转载自电商派Pro 直播江湖风云变幻，更新换代频繁，董宇辉却是难得的"常青树"般的存在。 不久前，其"与辉同行"直播间开启家居专场，一举拿下3.56亿元的销售额，其中顾家家居的一款沙发单品，成交额更是突破1亿元。 这场长达五个半小时的直播，虽再度验证了董宇辉强大的带货实力，却也意外触发了一波前所未有的质疑声浪。 在流量为王的直播时代，顶流主播的任何细微举动都逃不过大众的审判。曾凭借文化底蕴圈粉无数，收获大批"丈母娘"粉丝支持的董宇辉，如今也面临着 巨大的争议。 董宇辉带货沙发陷入代工质疑 这一切的开始，要从12月10日的一场直播说起。 当晚，董宇辉"与辉同行"直播间进行了一场家居专场直播。这场持续五个半小时的直播创下了3.56亿元的总销售额，其中顾家家居一款真皮沙发单品成交 额突破1亿元，成为当日直播间的销售冠军。 董宇辉在直播中坐在该款沙发上向观众详细介绍，并将所有沙发类产品按价格排序，方便消费者"迅速做出判断"，强调"消费这个事情就是量力而行，咱 们按需消费"。 77 : 900 · 讲解中 沙发3.1万 单了拼手速了,早买早发货,趁国 补换沙发 年终狂吹零 · 双12 定制的四件套上 【顾家家居】头层 ...

本报（chinatimes.net.cn）记者卢晓 北京报道 零售商超企业的激烈战火正向供应链上游蔓延。 12月9日，《华夏时报》记者走进位于广东韶关乳源县盒马村，除了每年向全国餐桌输送数千吨山茶油 外，最近这里还"长"出新产品——盒马山茶花护肤系列。运营这一盒马村的宝华农科总裁苑立俭当天表 示，与盒马合作后，其销售额年复合增长率超60%，而除了食用油、化妆品外，下一步双方还将向药 品、食品、保健品等产业链方向发展。 盒马村的新动作，是零售企业在上游供应链激烈比拼的缩影。随着奥乐齐、快乐猴等硬折扣超市不断扩 张，零售商超市场竞争空前激烈，过往的"收租"模式正在失效，而商品力则成为各方竞争的关键。 盒马村跨界合作 "顺应整个茶油市场高速发展阶段，从2022年到现在，我们的产量增速达到40%左右，目前我们整个基 地的规模大概在4万亩，每一年能保证稳定输出至少1500吨到2000吨的油，去年产值大概是2—3个 亿。"12月9日，宝华农科相关负责人对《华夏时报》等媒体记者介绍道。 据记者了解，山茶树种植生产周期漫长，从播种到丰产期需要5到8年，且韶关当地多为山地，种植采摘 难，投入大、回报慢、销售渠道不稳定，曾长期制 ...

Core Viewpoint - Luckin Coffee is facing significant challenges ahead of its potential re-listing, with a notable discrepancy between its impressive revenue growth and stagnant profits, raising concerns about its underlying business model and operational efficiency [1][9]. Financial Performance - Luckin Coffee's recent quarterly report shows a substantial increase in revenue and a rapid rise in store count, nearing competitors like Heytea. However, net profit remains unchanged, indicating deeper issues within its cost structure [3]. - The company spent nearly 2.9 billion on delivery services in just three months, more than doubling from the previous year, which highlights the financial strain from its delivery model [3][14]. Competitive Landscape - Intense price competition is evident, with competitors like Kudi Coffee drastically lowering prices, forcing Luckin to reduce its own prices from 9.9 yuan to 6.9 yuan, which has not resulted in a proportional increase in customer loyalty [5]. - The competitive pressure is compounded by Starbucks' aggressive expansion strategy in China and the emergence of Kudi Coffee, which closely mimics Luckin's business model [7]. Market Perception and Capital Concerns - Luckin's eagerness to re-list is driven by a desire to restore its image post-2019 financial scandal. However, the market remains skeptical, as the current financial performance does not convincingly demonstrate a sustainable profit model [9]. - The stock price increase in the pink sheet market appears speculative, with long-term investors scrutinizing the company's fundamentals for potential weaknesses [9]. Supply Chain and Operational Efficiency - The company recognizes that relying on subsidies is not a viable long-term strategy, as competitors are enhancing their supply chain capabilities to reduce costs and improve efficiency [11]. - Luckin must address its supply chain and store management issues to avoid superficial growth and ensure long-term viability in a competitive market [13][14].

Core Insights - Luckin Coffee is actively pursuing a plan to return to the U.S. main board for listing, signaling a desire for reputation rebuilding and global expansion [3][4] - The company is also considering acquiring Costa Coffee, a brand under Coca-Cola, to enhance its international presence [3][7] - The latest financial report shows significant growth, with Q3 2025 total net revenue reaching 15.287 billion yuan, a 50.2% year-on-year increase [5] Group 1: Return to U.S. Main Board - CEO Guo Jinyi announced the intention to return to the U.S. main board, marking the first formal plan since the company's delisting due to financial fraud in 2020 [4] - The company remains cautious, focusing on business strategy and development rather than setting a specific timeline for the return [4][6] - Rebuilding trust with investors and meeting stringent regulatory requirements will be significant challenges for the company [6] Group 2: Financial Performance - Luckin Coffee's rapid growth saw its valuation soar after its establishment in 2017, leading to its NASDAQ listing in 2019 [5] - The company has transitioned from losses to profitability through various strategies, including private domain operations and store expansion [5] - As of Q3 2025, the average number of monthly transacting customers reached 112 million, with a total of 29,214 stores [5] Group 3: Acquisition Plans - The potential acquisition of Costa Coffee is seen as a strategic move to enhance Luckin's international footprint [7][8] - Analysts believe that the acquisition could accelerate Luckin's global expansion, despite the overall low concentration of coffee brands worldwide [7] - The company aims to leverage its rapid store growth and brand innovation to enhance its market position [7] Group 4: Market Dynamics - The coffee market in China is becoming saturated, prompting Luckin to explore international opportunities [8][9] - The company has recently entered the Singapore market, with over 70 stores, but has limited presence in North America [9] - The competitive landscape is shifting from price wars to capital and cost battles, emphasizing the importance of supply chain management [10]

Core Viewpoint - The article discusses the contrasting performance of the tea beverage brand Mixue Ice City, highlighting its strong financial results amidst challenges posed by rising lemon prices and competitive pressures in the market [3][4][11]. Financial Performance - Mixue Ice City reported a revenue of 14.87 billion yuan and a net profit of 2.72 billion yuan for the first half of 2025, outperforming competitors like Bawang Tea and Guming [3]. - Forecasts suggest that Mixue's revenue could reach 29.7 billion yuan in 2025, reflecting a steady growth of 20% year-on-year [3]. Supply Chain and Raw Material Challenges - The brand's success is attributed to its robust supply chain and competitive pricing, particularly for its lemon-based products, which account for 15%-20% of its revenue [4][7]. - Extreme weather conditions have severely impacted lemon production, with some regions experiencing a yield reduction of 30%-60%, leading to a surge in wholesale lemon prices to 15 yuan per kilogram, nearly doubling year-on-year [7][9]. Competitive Landscape - Mixue Ice City faces significant pressure from competitors who primarily use a different variety of lemon (fragrant lemon), which has not seen the same price increases as the yellow lemon used by Mixue [9][10]. - The ongoing "takeout war" has eroded Mixue's price advantage, as competitors offer substantial discounts, making it challenging for Mixue to maintain its market position [12]. Strategic Responses - In response to the lemon crisis, Mixue has diversified its product offerings by incorporating fragrant lemons into new products, thereby alleviating some supply chain pressures [10][11]. - The brand is leveraging its IP, "Snow King," to enhance customer engagement and loyalty through innovative marketing strategies, including blind box promotions and emotional branding [13][15]. Expansion into New Markets - Mixue is expanding into new product categories, including coffee and fresh beer, to capture a broader consumer base and diversify its revenue streams [18][21]. - The launch of its coffee brand, "Lucky Coffee," has seen rapid expansion, with over 8,200 locations globally, and aims to penetrate first-tier cities [19][21]. Conclusion - The challenges posed by rising lemon prices and competitive dynamics have prompted Mixue Ice City to adapt its strategies, focusing on emotional branding, product diversification, and market expansion to sustain its growth trajectory [21].

Core Viewpoint - The retail industry, including Yonghui Supermarket, is struggling with intense competition and rising costs, leading to significant operational challenges and strategic adjustments [3][4]. Group 1: Company Performance - Yonghui Supermarket reported a revenue of 67.574 billion yuan in 2024, a year-on-year decrease of 14.07% [4]. - The net profit attributable to shareholders was a loss of 1.465 billion yuan, widening from a loss of 1.329 billion yuan the previous year, marking the fourth consecutive year of losses for the company [4]. Group 2: Strategic Adjustments - In response to losses, Yonghui Supermarket implemented store closures and a transformation strategy, closing 232 underperforming stores in 2024 [4]. - The company initiated the "Fat Donglai" reform plan, aiming for a comprehensive product centralization transformation involving 200 core strategic partners and 100 billion-yuan-level products [4]. Group 3: Industry Trends - Other retailers, such as Bubugao and RT-Mart, are also enhancing their product and store adjustments, indicating a shift in competition from expansion to supply chain and product service levels [4]. - The competition among retailers is increasingly focused on supply chain capabilities and product pricing strategies, moving away from merely expanding store numbers [4].

Core Viewpoint - The recent shift by XinXuan Group from a signed contract model to a partnership model for live streamers aims to reshape the relationship between the company and its streamers, potentially leading to a more diversified and resilient ecosystem in the live e-commerce industry [1][2]. Group 1: Partnership Model - The partnership model allows streamers to establish independent partnerships with XinXuan, where each streamer acts as the CEO of their own company, increasing their revenue share to 60% while XinXuan retains a 5% service fee [2]. - This model is seen as a way to eliminate the "joint liability risk" and to break the monopolistic hold of top streamers on marketing resources and profits, fostering a more diverse and risk-resistant streamer ecosystem [2][3]. Group 2: Implications for Brand Merchants - With streamers becoming independent decision-makers, their personal credibility and professionalism will directly impact their development, encouraging them to focus on professionalism and long-term reputation [2]. - The direct and personalized collaboration between brand merchants and streamer teams is expected to enhance the presentation of brand differentiation and value [2]. - However, the transition to a partnership model presents challenges for brand merchants, particularly in assessing the capabilities and qualities of streamers [3]. Group 3: Market Risks and Management Challenges - The shift to a partnership model increases the complexity and costs associated with managing multiple independent partners, as brand merchants may need to engage with various specialized streamers for different product categories [3]. - The independence of streamers may lead to increased flexibility and mobility, posing long-term brand management risks, as the relationship between live e-commerce and individual streamers becomes more tenuous [3]. Group 4: Industry Trends - The exit of prominent streamers like XinBa (Xin Youzhi) from the live streaming industry reflects a broader trend of top streamers stepping back, which has implications for the overall market dynamics [4][5]. - Companies like Dongfang Zhenxuan are exploring new strategies, such as focusing on supply chain management, which has shown positive financial results, indicating that supply chain competition may become a new focal point in the live e-commerce sector [6].

Core Viewpoint - The announcement by Xinxuan Group to shift from a signed contract model to a partnership model for live streamers is expected to reshape the relationship between live streaming e-commerce and streamers, presenting both opportunities and challenges for brand owners [1][2]. Group 1: Partnership Model Changes - The partnership model allows streamers to establish independent partnerships with Xinxuan Group, where they become the CEOs of their own companies, leading to a revenue share of up to 60% for streamers, while Xinxuan only takes a 5% service fee [2]. - This shift aims to eliminate the "joint liability risk" and break the monopolistic hold of top streamers on marketing resources, fostering a more diverse and resilient ecosystem of streamers [2][3]. - As streamers gain independence, their personal credibility and professionalism will directly impact their development, potentially driving them to focus more on professionalism and long-term reputation [2]. Group 2: Brand Owner Challenges - Brand owners will face new challenges in identifying and managing the capabilities and qualities of streamers, which were previously managed by the e-commerce platforms [3]. - The complexity and costs associated with managing multiple independent streamers will increase, as brand owners may need to engage different streamers for various product categories [3]. - The loosening of ties between brands and individual streamers may lead to a reduction in support for streamers, increasing long-term brand management risks [3]. Group 3: Industry Trends - The exit of top streamers, such as Xinba, reflects a broader trend in the industry where leading figures are stepping back, prompting brands to seek diversified distribution channels and self-broadcasting strategies [4]. - Companies like Dongfang Zhenxuan are shifting their focus towards supply chain management after parting ways with prominent streamers, indicating a strategic pivot in the industry [4]. - Dongfang Zhenxuan reported a total revenue of 4.4 billion yuan for its ongoing business, with a net profit of 6.2 million yuan, highlighting the positive impact of supply chain development on performance [5].

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]