告别了"经济上行期的美"，"口红效应"开始奏效了吗？ 今年上半年，美国关税冲击下，马来西亚、新加坡、泰国、印尼、越南这五个东盟主要国家，经济增速 都出现明显放缓。但这似乎还不影响东南亚人买买买。电商服务平台TMO Group预测，2025年东南亚 化妆品市场将以4%～5%的增长率稳步扩张。 "口红效应"在东南亚的威力不减，不过，这里的消费者也摸索出了更精明的购物模式——自带补充装的 护肤品，还有售价更低的小样套装，都成为了新宠。Lazada、TikTok、Shopee在东南亚"混战"，当地人 也学会了跨平台比价，甚至找准购物节、打折促销的时机再下单。 这对国货美妆来说，则意味着机会来了。他们掌握性价比这一绝对优势，电商和流量的玩法已经在国内 实战了无数回。当然，当美妆企业真正走出去，他们也会遇到人、货、钱这些具体又现实的挑战。 近期，21世纪经济报道记者专访了美尚集团首席财务官兼海外业务负责人赵剑，透过他的讲述，来试图 摸清美妆出海的水温和潮水走向。 在东南亚卖美妆，难在哪？ 再者则是不少国产美妆都在努力翻越的"品牌化"这座大山。在赵剑看来，当企业走过本土化落地的阶 段，下一道坎就是把品牌落地、抢占用户心智， ...

运营端的第二个重点是内容。跨境平台越来越内容化，包括亚马逊 A+、视频展示、直播、本地化文案等。对工厂而言，做好内 容是品牌化的第一步。许多企业只做基础 Listing，结果转化率偏低；而真正做深内容的品牌，往往靠视觉和文案直接锁定用户 心理。 广告则是跨境运营的"可控流量引擎"。亚马逊广告、Meta 广告、Google 广告等需要持续优化，不只是花钱买曝光，更是通过数 据模型提升 ROI、提高排名，并利用广告反哺自然流量。 莱特美特被跨境电商行业公认为头部跨境品牌出海数字营销服务商，同时也是亚马逊官方认证的SPN运营服务商，接下来和大家 详细分享。 跨境运营的核心是"产品 + 价格 + 品牌"的组合拳。其中，产品是抓手。选品不能只盯着同行在卖什么，而要观察人群需求与生 活方式变化。例如户外露营、智能家居、小家电、高质量家具等品类持续增长，背后是消费升级和生活方式年轻化的趋势。 其次是供应链能力。工厂要真正把供应链价值转化成跨境优势，需要做到 SKU 控制、柔性生产、快速补货、小批量试销、库存 结构优化等。海外仓布局也越来越关键，特别是在欧美，FBA 配合海外本地仓可以显著提升配送体验，在广告投放时也更有优 ...

Core Viewpoint - The company is focusing on strategic upgrades through branding, chain expansion, and digitalization to enhance its market position and profitability, supported by both organic growth and acquisitions [1][2]. Group 1: Company Strategy - The company held a strategic upgrade conference, introducing three main strategies: "super brand, super chain, and super digitalization" [1]. - Branding efforts will include upgrading service processes, enhancing brand promotion, and collaborating with high-end real estate and well-known brands to increase brand visibility [1]. - The chain strategy aims to deepen presence in 20 key economically developed cities in China, increasing the number of cities with annual revenues exceeding 100 million yuan from 8 to 12, and boosting revenues in Beijing and Shanghai from over 600 million yuan to over 1 billion yuan [1]. - Digitalization initiatives involve a self-developed team creating 38 digital systems, with a self-research ratio of 70%, aimed at improving operational efficiency through precise marketing and restructured customer interaction processes [1]. Group 2: Recent Acquisitions - The company announced the acquisition of 19 Naieryer franchise stores in Zhuhai and Dongguan for 40 million yuan, which will add 19 new stores to its direct operation, including 2 medical beauty and 17 beauty stores [2]. - This acquisition is expected to generate approximately 75 million yuan in new revenue and 7.5 million yuan in net profit after tax for the group [2]. Group 3: Shareholder Returns and Financial Outlook - The company has launched a long-term shareholder return plan, committing up to 1.2 billion HKD over the next three years, including annual dividends of no less than 50% of net profit attributable to shareholders and share buybacks [2]. - Based on operational efficiency improvements, the profit forecast for 2025-2026 has been raised by 5% and 8% to 300 million and 360 million yuan, respectively, with current stock prices reflecting a P/E ratio of 20x and 17x for 2025-2026 [2].

智通财经APP获悉，中金发布研报称，基于美丽田园医疗健康(02373)经营提效，上调25-26年归母净利 润预测5%/8%至3.0/3.6亿元，当前股价对应25-26年20/17x P/E。维持跑赢行业评级及目标价42港元，对 应25-26年30/25x P/E，有49%上行空间。该行认为公司已通过"三强联合"巩固龙头地位，后续有望通过 品牌化、连锁化、数字化升级，进一步强化影响力、扩大市场份额、提升盈利能力，看好公司内生增长 与外延并购共同驱动下的成长空间。 中金主要观点如下： 进一步收购奈瑞儿19家加盟门店，拓展大湾区覆盖、增厚收入利润 公司公告以4,000万元人民币收购珠海和东莞的19家奈瑞儿加盟门店，收购完成后，奈瑞儿正式将珠海 和东莞纳入直营区域，将带动公司直营门店新增19家，含2家医美及17家生美门店，从而推动集团在大 湾区核心城市的辐射密度进一步加深，公司预计有望为集团新增近7,500万元收入、750万元税后净利 润。 积极提升股东回报，看好内生+外延驱动下的广阔空间 公司近期发布长期股东回报计划：未来三年将动用最高12亿港币提供股东回报，包括每年派息不低于归 母净利润50%及回购公司股份。该行 ...

公司近期发布长期股东回报计划：未来三年将动用最高12亿港币提供股东回报，包括每年派息不低于归 母净利润50%及回购公司股份。该行看好公司内生+外延驱动下的广阔空间。 风险提示：行业竞争加剧;医疗事故风险;商誉减值风险。 发布战略升级，品牌化、连锁化、数字化驱动中长期成长 公司公告以4,000万元人民币收购珠海和东莞的19家奈瑞儿加盟门店，收购完成后，奈瑞儿正式将珠海 和东莞纳入直营区域，将带动公司直营门店新增19家，含2家医美及17家生美门店，从而推动集团在大 湾区核心城市的辐射密度进一步加深，公司预计有望为集团新增近7,500万元收入、750万元税后净利 润。 中金发布研报称，基于美丽田园医疗健康(02373)经营提效，上调25-26年归母净利润预测5%/8%至 3.0/3.6亿元，当前股价对应25-26年20/17x P/E。维持跑赢行业评级及目标价42港元，对应25-26年30/25x P/E，有49%上行空间。该行认为公司已通过"三强联合"巩固龙头地位，后续有望通过品牌化、连锁 化、数字化升级，进一步强化影响力、扩大市场份额、提升盈利能力，看好公司内生增长与外延并购共 同驱动下的成长空间。 积极提升股 ...

Core Insights - The article highlights the transformation of Nanxun, a city in Huzhou, Zhejiang, into a hub for high-end customized home furnishings, showcasing its industrial evolution and innovation in the sector [1][5]. Industry Development - The 2025 Global High-End Home Furnishing Design Innovation Conference was held in Nanxun, bringing together industry experts and leaders to discuss the future of high-end home furnishings [1]. - Nanxun's wood industry has evolved from traditional processing to high-end customization, with an annual output value exceeding 10 billion yuan, benefiting thousands of families [1]. - The local government has implemented policies to support the wood industry, including the "Chain Leader System" and nine measures to promote high-quality development in the home furnishing sector [2]. Company Innovations - Companies like Zhejiang Kaixin Home Technology Co., Ltd. are adopting automation and upgrading production lines, achieving a transformation from flooring manufacturers to high-end home furnishing providers, with steady growth in output value over three consecutive years [1][5]. - The integration of craftsmanship and technology is evident, with skilled artisans working alongside automated systems to enhance product quality [1]. Cultural and Market Trends - Nanxun's unique cultural heritage, including its reputation as the "Home of Silk" and "Capital of Lake Brushes," provides a competitive advantage in high-end customization, emphasizing the importance of cultural roots in design [5]. - The shift in consumer preferences towards personalized, emotional, and scenario-based home furnishing solutions is driving the industry towards a more collaborative approach between designers and manufacturers [6]. Strategic Initiatives - The establishment of the "China High-End Home Furnishing Capital" and the signing of the "China High-End Home Furnishing Research and Development Plan" indicate Nanxun's readiness to expand into global markets [5]. - The local industry is focusing on transitioning from product output to brand output, positioning itself as a key player in the high-end home furnishing market [5].

编辑 李严 校对 杨利 会上，"贡当神山"区域公用品牌标识正式发布，同步发布的还有"怒江独龙 秘境臻品"品牌标语。标语 深度融合贡山自然景观与民族文化元素，并推出"蜂蜜款"与"通用款"双标识系统。"贡当神山"品牌未来 将覆盖更多特色农产品和农文旅服务，通过统一品控、统一包装、统一传播，构建"地域+文化+品 质"三位一体的品牌认知。 主办方介绍，"贡当神山"品牌的发布，不仅是贡山农产品从原生态到品牌化的跨越，更是政企协同、产 业链动、文化赋能的系统实践。作为贡山县蜂蜜产业品质提升品牌打造项目的执行方，本来生活集团在 过去一年中，围绕"产业规划、技术培训、技术服务、品牌策划与销售规划"四大模块系统推进，助力贡 山蜂蜜实现品质与品牌的双重跃升。目前，品牌升级后的"贡当神山"蜂蜜已全新上线本来生活全渠道， 并在App、小程序的消费帮扶频道进行推广。 新京报讯（记者刘欢）贡山农文旅推介会暨"贡当神山"品牌发布会近日在北京举行。本次发布会以云南 贡山蜂蜜为纽带，展示贡山独龙族怒族自治县蜜蜂等农产品产业成果。 据介绍，云南贡山县地处"三江并流"世界自然遗产核心区，拥有得天独厚的自然生态与民族文化资源。 近年来，贡山县将中蜂 ...

近日，被誉为"非洲纸尿裤大王"的乐舒适（股票代码：02698.HK） 正式在香港联合交易所主板挂牌交易。 01 年入30亿，在香港IPO成功 这场爆火的背后，是一段长达15年的非洲深耕之路，更是中国品牌出海新兴市场的典型范本。而 "品牌化"与 "本土化"，正是其一路闯关的两大核心密 码。 "在非洲，每卖出5片纸尿裤，就有1片来自乐舒适。" 信息瞬间点燃资本市场，上市首日，乐舒适开盘价报34.98港元，较发行价26.20港元大幅高开33.5%，市值一度逼近200亿港元，虽次日股价回调为30.86港 元，但市值仍超186亿港元。 这句话并非夸大，乐舒适在非洲市场的地位确实令人瞩目。据弗若斯特沙利文数据，2024年销量乐舒适在非洲婴儿纸尿裤和卫生巾市场均排名第一，市场 份额分别为20.3%及15.6%。 回顾乐舒适的起家历程，从一开始就找准了核心方向。 2009年，凭借在非洲市场积累的实战经验，创始人精准锚定当地卫生用品的发展潜力，决心跳出同质化竞争，从打造自有品牌切入。 同年，首个婴儿纸尿裤品牌Softcare在加纳正式推出，凭借贴合本地需求的定位快速打开市场；后陆续推出针对年轻妈妈群体的品牌Maya、Veesp ...

时间内即可收到 商品。该模式打 破了传统电商的 时间限制，为生 鲜、预制菜、节 日年货等高时效 性商品提供了新 的销售与消费体 验场景。 11月13日，京东 集团代表一行到 访珠海预制菜产 业园，与集元水 产等多家珠海本 地年鱼企业代表 座谈交流，重点 围绕即将启动 的"京东年菜 节"及即时零售 （闪购）业务展 开深入探讨。座 谈现场气氛热 烈，各企业反响 积极，纷纷表达 了参与合作、拓 展新零售渠道的 浓厚兴趣。 会上，京东方面 介绍了集团优势 和"闪购"业务模 式。作为京东即 时零售的重要板 块，"闪购"通 过"线上下单、 门店发货、即时 送达"的方式， 实现消费者在短 媒体+赋能，京 东集团与珠海年 鱼企业座谈共 商"年鱼+闪 购"合作模式_南 方+_南方plus 珠海的"年鱼"产 业近年来发展迅 速，逐渐成为珠 海水产品牌化、 节庆化的代 表。"年鱼"寓 意"年年有余" ， 不仅承载了传统 年味和美好祝 福，也通过标准 化加工、冷链配 送与品牌运营， 力，努力让"珠 海年鱼"通过闪 购走向更多消费 者的年夜饭餐 桌。京东方面也 表示，将继续加 强与珠海预制菜 产业的对接，共 同探索区域特色 农产品的数 ...

Market Overview - The market experienced fluctuations with the three major indices opening high but closing lower, with the Shanghai Composite Index down by 0.39%, the Shenzhen Component Index down by 1.03%, and the ChiNext Index down by 1.4% [1] - The trading volume in the Shanghai and Shenzhen markets was below 2 trillion, a decrease of 180.9 billion compared to the previous trading day [1] AI Industry Outlook - CITIC Securities forecasts that by 2026, AI investment opportunities will focus on two main areas: 1) Investment opportunities around computing power, emphasizing leading companies, new technology upgrades, and local industrial clusters [2] - The report highlights the rapid growth in revenue from companies like OpenAI, indicating a shift towards commercializing AI applications across various industries [2] Coal-to-Gas Industry - Tianfeng Securities notes that the coal-to-gas sector is entering a new phase of industrial catalysis due to improved market pricing mechanisms and fair access for coal-to-gas companies [3] - There are currently 12 projects planned in China with a total capacity of 44 billion cubic meters per year, supported by abundant coal resources in Xinjiang and advancements in coal chemical technology [3] Automotive Industry Trends - Guosen Securities states that the Chinese automotive industry is transitioning from a growth phase to a mature phase, with annual sales growth slowing down and structural changes occurring due to the rise of new energy vehicles [4] - The report emphasizes the importance of brand development and globalization as key strategies for automotive companies to navigate the competitive landscape, alongside the significant market potential for smart driving applications [4]