Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively responding to industry adjustments by transforming its strategies, focusing on nurturing enterprise customer structures and launching new products in the mid-to-high price range to create incremental growth [8] - The company aims to maintain price stability for existing products while introducing high-quality new products priced between 500-600 RMB to attract consumers [8] - The company is implementing a dual-driven strategy for national expansion and price range diversification, with a focus on experiential marketing to drive steady revenue growth [8] - The financial forecasts for the company indicate a stable performance in 2025, with slight adjustments to the non-IFRS net profit predictions for 2025-2027 [8] Financial Summary - Total revenue forecast for 2023A is 7,060 million RMB, with a projected growth of 20.56% [1] - The net profit attributable to the parent company for 2023A is 2,327 million RMB, showing a significant increase of 125.96% year-on-year [1] - Non-IFRS net profit for 2023A is 1,623 million RMB, reflecting a year-on-year growth of 35.52% [1] - The earnings per share (EPS) for 2023A is 0.69 RMB, with a projected P/E ratio of 9.03 [1] - The company expects to achieve a non-IFRS net profit of 1,431 million RMB in 2025E, with a corresponding P/E ratio of 14.69 [1]

作者： Jane 谁懂啊，上半年的假期额度马上就要用光了，只剩一个端午节。如今，从春节到五一，出门旅游的人是越 来越多，大家的玩法也是"千奇百怪"。 比如FBIF发现最近在杭州西湖、北京天坛、武汉黄鹤楼这些景点，很多游客的打卡照里居然都出现了大家 熟悉的童年伴侣"奥利奥"。 奥利奥为什么会有这么高的出镜率？原来是奥利奥的新品"寻味八 方"系列，把三潭印月、黄鹤楼、天坛、 苏州园林、上海石库门等经典地标印在包装上， 巧妙借位就能拍出有趣的创意打卡照。此外，奥利奥还推 出两款以传统中式糕点"牡丹酥""状元酥"为灵感的新品，让消费者在外出旅行途中，也能体验到传统中式糕 点的美味。 年轻人的脑洞打开了，"体验式"消费的热潮才刚刚开始。旅游带动了出行、餐饮等线下消费需求，也为快消 品牌与消费者的沟通创造了新的场景和机会。本文，我们将拆解 奥利奥这波春日新品到底突破了哪些创新 点，为快消品牌们提供了哪些创新思路。 情绪价值，零食品牌的创新锚点 奥利奥可以说是很多80、90后的必买童年零食。如今，奥利奥依然是年轻人首选出游零食，这不是仅仅靠 产品口味创新就能实现的。 30年间，中 国零食市场 发生巨大变化，零食的品类、口味 ...

Summary of Conference Call Records Industry Overview - The records discuss the retail industry in the United States and China, highlighting differences in operational strategies and market dynamics [1][2][4][36]. Key Points and Arguments U.S. Retail Market - U.S. retail giants like Walmart and Amazon excel in supply chain management and innovation, particularly through strategies like Everyday Low Pricing (EDLP) and the application of AI [1][2][3]. - The U.S. retail market is characterized by its stability and maturity, with a historical evolution from small family-owned stores to large chains [2]. - Walmart's focus on digitalization and automation has enhanced operational efficiency and innovation capabilities [3]. Chinese Retail Market - China leads in instant delivery services, achieving delivery within 30 minutes, while still needing to improve in large retail management and product design [1][4]. - The development of private labels in China requires strong brand influence and product development capabilities, alongside a focus on omnichannel consumer experience [1][6][12]. - Professional talent is crucial for optimizing large retail management, product design, and targeting consumer pain points [5]. Private Label Development - The evolution of private labels in the U.S. has shifted from reliance on suppliers to in-house development, with Costco's Kirkland brand demonstrating significant growth [7][8]. - Successful private label strategies require strong market influence, a dedicated talent team, optimized supply chains, and effective marketing strategies [9][12]. - Demand forecasting is critical in fresh retail for inventory management and profitability, with Walmart successfully implementing precise forecasting methods [21]. Challenges and Opportunities - The management of fresh products poses challenges for private labels, particularly in maintaining quality and safety standards [19][20]. - The retail industry must adapt to consumer demands and preferences, emphasizing the importance of emotional value and unique shopping experiences in physical stores [24][39]. - Discount stores are expanding rapidly in both the U.S. and China, with a focus on supply chain management and data-driven decision-making to ensure sustainable growth [25][43]. Future Trends - The future of retail may see the emergence of new business models and opportunities, with a focus on meeting consumer needs and maintaining profitability [37][38]. - The integration of online and offline resources is expected to enhance the competitiveness of private labels, particularly through the use of AI in supply chain management [16][32]. - The retail landscape will continue to evolve, with the potential for large retail formats to expand into lower-tier markets [41]. Additional Important Content - The records highlight the importance of experiential marketing, such as sampling events, to enhance consumer engagement and drive sales [28][29]. - The impact of tariffs on U.S. retailers has been significant, affecting supply chains and product availability [34]. - The records also discuss the challenges faced by traditional department stores like Macy's, which must adapt to the changing retail environment to survive [49][50]. This comprehensive overview captures the essential insights from the conference call records, focusing on the dynamics of the retail industry in both the U.S. and China, the evolution of private labels, and the challenges and opportunities that lie ahead.