来源：钛媒体 从早期的贴牌代工到如今的品牌出海，出海发展40年的中国汽配产业正在探寻新的增长动能。 过去，中国汽配出海多以"白牌""副厂件"为主，依赖成本优势占领中低端市场。然而，随着全球电商基 础设施的完善、消费行为的线上化迁移，以及中国供应链能力的深度进化，汽配出海正迎来一场从"产 品出海"到"品牌出海"、从"流量红利"到"效率红利"的变革。 在全球电商加速渗透与跨境贸易增长迅猛的当下，欧美市场因其全球汽车保有量靠前且车辆老龄化较 高，爆发出巨大的汽配跨境市场潜力。然而，2025年跨境电商行业经历了多重黑天鹅事件，关税波动、 政策调整等挑战让不少卖家倍感压力。 在此背景下，中国汽配卖家正通过供应链效率革命和新品类的海外机遇，获得出海增长新动能。 库存一直是跨境商家群体的"生死关"，而汽配产品标品占比少，SKU繁多、长尾属性显著，这些特征使 得汽配商家对库存管理与供应链效率需求更高。 万邑通副总裁汪思杰指出，"汽摩配品类的尺寸、重量覆盖的范围非常大，最小的产品只有50-100克左 右，大的商品就是保险杠、轮胎等。同时，汽配品类线上化对时效性需求高，海外本地发货3-5天的时 效远优于国内直发的7-14天，这决 ...

Core Viewpoint - Mannings, a Hong Kong-based health and beauty retail chain, has announced its complete withdrawal from the Chinese market, ceasing all offline and online operations by early 2026, which reflects a strategic decision influenced by its inability to adapt to the rapidly evolving consumer landscape in China [5][7][19]. Group 1: Company Withdrawal Announcement - Mannings will close its offline stores by January 15, 2026, and its online platforms, including its official mini-program, will cease operations by December 28, 2025 [5][6]. - The brand has struggled to establish a significant presence in the Chinese market, with over 120 stores but failing to penetrate beyond certain regions [7][9]. Group 2: Market Position and Competition - Mannings entered the Chinese market during a period of rapid retail growth but failed to capitalize on this opportunity, unlike its competitor Watsons, which aggressively expanded its store network [9][10]. - The brand's cautious and conservative approach hindered its ability to transition from a regional to a national brand, resulting in a lack of visibility among the broader consumer base [11][12]. Group 3: Consumer Behavior and Experience - The shift in consumer demographics, particularly among younger generations, has led to a disconnect between Mannings' traditional retail model and the expectations of modern consumers who prioritize experience and information transparency [13][14]. - The brand's in-store experience has been perceived as outdated, with younger consumers preferring brands that engage them through social media and experiential marketing [14][15]. Group 4: Strategic Misalignment - Mannings has not effectively adapted its product offerings to meet the evolving preferences of younger consumers, leading to a loss of market relevance [15][17]. - The company's supply chain and operational efficiency have lagged behind competitors, impacting its ability to respond to market changes and consumer demands [17][18]. Group 5: Parent Company Strategy - DFI Retail Group's decision to withdraw Mannings from the Chinese market reflects a broader strategic choice to focus on more promising business units, such as its successful restaurant and supermarket operations [19][21]. - The contrasting strategies of DFI's other brands, which have successfully adapted to local market demands, highlight the challenges Mannings faced in a competitive and rapidly changing retail environment [20][21].

复盘上半年的市场表现，数据的"一升一降"折射出不同商业模型在极致性价比时代的适应能力。 我们观察到，以"极致性价比+高复购+轻资产"为特征的品牌表现出了极强的韧性。据近期披露的数据显示，某头部茶饮品牌在补贴大潮中，凭借强大的供 应链底盘，实现了营收与净利润的双增长，净利润达27.2亿元，新开门店近万家。这证明了"低价"不等于"低质"或"亏损"，前提是拥有极致的成本控制能 力。反观部分主打大店模式或高客单价的品牌，在流量规则改变的当下，面临着营收承压或单店GMV波动的挑战。即便是选择"不参与价格战"的品牌，也 需直面流量分流的阵痛。 2025年，对于餐饮与即时零售行业而言，注定是载入史册的一年。 京东、美团、阿里三大平台的持续投入，客观上激活了消费市场，重塑了用户的价格预期。从4.2元的咖啡到"0元喝奶茶"，消费端的繁荣显而易见。 然而，在繁荣的数据表象之下，行业正在经历一场深刻的"压力测试"。随着Q3财报数据的陆续披露与市场监管政策的收紧，一个共识正在行业内形成：单 纯依靠"烧钱换市场"的粗放增长时代已宣告结束，以供应链效率和产品力为核心的"价值战"时代正在到来。 01 市场分化：模式之争而非品牌之争 在这场 ...

三得利在推广乌龙茶时，不仅将产品命名为具有中国传统韵味的"乌龙茶"，还在广告中融入孙悟空等中国传统文化符号，让消 费者在潜移默化中产生"亲切感"；养乐多则直接采用汉字标识，包装以中国红为主色调，配合"肠道健康"的功能性宣传，成功 打入中国家庭消费场景；味全每日C更是在包装上突出"每日鲜榨"的视觉元素，通过"当天生产、当天配送"的宣传话术，塑造 出"新鲜本土化"的品牌形象。 文｜食安时代 日系饮料凭借先进的生产技术、成熟的品牌运营和精准的渠道布局在中国市场掀起热潮，三得利乌龙茶、养乐多乳酸菌饮料、 味全每日C等产品在细分品类中占据主导地位。 近五年来，中国饮料市场进入"修罗场"模式，本土品牌凭借快速创新、渠道下沉和精准营销强势崛起，日系饮料却逐渐陷入增 长停滞，市场份额持续萎缩。 品牌"本土化"的边界何在？当"伪装"反噬信任 日系饮料在进入中国市场初期，深谙"本土化"对于消除文化隔阂的重要性，采取了一系列更具针对性的策略。 根据麦肯锡2020中国消费者调查报告显示，许多人会把很早以前进入中国市场的国际品牌误当成本土品牌，半数消费者认为七 喜（7-Up）是中国品牌，49%的消费者认为日本养乐多（Yakult）是中 ...

Core Insights - The article discusses JD Qixian's innovative "24-hour vegetables" initiative, which aims to redefine freshness in the fresh produce market by ensuring that vegetables are delivered to shelves within 24 hours of being harvested [1][4][21] - This initiative has led to a significant increase in sales, with a reported 215% year-on-year growth in similar vegetables within just over a month of launch [1] Supply Chain Efficiency - JD Qixian's "24-hour vegetables" initiative emphasizes supply chain efficiency by clearly defining each step in the process, from harvesting to shelf display, ensuring that the entire supply chain is completed within 24 hours [5][6] - The company has optimized the flow of core vegetable categories, improving overall circulation time by approximately 30%-50% [8] - A detailed operational model has been established, allowing for precise control over the time and conditions of vegetable delivery, which is difficult to achieve in traditional retail systems [5][9] Consumer Trust and Experience - The "24-hour vegetables" initiative enhances consumer trust by providing a clear and traceable supply chain, allowing customers to verify the freshness and safety of their produce [17][21] - Consumers benefit from purchasing fresh vegetables at regular prices, which improves both taste and nutritional value [15][18] Agricultural Partnerships - JD Qixian's collaboration with farmers has transformed their business model, providing them with stable demand and pricing, thus reducing uncertainty and risk [18] - The platform's data-driven approach allows farmers to plan their production based on actual sales forecasts, leading to more efficient farming practices [18] Role of Logistics and Operations - The logistics and procurement roles have evolved to require a comprehensive understanding of production, logistics, and consumer preferences, ensuring that the supply chain operates smoothly [19] - The initiative has introduced a new operational model focused on time, waste reduction, and quality, which is essential for delivering "24-hour vegetables" [19][21] Competitive Landscape - JD Qixian's "24-hour vegetables" initiative positions the company in a new competitive landscape, focusing on supply chain efficiency and quality rather than just price [21] - The initiative represents a shift from price wars to value-based competition in the fresh produce market, emphasizing the importance of supply chain capabilities [21]

作者/薛向 出品/茶咖观察 头图/源自网络 2025年，中国茶饮市场将剑指7000亿规模，CR5占比逼近50%，巨头效应愈发显著。当跑马圈地的狂飙突进告一段落，真正的战役悄然转向，后台效率的无 声角逐已成为决定品牌生死的"胜负手"。 翻开上市品牌财报，"供应链效率"已成为高频词，其深度、广度与精细化程度，不再是幕后支撑，而是品牌掌控定价权、保持盈利持续性、实现健康增长的 核心密码与生死线。 *图片来自网络 隐形成本高：深挖供应链的三大"效率洼地" 在看似繁荣的表象之下，高昂的"隐性成本"正悄然蚕食着连锁茶饮品牌的利润。品牌在高速扩张时埋下的供应链基础薄弱隐患，在规模效应下集中爆发，形 成三大核心"效率洼地"： 1、扩张之"重"：区域走向全国，物流网络复杂性陡增。仓租跨区价差、干线物流成本、多温区损耗叠加（尤其是鲜果、乳制品），使全国性单店物流成本 普遍高于深耕区域。规模并未自动带来成本优势，反而可能拖累。 2、断货/库存之"痛"：原料鲜度高、保质期短的特性让库存管理如履薄冰。断货损失客流与口碑，过量囤货则直接报废贬值，损耗率居高不下是常见痛点。 如何平衡"缺"与"废"的损耗率，始终是行业的致命弱点。 面对截然 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 performance met expectations, with 2C (consumer) exports exceeding expectations. Q3 revenue was 112.4 billion (up 10%), and net profit attributable to shareholders was 11.9 billion (up 9%) [6][10] - The company is expected to maintain growth in Q4 despite high base effects from the previous year, with a focus on improving supply chain and sales efficiency [10] Financial Performance Summary - Q3 revenue reached 112.4 billion (up 10%), with net profit attributable to shareholders at 11.9 billion (up 9%) and non-recurring net profit at 10.9 billion (up 7%). The profit growth rate was lower than revenue growth due to losses from three acquisition businesses amounting to 3 billion [6] - For the first three quarters, total revenue was 364.7 billion (up 14%), with net profit attributable to shareholders at 37.9 billion (up 20%) [6] - The company expects to see a steady performance in Q4, with internal sales growth projected to be stable despite a decline in national subsidies [7][10] Segment Performance Summary - 2C Smart Home: Q3 revenue growth was 10%, with domestic sales up 5% and exports up 15%. The company is focusing on cost reduction and efficiency improvements [7][8] - 2B Business: Q3 revenue growth was in double digits, with exports outpacing domestic sales. The company aims to double its building business revenue to 10 billion USD by 2030 [9] - Robotics: KUKA benefited from expanded industry and domestic orders, maintaining a growth rate of 10% in Q3 [9] Earnings Forecast and Valuation - The company’s earnings forecast for 2025-2027 has been adjusted, with net profit attributable to shareholders projected at 44.9 billion, 49.4 billion, and 53.9 billion respectively, reflecting growth rates of 16%, 10%, and 9% [10][11] - The company maintains a strong balance sheet, with other current liabilities and contract liabilities increasing by 11.9 billion compared to the same period last year [10]

Core Insights - SPS Commerce reported mixed third-quarter financial results, with earnings per share of $1.13 exceeding the analyst consensus estimate of $1.00, while quarterly sales of $189.904 million fell short of the expected $191.797 million [1] - The company issued fourth-quarter guidance for adjusted EPS between $0.98 and $1.02, below market estimates of $1.05, and projected sales of $192.700 million to $194.700 million, compared to expectations of $199.897 million [2] - SPS Commerce has cut its FY25 sales guidance below estimates, indicating potential challenges ahead [1] Company Performance - The CEO of SPS Commerce highlighted the ongoing prioritization of collaboration and automation among retailers and trading partners, despite global trade and economic uncertainties [3] - The company's shares experienced a decline of 1.2%, closing at $103.89 [3] Analyst Reactions - Following the earnings announcement, analysts adjusted their price targets for SPS Commerce, with Needham maintaining a Buy rating but lowering the target from $160 to $110 [6] - Stifel downgraded SPS Commerce from Buy to Hold, reducing the price target from $150 to $80 [6] - Cantor Fitzgerald downgraded the stock from Overweight to Neutral, lowering the price target from $135 to $80 [6]

Core Viewpoint - The report from GF Securities indicates that the recent rationalization of delivery subsidies raises concerns about the sustainability of same-store sales growth and the impact of high base pressure starting from April next year. The company believes that leading brands' flagship products have relatively low discount levels, and the focus on low-priced promotional items may affect consumer acceptance of regular-priced tea beverages. The long-term penetration rate logic for tea beverages remains unchanged, and while subsidy reductions may temporarily suppress price-sensitive consumption, diverse consumer needs will continue to cultivate consumption habits [1][2]. Supply Side - The development of fresh tea beverages is shifting from powdered preparation to fresh, healthy options, with high-quality raw materials becoming increasingly common. Continuous upgrades in product quality are being achieved at relatively affordable prices due to the deepening supply chain efforts of leading tea brands. The number of fresh tea beverage stores in China increased from 293,000 in 2019 to 448,000 in 2024, enhancing accessibility and driving structural increases in purchase frequency [1][3]. Demand Side - The demand for fresh tea beverages is evolving from basic functional needs to higher-level demands, including emotional value, health needs, and social needs. This shift is enhancing the irreplaceability of fresh tea beverages, leading to the continuous accumulation of consumer habits [2]. Long-term Outlook - There is significant growth potential for the penetration rate of fresh tea beverages in China, with an average annual consumption of 11 cups per person in 2023, compared to over 50 cups in Hong Kong and Taiwan. The industry is experiencing increasing chain rates and concentration, with the chain rate for fresh tea beverages reaching 56.1% in 2023, up 17.1 percentage points from 2018. Leading brands are rapidly expanding their stores, while smaller brands are being eliminated, indicating a trend towards higher industry concentration [3]. Short-term Outlook - The delivery subsidies from platforms like JD, Meituan, and Taobao have significantly supported same-store sales growth in the fresh tea beverage sector, with daily average orders increasing from approximately 10 million in May to 20 million in July. The company expects strong same-store performance from May to August. A simplified store model analysis shows that brands with stronger bargaining power and effective use of platform rules can benefit more from these subsidies, while some smaller franchisees may experience revenue growth without profit increases [4].

Core Insights - The hard discount supermarket sector in China is undergoing significant changes, with traditional players facing challenges while new entrants like Alibaba, JD, and Meituan are entering the market aggressively [1][5][9] - The hard discount model is gaining traction due to a shift in consumer behavior towards value-oriented shopping, with the market expected to grow from approximately 1.79 trillion yuan in 2023 to 2.28 trillion yuan by 2025, reflecting a compound annual growth rate of 11.0% [4][6] Group 1: Market Dynamics - The closure of a prominent hard discount supermarket due to cash flow issues marks a pivotal moment in the sector, while competitors like Hejia Yue and Wumart continue to thrive [1] - Major e-commerce players are now focusing on the hard discount model as a new growth avenue after reaching saturation in online sales [1][7] - The hard discount retail channel is projected to grow globally by 8.2% in 2024, indicating a robust demand for discount retailing [4] Group 2: Consumer Behavior - Consumers are increasingly seeking value for money, leading to a decline in brand loyalty and a preference for cost-effective options [4][6] - The social and experiential aspects of shopping in physical stores remain irreplaceable, as consumers value the in-person shopping experience that online platforms cannot replicate [3][4] Group 3: Competitive Landscape - New entrants are leveraging their supply chain integration and digital capabilities to compete against established players, which may lack experience in physical retail operations [7][8] - The hard discount model emphasizes low margins, high turnover, and a limited SKU selection, focusing on essential goods to enhance operational efficiency [6][8] Group 4: Future Outlook - The retail industry is expected to enter a phase of deep integration between online and offline channels, with a focus on optimizing supply chains and enhancing consumer experiences [4][5] - Companies that can effectively understand and meet consumer needs will have a competitive advantage in the evolving retail landscape [4][9]