Investment Rating - The report suggests that the sanitary napkin industry is in a product-driven era, with leading brands generally adopting a big product strategy [1]. Core Insights - The key to successful big products lies in differentiated positioning and continuous iteration. Differentiated positioning focuses on advanced skin feel, safety, and enhanced efficacy as critical competitive factors for future sanitary napkin brands. Continuous iteration is essential for extending the lifecycle of big products [2]. - The penetration rate of sanitary napkin products is nearing its peak, with limited growth potential in volume. According to Euromonitor, the CAGR for the Chinese sanitary napkin industry from 2024 to 2028 is projected to be 3.5%, driven entirely by price increases [1][2]. - Leading brands are adopting a big product strategy primarily due to intense industry competition, consumer demand for functional products, and the high-frequency consumption characteristics of sanitary napkins [1]. Summary by Sections - **Differentiated Positioning**: The differentiation in sanitary napkins is currently reflected in four dimensions: skin feel, shape, safety, and efficacy. Advanced skin feel, safety, and enhanced efficacy are identified as key selling points for future competition among brands [2]. - **Continuous Iteration**: Product iteration is crucial for the longevity of big products. Iteration typically involves upgrading existing innovations and expanding into new innovation dimensions. For instance, the "Free Point Probiotics" series represents an upgrade in efficacy, while "Sofy Super Sleep" expands its innovation to include antibacterial properties [2]. - **Revenue Potential**: It is estimated that the largest single product series from leading sanitary napkin brands accounts for at least 30% of their revenue, potentially reaching up to 4 billion yuan [2].

新的消费明星，极致残酷的效率游戏。 文丨姚兰 制图丨黄帧昕 编辑丨高洪浩 黄俊杰 三年后，赶上消费周期转变，霸王茶姬没有像大多数茶饮品牌那样放缓开店速度，而是持续加速，在全国开出近 5000 家店，市场价值一路远扬。目前在很多 地方开一家霸王茶姬加盟店的总成本超过 100 万元，但依然被争抢。霸王茶姬的竞争对手也从几千家门店的喜茶、古茗等同行扩展为卖咖啡的瑞幸，市场上拔 尖的那个自然会成为被围剿的对象。 现制饮品行业诞生过许多明星，每个都有足够显著的差异点。蜜雪冰城提供了无人能及的低价；喜茶在奶茶流行的年代提供现剥皮的水果茶；古茗则大力投资 冷链，以更低的价格在低线城市推广水果茶。 唯独霸王茶姬，它从产品到营销的特点几乎都不是独创，但却做出了最极致的经营效率。整个 2023 年，霸王茶姬盈利 8 亿-10 亿元，以古茗 1/3 的门店数量 创造了接近其七成的利润。 这样一个消费明星的诞生，它被所有人当作对标者也大致说明，中国餐饮消费市场进入了一个新的周期。不再是求新求异，而是极致残酷的效率游戏。 瑞幸咖啡将新设计的茉莉奶茶用蓝白色花纹纸杯送进 20000 家门店；喜茶开出古风设计的黑金店，只卖纯茶和鲜奶茶；茉 ...