Core Viewpoint - The global luxury goods industry is facing significant challenges, potentially experiencing its largest setback in 15 years, as indicated by Bain & Company. Despite this, Hermès continues to show growth, although it faces increasing difficulties in customer acquisition and reliance on leather goods [4][6]. Financial Performance - Hermès reported an 8% revenue growth to €8 billion, with all geographic regions showing growth, except for the perfume and beauty and watch sectors [4][5]. - In the first half of 2024, Hermès achieved a 15% growth, with double-digit growth across most regions, except for a slight decline in the watch sector [5]. Market Challenges - The company is struggling with the challenge of attracting new customers and is affected by the second-hand market disrupting pricing strategies. The reliance on leather goods is becoming increasingly problematic [6][20]. - The second-hand market has shown that Hermès products can sell for more than retail prices, indicating a strong demand but also a shift in consumer purchasing behavior [12][14]. Sector Performance - The leather goods sector saw a revenue increase of 12.4%, while the ready-to-wear and silk sectors experienced a decline in growth rates, with ready-to-wear growing only 5.5% compared to 15.5% the previous year [21]. - The perfume and beauty sector saw a decline of 3.8%, while the watch sector dropped by 7.9% [21]. Geographic Performance - The Americas market is becoming increasingly important for Hermès, with a 9.5% growth in the first half of 2025, while the Asia-Pacific region only grew by 1.5% [30][31]. - Growth in Japan has slowed from over 22% in 2024 to 16% in 2025, and the overall growth in the Asia-Pacific region has significantly decreased compared to previous years [30][31]. Pricing Strategy - Hermès plans to continue raising prices globally, but has already implemented a 5% price increase in the U.S. to counteract tariff impacts [28][29]. - The company is facing pressure to adjust its pricing strategy due to rising costs of raw materials, particularly in the jewelry sector [33]. Future Outlook - The importance of diversifying product lines is emphasized, as reliance on leather goods may not sustain the company in the long term. The company is looking to expand into high-end fashion to create a second growth curve [24][34]. - The decline in middle-class consumers willing to spend on entry-level products poses a risk to Hermès' customer base [36].

Core Insights - A significant number of power banks, labeled as "airport goods" or "high-speed rail station goods," are being sold on second-hand platforms like Xianyu, indicating a growing market for these products [1] - A seller claims that approximately 80% of power banks arriving at airports are intercepted, suggesting a substantial supply chain disruption [1] - The seller reports high sales volumes, with power banks being sold in bulk to regions such as Africa and Malaysia, highlighting international demand [1] Pricing and Sales Dynamics - The retail price for a 10,000mAh power bank is around 18 yuan, with wholesale prices as low as 10 yuan per unit, indicating a competitive pricing strategy [1] - Bulk sales can be as low as 7 yuan per pound, suggesting a significant margin for sellers in the second-hand market [1] - The seller offers incentives such as additional units to offset shipping costs, which may attract more buyers [1]

Core Viewpoint - Kimi's deep research capabilities have been significantly enhanced, demonstrating high content richness, accuracy, and logical rigor, distinguishing it from similar products through its end-to-end self-reinforcement learning technology [2][4]. Group 1: Kimi's Deep Research Capabilities - Kimi's deep research model is trained using a self-reinforcement learning technique, and it will open-source both the basic pre-trained model and the subsequent reinforced model, which is highly anticipated [2]. - The model has shown strong performance in tests such as HLE (Humanity's Last Exam) and Sequoia's Agent tests [2]. - Kimi's deep research has the ability to autonomously identify credible information by planning multiple search keywords and reviewing numerous web pages, ensuring high-quality sources and comprehensive coverage [4]. Group 2: Labubu's Popularity Analysis - Labubu, a character under Pop Mart, has recently gained significant popularity, although its heat has slightly decreased in recent days [7]. - The analysis of Labubu's rise includes its design philosophy, product evolution, operational strategies, and the impact of fan economy and secondary market speculation [26][20]. - The report generated by Kimi on Labubu reached approximately 19,000 words, showcasing a complete logical chain and covering various aspects such as IP design, marketing strategies, and the secondary market [11][26]. Group 3: Xiaomi's Upcoming Product Launch - Kimi conducted a detailed search and analysis for Xiaomi's upcoming launch event on June 26, 2025, categorizing products and estimating specifications while comparing them with competitors [39]. - The report for Xiaomi's launch also reached around 17,000 words, indicating thoroughness in addressing the requested content [40]. - Kimi's analysis included a sales forecast for Xiaomi's YU7 SUV, with conservative, baseline, and aggressive estimates based on market trends and competitive analysis [55][58]. Group 4: Visual Presentation and User Experience - Kimi generates a visual web page alongside the research report, ensuring that the content is detailed and well-structured, enhancing user experience [70][75]. - The visual presentation includes interactive elements such as charts and highlights, making complex information easily digestible [75]. - The design adapts to the brand's theme, providing a tailored experience for users [73].

Core Insights - The article discusses the significant decline in the market prices of popular IP-related merchandise, particularly from titles like "Blue Lock," "Haikyuu!!," and "Jujutsu Kaisen," which were once dominant in both online and offline sales [1][51] - The current sentiment in the market reflects a drastic shift, with terms like "crash," "plummet," and "drop" frequently appearing in discussions about these IPs, indicating a bearish trend similar to stock market discussions [1][51] Market Trends - The prices of previously high-demand items, such as a sticker of "Gojo Satoru" that once sold for 5000 yuan, have now dropped to less than one-tenth of that value, showcasing the volatility in the market [2] - The second-hand market is closely tied to the primary market, with many consumers experiencing both the opportunities and risks associated with investing in these collectibles [9][51] Consumer Behavior - Consumers initially purchase these items out of passion, but the strong correlation between the IP merchandise and the second-hand market has led to a realization of the investment risks involved [9] - The Japanese market has established a culture around limited edition items and blind box purchases, which creates a sense of urgency and scarcity, further driving consumer spending [17][19] Pricing Dynamics - The article highlights how the pricing of merchandise is influenced by factors such as rarity, popularity of the characters, and the method of acquisition, with limited releases often commanding higher prices in the second-hand market [12][38] - For example, the price of a "Haikyuu!!" acrylic badge has seen significant fluctuations, with some items reaching prices as high as 55555 yen due to their limited availability and popularity [38] Market Volatility - The second-hand market for these collectibles is characterized by extreme price volatility, where the value can dramatically increase or decrease based on supply and demand dynamics [51] - The emergence of "sea view" collectibles, which are items that have inflated prices due to their rarity and desirability, illustrates the speculative nature of the market [27][38] Conclusion - The article concludes that the current trends in the IP merchandise market reflect a broader shift in consumer sentiment and market dynamics, with younger consumers increasingly vocal about price declines on social media [51]