"00后化妆师不上班，在家接单创业搞钱" "给1000个人化妆之第11个妆" 这些创作者通过镜头记录素人从平凡到惊艳的蜕变过程，同时借助直播实时互动，不仅在线下收获可观的客单收入，更在线上打造出高人气账号，实现了 线上线下的双向引流，成为当下 "变美经济" 的典型样本。 图片源自小红书 为什么他们的内容能火起来？这一内容创作以及商业模式又有哪些值得借鉴的？ 素人改造掀热潮，居家化妆师如何出圈社交平台？ 克劳锐观察发现，此类账号核心内容围绕化妆师居家为素人提供化妆改造服务展开，通过妆前妆后的强烈对比吸引用户关注。 以创作者@化妆师木木 为例，本来是一位化妆师的她，没有选择在专业机构工作，而是自己创业接单，并以客人化妆过程作为内容素材，"素人改造""00 后创业"等作为吸引受众的关键词，同步进行账号的打造和输出。 …… 最近，在抖音、小红书等社交媒体平台上，新出现了一批化妆师居家创业的账号，"素人改造""上门化妆" 相关话题的热度持续攀升，小红书关于"素人改 造"的关键词，更有高达84万条笔记。 例如，@琪琪琪琪 这一账号同样主打素人客户的妆容改造过程，在记录化妆前后对比的基础上，她还会总结标注出每位素人的五官风 ...

Core Viewpoint - The annual report of HLA Group highlights the challenges faced by the apparel industry in China during 2024, including sluggish consumer demand and increased competition, while also outlining the company's strategic initiatives and financial performance. Group 1: Company Overview - HLA Group is a major retail group in China specializing in apparel, with a focus on self-owned brands, international brand agency, and customized group purchases [12][13]. - The company operates several brands, including its main brand "HLA," women's brand "OVV," trendy brand "HLA JEANS," and children's brand "YeeHoO" [13][14]. Group 2: Industry Situation - The apparel industry in China faced a challenging economic environment in 2024, with retail sales of clothing reaching 1,071.62 billion yuan, a mere 0.1% increase year-on-year, significantly slowing down from the previous year's growth rate of 15.3% [5][6]. - Consumer preferences have shifted towards value, functionality, and sustainability, leading to increased pressure on traditional products [6][7]. - The market for men's clothing is characterized by intense competition, with a shift from scale expansion to value cultivation, impacting smaller brands [7][8]. - Women's clothing brands are focusing on quality, design, and brand culture, leading to a competitive landscape where innovation is crucial for survival [8]. - The sportswear segment is experiencing growth due to rising health awareness, but brands face challenges such as profit pressure and inventory issues [8][9]. Group 3: Financial Performance - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares, totaling approximately 864.5 million yuan for the year, which represents 91.22% of the net profit attributable to shareholders [4]. - The total cash dividend for 2024, including previous distributions, amounts to approximately 1.97 billion yuan [4]. Group 4: Business Model - HLA Group employs a "platform + brand" model for its operations, providing unified management services across its brands while allowing for independent brand operations [24][30]. - The company has established a logistics center in Jiangyin, equipped with advanced systems for efficient inventory management and supply chain integration [25][27]. - The sales channels include both offline and online platforms, with a focus on major urban centers and e-commerce platforms like Tmall and JD.com [30].

Core Viewpoint - Facing market competition pressure, the leading men's clothing brand in A-shares, Hailan Home, is seeking new growth points for performance improvement [1] Financial Performance - In 2024, Hailan Home achieved revenue of 20.957 billion yuan, a year-on-year decrease of 2.65%, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [1] - In Q1 2025, Hailan Home's performance improved with revenue of 6.187 billion yuan, a year-on-year increase of 0.16%, and a net profit of 935 million yuan, up 5.46% [1] Brand Strategy and Expansion - Hailan Home is increasing its focus on the sports sector, acquiring exclusive rights for the Austrian sports brand HEAD in China and holding a 51% stake in Spobz Brand Management [2][6] - The company is implementing a "multi-brand, full-category, group" strategy, expanding its brand portfolio to include Hailan Home, OVV, Black Whale, and YeeHoO [2] Revenue Structure - The main brand, Hailan Home, contributed 15.270 billion yuan in revenue in 2024, a decrease of 7.22%, while the group purchase customization business generated 2.224 billion yuan [3] - The "other brands" segment saw a significant increase in revenue, totaling 2.668 billion yuan, up 32.38% [3] Sales Channels - In 2024, online sales contributed 4.419 billion yuan, accounting for 21.92% of total revenue, with a year-on-year growth of 35.63% [10] - Offline sales accounted for 15.743 billion yuan, a decrease of 10.02%, with a revenue share dropping from 84.30% in 2023 to 78.08% in 2024 [10][12] Store Expansion - By the end of 2024, Hailan Home had a total of 7,178 stores, with 5,833 belonging to the main brand [11] - The company opened 1,103 new stores while closing 802 in 2024 [11] International Expansion - Hailan Home's overseas revenue reached 355 million yuan in 2024, a year-on-year increase of 30.75%, with a total of 101 overseas stores [13]

Core Insights - The opening of JD MALL in Nanjing marks a significant milestone in JD's omnichannel strategy and reflects the deep integration of online and offline retail in China's retail landscape [1][9] - JD MALL aims to reshape urban consumption by providing a comprehensive shopping experience that combines various product categories and immersive environments [1][4] Group 1: JD MALL Overview - JD MALL Nanjing covers nearly 30,000 square meters and features over 200 top brands and more than 200,000 products, offering a one-stop shopping experience for home appliances, home decor, and digital products [1][3] - The store includes innovative experiential spaces such as the first "Goose Store" and "Audio Smart Home" store, enhancing consumer engagement through hands-on experiences with new products [3][4] Group 2: Market Positioning - JD MALL is positioned as a key channel for consumers to experience national subsidized products, leveraging Nanjing's strong commercial advantages to influence the broader East China region [4][9] - The store's focus on home scenarios differentiates it from high-end competitors like Deji Plaza and IFC, filling a commercial gap in the southern new city of Nanjing [8][9] Group 3: Omnichannel Strategy - JD's acquisition of Five Star Appliances in 2020 has strengthened its offline retail presence, allowing for a seamless integration of online and offline shopping experiences [4][5] - The store utilizes digital tools such as electronic price tags and QR codes to ensure consistent pricing and service across channels, enhancing customer convenience [5] Group 4: Competitive Landscape - JD MALL faces competition from traditional players like Suning and Gome, as well as new retail entrants like Hema and Sam's Club, necessitating continuous innovation in customer experience [8][9] - The store's unique offerings, such as immersive experience zones and themed showrooms, aim to create a differentiated shopping environment that traditional retail cannot replicate [8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 is reported at 56.79 billion RMB, a year-on-year decrease of 20.5%, primarily due to high gold prices impacting consumer demand for gold jewelry, which saw a consumption decline of 24.69% [2][4] - The first quarter of 2025 shows a revenue of 17.52 billion RMB, down 31.6% year-on-year, with net profit at 613 million RMB, a decrease of 23.6% [1][2] - The company plans to distribute a cash dividend of 1.72 RMB per share, with a payout ratio of 46%, and intends to arrange a mid-year dividend for 2025 [1] Summary by Sections Financial Performance - In 2024, the company's gross margin was 8.9%, an increase of 0.6 percentage points year-on-year, driven by rising gold prices [2] - Revenue breakdown: Jewelry products revenue decreased by 19.3% to 46.91 billion RMB, while gold trading products revenue fell by 26.4% to 9.38 billion RMB [2] - The company reported a net profit of 1.95 billion RMB for 2024, down 11.9% year-on-year [1][6] Operational Strategy - As of March 2025, the company has 5,541 retail outlets, with a net decrease of 156 in 2024 and 297 in Q1 2025, reflecting a strategic channel optimization to enhance overall quality and operational efficiency [3] - The company is focusing on developing themed stores and upgrading traditional outlets to adapt to new consumer scenarios, while also promoting online and offline integration [3] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been reduced by 27% and 28% to 1.65 billion RMB and 1.85 billion RMB, respectively [4] - The target price for the company is set at 63 RMB, based on a 20x PE ratio for 2025 [4][8]

在与佛山代表性外贸企业的合作方式上，佛山创意产业园将探索"低租金强服务"的模式，降低外贸企业 的入驻门槛，提高外贸企业的经营能力，联合专业电商直播机构为外贸企业提供店铺直播、达人直播服 务，帮助外贸企业培育直播电商能力。 "线下已是红海，线上也渐成红海，唯有线上线下贯通才是蓝海。佛山创意产业园要打造的外贸优品 O2O快乐内销平台，是一个线上线下贯通、精神物质消费融合的佛山外贸优品快乐内销服务平台。"邱 代伦说。 面对国际贸易壁垒高筑、外贸增长持续承压的挑战，佛山以"内需破局"为支点，于4月29日下午在佛山 创意产业园启幕2025"悦购佛山"系列促消费暨佛山夜间消费节活动。活动上，佛山创意产业园与抖音、 拼多多、京东等一同被佛山市商务局授予"外贸优品中华行"（佛山站）合作单位牌匾。 悦购佛山"系列促消费暨外贸优品中华行（佛山站）活动启动。 具体来讲，线上方面，佛山引导京东、天猫、拼多多等头部电商平台开设"外贸优品中华行（佛山 站）"线上专区，策划专场直播带货活动，助力外贸企业开拓国内电商销售渠道；线下方面，佛山将举 办外贸优品选品大会、采购对接会、产业带专场对接会等，实施"百店展示专区"计划，引导顺客隆、好 好 ...

Core Viewpoint - The company reported a total revenue of 20.96 billion yuan for the fiscal year 2024, reflecting a slight decline compared to the previous year, while the net profit attributable to shareholders decreased significantly by 26.88% to 2.16 billion yuan, indicating challenges in the current market environment [1][2]. Financial Performance - The company's revenue decreased by 2.65% from 21.53 billion yuan in 2023 to 20.96 billion yuan in 2024 [2]. - The net profit attributable to shareholders fell from 2.95 billion yuan in 2023 to 2.16 billion yuan in 2024, a decline of 26.88% [2]. - The net cash flow from operating activities dropped by 55.70% to 2.32 billion yuan [2]. - Basic earnings per share decreased by 32.35% to 0.46 yuan [3]. - The weighted average return on equity decreased by 7.00 percentage points to 12.47% [3]. Market Context - The national retail sales of consumer goods in China grew by 2.7% year-on-year, with the retail sales of clothing, shoes, and textiles showing a marginal increase of 0.3% [3]. - The company demonstrated resilience in a challenging market by leveraging its diversified brand portfolio and integrated online and offline channels [3]. Brand Strategy - The company has a diversified brand matrix covering various categories, including men's, women's, children's, and sportswear, aiming to meet diverse consumer needs [4]. - The main brand, Haier, maintained a 5% market share in the men's clothing sector, ranking first for 11 consecutive years [4]. - The company aims to become a world-class, leading Chinese apparel retail group [4]. Innovation and Product Development - The company has introduced culturally inspired product lines, such as the Lunar New Year series, showcasing its innovative capabilities [6]. - New brands like OVV and Black Whale target specific consumer segments, enhancing the company's appeal among young consumers [6]. Channel Development - The company is focused on deepening the integration of online and offline channels, achieving a total revenue of 15.74 billion yuan from offline sales and 4.42 billion yuan from online sales, with online sales growing by 35.63% [12][15]. - The company operates 7,178 stores, with a net increase of 289 direct stores [13]. - The company has expanded its international presence, generating 355 million yuan in revenue from overseas markets, a growth of 30.75% [15]. Future Outlook - The company aims to enhance its brand, channel, and product capabilities to become a "super national brand" [17]. - The company plans to continue its focus on product quality, supply chain management, and brand operation to better serve the Chinese consumer market [17].

Core Viewpoint - The company has reported its first-quarter financial results for 2025, highlighting improvements in various financial metrics and operational strategies aimed at enhancing business performance and addressing accumulated losses. Financial Data - The company confirmed that there are no adjustments or restatements required for previous years' accounting data [4] - The net profit for the reporting period increased compared to the same period last year, primarily due to reductions in management and financial expenses, as well as an increase in credit impairment loss recovery [12] - The net cash flow from operating activities increased, driven by higher cash receipts from sales of goods and services [12] - The company reported a decrease in management expenses due to workforce optimization measures [6] - Financial expenses decreased due to reduced interest on debts and increased interest income [6] - Other income increased due to higher government subsidies [6] Business Overview - The company operates as a large national commodity circulation service enterprise, focusing on commercial operations, trade logistics, and commodity trading [24] - The commercial operation segment is centered around physical stores, employing a "joint operation + leasing" model, with a focus on optimizing store operations and enhancing customer experience [24] - The trade logistics business emphasizes a "logistics + trade" dual-driven approach, leveraging supply chain upgrades and digital transformation to improve service delivery [25] - The commodity trading segment has expanded its retail and wholesale operations, achieving significant growth in online retail revenue [27] Shareholder Information - As of the reporting period, the controlling shareholder and its concerted parties hold a total of 4,245,898,107 shares, accounting for 23.51% of the total shares [15] - The company has completed the subscription of all reserved shares for restructuring investors, totaling 53.18 billion shares [29] Important Matters - The company has acknowledged that its accumulated losses exceed one-third of its paid-in capital, necessitating shareholder approval for further actions [34] - The company plans to implement strategies focusing on optimizing existing assets and expanding new projects to enhance operational efficiency and financial recovery [36]

Core Viewpoint - Xiaomi has made a significant comeback in the Chinese smartphone market, reclaiming the top position after ten years, driven by strategic product and channel synergies, as well as an expanding ecosystem in various sectors [2][5][10]. Group 1: Market Performance - In Q1 2025, China's smartphone market saw an increase in shipments to 70.9 million units, a 5% year-on-year growth [4]. - Xiaomi led the market with 13.3 million units shipped, achieving a market share of 19% [5]. - Xiaomi's smartphone activation volume in March 2025 reached 3.2437 million units, marking a 17% increase year-on-year [29]. Group 2: Strategic Initiatives - Xiaomi's product line has become more comprehensive, covering high-end to mid-range devices, with the Redmi Turbo series filling the mid-range flagship gap [11]. - The company is expanding into new sectors such as automotive and smart home technology, aiming to create a seamless interconnected ecosystem [14]. - Xiaomi has shifted from an online-only sales model to a hybrid online-offline approach, enhancing its competitiveness against traditional brands like OPPO and Vivo [14]. Group 3: Challenges and Responses - Xiaomi faced significant challenges, including a public relations crisis following a tragic incident involving the Xiaomi SU7, which led to a drop in stock price and market value [17][20]. - Despite these setbacks, Xiaomi continued to push forward with its product launches, including the Redmi Turbo 4 Pro, which has gained market attention [28]. - The company is also advancing its automotive plans, with the upcoming launch of the YU7 model and the development of a high-end SUV, the YU9, targeting the premium market [33][37]. Group 4: Future Outlook - Xiaomi's dual strategy of focusing on mid-range volume while building a high-end brand is expected to position the company favorably in a competitive landscape [41]. - The company has made substantial investments in its automotive division, with initial investments exceeding 10 billion yuan, indicating a long-term commitment to this sector [44]. - The future remains uncertain, with challenges in both the smartphone and automotive markets, but Xiaomi's resilience and strategic positioning provide a foundation for potential success [49].

以下文章来源于新经销 ，作者赵胜男 新经销 . 专注于中国消费品领域新媒体，对通路营销、渠道数字化及新零售领域进行专业研究及媒体报道。 国家统计局日前公布的数据显示，2024年，中国社会消费品零售总额487895亿元，比上年增长 3.5%，但这一数字背后却难掩行业的深层裂变。 传统零售业态持续承压，线上线下融合加速、新兴模式冲击加剧，一场关于生存与转型的战役悄然打 响。 图片来源：walmart 据「新经销」统计的31家零售上市企业中，仅10家实现营收增长，13家利润增长，分化格局进一步凸 显。 全球化企业凭借全渠道布局逆势突围，而依赖传统模式的企业则在成本高企与消费疲软中艰难挣 扎。 从沃尔玛全球电商销售额突破300亿美元，到名创优品海外营收占比近40%；从苏宁易购扣非净利润亏 损超10亿元，到国美零售营收同比骤降26.76%—— 财报数据的冰火两重天，折射出零售行业剧变期 的残酷真相。 电商渗透率攀升、即时消费需求爆发、低价折扣业态崛起，正在重塑消费者行为与行业竞争逻辑。 | | | | | 2024年上市零售企业财报 | | | | --- | --- | --- | --- | --- | --- | ...