[Table_Title] 研究报告 Research Report 24 Aug 2025 水羊股份 SYoung Group (300740 CH) 25H1 营收利润实现双增，自有品牌高端化带动整体毛利率提升 Revenue and Profit Both Increase in 25H1, with High-End Proprietary Brands Driving Overall Gross Margin Improvement 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：水羊股份（S'Yong Group）发布 25H1 业绩报告并举行业绩会。 水羊 25H1 营收利润实现双增，自有品牌带动整体毛利率提升。公司 25H1 实现营收 25.00 亿元，同比增长 9.02%， 主要得益于公司在高端化、全球化战 ...

证 券 研 究 报 告 中宠股份（002891）2025 年半年报点评 推荐（维持） 自主品牌成长加速，主粮品类表现瞩目 目标价：69 元 事项： ❖ 公司披露 2025 年半年报，25H1 实现营收 24.32 亿元，同比增长 24.32%，实现 归母净利润 2.03 亿元，同比增长 42.56%，扣非归母净利润 1.99 亿元，同比增 长 44.64%。单 2 季度实现营收 13.31 亿元，同比增长 23.44%，归母净利润 1.12 亿元，同比增长 29.79%，扣非归母净利润 1.11 亿元，同比增长 32.32%。 评论： ❖ 境内外业务实现双高增，盈利能力持续优化。 1）境外业务：报告期内，公司境外业务收入 15.75 亿元，同比增长 17.61%， 毛利率同比 24 年提升 4.04pct 至 27.95%。其中，海外工厂业务收入增速达到 30%，拉动收入增长的同时、进一步带动毛利率结构优化。 2）境内业务：报告期内，公司境内收入 8.57 亿元，同比高增 38.89%；毛利率 水平同比提升 0.89pct 至 37.68%。目前的提升主要得益于"顽皮"品牌新品的 增长。 [ReportFin ...

Core Insights - The new tea beverage industry is experiencing a shift towards the integration of blind box models, driven by brands like Mixue Ice City and their collaborations with popular IPs [1][3][22] - The industry has faced a decline, with approximately 40,000 tea beverage stores closing in the past year, indicating a phase of accelerated market consolidation [3][4] - The price war initiated by platforms like Alibaba and Meituan has intensified competition, leading to reduced brand loyalty and increased price sensitivity among consumers [4][5][19] Industry Trends - The blind box model is emerging as a new growth strategy for tea beverage brands, allowing them to engage with younger consumers and create unique marketing experiences [3][9][11] - Brands are transitioning from relying on external IP collaborations to developing their own IPs, enhancing their storytelling and emotional connection with consumers [7][17][22] - The success of blind boxes is evident in their ability to drive sales and customer engagement, with brands like Ningji reporting significant user growth during promotional events [9][13] Market Dynamics - The competitive landscape is shifting, with brands like Mixue Ice City maintaining high sales volumes through cost-effective pricing, while others like Nayuki are struggling with profitability due to their direct sales model [5][6] - The integration of blind boxes into the business model not only serves as a marketing tool but also represents a significant revenue stream for tea beverage brands [13][14] - The cultural narrative surrounding IPs is becoming increasingly important, as brands leverage their unique stories to differentiate themselves in a crowded market [17][20][22] Global Expansion - New tea beverage brands are exploring international markets, with a focus on building brand recognition and attracting local franchisees [20][21] - The cultural perception of Chinese tea beverages varies by region, presenting challenges for market entry, but successful IPs like Labubu provide inspiration for effective branding strategies [21][22] - The valuation of tea beverage brands is evolving, with a growing emphasis on the strength and potential of proprietary IPs as core assets rather than mere marketing tools [20][22]

中国经济网北京8月1日讯（记者 周宇宁）2025年中国国际服务贸易交易会（服贸会）将于9月10日至14日在北京首钢园区举办，8 月1日是 2025 年服 贸会开幕倒计时40天，围绕"数智领航，服贸焕新"的年度主题，并延续"全球服务、互惠共享"的永久主题，北京市国际服务贸易事务中心发布了2025年服贸 会第一批56场论坛会议及洽谈推介活动信息。 2025年服贸会倒计时40天宣传海报。（北京市国际服务贸易事务中心 供图） 2025年服贸会第一批论坛会议及洽谈推介活动信息包括56场，其中主题论坛3场，专题论坛27场，洽谈推介26场。 | 主题论坛3场 | | | | | --- | --- | --- | --- | | 序号 | 会议名称 | 主办单位 | 会议主题 | | 1 | 全球服务贸易企业家峰会 | 全球服务贸易联盟 | 数智驱动包容发展 | | 2 | 首都国际医学大会 | 中国医院协会 | 开放 合作 共建 共享 | | 3 | 全球总部经济大会暨2025（第五届）中国楼宇经济北京论坛 | 世界贸易网点联盟 中国产业发展促进会 | 全球视野下的总部经济和楼宇经济 | | 专题论坛 27场 | | | ...

Industry Environment - Chinese companies are accelerating their overseas expansion towards emerging markets and "Belt and Road" countries, despite facing increased scrutiny and trade barriers from Western nations [1][4] - The micro-drama industry has seen rapid international growth, reaching a user base of 576 million across over 200 countries, with successful cultural exports [1][3] - The photovoltaic and energy storage sectors are experiencing divergent paths due to recent U.S. policy changes, with energy storage benefiting from extended tax credits [4] Cross-Border E-commerce Trends - By 2025, cross-border e-commerce is expected to enter a "refinement" phase, with total import and export volume reaching 2.71 trillion yuan, and independent sites becoming a core vehicle for brand expansion [5] - Chinese beauty brands are leveraging cross-border e-commerce to meet rising global demand for DIY beauty products, focusing on localization and compliance [10][11] Chinese Brands Going Global - The next decade is seen as a golden period for Chinese brands to expand internationally, driven by global acceptance and manufacturing upgrades [9] - Chinese toy brands are innovating product forms and utilizing social media for market expansion, despite facing challenges in Southeast Asia and Japan [6][7] Automotive Industry Expansion - Chinese automotive companies are adopting a "deep cultivation" strategy in overseas markets, focusing on local production and smart driving technologies [8] - BYD plans to launch customized electric light vehicles in Japan by 2026, aiming to increase brand recognition in a competitive market [20] Food and Beverage Sector - Yuanqi Forest is successfully entering global markets with its health-oriented products, adapting to local tastes and compliance requirements [21][22] - Tea brand Chayan Yuesheng is entering the U.S. market through e-commerce, focusing on snacks and tea-related products rather than traditional tea [19]

Group 1 - The article highlights the importance of national-level exhibitions such as the China International Import Expo (CIIE), Canton Fair, Service Trade Fair, and Digital Trade Fair in promoting the three pillars of trade: goods trade, service trade, and digital trade [1] - The last decade has seen accelerated trade digitization, brand globalization, and a restructuring of supply chain patterns, with companies like PingPong playing a crucial role in building a digital international trade system [3] - PingPong has evolved from a small startup to a significant player in cross-border payments, becoming the first Chinese cross-border payment company to partner with Flagship and helping SMEs reduce payment costs significantly [3] Group 2 - PingPong has obtained over 60 payment licenses and partnerships with more than 140 financial institutions, becoming a member of the Global Banking Financial Telecommunication Association (SWIFT) to enhance global settlement processes [4] - The brand globalization is shifting from being dominated by giants to full participation, with SMEs leveraging digital tools to accelerate their branding efforts [3] - The global download of TikTok reached 738 million in 2019, marking it as the first truly global Chinese social platform, which has opened new avenues for content e-commerce [3]

Core Viewpoint - The beverage industry is witnessing intense competition in the new tea drink sector, with BaWang Tea Ji adopting a "joint venture overseas" model to accelerate its global expansion, raising discussions about the balance between market penetration and potential risks associated with cultural conflicts and diluted control [1] Group 1: Joint Venture Model - The joint venture model allows BaWang Tea Ji to integrate local resources effectively, partnering with local giants in Thailand for supply chain and store location support, which has proven successful in Malaysia [4] - After the joint venture in Thailand, the number of BaWang Tea Ji stores increased from 2 to 3, with a single store in Singapore achieving a monthly GMV of 1.8 million yuan, significantly surpassing domestic levels [4] - By relinquishing 51% of its equity, BaWang Tea Ji transfers capital pressure to local partners, reducing financial leverage and cultural adaptation costs through local team operations [4] Group 2: Strategic Synergy Effects - The joint venture model facilitates a "1+1+9+N" gradient expansion strategy in Southeast Asia, where BaWang Tea Ji first establishes wholly-owned subsidiaries to validate markets, then runs direct stores to optimize single-store models, and finally scales through joint ventures [7] - The overseas store GMV has increased by 85.3% year-on-year, becoming a new growth driver for the company's performance [7] Group 3: Hidden Risks - The dilution of control poses a risk, as BaWang Tea Ji holds only 49% in the Thai joint venture, requiring consensus with local shareholders for decision-making, which could lead to management coordination risks [7] - The high-end market positioning in Thailand, with prices ranging from 100 to 175 THB (approximately 20 to 35 yuan), is significantly higher than local brands, leading to high consumer education costs and potential pressure on profit margins [7] Group 4: Geopolitical and Compliance Risks - The delay of the first store in the U.S. to Q1 2025 highlights the challenges posed by geopolitical uncertainties on supply chains and compliance during global expansion [8] - Changes in joint venture policies in Thailand could impact the strategic pace in Southeast Asia [8] Group 5: Industry Perspective - Experts suggest that BaWang Tea Ji's "Oriental Tea Latte" positioning and automated equipment (8 seconds per cup) create a technological barrier, but continuous innovation is necessary to maintain global competitiveness [9] - Compared to competitors like Mixue Ice City, which has nearly 5,000 overseas stores validating its scaling advantages, BaWang Tea Ji must balance local resources with supply chain control in its joint ventures [9] Summary - BaWang Tea Ji's joint venture strategy is seen as a short-term resource integration advantage, leveraging local giants for rapid market entry, while long-term success hinges on managing control dilution and sustaining high-end positioning [9] - The company's ability to maintain strategic flexibility within the joint venture framework, deepen local operations, and innovate products will be crucial in navigating competitive pressures [9] - Additionally, Chinese companies expanding overseas must pay special attention to protecting trademarks, patents, and copyrights, particularly for popular products, to safeguard economic interests [9]

Group 1: Event Overview - The "Breaking Waves: Eurasia - Consumer and Market Insights Seminar" hosted by NielsenIQ (NIQ) focused on market trends in Europe and the Asia-Pacific region, discussing consumer behavior insights, market entry strategies, and brand internationalization strategies to aid companies in overseas expansion [1] - The seminar attracted nearly 100 senior executives from Chinese enterprises and included representatives from the Ministry of Commerce, the China Chamber of Commerce for Import and Export of Foodstuffs, and the Investment Promotion Service Center of Chaoyang District, Beijing [1] Group 2: Market Insights - NIQ's data indicated a 2.9% growth in global fast-moving consumer goods (FMCG) sales as of March 2025, with Europe accounting for 36% and Asia-Pacific for 17% of the global market [2] - The European market is characterized by increased price sensitivity among consumers and a growing demand for sustainable and health-oriented products, with significant growth potential in Eastern Europe and expansion opportunities in Western Europe [2][3] Group 3: Brand Strategies - Chinese brands are gaining a foothold in the technology and durable goods sectors by offering competitively priced and high-performance products, particularly in smart home ecosystems [3] - NIQ emphasized the need for brands to adapt to local cultures and innovate to capture consumer mindshare when entering international markets, particularly targeting the X generation through omnichannel marketing and personalized experiences [4] Group 4: Internationalization of Chinese Brands - Successful case studies of Chinese brands include Huaxizi, which achieved premium positioning through cultural elements, and Bawang Tea, which met European consumer needs through functional innovation [5] - NIQ highlighted the importance of transitioning from product advantages to model advantages for Chinese brands, focusing on supply chain optimization and localized operations for rapid market expansion [5] Group 5: Future Trends and Opportunities - NIQ's latest market monitoring data revealed that emerging consumer trends and digital transformation are driving the global FMCG market's expansion, with cross-border e-commerce channels growing at an annual rate of 28% [6] - NIQ aims to support Chinese brands in accurately understanding different market dynamics and building global competitiveness, facilitating the transition from "Made in China" to "Global Brand" [6]

Core Viewpoint - The collaboration between the 240-year-old Chinese brand Tong Hanchun Tang and the Qichuang platform marks a significant step in the globalization of traditional Chinese brands, focusing on appealing to younger consumers through innovative products and marketing strategies [1][3]. Group 1: Company Collaboration - Tong Hanchun Tang, a key player in traditional Chinese medicine, aims to modernize its brand image and reach younger demographics by partnering with Qichuang [3]. - The partnership is seen as a shortcut to brand rejuvenation, leveraging Qichuang's expertise in brand globalization and youth engagement [3][5]. - The joint product line will incorporate elements of "Guochao" (national trend) in both formulation and packaging, targeting both domestic and international markets through platforms like Xiaohongshu [5]. Group 2: Globalization Strategy - Qichuang's strategic vision includes not only bringing foreign brands into China but also facilitating the international expansion of Chinese traditional brands [5]. - A high-profile forum titled "Wealth Gravity: Globalization Strategy and Wealth Reconstruction" was held to discuss the future of Chinese brands going global, featuring industry experts and scholars [7][8]. - Experts shared insights on globalization strategies, including the importance of cultural adaptation and comprehensive marketing methodologies for brand internationalization [10]. Group 3: Qichuang's Role - Founded in 2013, Qichuang integrates entrepreneurship education, IP incubation, and brand globalization services, showcasing its unique value in the new era of globalization [12]. - The founder, Zhang Meng, emphasizes that true globalization involves the dual output of cultural values and commercial ecosystems, not just the flow of goods [12]. - Qichuang is positioned as a crucial channel for traditional Chinese brands to enter the global market, with ongoing discussions with multiple old brands for future collaborations [12].

Core Viewpoint - The stock of Laopu Gold (06181.HK) has surged significantly since its listing, reaching a new high of 1035 HKD per share, with a market capitalization exceeding 170 billion HKD, reflecting strong operational performance and market positioning as a high-end brand [1][2][6]. Group 1: Stock Performance - Laopu Gold's stock price increased by 23.89 times from its initial offering price of 40.50 HKD per share to 1008 HKD per share within one year of its listing [5]. - The stock reached a peak of 1035 HKD per share on June 30, 2024, marking a rise of over 18% on that day [2][4]. - The company's market capitalization grew from 6.8 billion HKD at the time of listing to 174.1 billion HKD, an increase of 167.3 billion HKD [6]. Group 2: Financial Performance - Laopu Gold reported a net profit of 4.16 billion CNY in 2023 and 14.73 billion CNY in 2024, representing year-on-year growth of 340.40% and 253.86%, respectively [1][8]. - The company's revenue for 2023 was 31.80 billion CNY, and for 2024, it is projected to be 85.06 billion CNY, showing growth rates of 145.60% and 167.51% [8]. Group 3: Expansion and Market Strategy - The opening of new stores, particularly in high-end locations like Shanghai and Singapore, has significantly contributed to the company's revenue growth [9][10]. - Laopu Gold plans to expand further in Southeast Asia, with analysts predicting a compound annual growth rate of 68% in sales and 76% in net profit from 2025 to 2027 [11]. - The successful launch of the Singapore store is seen as a critical step towards establishing Laopu Gold as a global brand [11].