消息面上，据21世纪经济报道，青眼数据显示，2023年—2025年天猫大促美妆榜单中，可复美从第10位 上升至第5位，而后今年回落到第20位。此外，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前 20名。花旗此前研报指出，巨子生物的主打产品在李佳琦直播间预售中因"促销策略更严谨"导致价格吸 引力下降。蝉妈妈数据进一步印证了这一趋势：10月9日至16日，可复美在抖音平台的GMV为0.5—0.75 亿元，较去年同期1亿元以上明显缩水。 智通财经APP获悉，巨子生物(02367)盘中跌超5%，截至发稿，跌4.42%，报37.62港元，成交额2.85亿港 元。 ...

Core Viewpoint - Xiaomi Group's stock has increased by over 3%, reaching HKD 44.56 with a trading volume of HKD 38.55 billion, following the release of its 2025 Double 11 sales report, which shows a total payment amount exceeding RMB 29 billion [1] Group 1: Sales Performance - Xiaomi reported that its total payment amount for the Double 11 event exceeded RMB 29 billion as of November 11, 23:59:59 [1] - The company claimed to have provided discounts totaling RMB 2 billion, with individual products offering savings of up to RMB 4,000, covering various categories including smartphones, digital products, and home appliances [1] Group 2: Financial Outlook - Guosheng Securities noted that the continuous optimization of Xiaomi's smartphone product structure may positively impact the smartphone gross margin [1] - However, due to the rising prices in the global memory chip market, cost pressures are expected to keep the company's smartphone gross margin around 11% for Q3 and Q4 [1] Group 3: Competitive Position - Despite potential impacts from reduced national subsidies on the home appliance sector, Xiaomi's product quality and supply chain management capabilities are expected to maintain its competitive strength in the IoT sector [1]

Group 1 - China Eastern Airlines has launched the "Qili Dongfang 11.11" series of activities for the 2025 Double Eleven shopping festival, offering cash ticket discounts and "buy now, use later" ticket packages to enhance travel convenience for passengers [1][4] - Starting from 0:00 on November 11, the airline offers a direct cash discount of 11% on selected tickets marked with the "Double 11 Promotion" label on its app, with an additional discount of 30 yuan for orders over 999 yuan when using designated bank cards [4] - Special one-price promotions are available for certain domestic and international flights, such as round-trip tickets from Shanghai to Hong Kong for only 540 yuan and from Shanghai to Okayama, Japan for 700 yuan, providing high-value travel options [4] Group 2 - This year, China Eastern Airlines has introduced a ticket package section on its official platform in response to the "buy now, use later" consumer trend, featuring the popular "Donghang Quyou Card" which allows passengers to purchase tickets at a fixed price and redeem them later based on travel plans [5] - The "Quyou Card" is available in various versions based on travel destinations, with different options for the number of exchanges and cabin classes, allowing travelers to customize their purchases according to travel frequency and comfort needs [5] - During the Double Eleven period, the national version of the "Quyou Card" is offered at a limited-time price, with a 5-exchange card available for as low as 2160 yuan, and unused products are refundable at any time [5]

Core Insights - The "Double Eleven" shopping festival is experiencing a significant decline in excitement and engagement from both consumers and influencers, indicating a potential shift in the commercial landscape [1][12][25] - Major influencers like Li Jiaqi and Dong Yuhui are showing signs of fatigue and reduced enthusiasm, which reflects a broader trend of declining interest in traditional promotional tactics [3][6][10][12] - Consumers are increasingly skeptical about the actual savings during the festival, leading to a perception that the event is no longer worth the effort [21][24][25] Group 1: Influencer Dynamics - Influencers are feeling the pressure, with Li Jiaqi expressing frustration over the demands of constant engagement and the lack of genuine excitement in his promotions [3][6] - The competitive landscape among influencers has shifted, with Dong Yuhui appearing less engaged and focusing on local product promotions rather than traditional sales tactics [7][8] - Many influencers are struggling to innovate their content, leading to a sense of stagnation in the market [10][12] Group 2: Consumer Sentiment - Consumers are increasingly aware that "Double Eleven" may not offer the best prices, leading to a trend of cautious spending and a focus on essential purchases rather than impulse buys [17][21] - The complexity of promotional strategies, such as multi-layered discounts, is causing frustration among consumers, who feel overwhelmed by the effort required to achieve savings [18][24] - There is a growing sentiment that the festival's original purpose of providing value has been lost, with many consumers feeling "betrayed" by misleading pricing strategies [21][25] Group 3: Platform Strategies - E-commerce platforms are adapting their strategies to reduce reliance on top influencers, focusing instead on brand-led live streaming and diversified content [13][14] - The shift towards "interest e-commerce" and brand self-broadcasting is gaining traction, indicating a move away from traditional influencer-driven sales models [14][26] - The extended duration of the festival, now spanning several weeks, is seen as beneficial for brands that prefer a more sustainable approach to sales rather than a single-day rush [15][16]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the home appliance industry, focusing on the performance of major players like JD.com and Midea in the Chinese and Latin American markets [1][3][4]. Key Insights and Arguments - **Sales Performance**: In October 2025, JD.com reported a 2% year-on-year decline in total appliance sales, with specific categories like air conditioners, washing machines, and refrigerators declining by 7%, 1%, and 15% respectively. However, categories such as vacuum cleaners and small kitchen appliances showed growth, with vacuum cleaners increasing by 28% and washing machines by 35% [1][2]. - **Impact of National Subsidy Policy**: The reduction in the national subsidy policy significantly affected sales, with the number of participating provinces decreasing by nearly one-third. This led to a 40% year-on-year decrease in sales driven by subsidies [1][4][7]. - **Sales Targets for Double Eleven**: JD.com set a sales target of approximately 220 billion yuan for the Double Eleven shopping festival in 2025, reflecting a 1.8% year-on-year increase. The overall discount intensity has weakened compared to the previous year, primarily due to reduced national subsidies [1][6]. - **Midea's Performance in Latin America**: Midea's air conditioning segment in Latin America saw an 8% year-on-year growth, while refrigerators grew by 2%. However, washing machines experienced a 10% decline due to quality issues [3][13][14]. - **Market Dynamics**: The overall growth in the Americas was hindered by tariffs and product recalls, yet it remains Midea's largest overseas market, accounting for about 50% of its international sales [14][25]. - **Competitive Landscape**: Midea leads in market share in several categories in Latin America, particularly in window air conditioners, where it exceeds 60%. However, it faces strong competition from Korean brands in the refrigerator and washing machine segments [17][18]. Other Important but Overlooked Content - **Inventory and Pricing Pressure**: Midea's inventory levels are growing slightly faster than sales, indicating unmet sales targets. This could lead to price competition as retailers may need to manage their stock levels [24][25]. - **Future Strategies**: Midea plans to enhance its competitiveness in the washing machine and refrigerator segments in Latin America by increasing production capacity and investing in brand development [18][22]. - **Response to Market Challenges**: Midea is preparing for potential price wars, especially with the entry of other Chinese brands like Xiaomi into the market. The company is confident in its ability to adjust margins to maintain competitiveness [25][26]. - **Performance of Small Appliances**: In the small appliance sector, brands like Roborock and Xiaomi showed significant growth, with Roborock's vacuum cleaner sales increasing by 31% in October [8][9][10]. This summary encapsulates the critical insights from the conference call, highlighting the challenges and strategies within the home appliance industry, particularly focusing on JD.com and Midea's performance in both domestic and international markets.

Core Insights - The 2025 "Double Eleven" shopping festival has begun early, with both offline stores and online platforms launching promotional activities, resulting in a sales increase of over 20% for some brands compared to regular days [1][7][17] Group 1: Online Platforms - Major e-commerce platforms like JD and Taobao have extended the promotional period to a record 37 days, from October 9 to November 14, 2025 [3] - The platforms have simplified discount rules, moving away from complex promotions to more straightforward discounts, with JD offering items at as low as 10% of their original price and Taobao implementing direct discounts without the need for minimum purchases [3][17] - This shift in strategy not only benefits consumers but also streamlines operations for merchants, creating a win-win situation [3] Group 2: Offline Stores - Offline shopping centers in Kunming are experiencing a vibrant shopping atmosphere, with promotional slogans prominently displayed and increased foot traffic, even on weekdays [5][11] - The cold weather has driven demand for winter products, with sales of winter footwear and clothing seeing significant increases, with some stores reporting over 20% growth in sales [7][9][11] - Consumers are drawn to the experiential aspect of shopping in physical stores, where they can try products and receive immediate service, which enhances their shopping experience [16][17] Group 3: Consumer Behavior - There is a noticeable shift in consumer preference towards offline shopping due to the immediate availability of products and the ability to receive personalized service, such as skincare advice [16][17] - The demand for skincare products, particularly moisturizing items, has surged during this promotional period, reflecting a change in consumer focus from color cosmetics to skincare as winter approaches [12][14] - Overall, the offline market in Kunming is entering a small peak, with expectations of increased foot traffic and sales as the "Double Eleven" date approaches [17]

Core Viewpoint - DJI has announced significant price reductions on multiple products ahead of the "Double Eleven" shopping festival, leading to consumer backlash from those who purchased items shortly before the price drop [11][12][14]. Group 1: Price Reduction Details - The price drop began on October 9, with discounts ranging from hundreds to over a thousand yuan on various products [11]. - For example, the Osmo Pocket 3 saw a price reduction of 700 yuan for the standard version and 900 yuan for the all-around kit, with some products experiencing a maximum discount of 20% [12]. Group 2: Consumer Reactions - Many consumers expressed feelings of being "betrayed" after purchasing DJI products just before the price drop, particularly those who bought items for the National Day holiday [14]. - Customers have taken to social media and shopping platforms to seek price protection and refunds for the difference [11][14]. Group 3: Return and Price Protection Policies - DJI's customer service stated that they offer a 7-day price protection policy for purchases made before the price drop, allowing customers to apply for price adjustments within this timeframe [11][17]. - Online purchases generally have a higher success rate for returns due to policies like "7-day price protection + 30-day no-reason return," while offline purchases face more challenges, especially if the product has been activated [16][18]. Group 4: Industry Analysis - Analysts suggest that DJI's decision to lower prices before "Double Eleven" is a common sales strategy in the consumer electronics sector aimed at boosting sales and market share [18]. - However, such short-term price reductions on newly released products may impact brand price stability and consumer trust [18]. Group 5: Legal Perspective - Legal experts indicate that companies have the right to set their pricing strategies and are not obligated to announce price drops in advance [20]. - Differences in return and exchange policies between online and offline channels are considered legal as long as they comply with regulations [20].

Core Viewpoint - The "trade-in for new" policy has significantly boosted sales in the home appliance sector during the holiday season, with many retailers launching early promotions for the upcoming "Double Eleven" shopping festival [1] Group 1: Sales Performance - Major home appliance sales platforms and stores have reported a 46% increase in customer traffic compared to the same period last year in Shenzhen's Futian District [1] - Discounts during the National Day holiday have been substantial, with one consumer noting a television originally priced at 20,000 yuan now available for 12,999 yuan, indicating a strong incentive for purchases [1] Group 2: Promotional Strategies - Retailers are offering significant discounts, with one example being a 100-inch wallpaper television that can have discounts of up to 55% [1]

Core Points - JD.com announced that its 11.11 shopping festival will start on October 9 at 8 PM, offering significant discounts with prices reduced to as low as 10% of the original price [1][4] - The timing of the event is strategically placed right after the "Golden Week" holiday, allowing consumers ample time to shop and enjoy discounts without waiting for product availability [4] - The promotional strategy for this year's 11.11 is simplified, focusing on direct price reductions for individual items, making it easier for consumers to take advantage of the deals [4] Summary by Category Event Details - JD.com’s 11.11 shopping festival will commence on October 9 at 8 PM [1][3] - The event will feature direct discounts, with prices dropping to as low as 10% [1][4] Competitive Landscape - Douyin e-commerce announced its "Double 11" event will start on October 9 and run until November 11, with a total promotional period of 57 days [4] - Tmall will begin its pre-sale for "Double 11" on October 15, maintaining the same start date as last year [4] - Xiaohongshu will hold its "Double 11" market activities starting October 11 [4]

2025 年 09 月 28 日 平台备战双十一，各美护品牌积极参与 推荐(首次) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 5.3 | 23.6 | 59.1 | | 沪深 300 | 1.9 | 16.0 | 22.9 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：阿里提出 ASI 政策护航数字消费关注 AI 焕新应 用》2025-09-28 2、《传媒行业周报：迎国庆档双 11 抢跑华为《智能世界 2035》迎智能 体互联网》2025-09-21 3、《传媒行业周报：以 AI 为支点 撬动国产应用新增量可期》2025- 09-07 ▌ 2024 年双十一期间美妆市场表现强劲 2024 年双十一期间，2024 年双 11 线上渠道美妆 GMV 为 1267 亿元，同比综合平均增长 17.42%。其中，淘天平台 GMV ...