文 | 道总有理 今年以来，A股公司赴港上市持续升温。据统计，截至目前，年内已有11家A股公司陆续在港股上市， A+H公司总数增至161家，另有逾50家A股公司正排队。"国民男装"海澜之家就在前几日发布了公告， 计划在港股上市，公司与中介机构已经就各项筹备事宜展开磋商。 从A股到港股，企业之所以选择重新上市，主要目的在于全球化战略布局，海澜之家也是如此。当海澜 之家在国内市场的多元化尝试与努力，最终反映在冰冷的业绩数据，出海成了其不得不加快进程的一条 出路。 这又何尝不是我国几乎所有服装品牌的共同选择？就连首选地，都一致地选在了同一个地方——东南 亚。东南亚各国庞大的人口基数、经济的起飞以及与我们相似的体貌特征，让这片市场看起来潜藏着巨 大的商业机遇。但国产品牌扎堆东南亚，带来的未必是"降维打击"。 东南亚的购物中心，挤满中国品牌 2017年，海澜之家在马来西亚的吉隆坡开出第一家门店，这家门店比邻优衣库、Zara和H&M，虽然相 比于它们，海澜之家算是后来者，但其扩张速度可不落后。 截至今年1月，海澜之家在马来西亚开出了50家门店，而且几乎都是在核心城市的顶级购物中心，放大 到整个东南亚市场，根据Google ...

Core Insights - Southeast Asia is viewed as a primary destination for Chinese companies expanding overseas due to its geographical and cultural proximity [2] - The region is gaining attention under the global South-South cooperation framework, presenting significant opportunities for investment [2] - Key strategies for Chinese companies include avoiding price wars, understanding local demands, focusing on localization and compliance, and sharing profits for mutual benefits [2] Market Potential - The ASEAN countries have a combined population of nearly 700 million and a GDP of approximately $4 trillion, with an expected economic growth rate of nearly 7% over the next five years [2] - Southeast Asia's B2B platform WOOK highlights the region's weak local manufacturing and lack of technical talent as opportunities for investment [2] - The young population in Southeast Asia shows high consumer willingness and acceptance of new internet business models, indicating a golden decade for consumption upgrades [2]

Summary of Wanchen Group Conference Call Company Overview - **Company**: Wanchen Group - **Industry**: Snack Retail Key Points Industry and Market Position - Wanchen Group's snack retail business achieved revenue of **31.79 billion yuan** in 2024, accounting for **98.3%** of total revenue [2][6] - The company operates **14,196 stores**, ranking second in the market, just behind Mingming Hen Mang [2][6] - There is significant potential for market penetration, especially in southern, northeastern, and second-tier cities, as well as plans to expand into Southeast Asia [2][4][8] Business Strategy and Growth - The company is actively transforming into a discount supermarket model as a second growth curve, aiming to enhance operational efficiency and meet diverse consumer needs [2][4][8] - Wanchen Group plans to increase its store count to **24,000 to 25,000** in a stable state, with an expected annual GMV exceeding **100 billion yuan** [8][21] - The company anticipates revenue growth from **56.42 billion yuan** in 2025 to **91.88 billion yuan** in 2027, with net profits increasing from **1 billion yuan** to **2.42 billion yuan** during the same period [3][24] Financial Performance and Projections - The company expects a rapid increase in profitability, with net profit margins projected to rise significantly by 2027 [3][24] - The PE ratios are projected to decrease from **27 times** in 2025 to **12 times** in 2027, indicating improving profitability [3][24] Supply Chain and Operational Efficiency - Wanchen Group has established a strong supply chain through acquisitions of four regional snack brands and integration of its own brand, Lvxiaocan [2][5] - The company has a self-owned raw material planting base and large-scale production base, enhancing supply chain efficiency [2][5][7] - The company is implementing a stock incentive plan to align management interests with company performance, with core executives holding **58.1%** of shares [2][5] Southeast Asia Market Potential - The Southeast Asian snack market is growing rapidly, with a CAGR of **2.1%** from 2019 to 2024, outpacing China's **0.5%** [9][10] - Chinese upstream snack companies are exploring supply chain construction in Southeast Asia, which could lower operational costs and replicate domestic competitive advantages [10] Challenges and Competitive Landscape - Potential competitors face challenges such as high investment costs and reliance on traditional distribution models, limiting their ability to capture market share [13] - The discount supermarket model is expected to outperform traditional community supermarkets and convenience stores, with significant growth potential [11][12] Future Directions - The company plans to optimize its product categories and enhance operational efficiency through staff training and backend management [16][17] - Future profitability will be driven by sales fee optimization, management efficiency improvements, and increased self-brand sales [19][20] Conclusion - Wanchen Group is positioned for significant growth in the snack retail industry, with a clear strategy for market expansion, operational efficiency, and profitability enhancement. The company's plans for Southeast Asia and the discount supermarket model present substantial opportunities for future success [25][26]

Core Insights - Southeast Asia's hot climate provides a natural foundation for the development of soft drinks, with the energy drink sector being the fastest-growing sub-industry, projected to reach a retail value of approximately 30.6 billion in 2024, with a CAGR of 6.0% from 2014 to 2024 [1][2] Industry Overview - The Southeast Asian soft drink industry is expected to reach a total retail value of about 287.2 billion in 2024, with a CAGR of 2.2% from 2014 to 2024, with Vietnam and the Philippines being the fastest-growing countries in this sector [2] - The energy drink market in Southeast Asia is characterized by a lack of absolute leading brands, presenting opportunities for growth through high cost-performance and differentiated products [4] Market Dynamics - The energy drink market can be categorized into three types: 1. Growth markets: Vietnam and Cambodia, with Vietnam being the largest market and both countries experiencing high growth rates of 12% and 9% CAGR respectively from 2014 to 2024 [3] 2. Mature markets: Thailand, where growth has stabilized with a strong competitive landscape [3] 3. Potential markets: The Philippines and Indonesia, which have not fully embraced energy drinks due to cultural influences [3] Competitive Landscape - The leading players in the Southeast Asian energy drink market include Pepsi's Sting, which has a retail value of 7.57 billion, followed by three major Thai beverage companies, while local brands generally lack financial strength and brand recognition [4] - The price range for energy drinks in Southeast Asia is concentrated between 2.5 to 3 yuan, with opportunities for new entrants to capture market share through high cost-performance and innovative products [4] Company Strategy - Dongpeng Beverage (605499.SH) has outlined its overseas expansion plans and is set to list on the H-share market to pursue international growth, aiming for a long-term revenue target of 5 billion from the Southeast Asian energy drink market [5] - The company anticipates achieving a revenue scale of 40 billion through a combination of specialty drinks, new products, and expansion into third-tier overseas markets, with a projected net profit of 8.4 billion assuming a stable net profit margin of 21% [5]

Market Performance - Southeast Asia ETFs rose by 4.81%, with Vietnam leading the gains[2] - The Global X FTSE Southeast Asia ETF outperformed ETFs tracking India, the UK, and China, but lagged behind Japan, Latin America, and the US[2] - The Southeast Asia Technology ETF increased by 4.47%, underperforming the broader Southeast Asia ETF by 0.34 percentage points[2] Country-Specific Insights - iShares MSCI Indonesia ETF gained 5.05%, outperforming by 0.24 percentage points, with active trading following a modest pullback[3] - iShares MSCI Singapore ETF rose 4.56%, underperforming by 0.25 percentage points, supported by the 2025 GST voucher scheme for low-income households[3] - iShares MSCI Thailand ETF advanced 2.69%, underperforming by 2.12 percentage points, aided by a central bank interest rate cut[3] - iShares MSCI Malaysia ETF climbed 4.17%, underperforming by 0.64 percentage points, as the US-Malaysia tariff agreement took effect[3] - Global X MSCI Vietnam ETF surged 11.83%, outperforming by 7.02 percentage points, driven by financial hub development and supportive central bank policies[3] Trading Volume and Liquidity - The Global X FTSE Southeast Asia ETF had a trading volume of 188,000 shares, increasing by 19.5%[16] - iShares MSCI Indonesia ETF trading volume reached 7,054,000 shares, up by 9.5%[16] - iShares MSCI Singapore ETF trading volume decreased by 15.8% to 5,379,000 shares[16] Risk Factors - The report highlights macroeconomic downturn risks and geopolitical tensions as potential threats to market stability[4][36]

Market Overview - Southeast Asia ETF dropped by 1.37%, indicating a general pullback after a previous upward trend[4] - The drop was influenced by cooling expectations of the Federal Reserve's interest rate cut, leading to some funds flowing to the Asia-Pacific market[4][37] Country-Specific Performance - iShares MSCI Indonesia ETF decreased by 0.45%, outperforming by 0.92 percentage points due to positive impacts from a US-India trade agreement and central bank rate cuts[5][38] - iShares MSCI Singapore ETF fell by 2.61%, underperforming by 1.24 percentage points, as the market corrected after a continuous rise[5][38] - iShares MSCI Thailand ETF increased by 0.41%, outperforming by 1.78 percentage points, supported by tax incentives to boost tourism[5][38] - iShares MSCI Malaysia ETF rose by 0.21%, outperforming by 1.58 percentage points, but the market remains in an adjustment phase[5][38] - Global X MSCI Vietnam ETF increased by 0.10%, outperforming by 1.47 percentage points, but faced a significant correction due to rapid valuation increases[5][38] Risk Factors - The report highlights macroeconomic downturn risks and geopolitical tensions as potential threats to market stability[36][39]

Group 1 - The core viewpoint of the article highlights the successful entry of "Hong Lv Deng De Huang" (Little Yellow) into TikTok, where he has rapidly gained popularity and significant earnings, indicating a strategic move by the MCN giant "Three Sheep Network" to penetrate the Southeast Asian market [3][12][35] - Since his official announcement on TikTok, Little Yellow has amassed over 200,000 followers in just twenty days, with single live-streaming earnings exceeding $100,000 (approximately 710,000 RMB) [5][12] - Little Yellow's live streams primarily target Chinese-speaking audiences in Southeast Asia, leveraging his cultural and linguistic advantages to connect with overseas Chinese communities [25][14] Group 2 - The article discusses the broader strategy of "Three Sheep Network" in expanding its overseas operations, particularly in Southeast Asia, where they have established partnerships with over 20 local influencers [38][44] - The Southeast Asian e-commerce market is experiencing rapid growth, with a projected increase in market size, making it an attractive target for Chinese brands and influencers [42][46] - Despite the initial success, the article notes challenges such as increasing competition, regulatory scrutiny, and the declining growth rate of the Southeast Asian e-commerce market, which could impact future operations [47][51]

Group 1 - Vietnam is recognized as the fastest-growing economy in Southeast Asia, with an e-commerce market growing at an annual rate exceeding 20% [1] - Ho Chi Minh City is being developed as an international financial center and modern port, indicating significant potential for the next decade [1] - The event aims to provide exclusive access to government officials and industry leaders, offering firsthand insights into policy trends and market intelligence [2] Group 2 - The itinerary includes visits to major companies such as MWG, Hasaki, and Con Cung, focusing on understanding local retail giants and consumer trends [4][5] - Participants will engage in the Vietnam E-commerce Innovation Summit, connecting with top platforms, service providers, and investors [6] - The program spans six days, featuring a comprehensive exploration of the market landscape, retail future, and supply chain investment opportunities [8] Group 3 - The event is targeted at cross-border e-commerce platforms, brand founders, supply chain service providers, and investors interested in the Southeast Asian market [12] - The organizing company, Mottainai Venture Capital, has a decade of experience in the Southeast Asian market and offers unique resources and insights [14]