摘要：白牌凭借"贴牌代工+流量操盘"的轻资产模式，在电商生态中屡屡实现快速起量，但"低价内卷+短期套利"的传统打法难以支撑长期发展。知名营销咨 询公司奇正沐古，结合美妆、食品、家居等领域的真实案例，从精准选品、价值重塑、全域运营、长期布局四个核心维度，拆解白牌爆品的打造路径，融入 知名品牌营销战略咨询公司奇正沐古的实战观点，为白牌突破"短命网红"宿命、实现从爆款到品牌的跨越提供可落地。 在抖音、拼多多等平台的流量红利加持下，白牌爆品层出不穷。 从美妆领域"3天跟进热点、7天完成贴牌"的厦门帮操盘案例，到家居赛道"9.9元低价跑量"的单品奇迹，白牌靠"快、准、狠"的流量打法快速收割市场。但多 数白牌难逃"爆款沉寂即退场"的命运，如曾爆红的"温博士"因夸大宣传流量腰斩后，便被"冷博士"等同类白牌替代。 知名品牌营销战略咨询公司奇正沐古指出，白牌爆品打造的核心矛盾，在于"短期流量收割"与"长期价值沉淀"的失衡，唯有跳出"拼低价、狂投流"的惯性思 维，构建全链路的爆品运营体系，才能实现可持续增长。 一、 捕捉真实需求，避免盲目蹭热点 传统白牌选品多采用"抄作业式拼接"，如厦门帮将韩国冰淇淋泥膜质地、水晶面膜颜值与水杨 ...

见实《2026私域趋势暨年度调研报告》中首次系统化加入"挑战"指标，试图回答一个更本质的问题——私域在变得更复杂吗？还是我们对它的 要求在变高？ 报告中，企业最头疼的第一件事仍然是"缺专业人才"；几乎同样棘手的，是数据打通和组织协同。与此同时，用户对私域互动的耐受度正在发 生分化，有人说更积极了，也有人感到疲劳上升。 人才、组织、平台、供应链、出海……所有要素正在被重新洗牌。这背后折射出一个趋势：私域正在倒逼供应链、组织结构乃至商业模式发生 变化。 报告中将私域的八大挑战集中展现，希望帮助企业和从业者看清现状、找到2026年的行动方向。接下来，让我们逐条拆解这些洞察。 每一年，私域和全域运营都会遇到新的挑战，但过去一年的挑战格外集中：用户疲倦、人才短缺、数据难通。当然，这些问题不是突然出现， 而是在全域和AI深度介入之后，被进一步放大。 其实这三个并非首次出现，而是近年来一直被高频提及。 以缺乏专业人才为例，不论私域还是全域，乃至当下正在接受的AI带来的冲击，几乎都是新事物、新变化，且持续汰新。曾经的运营技巧、 经验和方法论，都需要不断在新框架下调整和适应。 过去几年来，见实和前程无忧51job持续多年联手发 ...

在见实最新发布的《2026私域趋势暨年度调研报告》中，六组关键数据呈现了一个清晰方向——私域正在进入一个体量更大的阶段。 *本报告基于见实回收的400余份从业者问卷，系统梳理了品牌在增长、投入、组织与AI应用上的关键变化。 私域收入在5000万以上企业比例增加 收入端，5000万级以上的玩家明显增多，超过1亿的企业也在继续攀升； 用户端，"百万级大池子"的品牌不断扩容； 团队端，无论岗位稳定性还是人员配置，都在向更成熟、可持续的组织结构靠拢。 与此同时，2026年的预算倾向、平台投入方向也在悄悄发生重排。 这些数据并非单点波动，而是行业在一年间共同推动的变化：越来越多企业把私域纳入主营增长逻辑，把团队、预算、平台布局重新对齐，把私域视 为"能跑出业务体量"的一部分。 因此，我们把六组关键数据来看，希望帮助品牌、从业者、服务商一起更早看清趋势，也更好判断2026的方向。文末扫码可获取报告完整版。 调研显示出，不同公司的私域收入在2025年间获得了直线提升。 参与调研的企业，私域收入分别所在量级，其结果如下表： | 2025 年，贵司现在年私域收入量级为? | | | --- | --- | | 选项 | 202 ...

Core Insights - The 2025 Double Eleven (Double 11) event concluded with a total transaction volume of 1.695 trillion yuan, marking a year-on-year growth of 14.2% [1][3] - The event has shifted from a "single explosive promotion mechanism" to a "long-cycle comprehensive operation" model, emphasizing the importance of omnichannel operational capabilities [1][3] Sales Performance - The personal care and beauty category accounted for 8.2% of the total sales, approximately 138.99 billion yuan, with skincare products leading the category with sales of 99.1 billion yuan [1][3][9] - Daily GMV growth for the beauty category reached 11.65% year-on-year, with strong performance in fragrance and makeup categories, both exceeding 13% growth [9] Market Dynamics - The competition landscape shows a mix of stability and change, with top brands maintaining their positions while new entrants like 修丽可 and 赫莲娜 are rising in rankings [9][11] - Tmall's beauty rankings are dominated by international brands, while Douyin showcases a strong presence of domestic brands, indicating a divergence in channel strategies [13][11] Consumer Behavior - The trend indicates a shift from functional consumption to a dual-track model of "self-pleasure and long-term care," highlighting resilience in consumer demand [9] - The event's extended duration has led to a change in consumer decision-making, with pre-sale periods becoming critical for sales outcomes [24][25] AI Integration - AI has become integral in enhancing consumer shopping experiences and optimizing merchant operations, with platforms like Tmall and JD integrating AI tools for personalized recommendations and operational efficiency [27][31][34] - The use of AI in marketing and customer service has significantly reduced operational burdens for merchants, allowing for more efficient resource allocation [34][40] Strategic Shifts - The Double 11 event has evolved into a cultural consumption festival, reflecting broader trends in e-commerce where platforms are focusing on differentiated strategies rather than homogeneous competition [41][42] - User engagement strategies are shifting from transactional relationships to long-term asset accumulation, with brands leveraging membership tools to enhance customer loyalty [44][45]

Core Insights - The 2025 Double Eleven event concluded with a total transaction volume of 169.5 billion yuan, marking a year-on-year growth of 14.2% [3] - The event has shifted from a "single-point explosive promotion mechanism" to a "long-cycle comprehensive operational test" [4][25] - The importance of omnichannel operational capabilities has been emphasized, with brands and platforms undergoing significant transformations [4] Sales Performance - Household appliances and mobile digital devices contributed the most to overall growth, with clothing in third place and personal care and beauty products maintaining a steady fourth position with an 8.2% market share [5] - The beauty and skincare category dominated with sales of 99.1 billion yuan, showing a year-on-year growth rate of 11.65% [9] Market Dynamics - The top brands in the beauty and skincare category remained stable, indicating strong brand power and supply chain resilience [10] - Significant changes were observed from the second to fifth positions, with brands like 修丽可 and 赫莲娜 entering the top ranks, reflecting a shift towards a new competitive landscape [12] - In the fragrance and makeup categories, foreign brands maintained dominance, while domestic brands like 毛戈平 and 卡姿兰 began to establish their presence [14] Channel Strategies - Tmall's beauty rankings are dominated by international brands, while Douyin showcases a strong presence of domestic brands, indicating a divergence in channel strategies [16] - The growth structure of beauty brands has evolved to include "influencer-driven hits + brand self-broadcasting + big-ticket items" [17] Promotional Strategies - The promotional period for Double Eleven has extended beyond 30 days, with brands focusing on pre-sale strategies to optimize inventory and marketing efforts [21][22] - The sales curve has diversified, with brands employing strategies to create peaks in sales during different phases of the promotional cycle [24] AI Integration - AI has begun to permeate consumer decision-making and merchant operations, enhancing the shopping experience and operational efficiency [27][28] - Platforms like Tmall and JD have introduced AI-driven services to assist consumers and merchants, significantly improving operational capabilities [30][32][35] - The integration of AI is reshaping the competitive landscape, emphasizing the importance of technological efficiency over resource density [39][40] Industry Evolution - The Double Eleven event has evolved into a cultural phenomenon, reflecting broader trends in consumer behavior and brand strategies [41] - Platforms are increasingly differentiating their strategies, with Tmall focusing on a comprehensive consumption platform and Douyin emphasizing content-driven commerce [42] - User engagement is shifting from transactional relationships to long-term asset accumulation, with brands leveraging membership tools to enhance customer loyalty [43] - The value of Double Eleven is transitioning from mere transaction efficiency to ecosystem empowerment, fostering a more rational and long-term relationship among platforms, brands, and consumers [45]

Core Insights - Tmall achieved its best growth in four years during this year's Double 11, excluding refunds [4][5] - The strategic focus for Tmall in 2025 is on growth, emphasizing investment in consumers, quality brands, and new shopping scenarios [4][6] Growth Metrics - Nearly 600 brands achieved over 100 million in sales, with 34,091 Tmall brands doubling their sales year-on-year [4] - 18,048 brands saw growth exceeding three times, while 13,081 brands grew over five times compared to last year [4] - 406 new brands ranked first in trending categories, with 26 achieving over 100 million in sales [4] Consumer Engagement - The number of 88VIP members reached over 53 million, with daily orders from this group increasing by 31% year-on-year during Double 11 [5][11] - Tmall's retail orders from Taobao Flash Sale grew more than two times compared to last year [5] Strategic Adjustments - Tmall's management has shifted its focus from "platform sovereignty" to "ecosystem sovereignty," prioritizing support for quality brands and original merchants [7] - The "扶优策略" (supporting quality strategy) emphasizes the importance of original capabilities and innovation in products and brands [7][9] New Initiatives - Tmall's new membership system launched in August 2023 aims to cultivate a broader consumer base, with over 1 billion users in platinum and above categories [11] - Strategic partnerships, such as with Xiaohongshu, are aimed at enhancing traffic acquisition and integrating various platforms for better consumer engagement [12] Future Directions - Tmall is focusing on AI and instant retail as key growth areas, with significant investments planned for these sectors [13][15] - The integration of AI tools is expected to enhance user experience and operational efficiency for merchants [15] Performance Testing - Double 11 serves as a critical testing ground for Tmall's various strategies and initiatives, providing insights into their effectiveness [13][15]

Core Viewpoint - The company reported a decline in revenue and net profit for FY2026H1, with revenue at 12.299 billion yuan, net profit at 789 million yuan, and operating cash flow at 1.355 billion yuan, reflecting year-on-year decreases of 5.8%, 9.7%, and 48.2% respectively, primarily due to a slight decrease in gross margin, increased management expense ratio, and a decline in other income [1][2] Financial Performance - Revenue and net profit for FY2026H1 were 12.299 billion yuan and 789 million yuan, respectively, with a year-on-year decline of 5.8% and 9.7% [1] - Operating cash flow decreased by 48.2% to 1.355 billion yuan, attributed to an increase in accounts receivable and a decrease in accounts payable [1] - The proposed cash dividend per share is 0.13 yuan, with a payout ratio of 102% and a dividend yield of 8.52% [1] Business Segments - Retail and wholesale revenues were 10.925 billion yuan and 2.035 billion yuan, showing year-on-year declines of 3% and 20% respectively, with a more significant drop in wholesale due to inventory reduction and decreased orders [1] - Main brand revenue decreased by 4.8% to 10.812 billion yuan, while other brands, joint venture fees, and esports revenue saw declines of 12.2%, 15.2%, and 39.7% respectively [1] - The number of stores decreased by 19.4% to 4,688, with a net reduction of 332 stores, while the average sales area per store increased by 6.5% [1] Online and Offline Strategy - The company has adopted a comprehensive online strategy combining platform e-commerce, content e-commerce, and private domain operations, achieving double-digit growth in online retail sales [1] - The company is enhancing its store experience by integrating functional services and social attributes, with initiatives like pop-up stores and collaborations with major brands [1] - The company has opened its first running specialty store, ektos, in Shanghai, focusing on runner needs to increase customer loyalty [1] Inventory and Cash Flow Management - Inventory decreased by 4.7% to 5.83 billion yuan, with inventory turnover days increasing by 2 days to 150 days [2] - Accounts receivable decreased by 1.5% to 930 million yuan, with turnover days decreasing by 4 days to 13 days [2] - Accounts payable decreased significantly by 64% to 300 million yuan, with turnover days down by 7 days to 8 days [2] Future Outlook - Short-term improvements in inventory and a comprehensive online strategy are expected to boost online revenue and compensate for offline traffic declines [2] - Mid-term prospects include potential growth from partnerships with high-end running and outdoor brands [2] - Long-term outlook remains positive due to strong channel partnerships, ongoing digital transformation, and high dividend attributes [2]

Core Viewpoint - 中金 maintains a "outperform" rating for 滔搏 (06110) with an adjusted target price of HKD 4.17, reflecting a 23% increase and corresponding to 18/15 times FY26/27 earnings multiples, indicating a 20% upside potential [1] Financial Performance - For 1HFY26 (March-August 2025), the company reported a revenue decline of 6% year-on-year to RMB 12.3 billion and a net profit drop of 10% to RMB 800 million, aligning with expectations [1] - The company declared an interim dividend of RMB 0.13 per share, resulting in a payout ratio of approximately 102% [1] Revenue Breakdown - Revenue from direct sales and wholesale decreased by 3% and 20% respectively in 1HFY26 [2] - The main brands, Nike and Adidas, saw a revenue decline of 5%, accounting for 88% of total revenue, while other brands experienced a 12% drop [1][2] Operational Efficiency - The company operated 4,688 direct stores, a reduction of 332 stores since the beginning of the fiscal year, with same-store sales area increasing by 6.5% year-on-year [2] - The company is focusing on optimizing retail stores and has introduced innovative retail formats, such as the running specialty store, ektos, in Shanghai [2] Profitability and Cost Control - The gross margin slightly decreased by 0.1 percentage points to 41% due to a higher proportion of promotional online sales and increased retail share [3] - The overall expense ratio only increased by 0.1 percentage points to 33.2%, despite the revenue decline [3] - The net profit margin decreased by 0.3 percentage points to 6.4% with a net profit decline of 9.8% [3] Inventory and Cash Flow Management - The company effectively managed inventory, with a 4.7% decrease in inventory levels by the end of August [4] - Operating cash flow for 1HFY25 was RMB 1.35 billion, with a net cash ratio of approximately 1.7, supporting a high dividend payout ratio of 102% [4] Future Outlook - Management indicated that retail performance in September-October aligns with 2QFY26, focusing on profit maintenance and aiming for flat net profit year-on-year for FY26, with an improvement in net profit margin [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a decline in revenue and net profit for FY2026H1, with revenue at 12.299 billion and net profit at 0.789 billion, reflecting year-on-year decreases of 5.8% and 9.7% respectively [2] - The company has implemented a strategy to improve inventory management and enhance online sales through a combination of platform e-commerce, content e-commerce, and private domain operations [5][6] - The company has established partnerships with high-end running brands and outdoor brands, which are expected to contribute to revenue growth [6] Summary by Sections Financial Performance - For FY2026H1, the company's revenue, net profit, and operating cash flow were 12.299 billion, 0.789 billion, and 1.355 billion respectively, with year-on-year declines of 5.8%, 9.7%, and 48.2% [2] - The company proposed a cash dividend of 0.13 yuan per share, with a payout ratio of 102% and a dividend yield of 8.52% [2] - The gross profit margin decreased by 0.1 percentage points to 41.0%, while the net profit margin fell by 0.3 percentage points to 6.4% [4] Store and Sales Analysis - The number of stores decreased by 18.3%, while the sales area per store increased by 7.2% [3] - Retail and wholesale revenues were 10.925 billion and 2.035 billion respectively, with year-on-year declines of 3% and 20% [3] - The company has adjusted its retail store structure with a tailored approach for each product [3] Online and Brand Strategy - The company has achieved double-digit growth in online retail sales, leveraging both public and private domains [3] - The company has opened its first running concept store, ektos, in Shanghai, focusing on runner needs to enhance customer loyalty [6] - The company has collaborated with brands like nordaTM and Soar to meet differentiated market demands [6] Future Outlook - The company maintains revenue forecasts of 26.385 billion, 27.918 billion, and 29.449 billion for FY26-28, with net profit forecasts of 1.290 billion, 1.452 billion, and 1.624 billion respectively [6] - The company is expected to benefit from a digital transformation that enhances online sales and optimizes store structures [6]

Group 1 - The Hong Kong new consumption sector experienced a decline, with Pop Mart's stock price dropping by 10%, marking the largest single-day decline since April [1] - According to brokerage views, both CMB International and Guojin Securities maintained a "buy" rating for Pop Mart, highlighting its sustained growth momentum and potential for overseas market expansion through localized operations [3] - Pop Mart announced a significant increase in its third-quarter revenue, with an estimated growth of 245% to 250% year-on-year, driven by strong performance in both domestic and international markets [3] Group 2 - In the third quarter, Pop Mart's revenue in China grew by 185% to 190%, with offline channels increasing by 130% to 135% and online channels by 300% to 305% [3] - The overseas market showed even more impressive growth, with a year-on-year increase of 365% to 370%, including a 170% to 175% increase in the Asia-Pacific region and a staggering 1265% to 1270% increase in the Americas [3] - The launch of the Star People series, following the success of Labubu, has generated significant consumer demand, indicating strong brand engagement [3]