人民日报记者 杨迅 上半年，国内生产总值同比增长5.3%，比去年同期提高0.3个百分点。"我国经济基础稳、优势多、 韧性强、潜能大，长期向好的支撑条件和基本趋势没有变"。 这样的判断，可以从经济运行的细微之处找到依据：走进一家卖场，从一块智能手表看消费新变 化；走进一座工厂，从一台工业机器人看制造业转型升级；走进一家外贸企业，看跨境电商如何拓渠道 稳订单……管中窥豹，见微知著，今起，人民日报推出"年中经济微观察"系列报道，透过鲜活个案观察 上半年中国经济的动力与活力。 ——编者 "这款手表的特色功能是血压异常时自动预警。" "顾客询问手表一键微体检功能的操作步骤时，要这样回答……" "这款手表国补后能省448元，要和顾客说清楚。" 上午9时，在湖南长沙万象城华为智能生活馆，晨会上，店内销售吴倩正与其他店员模拟消费者选 购时的场景，反复确认几款智能手表的运动、健康监测功能。 "向顾客解释好健康功能和补贴政策是考核的重点。"吴倩翻开培训手册，上面密密麻麻地写着"健 康监测功能介绍""运动功能展示""补贴申请流程""常见问题解答"…… 一对中年夫妇来到店里，丈夫王宇程拿起手环、手表，逐一试戴；他的妻子比对不同颜色的 ...

Economic Overview - China's GDP grew by 5.3% year-on-year in the first half of the year, an increase of 0.3 percentage points compared to the same period last year, indicating a stable economic foundation and strong resilience [1] Consumer Behavior - The introduction of a trade-in policy has stimulated a trend towards health-focused consumption, with consumers increasingly inquiring about health monitoring features in smart devices [2][6] - Sales staff are now required to be well-versed in health monitoring functions and subsidy policies to effectively assist customers [6] Product Demand - There is a notable increase in demand for smart wearables, particularly those with health monitoring capabilities, as evidenced by a 70% inquiry rate for blood pressure monitoring features among customers [2][6] - The store sold over 400 smart devices in June alone, reflecting a growing consumer interest in health management through technology [5][6] Market Dynamics - The policy to encourage trade-ins has expanded to include various digital products, leading to over 69 million consumers purchasing more than 74 million digital items this year [6] - The market is witnessing a shift where consumers prioritize health monitoring features over traditional concerns like battery life and price [6][7] Sales Strategy - Retailers are adapting their sales strategies by increasing training sessions for staff to focus on health data interpretation and ensuring customers are aware of available subsidies [6][7] - The collaboration between manufacturers and healthcare institutions is enhancing the accuracy of health monitoring features in smart devices [6]

Economic Overview - China's GDP grew by 5.3% year-on-year in the first half of the year, an increase of 0.3 percentage points compared to the same period last year, indicating a stable economic foundation and strong resilience [1] Consumer Behavior - The introduction of a trade-in policy for consumer goods has stimulated a trend towards health-focused consumption, particularly in the smart wearable device market [2][6] - Consumers are increasingly interested in health monitoring features, such as blood pressure and oxygen saturation, alongside traditional concerns like battery life and price [6][7] Sales Performance - In June alone, a store sold over 400 smart watches and bands, highlighting the effectiveness of the subsidy policies in driving sales [5][6] - More than 69 million consumers purchased over 74 million digital products this year, reflecting a significant uptick in demand [6] Product and Service Upgrades - Retailers are enhancing their training programs to ensure staff are knowledgeable about health monitoring features and subsidy details, shifting from basic product knowledge to health data interpretation [6][7] - Smart wearable devices are evolving, with lower-priced models meeting basic needs and higher-end models focusing on health management, often in collaboration with medical institutions to improve monitoring accuracy [6]

Core Insights - The consumer goods market is undergoing significant transformation driven by changing shopping habits, brand loyalty erosion, and a focus on health and sustainability [1][4][5] Consumer Sentiment - In the US, consumer confidence rose to 108.7 in October 2024, with 76% of consumers opting for cheaper alternatives while 42% plan to splurge on experiences [2][19] - European consumers are more cautious, with only 16% remaining loyal to specific brands, while 66% prioritize quality and 59% are influenced by price promotions [2][20][21] Key Consumer Trends - Health and wellness consumption is booming, with the global wellness market reaching $1.8 trillion, and 82% of American consumers prioritizing health in their daily lives [4][22][23] - Brand loyalty is declining, with 60% of US consumers and 53% of Europeans only purchasing branded products when on sale, and 38% not returning to brands after trying private labels [4][25][26] - Sustainability remains important, with 85% of consumers feeling climate change impacts, but affordability is becoming a priority, leading to a decline in willingness to pay a premium for sustainable products [5][28][30] Social Commerce and Direct-to-Consumer Models - Social commerce is rapidly growing, with US sales projected to reach $145 billion by 2027, driven by Gen Z and Millennials who are four times more likely to shop on social platforms [6][34] - Direct-to-consumer (D2C) strategies are increasingly adopted by brands to connect directly with consumers, allowing for better control over pricing and messaging [6][37][39] Marketing Strategies - Brands need to adopt micro-targeting and personalization strategies, leveraging AI and data analytics to create tailored consumer experiences [7][46] - Integrating wellness into product offerings and loyalty programs is essential to resonate with health-conscious consumers [7][54][57] Future Outlook - The consumer market is expected to evolve towards more immersive and emotionally connected experiences, with technology playing a key role in shaping consumer interactions [10][9]

Overview - The demand for powdered fats, specifically plant-based creamers, is rapidly increasing in China due to the growth of downstream markets such as milk tea, coffee, and baked goods [1][11] - However, there is a notable decline in demand projected for 2024, with consumption expected to drop to 705,300 tons and market size to 7.406 billion yuan, driven by rising health consciousness among consumers [1][11] - High-end categories such as cold-soluble creamers, zero trans-fat products, and functional creamers are anticipated to become the main growth engines in the industry [1][11] Market Policy - The plant-based creamer industry is classified under the manufacturing sector, specifically in food manufacturing, and is subject to strict regulations to ensure food safety and quality [4][6] - Recent policies have focused on enhancing food safety supervision and promoting high-quality development within the industry [4][6] Industry Chain - The upstream of the plant-based creamer industry includes suppliers of raw materials like edible vegetable oils, glucose syrup, and milk powder, as well as suppliers of emulsifiers and stabilizers [7] - The midstream involves the production and manufacturing of creamers, while the downstream encompasses application markets including milk tea, coffee, and baked goods [7] Market Demand - Milk tea is the largest consumer market for plant-based creamers in China, accounting for over 50% of the market share [9] - The rapid growth of the ready-to-drink milk tea market has led to increased demand for creamers, which provide a smooth texture and rich flavor [9] - As health awareness rises, there is a shift towards low-sugar and low-fat options, prompting manufacturers to innovate and develop healthier products [9][11] Competitive Landscape - The market concentration has increased, with leading companies like Jiahe Food, Nestlé, and Super Group dominating the market [13][15] - Jiahe Food holds the largest market share, with its Jinghua brand being a well-known name in the plant-based creamer sector [13][16] - Nestlé leverages its international brand influence and extensive distribution channels to maintain a significant presence in the market [13][15] Development Trends - Future demand for low-sugar and low-fat plant-based creamers is expected to rise, leading companies to innovate and introduce products that meet these health requirements [20] - The integration of "Internet + plant-based creamers" is becoming a trend, with companies focusing on digital marketing and channel development to enhance consumer interaction [20] - The use of big data and artificial intelligence is anticipated to optimize production processes, improving efficiency and product quality [20]

Group 1 - The core viewpoint of the report is that Chinese consumers are increasingly discerning in defining what is "worth buying," balancing rationality and self-indulgence, with emotional resonance becoming more important than mere functionality [1][4][15] - In 2024, China's consumer spending is projected to reach 48.7 trillion yuan, with a forecasted growth rate of 3.6% in 2025, bringing total spending to 50.5 trillion yuan, where nearly 60% of expenditures will focus on essential living needs [1][20][27] - Long-term growth in consumer spending is expected to be driven by service-oriented and quality-focused consumption, with a compound annual growth rate (CAGR) of 3.4% from 2024 to 2029, reaching 57.7 trillion yuan by 2029 [1][21][32] Group 2 - Different consumer categories are showing varied development trends, with essential goods like household food and dining services remaining resilient, while non-alcoholic beverages and health products are experiencing growth [2][11][21] - The report highlights a shift towards experience-driven consumption, with consumers increasingly valuing health, self-indulgence, and emotional connections with brands, indicating a need for brands to innovate based on real demands [1][21][24] - The report emphasizes that while consumers still appreciate the professionalism and innovation of "successful" brands, there is a growing preference for brands that exhibit warmth and empathy, reflecting a desire for trust and companionship in a challenging environment [1][24][15]

Group 1: Health Consumption Trends - The third China International Supply Chain Promotion Expo showcased various sectors, including a health living chain that attracted over 100 companies with new products and technologies [1] - There is a significant increase in health awareness among Chinese residents, leading to rapid growth in health consumption and an evolving consumer structure [1] - The market for cotton soft towels has surpassed 10 billion yuan, with the All Cotton Era brand leading in online sales [4][5] Group 2: Coffee and Personalized Health Solutions - A report indicates that 25% of young people in China consume at least one cup of coffee daily, with 36% of professionals stating they cannot work without it [2] - BGI launched a coffee metabolism gene test at the expo, allowing consumers to understand their sensitivity and metabolism of caffeine [2] - The trend towards personalized health management is growing, with home health devices making genetic testing more accessible [2] Group 3: Sports and Beverage Market Growth - The 2023 National Fitness Monitoring Report shows that 540 million people in China regularly exercise, with an average sports expenditure of 3,068 yuan per person [3] - The demand for sports drinks is rising, particularly for zero-calorie and low-sugar options, as consumer preferences evolve [3] - Tian Si Group introduced a bottled energy drink and a zero-sugar version of its classic product to cater to the growing health-conscious market [3] Group 4: Innovations in Health Products - All Cotton Era has transitioned medical innovations into consumer products, focusing on environmentally friendly and high-quality offerings [5][6] - The company has developed a cotton soft towel using a water-jet non-woven fabric process, significantly reducing production time and enhancing biodegradability [5] - Continuous investment in technology and innovation is aimed at meeting diverse consumer demands for health and quality [6]

Group 1 - The core viewpoint of the article highlights the rising popularity of the Ningming Star Oil Tea brand in Guangzhou's Beijing Road commercial area, showcasing its health-oriented products [2][5][12] - The article emphasizes the collaboration between Guangdong and Guangxi, focusing on the development of health products, particularly the integration of Newhui Chenpi and Ningming Star Oil Tea [5][6] - The article details the unique characteristics of the new tea products, such as the Chenpi Star Oil Tea series, which combines traditional medicinal properties with modern health benefits [7][8][10] Group 2 - The article mentions the increasing demand for health beverages in the market, indicating a growing trend in the health industry [5] - Specific product descriptions highlight the sensory experiences of the new tea offerings, including the aromatic qualities and health benefits associated with the ingredients [8][9][10] - The brand's advertising strategy is noted for its visibility and impact in a major commercial hub, suggesting a strong marketing approach [2][12][13]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][6]. Core Insights - The company, IFBH, is positioned in the rapidly growing coconut water market, focusing on health-conscious consumers and leveraging its Thai origins to expand in Greater China and beyond [2][4]. - The coconut water beverage industry is experiencing robust growth, particularly in Greater China, with a projected compound annual growth rate (CAGR) of 60.8% from 2019 to 2024, and an expected CAGR of 19.4% from 2024 to 2029 [2][68]. - IFBH has maintained a leading market share in both mainland China and Hong Kong, with a 34% share in mainland China and 60% in Hong Kong as of 2024, significantly outpacing competitors [3][17]. Company Overview - IFBH was founded in Thailand in 2013 and has successfully introduced its brands, if and Innococo, to various Asian markets, with a strong focus on mainland China [2][14]. - The company operates under a light-asset model, outsourcing production to third-party manufacturers while concentrating on brand management and marketing [4][99]. - The revenue structure shows that the if brand contributes the majority of sales, while the Innococo brand is gradually increasing its share [36][58]. Industry Analysis - The global coconut water market is projected to grow from $2.5 billion in 2019 to $5 billion in 2024, with a CAGR of 14.7% [67][68]. - In China, the coconut water market is expected to reach $1.09 billion in 2024, with a CAGR of 19.4% anticipated through 2029 [68][86]. - The company benefits from a stable supply chain and lower raw material costs, with coconut water production costs being 18% lower than competitors [4][96]. Financial Performance - The company reported revenues of $212.07 million in 2025, with a year-on-year growth of 34.52% [6][8]. - Net profit for 2024 was $33.32 million, reflecting a significant increase of 98.90% compared to the previous year [52][58]. - The overall gross margin for 2024 was 36.7%, with the if brand at 36.6% and the Innococo brand at 37.4% [58][59].

Group 1 - The article highlights the increasing health consciousness among consumers, leading to a surge in demand for dental services such as teeth whitening, orthodontics, and vision correction during the summer [1][4] - Meituan has reported a significant rise in the popularity of dental cleaning services, with both order volume and search frequency showing a double-digit growth since June [1] - To meet consumer demand, Meituan launched the "National Teeth Cleaning Day" event on July 26 and 27, allowing users to participate in promotional activities for dental cleaning and fluoride treatments [1][4] Group 2 - Meituan has introduced a dedicated teeth cleaning section offering three types of services: general cleaning, stain removal cleaning, and gum care cleaning, catering to various user needs [4] - The summer season is identified as a peak period for orthodontic demand, but consumers face challenges in selecting quality institutions and doctors due to high decision-making costs [4] - To address this issue, Meituan has launched a "Search for Doctors" feature, enabling users to find qualified and experienced dental professionals, thereby reducing decision-making costs for consumers [4]