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如何看待新消费的机会:供给创新,新消费的底色
2025-08-18 15:10
Summary of Conference Call Records Industry Overview Gold and Jewelry Industry - The gold and jewelry industry is a mature market with a total scale of approximately 700 to 800 billion yuan, with gold jewelry accounting for about 500 billion yuan [1][3] - Rising gold prices have led to a decline in consumption volume, posing challenges for companies relying on volume-based pricing models [1][3] - Opportunities for product innovation arise from an increase in the proportion of new inlays and revisions to the standard for pure gold, shifting from thousand-foot gold to hundred-foot gold [1][3] - Leading companies like Laopu Gold have shown outstanding performance in adapting to these changes [4] IP Toy Industry - The IP toy sector includes various categories such as building blocks, plush toys, and cards, with Bubble Mart and Blokus being notable representatives [5] - Bubble Mart has expanded its female customer base through gummy toys, while Blokus has innovated in the building block sector, appealing more to male consumers [5] - The advantages of Chinese manufacturing and product innovation position Blokus favorably for international expansion, drawing inspiration from high-revenue global IPs like Transformers and Bandai [5] Medical Aesthetics Industry - The medical aesthetics industry is characterized as a product-driven sector, with continuous iterations of materials such as hyaluronic acid, regenerative materials, and collagen [6] - High-end products like regenerative materials and collagen injections face significant certification challenges, which will be key factors for pricing power in the coming years [6] - The rise of affordable light medical aesthetics brands like New Oxygen is prompting a restructuring of the industry chain, potentially leading to a new wave of supply chain integration [6] New Tobacco Industry - The new tobacco market is primarily focused on overseas markets, with a clear global trend towards smokeless alternatives, although penetration remains below 10% [7][8] - Philip Morris International's IQOS dominates the heated tobacco market with a 70% market share, but brands like Sima are introducing similar products through patent innovations, indicating increased competition in the future [7][8] Core Insights and Arguments - The core of new consumption lies in supply-side innovation, shifting focus from demand growth to innovative supply capabilities [2] - Despite a general decline in market sentiment, certain sectors exhibit new highlights, with competitive companies enhancing operational capabilities and market share [2] - The emphasis on the innovative capabilities of entrepreneurs is crucial for future growth across various sectors, including gold jewelry, IP toys, new tobacco, and medical aesthetics [9] Additional Important Points - Companies with social attributes and viral potential, such as Stanley thermos, are favored for their rapid growth trajectories [9] - The selection of stocks should consider both supply-side innovation capabilities and social dissemination potential [9]
对话美团周默:会员是美团的一件大事,它指向更大蓝图
36氪未来消费· 2025-04-23 10:12
"美团会员"姗姗来迟,但颇有野心。 作者 | 任彩茹 编辑 | 乔芊 2024 年初,周默从美团外卖事业部调往美团平台,担任用户增长与运营部负责人。打通到家、到店两大业务的 "S 级 " 项目 " 神会员 " ,是他在新岗 位做的第一件事,将原本主要应用于外卖的 " 神券 " 整合到更多业务中。 这一动作,为美团推出真正的会员体系打下了地基 —— 一项所有业务都通用、且边际成本可控的权益,是做会员的基础,也是美团过去所欠缺的。而做 会员,又是美团多年来没有放下的愿想, "S-team 每过一段时间都会讨论有没有机会做。 " 周默告诉 36 氪。 3 月 31 日, " 美团会员 " 终于面世。神券(原 " 神会员 " )是其中的通用权益,也是核心所在,酒店、出行、生活、影音等领域的权益也在跟上,一 套覆盖吃、住、行、游、娱、购、医等全生活场景的会员体系浮出水面。 放眼互联网行业,美团会员是姗姗来迟者,但某种意义上,它又处在一个恰到好处的时机。 除了神券整合带来的机会外,对今天的美团而言,老用户的粘性也比以往更重要。 2024 年,美团的年度交易用户数达到 7.7 亿,覆盖中国过半人口, " 用户规模足够大,新 ...