo ） 深响 . 挖掘增长密码，探解生意本质。 以下文章来源于深响 ，作者深响 作者丨 林之柏 图源丨 midjourney 最近的奢侈品行业波诡云谲，几个顶尖奢侈品集团的高层更迭尤为频繁。 LVMH集团内部进行了一场"乾坤大挪移"，顶奢羊绒品牌诺悠翩雅的CEO调任路易威登副CEO，钟表 部门CEO接任诺悠翩雅CEO，芬迪CEO改任迪奥副CEO；开云集团在今年年初分别为圣罗兰和巴黎 世家找来了新CEO。 高层频繁调整，固然体现了企业主动求变的决心。但这背后，或许还有不得不变的压力与焦虑——从 近期业绩来看，大家的处境都不容乐观： 爱马仕增速较去年同期下滑10个百分点； 开云集团录得双位数跌幅，Gucci销售额已连跌五个季度； LVMH集团的销售额远不及市场预期，其中酒水业务收入大跌； 利润暴跌94%的Burberry则在发财报当天宣布裁掉全球约五分之一的员工，希望能在2027财年 节省6000万英镑开销。 据麦肯锡统计，从2019年至2024年期间，奢侈品行业的经济利润增长了近三倍。这主要由于多数品 牌执行了提价策略——在经历了数年仅1%-2%的涨价后，从2019-20 ...

据外媒5月18日报道，大众汽车公司宣布了一项重要的命名体系调整计划。从2026年开始，大众汽车将逐步淘汰其电动汽车产品线中使用的"ID"前缀命名体 系。如ID.2可能改名为"Polo"，ID.1预计2027年发布，名称可能借鉴"Lupo""Fox""Up!"等。 大众汽车相关负责人表示，此次调整是为了更好地适应市场趋势和消费者需求，进一步提升品牌在全球市场的竞争力。未来，大众汽车将采用更加简洁、直 观的命名方式，以更好地传达产品的核心价值和特点。 这一调整计划引发了业界的广泛关注。有分析人士认为，大众汽车的这一举措可能是为了在日益激烈的市场竞争中，进一步优化品牌形象和产品定位。同 时，这也可能预示着大众汽车在电动汽车领域的战略重心将发生一定的变化。 大众汽车作为全球知名的汽车制造商，在汽车行业的变革浪潮中一直扮演着重要角色。此次命名体系的调整，无疑将对其未来的发展产生深远影响。我们将 持续关注大众汽车的最新动态，以及这一调整计划对其市场表现和品牌建设带来的变化。 数据显示，在一众合资车企中国，大众中国销量位居国内第一，一汽大众（含奥迪等品牌数据）、上汽大众4月销量分别为11.34万辆、8.25万辆，合计销量 ...

以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者：苏打 在稍早前，「明亮公司」再次对话了太力科技的唯一外部投资机构栈道资本创始人、董事长吴志伟。 招股书显示， 2021年，栈道资本相关主体入股太力科技，持股比例2.46%。吴志伟表示，太力科技 作收纳领域的头部公司，对于资本的需求并不强，而栈道资本通过对企业品牌的战略定位，其建议得 到了市场的验证。 "我们将太力科技定位为高端家居收纳的领导者，同时结合其产品在航空航天领域的应用来做背书。 结合以上的方向，当时重点建议公司做电商渠道的转型，这是一个很重要的战略决策。"吴志伟说。 栈道资本将整个消费品类划分成五个不同的类型 ——成瘾性产品、社交品、信任品、刚需品、软需 品。 吴志伟表示，以上五个类型，做品牌的难度是依次递增的。比如白酒、香烟等成瘾性产品，做品牌难 度相对比较低；而 "软需类"的产品，比如百货类，首先不属于高频刚需消费，是一个相对低频次的 消费，就比较难（做品牌）。 无论是我们之前投的筷子品牌双枪科技 (001211.SZ) ，还是太力科技 的收纳品，在日用板块中还是相对低频的品类。 第 ...