每经记者 黄博文 每经编辑 张海妮 近日，辛选集团联合创始人初瑞雪在直播中宣布，辛选将主播合作模式由签约制升级为合伙制，引 发行业关注。 "主播成为独立的决策主体后，其个人信誉与职业化程度将直接关系到自身发展，这可能倒逼他们 更加注重职业化、规范化和长期口碑。同时，品牌方与主播团队的直接、个性化合作空间增大，有助于 品牌差异化价值的呈现。"陈明表示，"随着主播自主权提升及优化利润分成模式，品牌方有望获得更精 细、更具创意的营销服务，推动直播电商行业摆脱同质化价格战，向专业化、内容化方向发展。" 不过，从"签约制"到"合伙制"的切换，亦暗藏市场运营风险与管理挑战。对品牌商而言，最大难点 在于对主播能力与素质的甄别。 "精准评估合伙主播的可靠度已成为品牌商开展直播带货业务的核心管理难题。这一环节此前主要 由直播电商平台负责。"他表示，"同时，若品牌商将不同品类产品交由不同专业主播带货，需对接多个 独立合作主体，沟通、签约及履约管理的复杂度与成本均会上升。" 此外，主播成为独立自我管理主体后，其灵活性与流动性增强，带来品牌传播长期管理风险；而直 播电商与单个主播关系趋于松散，也意味着对主播的支持力度将显著减弱。 辛 ...

每经记者｜黄博文 每经编辑｜张海妮 近日，辛选集团联合创始人初瑞雪在直播中宣布，辛选将主播合作模式由签约制升级为合伙制，引发行业关注。 "合伙制"将如何重塑直播电商与主播的关系？直播电商行业又将面临哪些变化？对此，《每日经济新闻》记者采访了国家工信部品牌培育专家、华南理工大 学工商管理学院市场营销系教授陈明。 媒体报道，辛选集团联合创始人初瑞雪表示，主播会与集团成立独立的合伙企业，他们每个人都是自己公司的CEO（首席执行官），主播分成上升至60%， 辛选只收5%的服务费，并主要负责供应链、中台支持和资源赋能，但不再直接管理主播的运营。 陈明认为，辛选实行主播"合伙制"，表面为消除"连带风险"，实质是打破头部主播独占资源、瓜分利润的被动局面。此举能为品牌商带来多重积极变化，但 品牌商也需要甄别主播的能力与素质。 合伙制下平台"松绑"，品牌方迎来甄别与管理新挑战 辛选集团正尝试通过"合伙制"重塑与主播的关系。 据新抖平台数据，曾与辛巴因大闸蟹等产品产生争议的"疯狂小杨哥"（张庆杨），自2024年9月7日后未再进行公开直播，其所属公司"三只羊"此前也因产品 宣传问题接受监管部门调查并被处罚。 在陈明看来，辛选与主播 ...

Core Viewpoint - The performance report of Mixue Group indicates strong growth in the new tea beverage industry, showcasing resilience amid overall industry slowdown, with significant increases in revenue, gross profit, and net profit [1][2][3] Financial Performance - For the first half of 2025, Mixue Group achieved revenue of 14.87 billion yuan, a year-on-year increase of 39.3% - Gross profit reached 4.71 billion yuan, up 38.3% year-on-year - Net profit was 2.72 billion yuan, reflecting a 44.1% year-on-year growth [1] Store Expansion - As of June 30, 2025, Mixue Group's total number of global stores reached 53,014, with a net increase of 9,796 stores compared to the same period last year - In mainland China, stores in tier-three and below cities accounted for 57.6% of total stores, with an addition of 5,707 new stores, indicating deep penetration into lower-tier markets [1][2] International Expansion - Mixue Ice City opened its first store in Kazakhstan in April 2025, marking entry into the Central Asian market - In August 2025, its coffee brand, Lucky Coffee, launched its first overseas store in Malaysia, highlighting the brand's adaptability and cross-regional replication capabilities [1][2] Competitive Landscape - The new tea beverage industry has shifted from product innovation to competition based on system efficiency - Mixue's integrated capabilities in supply chain, brand IP, and store operations have allowed it to add nearly 10,000 stores, demonstrating its business model's replicability and risk resilience [2][3] Technological Investment - Mixue is increasing investments in smart equipment, with over 5,600 stores equipped with intelligent dispensing machines, enhancing efficiency and reducing food safety risks - This reflects a broader trend of digital transformation in the industry, moving from manual management to system-based management [2] Supply Chain Management - Mixue has established a fully controllable supply chain system, with five production bases and over 70 intelligent production lines in China - The company produces 100% of its core beverage ingredients in-house and has developed a procurement network across 38 countries [2] Future Industry Trends - The competition in the tea beverage industry will increasingly focus on the breadth and depth of supply chain management rather than just the number of stores - Brands must develop local operational capabilities, global resource allocation strength, and digital management tools to sustain growth [3]

Core Insights - The company, Dailorobo, is attempting to restart operations by recruiting warehouse staff in Hefei after facing financial difficulties and entering bankruptcy restructuring in 2020 [1][2][4] - Currently, Dailorobo has approximately 150 stores remaining in Hefei, down from nearly 600 stores in November 2019, indicating a significant decline in its market presence [2][3] - The company has faced challenges due to competition from community group buying and other fresh food retailers, making it difficult to regain its previous market position [1][7] Store Operations - Dailorobo's remaining stores in Hefei are operational, offering a wide range of products including fruits, vegetables, and daily necessities, while stores in other cities like Wuhu have closed or are severely limited in product offerings [2][4] - The company is currently hiring around 10 sorting and distribution staff, with salaries starting at 4,000 yuan in the first month [2][5] Financial and Operational Challenges - Dailorobo's financial troubles began in late 2019, leading to a bankruptcy restructuring process in early 2020, with over 200,000 users holding a total balance of approximately 63.26 million yuan on the app [4][5] - Many users are still unable to withdraw their balances, causing dissatisfaction among consumers [4][5] Market Competition - The rise of community group buying platforms has intensified competition, putting pressure on Dailorobo's traditional store model, which relies heavily on physical locations [7][8] - Industry experts suggest that Dailorobo's challenges stem from internal management issues, but there remains potential for recovery if the company can improve user experience and product offerings [7][8] Future Outlook - Dailorobo's future plans and user engagement metrics remain unclear, as the company has not provided updates on its market strategy [6] - Competitors are capitalizing on Dailorobo's struggles, with some of its closed stores being absorbed by other platforms [6][7]

Core Viewpoint - Lucky Coffee, a sub-brand of Mixue Group, is aggressively expanding into first- and second-tier cities with a target of opening over 10,000 stores by the end of the year, having already reached nearly 7,000 stores in just four months [1][3][4] Expansion Strategy - Lucky Coffee was established in 2017 and offers products priced between 6 to 8 yuan, including fruit coffee, milk coffee, fruit tea, and light milk tea [3] - The brand initially focused on lower-tier cities and is now shifting towards higher-tier cities, with approximately 70% of its stores located in third-tier cities or below [3][4] - The new head of Lucky Coffee in China has extensive experience from Mixue Ice City, indicating a strategic push into first- and second-tier markets [3] Market Analysis - The company identified that coffee consumption frequency is higher in first- and second-tier cities, with per capita coffee consumption in China increasing from 7 cups five years ago to 22 cups currently, indicating significant market potential [4] - There is still a considerable gap in coffee shop density in cities like Beijing, Guangzhou, and Shenzhen, suggesting ample opportunity for new store openings [5] Operational Support - Lucky Coffee has established a dedicated market team of 400 members and a training team of 100 members to support franchisees in operations and marketing [5] - The company has implemented specific support policies for franchisees in major cities, waiving fees totaling 34,000 yuan for two years [3] Competitive Landscape - The coffee market is becoming increasingly competitive, with brands like Luckin Coffee and Kudi lowering prices to attract consumers [6] - Lucky Coffee positions itself as a high-quality yet affordable option, with prices starting at 5.9 yuan for an Americano, supported by Mixue Group's extensive supply chain [6][7] Supply Chain Advantages - Mixue Group has signed a procurement agreement worth 4 billion yuan with Brazil for coffee beans, enhancing Lucky Coffee's supply chain capabilities [7] - The company has recently launched a new roasting line in Hainan with an annual capacity exceeding 20,000 tons, significantly increasing its production capabilities [7] Consumer Trends - The shift in consumer behavior towards valuing quality over brand prestige is benefiting Lucky Coffee, as consumers increasingly view coffee as a high-frequency necessity [7]

Core Viewpoint - Retailers are transitioning into a phase of internal improvement after facing challenges such as store expansion, e-commerce competition, and high costs in the first half of 2025. Companies like Yonghui Supermarket and Bubugao are undergoing significant store adjustments and upgrades [1][4]. Group 1: Learning and Store Adjustments - The success of Pando's operations has inspired other retailers to adopt similar practices, with companies like Bubugao and Yonghui Supermarket making substantial store adjustments. Yonghui has opened its 100th store modeled after Pando, indicating a trend towards adopting successful regional retail strategies [4][5]. - The retail industry is witnessing a surge in learning from successful membership store models like Sam's Club and Costco, with traditional retailers focusing on product development and consumer-oriented service strategies [4][5]. Group 2: Performance and Financial Impact - Bubugao's half-year performance forecast indicates a net profit of 180 million to 220 million yuan, a year-on-year increase of 331.18% to 382.55%, attributed to restructuring and operational efficiency improvements [5]. - In contrast, Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025 due to ongoing strategic transformations and store adjustments, including the closure of 227 underperforming stores [6]. Group 3: Supply Chain Competition - The retail landscape is evolving with new formats such as membership and discount stores, leading to intensified competition focused on high-quality, cost-effective products. The supply chain battle has become particularly pronounced in the first half of 2025 [8][9]. - Companies like Lianhua and Zhongbai are launching discount stores, while Sam's Club and Dailongfa are expanding their membership offerings, emphasizing the importance of unique products and competitive pricing [9][10]. - Speed in delivery is becoming a critical factor, with retailers aiming to enhance their logistics capabilities to meet consumer demands for faster service, transitioning from next-day delivery to half-hour delivery [10][11].

Core Viewpoint - The article discusses the intensifying competition in the OTA (Online Travel Agency) industry, particularly with the entry of new players like JD.com and the aggressive strategies of existing platforms such as Douyin and Meituan, highlighting the evolving landscape and market dynamics in the hotel booking sector [3][4][12]. Group 1: Market Dynamics - The OTA market is experiencing a significant shift, with Douyin investing heavily in local life services and offering substantial platform subsidies to attract users [4][5]. - The competitive landscape is characterized by a "7+2+1" market structure, where the Ctrip group dominates with a 70% market share, followed by Meituan and Douyin as emerging players [10][24]. - Ctrip's user base reached 165 million by August last year, leveraging dynamic commissions and strategic partnerships to strengthen its market position [9][10]. Group 2: Competitive Strategies - Douyin's strategy includes live streaming and promotional pricing, aiming to capture a significant share of the hotel booking market, particularly in the mid-range segment [5][30]. - JD.com’s entry into the OTA space is seen as a move to enhance its product offerings and compete more effectively with Meituan, focusing on local life services [13][15]. - The competition is intensifying as platforms like Meituan and Douyin target the mid to low-end hotel market, while Ctrip maintains a focus on high-end hotels and business travel [20][22]. Group 3: User Behavior and Market Trends - There is a growing trend of price-sensitive users comparing multiple platforms, leading to a shift in hotel partnerships as they seek better deals [28][30]. - The rise of short video and social media platforms is reshaping consumer behavior, with users increasingly relying on these channels for travel bookings [33]. - Douyin's hotel booking GMV is projected to reach 90 billion in 2024, reflecting a 50% increase from 2023, driven by its content ecosystem and promotional strategies [32][33]. Group 4: Challenges and Opportunities - The hotel industry remains fragmented, with low barriers to entry, making it crucial for OTA platforms to establish strong supply chain relationships and maintain pricing stability [14][18]. - Despite aggressive pricing strategies, the sustainability of low-price competition is questioned, as hotels prioritize stable pricing and brand recognition when choosing OTA partners [18][19]. - The article suggests that while new entrants like JD.com may disrupt the market, the established players like Ctrip still hold significant advantages in terms of user loyalty and service offerings [25][26].

Group 1 - The domestic cheese industry is gradually moving out of the price war impact of cheese sticks and is beginning to regain growth through transformation towards snackification and entering the B-end market [1][3] - Major cheese companies in China are shifting their growth strategies towards new snack scenarios and the B-end market, particularly in response to the challenges faced during the price wars [3][5] - In 2024, Miaokelando reported a revenue of 4.84 billion yuan, a decrease of 9% year-on-year, but a net profit attributable to shareholders of 110 million yuan, an increase of 89.2% [3][5] Group 2 - The ready-to-eat nutrition series, including cheese sticks, saw significant revenue declines in 2022 and 2023 due to market competition, but in 2024, this segment's revenue grew by 3.2% to 2.05 billion yuan [5] - The retail cheese market's sales decreased by 8.7% in the first quarter of 2025, but the decline is narrowing, with adult snack cheese showing high growth [5][6] - Companies are expanding their product offerings to cover all age groups and new consumption scenarios, including office snacks and fitness supplements [5][6] Group 3 - The cheese market in China is expected to follow trends seen in Japan, where cheese consumption has increased significantly due to aging demographics and the rise of Western-style dining [7] - The competition is shifting to the supply chain level, with domestic cheese companies relying heavily on imported raw materials, which poses new challenges [8][10] - In the first four months of 2025, China imported 63,000 tons of cheese, a year-on-year increase of 10.6%, primarily from New Zealand and Australia [8][10] Group 4 - Domestic dairy companies are exploring the production of raw cheese to reduce reliance on imports, with Miaokelando constructing a raw cheese factory expected to be operational by 2026 [10][11] - The construction of raw cheese factories can help stabilize the cyclical fluctuations of the dairy industry by converting excess fresh milk into high-value cheese products [10][11] - The long-term economic viability of domestic raw cheese production remains uncertain due to fluctuating milk prices [11]

Core Points - The recent US-China trade talks in London mark the first meeting under the newly established trade consultation mechanism, following the Geneva discussions where both sides agreed to this framework [1] - The significance of the second round of negotiations is heightened due to the ongoing tariff disputes, with the US imposing tariffs as high as 145% on Chinese imports [3] - The focus of the negotiations has shifted from tariffs to key industries, particularly around rare earths and technology sectors, indicating a deeper competitive dynamic between the two economies [4][6] Group 1: Background and Context - The trade tensions escalated in April when the US announced comprehensive import tariffs, prompting retaliatory measures from China [3] - Initial agreements in Geneva aimed to reduce tariffs, but significant tariffs remained, particularly over 30% on new imports from China [3] - The recent talks in London were built on the consensus reached in Geneva, with both sides agreeing to continue discussions on key issues [3] Group 2: Key Issues and Negotiation Dynamics - The US is particularly focused on securing a reliable supply of rare earth minerals from China, which are critical for various industries [4] - The negotiations are now centered around each country's unique advantages, with China holding leverage in rare earths and the US in semiconductor technology [4][6] - The expectation is that resolving these supply chain issues will take time, as both countries have entrenched positions and interests [7] Group 3: Strategic Implications - The evolving nature of the negotiations suggests a long-term strategic competition rather than a quick resolution to tariff disputes [6][10] - The potential for a temporary agreement exists, but the underlying issues of supply chain dependencies and technological competition remain unresolved [7][11] - The current political landscape in the US, particularly with the upcoming elections, may influence the urgency and outcomes of these negotiations [8][13]

Group 1 - The global ready-to-drink beverage market is steadily growing, with a market size increasing from $598.9 billion in 2018 to $779.1 billion in 2023, and expected to reach $1,103.9 billion by 2028, reflecting a CAGR of 7.2% from 2023 to 2028 [6][9] - The ready-to-drink beverage segment's share of the global beverage market increased from 43.7% in 2018 to 45.7% in 2023, projected to rise to 48.0% by 2028, driven by consumer health awareness and demand for personalized products [6][9] - China and Southeast Asia are key growth regions for the ready-to-drink beverage industry, with respective CAGR of 17.6% and 19.8% from 2023 to 2028, significantly higher than the global average [9][19] Group 2 - The Chinese ready-to-drink beverage market grew from ¥187.8 billion in 2018 to ¥517.5 billion in 2023, with a CAGR of 22.5%, and is expected to reach ¥1,163.4 billion by 2028 [19][28] - The market size for ready-to-drink tea and coffee in China in 2023 was ¥258.5 billion and ¥172.1 billion respectively, with projected CAGRs of 17.3% and 19.8% from 2023 to 2028 [19][28] - The penetration rate for ready-to-drink tea is expected to rise from 23% in 2023 to 34% in 2028, while the coffee market's penetration is projected to increase from 9% to 18% in the same period [23][24] Group 3 - The competitive landscape of the Chinese ready-to-drink beverage market is characterized by low concentration, with the top three brands being Mixue Ice City, Luckin Coffee, and Starbucks, holding market shares of 11.3%, 8.3%, and 6.3% respectively [28][49] - Mixue Ice City is the only brand positioned in the budget price segment, while other major competitors focus on mid-range pricing [49][57] - The supply chain is a significant competitive factor, with Mixue Ice City and Guming demonstrating strong supply chain capabilities, including extensive procurement networks and logistics systems [37][58] Group 4 - Mixue Group, the leading ready-to-drink beverage company in China, operates 46,479 stores globally as of 2024, with a market share of 20.2% in the ready-to-drink tea segment [57][58] - Guming, the largest budget ready-to-drink tea brand, has a strong presence in lower-tier cities, with 80% of its stores located in these areas [60][61] - The profitability of franchisees in Guming is high, with an average single-store profit of ¥376,000 and a profit margin of 20.2%, indicating strong franchisee interest [61]