作者 | 袁斯来 访谈 | 袁斯来 黄楠 张子怡 编辑 | 杨轩 特朗普挥动关税大棒的时候，却不知道，中国公司仍然在纽约时代广场的荧幕上抢占眼球。 巨幕下的匆匆过客中，一定有这款Plaud AI录音笔的用户。它纤薄小巧，能贴在iPhone背后，接入ChatGPT整理录音，售价不算便宜，159美元起，但销量 却迅速突破了百万台。 （2025年6月，Plaud广告登上时代广场屏幕，图片来自Plaud.AI 公众号） 这样的口号放在十年前，没有多少人会当真。当下，却可能是许多野心勃勃年轻人理所当然的创业路径。不止一位创业者向36氪表达了这样的想法：一个 硬件创业公司，在2025年要是不盯着全球市场，不想做高溢价的品牌，那就太没想象力了。 在全球环境动荡不安的眼下，这样的"想象力"充满了珍贵的乐观主义勇气。 如果追寻这种勇气的源头，或许要将时间拨回到十年前。 2014年时，《华尔街日报》发文称赞一家产品刚上市两年的中国公司是"首个在全球主要的消费产品领域，成为先锋者的中国企业。" 赞誉背后的现实是：以中国加入WTO为标志的全球化十几年后，中国出口总值已达到14万亿人民币，但中国产品给世界留下的印象仍然是：性价比不 错 ...

Summary of Pet Food Industry Conference Call Industry Overview - The pet food industry is experiencing a shift towards fresh food products, which may become a new trend. However, scaling this trend relies more on channel transformation rather than just industrial production [1][2] - Leading companies like Guobao Pet and Zhongchong need to enhance their last-mile channel strategies and improve their understanding of preservation requirements to gain market advantages [1][2] Research and Development - Domestic pet food companies have a relatively low level of R&D investment. Although some companies claim high R&D spending, the actual impact on current research outcomes is minimal [3][4] - There is a significant gap in quality management systems compared to leading companies in Europe and the U.S. [4] - The next important niche markets are functional foods and kitchen foods, which require clear definitions and clinical validation [4] Market Entry and Competition - The entry of new brands into the pet food market has decreased from 2020 to 2023, with new entrants accounting for about 25%. The market concentration (CR10) has reached over 35% and is expected to rise to 50% in the next three years [5] - Despite the high concentration, the Chinese market remains in its early stages, with lower pet ownership rates compared to countries like Vietnam and Thailand, indicating ongoing opportunities [5] - Key success factors for new entrants include strong channel capabilities, product visual creativity, brand management skills, and cost leadership [5] Channel Strategy - Acquiring traditional distribution channels may not be valuable in the current market environment, especially in developed cities where traditional pet store retail scales are diminishing [6] - Retail brand channels have significant potential and will become increasingly important in the next 3 to 5 years [6][7] Competitive Landscape - The competitive landscape is expected to become more intense over the next two to three years, with significant changes in industry dynamics [8] - Five key areas to watch include innovative medical ecosystems, emerging retail brands, supply chain and brand restructuring mergers, globally scalable brands, and essential domestic cat litter brands [8] Brand Development - New entrants show a polarization trend, with some brands performing well while others lag behind. Successful brands leverage centralized channels and comprehensive capabilities [9] - In the low-end market, cost leadership is crucial, while the mid-range emphasizes cost-effectiveness and quality, and the high-end focuses on value leadership [10] Marketing and Founder Influence - TikTok's self-broadcasting is not a profitable channel for most pet food brands, but it can serve as a valuable marketing tool [11] - Founders play a critical role in brand development, especially in the early stages, with their vision, learning ability, and inner strength being vital for sustained growth [12] Long-term Potential - Brands with a strong historical presence and a focus on staple food segments, such as Guobao and Zhongchong, are expected to have greater development potential in the long term [13] - Companies that have not yet completed their capitalization process but show strong performance, like Xianlang's parent company Jiji, also have significant opportunities [13]

Group 1: Core Competencies - The company's core competitive advantage lies in its differentiated brand philosophy centered around the concept of "true love" [2][3] - The ability to translate emotional concepts like "love" into internet language enhances the company's brand resonance [3] - The company employs a customized light-asset business model and has mature experience in DTC (Direct-to-Consumer) management, positioning it well for international expansion [3] Group 2: Market Potential and Strategy - The company aims to establish the DR brand as a global brand, with plans to expand its presence in various countries and regions [3] - The strategy involves two key steps: defining brand positioning in the gold jewelry category and leveraging internet communication capabilities [3][4] - The Chinese wedding market, with a population base ten times that of Japan, presents significant growth potential despite concerns about declining marriage rates [5] Group 3: Operational Improvements - Post-upgrade adjustments in store channels have led to a noticeable upward trend in the company's main business [5][6] - The company has made substantial improvements in internal operations, enhancing store management and customer experience [6] - Increased focus on social responsibility and customer satisfaction is evident, with initiatives like supporting proposal ceremonies during key events [6] Group 4: Sales Performance and Future Focus - The company's sales performance in Q1 2025 aligns with expectations, showing a gradual improvement despite short-term impacts from U.S. tariff policies [7] - The company plans to separate brand building from retail operations, increasing investment in brand development while navigating tax-related challenges in the U.S. market [7] - Domestic market performance is stabilizing, with promotional activities enhancing brand recognition and customer engagement [8] Group 5: E-commerce Insights - The average transaction value in the company's official online store has slightly increased due to higher contributions from overseas sales [9][10] - However, the overall online gross margin has declined by 3.62% year-on-year, primarily due to a shift in product sales mix towards lower-margin gold products [10]